Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 26, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CBL & ASSOCIATES PROPERTIES, INC. | ||
Entity Central Index Key | 0000910612 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 411,332,564 | ||
Entity Common Stock, Shares Outstanding | 32,273,350 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | CBL | ||
Security Exchange Name | NYSE | ||
Entity File Number | 1-12494 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 62-1545718 | ||
Entity Address, Address Line One | 2030 Hamilton Place Blvd. | ||
Entity Address, Address Line Two | Suite 500 | ||
Entity Address, City or Town | Chattanooga | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37421 | ||
City Area Code | 423 | ||
Local Phone Number | 855.0001 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Bankruptcy Proceedings, Reporting Current | true | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Atlanta, Georgia | ||
Documents Incorporated by Reference [Text Block] | Portions of CBL & Associates Properties, Inc.’s Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated by reference in Part III . |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Real estate assets: | |||
Land | [1] | $ 585,191 | $ 596,715 |
Buildings and improvements | [1] | 1,216,054 | 1,198,597 |
Real estate assets | [1] | 1,801,245 | 1,795,312 |
Accumulated depreciation | [1] | (228,034) | (136,901) |
Real estate investment property, net, before developments in progress | [1] | 1,573,211 | 1,658,411 |
Developments in progress | [1] | 8,900 | 5,576 |
Net investment in real estate assets | [1] | 1,582,111 | 1,663,987 |
Cash and cash equivalents | [1] | 34,188 | 44,718 |
Restricted cash | [1] | 88,888 | 97,231 |
Available-for-sale securities - at fair value (amortized cost of $261,869 and $293,476 as of December 31, 2023 and 2022, respectively) | [1] | 262,142 | 292,422 |
Receivables: | |||
Tenant | [1] | 43,436 | 40,620 |
Other | [1] | 2,752 | 3,876 |
Investments in unconsolidated affiliates | [1] | 76,458 | 77,295 |
In-place leases, net | [1] | 157,639 | 247,497 |
Above market leases, net | [1] | 118,673 | 171,265 |
Intangible lease assets and other assets | [1] | 39,618 | 39,332 |
Total assets | [1] | 2,405,905 | 2,678,243 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||
Mortgage and other indebtedness, net | 1,888,803 | 2,000,186 | |
Below market leases, net | 80,408 | 110,616 | |
Accounts payable and accrued liabilities | 106,077 | 200,312 | |
Total liabilities | [1] | 2,075,288 | 2,311,114 |
OWNERS' EQUITY (DEFICIT): | |||
Common stock, $.001 par value, 200,000,000 shares authorized, 31,975,645 and 31,780,075 issued and outstanding as of December 31, 2023 and 2022, respectively (in each case, excluding 34 treasury shares) | 32 | 32 | |
Additional paid-in capital | 719,125 | 710,497 | |
Accumulated other comprehensive income (loss) | 610 | (1,054) | |
Accumulated deficit | (380,446) | (338,934) | |
Total shareholders' equity | 339,321 | 370,541 | |
Noncontrolling interests | (8,704) | (3,412) | |
Total owners' deficit | 330,617 | 367,129 | |
Total liabilities, redeemable noncontrolling interests and equity | $ 2,405,905 | $ 2,678,243 | |
[1] As of December 31, 2023, includes $ 187,221 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $ 209,637 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10 . |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Dec. 31, 2023 USD ($) $ / shares shares | |
Available-for-sale securities, amortized cost | $ 261,869 | |
Common stock, par value (USD per share) | $ / shares | $ 0.001 | |
Common stock authorized (shares) | shares | 200,000,000 | |
Common stock issued (shares) | shares | 31,975,645 | |
Common stock outstanding (shares) | shares | 31,975,645 | |
Variable interest asset entities | $ 2,405,905 | [1] |
Variable interest liability entities | 2,075,288 | [1] |
Variable Interest Entity Primary Beneficiary | ||
Variable interest asset entities | 187,221 | |
Variable interest liability entities | 224,650 | |
Variable Interest Entity Primary Beneficiary | Nonrecourse | ||
Variable interest liability entities | $ 209,637 | |
[1] As of December 31, 2023, includes $ 187,221 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $ 209,637 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10 . |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||
REVENUES: | |||||
Rental revenues | $ 103,252 | $ 450,922 | $ 513,957 | $ 542,247 | |
Management, development and leasing fees | 1,500 | 5,642 | 7,917 | 7,158 | |
Other | 4,094 | 11,465 | 13,412 | 13,606 | |
Total revenues | [1] | 108,846 | 468,029 | 535,286 | 563,011 |
EXPENSES: | |||||
Property operating | (15,258) | (72,735) | (90,996) | (92,126) | |
Depreciation and amortization | (49,504) | (158,574) | (190,505) | (256,310) | |
Real estate taxes | (9,598) | (50,787) | (54,807) | (57,119) | |
Maintenance and repairs | (7,581) | (32,487) | (41,336) | (42,485) | |
General and administrative | (9,175) | (43,160) | (64,066) | (67,215) | |
Loss on impairment | 0 | (146,781) | (252) | ||
Litigation settlement | 118 | 932 | 2,310 | 304 | |
Other | (3) | (745) | (221) | (834) | |
Total expenses | (91,001) | (504,337) | (439,621) | (516,037) | |
OTHER INCOME (EXPENSES): | |||||
Interest and other income | 510 | 2,055 | 13,199 | 4,938 | |
Interest expense | (195,488) | (72,415) | (172,905) | (217,342) | |
Gain on extinguishment of debt | 3,270 | 7,344 | |||
Gain on deconsolidation | 19,126 | 55,131 | 47,879 | 36,250 | |
Loss on available-for-sale securities | (39) | ||||
Gain (loss) on sales of real estate assets | (3) | 12,187 | 5,125 | 5,345 | |
Reorganization items, net | (1,403) | (435,162) | 298 | ||
Income tax (provision) benefit | 5,885 | (1,078) | (894) | (3,079) | |
Equity in earnings (losses) of unconsolidated affiliates | 797 | (10,823) | 11,865 | 19,796 | |
Total other expenses | (170,576) | (450,105) | (92,461) | (146,489) | |
Net income (loss) | (152,731) | (486,413) | 3,204 | (99,515) | |
Net (income) loss attributable to noncontrolling interests in: | |||||
Operating Partnership | 2,473 | (2) | 34 | ||
Other consolidated subsidiaries | 1,186 | 13,313 | 3,344 | 5,999 | |
Net income (loss) attributable to the Company | (151,545) | (470,627) | 6,546 | (93,482) | |
Dividends allocable to unvested restricted stock | (1,113) | (2,537) | |||
Net income (loss) attributable to common shareholders | $ (151,545) | $ (470,627) | $ 5,433 | $ (96,019) | |
Basic and diluted per share data attributable to common shareholders: | |||||
Basic earnings per share | $ (7.5) | $ (2.39) | $ 0.17 | $ (3.2) | |
Diluted earnings per share | [2] | $ (7.5) | $ (2.39) | $ 0.17 | $ (3.2) |
Weighted-average basic shares | 20,208 | 196,591 | 31,303 | 30,046 | |
Weighted-average dilutive shares | [2] | 20,208 | 196,591 | 31,303 | 30,046 |
[1] Management, development and leasing fees are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments. For the Successor year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597 , including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the Successor year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Successor reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521 , including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards. There were no potential dilutive common shares and there were no anti-dilutive shares for the Successor period from November 1, 2021 through December 31, 2021. There were no potential dilutive common shares and there were no anti-dilutive shares for the Predecessor period from January 1, 2021 through October 31, 2021. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (152,731) | $ (486,413) | $ 3,204 | $ (99,515) |
Other comprehensive gain (loss): | ||||
Unrealized gain on interest rate swap | 338 | |||
Unrealized gain (loss) on available-for-sale securities | (3) | (18) | 1,326 | (1,051) |
Comprehensive income (loss) | (152,734) | (486,431) | 4,868 | (100,566) |
Comprehensive loss attributable to noncontrolling interests in: | ||||
Operating Partnership | 2,473 | (2) | 34 | |
Other consolidated subsidiaries | 1,186 | 13,313 | 3,344 | 5,999 |
Comprehensive income (loss) attributable to the Company | (151,548) | (470,645) | 8,210 | (94,533) |
Earnings allocable to unvested restricted stock | (1,113) | (2,537) | ||
Comprehensive income (loss) attributable to common shareholders | $ (151,548) | $ (470,645) | $ 7,097 | $ (97,070) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Shareholders' Equity | Noncontrolling Interests |
Beginning balance at Dec. 31, 2020 | $ 534,297 | $ 25 | $ 1,966 | $ 1,986,269 | $ 18 | $ (1,456,435) | $ 531,843 | $ 2,454 | |
Beginning balance of redeemable noncontrolling partnership interests at Dec. 31, 2020 | $ (265) | ||||||||
Net income(loss) | (485,640) | (470,627) | (470,627) | (15,013) | |||||
Net loss | (773) | ||||||||
Other comprehensive income (loss) | (18) | (18) | (18) | ||||||
Distributions to noncontrolling interests | 298 | 298 | |||||||
Amortization of deferred compensation | 896 | 896 | 896 | ||||||
Performance stock units/Compensation expense related to performance stock units | 311 | 311 | 311 | ||||||
Cancellation of shares of restricted common stock | (31) | (1) | (30) | (31) | |||||
Adjustment for noncontrolling interests | (6) | (871) | (871) | 865 | |||||
Contributions from noncontrolling interests | (1,454) | 6 | (1,454) | ||||||
Conversion of exchangeable notes/Operating Partnership common units into shares of common stock | 12 | 194 | 206 | (206) | |||||
Cancellation of Predecessor equity | (60,064) | $ 1,032 | $ (25) | (1,977) | (1,986,769) | 1,927,062 | (61,709) | 1,645 | |
Fresh start accounting adjustments to noncontrolling interest | 17,216 | 17,216 | |||||||
Issuance of Successor equity to noteholders and holders of unsecured claims | 487,480 | 18 | 487,462 | 487,480 | |||||
Issuance of Successor Equity to Predecessor shareholders and common unit holders | 60,250 | 2 | 59,966 | 59,968 | 282 | ||||
Ending balance at Oct. 31, 2021 | 553,535 | 20 | 547,428 | 547,448 | 6,087 | ||||
Net income(loss) | (152,731) | (151,545) | (151,545) | (1,186) | |||||
Other comprehensive income (loss) | (3) | (3) | (3) | ||||||
Issuance of shares restricted common stock | 1 | (1) | |||||||
Amortization of deferred compensation | 299 | 299 | 299 | ||||||
Ending balance at Dec. 31, 2021 | 401,100 | 21 | 547,726 | (3) | (151,545) | 396,199 | 4,901 | ||
Net income(loss) | (99,515) | (93,482) | (93,482) | (6,033) | |||||
Other comprehensive income (loss) | (1,051) | (1,051) | (1,051) | ||||||
Dividends declared - common stock | (93,907) | (93,907) | (93,907) | ||||||
Distributions to noncontrolling interests | 2,769 | 2,769 | |||||||
Amortization of deferred compensation | 7,400 | 7,400 | 7,400 | ||||||
Performance stock units/Compensation expense related to performance stock units | 4,485 | 4,485 | 4,485 | ||||||
Cancellation of shares of restricted common stock | (1,741) | (1,741) | (1,741) | ||||||
Adjustment for noncontrolling interests | 100 | 100 | (100) | ||||||
Contributions from noncontrolling interests | 589 | 589 | |||||||
Conversion of exchangeable notes/Operating Partnership common units into shares of common stock | 152,538 | 11 | 152,527 | 152,538 | |||||
Ending balance at Dec. 31, 2022 | 367,129 | 32 | 710,497 | (1,054) | (338,934) | 370,541 | (3,412) | ||
Net income(loss) | 3,204 | 6,546 | 6,546 | (3,342) | |||||
Other comprehensive income (loss) | 1,664 | 1,664 | 1,664 | ||||||
Dividends declared - common stock | (48,058) | (48,058) | (48,058) | ||||||
Issuance of share of common stock associated with performance stock units net of shares withheld for tax | (1,793) | (1,793) | (1,793) | ||||||
Distributions to noncontrolling interests | 2,018 | 2,018 | |||||||
Amortization of deferred compensation | 7,343 | 7,343 | 7,343 | ||||||
Performance stock units/Compensation expense related to performance stock units | 5,639 | 5,639 | 5,639 | ||||||
Cancellation of shares of restricted common stock | (1,391) | (1,391) | (1,391) | ||||||
Repurchases of common stock | (1,109) | (1,109) | (1,109) | ||||||
Adjustment for noncontrolling interests | (61) | (61) | 61 | ||||||
Contributions from noncontrolling interests | 117 | 117 | |||||||
Redemption of Operating Partnership common units | (110) | (110) | |||||||
Ending balance at Dec. 31, 2023 | $ 330,617 | $ 32 | $ 719,125 | $ 610 | $ (380,446) | $ 339,321 | $ (8,704) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 10 Months Ended | 12 Months Ended | |
Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of restricted common stock (shares) | 185,195 | 115,884 | |
Issuance of common stock associated with performance stock units net of shares withheld for tax (shares) | 133,221 | ||
Conversion of operating partnership common stock shares | 1,193,978 | ||
Conversion of exchangeable units/Operating Partnership common units into common stock (shares) | 10,982,795 | ||
Cancellation of restricted common stock (shares) | 138,518 | 58,100 | 93,286 |
Repurchases of common stock (shares) | 51,966 | ||
Cancellation of Predecessor equity (shares) | 201,549,255 | ||
Issuance of Successor equity to noteholders and holders of unsecured claims (shares) | 17,800,000 | ||
Issuance of Successor Equity to Predecessor shareholders and common unit holders (shares) | 2,200,000 | ||
Redemption of Operating Partnership common units (shares) | 4,985 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ (152,731) | $ (486,413) | $ 3,204 | $ (99,515) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 49,504 | 158,574 | 190,505 | 256,310 | |||
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts | 174,439 | 1,877 | 23,824 | 117,489 | |||
Reorganization items (non-cash) | 256,433 | ||||||
Net amortization of intangible lease assets and liabilities | 3,346 | 659 | 21,425 | 20,798 | |||
(Gain) loss on sales of real estate assets | 3 | (12,187) | (5,125) | (5,345) | |||
Loss (gain) on insurance proceeds | (433) | 176 | (687) | ||||
Gain on deconsolidation | (19,126) | (55,131) | (47,879) | (36,250) | |||
Loss on available-for-sale securities | 39 | ||||||
Write-off of development projects | 3 | 745 | 39 | 834 | |||
Share-based compensation expense | 282 | 1,186 | 12,982 | 11,885 | |||
Loss on impairment | 0 | 146,781 | 252 | ||||
Gain on extinguishment of debt | (3,270) | (7,344) | |||||
Equity in (earnings) losses of unconsolidated affiliates | (797) | 10,823 | (11,865) | (19,796) | |||
Distributions of earnings from unconsolidated affiliates | 2,247 | 16,358 | 18,433 | 23,905 | |||
Change in estimate of uncollectable revenues | 1,008 | 5,692 | 1,646 | (4,463) | |||
Change in deferred tax accounts | (10,853) | (1,283) | 1,128 | ||||
Changes in: | |||||||
Tenant and other receivables | (4,574) | 25,707 | (3,752) | (10,494) | |||
Other assets | 1,120 | 368 | 1,247 | (355) | |||
Accounts payable and accrued liabilities | 13,611 | 35,587 | (16,791) | (40,157) | |||
Net cash provided by operating activities | 57,049 | 107,059 | 183,516 | 208,234 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (5,455) | (26,168) | (42,859) | (39,064) | |||
Acquisitions of real estate assets | (5,766) | ||||||
Proceeds from sales of real estate assets | 33,265 | 9,810 | 9,633 | ||||
Purchases of available-for-sale securities | (449,986) | (787,746) | (312,782) | (741,042) | |||
Redemptions of available-for-sale securities | 299,988 | 1,019,735 | 355,543 | 600,697 | |||
Proceeds from disposal of investments | 7,103 | ||||||
Proceeds from insurance | 1,064 | 281 | 743 | ||||
Additional investments in and advances to unconsolidated affiliates | (1,126) | 327 | (10,926) | (3,269) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 10,758 | 10,689 | 5,297 | 25,547 | |||
Changes in other assets | (298) | (3,672) | (2,663) | (4,164) | |||
Net cash provided by (used in) investing activities | (139,016) | 247,494 | 1,701 | (156,685) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | 50,041 | 425,000 | |||||
Principal payments on mortgage and other indebtedness | (11,690) | (194,283) | (79,000) | (524,171) | |||
Additions to deferred financing costs | (427) | (1,684) | (693) | (18,834) | |||
Repurchases of common stock | (1,109) | ||||||
Contributions from noncontrolling interests | 298 | 117 | 589 | ||||
Payment of tax withholdings for restricted stock awards and performance stock units | (11) | (3,184) | (1,740) | ||||
Distributions to and redemptions of noncontrolling interests | (354) | (2,128) | (2,769) | ||||
Dividends paid to common shareholders | (118,093) | (23,873) | |||||
Net cash used in financing activities | (12,117) | (145,993) | (204,090) | (145,798) | |||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (94,084) | 208,560 | (18,873) | (94,249) | |||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 330,282 | 121,722 | 141,949 | 236,198 | $ 121,722 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 236,198 | 330,282 | 123,076 | 141,949 | 236,198 | ||
Reconciliation from consolidated statements of cash flows to consolidated balance sheets: | |||||||
Cash and cash equivalents | 169,554 | 260,207 | 34,188 | [1] | 44,718 | [1] | 169,554 |
Restricted cash: | |||||||
Restricted cash | 33,012 | 33,876 | 53,180 | 58,182 | 33,012 | ||
Mortgage escrows | 33,632 | 36,199 | 35,708 | 39,049 | $ 33,632 | ||
SUPPLEMENTAL INFORMATION | |||||||
Cash paid for interest, net of amounts capitalized | 11,589 | 43,176 | $ 136,146 | 124,149 | |||
Cash paid for reorganization items | $ 525 | $ 178,944 | $ 6,532 | ||||
[1] As of December 31, 2023, includes $ 187,221 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $ 209,637 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10 . |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (151,545) | $ (470,627) | $ 6,546 | $ (93,482) |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | NO TE 1. ORGANIZATION CBL & Associates Properties, Inc. ("CBL"), a Delaware corporation, is a self-managed, self-administered, fully-integrated real estate investment trust ("REIT") that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, lifestyle centers, open-air centers, outlet centers, office buildings and other properties, including single-tenant and multi-tenant outparcels. Its properties are located in 22 states but are primarily in the southeastern and midwestern United States. CBL conducts substantially all its business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE"). The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE. As of December 31, 2023, the Operating Partnership owned interests in the following properties: Malls (1) Outlet Centers (1) Lifestyle Centers (1)(2) Open-Air Centers (3) Other (3)(4) Total Consolidated Properties 40 2 4 21 4 71 Unconsolidated Properties (5) 7 3 1 8 1 20 Total 47 5 5 29 5 91 (1) The Company has aggregated malls, outlet centers and lifestyle centers into one reportable segment (the “Malls”) because they have similar economic characteristics and they provide similar products and services to similar types of, and in many cases, the same tenants. (2) Alamance Crossing is made up of Alamance Crossing East and Alamance Crossing West. Alamance Crossing East was deconsolidated and placed into receivership in connection with foreclosure process. Alamance Crossing West remains consolidated. The Company views Alamance Crossing as one property and therefore only Alamance Crossing West is reflected in the total count. (3) Included in “All Other” for purposes of segment reporting. (4) CBL's two consolidated corporate office buildings are included in the Other category. (5) The Operating Partnership accounts for these investments using the equity method. The malls, outlet centers, lifestyle centers, open-air centers and other properties are collectively referred to as the “properties” and individually as a “property.” CBL is the 100 % owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At December 31, 2023, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.0 % general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned a 98.98 % limited partner interest for a combined interest held by CBL of 99.98 %. As of December 31, 2023, third parties owned a 0.02 % limited partner interest in the Operating Partnership. As used herein, the term "Company" includes CBL & Associates Properties, Inc. and its subsidiaries, including CBL & Associates Limited Partnership and its subsidiaries, unless the context indicates otherwise. The term "Operating Partnership" refers to CBL & Associates Limited Partnership and its subsidiaries. The Operating Partnership conducts the Company's property management and development activities through its wholly owned subsidiary, CBL & Associates Management, Inc. (the “Management Company"), to comply with certain requirements of the Internal Revenue Code. Fresh Start Accounting and Reorganizations As discussed in Note 19 , upon the Company’s emergence from the voluntary petitions filed (the “Chapter 11 Cases”) under chap ter 11 of title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”), the Company adopted fresh start accounting, which resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. As a result of the application of fresh start accounting and the effects of the implementation of the Debtors’ Third Amended Joint Chapter 11 Plan of CBL & Associates Properties, Inc. and its Affiliated Debtors (With Technical Modifications) (as modified at Docket No. 1521, the “Plan”) , the consolidated financial statements after November 1, 2021 (the "Effective Date"), are not comparable with the consolidated financial statements on or before that date. The lack of comparability is emphasized by the use of a “black line” to separate the Predecessor (defined below) and Successor (defined below) periods in the consolidated financial statements and footnote tables. References to “Successor” or “Successor Company” relate to the financial position and results of operations of the Company after the Effective Date. References to "Predecessor" or "Predecessor Company" refer to the financial position and results of operations of the Company on or before the Effective Date. See Note 19 for additional information. During the Predecessor period, the Company applied Accounting Standards Codification (“ASC”) 852 - Reorganizations (“ASC 852”) in preparing the consolidated financial statements. ASC 852 requires the financial statements, for periods subsequent to the commencement of the Chapter 11 Cases, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. In addition, the Company classified all expenses, gains and losses that were incurred as a result of the Chapter 11 proceedings since filing as “Reorganization items, net” in the consolidated statements of operations. Reclassifications For the Successor year ended December 31, 2022 and the Successor period from November 1, 2021 through December 31, 2021, the Successor Company reclassified payments received on notes receivable of $ 74 and $ 13 , respectively, from an individual line item on the consolidated statement of cash flows to changes in other assets from investing activities on the consolidated statement of cash flows to conform with the current period presentation. For the Predecessor period from January 1, 2021 through October 31, 2021, the Predecessor Company reclassified payments received on notes receivable of $ 840 from an individual line item on the consolidated statement of cash flows to changes in other assets from investing activities on the consolidated statement of cash flows to conform with the current period presentation. The Successor Company reclassified restricted cash of $ 97,231 from intangible lease assets and other assets into an individual line item on the consolidated balance sheets at December 31, 2022 to conform with the current period presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NO TE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of the Successor Company and the Predecessor Company, as well as entities in which the Successor Company or the Predecessor Company has a controlling financial interest or entities where the Successor Company or the Predecessor Company is deemed to be the primary beneficiary of a VIE. For entities in which the Successor Company or the Predecessor Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Successor Company's or the Predecessor Company’s share of the net earnings or losses of these entities is included in consolidated net income (loss). The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. Accounting Guidance Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform , which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the market transition from LIBOR and other interbank offered rates to alternative reference rates. Additional optional expedients, exceptions and clarifications were created in ASU 2021-01. The guidance was effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2024. The Successor Company elected the expedients in conjunction with transitioning certain debt instruments to alternative benchmark indexes. During the year ended December 31, 2023, there was no impact on the Successor Company's consolidated financial statements at adoption through the use of the expedient. Accounting Guidance Not Yet Adopted On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting , which amends the existing standard's disclosure requirements. Among other things, ASU 2023-07 will require companies to disclose significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker ("CODM") and disclosures of the CODM's title and position, as well as details of how the CODM uses the reported measures. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The adoption of ASU 2023-07 is not expected to have a material impact on the Successor Company's financial statements. Real Estate Assets The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives. All real estate assets acquired prior to and after the Effective Date have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in intangible lease assets and other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. The Successor Company expects its future acquisitions will be accounted for as acquisitions of assets in which related transaction costs will be capitalized. Depreciation is computed on a straight-line basis over estimated lives of 30 years for buildings, 10 to 20 years for certain improvements and 5 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method. The Successor Company’s intangibles and their balance sheet classifications as of December 31, 2023 and 2022, respectively, are summarized as follows: Successor December 31, 2023 December 31, 2022 Cost Accumulated Cost Accumulated Above-market leases $ 232,638 $ ( 113,965 ) $ 241,048 $ ( 69,783 ) In-place leases 372,596 ( 214,957 ) 396,515 ( 149,018 ) Intangible lease assets and other assets: Tenant relationships 2,578 ( 63 ) 2,523 ( 12 ) Below-market leases 145,406 ( 64,998 ) 153,273 ( 42,657 ) These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related unamortized intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The total net amortization expense of the above intangibles for the Successor Company for the years ended December 31, 2023 and 2022, was $ 105,964 and $ 152,174 , respectively. The total net amortization expense of the above intangibles for the Successor Company for the period from November 1, 2021 through December 21, 2021 was $ 32,164 . The total net amortization expense of the above intangibles for the Predecessor Company for the period from January 1, 2021 through October 31, 2021 was $ 1,195 . The estimated total net amortization expense for the next five succeeding years is $ 66,296 in 2024, $ 44,015 in 2025, $ 28,400 in 2026, $ 18,113 in 2027 and $ 12,135 in 2028. The Successor Company capitalized interest expense of $ 453 , $ 618 and $ 216 for the years ended December 31, 2023 and 2022 and the period from November 1, 2021 through December 31, 2021, respectively. The Predecessor Company did no t capitalize interest expense during the period from January 1, 2021 through October 31, 2021. Accounts Receivable Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is in dispute are assessed for collectability based on management’s best estimate of collection considering the anticipated outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable is reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues. Management’s collection assessment took into consideration the type of retailer, billing disputes, lease negotiation status and executed deferral or abatement agreements, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation. For the Successor year ended December 31, 2023, the Successor Company recorded $ 1,647 related to uncollectable revenues, which includes the write-off of $ 346 for straight line rent receivables. For th e Successor year ended December 31, 2022, t here was a reversal of $ 4,463 related to uncollectable revenues, which includes the write-off of $ 102 for straight line ren t receivables. For the period November 1, 2021 through December 31, 2021, the Successor Company recorded $ 1,008 associated with uncollectable revenues, which includes the write-off of $ 1,717 for straight line rent receivables. For the period from January 1, 2021 through October 31, 2021 the Predecessor Company recorded $ 5,692 associated with uncollectable revenues, which includes the write-off of $ 2,806 for straight line rent receivables. Carrying Value of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. The Company uses significant judgement in assessing events or circumstances which might indicate impairment, including but not limited to, changes in management’s intent to hold a long-lived asset over its previously estimated useful life. Changes in management’s intent to hold a long-lived asset have a significant impact on the estimated undiscounted cash flows expected to result from the use and eventual disposition of a long-lived asset and whether a potential impairment loss shall be measured. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s use and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. The Company estimates future operating cash flows, the terminal capitalization rate and the discount rate, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. See Note 15 for information related to the impairment of long-lived assets in 2023, 2022 and 2021 . Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents. Restricted Cash As of December 3 1, 2023 and 2022, restricted cash was related to cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances as required by the terms of certain mortgage notes payable, as well as amounts related to cash management agreements with the Company’s lenders that are designated for debt service and operating expense obligations. As of December 31, 2023 and 2022, restricted cash was also related to properties that secure the corporate term loan and the open-air centers and outparcels loan of which we may receive a portion via distributions semiannually and quarterly in accordance with the provisions of the term loan and the open-air centers and outparcels loan, respectively. Investments in Unconsolidated Affiliates The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment. Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the cash contributed by the Company and the fair value of any real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the fair value of the ownership interest retained and as a sale of real estate with profit recognized to the extent of the other joint venture partners’ interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met. The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company’s cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements. On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. No impairment charges were recorded for the Successor years ended December 31, 2023 and 2022. Additionally, no impairment charges were recorded for the period from November 1, 2021 through December 31, 2 021 (Successor) or for the period from January 1, 2021 through October 31, 2021 (Predecessor). Deferred Financing Costs Unamortized financing costs of $ 13,221 and $ 17,101 for the Successor Company were included in mortgage and other indebtedness, net, at December 31, 2023 and 2022, respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. Amortization expense related to deferred financing costs for the Successor Company for the years ended December 31, 2023 and 2022 and for the period November 1, 2021 through December 31, 2021 was $ 4,572 , $ 2,744 and $ 51 , respectively. Amortization expense related to deferred financing costs for the Predecessor Company for the period from January 1, 2021 through October 31, 2021 was $ 814 . Accumulated amortization of deferred financing costs was $ 7,180 and $ 2,733 for the Successor Company as of December 31, 2023 and 2022, respectively. See Note 19 for information regarding unamortized financing costs of the Predecessor that were charged to expense in connection with Fresh Start Accounting. Revenue Recognition See Note 3 and Note 4 for a description of the Company's revenue streams. Gain on Sales of Real Estate Assets Gains on the sale of real estate assets, like all non-lease related revenue, are subject to a five-step model requiring that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue upon satisfaction of the performance obligations. In circumstances where the Company contracts to sell a property with material post-sale involvement, such involvement must be accounted for as a separate performance obligation in the contract and a portion of the sales price allocated to each performance obligation. When the post-sale involvement performance obligation is satisfied, the portion of the sales price allocated to it will be recognized as gain on sale of real estate assets. Property dispositions with no continuing involvement will continue to be recognized upon closing of the sale. Income Taxes The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and propert y, and to federal income and excise taxes on its undistributed income. For the years ended December 31, 2023 and 2022 and for the period November 1, 2021 through December 31, 2021, the Successor Company had state tax expense of $ 823 , $ 1,631 and $ 142 , respectively . State tax expense for the Predecessor Company was $ 2,992 during the period from January 1, 2021 through October 31, 2021. The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in the Company’s judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable. The Successor and Predecessor Company recorded an income tax (provision) benefit as follows: Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Current tax provision $ ( 2,177 ) $ ( 1,951 ) $ ( 4,968 ) $ ( 1,078 ) Deferred tax benefit (provision) 1,283 ( 1,128 ) 10,853 — Income tax (provision) benefit $ ( 894 ) $ ( 3,079 ) $ 5,885 $ ( 1,078 ) The Successor Company had a net deferred tax ass et of $ 10,958 and $ 9,726 at December 31, 2023 and 2022, respectively, which is included in intangible lease assets and other assets. As of December 31, 2023, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2023, 2022, 2021 and 2020. The Company reports any income tax penalties attributable to its properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its consolidated statements of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Successor Company incurred nominal interest and penalty amounts during the years ended December 31, 2023 and 2022 and for the period from November 1, 2021 through December 31, 2021. The Predecessor Company incurred nominal interest and penalty amounts during the period from January 1, 2021 through October 31, 2021. Concentration of Credit Risk The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but it monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies; however, no single tenant collectively accounted for more than 5.0 % of the Successor Company’s revenues for the year ended December 31, 2023. Earnings per Share Earnings per share ("EPS") is calculated under the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards to certain employees under its share-based compensation program, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends. Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Performance stock units ("PSUs") and unvested restricted stock awards are contingently issuable common shares and are included in diluted EPS if the effect is dilutive. See Note 16 for a description of the long-term incentive program that these units relate to. The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts): Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Basic earnings per share Net income (loss) attributable to the Company $ 6,546 $ ( 93,482 ) $ ( 151,545 ) $ ( 470,627 ) Less: Dividends allocable to unvested restricted stock ( 1,113 ) ( 2,537 ) — — Net income (loss) attributable to common shareholders $ 5,433 $ ( 96,019 ) $ ( 151,545 ) $ ( 470,627 ) Weighted-average basic shares outstanding 31,303 30,046 20,208 196,591 Net income (loss) per share attributable to common shareholders $ 0.17 $ ( 3.20 ) $ ( 7.50 ) $ ( 2.39 ) Diluted earnings per share (1) Net income (loss) attributable to common shareholders $ 5,433 $ ( 96,019 ) $ ( 151,545 ) $ ( 470,627 ) Weighted-average basic shares outstanding 31,303 30,046 20,208 196,591 Net income (loss) per share attributable to common shareholders $ 0.17 $ ( 3.20 ) $ ( 7.50 ) $ ( 2.39 ) (1) For the Successor year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597 , including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the Successor year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Successor reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521 , including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards. There were no potential dilutive common shares and there were no anti-dilutive shares for the Successor period from November 1, 2021 through December 31, 2021. There were no potential dilutive common shares and there were no anti-dilutive shares for the Predecessor period from January 1, 2021 through October 31, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | NOTE 3. REVENUES Revenues The following table presents the Company's revenues disaggregated by revenue source: Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Rental revenues $ 513,957 $ 542,247 $ 103,252 $ 450,922 Revenues from contracts with customers (ASC 606): Operating expense reimbursements 7,395 7,873 1,173 6,542 Management, development and leasing fees (1) 7,917 7,158 1,500 5,642 Marketing revenues (2) 3,567 2,819 2,112 1,571 18,879 17,850 4,785 13,755 Other revenues 2,450 2,914 809 3,352 Total revenues (3) $ 535,286 $ 563,011 $ 108,846 $ 468,029 (1) Included in All Other segment. (2) Marketing revenues solely relate to the Malls segment for all years presented. (3) Sales taxes are excluded from revenues. See Note 11 for information on the Company's segments. Revenue from Contracts with Customers Operating expense reimbursements Under operating and other agreements with third parties, which own anchor or outparcel buildings at the Company's properties and pay no rent, the Company receives reimbursements for certain operating expenses such as ring road and parking area maintenance, landscaping and other fees. These arrangements are primarily either set at a fixed rate with rate increases typically every five years or are on a variable (pro rata) basis, typically as a percentage of costs allocated based on square footage or sales. The majority of these contracts have an initial term and one or more extension options, which cumulatively approximate 50 or more years as historically the initial term and any extension options are typically reasonably certain of being executed by the third party. The standalone selling price of each performance obligation is determined based on the terms of the contract, which typically assigns a price to each performance obligation that directly relates to the value the customer receives for the services being provided. Revenue is recognized as services are transferred to the customer. Variable consideration is based on historical experience and is generally recognized over time using the cost-to-cost method of measurement because it most accurately depicts the Company's performance in satisfying the performance obligation. The cumulative catch-up method is used to recognize any adjustments in variable consideration estimates. Under this method, any adjustment is recognized in the period it is identified. Management, development and leasing fees The Company earns revenue from contracts with third parties and unconsolidated affiliates for property management, leasing, development and other services. These contracts are accounted for on a month-to-month basis if the agreement does not contain substantive penalties for termination. The majority of the Company's contracts with customers are accounted for on a month-to-month basis. The standalone selling price of each performance obligation is determined based on the terms of the contract, which typically assigns a price to each performance obligation that directly relates to the value the customer receives for the services being provided. These contracts generally are for the following: • Management fees - Management fees are charged as a percentage of revenues (as defined in the contract) and recognized as revenue over time as services are provided. • Leasing fees - Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue upon lease execution, when the performance obligation is completed. In cases for which the agreement specifies 50 % of the leasing commission will be paid upon lease execution with the remainder paid when the tenant opens, the Company estimates the amount of variable consideration it expects to receive by evaluating the likelihood of tenant openings using the most likely amount method and records the amount as an unbilled receivable (contract asset). • Development fees - Development fees may be either set as a fixed rate in a separate agreement or be a variable rate based on a percentage of project costs. Variable consideration related to development fees is generally recognized over time using the cost-to-cost method of measurement because it most accurately depicts the Company's performance in satisfying the performance obligation. Contract estimates are based on various assumptions including the cost and availability of materials, anticipated performance and the complexity of the work to be performed. The cumulative catch-up method is used to recognize any adjustments in variable consideration estimates. Under this method, any adjustment is recognized in the period it is identified. Development and leasing fees received from an unconsolidated affiliate are recognized as revenue only to the extent of the third-party partner’s ownership interest. The Company's share of such fees are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. Marketing revenues The Company earns marketing revenues from advertising and sponsorship agreements. These fees may be for tangible items in which the Company provides advertising services and creates signs and other promotional materials for the tenant or may be arrangements in which the customer sponsors a play area or event and receives specified brand recognition and other benefits over a set period of time. Revenue related to advertising services is recognized as goods and services are provided to the customer. Sponsorship revenue is recognized on a straight-line basis over the time period specified in the contract. Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. If the contract does not specify the revenue by performance obligation, the Company allocates the transaction price to each performance obligation based on its relative standalone selling price. Such prices are generally determined using prices charged to customers or using the Company’s expected cost plus margin. Revenue is recognized as the Company’s performance obligations are satisfied over time, as services are provided, or at a point in time, such as leasing a space to earn a commission. Open performance obligations are those in which the Company has not fully or has partially provided the applicable good or services to the customer as specified in the contract. If consideration is received in advance of the Company’s performance, including amounts which are refundable, recognition of revenue is deferred until the performance obligation is satisfied or amounts are no longer refundable. Outstanding Performance Obligations The Company has outstanding performance obligations related to certain noncancellable contracts with customers for which it will receive fixed operating expense reimbursements for providing certain maintenance and other services as described above. As of December 31, 2023, the Company expects to recognize these amounts as revenue over the following periods: Performance obligation Less than 5 5 -20 Over 20 Total Fixed operating expense reimbursements $ 19,307 $ 42,944 $ 38,966 $ 101,217 The Company evaluates its performance obligations each period and makes adjustments to reflect any known additions or cancellations. Performance obligations related to variable consideration, which is based on sales, are constrained. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | NOTE 4 . LEASES Lessor Rental Revenues The majority of the Company’s revenues are earned through the lease of space at its properties. All the Company's leases with tenants for the use of space at its properties are classified as operating leases. Rental revenues include minimum rent, percentage rent, other rents and reimbursements from tenants for real estate taxes, insurance, common area maintenance ("CAM") and other operating expenses as provided in the lease agreements. The option to extend or terminate the Company’s leases is specific to each underlying tenant lease agreement. Typically, the Company's leases contain penalties for early termination. The Company does not have any leases that convey the right for the lessee to purchase the leased asset. Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. The Company receives reimbursements from tenants for real estate taxes, insurance, CAM and other recoverable operating expenses as provided in the lease agreements. Any tenant reimbursements that require fixed payments are recognized on a straight-line basis over the initial terms of the related leases, whereas any variable payments are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years. The components of rental revenues are as follows: Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Fixed lease payments $ 397,047 $ 396,755 $ 75,740 $ 271,221 Variable lease payments 116,910 145,492 27,512 179,701 Total rental revenues $ 513,957 $ 542,247 $ 103,252 $ 450,922 The undiscounted future fixed lease payments to be received under the Company's operating leases as of December 31, 2023, are as follows: Years Ending December 31, Operating Leases 2024 $ 383,175 2025 307,089 2026 234,757 2027 175,642 2028 123,910 Thereafter 285,909 Total undiscounted lease payments $ 1,510,482 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
ACQUISITIONS | NOTE 5. AC QUISITIONS The Company's acquisitions of shopping center and other properties are accounted for as acquisitions of assets. The Company includes the results of operations of real estate assets acquired in the consolidated statements of operations from the date of the related acquisition. 2023 Acquisitions There were no acquisitions during 2023. 2022 Acquisitions In July 2022, the Successor Company acquired the JC Penney parcel located at CoolSprings Galleria for $ 5,650 . This property is included in All Other for purposes of segment reporting. 2021 Acquisitions There were no acquisitions during the Successor period from November 1, 2021 through December 31, 2021 or the Predecessor period from January 1, 2021 through October 31, 2021. |
Dispositions and Held for Sale
Dispositions and Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and Held for Sale | NO TE 6. DISPOSITIONS AND HELD FOR SALE Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the properties described below, as well as any related gain or loss, are included in net income (loss) for all periods presented, as applicable. 2023 Dispositions For the year ended December 31, 2023, the Successor Company realized a gain of $ 5,125 primarily related to the sale of eight land parcels. Gross proceeds from sales of real estate assets were $ 10,325 . 2022 Dispositions For the year ended December 31, 2022, the Successor Company realized a gain of $ 5,345 , primarily related to the sale of five outparcels. Gross proceeds from sales of real estate assets were $ 11,490 for the year ended December 31, 2022. During the year ended December 31, 2022, the Company sold an outparcel that resulted in a loss on sale of $ 252 . See Note 15 for additional information. 2021 Dispositions The Predecessor Company realized a gain of $ 12,187 primarily related to the sale of The Residences at Pearland Town Center, four anchors and four outparcels during the period from January 1, 2021 through October 31, 2021. Those transactions generated gross proceeds of $ 34,293 . The Successor Company did not have any dispositions during the period from November 1, 2021 through December 31, 2021. Held-for-Sale As of December 31, 2023 and 2022, there were no properties that met the criteria to be considered held-for-sale. |
Unconsolidated Affiliates
Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Affiliates | NOTE 7. UNCONSOLIDATED AFFILIAT ES Although the Company had majority ownership of certain joint ventures during 2023, 2022 and 2021, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights or the ability to direct the activities that most significantly affect the economic performance of VIEs, such as approvals of: • the pro forma for the development and construction of the project and any material deviations or modifications thereto; • the site plan and any material deviations or modifications thereto; • the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto; • any acquisition/construction loans or any permanent financings/refinancings; • the annual operating budgets and any material deviations or modifications thereto; • the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and • any material acquisitions or dispositions with respect to the project. As a result of these considerations, the Company accounts for these investments using the equity method of accounting. At December 31, 2023, the Company had investments in 26 entities, which are accounted for using the equity method of accounting. The Company's ownership interest in these unconsolidated affiliates ranges from 33 % to 100 %. Of these entities, 17 are owned in 50/50 joint ventures. 2023 Activity - Unconsolidated Affiliates Alamance Crossing CMBS, LLC In February 2023, the Successor Company deconsolidated Alamance Crossing East as a result of the Company losing control when the property was placed in receivership. As of December 31, 2023, the loan secured by Alamance Crossing East had an outstanding balance of $ 41,122 . For the year ended December 31, 2023, the Successor Company recognized gain on deconsolidation of $ 28,151 . Atlanta Outlet Shoppes CMBS, LLC In October 2023, the joint venture entered into a new $ 79,330 , ten-year , non-recourse loan secured by the property. Proceeds from the new loan were used to pay off two previous loans totaling $ 69,531 . The new loan bears a fixed interest rate of 7.85 % and matures in October 2033 . CBL-TRS Med OFC Holding, LLC In June 2023, the Successor Company and its joint venture partner in Friendly Center and The Shops at Friendly entered into a new 50/50 joint venture, CBL-TRS Med OFC Holding, LLC, for the purpose of entering into a joint venture, CBL DMC I, LLC, with a third party to develop a medical office building on a parcel of land adjacent to those centers. CBL-TRS Med OFC Holding, LLC contributed the parcel of land valued at $ 2,600 to CBL DMC I, LLC in exchange for a 50 % interest in CBL DMC I, LLC. The Operating Partnership guarantees 100 % of the loan. CBL-TRS Joint Venture, LLC In April 2023, the Successor Company and its joint venture partner entered into a new $ 148,000 loan secured by Friendly Center and The Shops at Friendly Center. Proceeds from the new loan were used to pay off two previous loans totaling $ 145,203 . The new loan bears a fixed interest rate of 6.44 % and matures in May 2028 . Louisville Outlet Shoppes, LLC In April 2023, the $ 7,247 loan secured by The Outlet Shoppes of the Bluegrass - Phase II, an unconsolidated affiliate, was paid off. West County Mall CMBS, LLC In March 2023, the loan secured by West County Mall was extended through December 2024, with one two-year conditional extension available upon meeting certain requirements. Westgate Mall CMBS, LLC In September 2023, the Successor Company deconsolidated WestGate Mall as a result of the Company losing control when the property was placed in receivership. As of December 31, 2023, the loan secured by WestGate Mall had an outstanding balance of $ 28,661 . For the year ended December 31, 2023, the Successor Company recognized gain on deconsolidation of $ 19,728 . 2022 Activity - Unconsolidated Affiliates Ambassador Town Center J.V., LLC In June 2022, the joint venture entered into a new $ 42,492 , non-recourse loan secured by Ambassador Town Center. The loan matures in June 2029 and bears a fixed interest rate of 4.35 %. The previous loan was paid off in conjunction with the closing of the new loan. Asheville Mall CBMS, LLC In August 2022, the Successor Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $ 62,121 . Atlanta Outlet JV, LLC In February 2022, the joint venture entered into a forbearance agreement with the lender regarding the default triggered by the filing of the Chapter 11 Cases related to the loan secured by The Outlet Shoppes at Atlanta. BI Development, LLC and BI Development II, LLC In August 2022, the Successor Company and another joint venture member bought out a third member's interest increasing the Successor Company's interest from 20 % to a 50 % membership interest in each joint venture. Bullseye, LLC In March 2022, the joint venture sold its income-producing property, which generated gross proceeds of $ 10,500 . The Successor Company’s share of the net profit from the sale was $ 662 . EastGate Mall CMBS, LLC In September 2022, the Successor Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $ 29,951 . Fremaux Town Center JV, LLC In March 2022, the joint venture entered into a forbearance agreement with the lender regarding the default triggered by the Chapter 11 Cases related to the loan secured by Fremaux Town Center. Greenbrier Mall II, LLC In March 2022, the Successor Company deconsolidated Greenbrier Mall as a result of the Successor Company losing control when the property was placed in receivership. For the year ended December 31, 2022, the Successor Company recognized a gain on deconsolidation of $ 36,250 . In October 2022, the Successor Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $ 61,647 . Louisville Outlet Shoppes, LLC In May 2022, the joint venture entered into a forbearance agreement with the lender regarding the default triggered by the Chapter 11 Cases related to the loan secured by The Outlet Shoppes of the Bluegrass. In August 2022, the joint venture notified the lender of its election to extend the loan secured by The Outlet Shoppes of the Bluegrass - Phase II through April 15, 2023. Mall of South Carolina, LP and Mall of South Carolina Outparcel, LP In March 2022, the joint ventures entered into forbearance agreements with the lenders regarding the default triggered by the Chapter 11 Cases related to the loans secured by Coastal Grand Mall and Coastal Grand Crossing. Shoppes at Eagle Point, LLC In April 2022, the joint venture entered into a new $ 40,000 , ten-year , non-recourse loan secured by The Shoppes at Eagle Point. The new loan bears a fixed interest rate of 5.4 %. Proceeds from the new loan were utilized to retire the previous partial recourse loan, which had been set to mature in October 2022 . Vision-CBL Mayfaire TC Hotel, LLC In August 2022, the joint venture entered into an agreement to acquire, develop and operate a hotel adjacent to Mayfaire Town Center. In December 2022, the Successor Company recorded a $ 1,436 gain on sale of real estate assets related to land that it contributed to the joint venture in exchange for a 49 % membership interest. The joint venture has entered into a construction loan in the amount of $ 18,900 . York Town Center Holding, LP In March 2022, the joint venture entered into a $ 30,000 non-recourse mortgage note payable, secured by York Town Center, that provides for a three-year term and a fixed interest rate of 4.75 %. The monthly debt service is interest only for the first eighteen months . Proceeds from the new loan were used to retire the previous loans. 2021 Activity - Unconsolidated Affiliates Ambassador Infrastructure, LLC The joint venture reached an agreement with the lender to modify the loan secured by Ambassador Infrastructure. The agreement provides an additional four-year term with a fixed interest rate of 3.0 %. Additionally, the agreement provides a waiver related to the default triggered as a result of the Chapter 11 Cases, which became effective when the Company and the Operating Partnership, together with certain of its direct and indirect subsidiaries (collectively, the “Debtors”) emerged from bankruptcy on November 1, 2021 . Asheville Mall CMBS, LLC and Park Plaza Mall CMBS, LLC During the period from January 1, 2021 through October 31, 2021, the Predecessor Company deconsolidated Asheville Mall and Park Plaza as a result of the Predecessor Company losing control of these properties when each was placed in receivership as part of the foreclosure process. The Predecessor Company adjusted the negative equity in each of the two entities to zero , which represents the estimated fair value of the Predecessor Company’s investments in these properties, and recognized a gain on deconsolidation of $ 55,131 . In October 2021, the foreclosure of Park Plaza was completed. In August 2022, the foreclosure of Asheville Mall was completed. Continental 425 Fund LLC In December 2021, the Successor Company sold its interest in the Continental 425 Fund LLC joint venture. This joint venture owned the Springs at Port Orange, which was secured by a $ 44,400 loan. The Successor Company received $ 7,103 in proceeds after factoring in its share of the outstanding debt. EastGate Mall CMBS, LLC In December 2021, the Successor Company deconsolidated EastGate Mall as a result of the Successor Company losing control of the property when it was placed in receivership as part of the foreclosure process. The Successor Company evaluated the loss of control and determined that it was no longer the primary beneficiary of the wholly owned subsidiary that owns this property. As a result, the Successor Company adjusted the negative equity in the entity to zero , which represents the estimated fair value of the Successor Company’s investment in this property, and recognized a gain on deconsolidation of $ 19,126 . EastGate Storage, LLC, Hamilton Place Self Storage, LLC, Parkdale Self Storage, LLC and Self-Storage at Mid Rivers, LLC In December 2021, EastGate Mall Self Storage, Hamilton Place Self Storage, Mid Rivers Mall Self Storage and Parkdale Mall Self Storage were sold, which generated $ 42,000 in gross proceeds. Proceeds were used to pay off the total outstanding debt secured by the properties of $ 25,855 . The Successor Company’s share of the proceeds after paying off the outstanding debt amounted to $ 7,637 . Port Orange I, LLC In March 2021, the joint venture reached an agreement with the lender to modify the loan secured by The Pavilion at Port Orange. The agreement provides an additional four-year term, with a one-year extension option, for a fully extended maturity date of February 2026 . Additionally, the agreement provides forbearance related to the default triggered as a result of the Chapter 11 Cases, which became effective when the Debtors emerged from bankruptcy on November 1, 2021 . West Melbourne I, LLC In March 2021, the joint venture reached agreements with the lender to modify the loans secured by Hammock Landing Phases I & II. Each agreement provides an additional four-year term, with a one-year extension option, for a fully extended maturity date of February 2026. Additionally, the agreements provide forbearance related to the default triggered as a result of the Chapter 11 Cases, which became effective when the Debtors emerged from bankruptcy on November 1, 2021 . Condensed Combined Financial Statements - Unconsolidated Affiliates Condensed combined financial statement information of the unconsolidated affiliates is as follows: December 31, December 31, ASSETS: Investment in real estate assets $ 2,010,269 $ 1,971,348 Accumulated depreciation ( 886,712 ) ( 829,574 ) 1,123,557 1,141,774 Developments in progress 17,261 10,914 Net investment in real estate assets 1,140,818 1,152,688 Other assets 200,289 170,756 Total assets $ 1,341,107 $ 1,323,444 LIABILITIES: Mortgage and other indebtedness, net $ 1,368,031 $ 1,333,152 Other liabilities 45,577 33,419 Total liabilities 1,413,608 1,366,571 OWNERS' EQUITY (DEFICIT): The Company 12,290 3,123 Other investors ( 84,791 ) ( 46,250 ) Total owners' deficit ( 72,501 ) ( 43,127 ) Total liabilities and owners’ deficit $ 1,341,107 $ 1,323,444 Year Ended December 31, 2023 2022 2021 Total revenues $ 255,283 $ 260,275 $ 251,933 Net income (1) $ 38,434 $ 137,454 $ 58,596 (1) The Successor Company's and the Predecessor Company's pro rata share of net income (loss) is included in equity in earnings (losses) of unconsolidated affiliates for each period presented in the accompanying consolidated statements of operations. The Company's pro rata share of net income was $ 11,865 and $ 19,796 for the Successor years ended December 31, 2023 and 2022, respectively. The Successor Company’s pro rata share of net income was $ 797 for the period from November 1, 2021 through December 31, 2021. The Predecessor Company’s pro rata share of net loss was $ 10,823 for the period from January 1, 2021 through October 31, 2021. Variable Interest Entities The Operating Partnership and certain of its subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor proportionate rights to participate in the decisions that most significantly affect the financial results of the partnership. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors. As of December 31, 2023, the Company had investments in 10 consolidated VIEs with ownership interests ranging from 50 % to 92 %. See Note 14 for a description of guarantees the Operating Partnership has issued related to the unconsolidated affiliates. |
Mortgage and Other Indebtedness
Mortgage and Other Indebtedness, Net | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Mortgage and Other Indebtedness, Net | NOTE 8. MORTGAGE AND O THER INDEBTEDNESS, NET CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries that it has a direct or indirect ownership interest in is the borrower on all the Company's debt, substantially all of which is secured by real estate assets. The Company's mortgage and other indebtedness, net, consisted of the following: December 31, 2023 December 31, 2022 Amount Weighted- (1) Amount Weighted- (1) Fixed-rate debt: Open-air centers and outparcels loan (2) $ 179,180 6.95 % $ 180,000 6.95 % Non-recourse loans on operating properties 736,573 5.30 % 843,634 4.90 % Total fixed-rate debt 915,753 5.63 % 1,023,634 5.26 % Variable-rate debt: Secured term loan 799,914 8.21 % 829,452 6.87 % Open-air centers and outparcels loan (2) 179,180 9.44 % 180,000 8.22 % Non-recourse loans on operating properties 33,780 8.84 % 38,250 7.37 % Recourse loan on an operating property 15,339 8.24 % 18,240 (3) 7.02 % Total variable-rate debt 1,028,213 8.44 % 1,065,942 7.12 % Total fixed-rate and variable-rate debt 1,943,966 7.12 % 2,089,576 6.21 % Unamortized deferred financing costs ( 13,221 ) ( 17,101 ) Debt discounts (4) ( 41,942 ) ( 72,289 ) Total mortgage and other indebtedness, net $ 1,888,803 $ 2,000,186 (1) Weighted-average interest rate excludes amortization of deferred financing costs. (2) The interest rate is a fixed 6.95 % for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10 %. 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 % . (3) The loan secured by Brookfield Square Anchor Redevelopment is non-recourse. The loan balance was reclassified from non-recourse loans on operating properties to recourse loan on an operating property to conform to the current year presentation due to the separate Operating Partnership guaranty of the loan. The guaranty has been in place since inception of the loan. Subsequent to December 31, 2023, the loan was paid off removing the guaranty. See Note 20 for additional information. (4) In conjunction with fresh start accounting, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing a debt discount on the Effective Date. The debt discount is accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at December 31, 2023 will be accreted over a weighted average period of 2.4 years. Non-recourse and recourse loans on operating properties, the open-air centers and outparcels loan and the secured term loan include loans that are secured by properties owned by the Company that have a carrying value of $ 1,454,048 at December 31, 2023. Certain of the Company’s properties that are pledged as collateral on non-recourse mortgage loans are subject to cash management agreements with the lenders, which restrict the cash balances associated with those properties to only be used for debt service, capital expenditures and operating expense obligations. Corporate Debt Exit Credit Agreement On the Effective Date, CBL & Associates HoldCo I, LLC (“HoldCo I”), a wholly owned subsidiary of the Operating Partnership, entered into an amended and restated credit agreement (the “exit credit agreement”), providing for an $ 883,700 secured term loan that matures November 1, 2025 . Upon satisfaction of certain conditions, the maturity date will automatically extend to November 1, 2026 and upon further satisfaction of certain conditions the maturity date will automatically extend to November 1, 2027. The Exit Credit Agreement bore interest at a rate per annum equal to LIBOR for the applicable period plus 275 basis points, subject to a LIBOR floor of 1.0 %. In March 2023, the secured term loan was amended to replace LIBOR with the secured overnight financing rate ("SOFR") for purposes of calculating interest. The transition to SOFR was effective as of June 30, 2023. The exit credit agreement requires HoldCo I to comply with certain financial ratios in the aggregate for the collateral properties, including a covenant that it not permit the (i) interest coverage ratio (as defined in the exit credit agreement) commencing with the fiscal quarter ending December 31, 2021, to be less than 1.50 to 1.00, (ii) minimum debt yield ratio (as defined in the exit credit agreement) commencing with the fiscal quarter ending March 31, 2023 as of the last day of any fiscal quarter ending prior to the maturity date, to be less than eleven and a half percent ( 11.50 %) and (iii) the occupancy rate (as defined in the exit credit agreement) commencing with the fiscal quarter ending March 31, 2023, as of the last day of any fiscal quarter ending prior to the maturity date, to be less than seventy five percent ( 75 %). The Operating Partnership provided a limited guaranty up to a maximum of $ 175,000 (the “principal liability cap”). In November 2023, the limited guaranty was eliminated pursuant to the terms of the exit credit agreement and the loan became fully non-recourse . Additionally, the Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2023. The exit credit agreement is secured by first-priority liens on substantially all the personal and real property assets of HoldCo I and its direct and indirect subsidiaries, including without limitation, HoldCo I’s and the subsidiary guarantors’ ownership interests in the capital stock, membership interests or partnership interests in the subsidiary guarantors. HoldCo I consists of sixteen malls, three lifestyle centers, three open-air centers and various parcels adjacent to the respective properties. Secured Notes Indenture On the Effective Date, CBL & Associates HoldCo II, LLC ("HoldCo II") entered into a secured notes indenture relating to the secured notes in an aggregate principal amount of $ 455,000 . The secured notes were scheduled to mature November 15, 2029 and bore interest at a rate of 10 % per annum, payable semi-annually on November 15 and May 15, beginning May 15, 2022. The secured notes were secured by first priority perfected liens on certain personal and real property assets owned as of the Effective Date by HoldCo II and certain secured notes subsidiary guarantors and certain assets of HoldCo II and each secured notes subsidiary guarantor acquired after the Effective Date. HoldCo II could redeem the secured notes at its option, subject to satisfaction of customary conditions thereof, including payment of accrued and unpaid interest through the date of such optional redemption and any applicable premium. HoldCo II redeemed $ 60,000 aggregate principal amount of the secured notes pursuant to an optional redemption on November 8, 2021 , which left an outstanding balance of $ 395,000 . As noted below, proceeds from 2022 financings were used to complete the redemption of all $ 395,000 outstanding on the secured notes. Exchangeable Notes Indenture On the Effective Date, HoldCo II entered into a secured exchangeable notes indenture relating to the issuance of the exchangeable notes in an aggregate principal amount of $ 150,000 . The exchangeable notes were scheduled to mature November 15, 2028 and bore interest at a rate of 7.0 % per annum, payable semi-annually on November 15 and May 15, beginning May 15, 2022. The exchangeable notes were secured by first priority perfected liens on certain personal and real property assets owned as of the Effective Date by Holdco II and certain of its subsidiaries and certain assets of HoldCo II and each of its subsidiaries acquired after the Effective Date. In December 2021, the Company announced that HoldCo II exercised its optional exchange right with respect to all the $ 150,000 aggregate principal amount of the exchangeable notes. The exchange date was January 28, 2022, and settlement occurred on February 1, 2022. Per the terms of the indenture governing the exchangeable notes, shares of the Company’s common stock, par value $ 0.001 , plus cash in lieu of fractional shares, were issued to settle the exchange. On February 1, 2022, the Company issued 10,982,795 shares of common stock to holders of the exchangeable notes in satisfaction of principal, accrued interest and the make whole payment, and all the exchangeable notes were cancelled in accordance with the terms of the indenture. Fixed-Rate Property Debt As of December 31, 2023, fixed-rate loans on operating properties bear interest at stated rates ranging from 4.25 % to 8.19 %. Fixed-rate loans on operating properties generally provide for monthly payments of principal and/or interest and mature at various dates through June 2032, with a weighted-average maturity of 2.6 years. 2023 Activity In February 2023, the Company exercised its first option to extend the loan secured by Fayette Mall through May 2024 . The interest rate remains fixed at 4.25 %. In May 2023, the Operating Partnership entered into an interest rate swap with a notional amount of $ 32,000 to fix the interest rate at 7.3975 % on $ 32,000 of the variable rate portion of the open-air centers and outparcels loan. The swap has a maturity date of June 7, 2027 . The Company designated the swap as a cash flow hedge on its variable rate debt. In June 2023, the loan secured by Cross Creek Mall was modified for an extended maturity date of June 2025 . The interest rate is fixed at 8.19 %. In November 2023, the Company closed on a loan modification with the existing lender to extend the loan secured by Volusia Mall. Escrow balances were applied to pay down the principal amount by $ 1,682 , the maturity date was extended two years to May 2026 and the interest rate remained fixed at 4.56 %. 2022 Activity In February 2022, the loan secured by Fayette Mall was modified to reduce the fixed interest rate to 4.25 % and extend the maturity date through May 2023, with three one-year extension options, subject to certain requirements. As part of the modification, two ground leased outparcels were released from the collateral in exchange for the addition of the redeveloped former middle anchor location. In March 2022, the Company deconsolidated Greenbrier Mall as a result of the Company losing control when the property was placed in receivership. See Note 7 for additional information. In May 2022, the loan secured by Arbor Place was extended for four years , with a new maturity date of May 2026 . The interest rate remained at the current fixed rate of 5.10 %. In May 2022, the loan secured by Northwoods Mall was extended for four years , with a new maturity date of April 2026 . The interest rate remained at the current fixed rate of 5.08 %. In May 2022, the Company entered into a new $ 65,000 non-recourse loan. The loan has a ten-year term with a fixed interest rate of 5.85 %. It is interest-only for the first three years . The loan is secured by open-air centers, which include Hamilton Crossing, Hamilton Corner, The Terrace and The Shoppes at Hamilton Place. Proceeds from the loan were used to redeem $ 60,000 aggregate principal amount of the secured notes. Also, the previous $ 7,058 Hamilton Crossing loan was paid off in conjunction with the closing of the new loan. In June 2022, the Company entered into a new $ 360,000 loan that is interest only until maturity. The interest rate is a fixed 6.95 % for $ 180,000 of the loan, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10 %. The loan has an initial term of five years with one two-year extension, subject to certain conditions. The loan is secured by a pool of 90 outparcels and 13 open-air centers . The open-air centers include Alamance Crossing West, CoolSprings Crossing, Courtyard at Hickory Hollow, Frontier Square, Gunbarrel Pointe, Harford Annex, The Plaza at Fayette, Sunrise Commons, The Shoppes at St. Clair Square, The Landing at Arbor Place, West Towne Crossing, West Towne District and WestGate Crossing. Proceeds from the loan were used to complete the redemption of all $ 335,000 outstanding on the secured notes, which eliminated the recourse guaranty. Also, proceeds were used to paydown $ 8,322 on the Brookfield Square Anchor Redevelopment loan. In June 2022, the Company paid off the $ 14,949 loan secured by CBL Center at maturity. In August 2022, the loan secured by Parkdale Mall and Crossing was extended to March 2026. In October 2022, the loan secured by The Outlet Shoppes at Gettysburg was modified after the lender's claim against the general unsecured claim pool related to the Chapter 11 Cases was allowed. The loan balance was reduced to $ 21,000 and the corporate recourse was eliminated. The fixed interest rate of 4.80 % and the maturity date of October 2025 remain unchanged. The modification resulted in the recognition of gain on extinguishment of debt of $ 7,344 . In October 2022, the Company entered into a short-term extension with the lender regarding the loan secured by Cross Creek Mall. This action extended the maturity date to January 5, 2023 . In October 2022, the Company reached an agreement with the lender to extend the loan secured by Southpark Mall through June 2026, as well as waive the default triggered by the Company's bankruptcy filing. In October 2022, the Company entered into a loan reinstatement and reaffirmation agreement with the lender regarding the loan secured by Jefferson Mall, which waived the default triggered by the Company's bankruptcy filing. Variable-Rate Property Debt The Company's variable-rate debt bears interest at a rate indexed to SOFR. At December 31, 2023, the interest rates ranged from 8.24 % to 9.44 %. 