Financial Performance - For Q1 2025, CBL reported net income attributable to common shareholders of $0.27, compared to a loss of $0.01 in Q1 2024[6]. - Funds from Operations (FFO) for Q1 2025 were $1.13 per share, down from $1.21 in the same period last year, while adjusted FFO remained flat at $1.50[6][8]. - Same-center Net Operating Income (NOI) declined by 2.3% year-over-year, totaling $103.2 million for Q1 2025, down from $105.6 million in Q1 2024[8][14]. - CBL's Board declared a regular cash dividend of $0.40 per common share for the quarter ending June 30, 2025, equating to an annual dividend of $1.60 per share[20]. - Net income attributable to common shareholders for the three months ended March 31, 2025, was $8.21 million, compared to a net loss of $0.21 million in the same period of 2024[47]. - The company reported total revenues of $141.77 million for the three months ended March 31, 2025, compared to $129.12 million in the same period of 2024, marking an increase of approximately 9.8%[47]. - Total expenses for the three months ended March 31, 2025, were $121.32 million, compared to $102.26 million in the same period of 2024, reflecting an increase of approximately 18.6%[47]. - Diluted EPS attributable to common shareholders increased to $0.27 in Q1 2025 from $(0.01) in Q1 2024[53]. - Net income for Q1 2025 was $8.387 million, a significant improvement from a net loss of $0.474 million in Q1 2024[56]. Revenue and Occupancy - Portfolio occupancy increased to 90.4% as of March 31, 2025, up from 89.4% a year earlier, with same-center occupancy for malls, lifestyle centers, and outlet centers at 88.7%[8][17]. - For the three months ended March 31, 2025, rental revenues increased to $137.36 million from $124.03 million in the same period of 2024, representing an increase of approximately 10.5%[47]. - Total rental revenues increased to $137,360 in Q1 2025, up 10.7% from $124,027 in Q1 2024[74]. - Minimum rents rose to $101,020 in Q1 2025, compared to $93,908 in Q1 2024, reflecting an increase of 7.4%[74]. - Total same-center portfolio recorded a sales per square foot of $423, down from $424, with occupancy improving from 89.8% to 90.4%[98]. Debt and Financial Position - Total consolidated debt as of March 31, 2025, was $2.150 billion, down from $2.213 billion as of December 31, 2024[63]. - The company's share of unconsolidated affiliates' debt was $395.674 million as of March 31, 2025[59]. - Cash and cash equivalents decreased to $29.822 million as of March 31, 2025, compared to $40.791 million as of December 31, 2024[63]. - The weighted-average interest rate for consolidated debt was 5.16% as of March 31, 2025[59]. - CBL's total debt as of March 31, 2025, is $2,259,340, with a weighted average interest rate of 5.93%[82]. - The debt maturing in 2025 is projected at $130,081, which constitutes 4.96% of total debt[82]. - The company has a significant portion of its debt maturing in 2026, amounting to $717,777, representing 27.38% of total debt[82]. Leasing and Development - CBL executed nearly 575,000 square feet of leases in Q1 2025, with new comparable leases signed at an increase of over 21% in average rents, while renewal leases saw a decline of 6.5%[8][10]. - New leases signed in Q1 2025 totaled 111,794 square feet, with an average initial rent of $49.82 per square foot[117]. - The average gross rent for new leases in Q1 2025 was $43.52 per square foot, a decrease of 5.4% compared to the prior year[111]. - CBL's share of properties under development includes a hotel project at Mayfaire Town Center with a total cost of $15,435,000 and an expected yield of 11.0%[126]. - The expected opening date for the Mayfaire Town Center hotel is summer 2025[126]. Capital Expenditures - Total capital expenditures for the three months ended March 31, 2025, were $12,731,000, compared to $7,399,000 for the same period in 2024, representing a 72.5% increase[123]. - Maintenance capital expenditures totaled $6,188,000 for Q1 2025, up from $5,417,000 in Q1 2024, reflecting a 14.2% increase[123]. - Tenant allowances increased significantly to $6,543,000 in Q1 2025 from $1,982,000 in Q1 2024, marking a 229.5% rise[123]. Strategic Focus - The company continues to focus on maintaining its asset base while navigating the challenges posed by cash trapped properties and overall market conditions[6]. - CBL's operational strategy includes managing a diverse portfolio of property types, including malls, outlet centers, and open-air centers, to optimize revenue generation[85]. - The company continues to explore opportunities for market expansion and potential acquisitions to drive growth[125].

