CBL & ASSOCIATES PROPERTIES INC
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Outlet Center Lease Expirations
| Year EndingDecember 31, · Number ofLeasesExpiring · AnnualizedGross Rent (1) · GLA ofExpiringLeases · AverageAnnualizedGross RentPer SquareFoot · ExpiringLeases as % ofTotalAnnualizedGross Rent (2) · ExpiringLeases as a %of Total LeasedGLA (3) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 51 | $4,968,064 | 188,100 | $26.41 | 10.7% | 12.6% | ||||||
| 2026 | 46 | 5,204,503 | 220,201 | 23.64 | 11.2% | 14.8% | ||||||
| 2027 | 83 | 9,408,888 | 330,905 | 28.43 | 20.3% | 22.2% | ||||||
| 2028 | 67 | 11,092,607 | 303,132 | 36.59 | 23.9% | 20.3% | ||||||
| 2029 | 58 | 9,345,213 | 266,356 | 35.09 | 20.1% | 17.9% | ||||||
| 2030 | 20 | 2,737,698 | 91,810 | 29.82 | 5.9% | 6.2% | ||||||
| 2031 | 7 | 1,036,053 | 24,114 | 42.96 | 2.2% | 1.6% | ||||||
| 2032 | 2 | 578,688 | 14,709 | 39.34 | 1.2% | 1.0% | ||||||
| 2033 | 7 | 768,756 | 27,365 | 28.09 | 1.7% | 1.8% | ||||||
| 2034 | 7 | 1,242,072 | 23,547 | 52.75 | 2.7% | 1.6% | ||||||
(1)
Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2024 for expiring leases that were executed as of December 31, 2024. Based on 100% of the applicable amounts and has not been adjusted for our ownership share.
(2)
Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2024.
(3)
Debt on Outlet Centers
Please see the table entitled“Mortgage Loans Outstanding at December 31, 2024” included herein for information regarding any liens or encumbrances related to the outlet centers.
Lifestyle Centers
We owned a controlling interest in four lifestyle centers and a non-controlling interest in one lifestyle center as of December 31, 2024. Our lifestyle centers generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas. The lifestyle centers consist of large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional anchors and/or junior anchors, a wide variety of in-line and brand name stores, restaurants, and/or other non-retail tenants. Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations.
The following table sets forth certain information for each of the lifestyle centers as of December 31, 2024 (dollars in thousands, except for sales per square foot amounts):
| Property / Location · Year ofOpening/Acquisition · Year ofMostRecentExpansion · OurOwnership · Total CenterSquare Feet (1) · TotalIn-Line GLA (2) · In-LineSales perSquareFoot (3) · PercentageIn-Line GLALeased (4) · Anchors & JuniorAnchors (5) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Lifestyle Centers: | ||||||||||||
| Alamance Crossing West (6) Burlington, NC | 2011 | N/A | 100% | 224,554 | 30,366 | N/A | 100% | BJ's Wholesale Club, Dick's Sporting Goods, Kohl's | ||||
| Friendly Center and The Shops at Friendly (7) Greensboro, NC | 1957/ 2006/ 2007 | 2016 | 50% | 1,171,402 | 589,347 | 598 | 93% | Barnes & Noble, Belk, Belk Home Store, Harris Teeter, Macy's, O2 Fitness, Regal Cinemas, REI, Truist, Whole Foods (8) | ||||
| Mayfaire Town Center Wilmington, NC | 2004/2015 | 2017 | 100% | 669,544 | 328,163 | 467 | 95% | Barnes & Noble, Belk, future Dave & Busters, Flip N Fly, The Fresh Market, H&M, Michaels, Regal Cinemas | ||||
| Pearland Town Center (9) Pearland, TX | 2008 | N/A | 100% | 714,458 | 308,871 | 383 | 91% | Barnes & Noble, Dick's Sporting Goods, Dillard's, Hospital Corporation of America, Macy's | ||||
| Southaven Towne Center Southaven, MS | 2005 | 2013 | 100% | 607,635 | 184,539 | 272 | 86% | Dillard's, Havertys Furniture, JC Penney, Overstock Furniture and Mattress, Sportsman's Warehouse (8), Urban Air Adventure Park | ||||
| Total Lifestyle Centers | 3,387,593 | 1,441,286 | $486 | 92% | ||||||||
| Excluded Properties | ||||||||||||
| Alamance Crossing East Burlington, NC | 2007 | N/A | 100% | 667,356 | 212,014 | N/A | N/A | Barnes & Noble, Belk, Carousel Cinemas, Dillard's, Hobby Lobby, JC Penny | ||||
(1)
(2)
(3)
(4)
(5)
(6)
Alamance Crossing West represents the open-air center portion of the property and therefore we do not report sales.
(7)
(8)
(9)
Pearland Town Center is a mixed-use center which combines retail, office and residential components. For segment reporting purposes, the retail portion of the center is classified in lifestyle centers and the office portion is classified as All Other.
The lifestyle centers have approximately 442 inline and adjacent freestanding stores. The lifestyle centers received 79.2% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.