2023 Activity In April 2023, the Company exercised its extension option on the loan secured by The Outlet Shoppes at Laredo for an extended maturity date of June 2024. In October 2023, after the lender's claim against the general unsecured claim pool related to the Chapter 11 Cases was allowed, the Company and its joint venture partner modified the loan secured by The Outlet Shoppes at Laredo, which resulted in the recognition of gain on extinguishment of debt of $ 3,270 . The principal balance was reduced to $ 33,980 , the interest rate remains unchanged at SOFR plus 325 basis points and the modification added a one-year extension, for a new maturity date of June 2025 . In October 2023, the Company exercised the optional one-year extension on the loan secured by Brookfield Square Anchor Redevelopment. Subsequent to December 31, 2023, the loan was paid off. See Note 20 for additional information. Other Several of the Company’s properties are owned by special purpose entities, created as a requirement under certain loan agreements that are included in the Company’s consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company. Scheduled Principal Payments As of December 31, 2023, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, are as follows: 2024 $ 180,687 2025 933,531 2026 407,638 2027 359,255 2028 950 Thereafter 61,905 Total mortgage and other indebtedness $ 1,943,966 Of the $ 180,687 of scheduled principal payments in 2024, $ 134,642 relates to the maturing principal balance of two operating property loans. Interest Rate Hedge Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that its counterparty will fail to meet their obligation. The Company records its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Instrument Type Location in the Consolidated Balance Sheet Notional Index Fair Value at December 31, 2023 Maturity Date Pay fixed/Receive variable swap Intangible lease assets and other assets $ 32,000 1-month USD-SOFR CME $ 338 Jun-27 Gain Recognized in Other Comprehensive Income (Loss) Gain Recognized in Earnings Year Ended December 31, Year Ended December 31, Hedging Instrument 2023 2022 Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings 2023 2022 Interest rate swap $ 338 $ — Interest Expense $ 416 $ — Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that $ 422 will be reclassified from other comprehensive income (loss) as a decrease to interest expense. The Company has an agreement with each derivative counterparty that contains a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of December 31, 2023, the Company did no t have any derivatives with a fair value in a net liability position including accrued interest but excluding any adjustment for nonperformance risk. As of December 31, 2023, the Company has posted $ 1,920 of cash collateral related to the interest rate swap. The Company is not in breach of any agreement provisions. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 9. SHAREHOLDERS’ EQUI TY Common Stock and Common Units The Successor Company's authorized common stock consists of 200,000,000 shares at $ 0.001 par value per share. The Successor Company had 31,975,645 and 31,780,075 shares of common stock (excluding 34 treasury shares) issued and outstanding as of December 31, 2023 and 2022, respectively. The Company may repurchase shares of CBL's common stock, as authorized by the board of directors. The timing and amount of repurchase activity is based on market conditions and other considerations, including the level of available cash, alternative uses for cash and the Company's stock price. In August 2023, the board of directors authorized the repurchase of up to $ 25,000 of the Company's outstanding common stock beginning on August 10, 2023. This share repurchase program has an expiration date of August 10, 2024 . Common stock repurchases are accounted for as treasury stock until otherwise retired. During 2023, the Company repurchased 51,966 shares of common stock at a total cost of $ 1,109 , which includes $ 2 in commissions, under the share repurchase program. Subsequent to December 31, 2023, the Company repurchased additional shares of common stock as part of the share repurchase program. See Note 20 for additional information. On September 8, 2022, the Successor Company's board of directors adopted a short-term rights plan (the “Rights Plan”). Pursuant to the Rights Plan, the board of directors authorized a dividend of one share purchase right (a “Right”) for each outstanding share of the Successor Company's common stock. If a person or group of affiliated or associated persons acquired beneficial ownership of 10.0 % or more of the Successor Company's outstanding common shares, subject to certain exceptions (including exceptions for existing holders who do not increase their holdings as provided in the Rights Plan), each Right would effectively entitle its holder (other than the acquiring person or group of affiliated or associated persons) to purchase additional common shares at a substantial discount to the public market price. In addition, under certain circumstances, the Successor Company could exchange the Rights (other than Rights beneficially owned by the acquiring person or group of affiliated or associated persons), in whole or in part, for common shares on a one-for-one basis, or the Successor Company could redeem the Rights for cash at a price of $ 0.001 per Right. On September 8, 2023, the Rights Plan expired pursuant to its terms. Partners in the Operating Partnership hold their ownership through common units of limited partnership interest, hereinafter referred to as "common units." A common unit and a share of CBL's common stock have essentially the same economic characteristics, as they effectively participate equally in the net income and distributions of the Operating Partnership. For each share of common stock issued by CBL, the Operating Partnership has issued a corresponding number of common units to CBL in exchange for the proceeds from the stock issuance. Each limited partner in the Operating Partnership has the right to exchange all or a portion of its common units for shares of CBL's common stock, or at the Company's election, their cash equivalent. When an exchange for common stock occurs, the Company assumes the limited partner's common units in the Operating Partnership. The number of shares of common stock received by a limited partner of the Operating Partnership upon exercise of its exchange rights will be equal, on a one-for-one basis, to the number of common units exchanged by the limited partner. If the Company elects to pay cash, the amount of cash paid by the Operating Partnership to redeem the limited partner's common units will be based on the five-day trailing average of the trading price, at the time of exchange, of the shares of common stock that would otherwise have been received by the limited partner in the exchange. Neither the common units nor the shares of CBL's common stock are subject to any right of mandatory redemption. During 2023, the Company paid cash of $ 110 to four holders of limited partnership interest in exchange for 4,985 common units of limited partnership interest. Dividends In June 2022, the board of directors established a regular quarterly dividend. The Successor Company paid common stock dividends of $ 0.375 per share for each quarter during 2023. The Successor Company paid common stock dividends of $ 0.25 per share for each of the second, third and fourth quarters of 2022. The Successor Company did not pay any dividends to holders of its common shares payable for the period November 1, 2021 through December 31, 2021. The Predecessor Company did not pay any dividends to holders of its common shares payable for the period January 1, 2021 through October 31, 2021. Subsequent to December 31, 2023, the board of directors declared a $ 0.40 per share regular quarterly dividend for the first quarter of 2024. See Note 20 . In November 2022, the board of directors declared a special dividend of $ 2.20 per share of common stock, payable in cash. The special dividend was paid on January 18, 2023, to stockholders of record as of the close of business on December 12, 2022. The decision to declare and pay dividends on any outstanding shares of our common stock, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of the Company's board of directors and will depend on the Company's earnings, taxable income, cash flows, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under the Company's then-current indebtedness, the annual distribution requirements under the REIT provisions of the Internal Revenue Code, Delaware law and such other factors as the Company's board of directors deems relevant. Any dividends payable will be determined by the Company's board of directors based upon the circumstances at the time of declaration. The Company's actual results of operations will be affected by a number of factors, including the revenues received from its properties, its operating expenses, interest expense, unanticipated capital expenditures and the ability of its anchors and tenants at its properties to meet their obligations for payment of rents and tenant reimbursements. The allocations of dividends declared and paid for income tax purposes for the Successor years ended December 31, 2023 and 2022 are as follows (income tax allocations were not applicable in 2021 due to the Company not paying any dividends during the year): Year Ended December 31, 2023 2022 Dividends declared: Common stock $ 1.50 $ 2.95 Allocations: Common stock Ordinary income 87.70 % 98.58 % Capital gains 12.30 % 1.42 % Return of capital — % — % Total 100.00 % 100.0 % |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2023 | |
Redeemable Noncontrolling Interests And Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | NOTE 10. NONCONTROLLING INTERESTS Noncontrolling Interests of the Company Third parties held rights to convert noncontrolling interests in the Operating Partnership to 5,298 and 10,283 shares of common stock at December 31, 2023 and 2022, respectively. The assets and liabilities allocated to the Operating Partnership’s noncontrolling interests are based on their ownership percentages of the Operating Partnership at December 31, 2023 and 2022. The ownership percentages are determined by dividing the number of common units held by each of the noncontrolling interests at December 31, 2023 and 2022 by the total common units outstanding at December 31, 2023 and 2022, respectively. The noncontrolling interest ownership percentage in assets and liabilities of the Successor Operating Partnership was 0.02 % and 0.03 % at December 31, 2023 and 2022, respectively. Income is allocated to the Operating Partnership’s noncontrolling interests based on their weighted-average ownership during the year. The ownership percentages are determined by dividing the weighted-average number of common units held by each of the noncontrolling interests by the total weighted-average number of common units outstanding during the year. A change in the number of shares of common stock or common units changes the percentage ownership of all partners of the Operating Partnership. A common unit is considered to be equivalent to a share of common stock since it generally is exchangeable for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. As a result, an allocation is made between shareholders’ equity and noncontrolling interests in the Operating Partnership in the Company's accompanying balance sheets to reflect the change in ownership of the Operating Partnership’s underlying equity when there is a change in the number of shares and/or common units outstanding. During the period January 1, 2021 through October 31, 2021, the Predecessor Company allocated $ 865 from shareholders' equity to noncontrolling interest. During the period from January 1, 2021 through October 31, 2021, the Predecessor Company allocated $ 6 from shareholders' equity to redeemable noncontrolling interest. There is no redeemable noncontrolling interest related to the Successor Company. The total noncontrolling interest in the Successor Operating Partnership was $ 56 and $ 121 at December 31, 2023, and 2022 respectively. Noncontrolling Interests in Other Consolidated Subsidiaries The Successor Company had 10 and 11 other consolidated subsidiaries at December 31, 2023 and 2022, respectively, that had noncontrolling interests held by third parties and for which the related partnership agreements either do not include redemption provisions or are subject to redemption provisions that do not require classification outside of permanent equity. The total noncontrolling interests in other consolidated subsidiaries of the Successor Company was $( 8,760 ) and $( 3,533 ) at December 31, 2023 and 2022, respectively. The assets and liabilities allocated to noncontrolling interests in other consolidated subsidiaries of the Successor Company are based on the third parties’ ownership percentages in each subsidiary at December 31, 2023 and 2022, respectively. Income is allocated to noncontrolling interests in other consolidated subsidiaries based on the third parties’ weighted-average ownership in each subsidiary during the year. Variable Interest Entities (VIE) The Operating Partnership and certain of its subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor proportionate rights to participate in the decisions that most significantly affect the financial results of the partnership. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors. The table below lists the Successor Company's consolidated VIEs as of December 31, 2023 and 2022, which does not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership: As of December 31, As of December 31, 2023 2022 Assets Liabilities Assets Liabilities Consolidated VIEs: Atlanta Outlet Outparcels, LLC $ 807 $ — $ 819 $ — CBL Terrace LP 16,861 18,124 16,922 18,148 Gettysburg Outlet Center Holding, LLC 11,847 18,446 13,360 16,039 Gettysburg Outlet Center, LLC 2,940 — 3,058 — Jarnigan Road LP 14,202 19,869 17,437 1,300 Jarnigan Road II, LLC 18,148 16,905 16,475 19,964 Laredo Outlet JV, LLC 21,333 35,818 23,443 34,886 Lebcon Associates 89,006 103,342 90,429 100,436 Lebcon I, Ltd 11,539 12,146 11,756 12,128 Louisville Outlet Outparcels, LLC 538 — 538 — Statesboro Crossing, LLC — — 797 — $ 187,221 $ 224,650 $ 195,034 $ 202,901 The table below lists the Successor Company's unconsolidated VIEs as of December 31, 2023: Unconsolidated VIEs: Investment in Maximum Alamance Crossing CMBS, LLC (1) $ — $ — Ambassador Infrastructure, LLC (2) — 5,749 Atlanta Outlet JV, LLC — — BI Development, LLC 127 127 BI Development II, LLC 16 16 CBL-T/C, LLC — — CBL-TRS Med OFC Holding, LLC (3) 1,279 1,362 El Paso Outlet Center Holding, LLC — — Fremaux Town Center JV, LLC — — Louisville Outlet Shoppes, LLC — — Mall of South Carolina L.P. — — Vision - CBL Hamilton Place, LLC 2,185 2,185 Vision - CBL Mayfaire TC Hotel, LLC 3,987 3,987 Westgate Mall CMBS, LLC (1) — — $ 7,594 $ 13,426 (1) During the year ended December 31, 2023, the property was placed into receivership. (2) The Operating Partnership has guaranteed all or a portion of the debt. See Note 14 for more information. (3) The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, the joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50 % interest. See Note 14 for more information. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | NO TE 11. SEGMENT INFORMATION The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. The accounting policies of the reportable segments are the same as those described in Note 2 . Information on the Company’s reportable segments is presented as follows: Year Ended December 31, 2023 (Successor) Malls (1) All (2) Total Revenues (3) $ 458,019 $ 77,267 $ 535,286 Property operating expenses (4) ( 171,731 ) ( 15,408 ) ( 187,139 ) Interest expense ( 77,927 ) ( 94,978 ) ( 172,905 ) Gain on sales of real estate assets — 5,125 5,125 Other expense — ( 221 ) ( 221 ) Segment profit (loss) $ 208,361 $ ( 28,215 ) 180,146 Depreciation and amortization ( 190,505 ) General and administrative expense ( 64,066 ) Litigation settlement 2,310 Interest and other income 13,199 Gain on extinguishment of debt 3,270 Gain on deconsolidation 47,879 Income tax provision ( 894 ) Equity in earnings of unconsolidated affiliates 11,865 Net income $ 3,204 Total assets $ 1,546,610 $ 859,295 $ 2,405,905 Capital expenditures (5) $ 22,020 $ 20,246 $ 42,266 Year Ended December 31, 2022 (Successor) Malls (1) All (2) Total Revenues (3) $ 485,014 $ 77,997 $ 563,011 Property operating expenses (4) ( 174,593 ) ( 17,137 ) ( 191,730 ) Interest expense ( 142,015 ) ( 75,327 ) ( 217,342 ) Gain on sales of real estate assets — 5,345 5,345 Other expense — ( 834 ) ( 834 ) Segment profit (loss) $ 168,406 $ ( 9,956 ) 158,450 Depreciation and amortization ( 256,310 ) General and administrative expense ( 67,215 ) Litigation settlement 304 Interest and other income 4,938 Gain on extinguishment of debt 7,344 Loss on available-for-sale securities ( 39 ) Reorganization items, net 298 Loss on impairment ( 252 ) Gain on deconsolidation 36,250 Income tax provision ( 3,079 ) Equity in earnings of unconsolidated affiliates 19,796 Net loss $ ( 99,515 ) Total assets $ 1,695,813 $ 982,430 $ 2,678,243 Capital expenditures (5) $ 28,744 $ 14,200 $ 42,944 For the Period from November 1, 2021 through December 31, 2021 (Successor) Malls (1) All (2) Total Revenues (3) $ 95,057 $ 13,789 $ 108,846 Property operating expenses (4) ( 29,801 ) ( 2,636 ) ( 32,437 ) Interest expense ( 181,300 ) ( 14,188 ) ( 195,488 ) Gain (loss) on sales of real estate assets 20 ( 23 ) ( 3 ) Other expense — ( 3 ) ( 3 ) Segment loss $ ( 116,024 ) $ ( 3,061 ) ( 119,085 ) Depreciation and amortization ( 49,504 ) General and administrative expense ( 9,175 ) Litigation settlement 118 Interest and other income 510 Gain on deconsolidation 19,126 Reorganization items ( 1,403 ) Income tax benefit 5,885 Equity in earnings of unconsolidated affiliates 797 Net loss $ ( 152,731 ) Total assets $ 1,961,061 $ 984,918 $ 2,945,979 Capital expenditures (5) $ 3,415 $ 1,368 $ 4,783 Period from January 1, through October 31, 2021 (Predecessor) Malls (1) All (2) Total Revenues (3) $ 411,280 $ 56,749 $ 468,029 Property operating expenses (4) ( 143,018 ) ( 12,991 ) ( 156,009 ) Interest expense ( 70,275 ) ( 2,140 ) ( 72,415 ) Gain on sales of real estate assets 6,063 6,124 12,187 Other expense ( 65 ) ( 680 ) ( 745 ) Segment profit $ 203,985 $ 47,062 251,047 Depreciation and amortization ( 158,574 ) General and administrative expense ( 43,160 ) Litigation settlement 932 Interest and other income 2,055 Reorganization items, net ( 435,162 ) Gain on deconsolidation 55,131 Loss on impairment ( 146,781 ) Income tax provision ( 1,078 ) Equity in losses of unconsolidated affiliates ( 10,823 ) Net loss $ ( 486,413 ) Capital expenditures (5) $ 21,662 $ 8,862 $ 30,524 (1) The Malls category includes malls, lifestyle centers and outlet centers. (2) The All Other category includes open-air centers, outparcels, office buildings, hotels, self-storage facilities, corporate-level debt and the Management Company. (3) Management, development and leasing fees are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments. (4) Property operating expenses include property operating, real estate taxes and maintenance and repairs. (5) Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
Supplemental and Noncash Inform
Supplemental and Noncash Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental and Noncash Information | NOTE 12. SUPPLEMENTAL AND NONCASH INFORMATION The Company’s noncash investing and financing activities for the years ended December 31, 2023 and 2022, the Successor period from November 1, 2021 to December 31, 2021, and the Predecessor period from January 1, 2021 to October 31, 2021 were as follows: Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Additions to real estate assets accrued but not yet paid $ 8,749 $ 9,242 $ 11,108 $ 11,066 Accrued dividends and distributions payable — 70,058 — — Deconsolidation upon loss of control (1) : Decrease in real estate assets ( 14,419 ) ( 18,810 ) ( 12,873 ) ( 84,860 ) Decrease in mortgage and other indebtedness 63,339 56,226 27,733 134,354 Decrease in operating assets and liabilities 6,409 5,686 4,266 5,808 Decrease in intangible lease and other assets ( 7,450 ) ( 6,852 ) — ( 171 ) Settlement of mortgage debt obligations (2) : Decrease in mortgage and other indebtedness 3,270 3,857 — — Decrease in operating assets and liabilities — 3,487 — — Conversion of exchangeable notes: Decrease in mortgage and other indebtedness — 150,000 — — Decrease in operating assets and liabilities — 2,537 — — Increase in shareholders' equity — ( 152,537 ) — — (1) See Note 7 for more information. (2) See Note 8 for more information. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 13. RELATED P ARTY TRANSACTIONS The Management Company provides management, development and leasing services to the Company’s unconsolidated affiliates and other affiliated partnerships. The Successor Company recognized revenues for these services in the amount of $ 7,169 , $ 6,449 and $ 1,136 f or the years ended December 31, 2023 and 2022 and for the period November 1, 2021 through December 31, 2021, respectively. The Predecessor Company recognized revenues for these services in the amount of $ 4,965 for the period from January 1, 2021 through October 31, 2021. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | NO TE 14. CONTINGENCIES Securities Litigation The Company and certain of its officers and directors were named as defendants in three putative securities class action lawsuits (collectively, the “Securities Class Action Litigation”), each filed in the United States District Court for the Eastern District of Tennessee, on behalf of all persons who purchased or otherwise acquired the Company’s securities during a specified period of time. Those cases were consolidated on July 17, 2019, under the caption In re CBL & Associates Properties, Inc. Securities Litigation , 1:19-cv-00149-JRG-CHS, and a consolidated amended complaint was filed on November 5, 2019, seeking to represent a class of purchasers from July 29, 2014 through March 26, 2019. The operative complaint filed in the Securities Class Action Litigation alleged violations of the securities laws, including, among other things, that the defendants made certain materially false and misleading statements and omissions regarding the Company’s contingent liabilities, business, operations, and prospects during the period of time specified above. On May 3, 2022, the court dismissed the Company from the Securities Class Action Litigation but declined to dismiss the individual defendants. The court also lifted the stay of the proceedings and, on June 9, 2022, entered a scheduling order. Plaintiffs’ motion for class certification, which was opposed, was fully briefed and pending as of December 31, 2022. Following mediation on January 31, 2023, before a private mediator, the parties reached an agreement in principle to resolve the Securities Class Action Litigation, subject to documentation and court approval. On April 24, 2023, the court entered an order preliminarily approving the proposed settlement, subject to a final fairness hearing in August 2023. On August 23, 2023, after conducting a final fairness hearing, the court entered an order granting final approval of the settlement. The deadline to appeal the order granting final approval of the settlement has expired and the settlement is final. The settlement was fully funded by directors and officers' liability insurance, with no contribution from the Company or the individual defendants. By agreeing to resolve the matter, neither the Company nor any of the individual defendants have admitted any liability or wrongdoing, and they have expressly denied both. Rather, defendants entered into the settlement to eliminate the risks, costs, and distractions associated with further litigation of this matter. On January 12, 2023, a purported shareholder filed a putative class action lawsuit captioned John Haynes v. Charles B. Lebovitz, et al. , C.A. No. 2023-0033-NAC, in the Delaware Court of Chancery (the “Delaware Action”), naming the Company and certain directors as defendants. The Delaware Action alleged a claim against the Company for violation of Delaware General Corporation Law § 213(a) due to an improper record date for the 2022 annual meeting, and a claim for breach of fiduciary duty against the director defendants. The Delaware Action sought, among other things, a declaration that the directors breached their fiduciary duties, an equitable accounting, unspecified monetary relief, and attorneys’ fees. Defendants denied that any such relief was warranted, and on February 15, 2023, the Delaware Action was voluntarily dismissed. The Company is currently involved in certain other litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. Environmental Contingencies The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condit ion. The Company has a master insurance policy that provides coverage through 2027 for certain environmental claims up to $ 40,000 per occurrence and up to $ 40,000 in the aggregate, subject to deductibles and certain exclusions. At certain locations, individual policies are in place. Guarantees The Operating Partnership may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Operating Partnership's investment in the joint venture. The Operating Partnership may receive a fee from the joint venture for providing the guaranty. Additionally, when the Operating Partnership issues a guaranty, the terms of the joint venture agreement typically provide that the Operating Partnership may receive indemnification from the joint venture partner or have the ability to increase its ownership interest. The guarantees expire upon repayment of the debt, unless noted otherwise. The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying consolidated balance sheets as of December 31, 2023 and 2022: As of December 31, 2023 Obligation Unconsolidated Affiliate Company's Outstanding Percentage Maximum Debt (1) December 31, 2023 December 31, 2022 West Melbourne I, LLC - Phase I 50 % $ 35,337 50 % $ 17,669 Feb-2025 (2) $ 177 $ 185 West Melbourne I, LLC - Phase II 50 % 11,106 50 % 5,553 Feb-2025 (2) 56 59 Port Orange I, LLC 50 % 47,148 50 % 23,574 Feb-2025 (2) 236 247 Ambassador Infrastructure, LLC 65 % 5,749 100 % 5,749 Mar-2025 57 70 CBL-TRS Med OFC Holding, LLC (3) 50 % 83 100 % 3,895 Jun-2030 19 — Total guaranty liability $ 545 $ 561 (1) Excludes any extension options. (2) These loans have a one-year extension option at the joint venture’s election. (3) The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, a joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50 % interest. For the years ended December 31, 2023 and 2022 and for the period November 1, 2021 through December 31, 2021, the Successor Company evaluated each guaranty, listed in the table above, individually by looking at the debt service ratio, cash flow forecasts and the performance of each loan. The result of the analysis was that each loan is current. The Successor Company did not record a credit loss related to the guarantees listed in the table above for the years ended December 31, 2023 and 2022 and for the period from November 1, 2021 through December 31, 2021. For the period from January 1, 2021 through October 31, 2021, the Predecessor Company evaluated each guaranty, listed in the table above, individually by looking at the debt service ratio, cash flow forecasts, the performance of each loan and, where applicable, the collateral value in relation to the outstanding amount of the loan. The result of the analysis was that each loan is current, performing and, where applicable, the collateral value was greater than the outstanding amount of the loan. The Predecessor Company did not record a credit loss related to the guarantees listed in the table above for the period from January 1, 2021 through October 31, 2021. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NO TE 15. FAIR VALUE MEASUREMENTS The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with ASC 820, Fair Value Measurements and Disclosure , ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows: Level 1 - Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date. Level 2 - Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability. Level 3 - Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment. The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance. The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. The estimated fair value of mortgage and other indebtedness was $ 1,806,486 and $ 1,833,992 at December 31, 2023 and 2022, respectively. The fair value was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently. Fair Value Measurements on a Recurring Basis The following table sets forth information regarding the Successor Company's interest rate swap that was designated as a cash flow hedge of interest risk for the year ended December 31, 2023: Fair Value Measurements at Reporting Date Using Asset Fair Value at December 31, 2023 Quoted Prices in Significant Significant Interest rate swap $ 338 $ — $ 338 $ — During the year ended December 31, 2023, the Successor Company has continued to reinvest the cash from maturing U.S. Treasury securities into new U.S. Treasury securities. The Successor Company designated the U.S. Treasury securities as available-for-sale (“AFS”). The below table sets forth information regarding the Successor Company’s AFS securities that were measured at fair value . Subsequent to December 31, 2023, the Successor Company redeemed U.S. Treasury securities. See Note 20 for additional information. AFS Security (1) Amortized Allowance (2) Total unrealized gain Fair value as of December 31, 2023 (3) U.S. Treasury securities $ 261,869 $ — $ 273 $ 262,142 (1) The U.S. Treasury securities have maturities through July 2024 . (2) U.S Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Successor Company did not record expected credit losses for its U.S Treasury securities for the year ended December 31, 2023. (3) The fair value was calculated using Level 1 inputs. The following table sets forth information regarding the Successor Company’s AFS securities that were measured at fair value for the year ended December 31, 2022: AFS Security Amortized Allowance (1) Total unrealized loss Fair value as of December 31, 2022 (2) U.S. Treasury securities $ 293,476 $ — $ ( 1,054 ) $ 292,422 (1) U.S Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Successor Company did not record expected credit losses for its U.S Treasury securities for the year ended December 31, 2022. (2) The fair value was calculated using Level 1 inputs. Fair Value Measurements on a Nonrecurring Basis The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company’s evaluation of the recoverability of long-lived assets involves the comparison of undiscounted future cash flows expected to be generated by each property over the Company’s expected remaining holding period to the respective carrying amount. The determination of whether the carrying value is recoverable also requires management to make estimates related to probability weighted scenarios impacting undiscounted cash flow models. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each property such as net operating income, occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the property and tenant mix. The quantitative and qualitative factors impact the selection of the terminal capitalization rate which is used in both an undiscounted and discounted cash flow model and the discount rate used in a discounted cash flow model. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. Level 3 inputs primarily consist of sales and market data, independent valuations and discounted cash flow models. See below for a description of the estimates and assumptions the Company used in its impairment analysis. See Note 2 for additional information describing the Company's impairment review process. See Note 19 for information regarding the fair value adjustments associated with Fresh Start Accounting. Long-lived Assets Measured at Fair Value in 2023 During the year ended December 31, 2023, the Successor Company adjusted the negative equity in WestGate Mall and Alamance Crossing East to zero upon deconsolidation, which represents the estimated fair value of the Successor Company's investment in these properties. See Note 7 for more information. Long-lived Assets Measured at Fair Value in 2022 During the year ended December 31, 2022, the Successor Company adjusted the negative equity in Greenbrier Mall to zero upon deconsolidation, which represented the estimated fair value of the Successor Company’s investment in that property. See Note 7 for more information. During the year ended December 31, 2022, the Successor Company sold an outparcel at the Pavilion at Port Orange. Gross sales proceeds amounted to $ 1,660 and the transaction resulted in a loss on sale of $ 252 . Long-lived Assets Measured at Fair Value in 2021 During the period from January 1, 2021 through October 31, 2021, the Predecessor Company recognized impairments of real estate of $ 146,781 related to five malls, a redeveloped anchor parcel, an outlet center, an open-air center, an outparcel and vacant land. The properties were classified for segment reporting purposes as listed below. See Note 11 for segment information. The below table sets forth information regarding the Predecessor Company’s assets that were measured at fair value on a nonrecurring basis and related impairment charges for the period from January 1, 2021 through October 31, 2021. No impairment charges were incurred during the Successor period from November 1, 2021 through December 31, 2021. Impairment Property Location Segment Loss on Fair March Eastland Mall (1) Bloomington, IL Malls $ 13,243 $ 10,700 March Old Hickory Mall (2) Jackson, TN Malls 20,149 12,400 March Stroud Mall (3) Stroudsburg, PA Malls 23,790 15,400 July The Landing at Arbor Place - Outparcel (4) Douglasville, GA All Other 1,682 590 September Laurel Park Place (5) Livonia, MI Malls 14,267 9,800 September Parkdale Mall and Crossing (6) Beaumont, TX Malls/All Other 47,211 50,500 October The Outlet Shoppes at Gettysburg (7) Gettysburg, PA Malls 21,470 16,660 October Vacant land (8) El Centro, CA All Other 4,969 4,240 $ 146,781 $ 120,290 (1) In accordance with the Company's quarterly impairment process, the Predecessor Company wrote down the book value of the mall to its estimated fair value of $ 10,700 . The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Eastland Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of nine years , with a sale at the end of the holding period, a capitalization rate of 14.0 % and a discount rate of 15.0 %. (2) In accordance with the Company's quarterly impairment process, the Predecessor Company wrote down the book value of the mall to its estimated fair value of $ 12,400 . The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Old Hickory Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of nine years , with a sale at the end of the holding period, a capitalization rate of 13.0 % and a discount rate of 14.0 %. (3) In accordance with the Company's quarterly impairment process, the Predecessor Company wrote down the book value of the mall to its estimated fair value of $ 15,400 . The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Stroud Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of nine years , with a sale at the end of the holding period, a capitalization rate of 11.75 % and a discount rate of 12.5 %. (4) In July 2021, the Predecessor Company sold an outparcel at The Landing at Arbor Place. Sales proceeds amounted to $ 590 , which resulted in a loss on sale. (5) In accordance with the Company's quarterly impairment process, the Predecessor Company wrote down the book value of the mall to its estimated fair value of $ 9,800 . The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Laurel Park Place using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of nine years , with a sale at the end of the holding period, a capitalization rate of 11.5 % and a discount rate of 13.0 %. (6) In accordance with the Company’s quarterly impairment process, the Predecessor Company wrote down the book value of the mall, a redeveloped anchor parcel and an open-air center adjacent to the mall to their aggregate estimated fair value of $ 50,500 . The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for the mall and open-air center (excluding the redeveloped anchor parcel) based on Management’s assessment that there was an increased likelihood that the loan secured by the mall and open-air center may not be successfully restructured or refinanced. Management determined the fair value of Parkdale Mall, Parkdale Crossing and Parkdale Anchor using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years , with a sale at the end of the holding period, a weighted-average capitalization rate of 12.3 % and a weighted-average discount rate of 14.2 %. (7) In accordance with the Company’s quarterly impairment process, the Predecessor Company wrote down the book value of the outlet center to its estimated fair value of $ 16,660 . The outlet center had experienced a decline in cash flow due to store closures and rent reductions. Management determined the fair value of The Shoppes of Gettysburg using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of nine years , with a sale at the end of the holding period, a capitalization rate of 11.0 % and a discount rate of 12.0 %. (8) In accordance with the Company’s quarterly impairment process, the Predecessor Company wrote down the book value of land to its estimated fair value of $ 4,240 . The Company evaluated comparable land parcel transactions and determined that $ 4,240 was the land’s estimated fair value. During the period from November 1, 2021 through December 31, 2021, the Successor Company adjusted the negative equity in EastGate Mall to zero upon deconsolidation, which represented the estimated fair value of the Company’s investment in that property. During the period from January 1, 2021 through October 31, 2021, the Predecessor Company adjusted the negative equity in each of Asheville Mall and Park Plaza to zero upon deconsolidation, which represented the estimated fair values of the Company’s investments in these properties. See Note 7 for additional information. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Compensation | NO TE 16. SHARE-BA SED COMPENSATION Successor Company 2021 Equity Incentive Plan Following the Effective Date, the board of directors of the Successor Company adopted the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (the “EIP”). The EIP authorizes the grant of equity awards to eligible participants based on the new common stock, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity awards. Awards under the EIP may be granted to officers, employees, directors, consultants and independent contractors of the reorganized company. Initially, 3,222,222 shares of new common stock were available under the EIP. The initial amount of new common stock authorized for awards under the EIP is subject to an annual increase of a number of shares equal to 3 % of the number of shares of new common stock issued and outstanding at the end of the relevant calendar year (beginning January 2023), or such lesser amount as the board of directors may determine. Pursuant to this provision, the board of directors approved an increase of 953,403 shares in January 2023 and determined that no additional shares would be added in January 2024. As of December 31, 2023, there were 3,120,492 shares available under the EIP. The Plan is administered by the compensation committee of the board of directors, which determines the participants who will be granted awards under the EIP and the terms and conditions of EIP awards. In accordance with the provisions of ASU 2016-09, which are designed to simplify the accounting for share-based payments transactions, the Successor Company accounts for forfeitures of share-based payments as they occur rather than estimating them in advance. Restricted Stock Awards Restricted stock awards granted to the Successor Company’s executive officers vest annually over a three-year or four-year period as defined in the award. Restricted stock awards granted to the Successor Company’s non-executive officers vest annually over a three-year period. Restricted stock awards granted to the Successor Company’s non-employee directors vest over a one-year period, with restrictions expiring each January. The grantee generally has all the rights of a stockholder during the vesting/restricted period, including the right to receive dividends on the same basis and at the same rate as all other outstanding shares of common stock and the right to vote such shares on any matter on which holders of the Successor Company’s common stock are entitled to vote. The shares generally are not transferable during the restricted period, except for any transfers which may be required by law. A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2023, and changes during the year ended December 31, 2023, is presented below: Shares Weighted- Nonvested at January 1, 2023 662,875 $ 27.42 Granted 387,568 $ 26.03 Vested ( 446,710 ) $ 26.78 Forfeited ( 12,780 ) $ 26.13 Nonvested at December 31, 2023 590,953 $ 27.02 Compensation expense is recognized on a straight-line basis over the requisite service period. The share-based compensation cost related to restricted stock awards was $ 7,343 , $ 7,400 and $ 299 for the years ended December 31, 2023 and 2022 and the period from November 1, 2021 through December 31, 2021, respectively. Share-based compensation cost resulting from share-based awards is recorded at the Management Company, which is a taxable entity. The total grant-date fair value of restricted stock awards granted during the years ended December 31, 2023 and 2022 and the period from November 1, 2021 through December 31, 2021 was $ 10,086 , $ 3,095 and $ 21,642 , respectively. The total fair value of restricted stock awards that vested during the years ended December 31, 2023 and 2022 was $ 11,090 and $ 5,306 , respectively. No restricted stock awards vested during the period from November 1, 2021 through December 31, 2021. As of December 31, 2023, there was $ 13,577 of total unrecognized compensation cost related to nonvested restricted stock awards granted under the EIP, which is expected to be recognized over a weighted-average period of 1.9 years. Performance Stock Unit Awards In February 2022, the compensation committee approved the terms of new awards of PSUs. The PSUs are earned over a four-year performance period aligned with fiscal years 2022 (includes the Successor period from November 1, 2021 through December 31, 2021) through 2025, with one-quarter of the PSUs assigned to each fiscal year within the four-year performance period. The number of PSUs earned for each fiscal year within the four-year performance period will be determined based on the achievement of both (i) a quantitative total market return goal and (ii) a Company-specific stated goal, for such fiscal year. In February 2023, the compensation committee established a long-term incentive program (“LTIP”) under the EIP and approved 2023 LTIP awards consisting of both a PSU component ( 55 % - 60 % of the LTIP award) and a restricted stock award component ( 40 % - 45 % of the LTIP award). The amount of common stock that may be issued for the PSU component upon the conclusion of the applicable three-year performance period will be determined by two measures: (i) a portion ( 40 %) of the number of shares issued will be determined based on the Company’s achievement of specified levels of long-term relative total stockholder return (“ TSR ”) performance (stock price appreciation plus aggregate dividends) versus the Retail Sector Component (excluding companies comprising the Free-Standing Subsector) of the FTSE NAREIT All Equity REIT Index, provided that at least a “Threshold” level must be attained for any shares to be received, and (ii) a portion ( 60 %) of such number of shares issued will be determined based on the Company’s absolute TSR performance over such period, provided again that at least a “Threshold” level must be attained for any shares to be received. The restricted stock award component consists of time-vesting restricted stock, of which a third of the award vests annually over the three-year performance period. Compensation cost for the PSUs granted in February 2023 is recognized on a straight-line basis over the service period since it is longer than the performance period. The resulting expense is recorded regardless of whether any PSU awards are earned as long as the required service period is met. For the PSUs granted in February 2022, each quarter, management assesses the probability that the measures associated with the Company's outstanding PSU awards will be attained. The Company begins recognizing compensation expense on a straight-line basis over the remaining service period once the PSU award measures are deemed probable of achievement. Share-based compensation expense related to the 2022 and 2023 PSUs granted under the EIP was $ 5,639 and $ 4,485 for the years ended December 31, 2023 and 2022, respectively. The unrecognized compensation expense related to the 2022 and 2023 PSUs was $ 12,807 as of December 31, 2023, which is expected to be recognized over a weighted-average period of 2.4 years. A summary of the status of the Company’s outstanding PSU awards as of December 31, 2023, and changes during the year ended December 31, 2023, are presented below: PSUs Weighted- Outstanding at January 1, 2023 607,128 $ 24.69 2023 PSUs granted 157,789 $ 38.79 Incremental PSUs granted (1) 47,432 $ 23.00 Vested ( 197,749 ) $ 24.75 Forfeited ( 51,019 ) $ 24.87 Outstanding at December 31, 2023 563,581 $ 28.65 (1) PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue. The following table summarizes the assumptions used i n the Monte Carlo simulation pricing model related to the Successor Company’s PSUs: 2023 PSUs 2022 PSUs Grant date February 17, 2023 February 16, 2022 Fair value per share on valuation date (1) $ 38.79 $ 24.67 Risk-free interest rate (2) 4.37 % 1.85 % Expected share price volatility (3) 62.50 % 65.00 % (1) The value of the PSU awards are estimated on the date of grant using a Monte Carlo simulation model. For the 2023 PSUs, t he valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2023 PSUs consists of 63,114 shares at a fair value of $ 40.64 per share (which relates to the relative TSR) and 94,675 shares at a fair value of $ 37.55 per share (which relates to absolute TSR). For the 2022 PSUs, t he valuation consists of computing the fair value using CBL's simulated stock price as well as TMR for each performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. (2) The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above. (3) For the 2023 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. For the 2022 PSUs, t he computation of expected volatility was based on the historical volatility of the share prices of comparable, publicly traded companies and given the Company's risk profile and leverage relative to the comparable, publicly traded companies. The Company's historical volatility was not relied upon given the Company's limited trading history since the Effective Date. Predecessor Company Prior to the Effective Date, the Company had outstanding awards under the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan ("the 2012 Plan"), which permitted the Company to issue stock options and common stock to selected officers, employees and non-employee directors of the Company up to a total of 10,400,000 shares. The compensation committee of the board of directors administered the 2012 Plan. Restricted Stock Awards Under the 2012 Plan, common stock could be awarded either alone, in addition to, or in tandem with other granted stock awards. The compensation committee had the authority to determine eligible persons to whom common stock would be awarded, the number of shares to be awarded and the duration of the vesting period, as defined. Generally, an award of common stock vested either immediately at grant or in equal installments over a period of five years. Stock awarded to independent directors was fully vested upon grant; however, the independent directors could not transfer such shares during their board term. The compensation committee could also provide for the issuance of common stock under the 2012 Plan on a deferred basis pursuant to deferred compensation arrangements. The fair value of common stock awarded under the 2012 Plan was determined based on the market price of CBL’s common stock on the grant date and the related compensation expense was recognized over the vesting period on a straight-line basis. As of the Effective Date and pursuant to the 2012 Plan, nonvested restricted stock of the Predecessor Company was deemed vested and the 2012 Plan was terminated. A summary of the Predecessor Company’s restricted stock awards as of October 31, 2021, and changes during the period from January 1, 2021 through October 31, 2021, is presented below: Shares Weighted- Nonvested at January 1, 2021 1,519,774 $ 2.15 Vested ( 1,490,751 ) $ 2.14 Forfeited ( 29,023 ) $ 2.73 Nonvested at October 31, 2021 — $ — In conjunction with the vesting of the restricted stock on the Effective Date, the Predecessor Company accelerated the share-based compensation cost and recorded $ 863 of share-based compensation cost for the period from January 1, 2021 through October 31, 2021. Share-based compensation cost resulting from share-based awards is recorded at the Management Company, which is a taxable entity. Share-based compensation cost capitalized as part of real estate assets was $ 10 for the period from January 1, 2021 through October 31, 2021. The total fair value of shares vested during 2021 was $ 220 . Long-Term Incentive Program The Predecessor Company had an LTIP (the "Predecessor LTIP") for its named executive officers, which consisted of PSU awards and annual restricted stock awards, that could be issued under the 2012 Plan. The number of shares related to the PSU awards that each named executive officer could receive upon the conclusion of a three-year performance period was determined based on the Company's achievement of specified levels of long-term TSR performance relative to the NAREIT Retail Index, provided that at least a "Threshold" level must be attained for any shares to be earned. Annual Restricted Stock Awards Under the Predecessor LTIP, annual restricted stock awards consisted of shares of time-vested restricted stock awarded based on a qualitative evalu ation of the performance of the Company and the named executive officer during the fiscal year. Annual restricted stock awards under the Predecessor LTIP, which are included in the totals reflected in the preceding table, vested 25 % on the date of grant with the remainder vesting in three equal annual installments. Outstanding restricted stock, and related grant/vesting/forfeiture activity during the Predecessor period from January 1, 2021, through October 31, 2021 for awards made to named executive officers under the Predecessor LTIP, is included in the information presented in the table above. Performance Stock Units The Predecessor Company granted the following PSUs in the first quarter of the respective years. A summary of PSU activity as of October 31, 2021, and changes during the period from January 1, 2021 through October 31, 2021, is presented below: PSUs Weighted-Average 2019 PSUs granted (1) 1,103,537 $ 2.40 2020 PSUs granted (2) 3,408,083 $ 0.84 2020 PSUs cancelled (3) ( 3,408,083 ) $ 0.84 Outstanding at January 1, 2021 1,103,537 $ 2.40 2019 PSUs cancelled (4) ( 1,103,537 ) $ 2.40 Outstanding at October 31, 2021 — $ — (1) Includes 566,862 shares classified as a liability due to the potential cash component. (2) Includes 1,247,098 shares classified as a liability due to the potential cash component. (3) In connection with the restructuring and support agreement, dated as of August 18, 2020, by and between the Predecessor Company and certain beneficial owners and/or investment advisors or managers of discretionary funds, accounts or other entities for the holders of beneficial owners (the "Consenting Noteholders"), the 2020 PSUs were cancelled. (4) As of the Effective Date and pursuant to the Plan, all outstanding PSUs of the Predecessor Company were deemed cancelled. Compensation cost was recognized on a tranche-by-tranche basis using the accelerated attribution method. The resulting expense was recorded regardless of whether any PSU awards were earned as long as the required service period was met. Share-based compensation expense related to the PSUs was $ 315 for the period from January 1, 2021 through October 31, 2021. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE 17. EMPLOYE E BENEFIT PLANS 401(k) Plan The Management Company maintains a 401(k) profit sharing plan, which is qualified under Section 401(a) and Section 401(k) of the Code to cover employees of the Management Company. All employees who have attained the age of 21 and have completed at least two months of service are eligible to participate in the plan. The plan provides for employer matching contributions on behalf of each participant equal to 50 % of the portion of such participant’s contribution that does not exceed 2.5 % of such participant’s annual gross salary for the plan year. Additionally, the Management Company has the discretion to make additional profit-sharing-type contributions not related to participant elective cont ributions. Total contributions by the Management Company for the years ended December 31, 2023 and 2022 and the period from November 1, 2021 through December 31, 2021 (Successor) were $ 890 , $ 823 and $ 97 , respectively. Total contributions by the Management Company for the Predecessor period January 1, 2021 through October 31, 2021 were $ 658 . |
Emergence From Voluntary Reorga
Emergence From Voluntary Reorganization Under Chapter 11 | 12 Months Ended |
Dec. 31, 2023 | |
Chapter Eleven Cases And Ability To Continue As Going Concern [Abstract] | |
Emergence From Voluntary Reorganization Under Chapter 11 | N OTE 18. EMERGENCE FROM VOLUNTARY REORGANIZATION UNDER CHAPTER 11 Voluntary Reorganization Under Chapter 11 On August 18, 2020, the Company entered into a Restructuring Support Agreement, (the “Original RSA”) with the Consenting Noteholders representing in excess of 62 %, including joining noteholders pursuant to joinder agreements, of the $ 450,000 of senior unsecured notes issued by the Operating Partnership in November 2013 that bear interest at 5.25 % and mature on December 1, 2023 (the “2023 Notes”), the $ 300,000 of senior unsecured notes issued by the Operating Partnership in October 2014 that bear interest at 4.60 % and mature on October 15, 2024 (the “2024 Notes”) and the $ 625,000 of senior unsecured notes issued by the Operating Partnership in December 2016 and September 2017 that bear interest at 5.95 % and mature on December 15, 2026 (the “2026 Notes” and, collectively with the 2023 Notes and 2024 Notes, the "Notes") . On October 28, 2020, the Operating Partnership was notified by the administrative agent and lenders that they elected to exercise their rights pursuant to the terms of the secured credit facility to (i) require that rents payable by tenants at the properties that are collateral to the secured credit facility be paid directly to the administrative agent and (ii) exercise all voting rights and other ownership rights in respect of all the equity interests in the subsidiaries of the Operating Partnership that are guarantors of the secured credit facility. Beginning on November 1, 2020, the Debtors filed the Chapter 11 Cases under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Bankruptcy Court authorized the Debtors to continue to operate their businesses and manage their properties as debtors-in-possession pursuant to the Bankruptcy Code. The Chapter 11 Cases are being jointly administered for procedural purposes only under the caption In re CBL & Associates Properties, Inc., et al. , Case No. 20-35226. The filing of the Chapter 11 Cases constituted an event of default with respect to certain property-level debt of the Operating Partnership’s subsidiaries. See Note 7 and Note 8 for further discussion. In connection with the Chapter 11 Cases, on August 11, 2021, the Bankruptcy Court entered an order, Docket No.1397 (Confirmation Order), confirming the Plan. On the Effective Date, the conditions to effectiveness of the Plan were satisfied and the Debtors emerged from the Chapter 11 Cases. The Company filed a notice of the Effective Date of the Plan with the Bankruptcy Court on November 1, 2021. On the Effective Date, in exchange for their approximately $ 1,375,000 in principal amount of senior unsecured notes and $ 133,000 in principal amount of the secured credit facility, Consenting Noteholders, other noteholders, and certain holders of unsecured claims against the Company received, in the aggregate, $ 95,000 in cash, $ 455,000 of new senior secured notes, $ 100,000 of new exchangeable secured notes, based upon the election by certain Consenting Noteholders, and 89 % in common equity of the newly reorganized company (subject to dilution, as set forth in the Plan). Certain Consenting Noteholders also provided $ 50,000 of new money in exchange for additional new exchangeable secured notes. Pursuant to the Plan the remaining lenders of the senior secured credit facility, holding $ 983,700 in principal amount, received $ 100,000 in cash and a new $ 883,700 secured term loan. Existing common and preferred shareholders each received 5.5 % of common equity in the newly reorganized company. On the Effective Date, the Company had an aggregate 20,000,000 shares of new common stock and units issued and outstanding. On the Effective Date, the Company reserved an additional (i) approximately 9,000,000 shares of new common stock for issuance upon the potential exercise of the new exchangeable notes and (ii) 3,222,222 shares of new common stock for issuance under an equity incentive plan. On the Effective Date, all prior equity interests of the Company issued and outstanding immediately prior to the Effective Date, including (1) CBL’s common stock, par value $ 0.01 per share and CBL’s preferred stock and related depositary shares and (2) the Operating Partnership’s limited partnership common interests and the limited partnership preferred interests related to CBL’s preferred stock, and any rights of any holder in respect thereof, were deemed cancelled, discharged and of no force or effect. Registration Rights Agreement Pursuant to the Plan, on the Effective Date, the Company and certain holders of the newly issued shares of common stock, par value $ 0.001 , of the Company executed a registration rights agreement. Pursuant to the registration rights agreement, the Company agreed to file with the SEC an initial shelf registration statement on Form S-11 as soon as practicable after the filing with the SEC of the Company’s Annual Report on Form 10-K for the year ending December 31, 2021 (including any portions thereof that are incorporated by reference into such Form 10-K from the Company’s definitive proxy statement for the Company’s 2022 annual meeting of shareholders), and to use reasonable best efforts to substitute this with a shelf registration on Form S-3 as soon as reasonably practicable following the Company’s becoming eligible to use such form. Any holder or group of holders will have the right to request that the Company include some or all the shares of new common stock held by them, including shares of new common stock issuable upon conversion of the exchangeable notes, in such initial shelf registration statement or shelf registration statement. The Company also agreed to file a “demand” shelf registration statement, or to facilitate a “takedown” of registrable securities in the form of an underwritten offering under any existing shelf registration statement, to the extent that (1) the registrable securities sought to be sold equal at least 5 % of all outstanding shares of new common stock on the date of any such request or (2) the anticipated aggregate gross offering price of such registrable securities is at least $ 25,000 (prior to the deduction of any underwriting discounts and commissions). The Company shall also not be required to file a “demand” registration statement if (a) the registrable securities proposed to be sold are already covered by an existing and effective registration statement that may utilized for the offer and sale of such registrable securities, or (b) there have previously been more than 6 such demands in the aggregate. On May 6, 2022, the Company filed a resale registration statement on Form S-11 covering the offer and sale, from time to time, of up to 12,380,260 shares of common stock by the selling shareholders named therein, pursuant to the requirements of the registration rights agreement. On June 9, 2023, the Company filed a post-effective amendment to convert the Form S-11 to a Form S-3 resale registration statement, which was declared effective by the SEC on June 22, 2023. The Company will not receive any proceeds from resales of shares of common stock by the selling shareholders pursuant to this registration statement. 2021 Equity Incentive Plan Following the Effective Date, the board of directors of the Company adopted the EIP. See Note 16 for additional information. Fifth Amended and Restated Operating Partnership Agreement On the Effective Date, under the terms of the Plan, affiliates of the Company entered into a Fifth Amended and Restated Agreement of Limited Partnership for the Operating Partnership (the “New OP Agreement”) with CBL (solely for purposes of acknowledging the provisions thereof) and the remaining holders of the old limited partnership preferred interests (the “Old LP Interests”) who elected to remain limited partners of the Operating Partnership following emergence. Pursuant to the Plan, the New OP Agreement supersedes and replaces in its entirety the Operating Partnership’s Fourth Amended and Restated Agreement of Limited Partnership, as amended (the “Old OP Agreement”), and all of the common units, special common units and preferred units of limited partnership of the Operating Partnership outstanding under the Old OP Agreement were cancelled and new common units (which, as of the Effective Date, are the only class of equity of the Operating Partnership outstanding) were issued to certain holders, as described in Note 9 . The New OP Agreement also eliminated the terms of all the classes of preferred units, as well as all the classes of special common units, that were defined in the Old OP Agreement. Second Amended and Restated Certificate of Incorporation In connection with the Company’s reorganization and emergence from its Chapter 11 Proceedings, as provided in the Plan, effective as of the Effective Date, CBL adopted a Second Amended and Restated Certificate of Incorporation (the “Updated COI”), which replaced and superseded the CBL’s Amended and Restated Certificate of Incorporation as it existed immediately prior to the Effective Date (the “Prior COI”), and also adopted the Fourth Amended and Restated Bylaws for CBL (the “Updated Bylaws”), which replaced and superseded CBL’s Third Amended and Restated Bylaws as they existed immediately prior to the Effective Date (the “Prior Bylaws”). Delisting of Common Stock and Depositary Shares On November 2, 2020, the NYSE announced that (i) it had suspended trading in the Company’s stock and (ii) it had determined to commence proceedings to delist the Company’s common stock, as well as the depositary shares each representing a 1/10th fractional share of the Company’s 7.375 % Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) and the depositary shares each representing a 1/10th fractional share of the Company’s 6.625 % Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”) , due to such securities no longer being suitable for listing based on “abnormally low” trading price levels, pursuant to Section 802.01D of the NYSE Listed Company Manual. The Company appealed this decision in accordance with NYSE rules. In the meantime, effective November 3, 2020, the Company’s common stock and the depositary shares representing fractional interests in its Series D Preferred Stock and Series E Preferred Stock began trading on the OTC Markets, operated by the OTC Markets Group, Inc., under the symbols CBLAQ, CBLDQ and CBLEQ, respectively. On November 2, 2021, the newly issued common stock of the reorganized company commenced trading on the NYSE under the symbol CBL . Reorganization Items Any expenses, gains and losses that were realized or incurred as of or subsequent to November 1, 2020, and as a direct result of the Chapter 11 Cases, were recorded in the line item “Reorganization items, net” in the Company’s consolidated statements of operations. For the Successor year ended December 31, 2022 and the Successor period from November 1, 2021 through December 31, 2021, reorganization items, net, was $ 298 and $( 1,403 ), respectively. For the Predecessor period from January 1, 2021 through October 31, 2021, the $( 435,162 ) of reorganization items, net, consists of $( 779,092 ) associated with remeasuring the value of the individual assets and liabilities of the Successor Company as of the Effective Date, $( 75,545 ) in professional fees and success fees, $( 1,211 ) in compensation associated with reorganization efforts and $( 1,741 ) of U.S. Trustee fees, offset by the gain on settlement of liabilities subject to compromise of $ 422,427 . For the Predecessor year ended December 31, 2020, the $( 35,977 ) of reorganization items consists of $( 10,347 ) in professional fees, $( 25,294 ) of unamortized deferred financing costs and debt discounts related to the secured credit facility and the senior unsecured notes, as well as $( 336 ) of U.S. Trustee fees. |
Fresh Start Accounting
Fresh Start Accounting | 12 Months Ended |
Dec. 31, 2023 | |
Fresh Start Accounting [Abstract] | |
Fresh Start Accounting | N OTE 19. FRESH START ACCOUNTING Fresh Start Upon emergence from bankruptcy, th e Company qualified for and adopted fresh start accounting in accordance with ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes because (1) the holders of the then existing common shares of the Predecessor received less than 50 percent of the new shares of common stock of the Successor outstanding upon emergence and (2) the reorganization value of the Company’s assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims. The Company elected to apply fresh start accounting using a convenience date of October 31, 2021. Management evaluated and concluded that the events on November 1, 2021 were not material to the Company’s financial reporting on both a quantitative and qualitative basis. The reorganization value derived from the range of equity values associated with the Plan was allocated to the Company’s identifiable tangible and intangible assets and liabilities based on their fair values. The Effective Date fair values of the Company’s assets and liabilities differ materially from their recorded values as reflected on the historical balance sheets. Reorganization Value Under ASC 852, the Successor determined a value to be assigned to the equity of the emerging entity as of the date of adoption of fresh start accounting. Based on the Company’s revised projections filed with the SEC on a Form 8-K on May 6, 2021, management and its investment bankers reassessed the value of the Company, resulting in an estimated range of shareholders’ equity between $ 50,000 and $ 550,000 . The Company engaged third-party valuation advisors to assist the Company in their determination of a point estimate of equity value within the range. Management concluded that the best point estimate of shareholders’ equity was $ 547,448 , which resulted in $ 553,535 of total equity, including noncontrolling interest in the Operating Partnership. The Company engaged valuation experts to assist management in the allocation of such enterprise value to the assets and liabilities for financial reporting purposes. The Company estimated enterprise value using a discounted cash flow approach. In order to estimate enterprise value, the Company estimated cash flows over a five-year period plus a residual value calculated using a capitalization rate of 10 % applied to the residual period cash flows, all of which were discounted to an estimated present value using the Company’s estimated weighted average cost of capital of 11 %. The estimated future cash flows were based on financial projections utilized by the Company’s investment bankers in deriving the range of equity value. The fair value of mortgage and other indebtedness and the 10 % senior secured notes were subtracted from and the balance of cash, cash equivalents and restricted cash was added to enterprise value to determine equity value. The fair value of mortgage and other indebtedness was estimated based on an analysis of collateral coverage, financial metrics and interest rate for each mortgage note payable relative to market rates (see below for a more detailed description). The most subjective and judgmental assumptions used in the determination of enterprise and equity value include the Company’s projected cash flows (projected revenues, operating expenses, capital expenditures and cash flows), capitalization and discount rates, and market interest rates for mortgage note payable obligations. The following table reconciles the enterprise value to the estimated fair value of the Successor’s common shares as of the Effective Date: Enterprise value, less cash $ 2,296,872 Less: Fair value of noncontrolling interest in consolidated subsidiaries ( 6,087 ) Enterprise value of the Company's interests, less cash 2,290,785 Plus: Cash, cash equivalents and restricted cash 330,282 Less: Fair value of mortgage and other indebtedness ( 1,678,619 ) Less: Fair value of 10% senior secured notes ( 395,000 ) Fair value of Successor total shareholders' equity $ 547,448 Shares and units issued upon emergence 20,000,000 Per share value $ 27.37 The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to the Company’s individual assets as of the Effective Date: Enterprise value, less cash $ 2,296,872 Plus: Cash, cash equivalents and restricted cash 330,282 Plus: Accounts payable and accrued liabilities 335,513 Reorganization value of Successor's assets $ 2,962,667 The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in the Company’s projections, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the financial projections, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company’s control. Accordingly, the Company cannot assure that the estimates, assumptions, valuations or financial projections will be realized and actual results could vary materially. Real Estate Assets In developing the fair value estimates for the portfolio of retail properties, all three traditional approaches to valuation were considered including the income approach, the sales comparison (market) approach and the cost approach. These valuation approaches have long been recognized as acceptable in the appropriate circumstances and in valuations of this type. Accordingly, all applicable properties were identified, investigated and examined by the valuation provider along with all intangible assets and liabilities associated with the properties. Furthermore, the valuation provider estimated the fair values and remaining useful lives ("RUL") of the related intangible assets and liabilities at the property-level, as applicable. In most cases, the properties included the following intangible assets/liabilities: · Above/below-market leases · In-place leases · Avoided lease origination costs (leasing commissions, tenant improvements, etc.) · Property-level debt For the valuation of the tangible assets of each property, all pertinent information such as blueprints and drawings, property tax statements, prior appraisals and cost segregation reports were utilized. In terms of methodology, the properties were valued via the income approach in order to estimate building values. Separate values for the underlying land and site improvements were developed via the cost approach. As part of the allocation process, the fair value of the following tangible components was estimated: · Land · Building(s) · Site Improvements Investment in Unconsolidated Affiliates The fair value of the Company’s investment in unconsolidated affiliates for fresh start accounting was determined by valuing the underlying real estate assets associated with each unconsolidated joint venture in the same manner as all real estate assets, described above. The Company then calculated the net asset or liability value of each joint venture by applying the net working capital balance to the fair value of the real estate assets and the amount outstanding under any associated mortgage notes. The percentage of ownership interest in each joint venture was applied to the net asset or liability value which resulted in the fair value of each unconsolidated affiliate. See Note 2 for further information related to the equity method of accounting. Right-of-Use Assets and Lease Liabilities The fair value of lease liabilities was measured as the present value of the remaining lease payments, as if the lease were a new lease as of the Effective Date. The Company used its incremental borrowing rate (“IBR”) as the discount rate in determining the present value of the remaining lease payments, which was determined by a third-party valuation advisor using a fundamental credit rating analysis and an implied market yield analysis based on the newly issued secured notes. Based upon the corresponding lease term, the IBR was approximately 12.0 %. Mortgage Notes Payable The fair value of the mortgage notes payable was estimated by a third-party valuation advisor based on an analysis of the Company’s collateral coverage, financial metrics and interest rate for each mortgage note payable relative to market rates. If there is a reasonable expectation that the debtor will be able to meet the financial obligations of the mortgage note payable, or the mortgage note payable is a recourse loan, then the value of the mortgage note is equal to the present value of the future mortgage note payments discounted at a rate of return commensurate with the risk associated with the mortgage note payments. If the debtor is unable, or if there is uncertainty if the debtor will be able, to meet the financial obligations of the mortgage note, then the value of the mortgage note payable is equal to the expected proceeds to be received through a liquidation of the underlying property at fair value. Consolidated Balance Sheet The adjustments included in the following fresh start consolidated balance sheet reflect the effects of the transactions contemplated by the Plan and executed by the Company on the Effective Date (reflected in the column “Reorganization Adjustments”), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column “Fresh Start Accounting Adjustments”). The explanatory notes provide additional information regarding the adjustments recorded. October 31, 2021 Predecessor Reorganization Fresh Start Successor ASSETS (1) Real estate assets: Land $ 625,098 $ — $ ( 23,083 ) (15) $ 602,015 Buildings and improvements 4,839,923 — ( 3,660,465 ) (15) 1,179,458 5,465,021 — ( 3,683,548 ) 1,781,473 Accumulated depreciation ( 2,252,275 ) — 2,252,275 (15) — 3,212,746 — ( 1,431,273 ) 1,781,473 Developments in progress 15,858 — — 15,858 Net investment in real estate assets 3,228,604 — ( 1,431,273 ) 1,797,331 Cash and cash equivalents 498,260 ( 238,053 ) (1) — 260,207 Receivables: Tenant 70,664 — ( 49,751 ) (16) 20,913 Other 4,056 1,254 (2) — 5,310 Mortgage and other notes receivable 397 — — 397 Investments in unconsolidated affiliates 246,823 — ( 124,982 ) (17) 121,841 In-place leases, net 6,895 — 406,635 (18) 413,530 Above market leases, net 3,611 — 241,385 (18) 244,996 Intangible lease assets and other assets 150,784 — ( 52,642 ) (19) 98,142 $ 4,210,094 $ ( 236,799 ) $ ( 1,010,628 ) $ 2,962,667 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Mortgage and other indebtedness, net $ 1,016,557 $ 1,032,508 (3) $ ( 370,446 ) (20) $ 1,678,619 10% senior secured notes - at fair value (carrying amount of $ 395,000 as of October 31, 2021) — 395,000 (4) — 395,000 Below market leases, net 5,576 — 153,667 (18) 159,243 Accounts payable and accrued liabilities 215,675 ( 7,431 ) (5) ( 31,974 ) (21) 176,270 Total liabilities not subject to compromise (1) 1,237,808 1,420,077 ( 248,753 ) 2,409,132 Liabilities subject to compromise 2,551,439 ( 2,551,439 ) (6) — — Commitments and contingencies Redeemable noncontrolling interests ( 1,032 ) 1,032 (7) — — Shareholders' equity: Successor common stock, $ .001 par value, 200,000,000 shares authorized, 20,774,716 issued and outstanding in 2021 — 20 (8) — 20 Predecessor preferred stock, $ .01 par value, 15,000,000 shares authorized: 7.375 % Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding in 2020 18 ( 18 ) (9) — — 6.625 % Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding in 2020 7 ( 7 ) (10) — — Predecessor common stock, $ .01 par value, 350,000,000 shares authorized, 196,569,917 issued and outstanding in 2020 1,976 ( 1,976 ) (11) — — Additional paid-in capital 1,986,769 487,721 (12) ( 1,927,062 ) (22) 547,428 Retained earnings (dividends in excess of cumulative earnings) ( 1,553,835 ) 405,864 (13) 1,147,971 (22) — Total shareholders' equity 434,935 891,604 ( 779,091 ) 547,448 Noncontrolling interests ( 13,056 ) 1,927 (14) 17,216 (23) 6,087 Total equity 421,879 893,531 ( 761,875 ) 553,535 $ 4,210,094 $ ( 236,799 ) $ ( 1,010,628 ) $ 2,962,667 (1) The following summarizes the change in cash and cash equivalents: Proceeds from exchangeable notes $ 50,000 Payment for the settlement to allowed unsecured claim holders ( 98,801 ) Payment for the settlement of the Predecessor secured credit facility ( 100,000 ) Payment of deferred financing fees for the exit credit agreement ( 1,192 ) Payment of expensed financing fees for the exchangeable notes and the secured notes ( 773 ) Payment of professional fees ( 27,170 ) Redemption of secured notes ( 60,117 ) $ ( 238,053 ) (2) Represents a receivable related to an overpayment of professional fees on the Effective Date. (3) The Plan’s reorganization adjustments in mortgage and other indebtedness, net, were as follows: Issuance of exit credit agreement $ 883,700 Issuance of exchangeable notes 150,000 Capitalization of deferred financing costs related to the exit credit agreement ( 1,192 ) $ 1,032,508 (4) Represents the issuance of the $ 455,000 secured notes and the subsequent $ 60,000 redemption on the secured notes. (5) The decrease in accounts payable and accrued liabilities represents the write-off of an existing liability related to Predecessor preferred shares. (6) Represents the settlement of liabilities subject to compromise in accordance with the Plan as follows: Liabilities subject to compromise $ 2,551,439 Issuance of exit credit agreement ( 983,700 ) Issuance of secured notes ( 555,773 ) Equity issued on the Effective Date in settlement of liabilities subject to compromise ( 487,479 ) Payment to various creditors ( 102,060 ) Gain on settlement of liabilities subject to compromise $ 422,427 (7) Represents the cancellation of Predecessor redeemable noncontrolling interests. (8) Represents the issuance of Successor equity. (9) Represents the cancellation of Predecessor Series D Preferred Stock. (10) Represents the cancellation of Predecessor Series E Preferred Stock. (11) The net change in Predecessor common stock is due to: Conversion of Predecessor equity $ 20 Cancellation of Predecessor common stock ( 1,996 ) Net change in Predecessor common stock $ ( 1,976 ) (12) The following summarizes the change in additional paid-in capital: Issuance of Successor common stock to creditors $ 487,462 Issuance of Successor common stock to Predecessor equity holders ( 2 ) Cancellation of Predecessor common stock and preferred stock 2,021 Other adjustments ( 1,760 ) $ 487,721 (13) The following summarizes the change in dividends in excess of cumulative earnings: Gain on settlement of liabilities subject to compromise $ 422,427 Payment of certain professional fees ( 16,563 ) $ 405,864 (14) Represents fresh start accounting adjustments to noncontrolling ownership interests. (15) Represents fair value adjustments to net investment in real estate assets. (16) Represents the elimination of Predecessor straight-line rent receivables. (17) Represents fair value adjustments to the Company’s investment in unconsolidated affiliates. (18) Represents the fair value adjustment to intangible lease assets. (19) The following summarizes the fair value adjustments, net, in intangible lease assets and other assets: Intangible lease assets $ ( 52,761 ) Corporate assets 293 Right-of-use lease assets ( 174 ) $ ( 52,642 ) (20) Represents fair value adjustments of $ 373,542 related to property-level debt, as well as the write-off of $ 3,096 in unamortized property-level deferred financing costs. (21) The following summarizes the fair value adjustments, net, in accounts payable and accrued liabilities: Investment in unconsolidated affiliates $ ( 31,682 ) Write-off of deferred revenue ( 91 ) Lease liabilities ( 201 ) $ ( 31,974 ) (22) Represents the cumulative effect of fresh start accounting adjustments discussed herein, including additional paid-in capital of approximately $ 60,000 to Predecessor shareholders and common unitholders, and the elimination of the Predecessor accumulated deficit. (23) Represents fresh start accounting adjustments to noncontrolling ownership interests. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | NO TE 20. SUBS EQUENT EVENTS In February 2024, the Company redeemed U.S. Treasury securities and used the proceeds to payoff the $ 15,190 loan secured by Brookfield Square Anchor Redevelopment. On February 12, 2024, the Company's board of directors declared a $ 0.40 per share regular quarterly dividend. In February 2024, the Company repurchased 59,411 shares of common stock at a total cost of $ 1,419 , which includes $ 2 in commissions, under the share repurchase program. |