We live in an uncertain world and some REITs are on shaky legs. The market has been deteriorating with growing government layoffs and cuts, which could lead to a recession. Meanwhile, while the latest inflation report came in lower than expected, there ...

Property Ownership and Locations - As of December 31, 2024, CBL & Associates Properties, Inc. owned properties located in 21 states, primarily in the southeastern and midwestern United States[21]. - The company owns partial interests in 4 malls, 5 outlet centers, 1 lifestyle center, 12 open-air centers, 2 office buildings, a hotel, and a hotel development, with significant portions managed by third-party partners[70]. - The company has a total of 3,560 inline and adjacent freestanding stores across its malls[185]. - The total gross leasable area (GLA) of expiring leases is 4,071,707 square feet, which is 8.5% of the total GLA of all leases[203]. - The company owns a controlling interest in 42 malls and a non-controlling interest in 3 malls[173]. Financial Performance - The company reported a revenue increase of 10% year-over-year, reaching $1.08 billion[1]. - Total sales for the year reached 1,969 million, representing a 10% increase compared to the previous year[178]. - The company provided a future outlook with a revenue guidance of $1.2 billion for the next quarter, representing a 15% increase[3]. - The overall gross margin improved to 35%, up from 32% in the previous year[10]. - The company is targeting a revenue growth of 12% for the next fiscal year, driven by strategic initiatives and market expansion efforts[178]. Tenant and Market Dynamics - The top five markets based on total revenues for the year ended December 31, 2024, were Chattanooga, TN (6.8%), St. Louis, MO (4.4%), Lexington, KY (4.3%), Laredo, TX (4.0%), and Fayetteville, NC (3.6%)[27]. - The top 25 tenants contributed a total of 33.28% of total revenues, with Signet Group, PLC being the largest at 2.72%[28]. - Approximately 50.3% of total pro-rata share of revenues for the year ended December 31, 2024, came from properties in the southeastern United States[142]. - The company competes with numerous shopping facilities, which could materially impact its ability to attract tenants and achieve favorable lease terms[94]. - The rise of omni-channel retailing and online shopping may adversely affect physical store demand, impacting occupancy levels and rental rates[97]. Employee Engagement and Corporate Culture - CBL's employee engagement assessment in 2024 achieved a 75% response rate, with 93% of employees stating it is a great place to work[45]. - The voluntary turnover rate decreased to 6% for 2024, with 91% of employees recommending CBL as a workplace[47]. - In 2024, CBL team members completed 4,627 hours of training, focusing on various development topics[49]. - CBL Cares program saw team members volunteer over 1,100 hours, providing support valued at nearly $170,000 to local organizations[52]. Risks and Challenges - The company faces risks including increased operating costs, potential loss of significant tenants, and adverse changes in economic conditions[61]. - Rising interest rates could increase borrowing costs and negatively impact cash flows and stock prices[64]. - Future pandemics or similar threats could materially disrupt the company’s financial condition and operations[64]. - The company faces risks associated with climate change regulations that could impose substantial compliance costs and affect financial condition[80]. - Social unrest and acts of violence could adversely affect the company's business operations and financial condition[88]. Debt and Financing - The company's pro-rata share of consolidated and unconsolidated debt outstanding was approximately $2,737.2 million as of December 31, 2024[121]. - The company is significantly dependent on external financing to fund growth and meet debt servicing requirements[120]. - The total share of consolidated and unconsolidated debt maturing in 2025, 2026, and 2027 is approximately $132.2 million, $727.3 million, and $729.9 million, respectively[121]. - The company may need to refinance its indebtedness, and its ability to do so will depend on market conditions and financial health at the time[129]. - If cash flow is insufficient and refinancing is unavailable, the company may have to take adverse actions such as selling properties or delaying capital expenditures[130]. Cybersecurity and Compliance - The company has a cybersecurity program based on the NIST CSF framework to protect critical systems and information[167]. - Employees are required to complete annual cybersecurity training, followed by quarterly testing and re-training as necessary[169]. - The company maintains cybersecurity risk insurance coverage, although there is no assurance that it will cover all breaches or losses[171]. - The audit committee oversees cybersecurity risks and management reports on the cybersecurity program at least semi-annually[166]. - Compliance with REIT requirements may limit the company’s ability to pursue attractive opportunities[64]. Strategic Initiatives and Future Outlook - The company is focused on leasing properties, including replacing short-term leases with long-term leases, to optimize tenant mix and financial performance[78]. - The company is exploring potential mergers and acquisitions to further strengthen its market position, with a projected impact of 2.1% on revenue growth[178]. - Investment in technology and digital platforms is anticipated to yield a 4.5% increase in online sales[178]. - The company plans to enter three new international markets by the end of the fiscal year, aiming for a 30% increase in international sales[9]. - The company is committed to enhancing customer experience through strategic partnerships with entertainment and retail brands, aiming to drive foot traffic and sales growth[219].

