CBL & Associates Properties(CBL) - 2025 Q1 - Quarterly Report

PART I – FINANCIAL INFORMATION This section presents the unaudited condensed consolidated financial statements and management's analysis for Q1 2025 ITEM 1: Condensed Consolidated Financial Statements (Unaudited) This section presents the unaudited condensed consolidated financial statements for Q1 2025, with detailed explanatory notes Condensed Consolidated Balance Sheets This section provides the condensed consolidated balance sheets as of March 31, 2025, and December 31, 2024 | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | ASSETS | | | | Net investment in real estate assets | $1,806,868 | $1,871,492 | | Cash and cash equivalents | $29,822 | $40,791 | | Restricted cash | $93,325 | $112,938 | | Available-for-sale securities | $246,290 | $243,148 | | Total assets | $2,624,514 | $2,747,191 | | LIABILITIES AND EQUITY | | | | Mortgage and other indebtedness, net | $2,150,562 | $2,212,680 | | Accounts payable and accrued liabilities | $190,190 | $221,647 | | Total liabilities | $2,340,752 | $2,434,327 | | Total shareholders' equity | $295,026 | $323,546 | | Total equity | $283,762 | $312,864 | - Total assets decreased from $2,747,191 thousand at December 31, 2024, to $2,624,514 thousand at March 31, 2025[12] - Net investment in real estate assets decreased from $1,871,492 thousand to $1,806,868 thousand[12] Condensed Consolidated Statements of Operations This section presents the condensed consolidated statements of operations for Q1 2025 and Q1 2024 | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :----------------------------------- | :----------------------------------- | :----------------------------------- | | Total revenues | $141,768 | $129,117 | | Total expenses | $(121,323) | $(102,256) | | Net income (loss) | $8,387 | $(474) | | Net income (loss) attributable to common shareholders | $8,212 | $(209) | | Basic earnings per share | $0.27 | $(0.01) | | Diluted earnings per share | $0.27 | $(0.01) | - Total revenues increased by $12,651 thousand (9.8%) from $129,117 thousand in Q1 2024 to $141,768 thousand in Q1 2025[16] - The company reported a net income of $8,387 thousand in Q1 2025, a significant improvement from a net loss of $(474) thousand in Q1 2024[16] Condensed Consolidated Statements of Comprehensive Income (Loss) This section details comprehensive income (loss) for Q1 2025 and Q1 2024 | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :------------------------------------------------ | :----------------------------------- | :----------------------------------- | | Net income (loss) | $8,387 | $(474) | | Total other comprehensive (loss) income | $(475) | $116 | | Comprehensive income (loss) | $7,912 | $(358) | | Comprehensive income (loss) attributable to common shareholders | $7,737 | $(93) | - Comprehensive income attributable to common shareholders improved significantly to $7,737 thousand in Q1 2025 from a loss of $(93) thousand in Q1 2024[19] Condensed Consolidated Statements of Equity This section outlines the condensed consolidated statements of equity for Q1 2025 and Q1 2024 | Metric | Balance, March 31, 2025 (in thousands) | Balance, December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | | Total Shareholders' Equity | $295,026 | $323,546 | | Total Equity | $283,762 | $312,864 | - Total shareholders' equity decreased from $323,546 thousand at December 31, 2024, to $295,026 thousand at March 31, 2025, primarily due to dividends declared[22] - Dividends declared for common stock amounted to $(37,123) thousand in Q1 2025[22] Condensed Consolidated Statements of Cash Flows This section presents the condensed consolidated statements of cash flows for Q1 2025 and Q1 2024 | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :----------------------------------- | :----------------------------------- | :----------------------------------- | | Net cash provided by operating activities | $31,679 | $30,738 | | Net cash provided by investing activities | $51,448 | $26,804 | | Net cash used in financing activities | $(113,784) | $(53,361) | | Net change in cash, cash equivalents and restricted cash | $(30,657) | $4,181 | | Cash, cash equivalents and restricted cash, end of period | $123,147 | $127,257 | - Net cash provided by operating activities increased slightly to $31,679 thousand in Q1 2025 from $30,738 thousand in Q1 2024[25] - Net cash provided by investing activities significantly increased to $51,448 thousand in Q1 2025 from $26,804 thousand in Q1 2024, driven by higher net proceeds from sales of real estate assets[25] Notes to Unaudited Condensed Consolidated Financial Statements This section provides detailed notes to the unaudited condensed consolidated financial statements Note 1 – Organization and Basis of Presentation This note describes the Company's REIT organization and the basis for financial statement presentation - CBL & Associates Properties, Inc. is a self-managed, self-administered, fully integrated REIT engaged in the ownership, development, acquisition, leasing, management, and operation of various retail properties across 20 states, primarily in the southeastern and midwestern U.S[27] - The company conducts substantially all its business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity (VIE)[28] Properties Owned by Operating Partnership (as of March 31, 2025): | Property Type | Consolidated Properties | Unconsolidated Properties | Total | | :-------------------- | :---------------------- | :------------------------ | :---- | | Malls | 40 | 3 | 43 | | Outlet Centers | 2 | 3 | 5 | | Lifestyle Centers | 3 | 1 | 4 | | Open-Air Centers | 19 | 8 | 27 | | Other | 4 | 1 | 5 | |