Schedule III - REAL ESTATE ASSE
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | Schedu le III CBL & ASSOCIATES PROPERTIES, INC. REAL ESTATE ASSETS AND A CCUMULATED DEPRECIATION At December 31, 2023 (In thousands) Initial Cost (1) Gross Carry Amounts at Close of Period Description /Location Encumbrances (2) Land Buildings Costs Sales of Fresh Start Land Buildings Total (3) Accumulated (4) Date of MALLS: Alamance Crossing West $ 18,445 $ 8,344 $ 19,549 $ 240 $ ( 3,962 ) $ ( 11,969 ) $ 6,242 $ 5,960 $ 12,202 $ ( 935 ) 2007 Arbor Place 93,452 8,508 95,088 28,211 — ( 89,396 ) 3,050 39,361 42,411 ( 7,468 ) 1998-1999 Brookfield Square 15,339 8,996 78,533 100,088 ( 5,208 ) ( 146,235 ) 10,284 25,890 36,174 ( 6,900 ) 2001 CherryVale Mall — (5) 11,892 64,117 56,309 ( 1,667 ) ( 113,543 ) 5,360 11,748 17,108 ( 4,243 ) 2001 Cross Creek Mall 92,363 19,155 104,378 33,451 — ( 49,534 ) 4,372 103,078 107,450 ( 15,890 ) 2003 Dakota Square Mall — 4,552 87,625 27,451 — ( 96,630 ) 5,179 17,819 22,998 ( 2,883 ) 2012 East Towne Mall — (5) 4,496 63,867 64,119 ( 909 ) ( 123,012 ) 4,413 4,148 8,561 ( 2,309 ) 2002 Eastland Mall — 5,746 75,893 ( 71,318 ) ( 753 ) ( 5,600 ) 1,921 2,047 3,968 ( 629 ) 2005 Fayette Mall 119,303 25,205 84,256 108,443 — ( 87,361 ) 11,203 119,340 130,543 ( 13,958 ) 2001 Frontier Mall — (5) 2,681 15,858 21,574 ( 83 ) ( 31,588 ) 3,715 4,727 8,442 ( 1,441 ) 1984-1985 Hamilton Place 91,649 3,532 42,619 54,812 ( 2,933 ) ( 35,984 ) 9,091 52,955 62,046 ( 8,232 ) 1986-1987 Hanes Mall — (5) 17,176 133,376 50,944 ( 1,767 ) ( 147,963 ) 13,968 37,798 51,766 ( 6,215 ) 2001 Harford Mall — 8,699 45,704 17,714 — ( 65,736 ) 4,582 1,799 6,381 ( 736 ) 2003 Imperial Valley Mall — (5) 35,378 71,753 3,836 — ( 92,019 ) 4,810 14,138 18,948 ( 3,455 ) 2012 Jefferson Mall 53,526 13,125 40,234 28,046 ( 521 ) ( 70,099 ) 4,625 6,160 10,785 ( 2,731 ) 2001 Kirkwood Mall — (5) 3,368 118,945 40,569 — ( 126,278 ) 8,114 28,490 36,604 ( 3,767 ) 2012 Laurel Park Place — 13,289 92,579 ( 97,644 ) — ( 3,630 ) 751 3,843 4,594 ( 1,258 ) 2005 Layton Hills Mall — (5) 20,464 99,836 ( 13,356 ) ( 1,165 ) ( 74,968 ) 10,261 20,550 30,811 ( 2,590 ) 2005 Mall del Norte — (5) 21,734 142,049 58,203 ( 149 ) ( 148,232 ) 13,875 59,730 73,605 ( 8,760 ) 2004 Schedule III CBL & ASSOCIATES PROPERTIES, INC. REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION At December 31, 2023 (In thousands) Initial Cost (1) Gross Carry Amounts at Close of Period Description /Location Encumbrances (2) Land Buildings Costs Sales of Fresh Start Land Buildings Total (3) Accumulated (4) Date of Mayfaire Town Center $ — (5) $ 26,333 $ 101,087 $ 23,578 $ — $ ( 107,804 ) $ 7,165 $ 36,029 $ 43,194 $ ( 6,550 ) 2015 Meridian Mall — 2,797 103,678 62,528 — ( 150,764 ) 8,573 9,666 18,239 ( 3,286 ) 1998 Mid Rivers Mall — 16,384 170,582 ( 134,795 ) ( 4,174 ) ( 27,787 ) 9,191 11,019 20,210 ( 3,285 ) 2007 Monroeville Mall — 22,911 177,214 ( 136,413 ) — ( 36,624 ) 12,379 14,709 27,088 ( 3,457 ) 2004 Northgate Mall — (5) 2,330 8,960 24,019 ( 492 ) ( 23,815 ) 3,413 7,589 11,002 ( 1,389 ) 2011 Northpark Mall — 9,977 65,481 39,737 — ( 99,164 ) 7,084 8,947 16,031 ( 2,759 ) 2004 Northwoods Mall 54,086 14,867 49,647 30,358 ( 2,339 ) ( 52,958 ) 9,402 30,173 39,575 ( 6,638 ) 2001 Old Hickory Mall — 15,527 29,413 ( 32,628 ) ( 362 ) ( 9,431 ) 800 1,719 2,519 ( 822 ) 2001 The Outlet Shoppes at Gettysburg 20,646 20,779 22,180 ( 29,702 ) — ( 47 ) 7,822 5,388 13,210 ( 1,707 ) 2012 The Outlet Shoppes at Laredo 33,780 11,000 97,353 ( 65,798 ) — ( 26,318 ) 3,741 12,496 16,237 ( 1,588 ) 2017 Parkdale Mall and Crossing 58,216 22,060 29,842 ( 5,155 ) ( 874 ) ( 21,766 ) 11,364 12,743 24,107 ( 3,748 ) 2001 Parkway Place — 6,364 67,067 8,006 — ( 43,144 ) 10,067 28,226 38,293 ( 4,678 ) 2010 Pearland Town Center — (5) 16,300 108,615 25,794 ( 857 ) ( 106,531 ) 16,896 26,425 43,321 ( 4,826 ) 2008 Post Oak Mall — (5) 3,936 48,948 17,570 ( 327 ) ( 52,738 ) 6,206 11,183 17,389 ( 2,481 ) 1984-1985 Richland Mall — (5) 9,874 34,793 24,912 ( 1,225 ) ( 44,167 ) 8,793 15,394 24,187 ( 3,147 ) 2002 South County Center — 15,754 159,249 2,978 — ( 160,681 ) 11,165 6,135 17,300 ( 2,802 ) 2007 Southaven Towne Center — (5) 14,315 29,380 1,680 — ( 27,929 ) 10,163 7,283 17,446 ( 1,253 ) 2005 Southpark Mall 51,719 9,501 73,262 30,724 — ( 102,613 ) 4,193 6,681 10,874 ( 1,571 ) 2003 St. Clair Square — 11,027 75,620 36,384 — ( 82,113 ) 8,150 32,768 40,918 ( 6,017 ) 1996 Stroud Mall — 14,711 23,936 ( 24,533 ) — ( 5,698 ) 2,942 5,474 8,416 ( 1,517 ) 1998 Sunrise Mall — (5) 11,156 59,047 15,624 — ( 45,064 ) 14,999 25,764 40,763 ( 7,342 ) 2003 Turtle Creek Mall — (5) 2,345 26,418 18,631 — ( 26,937 ) 3,977 16,480 20,457 ( 4,108 ) 1993-1995 Valley View Mall — (5) 15,985 77,771 23,960 — ( 89,309 ) 9,499 18,908 28,407 ( 4,195 ) 2003 Schedule III CBL & ASSOCIATES PROPERTIES, INC. REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION At December 31, 2023 (In thousands) Initial Cost (1) Gross Carry Amounts at Close of Period Description /Location Encumbrances (2) Land Buildings Costs Sales of Fresh Start Land Buildings Total (3) Accumulated (4) Date of Volusia Mall $ 36,613 $ 2,526 $ 120,242 $ 21,689 $ ( 222 ) $ ( 128,334 ) $ 10,856 $ 5,045 $ 15,901 $ ( 1,883 ) 2004 West Towne Mall — (5) 8,912 83,084 45,324 — ( 84,533 ) 14,623 38,164 52,787 ( 7,094 ) 2002 Westmoreland Mall — (5) 4,621 84,215 35,926 ( 1,240 ) ( 107,620 ) 6,389 9,513 15,902 ( 4,437 ) 2002 York Galleria — 5,757 63,316 23,683 — ( 84,499 ) 1,767 6,490 8,257 ( 2,435 ) 1995 OTHER PROPERTIES: 840 Greenbrier Circle — 2,096 3,091 2,073 — ( 1,626 ) 1,387 4,247 5,634 ( 358 ) 2007 Annex at Monroeville — — 29,496 599 — ( 25,862 ) 1,454 2,779 4,233 ( 1,097 ) 2004 CBL Center — 1,332 24,675 2,622 — ( 17,030 ) 3,081 8,518 11,599 ( 1,102 ) 2001 CBL Center II — 22 13,648 1,333 — ( 9,880 ) 965 4,158 5,123 ( 354 ) 2008 CoolSprings Crossing 17,651 2,803 14,985 ( 2,843 ) — ( 10,291 ) 2,969 1,685 4,654 ( 458 ) 1991-1993 CoolSprings JC Penney — 3,573 2,193 — — — 3,573 2,193 5,766 ( 104 ) 2022 Courtyard at Hickory Hollow 4,568 3,314 2,771 482 ( 231 ) ( 1,181 ) 1,844 3,311 5,155 ( 425 ) 1998 Frontier Square 2,915 346 684 955 ( 86 ) 612 904 1,607 2,511 ( 196 ) 1985 Gunbarrel Pointe 16,660 4,170 10,874 4,490 — ( 5,974 ) 8,099 5,461 13,560 ( 708 ) 2000 Hamilton Corner 16,638 630 5,532 8,646 — ( 2,368 ) 4,981 7,459 12,440 ( 872 ) 1986-1987 Hamilton Crossing 11,688 4,014 5,906 7,416 ( 1,370 ) ( 5,550 ) 5,300 5,116 10,416 ( 666 ) 1987 Harford Annex 13,222 3,117 9,718 1,312 — ( 2,430 ) 3,117 8,600 11,717 ( 813 ) 2003 The Landing at Arbor Place 5,786 7,238 14,330 3,189 ( 2,242 ) ( 18,627 ) 1,587 2,301 3,888 ( 545 ) 1998-1999 Layton Convenience Center (5) — (5) — 8 3,215 — 1,947 3,574 1,596 5,170 ( 444 ) 2005 Layton Hills Plaza — (5) — 2 1,029 — 1,243 826 1,448 2,274 ( 187 ) 2005 Parkdale Corner 4,161 1,255 2,657 1 — ( 896 ) 1,305 1,712 3,017 ( 214 ) 2002 Pearland Office — (5) — 7,849 2,443 — ( 3,210 ) — 7,082 7,082 ( 1,317 ) 2009 The Plaza at Fayette 23,534 9,531 27,646 1,269 — ( 28,520 ) 2,527 7,399 9,926 ( 2,301 ) 2006 Schedule III CBL & ASSOCIATES PROPERTIES, INC. REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION At December 31, 2023 (In thousands) Initial Cost (1) Gross Carry Amounts at Close of Period Description /Location Encumbrances (2) Land Buildings Costs Sales of Fresh Start Land Buildings Total (3) Accumulated (4) Date of The Promenade D'lberville $ — $ 16,278 $ 48,806 $ 28,703 $ ( 706 ) $ ( 53,513 ) $ 8,728 $ 30,840 $ 39,568 $ ( 6,167 ) 2009 The Shoppes at Hamilton Place 19,023 5,837 16,326 773 — ( 10,827 ) 5,061 7,048 12,109 ( 1,514 ) 2003 The Shoppes at St. Clair Square 16,835 8,250 23,623 739 ( 5,044 ) ( 19,688 ) 2,782 5,098 7,880 ( 674 ) 2007 Sunrise Commons 8,665 1,013 7,525 2,024 — ( 2,845 ) 3,503 4,214 7,717 ( 578 ) 2003 The Terrace 17,651 4,166 9,929 11,072 — ( 9,404 ) 8,981 6,782 15,763 ( 793 ) 1997 West Towne Crossing 20,273 1,784 2,955 7,715 — 4,227 5,830 10,851 16,681 ( 922 ) 1998 WestGate Crossing 7,741 1,082 3,422 7,886 — ( 5,426 ) 2,047 4,917 6,964 ( 716 ) 1997 Westmoreland Crossing — (5) 2,898 21,167 9,320 — ( 23,389 ) 3,119 6,877 9,996 ( 3,915 ) 2002 OUTPARCELS: — — Outparcel properties 197,904 36,096 89,748 60,878 — 683 97,867 89,538 187,405 ( 10,769 ) Various DISPOSITIONS: — Westgate Mall — 2,149 23,257 43,429 ( 432 ) ( 68,403 ) — — — — 1995 Alamance Crossing — 12,509 43,303 32,992 ( 3,962 ) ( 84,842 ) — — — — 2007 Other — 39,662 19,125 ( 10,155 ) ( 5,715 ) 12,653 52,345 3,225 55,570 ( 410 ) Various Developments in progress consisting of construction and development properties — — — 8,900 — — — 8,900 8,900 — TOTALS $ 1,144,052 $ 729,554 $ 3,951,910 $ 838,280 $ ( 51,017 ) $ ( 3,658,582 ) $ 585,191 $ 1,224,954 $ 1,810,145 $ ( 228,034 ) (1) Initial cost represents the total cost capitalized including carrying cost at the end of the first fiscal year in which the property opened or was acquired. (2) Encumbrances represent the outstanding balance of the mortgage and other indebtedness balance at December 31, 2023, excluding debt discounts, if applicable. (3) The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $ 6.408 billion. (4) Depreciation for all properties is computed over the useful life which is generally 30 - 40 years for buildings, 10 - 20 years for certain improvements and 5 - 10 years for equipment and fixtures. (5) Encumbered by the secured term loan. Schedul e III CBL & ASSOCIATES PROPERTIES, INC. REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION At December 31, 2023 (In thousands) The changes in real estate assets and accumulated depreciation for the Successor years ended December 31, 2023 and 2022, the Successor period ended December 31, 2021 and the Predecessor period ended October 31, 2021 (in thousands): Successor Predecessor As of December 31, As of October 31, 2023 2022 2021 2021 REAL ESTATE ASSETS: Balance at beginning of period $ 1,800,888 $ 1,789,055 $ 1,797,332 $ 5,859,113 Additions during the period: Additions and improvements 42,267 37,080 5,599 31,278 Acquisitions of real estate assets — 5,766 — — Deductions during the period: Disposals, deconsolidations and accumulated depreciation on impairments ( 33,010 ) ( 30,752 ) ( 13,876 ) ( 250,136 ) Fresh start accounting adjustments — — — ( 3,683,547 ) Transfers from real estate assets — ( 261 ) — ( 11,209 ) Impairment of real estate assets — — — ( 148,167 ) Balance at end of period $ 1,810,145 $ 1,800,888 $ 1,789,055 $ 1,797,332 ACCUMULATED DEPRECIATION: Balance at beginning of period $ 136,901 $ 19,937 $ — $ 2,241,421 Depreciation expense 104,153 123,695 20,543 152,973 Fresh start accounting adjustments — — — ( 2,252,275 ) Transfers from real estate assets — 15 — — Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired ( 13,020 ) ( 6,746 ) ( 606 ) ( 142,119 ) Balance at end of period $ 228,034 $ 136,901 $ 19,937 $ — |
Schedule IV - MORTGAGE NOTES RE
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | Schedu le IV CBL & ASSOCIATES PROPERTIES, INC. MORTGAGE NOTES RECEIVABLE ON REAL ESTATE At December 31, 2023 (In thousands) The changes in mortgage notes receivable were as follows (in thousands): Successor Predecessor Year Ended December 31, Period from November 1, 2021 through December 31, Period from January 1, 2021 through October 31, 2023 2022 2021 2021 Beginning balance $ — $ — $ — $ 1,100 Payments — — — — Write-Offs — — — ( 1,100 ) Ending balance $ — $ — $ — $ — |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of the Successor Company and the Predecessor Company, as well as entities in which the Successor Company or the Predecessor Company has a controlling financial interest or entities where the Successor Company or the Predecessor Company is deemed to be the primary beneficiary of a VIE. For entities in which the Successor Company or the Predecessor Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Successor Company's or the Predecessor Company’s share of the net earnings or losses of these entities is included in consolidated net income (loss). The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. |
Accounting Guidance Adopted and Not Yet Adopted | Accounting Guidance Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform , which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the market transition from LIBOR and other interbank offered rates to alternative reference rates. Additional optional expedients, exceptions and clarifications were created in ASU 2021-01. The guidance was effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2024. The Successor Company elected the expedients in conjunction with transitioning certain debt instruments to alternative benchmark indexes. During the year ended December 31, 2023, there was no impact on the Successor Company's consolidated financial statements at adoption through the use of the expedient. Accounting Guidance Not Yet Adopted On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting , which amends the existing standard's disclosure requirements. Among other things, ASU 2023-07 will require companies to disclose significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker ("CODM") and disclosures of the CODM's title and position, as well as details of how the CODM uses the reported measures. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The adoption of ASU 2023-07 is not expected to have a material impact on the Successor Company's financial statements. |
Real Estate Assets | Real Estate Assets The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives. All real estate assets acquired prior to and after the Effective Date have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in intangible lease assets and other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. The Successor Company expects its future acquisitions will be accounted for as acquisitions of assets in which related transaction costs will be capitalized. Depreciation is computed on a straight-line basis over estimated lives of 30 years for buildings, 10 to 20 years for certain improvements and 5 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method. The Successor Company’s intangibles and their balance sheet classifications as of December 31, 2023 and 2022, respectively, are summarized as follows: Successor December 31, 2023 December 31, 2022 Cost Accumulated Cost Accumulated Above-market leases $ 232,638 $ ( 113,965 ) $ 241,048 $ ( 69,783 ) In-place leases 372,596 ( 214,957 ) 396,515 ( 149,018 ) Intangible lease assets and other assets: Tenant relationships 2,578 ( 63 ) 2,523 ( 12 ) Below-market leases 145,406 ( 64,998 ) 153,273 ( 42,657 ) These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related unamortized intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The total net amortization expense of the above intangibles for the Successor Company for the years ended December 31, 2023 and 2022, was $ 105,964 and $ 152,174 , respectively. The total net amortization expense of the above intangibles for the Successor Company for the period from November 1, 2021 through December 21, 2021 was $ 32,164 . The total net amortization expense of the above intangibles for the Predecessor Company for the period from January 1, 2021 through October 31, 2021 was $ 1,195 . The estimated total net amortization expense for the next five succeeding years is $ 66,296 in 2024, $ 44,015 in 2025, $ 28,400 in 2026, $ 18,113 in 2027 and $ 12,135 in 2028. The Successor Company capitalized interest expense of $ 453 , $ 618 and $ 216 for the years ended December 31, 2023 and 2022 and the period from November 1, 2021 through December 31, 2021, respectively. The Predecessor Company did no t capitalize interest expense during the period from January 1, 2021 through October 31, 2021. |
Accounts Receivable | Accounts Receivable Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is in dispute are assessed for collectability based on management’s best estimate of collection considering the anticipated outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable is reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues. Management’s collection assessment took into consideration the type of retailer, billing disputes, lease negotiation status and executed deferral or abatement agreements, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation. For the Successor year ended December 31, 2023, the Successor Company recorded $ 1,647 related to uncollectable revenues, which includes the write-off of $ 346 for straight line rent receivables. For th e Successor year ended December 31, 2022, t here was a reversal of $ 4,463 related to uncollectable revenues, which includes the write-off of $ 102 for straight line ren t receivables. For the period November 1, 2021 through December 31, 2021, the Successor Company recorded $ 1,008 associated with uncollectable revenues, which includes the write-off of $ 1,717 for straight line rent receivables. For the period from January 1, 2021 through October 31, 2021 the Predecessor Company recorded $ 5,692 associated with uncollectable revenues, which includes the write-off of $ 2,806 for straight line rent receivables. |
Carrying Value of Long-Lived Assets | Carrying Value of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. The Company uses significant judgement in assessing events or circumstances which might indicate impairment, including but not limited to, changes in management’s intent to hold a long-lived asset over its previously estimated useful life. Changes in management’s intent to hold a long-lived asset have a significant impact on the estimated undiscounted cash flows expected to result from the use and eventual disposition of a long-lived asset and whether a potential impairment loss shall be measured. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s use and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. The Company estimates future operating cash flows, the terminal capitalization rate and the discount rate, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. See Note 15 for information related to the impairment of long-lived assets in 2023, 2022 and 2021 . |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents. |
Restricted Cash | Restricted Cash As of December 3 1, 2023 and 2022, restricted cash was related to cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances as required by the terms of certain mortgage notes payable, as well as amounts related to cash management agreements with the Company’s lenders that are designated for debt service and operating expense obligations. As of December 31, 2023 and 2022, restricted cash was also related to properties that secure the corporate term loan and the open-air centers and outparcels loan of which we may receive a portion via distributions semiannually and quarterly in accordance with the provisions of the term loan and the open-air centers and outparcels loan, respectively. |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment. Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the cash contributed by the Company and the fair value of any real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the fair value of the ownership interest retained and as a sale of real estate with profit recognized to the extent of the other joint venture partners’ interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met. The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company’s cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements. On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. No impairment charges were recorded for the Successor years ended December 31, 2023 and 2022. Additionally, no impairment charges were recorded for the period from November 1, 2021 through December 31, 2 021 (Successor) or for the period from January 1, 2021 through October 31, 2021 (Predecessor). |
Deferred Financing Costs | Deferred Financing Costs Unamortized financing costs of $ 13,221 and $ 17,101 for the Successor Company were included in mortgage and other indebtedness, net, at December 31, 2023 and 2022, respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. Amortization expense related to deferred financing costs for the Successor Company for the years ended December 31, 2023 and 2022 and for the period November 1, 2021 through December 31, 2021 was $ 4,572 , $ 2,744 and $ 51 , respectively. Amortization expense related to deferred financing costs for the Predecessor Company for the period from January 1, 2021 through October 31, 2021 was $ 814 . Accumulated amortization of deferred financing costs was $ 7,180 and $ 2,733 for the Successor Company as of December 31, 2023 and 2022, respectively. See Note 19 for information regarding unamortized financing costs of the Predecessor that were charged to expense in connection with Fresh Start Accounting. |
Revenue Recognition | Revenue Recognition See Note 3 and Note 4 for a description of the Company's revenue streams. |
Gain on Sales of Real Estate Assets | Gain on Sales of Real Estate Assets Gains on the sale of real estate assets, like all non-lease related revenue, are subject to a five-step model requiring that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue upon satisfaction of the performance obligations. In circumstances where the Company contracts to sell a property with material post-sale involvement, such involvement must be accounted for as a separate performance obligation in the contract and a portion of the sales price allocated to each performance obligation. When the post-sale involvement performance obligation is satisfied, the portion of the sales price allocated to it will be recognized as gain on sale of real estate assets. Property dispositions with no continuing involvement will continue to be recognized upon closing of the sale. |
Income Taxes | Income Taxes The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and propert y, and to federal income and excise taxes on its undistributed income. For the years ended December 31, 2023 and 2022 and for the period November 1, 2021 through December 31, 2021, the Successor Company had state tax expense of $ 823 , $ 1,631 and $ 142 , respectively . State tax expense for the Predecessor Company was $ 2,992 during the period from January 1, 2021 through October 31, 2021. The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in the Company’s judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable. The Successor and Predecessor Company recorded an income tax (provision) benefit as follows: Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Current tax provision $ ( 2,177 ) $ ( 1,951 ) $ ( 4,968 ) $ ( 1,078 ) Deferred tax benefit (provision) 1,283 ( 1,128 ) 10,853 — Income tax (provision) benefit $ ( 894 ) $ ( 3,079 ) $ 5,885 $ ( 1,078 ) The Successor Company had a net deferred tax ass et of $ 10,958 and $ 9,726 at December 31, 2023 and 2022, respectively, which is included in intangible lease assets and other assets. As of December 31, 2023, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2023, 2022, 2021 and 2020. The Company reports any income tax penalties attributable to its properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its consolidated statements of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Successor Company incurred nominal interest and penalty amounts during the years ended December 31, 2023 and 2022 and for the period from November 1, 2021 through December 31, 2021. The Predecessor Company incurred nominal interest and penalty amounts during the period from January 1, 2021 through October 31, 2021. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but it monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies; however, no single tenant collectively accounted for more than 5.0 % of the Successor Company’s revenues for the year ended December 31, 2023. |
Earnings per Share and Earnings per Unit | Earnings per Share Earnings per share ("EPS") is calculated under the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards to certain employees under its share-based compensation program, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends. Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Performance stock units ("PSUs") and unvested restricted stock awards are contingently issuable common shares and are included in diluted EPS if the effect is dilutive. See Note 16 for a description of the long-term incentive program that these units relate to. The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts): Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Basic earnings per share Net income (loss) attributable to the Company $ 6,546 $ ( 93,482 ) $ ( 151,545 ) $ ( 470,627 ) Less: Dividends allocable to unvested restricted stock ( 1,113 ) ( 2,537 ) — — Net income (loss) attributable to common shareholders $ 5,433 $ ( 96,019 ) $ ( 151,545 ) $ ( 470,627 ) Weighted-average basic shares outstanding 31,303 30,046 20,208 196,591 Net income (loss) per share attributable to common shareholders $ 0.17 $ ( 3.20 ) $ ( 7.50 ) $ ( 2.39 ) Diluted earnings per share (1) Net income (loss) attributable to common shareholders $ 5,433 $ ( 96,019 ) $ ( 151,545 ) $ ( 470,627 ) Weighted-average basic shares outstanding 31,303 30,046 20,208 196,591 Net income (loss) per share attributable to common shareholders $ 0.17 $ ( 3.20 ) $ ( 7.50 ) $ ( 2.39 ) (1) For the Successor year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597 , including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the Successor year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Successor reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521 , including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards. There were no potential dilutive common shares and there were no anti-dilutive shares for the Successor period from November 1, 2021 through December 31, 2021. There were no potential dilutive common shares and there were no anti-dilutive shares for the Predecessor period from January 1, 2021 through October 31, 2021. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
ORGANIZATION (Tables)
ORGANIZATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Properties Owned by Operating Partnership | As of December 31, 2023, the Operating Partnership owned interests in the following properties: Malls (1) Outlet Centers (1) Lifestyle Centers (1)(2) Open-Air Centers (3) Other (3)(4) Total Consolidated Properties 40 2 4 21 4 71 Unconsolidated Properties (5) 7 3 1 8 1 20 Total 47 5 5 29 5 91 (1) The Company has aggregated malls, outlet centers and lifestyle centers into one reportable segment (the “Malls”) because they have similar economic characteristics and they provide similar products and services to similar types of, and in many cases, the same tenants. (2) Alamance Crossing is made up of Alamance Crossing East and Alamance Crossing West. Alamance Crossing East was deconsolidated and placed into receivership in connection with foreclosure process. Alamance Crossing West remains consolidated. The Company views Alamance Crossing as one property and therefore only Alamance Crossing West is reflected in the total count. (3) Included in “All Other” for purposes of segment reporting. (4) CBL's two consolidated corporate office buildings are included in the Other category. (5) The Operating Partnership accounts for these investments using the equity method. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Intangible Assets and Balance Sheet Classifications | The Successor Company’s intangibles and their balance sheet classifications as of December 31, 2023 and 2022, respectively, are summarized as follows: Successor December 31, 2023 December 31, 2022 Cost Accumulated Cost Accumulated Above-market leases $ 232,638 $ ( 113,965 ) $ 241,048 $ ( 69,783 ) In-place leases 372,596 ( 214,957 ) 396,515 ( 149,018 ) Intangible lease assets and other assets: Tenant relationships 2,578 ( 63 ) 2,523 ( 12 ) Below-market leases 145,406 ( 64,998 ) 153,273 ( 42,657 ) |
Schedule of Income Tax Provision | The Successor and Predecessor Company recorded an income tax (provision) benefit as follows: Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Current tax provision $ ( 2,177 ) $ ( 1,951 ) $ ( 4,968 ) $ ( 1,078 ) Deferred tax benefit (provision) 1,283 ( 1,128 ) 10,853 — Income tax (provision) benefit $ ( 894 ) $ ( 3,079 ) $ 5,885 $ ( 1,078 ) |
Summary of Basic and Diluted EPS | The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts): Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Basic earnings per share Net income (loss) attributable to the Company $ 6,546 $ ( 93,482 ) $ ( 151,545 ) $ ( 470,627 ) Less: Dividends allocable to unvested restricted stock ( 1,113 ) ( 2,537 ) — — Net income (loss) attributable to common shareholders $ 5,433 $ ( 96,019 ) $ ( 151,545 ) $ ( 470,627 ) Weighted-average basic shares outstanding 31,303 30,046 20,208 196,591 Net income (loss) per share attributable to common shareholders $ 0.17 $ ( 3.20 ) $ ( 7.50 ) $ ( 2.39 ) Diluted earnings per share (1) Net income (loss) attributable to common shareholders $ 5,433 $ ( 96,019 ) $ ( 151,545 ) $ ( 470,627 ) Weighted-average basic shares outstanding 31,303 30,046 20,208 196,591 Net income (loss) per share attributable to common shareholders $ 0.17 $ ( 3.20 ) $ ( 7.50 ) $ ( 2.39 ) (1) For the Successor year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597 , including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the Successor year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Successor reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521 , including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards. There were no potential dilutive common shares and there were no anti-dilutive shares for the Successor period from November 1, 2021 through December 31, 2021. There were no potential dilutive common shares and there were no anti-dilutive shares for the Predecessor period from January 1, 2021 through October 31, 2021. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents the Company's revenues disaggregated by revenue source: Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Rental revenues $ 513,957 $ 542,247 $ 103,252 $ 450,922 Revenues from contracts with customers (ASC 606): Operating expense reimbursements 7,395 7,873 1,173 6,542 Management, development and leasing fees (1) 7,917 7,158 1,500 5,642 Marketing revenues (2) 3,567 2,819 2,112 1,571 18,879 17,850 4,785 13,755 Other revenues 2,450 2,914 809 3,352 Total revenues (3) $ 535,286 $ 563,011 $ 108,846 $ 468,029 (1) Included in All Other segment. (2) Marketing revenues solely relate to the Malls segment for all years presented. (3) Sales taxes are excluded from revenues. |
Schedule of Expected Recognition of Remaining Performance Obligation | As of December 31, 2023, the Company expects to recognize these amounts as revenue over the following periods: Performance obligation Less than 5 5 -20 Over 20 Total Fixed operating expense reimbursements $ 19,307 $ 42,944 $ 38,966 $ 101,217 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Revenue | The components of rental revenues are as follows: Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Fixed lease payments $ 397,047 $ 396,755 $ 75,740 $ 271,221 Variable lease payments 116,910 145,492 27,512 179,701 Total rental revenues $ 513,957 $ 542,247 $ 103,252 $ 450,922 |
Schedule of Undiscounted Future Lease Payments to be Received | The undiscounted future fixed lease payments to be received under the Company's operating leases as of December 31, 2023, are as follows: Years Ending December 31, Operating Leases 2024 $ 383,175 2025 307,089 2026 234,757 2027 175,642 2028 123,910 Thereafter 285,909 Total undiscounted lease payments $ 1,510,482 |
Unconsolidated Affiliates (Tabl
Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Condensed Combined Financial Statement Information - Unconsolidated Affiliates | Condensed combined financial statement information of the unconsolidated affiliates is as follows: December 31, December 31, ASSETS: Investment in real estate assets $ 2,010,269 $ 1,971,348 Accumulated depreciation ( 886,712 ) ( 829,574 ) 1,123,557 1,141,774 Developments in progress 17,261 10,914 Net investment in real estate assets 1,140,818 1,152,688 Other assets 200,289 170,756 Total assets $ 1,341,107 $ 1,323,444 LIABILITIES: Mortgage and other indebtedness, net $ 1,368,031 $ 1,333,152 Other liabilities 45,577 33,419 Total liabilities 1,413,608 1,366,571 OWNERS' EQUITY (DEFICIT): The Company 12,290 3,123 Other investors ( 84,791 ) ( 46,250 ) Total owners' deficit ( 72,501 ) ( 43,127 ) Total liabilities and owners’ deficit $ 1,341,107 $ 1,323,444 Year Ended December 31, 2023 2022 2021 Total revenues $ 255,283 $ 260,275 $ 251,933 Net income (1) $ 38,434 $ 137,454 $ 58,596 (1) The Successor Company's and the Predecessor Company's pro rata share of net income (loss) is included in equity in earnings (losses) of unconsolidated affiliates for each period presented in the accompanying consolidated statements of operations. The Company's pro rata share of net income was $ 11,865 and $ 19,796 for the Successor years ended December 31, 2023 and 2022, respectively. The Successor Company’s pro rata share of net income was $ 797 for the period from November 1, 2021 through December 31, 2021. The Predecessor Company’s pro rata share of net loss was $ 10,823 for the period from January 1, 2021 through October 31, 2021. |
Mortgage and Other Indebtedne_2
Mortgage and Other Indebtedness, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Pre-Emergence Net Mortgage Notes Payable | The Company's mortgage and other indebtedness, net, consisted of the following: December 31, 2023 December 31, 2022 Amount Weighted- (1) Amount Weighted- (1) Fixed-rate debt: Open-air centers and outparcels loan (2) $ 179,180 6.95 % $ 180,000 6.95 % Non-recourse loans on operating properties 736,573 5.30 % 843,634 4.90 % Total fixed-rate debt 915,753 5.63 % 1,023,634 5.26 % Variable-rate debt: Secured term loan 799,914 8.21 % 829,452 6.87 % Open-air centers and outparcels loan (2) 179,180 9.44 % 180,000 8.22 % Non-recourse loans on operating properties 33,780 8.84 % 38,250 7.37 % Recourse loan on an operating property 15,339 8.24 % 18,240 (3) 7.02 % Total variable-rate debt 1,028,213 8.44 % 1,065,942 7.12 % Total fixed-rate and variable-rate debt 1,943,966 7.12 % 2,089,576 6.21 % Unamortized deferred financing costs ( 13,221 ) ( 17,101 ) Debt discounts (4) ( 41,942 ) ( 72,289 ) Total mortgage and other indebtedness, net $ 1,888,803 $ 2,000,186 (1) Weighted-average interest rate excludes amortization of deferred financing costs. (2) The interest rate is a fixed 6.95 % for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10 %. 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 % . (3) The loan secured by Brookfield Square Anchor Redevelopment is non-recourse. The loan balance was reclassified from non-recourse loans on operating properties to recourse loan on an operating property to conform to the current year presentation due to the separate Operating Partnership guaranty of the loan. The guaranty has been in place since inception of the loan. Subsequent to December 31, 2023, the loan was paid off removing the guaranty. See Note 20 for additional information. (4) In conjunction with fresh start accounting, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing a debt discount on the Effective Date. The debt discount is accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at December 31, 2023 will be accreted over a weighted average period of 2.4 years. |