Financial Performance - FFO, as adjusted, per share for 2024 was $6.69, slightly up from $6.66 in 2023; Q4 2024 FFO, as adjusted, per share was $1.92, down from $1.94 in Q4 2023[9] - Total revenues for the year ended December 31, 2024, were $675.5 million, down from $681.4 million in 2023[19] - Total revenues for Q4 2024 were $131.69 million, a decrease of 5.8% from $139.71 million in Q4 2023[54] - Net income attributable to common shareholders for Q4 2024 was $37.21 million, compared to $11.54 million in Q4 2023, representing a significant increase of 222.5%[54] - Basic earnings per share for Q4 2024 were $1.23, up from $0.37 in Q4 2023, reflecting a growth of 232.4%[54] - Net income for the year ended December 31, 2024, was $54,433, compared to $38,434 in 2023, representing an increase of 41.7%[75] Occupancy and Leasing Activity - Portfolio occupancy was 90.3% as of December 31, 2024, a 100-basis-point increase from September 30, 2024, but a 60-basis-point decline from 90.9% as of December 31, 2023[9] - CBL executed nearly 4.5 million square feet of leases in 2024, with approximately 1.4 million square feet executed in Q4 2024[9] - Same-center tenant sales per square foot for Q4 2024 increased by approximately 1% compared to the prior year, with annual sales per square foot remaining flat at $418[9] - The in-line occupancy rate for malls decreased from 91.8% in December 2023 to 90.1% in December 2024[106] - Total sales per square foot for malls decreased from $397 in 2023 to $386 in 2024, with in-line occupancy increasing from 87.9% to 89.3%[107] Debt and Financing - CBL completed approximately $513.7 million in financing activity during Q4 2024[25] - The company's share of consolidated and unconsolidated debt as of December 31, 2024, was $2,617,290,000, with a weighted-average interest rate of 6.03%[69] - The total consolidated debt as of December 31, 2024, was $2,331,904 thousand, compared to $1,403,798 thousand in 2023, an increase of approximately 66.5%[85] - The weighted-average interest rate on total consolidated debt increased to 6.07% in 2024 from 5.02% in 2023[85] - CBL's loan includes a fixed interest rate of 6.95% for half of the outstanding balance, while the other half is variable based on the 30-day SOFR plus 4.10%[87] Capital Expenditures and Investments - CBL completed $85 million in asset sales during 2024 and acquired a 50% interest in three high-performing centers for $22.5 million[9] - Total capital expenditures for the year ended December 31, 2024, reached $51,208,000, up from $41,975,000 in 2023, reflecting a 22.4% increase[133] - Maintenance capital expenditures totaled $31,345,000 for the year ended December 31, 2024, compared to $24,896,000 in 2023, indicating a 25.0% increase[133] - The Hamilton Place redevelopment project is expected to yield 23.3% with a total cost of $2,648,000, scheduled to open in Q4 2024[136] Cash Flow and Liquidity - The company reported $283.9 million in unrestricted cash and marketable securities as of December 31, 2024[9] - Cash flows provided by operating activities increased to $46,200 thousand in Q4 2024 from $49,361 thousand in Q4 2023, a decrease of about 4.4%[82] - Cash and cash equivalents at the end of the period decreased to $31,812,000 from $35,741,000 in the previous year, reflecting a decline of approximately 11%[121] Future Guidance and Projections - CBL's 2025 FFO guidance is set between $6.98 and $7.34 per share, with a projected same-center NOI change of (2.0)% to 0.5%[36][37] - The 2025 same-center NOI is expected to range from $427.0 million to $438.0 million, down from $435.7 million in 2024[38] - CBL estimates 2025 maintenance capital/tenant allowances between $40.0 million and $55.0 million, with total capital items estimated at $130.0 million to $160.0 million[39] Special