CBL & ASSOCIATES PROPERTIES INC
For the period ended Dec 31, 2025. Filed Mar 3, 2026.
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FY2025 · Filed Mar 3, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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“Mortgage Loans Outstanding at December 31, 2025”
Mortgage Loans Outstanding at December 31, 2025 (in thousands):
| Property · OurOwnershipInterest · StatedInterestRate · PrincipalBalance asof12/31/25 (1) · 2026DebtService (1)(2) · MaturityDate · OptionalExtendedMaturityDate · BalloonPaymentDueonMaturity (1) · Footnote | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Debt | ||||||||||||
| Malls: | ||||||||||||
| Arbor Place | 100% | 5.10% | $85,515 | $3,008 | May-26 | — | $84,323 | |||||
| CoolSprings Galleria | 100% | 4.84% | 133,958 | 9,803 | May-28 | — | 125,774 | |||||
| Cross Creek Mall | 100% | 6.86% | 77,603 | 6,530 | Aug-30 | — | 71,112 | |||||
| Fayette Mall | 100% | 4.25% | 101,683 | 4,858 | May-26 | — | 98,598 | |||||
| Hamilton Place | 90% | 4.36% | 86,636 | 2,978 | Jun-26 | — | 85,535 | |||||
| Jefferson Mall | 100% | 4.75% | 48,990 | 2,054 | Jun-26 | — | 48,102 | (3) | ||||
| Northwoods Mall | 100% | 5.08% | 47,615 | 1,391 | Apr-26 | — | 47,031 | |||||
| Oak Park Mall | 100% | 3.97% | 245,665 | 17,560 | Oct-30 | — | 220,015 | |||||
| Parkdale Mall & Crossing | 100% | 5.85% | 49,075 | 1,435 | Mar-26 | — | 48,345 | |||||
| Volusia Mall | 100% | 4.56% | 33,165 | 875 | May-26 | — | 32,918 | |||||
| West County Center | 100% | 3.40% | 140,024 | 9,232 | Dec-26 | — | 135,542 | |||||
| 1,049,929 | 59,724 | 997,295 | ||||||||||
| Outlet Centers: | ||||||||||||
| The Outlet Shoppes at Gettysburg | 50% | 4.80% | 19,438 | 934 | Oct-25 | — | 19,438 | (4) | ||||
| The Outlet Shoppes at Laredo | 65% | 7.62% | 31,380 | 2,038 | Jun-26 | — | 30,680 | |||||
| 50,818 | 2,972 | 50,118 | ||||||||||
| Open-Air Centers, Outparcels and Other: | ||||||||||||
| Hamilton Place open-air centers loan | 90% - 92% | 5.85% | 64,595 | 4,602 | Jun-32 | — | 58,208 | |||||
| 2032 non-recourse bank loan | 100% | 7.75% | 442,956 | 33,998 | Oct-30 | Oct-32 | 442,956 | (5) | ||||
| 507,551 | 38,600 | 501,164 | ||||||||||
| Corporate Debt: | ||||||||||||
| Secured term loan | 100% | 6.74% | 646,722 | 38,124 | Nov-26 | Nov-27 | 646,722 | |||||
| Total Consolidated Debt | $2,255,020 | $139,420 | $2,195,299 | |||||||||
| Unconsolidated Debt | ||||||||||||
| Malls: | ||||||||||||
| Coastal Grand Mall | 50% | 5.09% | $79,529 | $7,023 | Aug-28 | — | $73,583 | (6) | ||||
| Coastal Grand Mall - Dick's Sporting Goods | 50% | 8.05% | 6,575 | 253 | May-26 | — | 6,544 | |||||
| 86,104 | 7,276 | 80,127 | ||||||||||
| Outlet Centers: | ||||||||||||
| The Outlet Shoppes at Atlanta | 50% | 7.85% | 79,330 | 6,314 | Oct-33 | — | 79,330 | |||||
| The Outlet Shoppes at El Paso | 50% | 5.10% | 65,843 | 4,888 | Oct-28 | — | 61,342 | |||||
| The Outlet Shoppes of the Bluegrass | 65% | 6.84% | 65,313 | 5,183 | Nov-34 | — | 57,387 | |||||
| 210,486 | 16,385 | 198,059 | ||||||||||
| Lifestyle Centers: | ||||||||||||
| Friendly Center | 50% | 6.44% | 142,529 | 12,542 | May-28 | — | 136,837 | |||||
| Open-Air Centers: | ||||||||||||
| Ambassador Town Center | 65% | 4.35% | 38,967 | 2,809 | Jun-29 | — | 34,953 | |||||
| Coastal Grand Crossing | 50% | 5.09% | 3,838 | 336 | Aug-28 | — | 3,557 | (6) | ||||
| Hammock Landing - Phase I | 50% | 5.86% | 34,364 | 2,670 | Dec-34 | — | 26,699 | |||||
| Hammock Landing - Phase II | 50% | 5.86% | 9,818 | 763 | Dec-34 | — | 7,628 | |||||
| The Pavilion at Port Orange | 50% | 5.93% | 43,000 | 2,587 | Oct-30 | — | 43,000 | |||||
| The Shoppes at Eagle Point | 50% | 5.40% | 37,889 | 2,695 | May-32 | — | 32,998 | |||||
| York Town Center | 50% | 6.00% | 28,420 | 1,086 | Jun-26 | — | 28,193 | |||||