Schedule of Pre-Emergence Principal Payments | As of December 31, 2023, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, are as follows: 2024 $ 180,687 2025 933,531 2026 407,638 2027 359,255 2028 950 Thereafter 61,905 Total mortgage and other indebtedness $ 1,943,966 |
Schedule of Effective Portion of Changes In The Fair Value of Derivatives Designated As, and That Qualify As, Cash Flow Hedges | The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Instrument Type Location in the Consolidated Balance Sheet Notional Index Fair Value at December 31, 2023 Maturity Date Pay fixed/Receive variable swap Intangible lease assets and other assets $ 32,000 1-month USD-SOFR CME $ 338 Jun-27 Gain Recognized in Other Comprehensive Income (Loss) Gain Recognized in Earnings Year Ended December 31, Year Ended December 31, Hedging Instrument 2023 2022 Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings 2023 2022 Interest rate swap $ 338 $ — Interest Expense $ 416 $ — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Dividends Declared and Paid for Income Tax Purposes | The allocations of dividends declared and paid for income tax purposes for the Successor years ended December 31, 2023 and 2022 are as follows (income tax allocations were not applicable in 2021 due to the Company not paying any dividends during the year): Year Ended December 31, 2023 2022 Dividends declared: Common stock $ 1.50 $ 2.95 Allocations: Common stock Ordinary income 87.70 % 98.58 % Capital gains 12.30 % 1.42 % Return of capital — % — % Total 100.00 % 100.0 % |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Redeemable Noncontrolling Interests And Noncontrolling Interests [Abstract] | |
Schedule of Variable Interest Entities | The table below lists the Successor Company's consolidated VIEs as of December 31, 2023 and 2022, which does not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership: As of December 31, As of December 31, 2023 2022 Assets Liabilities Assets Liabilities Consolidated VIEs: Atlanta Outlet Outparcels, LLC $ 807 $ — $ 819 $ — CBL Terrace LP 16,861 18,124 16,922 18,148 Gettysburg Outlet Center Holding, LLC 11,847 18,446 13,360 16,039 Gettysburg Outlet Center, LLC 2,940 — 3,058 — Jarnigan Road LP 14,202 19,869 17,437 1,300 Jarnigan Road II, LLC 18,148 16,905 16,475 19,964 Laredo Outlet JV, LLC 21,333 35,818 23,443 34,886 Lebcon Associates 89,006 103,342 90,429 100,436 Lebcon I, Ltd 11,539 12,146 11,756 12,128 Louisville Outlet Outparcels, LLC 538 — 538 — Statesboro Crossing, LLC — — 797 — $ 187,221 $ 224,650 $ 195,034 $ 202,901 The table below lists the Successor Company's unconsolidated VIEs as of December 31, 2023: Unconsolidated VIEs: Investment in Maximum Alamance Crossing CMBS, LLC (1) $ — $ — Ambassador Infrastructure, LLC (2) — 5,749 Atlanta Outlet JV, LLC — — BI Development, LLC 127 127 BI Development II, LLC 16 16 CBL-T/C, LLC — — CBL-TRS Med OFC Holding, LLC (3) 1,279 1,362 El Paso Outlet Center Holding, LLC — — Fremaux Town Center JV, LLC — — Louisville Outlet Shoppes, LLC — — Mall of South Carolina L.P. — — Vision - CBL Hamilton Place, LLC 2,185 2,185 Vision - CBL Mayfaire TC Hotel, LLC 3,987 3,987 Westgate Mall CMBS, LLC (1) — — $ 7,594 $ 13,426 (1) During the year ended December 31, 2023, the property was placed into receivership. (2) The Operating Partnership has guaranteed all or a portion of the debt. See Note 14 for more information. (3) The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, the joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50 % interest. See Note 14 for more information. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Information on Reportable Segments | Information on the Company’s reportable segments is presented as follows: Year Ended December 31, 2023 (Successor) Malls (1) All (2) Total Revenues (3) $ 458,019 $ 77,267 $ 535,286 Property operating expenses (4) ( 171,731 ) ( 15,408 ) ( 187,139 ) Interest expense ( 77,927 ) ( 94,978 ) ( 172,905 ) Gain on sales of real estate assets — 5,125 5,125 Other expense — ( 221 ) ( 221 ) Segment profit (loss) $ 208,361 $ ( 28,215 ) 180,146 Depreciation and amortization ( 190,505 ) General and administrative expense ( 64,066 ) Litigation settlement 2,310 Interest and other income 13,199 Gain on extinguishment of debt 3,270 Gain on deconsolidation 47,879 Income tax provision ( 894 ) Equity in earnings of unconsolidated affiliates 11,865 Net income $ 3,204 Total assets $ 1,546,610 $ 859,295 $ 2,405,905 Capital expenditures (5) $ 22,020 $ 20,246 $ 42,266 Year Ended December 31, 2022 (Successor) Malls (1) All (2) Total Revenues (3) $ 485,014 $ 77,997 $ 563,011 Property operating expenses (4) ( 174,593 ) ( 17,137 ) ( 191,730 ) Interest expense ( 142,015 ) ( 75,327 ) ( 217,342 ) Gain on sales of real estate assets — 5,345 5,345 Other expense — ( 834 ) ( 834 ) Segment profit (loss) $ 168,406 $ ( 9,956 ) 158,450 Depreciation and amortization ( 256,310 ) General and administrative expense ( 67,215 ) Litigation settlement 304 Interest and other income 4,938 Gain on extinguishment of debt 7,344 Loss on available-for-sale securities ( 39 ) Reorganization items, net 298 Loss on impairment ( 252 ) Gain on deconsolidation 36,250 Income tax provision ( 3,079 ) Equity in earnings of unconsolidated affiliates 19,796 Net loss $ ( 99,515 ) Total assets $ 1,695,813 $ 982,430 $ 2,678,243 Capital expenditures (5) $ 28,744 $ 14,200 $ 42,944 For the Period from November 1, 2021 through December 31, 2021 (Successor) Malls (1) All (2) Total Revenues (3) $ 95,057 $ 13,789 $ 108,846 Property operating expenses (4) ( 29,801 ) ( 2,636 ) ( 32,437 ) Interest expense ( 181,300 ) ( 14,188 ) ( 195,488 ) Gain (loss) on sales of real estate assets 20 ( 23 ) ( 3 ) Other expense — ( 3 ) ( 3 ) Segment loss $ ( 116,024 ) $ ( 3,061 ) ( 119,085 ) Depreciation and amortization ( 49,504 ) General and administrative expense ( 9,175 ) Litigation settlement 118 Interest and other income 510 Gain on deconsolidation 19,126 Reorganization items ( 1,403 ) Income tax benefit 5,885 Equity in earnings of unconsolidated affiliates 797 Net loss $ ( 152,731 ) Total assets $ 1,961,061 $ 984,918 $ 2,945,979 Capital expenditures (5) $ 3,415 $ 1,368 $ 4,783 Period from January 1, through October 31, 2021 (Predecessor) Malls (1) All (2) Total Revenues (3) $ 411,280 $ 56,749 $ 468,029 Property operating expenses (4) ( 143,018 ) ( 12,991 ) ( 156,009 ) Interest expense ( 70,275 ) ( 2,140 ) ( 72,415 ) Gain on sales of real estate assets 6,063 6,124 12,187 Other expense ( 65 ) ( 680 ) ( 745 ) Segment profit $ 203,985 $ 47,062 251,047 Depreciation and amortization ( 158,574 ) General and administrative expense ( 43,160 ) Litigation settlement 932 Interest and other income 2,055 Reorganization items, net ( 435,162 ) Gain on deconsolidation 55,131 Loss on impairment ( 146,781 ) Income tax provision ( 1,078 ) Equity in losses of unconsolidated affiliates ( 10,823 ) Net loss $ ( 486,413 ) Capital expenditures (5) $ 21,662 $ 8,862 $ 30,524 (1) The Malls category includes malls, lifestyle centers and outlet centers. (2) The All Other category includes open-air centers, outparcels, office buildings, hotels, self-storage facilities, corporate-level debt and the Management Company. (3) Management, development and leasing fees are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments. (4) Property operating expenses include property operating, real estate taxes and maintenance and repairs. (5) Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
Supplemental and Noncash Info_2
Supplemental and Noncash Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities for the years ended December 31, 2023 and 2022, the Successor period from November 1, 2021 to December 31, 2021, and the Predecessor period from January 1, 2021 to October 31, 2021 were as follows: Successor Predecessor Year Ended December 31, Period from November 1, through December 31, Period from January 1, through October 31, 2023 2022 2021 2021 Additions to real estate assets accrued but not yet paid $ 8,749 $ 9,242 $ 11,108 $ 11,066 Accrued dividends and distributions payable — 70,058 — — Deconsolidation upon loss of control (1) : Decrease in real estate assets ( 14,419 ) ( 18,810 ) ( 12,873 ) ( 84,860 ) Decrease in mortgage and other indebtedness 63,339 56,226 27,733 134,354 Decrease in operating assets and liabilities 6,409 5,686 4,266 5,808 Decrease in intangible lease and other assets ( 7,450 ) ( 6,852 ) — ( 171 ) Settlement of mortgage debt obligations (2) : Decrease in mortgage and other indebtedness 3,270 3,857 — — Decrease in operating assets and liabilities — 3,487 — — Conversion of exchangeable notes: Decrease in mortgage and other indebtedness — 150,000 — — Decrease in operating assets and liabilities — 2,537 — — Increase in shareholders' equity — ( 152,537 ) — — (1) See Note 7 for more information. (2) See Note 8 for more information. |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantees | The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying consolidated balance sheets as of December 31, 2023 and 2022: As of December 31, 2023 Obligation Unconsolidated Affiliate Company's Outstanding Percentage Maximum Debt (1) December 31, 2023 December 31, 2022 West Melbourne I, LLC - Phase I 50 % $ 35,337 50 % $ 17,669 Feb-2025 (2) $ 177 $ 185 West Melbourne I, LLC - Phase II 50 % 11,106 50 % 5,553 Feb-2025 (2) 56 59 Port Orange I, LLC 50 % 47,148 50 % 23,574 Feb-2025 (2) 236 247 Ambassador Infrastructure, LLC 65 % 5,749 100 % 5,749 Mar-2025 57 70 CBL-TRS Med OFC Holding, LLC (3) 50 % 83 100 % 3,895 Jun-2030 19 — Total guaranty liability $ 545 $ 561 (1) Excludes any extension options. (2) These loans have a one-year extension option at the joint venture’s election. (3) The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, a joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50 % interest. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Interest Rate Swap Designated as Cash Flow Hedges of Interest Rate Risk | The following table sets forth information regarding the Successor Company's interest rate swap that was designated as a cash flow hedge of interest risk for the year ended December 31, 2023: Fair Value Measurements at Reporting Date Using Asset Fair Value at December 31, 2023 Quoted Prices in Significant Significant Interest rate swap $ 338 $ — $ 338 $ — |
Schedule of Debt Securities, Available-for-sale Measured at Fair Value | The below table sets forth information regarding the Successor Company’s AFS securities that were measured at fair value . Subsequent to December 31, 2023, the Successor Company redeemed U.S. Treasury securities. See Note 20 for additional information. AFS Security (1) Amortized Allowance (2) Total unrealized gain Fair value as of December 31, 2023 (3) U.S. Treasury securities $ 261,869 $ — $ 273 $ 262,142 (1) The U.S. Treasury securities have maturities through July 2024 . (2) U.S Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Successor Company did not record expected credit losses for its U.S Treasury securities for the year ended December 31, 2023. (3) The fair value was calculated using Level 1 inputs. The following table sets forth information regarding the Successor Company’s AFS securities that were measured at fair value for the year ended December 31, 2022: AFS Security Amortized Allowance (1) Total unrealized loss Fair value as of December 31, 2022 (2) U.S. Treasury securities $ 293,476 $ — $ ( 1,054 ) $ 292,422 (1) U.S Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Successor Company did not record expected credit losses for its U.S Treasury securities for the year ended December 31, 2022. (2) The fair value was calculated using Level 1 inputs. |
Schedule of Impairment on Real Estate Properties | During the period from January 1, 2021 through October 31, 2021, the Predecessor Company recognized impairments of real estate of $ 146,781 related to five malls, a redeveloped anchor parcel, an outlet center, an open-air center, an outparcel and vacant land. The properties were classified for segment reporting purposes as listed below. See Note 11 for segment information. Impairment Property Location Segment Loss on Fair March Eastland Mall (1) Bloomington, IL Malls $ 13,243 $ 10,700 March Old Hickory Mall (2) Jackson, TN Malls 20,149 12,400 March Stroud Mall (3) Stroudsburg, PA Malls 23,790 15,400 July The Landing at Arbor Place - Outparcel (4) Douglasville, GA All Other 1,682 590 September Laurel Park Place (5) Livonia, MI Malls 14,267 9,800 September Parkdale Mall and Crossing (6) Beaumont, TX Malls/All Other 47,211 50,500 October The Outlet Shoppes at Gettysburg (7) Gettysburg, PA Malls 21,470 16,660 October Vacant land (8) El Centro, CA All Other 4,969 4,240 $ 146,781 $ 120,290 (1) In accordance with the Company's quarterly impairment process, the Predecessor Company wrote down the book value of the mall to its estimated fair value of $ 10,700 . The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Eastland Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of nine years , with a sale at the end of the holding period, a capitalization rate of 14.0 % and a discount rate of 15.0 %. (2) In accordance with the Company's quarterly impairment process, the Predecessor Company wrote down the book value of the mall to its estimated fair value of $ 12,400 . The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Old Hickory Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of nine years , with a sale at the end of the holding period, a capitalization rate of 13.0 % and a discount rate of 14.0 %. (3) In accordance with the Company's quarterly impairment process, the Predecessor Company wrote down the book value of the mall to its estimated fair value of $ 15,400 . The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Stroud Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of nine years , with a sale at the end of the holding period, a capitalization rate of 11.75 % and a discount rate of 12.5 %. (4) In July 2021, the Predecessor Company sold an outparcel at The Landing at Arbor Place. Sales proceeds amounted to $ 590 , which resulted in a loss on sale. (5) In accordance with the Company's quarterly impairment process, the Predecessor Company wrote down the book value of the mall to its estimated fair value of $ 9,800 . The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Laurel Park Place using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of nine years , with a sale at the end of the holding period, a capitalization rate of 11.5 % and a discount rate of 13.0 %. (6) In accordance with the Company’s quarterly impairment process, the Predecessor Company wrote down the book value of the mall, a redeveloped anchor parcel and an open-air center adjacent to the mall to their aggregate estimated fair value of $ 50,500 . The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for the mall and open-air center (excluding the redeveloped anchor parcel) based on Management’s assessment that there was an increased likelihood that the loan secured by the mall and open-air center may not be successfully restructured or refinanced. Management determined the fair value of Parkdale Mall, Parkdale Crossing and Parkdale Anchor using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years , with a sale at the end of the holding period, a weighted-average capitalization rate of 12.3 % and a weighted-average discount rate of 14.2 %. (7) In accordance with the Company’s quarterly impairment process, the Predecessor Company wrote down the book value of the outlet center to its estimated fair value of $ 16,660 . The outlet center had experienced a decline in cash flow due to store closures and rent reductions. Management determined the fair value of The Shoppes of Gettysburg using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of nine years , with a sale at the end of the holding period, a capitalization rate of 11.0 % and a discount rate of 12.0 %. (8) In accordance with the Company’s quarterly impairment process, the Predecessor Company wrote down the book value of land to its estimated fair value of $ 4,240 . The Company evaluated comparable land parcel transactions and determined that $ 4,240 was the land’s estimated fair value. During the period from November 1, 2021 through December 31, 2021, the Successor Company adjusted the negative equity in EastGate Mall to zero upon deconsolidation, which represented the estimated fair value of the Company’s investment in that property. During the period from January 1, 2021 through October 31, 2021, the Predecessor Company adjusted the negative equity in each of Asheville Mall and Park Plaza to zero upon deconsolidation, which represented the estimated fair values of the Company’s investments in these properties. See Note 7 for additional information. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Company Stock Awards | A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2023, and changes during the year ended December 31, 2023, is presented below: Shares Weighted- Nonvested at January 1, 2023 662,875 $ 27.42 Granted 387,568 $ 26.03 Vested ( 446,710 ) $ 26.78 Forfeited ( 12,780 ) $ 26.13 Nonvested at December 31, 2023 590,953 $ 27.02 |
Schedule of PSU Activity | A summary of the status of the Company’s outstanding PSU awards as of December 31, 2023, and changes during the year ended December 31, 2023, are presented below: PSUs Weighted- Outstanding at January 1, 2023 607,128 $ 24.69 2023 PSUs granted 157,789 $ 38.79 Incremental PSUs granted (1) 47,432 $ 23.00 Vested ( 197,749 ) $ 24.75 Forfeited ( 51,019 ) $ 24.87 Outstanding at December 31, 2023 563,581 $ 28.65 (1) PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue. The Predecessor Company granted the following PSUs in the first quarter of the respective years. A summary of PSU activity as of October 31, 2021, and changes during the period from January 1, 2021 through October 31, 2021, is presented below: PSUs Weighted-Average 2019 PSUs granted (1) 1,103,537 $ 2.40 2020 PSUs granted (2) 3,408,083 $ 0.84 2020 PSUs cancelled (3) ( 3,408,083 ) $ 0.84 Outstanding at January 1, 2021 1,103,537 $ 2.40 2019 PSUs cancelled (4) ( 1,103,537 ) $ 2.40 Outstanding at October 31, 2021 — $ — (1) Includes 566,862 shares classified as a liability due to the potential cash component. (2) Includes 1,247,098 shares classified as a liability due to the potential cash component. (3) In connection with the restructuring and support agreement, dated as of August 18, 2020, by and between the Predecessor Company and certain beneficial owners and/or investment advisors or managers of discretionary funds, accounts or other entities for the holders of beneficial owners (the "Consenting Noteholders"), the 2020 PSUs were cancelled. (4) As of the Effective Date and pursuant to the Plan, all outstanding PSUs of the Predecessor Company were deemed cancelled. |
Schedule of Assumptions used in the Monte Carlo Simulation Pricing Models | The following table summarizes the assumptions used i n the Monte Carlo simulation pricing model related to the Successor Company’s PSUs: 2023 PSUs 2022 PSUs Grant date February 17, 2023 February 16, 2022 Fair value per share on valuation date (1) $ 38.79 $ 24.67 Risk-free interest rate (2) 4.37 % 1.85 % Expected share price volatility (3) 62.50 % 65.00 % (1) The value of the PSU awards are estimated on the date of grant using a Monte Carlo simulation model. For the 2023 PSUs, t he valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2023 PSUs consists of 63,114 shares at a fair value of $ 40.64 per share (which relates to the relative TSR) and 94,675 shares at a fair value of $ 37.55 per share (which relates to absolute TSR). For the 2022 PSUs, t he valuation consists of computing the fair value using CBL's simulated stock price as well as TMR for each performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. (2) The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above. (3) For the 2023 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. For the 2022 PSUs, t he computation of expected volatility was based on the historical volatility of the share prices of comparable, publicly traded companies and given the Company's risk profile and leverage relative to the comparable, publicly traded companies. The Company's historical volatility was not relied upon given the Company's limited trading history since the Effective Date. |
Fresh Start Accounting (Tables)
Fresh Start Accounting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fresh Start Accounting [Abstract] | |
Reconciliation of Enterprise and Reorganization Value | The following table reconciles the enterprise value to the estimated fair value of the Successor’s common shares as of the Effective Date: Enterprise value, less cash $ 2,296,872 Less: Fair value of noncontrolling interest in consolidated subsidiaries ( 6,087 ) Enterprise value of the Company's interests, less cash 2,290,785 Plus: Cash, cash equivalents and restricted cash 330,282 Less: Fair value of mortgage and other indebtedness ( 1,678,619 ) Less: Fair value of 10% senior secured notes ( 395,000 ) Fair value of Successor total shareholders' equity $ 547,448 Shares and units issued upon emergence 20,000,000 Per share value $ 27.37 The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to the Company’s individual assets as of the Effective Date: Enterprise value, less cash $ 2,296,872 Plus: Cash, cash equivalents and restricted cash 330,282 Plus: Accounts payable and accrued liabilities 335,513 Reorganization value of Successor's assets $ 2,962,667 |
Summary of Fresh Start Adjustments | The adjustments included in the following fresh start consolidated balance sheet reflect the effects of the transactions contemplated by the Plan and executed by the Company on the Effective Date (reflected in the column “Reorganization Adjustments”), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column “Fresh Start Accounting Adjustments”). The explanatory notes provide additional information regarding the adjustments recorded. October 31, 2021 Predecessor Reorganization Fresh Start Successor ASSETS (1) Real estate assets: Land $ 625,098 $ — $ ( 23,083 ) (15) $ 602,015 Buildings and improvements 4,839,923 — ( 3,660,465 ) (15) 1,179,458 5,465,021 — ( 3,683,548 ) 1,781,473 Accumulated depreciation ( 2,252,275 ) — 2,252,275 (15) — 3,212,746 — ( 1,431,273 ) 1,781,473 Developments in progress 15,858 — — 15,858 Net investment in real estate assets 3,228,604 — ( 1,431,273 ) 1,797,331 Cash and cash equivalents 498,260 ( 238,053 ) (1) — 260,207 Receivables: Tenant 70,664 — ( 49,751 ) (16) 20,913 Other 4,056 1,254 (2) — 5,310 Mortgage and other notes receivable 397 — — 397 Investments in unconsolidated affiliates 246,823 — ( 124,982 ) (17) 121,841 In-place leases, net 6,895 — 406,635 (18) 413,530 Above market leases, net 3,611 — 241,385 (18) 244,996 Intangible lease assets and other assets 150,784 — ( 52,642 ) (19) 98,142 $ 4,210,094 $ ( 236,799 ) $ ( 1,010,628 ) $ 2,962,667 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Mortgage and other indebtedness, net $ 1,016,557 $ 1,032,508 (3) $ ( 370,446 ) (20) $ 1,678,619 10% senior secured notes - at fair value (carrying amount of $ 395,000 as of October 31, 2021) — 395,000 (4) — 395,000 Below market leases, net 5,576 — 153,667 (18) 159,243 Accounts payable and accrued liabilities 215,675 ( 7,431 ) (5) ( 31,974 ) (21) 176,270 Total liabilities not subject to compromise (1) 1,237,808 1,420,077 ( 248,753 ) 2,409,132 Liabilities subject to compromise 2,551,439 ( 2,551,439 ) (6) — — Commitments and contingencies Redeemable noncontrolling interests ( 1,032 ) 1,032 (7) — — Shareholders' equity: Successor common stock, $ .001 par value, 200,000,000 shares authorized, 20,774,716 issued and outstanding in 2021 — 20 (8) — 20 Predecessor preferred stock, $ .01 par value, 15,000,000 shares authorized: 7.375 % Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding in 2020 18 ( 18 ) (9) — — 6.625 % Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding in 2020 7 ( 7 ) (10) — — Predecessor common stock, $ .01 par value, 350,000,000 shares authorized, 196,569,917 issued and outstanding in 2020 1,976 ( 1,976 ) (11) — — Additional paid-in capital 1,986,769 487,721 (12) ( 1,927,062 ) (22) 547,428 Retained earnings (dividends in excess of cumulative earnings) ( 1,553,835 ) 405,864 (13) 1,147,971 (22) — Total shareholders' equity 434,935 891,604 ( 779,091 ) 547,448 Noncontrolling interests ( 13,056 ) 1,927 (14) 17,216 (23) 6,087 Total equity 421,879 893,531 ( 761,875 ) 553,535 $ 4,210,094 $ ( 236,799 ) $ ( 1,010,628 ) $ 2,962,667 (1) The following summarizes the change in cash and cash equivalents: Proceeds from exchangeable notes $ 50,000 Payment for the settlement to allowed unsecured claim holders ( 98,801 ) Payment for the settlement of the Predecessor secured credit facility ( 100,000 ) Payment of deferred financing fees for the exit credit agreement ( 1,192 ) Payment of expensed financing fees for the exchangeable notes and the secured notes ( 773 ) Payment of professional fees ( 27,170 ) Redemption of secured notes ( 60,117 ) $ ( 238,053 ) (2) Represents a receivable related to an overpayment of professional fees on the Effective Date. (3) The Plan’s reorganization adjustments in mortgage and other indebtedness, net, were as follows: Issuance of exit credit agreement $ 883,700 Issuance of exchangeable notes 150,000 Capitalization of deferred financing costs related to the exit credit agreement ( 1,192 ) $ 1,032,508 (4) Represents the issuance of the $ 455,000 secured notes and the subsequent $ 60,000 redemption on the secured notes. (5) The decrease in accounts payable and accrued liabilities represents the write-off of an existing liability related to Predecessor preferred shares. (6) Represents the settlement of liabilities subject to compromise in accordance with the Plan as follows: Liabilities subject to compromise $ 2,551,439 Issuance of exit credit agreement ( 983,700 ) Issuance of secured notes ( 555,773 ) Equity issued on the Effective Date in settlement of liabilities subject to compromise ( 487,479 ) Payment to various creditors ( 102,060 ) Gain on settlement of liabilities subject to compromise $ 422,427 (7) Represents the cancellation of Predecessor redeemable noncontrolling interests. (8) Represents the issuance of Successor equity. (9) Represents the cancellation of Predecessor Series D Preferred Stock. (10) Represents the cancellation of Predecessor Series E Preferred Stock. (11) The net change in Predecessor common stock is due to: Conversion of Predecessor equity $ 20 Cancellation of Predecessor common stock ( 1,996 ) Net change in Predecessor common stock $ ( 1,976 ) (12) The following summarizes the change in additional paid-in capital: Issuance of Successor common stock to creditors $ 487,462 Issuance of Successor common stock to Predecessor equity holders ( 2 ) Cancellation of Predecessor common stock and preferred stock 2,021 Other adjustments ( 1,760 ) $ 487,721 (13) The following summarizes the change in dividends in excess of cumulative earnings: Gain on settlement of liabilities subject to compromise $ 422,427 Payment of certain professional fees ( 16,563 ) $ 405,864 (14) Represents fresh start accounting adjustments to noncontrolling ownership interests. (15) Represents fair value adjustments to net investment in real estate assets. (16) Represents the elimination of Predecessor straight-line rent receivables. (17) Represents fair value adjustments to the Company’s investment in unconsolidated affiliates. (18) Represents the fair value adjustment to intangible lease assets. (19) The following summarizes the fair value adjustments, net, in intangible lease assets and other assets: Intangible lease assets $ ( 52,761 ) Corporate assets 293 Right-of-use lease assets ( 174 ) $ ( 52,642 ) (20) Represents fair value adjustments of $ 373,542 related to property-level debt, as well as the write-off of $ 3,096 in unamortized property-level deferred financing costs. (21) The following summarizes the fair value adjustments, net, in accounts payable and accrued liabilities: Investment in unconsolidated affiliates $ ( 31,682 ) Write-off of deferred revenue ( 91 ) Lease liabilities ( 201 ) $ ( 31,974 ) (22) Represents the cumulative effect of fresh start accounting adjustments discussed herein, including additional paid-in capital of approximately $ 60,000 to Predecessor shareholders and common unitholders, and the elimination of the Predecessor accumulated deficit. (23) Represents fresh start accounting adjustments to noncontrolling ownership interests. |
Organization - Narrative (Detai
Organization - Narrative (Details) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) State Subsidiary | Dec. 31, 2022 USD ($) | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Number of states in which entity operates | State | 22 | ||||||
Payments received on notes receivable | $ 13 | $ 840 | $ 74 | ||||
Reclassified restricted cash | [1] | $ 88,888 | 97,231 | ||||
Other Receivables | 5,310 | $ 2,752 | [1] | 3,876 | [1] | ||
Fresh-start reporting, description | Upon emergence from bankruptcy, the Company qualified for and adopted fresh start accounting in accordance with ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes because (1) the holders of the then existing common shares of the Predecessor received less than 50 percent of the new shares of common stock of the Successor outstanding upon emergence and (2) the reorganization value of the Company’s assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims. The Company elected to apply fresh start accounting using a convenience date of October 31, 2021. Management evaluated and concluded that the events on November 1, 2021 were not material to the Company’s financial reporting on both a quantitative and qualitative basis. | ||||||
Below market leases, net | 159,243 | $ 80,408 | $ 110,616 | ||||
Consolidated Properties | CBL Holdings | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Ownership interest in qualified subsidiaries (as a percent) | 100% | ||||||
Subsidiaries | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Number of wholly owned subsidiaries | Subsidiary | 2 | ||||||
Combined ownership by the subsidiaries in operating partnership (as a percent) | 99.98% | ||||||
Non-controlling limited partner interest ownership of CBL's Predecessor in the Operating Partnership (as a percent) | 0.02% | ||||||
Subsidiaries | CBL Associates Properties Inc | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Ownership of the sole general partner in partnership (as a percent) | 1% | ||||||
Limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership (as a percent) | 98.98% | ||||||
Fresh Start Accounting Adjustments | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Fresh-start reporting, description | upon the Company’s emergence from the voluntary petitions filed (the “Chapter 11 Cases”) under chapter 11 of title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”), the Company adopted fresh start accounting, which resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. As a result of the application of fresh start accounting and the effects of the implementation of the Debtors’ Third Amended Joint Chapter 11 Plan of CBL & Associates Properties, Inc. and its Affiliated Debtors (With Technical Modifications) (as modified at Docket No. 1521, the “Plan”), the consolidated financial statements after November 1, 2021 (the "Effective Date"), are not comparable with the consolidated financial statements on or before that date. | ||||||
Below market leases, net | $ 153,667 | ||||||
[1] As of December 31, 2023, includes $ 187,221 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $ 209,637 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10 . |
Organization- Properties Owned
Organization- Properties Owned by Operating Partnership (Details) | 12 Months Ended |
Dec. 31, 2023 Outlet_center Mall Other_property OpenAir_center Lifestyle_center Property Segment Office_building | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Malls | Mall | 47 |
Outlet Centers | Outlet_center | 5 |
Lifestyle Centers | Lifestyle_center | 5 |
Open-Air Centers | OpenAir_center | 29 |
Other | Other_property | 5 |
Total Properties | Property | 91 |
Malls | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of reportable segments | Segment | 1 |
Consolidated Properties | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Malls | Mall | 40 |
Outlet Centers | Outlet_center | 2 |
Lifestyle Centers | Lifestyle_center | 4 |
Open-Air Centers | OpenAir_center | 21 |
Other | Other_property | 4 |
Total Properties | Property | 71 |
Consolidated Properties | CBL & Associates Limited Partnership | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Office Buildings | Office_building | 2 |
Unconsolidated Properties | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Malls | Mall | 7 |
Outlet Centers | Outlet_center | 3 |
Lifestyle Centers | Lifestyle_center | 1 |
Open-Air Centers | OpenAir_center | 8 |
Other | Other_property | 1 |
Total Properties | Property | 20 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Real Estate Assets (Details) - USD ($) | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 21, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | |||||
Net amortization expense of acquired intangibles | $ 32,164,000 | $ 1,195,000 | $ 105,964,000 | $ 152,174,000 | |
Future amortization expense, 2024 | 66,296,000 | ||||
Future amortization expense, 2025 | 44,015,000 | ||||
Future amortization expense, 2026 | 28,400,000 | ||||
Future amortization expense, 2027 | 18,113,000 | ||||
Future amortization expense, 2028 | 12,135,000 | ||||
Interest expense capitalized | $ 216,000 | $ 0 | 453,000 | 618,000 | |
Intangible Lease Assets And Other Assets | Above-market/Below-market leases | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Intangible lease assets and liabilities, Cost | 232,638,000 | 241,048,000 | |||
Intangible lease assets and liabilities, Accumulated Amortization | (113,965,000) | (69,783,000) | |||
Intangible Lease Assets And Other Assets | In-place leases | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Intangible lease assets and liabilities, Cost | 372,596,000 | 396,515,000 | |||
Intangible lease assets and liabilities, Accumulated Amortization | (214,957,000) | (149,018,000) | |||
Intangible Lease Assets And Other Assets | Tenant relationships | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Intangible lease assets and liabilities, Cost | 2,578,000 | 2,523,000 | |||
Intangible lease assets and liabilities, Accumulated Amortization | (63,000) | (12,000) | |||
Accounts Payable and Accrued Liabilities | Above-market/Below-market leases | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Intangible lease assets and liabilities, Cost | 145,406,000 | 153,273,000 | |||
Intangible lease assets and liabilities, Accumulated Amortization | $ (64,998,000) | $ (42,657,000) | |||
Buildings | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 30 years | ||||
Buildings | Minimum | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 30 years | ||||
Buildings | Maximum | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 40 years | ||||
Certain Improvements | Minimum | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 10 years | ||||
Certain Improvements | Maximum | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 20 years | ||||
Equipment and Fixtures | Minimum | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 5 years | ||||
Equipment and Fixtures | Maximum | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Change in estimate of uncollectable revenues | $ 1,008 | $ 5,692 | $ 1,646 | $ (4,463) |
Accounts Receivable | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Change in estimate of uncollectable revenues | 1,008 | 5,692 | 1,647 | 4,463 |
Straight line rent receivables | $ 1,717 | $ 2,806 | $ 346 | $ 102 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Investments in Unconsolidated Affiliates (Details) - USD ($) | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Unamortized deferred financing costs | $ 13,221 | $ 17,101 | ||
Amortization expense | $ 51 | $ 814 | 4,572 | 2,744 |
Accumulated amortization | 7,180 | 2,733 | ||
Mortgage and Other Indebtedness | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Unamortized deferred financing costs | $ 13,221 | $ 17,101 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||||
State tax expense | $ 142 | $ 2,992 | $ 823 | $ 1,631 |
Current tax provision | (4,968) | (1,078) | (2,177) | (1,951) |
Deferred tax provision | 10,853 | 1,283 | (1,128) | |
Income tax provision | $ 5,885 | $ (1,078) | (894) | (3,079) |
Net deferred tax asset | $ 10,958 | $ 9,726 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Customer Concentration Risk | Revenues | Minimum | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 5% |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Summary of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Basic earnings per share | |||||
Net Income (Loss) | $ (151,545) | $ (470,627) | $ 6,546 | $ (93,482) | |
Dividends allocable to unvested restricted stock | (1,113) | (2,537) | |||
Net income (loss) attributable to common shareholders | $ (151,545) | $ (470,627) | $ 5,433 | $ (96,019) | |
Weighted-average basic shares outstanding | 20,208 | 196,591 | 31,303 | 30,046 | |
Net income (loss) per share attributable to common shareholders | $ (7.5) | $ (2.39) | $ 0.17 | $ (3.2) | |
Diluted earnings per share | |||||
Net income (loss) attributable to common shareholders | [1] | $ (151,545) | $ (470,627) | $ 5,433 | $ (96,019) |
Weighted-average dilutive shares | [1] | 20,208 | 196,591 | 31,303 | 30,046 |
Net income (loss) per share attributable to common shareholders | [1] | $ (7.5) | $ (2.39) | $ 0.17 | $ (3.2) |
[1] For the Successor year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597 , including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the Successor year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Successor reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521 , including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards. There were no potential dilutive common shares and there were no anti-dilutive shares for the Successor period from November 1, 2021 through December 31, 2021. There were no potential dilutive common shares and there were no anti-dilutive shares for the Predecessor period from January 1, 2021 through October 31, 2021. |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Summary of Calculation of Basic and Diluted EPS (Parenthetical) (Details) - shares | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted-average common and potential dilutive common shares outstanding, diluted | [1] | 20,208 | 196,591 | 31,303 | 30,046 |