Items and Adjustments - The company reported a gain on consolidation of $26.73 million in Q4 2024, following the acquisition of partners' 50% joint venture interests[58] - The company recognized a loss on impairment of $625,000 in Q4 2024, compared to no impairment loss in Q4 2023[54] - The company reported a gain on sales of real estate assets amounting to $10,593,000 in 2024, compared to no gains in 2023[121] Strategic Initiatives - The company plans to continue its market expansion and product development strategies, focusing on enhancing operational efficiencies and exploring new acquisition opportunities[58] - The company is actively engaged in new loan arrangements for its joint venture properties, indicating ongoing market expansion efforts[116]

Group 1 - The individual has been investing since 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - Recently, the investment strategy has evolved to include long stock positions combined with covered calls and cash secured puts, reflecting a more sophisticated approach to investing [1] - The primary focus of analysis is on REITs and financials, with occasional insights into ETFs and other stocks influenced by macroeconomic trends [1] Group 2 - The analyst has a beneficial long position in CBL shares, indicating confidence in the company's performance [2] - The article expresses personal opinions and is not influenced by external compensation, suggesting an independent analysis [2] - There is no business relationship with any company mentioned, which may enhance the credibility of the analysis [2]

Core Insights - CBL International Limited's Chairman and CEO, Mr. Teck Lim Chia, was featured in an interview on Nasdaq's Amplify Spotlight program, highlighting the company's strategic initiatives and market positioning [1][2]. Group 1: Company Operations - The company has adopted sustainable fuels, specifically B24 biofuel, resulting in a nearly 96% increase in biofuel sales during the first half of 2024, which aligns with global decarbonization efforts [2]. - CBL provides comprehensive refueling services at over 60 ports worldwide, indicating a strong operational footprint and service capability [2]. - The company is expanding into new markets, including Europe and Africa, which suggests a strategic growth initiative to diversify its market presence [2]. Group 2: Investor Engagement - Investors and stakeholders are encouraged to watch the full interview to gain deeper insights into CBL's operations and strategic direction [3].

Core Viewpoint - Three stocks in the real estate sector are showing signs of being overbought, which may signal caution for momentum-focused investors [1]. Group 1: CBL & Associates Properties, Inc. - CBL & Associates reported an increase in quarterly EPS on November 11, with CEO Stephen D. Lebovitz stating that the shopping center industry's overall environment remains positive [4]. - The stock gained approximately 14% over the past month, reaching a 52-week high of $32.20 [4]. - The RSI value for CBL is 70.19, with shares closing at $31.44 on Friday [4]. Group 2: Macerich Co - On December 11, Piper Sandler analyst Alexander Goldfarb maintained an Underweight rating for Macerich and raised the price target from $14 to $17 [5]. - The stock increased around 11% over the past month, achieving a 52-week high of $22.27 [5]. - The RSI value for Macerich is 70.59, with shares closing at $21.50 on Friday [5]. Group 3: Sunstone Hotel Investors Inc - On December 9, Wells Fargo analyst Dori Kesten maintained an Equal-Weight rating for Sunstone Hotel Investors and raised the price target from $11 to $13 [6]. - The stock surged approximately 21% over the past month, reaching a 52-week high of $12.35 [6]. - The RSI value for Sunstone is 77.04, with shares closing at $12.21 on Friday [6].

