CBL & Associates Properties(CBL) - 2024 Q3 - Quarterly Report

Revenue and Income - Rental revenues for Q3 2024 were $119,992, a decrease of 3.2$124,783 in Q3 2023[6] - Total revenues for the nine months ended September 30, 2024, were $383,871, down 3.0$395,577 in the same period of 2023[6] - Net income for Q3 2024 was $15,753, an increase of 22.0$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$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$337,739 in the same period of 2023[6] - Interest expense for Q3 2024 was $38,849, a decrease of 9.5$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$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$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]