Common Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from the computation of EPS (shares) | 0 | 0 | |||
Potentially dilutive securities excluded from the computation of EPS (shares) | 0 | ||||
Performance Stock Units (“PSUs”) and Nonvested Restricted Stock Awards | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted-average common and potential dilutive common shares outstanding, diluted | 31,330,597 | 30,206,521 | |||
Antidilutive securities excluded from the computation of EPS (shares) | 27,434 | 160,098 | |||
[1] For the Successor year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597 , including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the Successor year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Successor reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521 , including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards. There were no potential dilutive common shares and there were no anti-dilutive shares for the Successor period from November 1, 2021 through December 31, 2021. There were no potential dilutive common shares and there were no anti-dilutive shares for the Predecessor period from January 1, 2021 through October 31, 2021. |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Disaggregation Of Revenue [Line Items] | |||||
Rental revenues | $ 103,252 | $ 450,922 | $ 513,957 | $ 542,247 | |
Revenues from contracts with customers (ASC 606): | 4,785 | 13,755 | 18,879 | 17,850 | |
Total revenues | [1] | 108,846 | 468,029 | 535,286 | 563,011 |
Malls | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenues | [1],[2] | 95,057 | 411,280 | 458,019 | 485,014 |
Operating expense reimbursements | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues from contracts with customers (ASC 606): | 1,173 | 6,542 | 7,395 | 7,873 | |
Management, development and leasing fees | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues from contracts with customers (ASC 606): | 1,500 | 5,642 | 7,917 | 7,158 | |
Marketing revenues | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues from contracts with customers (ASC 606): | 2,112 | 1,571 | 3,567 | 2,819 | |
Other revenues | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenues | $ 809 | $ 3,352 | $ 2,450 | $ 2,914 | |
[1] Management, development and leasing fees are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments. The Malls category includes malls, lifestyle centers and outlet centers. |
Revenues - Narrative (Details)
Revenues - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Lease commission recognized upon lease execution (as a percent) | 50% |
Revenues - Remaining Performanc
Revenues - Remaining Performance Obligations (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 101,217 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 19,307 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 42,944 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2044-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 38,966 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 20 years |
Revenues - Remaining Performa_2
Revenues - Remaining Performance Obligations (Details 1) $ in Thousands | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 101,217 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |
Tenant reimbursements period related to certain capital expenditure minimum | 5 years |
Tenant reimbursements period related to certain capital expenditure maximum | 15 years |
Leases - Components of Rental R
Leases - Components of Rental Revenue (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||||
Financial Designation, Predecessor and Successor [Fixed List] | Successor | Predecessor | Successor | Successor |
Fixed lease payments | $ 75,740 | $ 271,221 | $ 397,047 | $ 396,755 |
Variable lease payments | 27,512 | 179,701 | 116,910 | 145,492 |
Total rental revenues | $ 103,252 | $ 450,922 | $ 513,957 | $ 542,247 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments to be Received (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Leases | |
2024 | $ 383,175 |
2025 | 307,089 |
2026 | 234,757 |
2027 | 175,642 |
2028 | 123,910 |
Thereafter | 285,909 |
Total undiscounted lease payments | $ 1,510,482 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Jul. 31, 2022 USD ($) | Dec. 31, 2021 Acquisition | Oct. 31, 2021 Acquisition | Dec. 31, 2023 Acquisition | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||
Payments to acquire real estate | $ 5,766 | ||||
Number of businesses acquired | Acquisition | 0 | 0 | 0 | ||
J C Penney Parcel | Cool Spring Galleria | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire real estate | $ 5,650 |
Dispositions and Held for Sale
Dispositions and Held for Sale - Summary (Details) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) Outparcel Anchor | Dec. 31, 2023 USD ($) Property LandParcel | Dec. 31, 2022 USD ($) Outparcel Property | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Gain on sales of real estate assets | $ (3) | $ 12,187 | $ 5,125 | $ 5,345 |
Loss on impairment | $ 0 | 146,781 | $ 252 | |
Properties held for sale | Property | 0 | 0 | ||
Malls | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Loss on impairment | 146,781 | |||
Outparcel Sale | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Gain on sales of real estate assets | $ 12,187 | $ 5,345 | ||
Number of stores sold (outparcel) | Outparcel | 4 | 5 | ||
Proceeds from sale of real estate | $ 11,490 | |||
Loss on sale | 252 | |||
Gain (loss) on sale of outparcels | (252) | |||
Number of anchor | Anchor | 4 | |||
Proceeds from Sale of Property Held-for-sale | $ 34,293 | |||
Net Sales Price | $ 11,490 | |||
Land Parcel Sale | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Gain on sales of real estate assets | $ 5,125 | |||
Number of stores sold (outparcel) | LandParcel | 8 | |||
Proceeds from sale of real estate | $ 10,325 | |||
Net Sales Price | $ 10,325 |
Unconsolidated Affiliates - Nar
Unconsolidated Affiliates - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||||
Oct. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2023 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Debt instrument, maturity date | Jun. 07, 2027 | |||||||||||||||||
Loan, fixed interest rate | 7.3975% | 7.3975% | 4.25% | |||||||||||||||
Gain on deconsolidation | $ 19,126 | $ 55,131 | $ 47,879 | $ 36,250 | ||||||||||||||
Loan agreement term | 5 years | |||||||||||||||||
Secured loan | $ 395,000 | |||||||||||||||||
Proceeds after factoring in its share of outstanding debt | $ 7,103 | |||||||||||||||||
Nonrecourse | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Loan, fixed interest rate | 5.85% | |||||||||||||||||
Loan agreement term | 3 years | |||||||||||||||||
Alamance Crossing CMBS, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Loan outstanding balance | 41,122 | |||||||||||||||||
Gain on deconsolidation | $ 28,151 | |||||||||||||||||
Atlanta Outlet Shoppes CMBS, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Fair value carrying amount | $ 79,330 | |||||||||||||||||
Debt instrument, maturity date | Oct. 31, 2023 | |||||||||||||||||
Loan, fixed interest rate | 7.85% | |||||||||||||||||
Loan agreement term | 10 years | |||||||||||||||||
Debt instrument face amount | $ 69,531 | |||||||||||||||||
CBL-TRS Med OFC Holding, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50% | |||||||||||||||||
Percentage Guaranteed by the Operating Partnership (as a percent) | 100% | 100% | ||||||||||||||||
CBL-TRS Med OFC Holding, LLC | CBL DMC I, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50% | 50% | ||||||||||||||||
Land contribution valuation amount | $ 2,600 | |||||||||||||||||
CBL-TRS Joint Venture, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Fair value carrying amount | $ 148,000 | |||||||||||||||||
Debt instrument, maturity date | May 31, 2028 | |||||||||||||||||
Loan, fixed interest rate | 6.44% | |||||||||||||||||
Debt instrument face amount | $ 145,203 | |||||||||||||||||
Louisville Outlet Shoppes, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Debt instrument face amount | $ 7,247 | |||||||||||||||||
Westgate Mall CMBS, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Loan outstanding balance | $ 28,661 | |||||||||||||||||
Gain on deconsolidation | $ 19,728 | |||||||||||||||||
Ambassador Infrastructure, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Loan agreement term | 4 years | |||||||||||||||||
Debtors Emerged From Bankruptcy Date | Nov. 01, 2021 | |||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 3% | 3% | ||||||||||||||||
Ambassador Town Center J.V., LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Fair value carrying amount | $ 42,492 | |||||||||||||||||
Debt instrument, maturity date | Jun. 30, 2029 | |||||||||||||||||
Loan, fixed interest rate | 4.35% | |||||||||||||||||
Asheville Mall CMBS, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Fair value carrying amount | $ 62,121 | |||||||||||||||||
Bullseye, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Proceeds from Sale of Property Held-for-sale | $ 10,500 | |||||||||||||||||
Net profit from sale of property | 662 | |||||||||||||||||
EastGate Mall CMBS, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Fair value carrying amount | $ 29,951 | |||||||||||||||||
Greenbrier Mall | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Loan outstanding balance | $ 61,647 | |||||||||||||||||
Gain on deconsolidation | 36,250 | |||||||||||||||||
Shoppes at Eagle Point, LLC | Nonrecourse | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Fair value carrying amount | $ 40,000 | |||||||||||||||||
Debt instrument, maturity date | Oct. 31, 2022 | |||||||||||||||||
Loan, fixed interest rate | 5.40% | |||||||||||||||||
Loan agreement term | 10 years | |||||||||||||||||
Vision - CBL Mayfaire TC Hotel, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Fair value carrying amount | $ 18,900 | $ 18,900 | ||||||||||||||||
Ownership interest in joint venture (as a percent) | 49% | 49% | ||||||||||||||||
Net profit from sale of property | $ 1,436 | |||||||||||||||||
York Town Center Holding, LP | Nonrecourse | Mortgage Note Payable | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Fair value carrying amount | $ 30,000 | |||||||||||||||||
Loan agreement term | 18 months | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.75% | |||||||||||||||||
Minimum | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership in variable interest entity (as a percent) | 50% | |||||||||||||||||
Minimum | BI Development, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 20% | |||||||||||||||||
Maximum | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership in variable interest entity (as a percent) | 92% | |||||||||||||||||
Maximum | BI Development, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50% |
Unconsolidated Affiliates - Com
Unconsolidated Affiliates - Company Investments (Details) | Dec. 31, 2023 Entity |
Schedule Of Equity Method Investments [Line Items] | |
Number of entities - equity method of accounting (entity) | 26 |
Number of 50/50 joint ventures | 17 |
Minimum | Unconsolidated Affiliates | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest in joint venture (as a percent) | 33% |
Maximum | Unconsolidated Affiliates | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest in joint venture (as a percent) | 100% |
Unconsolidated Affiliates - Joi
Unconsolidated Affiliates - Joint Ventures (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||
May 31, 2023 | Jun. 30, 2022 | May 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2023 | Aug. 31, 2022 | |
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Loan agreement term | 5 years | |||||||||||
Gain on deconsolidation | $ 19,126,000 | $ 55,131,000 | $ 47,879,000 | $ 36,250,000 | ||||||||
Secured loan | 395,000,000 | |||||||||||
Proceeds after factoring in its share of outstanding debt | 7,103,000 | |||||||||||
Debt instrument, term | 5 years | |||||||||||
Debt instrument, maturity date | Jun. 07, 2027 | |||||||||||
Gain on sales of real estate assets | (3,000) | 12,187,000 | $ 5,125,000 | $ 5,345,000 | ||||||||
Interest rate percentage | 7.3975% | 7.3975% | 4.25% | |||||||||
Nonrecourse | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Loan agreement term | 3 years | |||||||||||
Debt instrument, term | 3 years | |||||||||||
Interest rate percentage | 5.85% | |||||||||||
Asheville Mall and Park Plaza | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Long-lived assets | 0 | |||||||||||
Gain on deconsolidation | $ 55,131,000 | |||||||||||
Springs at Port Orange | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Secured loan | $ 44,400,000 | 44,400,000 | $ 44,400,000 | |||||||||
EastGate Mall CMBS, LLC | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Long-lived assets | 0 | $ 0 | $ 0 | |||||||||
Gain on deconsolidation | 19,126,000 | |||||||||||
EastGate Storage, LLC, Hamilton Place Self Storage, LLC, Parkdale Self Storage, LLC and Self-Storage at Mid Rivers, LLC | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Gross proceeds | 42,000,000 | |||||||||||
Pay off total outstanding debt secured by property | 25,855,000 | |||||||||||
Amount received after the proceeds used to pay off outstanding debt | $ 7,637,000 | |||||||||||
Ambassador Infrastructure, LLC | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Loan agreement term | 4 years | |||||||||||
Line of credit fixed interest rate | 3% | 3% | 3% | |||||||||
Debtors emerged from bankruptcy date | Nov. 01, 2021 | |||||||||||
Debt instrument, term | 4 years | |||||||||||
Ambassador Town Center J.V., LLC | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Fair value carrying amount | $ 42,492,000 | |||||||||||
Debt instrument, maturity date | Jun. 30, 2029 | |||||||||||
Interest rate percentage | 4.35% | |||||||||||
Asheville Mall CMBS, LLC | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Fair value carrying amount | $ 62,121,000 | |||||||||||
Port Orange I, LLC | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Loan maturity date | Feb. 28, 2026 | |||||||||||
Loan agreement term | 4 years | |||||||||||
Debtors emerged from bankruptcy date | Nov. 01, 2021 | |||||||||||
Loan term of extension option | 1 year | |||||||||||
Debt instrument, term | 4 years | |||||||||||
Ownership interest in joint venture (as a percent) | 50% | |||||||||||
West Melbourne I, LLC | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Loan agreement term | 4 years | |||||||||||
Debtors emerged from bankruptcy date | Nov. 01, 2021 | |||||||||||
Loan term of extension option | 1 year | |||||||||||
Debt instrument, term | 4 years |
Unconsolidated Affiliates - Sum
Unconsolidated Affiliates - Summarized Financial Information (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
ASSETS: | |||||||||
Investment in real estate assets | $ 1,781,473 | $ 1,801,245 | [1] | $ 1,795,312 | [1] | ||||
Accumulated depreciation | [1] | (228,034) | (136,901) | ||||||
Net investment in real estate assets | 1,797,331 | 1,582,111 | [1] | 1,663,987 | [1] | ||||
Developments in progress | 15,858 | 8,900 | [1] | 5,576 | [1] | ||||
Total assets | $ 2,945,979 | 2,962,667 | 2,405,905 | [1] | 2,678,243 | [1] | $ 2,945,979 | ||
LIABILITIES: | |||||||||
Mortgage and other indebtedness, net | 1,678,619 | 1,888,803 | 2,000,186 | ||||||
Total liabilities | [1] | 2,075,288 | 2,311,114 | ||||||
OWNERS' EQUITY (DEFICIT): | |||||||||
The Company | 547,448 | 339,321 | 370,541 | ||||||
Noncontrolling interests | 6,087 | (8,704) | (3,412) | ||||||
Total owners' deficit | 401,100 | 553,535 | 330,617 | 367,129 | 401,100 | $ 534,297 | |||
Total liabilities, redeemable noncontrolling interests and equity | 2,962,667 | 2,405,905 | 2,678,243 | ||||||
Total revenues | [2] | 108,846 | 468,029 | 535,286 | 563,011 | ||||
Net income | $ (152,731) | $ (486,413) | 3,204 | (99,515) | |||||
BI Development II, LLC | |||||||||
ASSETS: | |||||||||
Investment in real estate assets | 2,010,269 | 1,971,348 | |||||||
Accumulated depreciation | (886,712) | (829,574) | |||||||
Net investment in real estate assets | 1,123,557 | 1,141,774 | |||||||
Developments in progress | 17,261 | 10,914 | |||||||
Net investment in real estate assets | 1,140,818 | 1,152,688 | |||||||
Other assets | 200,289 | 170,756 | |||||||
Total assets | 1,341,107 | 1,323,444 | |||||||
LIABILITIES: | |||||||||
Mortgage and other indebtedness, net | 1,368,031 | 1,333,152 | |||||||
Other liabilities | 45,577 | 33,419 | |||||||
Total liabilities | 1,413,608 | 1,366,571 | |||||||
OWNERS' EQUITY (DEFICIT): | |||||||||
The Company | 12,290 | 3,123 | |||||||
Noncontrolling interests | (84,791) | (46,250) | |||||||
Total owners' deficit | (72,501) | (43,127) | |||||||
Total liabilities, redeemable noncontrolling interests and equity | 1,341,107 | 1,323,444 | |||||||
Total revenues | 255,283 | 260,275 | 251,933 | ||||||
Net income | [3] | $ 38,434 | $ 137,454 | $ 58,596 | |||||
[1] As of December 31, 2023, includes $ 187,221 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $ 209,637 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10 . Management, development and leasing fees are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments. The Successor Company's and the Predecessor Company's pro rata share of net income (loss) is included in equity in earnings (losses) of unconsolidated affiliates for each period presented in the accompanying consolidated statements of operations. The Company's pro rata share of net income was $ 11,865 and $ 19,796 for the Successor years ended December 31, 2023 and 2022, respectively. The Successor Company’s pro rata share of net income was $ 797 for the period from November 1, 2021 through December 31, 2021. The Predecessor Company’s pro rata share of net loss was $ 10,823 for the period from January 1, 2021 through October 31, 2021. |
Unconsolidated Affiliates - S_2
Unconsolidated Affiliates - Summarized Financial Information (Parenthetical) (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Equity in earnings (losses) of unconsolidated affiliates | $ 797 | $ (10,823) | $ 11,865 | $ 19,796 |
BI Development II, LLC | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity in earnings (losses) of unconsolidated affiliates | $ 797 | $ (10,823) | $ 11,865 | $ 19,796 |
Mortgage and Other Indebtedne_3
Mortgage and Other Indebtedness, Net - Mortgage and Other Indebtedness, net And senior Secured Notes (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Dec. 31, 2023 | May 31, 2023 | Feb. 28, 2023 | Dec. 31, 2022 | Oct. 31, 2021 | |||
Debt Instrument [Line Items] | ||||||||
New senior secured notes | $ 395,000 | |||||||
Mortgage notes payable | $ 915,753 | $ 1,023,634 | ||||||
Mortgage and other indebtedness, variable-rate debt | 1,028,213 | 1,065,942 | ||||||
Total fixed-rate and variable-rate debt | 1,943,966 | 2,089,576 | ||||||
Unamortized deferred financing costs | (13,221) | (17,101) | ||||||
Debt discounts | [1] | (41,942) | (72,289) | |||||
Total mortgage and other indebtedness, net | $ 1,888,803 | $ 2,000,186 | $ 1,678,619 | |||||
Weighted average interest rate (as a percent) | [2] | 7.12% | 6.21% | |||||
Interest rate percentage | 7.3975% | 7.3975% | 4.25% | |||||
Notional amount of the swap | $ 32,000 | $ 32,000 | ||||||
Five Mortgage Notes Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Remaining debt discount amortization period | 2 years 4 months 24 days | |||||||
Half Portion Of New Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate percentage | 6.95% | 6.95% | ||||||
Fixed Rate Interest | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate (as a percent) | [2] | 5.63% | 5.26% | |||||
Variable Rate Interest | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate (as a percent) | [2] | 8.44% | 7.12% | |||||
SOFR | Second Half Portion Of New Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis points | 4.10% | 4.10% | ||||||
Open-Air Centers and Outparcels Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage notes payable | [3] | $ 179,180 | $ 180,000 | |||||
Mortgage and other indebtedness, variable-rate debt | [3] | $ 179,180 | $ 180,000 | |||||
Open-Air Centers and Outparcels Loan | Fixed Rate Interest | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate (as a percent) | [2],[3] | 9.44% | 6.95% | |||||
Open-Air Centers and Outparcels Loan | Variable Rate Interest | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate (as a percent) | [2],[3] | 6.95% | 8.22% | |||||
Non-Recourse Loans on Operating Properties | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage notes payable | $ 736,573 | $ 843,634 | ||||||
Mortgage and other indebtedness, variable-rate debt | $ 33,780 | $ 38,250 | ||||||
Non-Recourse Loans on Operating Properties | Fixed Rate Interest | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate (as a percent) | [2] | 5.30% | 4.90% | |||||
Non-Recourse Loans on Operating Properties | Variable Rate Interest | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate (as a percent) | [2] | 8.84% | 7.37% | |||||
Recourse loans on an operating property | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage and other indebtedness, variable-rate debt | $ 15,339 | $ 18,240 | [4] | |||||
Weighted average interest rate (as a percent) | [2] | 8.24% | 7.02% | |||||
Secured Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage and other indebtedness, variable-rate debt | $ 799,914 | $ 829,452 | ||||||
Secured Term Loan | Variable Rate Interest | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate (as a percent) | [2] | 8.21% | 6.87% | |||||
[1] In conjunction with fresh start accounting, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing a debt discount on the Effective Date. The debt discount is accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at December 31, 2023 will be accreted over a weighted average period of 2.4 years. Weighted-average interest rate excludes amortization of deferred financing costs. The interest rate is a fixed 6.95 % for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10 %. 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 % The loan secured by Brookfield Square Anchor Redevelopment is non-recourse. The loan balance was reclassified from non-recourse loans on operating properties to recourse loan on an operating property to conform to the current year presentation due to the separate Operating Partnership guaranty of the loan. The guaranty has been in place since inception of the loan. Subsequent to December 31, 2023, the loan was paid off removing the guaranty. See Note 20 for additional information. |
Mortgage and Other Indebtedne_4
Mortgage and Other Indebtedness, Net - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Feb. 28, 2023 | Nov. 30, 2023 USD ($) | Oct. 31, 2023 USD ($) | Jun. 30, 2023 | May 31, 2023 USD ($) | Jan. 31, 2023 USD ($) Mall | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) Lifestyle_center OpenAir_center $ / shares shares | Oct. 31, 2022 USD ($) | May 06, 2022 shares | Feb. 01, 2022 shares | Dec. 31, 2021 USD ($) $ / shares shares | Oct. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Non-recourse loan amount | $ 2,000,186 | $ 1,888,803 | $ 1,678,619 | ||||||||||||
Debt instrument, maturity date | Jun. 07, 2027 | ||||||||||||||
Interest rate percentage | 4.25% | 7.3975% | 7.3975% | ||||||||||||
Escrow Deposit | $ 39,049 | $ 35,708 | $ 33,632 | 36,199 | |||||||||||
Lifestyle Centers | Lifestyle_center | 5 | ||||||||||||||
Notional amount of the swap | $ 32,000 | $ 32,000 | |||||||||||||
Loan agreement term | 5 years | ||||||||||||||
Debt instrument extension term | 2 years | ||||||||||||||
Loan, collaterals | 90 outparcels and 13 open-air centers | ||||||||||||||
Common stock, par value (USD per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Common stock issued (shares) | shares | 31,780,075 | 31,975,645 | 12,380,260 | 20,774,716 | |||||||||||
Debt instrument extented maturity date | May 31, 2024 | ||||||||||||||
Senior secured notes | $ 395,000 | ||||||||||||||
Loan amount | $ 360,000 | ||||||||||||||
Weighted-average remaining term to maturity | 2 months 18 days | ||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 422 | ||||||||||||||
Fair value net liability | $ 0 | ||||||||||||||
2024 | 180,687 | ||||||||||||||
Interest Rate Swap | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Cash collateral | $ 1,920 | ||||||||||||||
Volusia Mall | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, maturity date | May 31, 2026 | ||||||||||||||
Interest rate percentage | 4.56% | ||||||||||||||
Escrow Deposit | $ 1,682 | ||||||||||||||
Loan agreement term | 2 years | ||||||||||||||
Laredo Outlet Shoppes CMBSLLC | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Non-recourse loan amount | $ 33,980 | ||||||||||||||
Debt instrument, maturity date | Jun. 30, 2025 | ||||||||||||||
Option extension term of debt instrument | 1 year | ||||||||||||||
Extinguishment of debt | $ 3,270 | ||||||||||||||
Nonrecourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Non-recourse loan amount | $ 65,000 | ||||||||||||||
Interest rate percentage | 5.85% | ||||||||||||||
Loan agreement term | 3 years | ||||||||||||||
Loan amount paid off in conjunction with closing | $ 7,058 | ||||||||||||||
SOFR | Laredo Outlet Shoppes CMBSLLC | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument basis points | 325% | ||||||||||||||
The Outlet Shoppes at Gettysburg | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Non-recourse loan amount | $ 21,000 | ||||||||||||||
Debt instrument, maturity date | Oct. 27, 2025 | ||||||||||||||
Interest rate percentage | 4.80% | ||||||||||||||
Extinguishment of debt | $ 7,344 | ||||||||||||||
Cross Creek Mall | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, maturity date | Jun. 30, 2025 | Jan. 05, 2023 | |||||||||||||
Interest rate percentage | 8.19% | ||||||||||||||
Exit Credit Agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of malls | Mall | 16 | ||||||||||||||
Lifestyle Centers | Lifestyle_center | 3 | ||||||||||||||
Number of open air centers | OpenAir_center | 3 | ||||||||||||||
Half Portion Of New Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate percentage | 6.95% | 6.95% | |||||||||||||
Loan amount | $ 180,000 | ||||||||||||||
Second Half Portion Of New Loan | SOFR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument basis points | 4.10% | 4.10% | |||||||||||||
Loan Secured By CBL Center | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan amount paid | $ 14,949 | ||||||||||||||
Operating Property Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
2024 | $ 134,642 | ||||||||||||||
Senior Secured Term Loan | Exit Credit Agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, covenant description | The exit credit agreement requires HoldCo I to comply with certain financial ratios in the aggregate for the collateral properties, including a covenant that it not permit the (i) interest coverage ratio (as defined in the exit credit agreement) commencing with the fiscal quarter ending December 31, 2021, to be less than 1.50 to 1.00, (ii) minimum debt yield ratio (as defined in the exit credit agreement) commencing with the fiscal quarter ending March 31, 2023 as of the last day of any fiscal quarter ending prior to the maturity date, to be less than eleven and a half percent (11.50%) and (iii) the occupancy rate (as defined in the exit credit agreement) commencing with the fiscal quarter ending March 31, 2023, as of the last day of any fiscal quarter ending prior to the maturity date, to be less than seventy five percent (75%). The Operating Partnership provided a limited guaranty up to a maximum of $175,000 (the “principal liability cap”). In November 2023, the limited guaranty was eliminated pursuant to the terms of the exit credit agreement and the loan became fully non-recourse. Additionally, the Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2023. | ||||||||||||||
Debt instrument, maturity date, description | secured term loan that matures November 1, 2025. Upon satisfaction of certain conditions, the maturity date will automatically extend to November 1, 2026 and upon further satisfaction of certain conditions the maturity date will automatically extend to November 1, 2027. | ||||||||||||||
Limited guarantee description | . Additionally, the Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2023. | ||||||||||||||
Fair value carrying amount | $ 883,700 | ||||||||||||||
Debt instrument, maturity date | Nov. 01, 2025 | ||||||||||||||
Interest coverage ratio | 1.50% | ||||||||||||||
Maximum debt yield ratio | 11.50% | ||||||||||||||
Occupancy rate | 75% | ||||||||||||||
Limited guaranty amount | $ 175,000 | ||||||||||||||
Senior Secured Term Loan | Exit Credit Agreement | SOFR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, description of variable rate basis | The Exit Credit Agreement bore interest at a rate per annum equal to LIBOR for the applicable period plus 275 basis points, subject to a LIBOR floor of 1.0%. In March 2023, the secured term loan was amended to replace LIBOR with the secured overnight financing rate ("SOFR") for purposes of calculating interest. The transition to SOFR was effective as of June 30, 2023. | ||||||||||||||
Senior Secured Term Loan | Exit Credit Agreement | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate percentage | 1% | ||||||||||||||
Secured Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Redemption of aggregate principal amount | $ 335,000 | ||||||||||||||
Secured Notes | Nonrecourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Redemption of aggregate principal amount | $ 60,000 | ||||||||||||||
7.0% Exchangeable Senior Secured Notes Due 2028 | Exchangeable Notes Indenture | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fair value carrying amount | $ 150,000 | $ 150,000 | |||||||||||||
Debt instrument, maturity date | Nov. 15, 2028 | ||||||||||||||
Interest rate percentage | 7% | ||||||||||||||
Debt Instrument, payment terms description | payable semi-annually on November 15 and May 15, beginning May 15, 2022. | ||||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | ||||||||||||||
Common stock, par value (USD per share) | $ / shares | $ 0.001 | ||||||||||||||
Common stock issued (shares) | shares | 10,982,795 | ||||||||||||||
10% Senior Secured Notes Due 2029 | Secured Notes Indenture | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fair value carrying amount | $ 455,000 | ||||||||||||||
Debt instrument, maturity date | Nov. 15, 2029 | ||||||||||||||
Interest rate percentage | 10% | ||||||||||||||
Debt instrument, redemption description | HoldCo II redeemed $60,000 aggregate principal amount of the secured notes pursuant to an optional redemption on November 8, 2021 | ||||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | ||||||||||||||
Debt instrument, outstanding balance after redemption | $ 395,000 | ||||||||||||||
Redemption of aggregate principal amount | $ 60,000 |
Mortgage and Other Indebtedne_5
Mortgage and Other Indebtedness, Net - Narrative (Details1) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2023 | May 31, 2023 | Jun. 30, 2022 | May 31, 2022 | Dec. 31, 2023 | Feb. 28, 2023 | Dec. 31, 2022 | Feb. 28, 2022 | Oct. 31, 2021 | |
Debt Instrument [Line Items] | |||||||||
Mortgage and other indebtedness, net | $ 1,888,803 | $ 2,000,186 | $ 1,678,619 | ||||||
Debt instrument, maturity date | Jun. 07, 2027 | ||||||||
Interest rate percentage | 7.3975% | 7.3975% | 4.25% | ||||||
Weighted-average remaining term to maturity | 2 months 18 days | ||||||||
Debt instrument, term | 5 years | ||||||||
Fayette Mall | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate of debt bearing fixed interest (as a percent) | 4.25% | ||||||||
Arbor Place | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | May 31, 2026 | ||||||||
Interest rate percentage | 5.10% | ||||||||
Debt instrument, term | 4 years | ||||||||
Northwoods Mall | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | Apr. 30, 2026 | ||||||||
Interest rate percentage | 5.08% | ||||||||
Debt instrument, term | 4 years | ||||||||
Fixed Rate Operating Loans [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate of debt bearing fixed interest (as a percent) | 4.25% | ||||||||
Fixed Rate Operating Loans [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate of debt bearing fixed interest (as a percent) | 8.19% | ||||||||
Non-Recourse Loans on Operating Properties, Open-Air Centers and Outparcels Loan and Secured Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Mortgage and other indebtedness, net | $ 1,454,048 | ||||||||
Variable Rate Debt | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate (as a percent) | 8.24% | ||||||||
Variable Rate Debt | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate (as a percent) | 9.44% | ||||||||
Brookfield Square Anchor Redevelopment loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan amount paid | $ 8,322 | ||||||||
Option extension term of debt instrument | 1 year |
Mortgage and Other Indebtedne_6
Mortgage and Other Indebtedness, Net - Scheduled Principal Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 180,687 |
2025 | 933,531 |
2026 | 407,638 |
2027 | 359,255 |
2028 | 950 |
Thereafter | 61,905 |
Mortgages | |
Debt Instrument [Line Items] | |
Total mortgage and other indebtedness | $ 1,943,966 |
Mortgage and Other Indebtedne_7
Mortgage and Other Indebtedness, Net - Variable Rate Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | |||||
Oct. 31, 2023 | May 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | May 31, 2022 | Oct. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Non-recourse loan amount | $ 1,888,803 | $ 2,000,186 | $ 1,678,619 | |||
Debt instrument, maturity date | Jun. 07, 2027 | |||||
Laredo Outlet Shoppes CMBSLLC | ||||||
Debt Instrument [Line Items] | ||||||
Non-recourse loan amount | $ 33,980 | |||||
Option extension term of debt instrument | 1 year | |||||
Debt instrument, maturity date | Jun. 30, 2025 | |||||
Extinguishment of debt | $ 3,270 | |||||
Laredo Outlet Shoppes CMBSLLC | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument basis points | 325% | |||||
Nonrecourse | ||||||
Debt Instrument [Line Items] | ||||||
Non-recourse loan amount | $ 65,000 | |||||
Variable Rate Debt | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate (as a percent) | 8.24% | |||||
Variable Rate Debt | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate (as a percent) | 9.44% | |||||
Brookfield Square Anchor Redevelopment loan | ||||||
Debt Instrument [Line Items] | ||||||
Option extension term of debt instrument | 1 year |
Mortgage and Other Indebtedne_8
Mortgage and Other Indebtedness, Net - Schedule of Effective Portion of Changes In The Fair Value of Derivatives Designated As, and That Qualify As, Cash Flow Hedges (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
May 31, 2023 | Jan. 31, 2023 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 32,000 | $ 32,000 | |
Debt instrument, maturity date | Jun. 07, 2027 | ||
Gain recognized in other comprehensive income (loss) | $ 422 | ||
Pay fixed or Receive Variable Swap | Cash Flow Hedging | Intangible Lease Assets And Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 32,000 | ||
Debt instrument, maturity date | Jun. 07, 2027 | ||
Pay fixed or Receive Variable Swap | Cash Flow Hedging | Intangible Lease Assets And Other Assets | One Month USD SOFR CME | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value | $ 338 | ||
Interest Rate Swap | Cash Flow Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Gain recognized in other comprehensive income (loss) | 338 | ||
Interest Rate Swap | Cash Flow Hedging | Interest Expense | Reclassification out of Accumulated Other Comprehensive Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain recognized in earnings | $ 416 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock and Common Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Feb. 12, 2024 | Jan. 01, 2024 | Sep. 08, 2022 | Nov. 02, 2020 | Aug. 18, 2020 | Feb. 29, 2024 | May 31, 2023 | Nov. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Feb. 28, 2023 | May 06, 2022 | Dec. 31, 2021 | |
Shareholders Equity [Line Items] | ||||||||||||||||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Common stock issued (shares) | 31,975,645 | 31,780,075 | 31,975,645 | 12,380,260 | 20,774,716 | |||||||||||
Common stock outstanding (shares) | 31,975,645 | 31,780,075 | 31,975,645 | 20,774,716 | ||||||||||||
Authorized repurchase amount | $ 25,000 | $ 25,000 | ||||||||||||||
Expiration date of repurchase program | Aug. 10, 2024 | |||||||||||||||
Repurchases of common stock (shares) | 51,966 | |||||||||||||||
Amount of stock repurchased | $ 1,109 | |||||||||||||||
Commission on sale of common stock | $ 2 | |||||||||||||||
Common stock authorized (shares) | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||||
Percentage of beneficial ownership acquires | 10% | |||||||||||||||
Common stock redemption price per share | $ 0.001 | |||||||||||||||
Interest rate percentage | 7.3975% | 7.3975% | 7.3975% | 4.25% | ||||||||||||
Debt instrument, maturity date | Jun. 07, 2027 | |||||||||||||||
Common stock cash dividends per share | $ 0.375 | $ 0.25 | $ 0.25 | $ 0.25 | ||||||||||||
Regular quarterly dividends declared per share | $ 2.2 | |||||||||||||||
Common stock Special divident payable | $ 2.2 | |||||||||||||||
NumberOfSharesExchanged | 4,985 | |||||||||||||||
Cash paid to holders of limited partnership | $ 110 | |||||||||||||||
Subsequent Event | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Repurchases of common stock (shares) | 59,411 | |||||||||||||||
Amount of stock repurchased | $ 1,419 | |||||||||||||||
Commission on sale of common stock | $ 2 | |||||||||||||||
Regular quarterly dividends declared per share | $ 0.4 | $ 0.4 | ||||||||||||||
Common stock Special divident payable | $ 0.4 | $ 0.4 | ||||||||||||||
Common Stock | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||
Common stock issued (shares) | 31,975,645 | 31,780,075 | 31,975,645 | |||||||||||||
Common stock outstanding (shares) | 31,975,645 | 31,780,075 | 31,975,645 | |||||||||||||
Common stock authorized (shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||
Senior Unsecured Notes | 2023 Notes | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Aggregate principal amount of senior unsecured notes | $ 450,000 | |||||||||||||||
Interest rate percentage | 5.25% | |||||||||||||||
Debt instrument, maturity date | Dec. 01, 2023 | |||||||||||||||