Group 1 - The individual has been investing since 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - Recently, the investment strategy has evolved to include long stock positions combined with covered calls and cash secured puts, reflecting a more sophisticated approach to investing [1] - The primary focus of analysis is on REITs and financials, with occasional insights into ETFs and other stocks influenced by macroeconomic trends [1] Group 2 - The analyst holds a beneficial long position in CBL shares through various financial instruments, suggesting a positive outlook on the company's performance [2] - The article expresses personal opinions and is not influenced by compensation from any company mentioned, indicating an independent analysis [2] - There is a disclaimer regarding past performance not guaranteeing future results, emphasizing the importance of individual investor assessment [3]

Financial Performance - Same-center NOI for the nine months ended September 30, 2024, increased by 1% compared to the prior-year period, while for the third quarter 2024, it declined by 2% year-over-year [4]. - FFO, as adjusted, per share for the nine months ended September 30, 2024, was $4.77, up from $4.72 in the prior-year period; for the third quarter 2024, it was $1.54, down from $1.60 in the prior-year period [4]. - Total revenues for the three months ended September 30, 2024, were $125.089 million, a decrease of 3.3% from $129.351 million in 2023 [6]. - Net income attributable to common shareholders for the three months ended September 30, 2024, was $15.865 million, up 22.0% from $12.957 million in 2023 [31]. - Basic earnings per share for the three months ended September 30, 2024, increased to $0.52 from $0.41 in 2023, representing a 26.8% growth [32]. - Total revenues for the nine months ended September 30, 2024, were $147.347 million, a decrease of 3.9% compared to $151.940 million for the same period in 2023 [64]. - The company reported a net income of $12.268 million for the nine months ended September 30, 2024, compared to a net loss of $11.333 million for the same period in 2023 [64]. Occupancy and Leasing Activity - Portfolio occupancy was 89.3% as of September 30, 2024, a decrease of 150 basis points from 90.8% as of September 30, 2023 [11]. - Over 880,000 square feet of leases were executed in the third quarter 2024, with a 9.5% increase in average rents for comparable leases [4]. - Total leasing activity for the three months ended September 30, 2024, showed an increase in average gross rent per square foot for all property types to $42.86, a 9.5% increase compared to the prior period [65]. - New leases for the nine months ended September 30, 2024, increased significantly by 49.2% to an average rent of $44.40 per square foot [65]. - The total number of leases commenced in 2024 reached 661, covering 1,548,000 square feet, with an average initial rent of $35.86 per square foot [66]. Debt and Financing - CBL reduced its debt by more than $188 million from the prior year period, including refinancing loans to achieve significant interest savings [6]. - CBL closed new non-recourse loans totaling $45.0 million at a fixed interest rate of 5.86%, replacing existing loans with a floating rate of 8.2% [16]. - The company's share of consolidated and unconsolidated debt as of September 30, 2024, totaled $2,486,512,000, with a weighted-average interest rate of 6.45% [36]. - Total consolidated debt amounts to $1,812,862,000, with a weighted-average interest rate of 7.01% [50]. - The company is in discussions with lenders regarding loan modifications/extensions for properties in maturity default [51]. Cash Flow and Capital Expenditures - The company reported cash flows provided by operating activities of $61,059 for the three months ended September 30, 2024, an increase from $49,919 in 2023 [46]. - The company reported total capital expenditures of $17.303 million for the three months ended September 30, 2024, compared to $13.630 million in the same period of 2023 [69]. - Cash and cash equivalents increased to $65,113,000 as of September 30, 2024, compared to $34,188,000 as of December 31, 2023, an increase of about 90.5% [38]. Future Outlook and Developments - The adjusted FFO guidance for 2024 is projected between $196.0 million and $210.0 million, with a per share estimate of $6.34 to $6.80 [20]. - Future outlook remains cautiously optimistic with ongoing strategies for asset management and potential acquisitions in targeted markets [57]. - The company plans to expand its market presence with developments such as the Hammock Landing Phase I and II, totaling $22,586,000 and $5,242,000 respectively, both at an interest rate of 8.20% [50]. Sales and Revenue Metrics - Same-center tenant sales per square foot for the third quarter 2024 increased by 1.5% year-over-year, while for the trailing twelve months ended September 30, 2024, it declined by 0.7% to $418 [4]. - Total sales per square foot for malls increased to $548 for the twelve months ended September 30, 2024, compared to $545 for the same period in 2023, reflecting a growth of 0.4% [57]. - Total sales per square foot for outlet centers decreased to $475 for the twelve months ended September 30, 2024, down from $497 in 2023, representing a decline of 4.4% [57]. Dividend and Shareholder Returns - The Board of Directors declared a cash dividend of $0.40 per common share for the quarter ending December 31, 2024, equating to an annual dividend of $1.60 per share [5]. - CBL completed the repurchase of 500,000 shares for $12.525 million in October 2024, and a total of 1,074,826 shares were repurchased at an average price of $23.539 per share [5].

