CBL & Associates Properties(CBL) - 2022 Q4 - Annual Report

Mall Properties and Lease Rates - Total Center Square Footage for Kirkwood Mall is 832,690 sq ft with 228,833 sq ft of inline GLA, achieving a per square foot lease rate of $325[36] - Laurel Park Place has a total center square footage of 491,210 sq ft and inline GLA of 198,071 sq ft, with a lease rate of $292 per square foot[36] - Layton Hills Mall features a total center square footage of 482,120 sq ft and inline GLA of 212,674 sq ft, achieving a lease rate of $404 per square foot[36] - Meridian Mall has a total center square footage of 946,07 sq ft and inline GLA of 284,980 sq ft, with a lease rate of $294 per square foot[36] - Mid Rivers Mall has a total center square footage of 1,035,810 sq ft and inline GLA of 286,699 sq ft, achieving a lease rate of $340 per square foot[36] - Monroeville Mall has a total center square footage of 985,270 sq ft and inline GLA of 446,583 sq ft, with a lease rate of $310 per square foot[36] - Northgate Mall features a total center square footage of 646,380 sq ft and inline GLA of 181,101 sq ft, achieving a lease rate of $344 per square foot[36] - Northpark Mall has a total center square footage of 896,040 sq ft and inline GLA of 278,320 sq ft, with a lease rate of $371 per square foot[36] - Oak Park Mall has a total center square footage of 1,516,290 sq ft and inline GLA of 429,121 sq ft, achieving a lease rate of $508 per square foot[36] - Richland Mall has a total center square footage of 693,460 sq ft and inline GLA of 191,883 sq ft, with a lease rate of $450 per square foot[36] Expiring Leases - The company has 589 leases expiring in 2023, representing 14.2% of total annualized gross rent of $58,378,963[39] - For 2024, the number of expiring leases increases to 1,019, with an annualized gross rent of $109,687,083, accounting for 26.7% of total[39] - The average annualized gross rent per square foot for expiring leases in 2024 is $31.99, compared to $35.72 in 2023[39] - The average annualized gross rent per square foot for leases expiring in 2025 is $34.04, with 552 leases expiring[39] Property Ownership and Occupancy - The total gross leasable area (GLA) for open-air centers is 6,867,327 square feet, with an occupancy rate of 95%[43] - The total GLA for other property types is 7,281,542 square feet, also with a 95% occupancy rate[43] - The company owns 1,828,329 square feet of GLA leased to junior anchors, with a total gross leased area of 4,942,650 square feet[45] - The company has a 100% ownership of several properties, including West Towne Crossing and WestGate Crossing, with occupancy rates of 95% and 98% respectively[43] - The company has a diverse portfolio with significant contributions from major anchors like Macy's and Dillard's, which collectively account for a substantial portion of the leased area[45] Debt and Financial Reporting - Total consolidated debt as of December 31, 2022, is $2,089,576, with annual debt service of $186,173[48] - The company maintains a 100% ownership interest in several malls, including Arbor Place and Fayette Mall, with principal balances of $97,244 and $127,568 respectively[48] - The company has a secured term loan of $829,452 with an interest rate of 6.87% due by November 2025[48] - The company has a total of $667,570 in unconsolidated debt across various outlet centers[48] - The company has a loan for open-air centers and outparcels totaling $360,000 with an interest rate of 7.59%[48] Internal Control and Audit - The company assessed its internal control over financial reporting and concluded it was effective as of December 31, 2022[181] - Deloitte & Touche LLP audited the company's internal control and financial statements, expressing an unqualified opinion[184] - The company has no changes in internal control over financial reporting that materially affected its effectiveness during the quarter ended December 31, 2022[182] - The company recognizes inherent limitations in internal control over financial reporting, including potential human error[182]