| 196,296 | 12,946 | 177,028 | ||||||||||
| Outparcels and Other: | ||||||||||||
| Ambassador Town Center Infrastructure Improvements | 65% | 7.26% | 2,797 | 1,764 | Mar-27 | — | 36 | (7) | ||||
| Friendly Center Medical Office | 25% | 6.11% | 6,745 | 418 | Jun-30 | — | 6,745 | |||||
| Property · OurOwnershipInterest · StatedInterestRate · PrincipalBalance asof12/31/25 (1) · 2026DebtService (1)(2) · MaturityDate · OptionalExtendedMaturityDate · BalloonPaymentDueonMaturity (1) · Footnote | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Hamilton Place Aloft Hotel | 50% | 7.20% | 14,091 | 1,298 | Jun-29 | — | 13,054 | |||
| Mayfaire Town Center - hotel development | 49% | 7.09% | 18,900 | 1,578 | Jan-28 | 18,255 | ||||
| 42,533 | 5,058 | 38,090 | ||||||||
| Excluded Properties: | ||||||||||
| Southpark Mall | 100% | 4.85% | 48,271 | — | Jun-26 | — | 48,271 | (8) | ||
| Total Unconsolidated Debt | $726,219 | $54,207 | $678,412 | |||||||
| Total Consolidated and Unconsolidated Debt | $2,981,239 | $193,627 | $2,873,711 | |||||||
| Company's Pro-Rata Share of Total Debt | $2,622,566 | $165,997 | (9) | |||||||
(1)
The amount listed includes 100% of the loan or payment amount even though the Operating Partnership may have less than a 100% ownership interest in the property.
(2)
Amounts are based on interest rates in effect at December 31, 2025 and do not reflect any future principal paydowns in excess of scheduled principal amortization.
(3)
Subsequent to December 31, 2025, we were notified by the lender that the loan was in default and the property was placed into receivership. See Note 18.
(4)
The loan is in maturity default. The 2026 debt service and the balloon payment due on maturity assume interest payments throughout 2026, with a final payment in December 2026.
(5)
This loan was previously referred to as the "open-air centers and outparcels loan". The interest rate is a fixed 7.70% for $367,956 of the outstanding loan balance through July 2030, with the remaining loan balance bearing a variable interest rate based on the 30-day secured overnight financing rate ("SOFR") plus 4.10%. The full principal balance will convert to a variable rate after July 2030. The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.
(6)
In September 2025, the Company entered into a forbearance agreement that waived the previous default interest and extended the maturity date through August 2028. The forbearance agreement provides for default interest on the outstanding loan balance of 1%, 2% and 3% for each successive year of the forbearance agreement.
(7)
The Operating Partnership guarantees 100% of the loan.
(8)
We are in discussions with the lender regarding foreclosure actions.
(9)
Represents the Company's pro rata share of debt, including our share of unconsolidated affiliates' debt and excluding noncontrolling interests' share of consolidated debt on shopping center properties.
The following is a reconciliation of consolidated debt to our pro rata share of total debt, including debt discounts and unamortized deferred financing costs (in thousands):
| Total consolidated debt | $2,255,020 |
|---|---|
| Noncontrolling interests' share of consolidated debt | (34,864) |
| Company's share of unconsolidated debt | 354,139 |
| Other debt (1) | 48,271 |
| Unamortized deferred financing costs | (12,199) |
| Unamortized debt discounts | (74,708) |
| Company's pro rata share of total debt | $2,535,659 |
(1)
Represents the outstanding loan balance for a property that was deconsolidated due to a loss of control when the property was placed into receivership in connection with the foreclosure process.
See Note 7 and Note 8 to the consolidated financial statements for additional information regarding property-specific indebtedness.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.