Revenue and Income - Rental revenues for Q3 2024 were $119,992, a decrease of 3.2% from $124,783 in Q3 2023[6] - Total revenues for the nine months ended September 30, 2024, were $383,871, down 3.0% from $395,577 in the same period of 2023[6] - Net income for Q3 2024 was $15,753, an increase of 22.0% compared to $12,875 in Q3 2023[8] - Basic earnings per share for Q3 2024 were $0.52, up from $0.41 in Q3 2023, representing a 26.8% increase[6] - Comprehensive income for Q3 2024 was $15,755, compared to $13,493 in Q3 2023, reflecting a 16.8% increase[9] - Net income for the nine months ended September 30, 2024, was $19,570, compared to a net loss of $(9,274) for the same period in 2023, representing a significant turnaround[15] - Total revenues for the three months ended September 30, 2024, were $63,450, an increase of approximately 1.8% from $62,354 in the same period of 2023[43] - Net income for the nine months ended September 30, 2024, was $42,170, compared to $27,435 for the same period in 2023, indicating a significant increase[43] Expenses and Financial Performance - Total expenses for the nine months ended September 30, 2024, decreased to $291,980, down 13.5% from $337,739 in the same period of 2023[6] - Interest expense for Q3 2024 was $38,849, a decrease of 9.5% from $42,891 in Q3 2023[6] - Total expenses for the three months ended September 30, 2024, decreased to $93,227 from $102,358 in 2023, a reduction of 8.9%[6] - Interest expense for the nine months ended September 30, 2024, was $118,068 million, a decrease from $130,588 million in the same period of 2023[55][56] Cash Flow and Investments - Net cash provided by operating activities increased to $156,023 for the nine months ended September 30, 2024, up from $134,155 in the prior year, reflecting a growth of approximately 16.5%[15] - Net cash provided by investing activities increased significantly to $57,595 for the nine months ended September 30, 2024, compared to $18,099 in the same period of 2023[15] - Cash and cash equivalents at the end of the period were $141,468, up from $119,676 at the end of September 30, 2023, showing an increase of approximately 18.2%[15] Shareholder Equity and Stock Activity - As of September 30, 2023, total equity stands at $328,970,000, a decrease from $367,129,000 on December 31, 2022[11] - The company repurchased 300,652 shares of common stock, totaling $7,933,000, during the quarter ending September 30, 2024[14] - Dividends declared for common stock totaled $12,011,000 for the quarter ending June 30, 2023, consistent with previous quarters[11] - The company issued 145,352 shares of restricted common stock and 164,837 shares associated with performance stock units during the quarter ending December 31, 2023[14] Real Estate and Asset Management - The company owned interests in a total of 87 properties as of September 30, 2024, including 39 malls and 2 centers[18] - The company reported a gain on sales of real estate assets of $12,816 in Q3 2024, compared to $3,414 in Q3 2023[6] - The company reported a gain on sales of real estate assets of $(16,487) for the nine months ended September 30, 2024, compared to $(4,896) in 2023, indicating a worsening in asset sales performance[15] - The total undiscounted future fixed lease payments to be received under operating leases as of September 30, 2024, amount to $1,435,675 million[26] Debt and Liabilities - Total mortgage and other indebtedness, net, as of September 30, 2024, is $1,775,119, down from $1,888,803 as of December 31, 2023, reflecting a decrease of approximately 6%[47] - The Company’s consolidated debt is non-recourse as of September 30, 2024, with no indebtedness directly held by the Company[46] - Scheduled principal payments for the remainder of 2024 total $7,877, with total mortgage and other indebtedness scheduled for future years amounting to $1,812,862[48][49] Compensation and Stock Awards - Share-based compensation expense for restricted stock awards was $2,110 thousand and $6,187 thousand for the three and nine months ended September 30, 2024, respectively, compared to $1,835 thousand and $5,475 thousand for the same periods in 2023, reflecting an increase of 15.0% and 12.9% year-over-year[12][65] - The total grant-date fair value of restricted stock awards granted during the nine months ended September 30, 2024, was $3,398 thousand, while the total fair value of awards that vested during the same period was $2,229 thousand[66] - The unrecognized compensation expense related to PSUs was $12,125 thousand as of September 30, 2024, expected to be recognized over a weighted-average period of 2.1 years[67] Market and Economic Conditions - The company is involved in litigation expected to be covered by liability insurance, with no material adverse effect anticipated on its financial condition[60] - The company has a master insurance policy for environmental claims providing coverage up to $40,000 per occurrence, which is not expected to materially impact its financial condition[61]