Senior Unsecured Notes | 2024 Notes | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Aggregate principal amount of senior unsecured notes | $ 300,000 | |||||||||||||||
Interest rate percentage | 4.60% | |||||||||||||||
Debt instrument, maturity date | Oct. 15, 2024 | |||||||||||||||
Senior Unsecured Notes | 2026 Notes | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Aggregate principal amount of senior unsecured notes | $ 625,000 | |||||||||||||||
Interest rate percentage | 5.95% | |||||||||||||||
Debt instrument, maturity date | Dec. 15, 2026 | |||||||||||||||
Series D Preferred Stock | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Dividend rate of preferred stock (as a percent) | 7.375% | |||||||||||||||
Series E Preferred Stock | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Dividend rate of preferred stock (as a percent) | 6.625% |
Shareholders' Equity - Allocati
Shareholders' Equity - Allocations of Dividends and Declared and Paid for Income Tax Purposes (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Shareholders Equity [Line Items] | ||||||
Common stock cash dividends per share | $ 0.375 | $ 0.25 | $ 0.25 | $ 0.25 | ||
Common Stock | ||||||
Shareholders Equity [Line Items] | ||||||
Dividends declared | $ 1.5 | $ 2.95 | ||||
Allocations | 100% | 100% | ||||
Common Stock | Ordinary income | ||||||
Shareholders Equity [Line Items] | ||||||
Allocations | 87.70% | 98.58% | ||||
Common Stock | Capital gains | ||||||
Shareholders Equity [Line Items] | ||||||
Allocations | 12.30% | 1.42% |
Noncontrolling Interests - Oper
Noncontrolling Interests - Operating Partnership (Details) - USD ($) | 10 Months Ended | ||
Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interests | $ | $ 0 | ||
Operating Partnership | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Units of partnership interest (shares) | 5,298 | 10,283 | |
Noncontrolling interest, ownership interest of noncontrolling owners (as a percent) | 0.02% | 0.03% | |
Redeemable noncontrolling interest, allocation from (to) shareholder's equity, adjustment | $ | $ 6,000 | ||
Noncontrolling interest, allocation from (to) Shareholder's Equity, Adjustment | $ | $ 865,000 | ||
Operating Partnership | The Company | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Partners' capital attributable to noncontrolling interest | $ | $ 56,000 | $ 121,000 |
Noncontrolling Interests - Othe
Noncontrolling Interests - Other Consolidated Subsidiaries and Variable Interest Entities (Details) $ in Thousands | Dec. 31, 2023 USD ($) Subsidiary | Dec. 31, 2022 USD ($) Subsidiary |
Redeemable Noncontrolling Interest [Line Items] | ||
Number of other consolidated subsidiaries | Subsidiary | 10 | 11 |
Other Consolidated Subsidiaries | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Other non controlling interests | $ | $ (8,760) | $ (3,533) |
Noncontrolling Interests - Vari
Noncontrolling Interests - Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | |||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | $ 2,405,905 | [1] | $ 2,678,243 | [1] | $ 2,945,979 | $ 2,962,667 | |
Variable interest liability entities | [1] | 2,075,288 | 2,311,114 | ||||
Assets, Consolidated/Unconsolidated | (2,405,905) | [1] | (2,678,243) | [1] | $ (2,945,979) | $ (2,962,667) | |
Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 187,221 | 195,034 | |||||
Variable interest liability entities | 224,650 | 202,901 | |||||
Assets, Consolidated/Unconsolidated | (187,221) | (195,034) | |||||
Unconsolidated VIEs | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 7,594 | ||||||
Assets, Consolidated/Unconsolidated | (7,594) | ||||||
Maximum Risk of Loss, Unconsolidated | 13,426 | ||||||
Atlanta Outlet Outparcels, LLC | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 807 | 819 | |||||
Assets, Consolidated/Unconsolidated | (807) | (819) | |||||
CBL Terrace LP | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 16,861 | 16,922 | |||||
Variable interest liability entities | 18,124 | 18,148 | |||||
Assets, Consolidated/Unconsolidated | (16,861) | (16,922) | |||||
Gettysburg Outlet Center Holding, LLC | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 11,847 | 13,360 | |||||
Variable interest liability entities | 18,446 | 16,039 | |||||
Assets, Consolidated/Unconsolidated | (11,847) | (13,360) | |||||
Gettysburg Outlet Center, LLC | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 2,940 | 3,058 | |||||
Assets, Consolidated/Unconsolidated | (2,940) | (3,058) | |||||
Jarnigan Road LP | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 14,202 | 17,437 | |||||
Variable interest liability entities | 19,869 | 1,300 | |||||
Assets, Consolidated/Unconsolidated | (14,202) | (17,437) | |||||
Jarnigan Road II, LLC | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 18,148 | 16,475 | |||||
Variable interest liability entities | 16,905 | 19,964 | |||||
Assets, Consolidated/Unconsolidated | (18,148) | (16,475) | |||||
Laredo Outlet JV, LLC | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 21,333 | 23,443 | |||||
Variable interest liability entities | 35,818 | 34,886 | |||||
Assets, Consolidated/Unconsolidated | (21,333) | (23,443) | |||||
Lebcon Associates | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 89,006 | 90,429 | |||||
Variable interest liability entities | 103,342 | 100,436 | |||||
Assets, Consolidated/Unconsolidated | (89,006) | (90,429) | |||||
Lebcon I, Ltd | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 11,539 | 11,756 | |||||
Variable interest liability entities | 12,146 | 12,128 | |||||
Assets, Consolidated/Unconsolidated | (11,539) | (11,756) | |||||
Louisville Outlet Outparcels, LLC | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 538 | 538 | |||||
Assets, Consolidated/Unconsolidated | (538) | (538) | |||||
Statesboro Crossing | Variable Interest Entity Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 797 | ||||||
Assets, Consolidated/Unconsolidated | (797) | ||||||
Ambassador Infrastructure, LLC | Unconsolidated VIEs | |||||||
Variable Interest Entity [Line Items] | |||||||
Maximum Risk of Loss, Unconsolidated | [2] | 5,749 | |||||
BI Development, LLC | Unconsolidated VIEs | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 127 | ||||||
Assets, Consolidated/Unconsolidated | (127) | ||||||
Maximum Risk of Loss, Unconsolidated | 127 | ||||||
BI Development II, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 1,341,107 | 1,323,444 | |||||
Variable interest liability entities | 1,413,608 | 1,366,571 | |||||
Assets, Consolidated/Unconsolidated | (1,341,107) | $ (1,323,444) | |||||
BI Development II, LLC | Unconsolidated VIEs | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 16 | ||||||
Assets, Consolidated/Unconsolidated | (16) | ||||||
Maximum Risk of Loss, Unconsolidated | 16 | ||||||
CBL-TRS Med OFC Holding, LLC | Unconsolidated VIEs | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | [3] | 1,279 | |||||
Assets, Consolidated/Unconsolidated | [3] | (1,279) | |||||
Maximum Risk of Loss, Unconsolidated | [3] | 1,362 | |||||
Vision-CBL Hamilton Place, LLC | Unconsolidated VIEs | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 2,185 | ||||||
Assets, Consolidated/Unconsolidated | (2,185) | ||||||
Maximum Risk of Loss, Unconsolidated | 2,185 | ||||||
Vision - CBL Mayfaire TC Hotel, LLC | Unconsolidated VIEs | |||||||
Variable Interest Entity [Line Items] | |||||||
Variable interest asset entities | 3,987 | ||||||
Assets, Consolidated/Unconsolidated | (3,987) | ||||||
Maximum Risk of Loss, Unconsolidated | $ 3,987 | ||||||
[1] As of December 31, 2023, includes $ 187,221 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $ 209,637 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10 . The Operating Partnership has guaranteed all or a portion of the debt. See Note 14 for more information. The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, the joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50 % interest. See Note 14 for more information. |
Noncontrolling Interests - Va_2
Noncontrolling Interests - Variable Interest Entities (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
CBL-TRS Med OFC Holding, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest in joint venture (as a percent) | 50% | |
CBL-TRS Med OFC Holding, LLC | CBL DMC I, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest in joint venture (as a percent) | 50% | 50% |
Unconsolidated VIEs | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum Risk of Loss, Unconsolidated | $ 13,426 | |
Unconsolidated VIEs | CBL-TRS Med OFC Holding, LLC | CBL DMC I, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest in joint venture (as a percent) | 50% |
Segment Information - Summary (
Segment Information - Summary (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | ||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | [1] | $ 108,846 | $ 468,029 | $ 535,286 | $ 563,011 | |||
Property operating expenses | [2] | (32,437) | (156,009) | (187,139) | (191,730) | |||
Interest expense | (195,488) | (72,415) | (172,905) | (217,342) | ||||
Gain (loss) on sales of real estate assets | (3) | 12,187 | 5,125 | 5,345 | ||||
Other expense | (3) | (745) | (221) | (834) | ||||
Segment profit (loss) | (119,085) | 251,047 | 180,146 | 158,450 | ||||
Depreciation and amortization | (49,504) | (158,574) | (190,505) | (256,310) | ||||
General and administrative | (9,175) | (43,160) | (64,066) | (67,215) | ||||
Litigation settlement | 118 | 932 | 2,310 | 304 | ||||
Interest and other income | 510 | 2,055 | 13,199 | 4,938 | ||||
Gain on extinguishment of debt | 3,270 | 7,344 | ||||||
Loss on available-for-sale securities | (39) | |||||||
Reorganization items, net | (1,403) | (435,162) | 298 | $ (35,977) | ||||
Loss on impairment | 0 | (146,781) | (252) | |||||
Gain on deconsolidation | 19,126 | 55,131 | 47,879 | 36,250 | ||||
Income tax (provision) benefit | 5,885 | (1,078) | (894) | (3,079) | ||||
Equity in earnings (losses) of unconsolidated affiliates | 797 | (10,823) | 11,865 | 19,796 | ||||
Net income (loss) | (152,731) | (486,413) | 3,204 | (99,515) | ||||
Total assets | 2,945,979 | 2,962,667 | 2,405,905 | [3] | 2,678,243 | [3] | ||
Capital expenditures | [4] | 4,783 | 30,524 | 42,266 | 42,944 | |||
Malls | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | [1],[5] | 95,057 | 411,280 | 458,019 | 485,014 | |||
Property operating expenses | [2],[5] | (29,801) | (143,018) | (171,731) | (174,593) | |||
Interest expense | [5] | (181,300) | (70,275) | (77,927) | (142,015) | |||
Gain (loss) on sales of real estate assets | [5] | 20 | 6,063 | |||||
Other expense | [5] | (65) | ||||||
Segment profit (loss) | [5] | (116,024) | 203,985 | 208,361 | 168,406 | |||
Total assets | [5] | 1,961,061 | 1,546,610 | 1,695,813 | ||||
Capital expenditures | [4],[5] | 3,415 | 21,662 | 22,020 | 28,744 | |||
All Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | [1],[6] | 13,789 | 56,749 | 77,267 | 77,997 | |||
Property operating expenses | [2],[6] | (2,636) | (12,991) | (15,408) | (17,137) | |||
Interest expense | [6] | (14,188) | (2,140) | (94,978) | (75,327) | |||
Gain (loss) on sales of real estate assets | [6] | (23) | 6,124 | 5,125 | 5,345 | |||
Other expense | [6] | (3) | (680) | (221) | (834) | |||
Segment profit (loss) | [6] | (3,061) | 47,062 | (28,215) | (9,956) | |||
Total assets | [6] | 984,918 | 859,295 | 982,430 | ||||
Capital expenditures | [4],[6] | $ 1,368 | $ 8,862 | $ 20,246 | $ 14,200 | |||
[1] Management, development and leasing fees are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments. Property operating expenses include property operating, real estate taxes and maintenance and repairs. As of December 31, 2023, includes $ 187,221 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $ 209,637 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10 . Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. The Malls category includes malls, lifestyle centers and outlet centers. The All Other category includes open-air centers, outparcels, office buildings, hotels, self-storage facilities, corporate-level debt and the Management Company. |
Supplemental and Noncash Info_3
Supplemental and Noncash Information - Summary (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Other Significant Noncash Transactions [Line Items] | ||||
Additions to real estate assets accrued but not yet paid | $ 11,108 | $ 11,066 | $ 8,749 | $ 9,242 |
Accrued dividends and distributions payable | 70,058 | |||
Decrease in mortgage and other indebtedness | 3,270 | 3,857 | ||
Decrease in operating assets and liabilities | 3,487 | |||
Conversion of exchangeable notes/Operating Partnership common units into shares of common stock | 152,538 | |||
Conversion of Exchangeable Notes | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Decrease in mortgage and other indebtedness | 150,000 | |||
Decrease in operating assets and liabilities | 2,537 | |||
Increase in shareholders' equity | (152,537) | |||
Deconsolidation Upon Contribution/Assignment of Interest in Joint Venture and Loss of Control | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Decrease in real estate assets | (12,873) | (84,860) | (14,419) | (18,810) |
Decrease in mortgage and other indebtedness | 27,733 | 134,354 | 63,339 | 56,226 |
Decrease in operating assets and liabilities | $ 4,266 | 5,808 | 6,409 | 5,686 |
Decrease in intangible lease and other assets | $ (171) | $ (7,450) | $ (6,852) |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Related Party Transaction [Line Items] | |||||
Revenues recognized, from related party transactions | [1] | $ 108,846 | $ 468,029 | $ 535,286 | $ 563,011 |
Unconsolidated Affiliate and Other Affiliated Partnerships | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Revenues recognized, from related party transactions | $ 1,136 | $ 4,965 | $ 7,169 | $ 6,449 | |
[1] Management, development and leasing fees are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments. |
Contingencies - Guarantees (Det
Contingencies - Guarantees (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Guarantor Obligations [Line Items] | |||
Obligation recorded to reflect guaranty, Successor/Predecessor | $ 545 | $ 561 | |
West Melbourne I, LLC - Phase I | |||
Guarantor Obligations [Line Items] | |||
Company's Ownership Interest (as a percent) | 50% | ||
Outstanding Balance | $ 35,337 | ||
Percentage Guaranteed by the Operating Partnership (as a percent) | 50% | ||
Maximum Guaranteed Amount | $ 17,669 | ||
Obligation recorded to reflect guaranty, Successor/Predecessor | $ 177 | 185 | |
West Melbourne I, LLC - Phase II | |||
Guarantor Obligations [Line Items] | |||
Company's Ownership Interest (as a percent) | 50% | ||
Outstanding Balance | $ 11,106 | ||
Percentage Guaranteed by the Operating Partnership (as a percent) | 50% | ||
Maximum Guaranteed Amount | $ 5,553 | ||
Obligation recorded to reflect guaranty, Successor/Predecessor | $ 56 | 59 | |
Port Orange I, LLC | |||
Guarantor Obligations [Line Items] | |||
Company's Ownership Interest (as a percent) | 50% | ||
Outstanding Balance | $ 47,148 | ||
Percentage Guaranteed by the Operating Partnership (as a percent) | 50% | ||
Maximum Guaranteed Amount | $ 23,574 | ||
Obligation recorded to reflect guaranty, Successor/Predecessor | $ 236 | 247 | |
CBL-TRS Med OFC Holding, LLC | |||
Guarantor Obligations [Line Items] | |||
Company's Ownership Interest (as a percent) | 50% | ||
Outstanding Balance | $ 83 | ||
Percentage Guaranteed by the Operating Partnership (as a percent) | 100% | 100% | |
Maximum Guaranteed Amount | $ 3,895 | ||
Obligation recorded to reflect guaranty, Successor/Predecessor | $ 19 | ||
Ambassador Infrastructure, LLC | |||
Guarantor Obligations [Line Items] | |||
Company's Ownership Interest (as a percent) | 65% | ||
Outstanding Balance | $ 5,749 | ||
Percentage Guaranteed by the Operating Partnership (as a percent) | 100% | ||
Maximum Guaranteed Amount | $ 5,749 | ||
Obligation recorded to reflect guaranty, Successor/Predecessor | $ 57 | $ 70 | |
CBL DMC I, LLC | CBL-TRS Med OFC Holding, LLC | |||
Guarantor Obligations [Line Items] | |||
Company's Ownership Interest (as a percent) | 50% | 50% | |
West Melbourne I LLC Phase I, West Melbourne I LLC Phase II and Port Orange I, LLC | |||
Guarantor Obligations [Line Items] | |||
Option extension term of debt instrument | 1 year |
Contingencies - Environmental C
Contingencies - Environmental Contingencies (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental liability insurance, maximum coverage per incident (up to) | $ 40,000 |
Environmental liability insurance, annual coverage limit (up to) | $ 40,000 |
Fair Value Measurements - Debt
Fair Value Measurements - Debt Securities, Available-for-sale Measured at Fair Value (Details) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of mortgage and other indebtedness | $ 1,806,486 | $ 1,833,992 | |
Available-for-sale securities, amortized cost | 261,869 | 293,476 | |
Available-For-Sale Securities Held, Fair Value | [1] | 262,142 | 292,422 |
U.S Treasury Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, amortized cost | 261,869 | 293,476 | |
Available-For-Sale Securities Held, unrealized gains/(losses) | 273 | (1,054) | |
Available-For-Sale Securities Held, Fair Value | $ 262,142 | $ 292,422 | |
U.S. Treasury securities, maturity date | Jul. 31, 2024 | ||
[1] As of December 31, 2023, includes $ 187,221 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $ 209,637 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10 . |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Interest Rate Swap Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Interest Rate Swap $ in Thousands | Dec. 31, 2023 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair Value, Asset | $ 338 |
Significant Other Observable Inputs (Level 2) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair Value, Asset | $ 338 |
Fair Value Measurements - Long-
Fair Value Measurements - Long-Lived Assets Measured at Fair Value (Details) | 1 Months Ended | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Jul. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) Mall | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loss on impairment | $ 0 | $ 146,781,000 | $ 252,000 | ||
Number of malls with impairment | Mall | 5 | ||||
Malls | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loss on impairment | $ 146,781,000 | ||||
Long-lived assets | 120,290,000 | ||||
Fair Value | 120,290,000 | ||||
Eastland Mall | Malls | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 13,243,000 | ||||
Long-lived assets | 10,700,000 | ||||
Fair Value | 10,700,000 | ||||
Old Hickory Mall | Malls | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 20,149,000 | ||||
Long-lived assets | 12,400,000 | ||||
Fair Value | $ 12,400,000 | ||||
Old Hickory Mall | Malls | Measurement Input, Expected Term | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Holding period | 9 years | ||||
Old Hickory Mall | Malls | Cap Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 13 | ||||
Old Hickory Mall | Malls | Discount Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 14 | ||||
Stroud Mall | Malls | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loss on impairment | $ 23,790,000 | ||||
Long-lived assets | 15,400,000 | ||||
Fair Value | $ 15,400,000 | ||||
Stroud Mall | Malls | Measurement Input, Expected Term | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Holding period | 9 years | ||||
Stroud Mall | Malls | Cap Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 11.75 | ||||
Stroud Mall | Malls | Discount Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 12.5 | ||||
The Landing at Arbor Place - Outparcel | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Proceeds from sale of real estate | $ 590,000 | ||||
The Landing at Arbor Place - Outparcel | All Other | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loss on impairment | $ 1,682,000 | ||||
Long-lived assets | 590,000 | ||||
Fair Value | 590,000 | ||||
Laurel Park Place | Malls | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 14,267,000 | ||||
Long-lived assets | 9,800,000 | ||||
Fair Value | $ 9,800,000 | ||||
Laurel Park Place | Malls | Measurement Input, Expected Term | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Holding period | 9 years | ||||
Laurel Park Place | Malls | Cap Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 11.5 | ||||
Laurel Park Place | Malls | Discount Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 13 | ||||
Parkdale Mall & Crossing | Malls | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Long-lived assets | $ 50,500,000 | ||||
Fair Value | $ 50,500,000 | ||||
Parkdale Mall & Crossing | Malls | Measurement Input, Expected Term | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Holding period | 10 years | ||||
Parkdale Mall & Crossing | Malls | Cap Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 12.3 | ||||
Parkdale Mall & Crossing | Malls | Discount Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 14.2 | ||||
Parkdale Mall & Crossing | Malls/All Other | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loss on impairment | $ 47,211,000 | ||||
Long-lived assets | 50,500,000 | ||||
Fair Value | 50,500,000 | ||||
The Outlet Shoppes at Gettysburg | Malls | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 21,470,000 | ||||
Long-lived assets | 16,660,000 | ||||
Fair Value | $ 16,660,000 | ||||
The Outlet Shoppes at Gettysburg | Malls | Measurement Input, Expected Term | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Holding period | 9 years | ||||
The Outlet Shoppes at Gettysburg | Malls | Cap Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 11 | ||||
The Outlet Shoppes at Gettysburg | Malls | Discount Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 12 | ||||
Vacant land | All Other | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loss on impairment | $ 4,969,000 | ||||
Long-lived assets | 4,240,000 | ||||
Assets book value | 4,240,000 | ||||
Fair Value | 4,240,000 | ||||
Burnsville Center | Malls | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Long-lived assets | 10,700,000 | ||||
Fair Value | $ 10,700,000 | ||||
Burnsville Center | Malls | Measurement Input, Expected Term | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Holding period | 9 years | ||||
Burnsville Center | Malls | Cap Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 14 | ||||
Burnsville Center | Malls | Discount Rate (as a percent) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (as a percent) | 15 | ||||
Westgate Mall | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Long-lived assets | $ 0 | ||||
Fair Value | 0 | ||||
Alamance Crossing East | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Long-lived assets | 0 | ||||
Fair Value | $ 0 | ||||
Greenbrier Mall | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Long-lived assets | 0 | ||||
Fair Value | 0 | ||||
Outparcel at Pavilion at Port Orange | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Proceeds from sale of real estate | 1,660,000 | ||||
Loss from sales of real estate assets | $ (252,000) | ||||
Asheville Mall and Park Plaza | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Long-lived assets | $ 0 | ||||
Fair Value | $ 0 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||||||
Feb. 17, 2023 | Feb. 16, 2022 | Jan. 31, 2024 | Feb. 28, 2023 | Jan. 31, 2023 | Feb. 28, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Number of shares authorized (shares) | 10,400,000 | ||||||||||||||||||
Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Share-based compensation cost capitalized as part of real estate assets | $ 10,000 | ||||||||||||||||||
Performance Stock Unit Awards | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Granted (shares) | 157,789 | 3,408,083 | [1] | 1,103,537 | [2] | ||||||||||||||
Share-based compensation cost | $ 315,000 | $ 5,639,000 | $ 4,485,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||||||||||||||
Nonvested, beginning of period (shares) | 563,581 | 607,128 | 1,103,537 | 607,128 | 1,103,537 | ||||||||||||||
Granted (shares) | 157,789 | 3,408,083 | [1] | 1,103,537 | [2] | ||||||||||||||
Incremental granted (shares) | [3] | 47,432 | |||||||||||||||||
Vested (shares) | (197,749) | ||||||||||||||||||
Forfeited (shares) | (1,103,537) | [4] | (51,019) | (3,408,083) | [5] | ||||||||||||||
Nonvested, end of period (shares) | 563,581 | 607,128 | 1,103,537 | ||||||||||||||||
Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Weighted average grant-date fair value, nonvested, beginning of period (USD per share) | $ 28.65 | $ 24.69 | $ 2.40 | $ 24.69 | $ 2.40 | ||||||||||||||
Weighted average grant-date fair value, granted (USD per share) | $ 38.79 | $ 0.84 | [1] | $ 2.40 | [2] | ||||||||||||||
Weighted average incremental grant-date fair value, granted (USD per share) | [3] | 23 | |||||||||||||||||
Weighted average grant-date fair value, vested (USD per share) | $ 24.75 | ||||||||||||||||||
Weighted average grant-date fair value, forfeited (USD per share) | $ 2.40 | [4] | 24.87 | 0.84 | [5] | ||||||||||||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ 38.79 | [6] | $ 24.67 | [6] | $ 28.65 | $ 24.69 | $ 2.40 | ||||||||||||
Vested (shares) | (197,749) | ||||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | $ 12,807,000 | ||||||||||||||||||
Compensation cost to be recognized over a weighted-average period | 2 years 4 months 24 days | ||||||||||||||||||
Shares granted in period classified as liabilities (shares) | 1,247,098 | 566,862 | |||||||||||||||||
weighted-average grant date fair value | $ 38.79 | [6] | $ 24.67 | [6] | $ 28.65 | $ 24.69 | $ 2.40 | ||||||||||||
Risk-free interest rate (as a percent) | [7] | 4.37% | 1.85% | ||||||||||||||||
Expected share price volatility (as a percent) | [8] | 62.50% | 65% | ||||||||||||||||
Performance period | 3 years | 4 years | |||||||||||||||||
Pecentage of shares issued based on achievement of long term relative TSR performance | 40% | ||||||||||||||||||
Percentage of shares issued based on achievement of TSR performance | 60% | ||||||||||||||||||
Performance Stock Unit Awards | Chief Executive Officer | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Granted (shares) | 63,114 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||||||||||||||
Granted (shares) | 63,114 | ||||||||||||||||||
Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ 40.64 | ||||||||||||||||||
weighted-average grant date fair value | $ 40.64 | ||||||||||||||||||
Performance Stock Unit Awards | Officer | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Granted (shares) | 94,675 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||||||||||||||
Granted (shares) | 94,675 | ||||||||||||||||||
Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ 37.55 | ||||||||||||||||||
weighted-average grant date fair value | $ 37.55 | ||||||||||||||||||
2021 Equity Incentive Plan | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Number of shares authorized (shares) | 3,222,222 | ||||||||||||||||||
Increase in number of shares authorised | 953,403 | ||||||||||||||||||
Shares available under the EIP | 3,120,492 | ||||||||||||||||||
Percentage released stock awards granted | 3% | ||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Granted (shares) | 387,568 | ||||||||||||||||||
Vesting rate | 25% | ||||||||||||||||||
Share-based compensation cost | $ 299,000 | $ 863,000 | $ 7,343,000 | $ 7,400,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||||||||||||||
Nonvested, beginning of period (shares) | 590,953 | 662,875 | 1,519,774 | 662,875 | 1,519,774 | ||||||||||||||
Granted (shares) | 387,568 | ||||||||||||||||||
Vested (shares) | (1,490,751) | (446,710) | |||||||||||||||||
Forfeited (shares) | (29,023) | (12,780) | |||||||||||||||||
Nonvested, end of period (shares) | 590,953 | 662,875 | 1,519,774 | ||||||||||||||||
Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Weighted average grant-date fair value, nonvested, beginning of period (USD per share) | $ 27.02 | $ 27.42 | $ 2.15 | $ 27.42 | $ 2.15 | ||||||||||||||
Weighted average grant-date fair value, granted (USD per share) | 26.03 | ||||||||||||||||||
Weighted average grant-date fair value, vested (USD per share) | 2.14 | 26.78 | |||||||||||||||||
Weighted average grant-date fair value, forfeited (USD per share) | $ 2.73 | 26.13 | |||||||||||||||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ 27.02 | $ 27.42 | $ 2.15 | ||||||||||||||||
Weighted average grant-date fair value, granted | 21,642,000 | $ 10,086,000 | $ 3,095,000 | ||||||||||||||||
Vested (shares) | (1,490,751) | (446,710) | |||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | $ 13,577,000 | ||||||||||||||||||
Compensation cost to be recognized over a weighted-average period | 1 year 10 months 24 days | ||||||||||||||||||
Total fair value of shares vested | $ 0 | $ 11,090,000 | $ 5,306,000 | $ 220,000 | |||||||||||||||
weighted-average grant date fair value | $ 27.02 | $ 27.42 | $ 2.15 | ||||||||||||||||
RSU component award vesting performance period | 3 years | ||||||||||||||||||
Restricted Stock Awards | Non-Executive Officers | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||
Restricted Stock Awards | Non-Employee Directors | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 1 year | ||||||||||||||||||
Maximum | Performance Stock Unit Awards | |||||||||||||||||||
Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Component percentage in long-term incentive program | 60% | ||||||||||||||||||
Maximum | Restricted Stock Awards | |||||||||||||||||||
Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Component percentage in long-term incentive program | 45% | ||||||||||||||||||
Maximum | Restricted Stock Awards | Executive Officer | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 4 years | ||||||||||||||||||
Minimum | Performance Stock Unit Awards | |||||||||||||||||||
Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Component percentage in long-term incentive program | 55% | ||||||||||||||||||
Minimum | Restricted Stock Awards | |||||||||||||||||||
Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Component percentage in long-term incentive program | 40% | ||||||||||||||||||
Minimum | Restricted Stock Awards | Executive Officer | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||
Subsequent Event | 2021 Equity Incentive Plan | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Increase in number of shares authorised | 0 | ||||||||||||||||||
[1] Includes 1,247,098 shares classified as a liability due to the potential cash component. Includes 566,862 shares classified as a liability due to the potential cash component. PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue. As of the Effective Date and pursuant to the Plan, all outstanding PSUs of the Predecessor Company were deemed cancelled. In connection with the restructuring and support agreement, dated as of August 18, 2020, by and between the Predecessor Company and certain beneficial owners and/or investment advisors or managers of discretionary funds, accounts or other entities for the holders of beneficial owners (the "Consenting Noteholders"), the 2020 PSUs were cancelled. The value of the PSU awards are estimated on the date of grant using a Monte Carlo simulation model. For the 2023 PSUs, t he valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2023 PSUs consists of 63,114 shares at a fair value of $ 40.64 per share (which relates to the relative TSR) and 94,675 shares at a fair value of $ 37.55 per share (which relates to absolute TSR). For the 2022 PSUs, t he valuation consists of computing the fair value using CBL's simulated stock price as well as TMR for each performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above. For the 2023 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. For the 2022 PSUs, t he computation of expected volatility was based on the historical volatility of the share prices of comparable, publicly traded companies and given the Company's risk profile and leverage relative to the comparable, publicly traded companies. The Company's historical volatility was not relied upon given the Company's limited trading history since the Effective Date. |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||||
Defined contribution plan, age of eligibility | 21 years | |||
Defined contribution plan, required service period prior to plan participation | 2 months | |||
Defined contribution plan, employer matching contribution (as a percent) | 50% | |||
Defined contribution plan, maximum annual contribution per employee (as a percent) | 2.50% | |||
Defined contribution plan, employer discretionary contribution amount | $ 97 | $ 658 | $ 890 | $ 823 |
Emergence From Voluntary Reor_2
Emergence From Voluntary Reorganization Under Chapter 11 - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
Mar. 21, 2021 USD ($) shares | Nov. 02, 2020 | Aug. 18, 2020 USD ($) | May 31, 2023 | Jan. 31, 2023 Mall | Oct. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Oct. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) Lifestyle_center OpenAir_center $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | Feb. 28, 2023 | May 06, 2022 shares | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Interest rate percentage | 7.3975% | 7.3975% | 4.25% | ||||||||||
Debt instrument, maturity date | Jun. 07, 2027 | ||||||||||||
New senior secured notes | $ 395,000 | $ 395,000 | |||||||||||
Common stock issued (shares) | shares | 20,774,716 | 31,975,645 | 31,780,075 | 12,380,260 | |||||||||
Common stock outstanding (shares) | shares | 20,774,716 | 31,975,645 | 31,780,075 | ||||||||||
Common stock, par value (USD per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Lifestyle Centers | Lifestyle_center | 5 | ||||||||||||
Reorganization items, net | $ (1,403) | (435,162) | $ 298 | $ (35,977) | |||||||||
Individual assets and liabilities | 779,092 | ||||||||||||
Professional fees and success fees | 75,545 | ||||||||||||
Professional fees | 10,347 | ||||||||||||
Compensation associated with reorganization efforts | 1,211 | ||||||||||||
Unamortized deferred financing costs and debt discounts | 25,294 | ||||||||||||
U.S. Trustee fees | 1,741 | $ 336 | |||||||||||
Resale of common stock | shares | 20,774,716 | 31,975,645 | 31,780,075 | 12,380,260 | |||||||||
Reorganization Adjustments | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
New senior secured notes | $ 395,000 | $ 395,000 | |||||||||||
Common stock issued (shares) | shares | 196,569,917 | 20,774,716 | 196,569,917 | ||||||||||
Common stock outstanding (shares) | shares | 196,569,917 | 20,774,716 | 196,569,917 | ||||||||||
Common stock, par value (USD per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||
Gain on settlement of liabilities subject to compromise | $ 422,427 | $ 422,427 | |||||||||||
Resale of common stock | shares | 196,569,917 | 20,774,716 | 196,569,917 | ||||||||||
Series D Preferred Stock | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Dividend rate of preferred stock (as a percent) | 7.375% | ||||||||||||
Series D Preferred Stock | Reorganization Adjustments | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Dividend rate of preferred stock (as a percent) | 7.375% | ||||||||||||
Series E Preferred Stock | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Dividend rate of preferred stock (as a percent) | 6.625% | ||||||||||||
Series E Preferred Stock | Reorganization Adjustments | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Dividend rate of preferred stock (as a percent) | 6.625% | ||||||||||||
Senior Unsecured Notes | 2023 Notes | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Aggregate principal amount of senior unsecured notes | $ 450,000 | ||||||||||||
Interest rate percentage | 5.25% | ||||||||||||
Debt instrument, maturity date | Dec. 01, 2023 | ||||||||||||
Senior Unsecured Notes | 2024 Notes | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Aggregate principal amount of senior unsecured notes | $ 300,000 | ||||||||||||
Interest rate percentage | 4.60% | ||||||||||||
Debt instrument, maturity date | Oct. 15, 2024 | ||||||||||||
Senior Unsecured Notes | 2026 Notes | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Aggregate principal amount of senior unsecured notes | $ 625,000 | ||||||||||||
Interest rate percentage | 5.95% | ||||||||||||
Debt instrument, maturity date | Dec. 15, 2026 | ||||||||||||
Restructuring Support Agreement | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Principal amount of unsecured notes | $ 1,375,000 | ||||||||||||
New senior secured notes | 455,000 | ||||||||||||
Cash | 95,000 | ||||||||||||
Exchangeable secured notes | $ 100,000 | ||||||||||||
Percentage of issuance of new common equity to holders of unsecured notes | 89% | ||||||||||||
Common stock issued (shares) | shares | 20,000,000 | ||||||||||||
Common stock outstanding (shares) | shares | 20,000,000 | ||||||||||||
Common stock, par value (USD per share) | $ / shares | $ 0.01 | ||||||||||||
Resale of common stock | shares | 20,000,000 | ||||||||||||
Restructuring Support Agreement | Management Incentive Plan | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Common stock reserved | shares | 3,222,222 | ||||||||||||
Restructuring Support Agreement | Secured Credit Facility | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Fair value carrying amount | $ 133,000 | ||||||||||||
Restructuring Support Agreement | Subscription Option | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Cash | 100,000 | ||||||||||||
Exchangeable secured notes | $ 50,000 | ||||||||||||
Percentage of issuance of new common equity to holders of unsecured notes | 5.50% | ||||||||||||
Restructuring Support Agreement | Subscription Option | Secured Credit Facility | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Fair value carrying amount | $ 983,700 | ||||||||||||
Restructuring Support Agreement | Subscription Option | Secured Term Loan | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Fair value carrying amount | $ 883,700 | ||||||||||||
Restructuring Support Agreement | Exchangeable Notes Indenture | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Common stock reserved | shares | 9,000,000 | ||||||||||||
Exit Credit Agreement | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Number of malls | Mall | 16 | ||||||||||||
Lifestyle Centers | Lifestyle_center | 3 | ||||||||||||
Number of open air centers | OpenAir_center | 3 | ||||||||||||
Exit Credit Agreement | Senior Secured Term Loan | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Debt instrument, maturity date | Nov. 01, 2025 | ||||||||||||
Fair value carrying amount | $ 883,700 | ||||||||||||
Debt instrument, maturity date, description | secured term loan that matures November 1, 2025. Upon satisfaction of certain conditions, the maturity date will automatically extend to November 1, 2026 and upon further satisfaction of certain conditions the maturity date will automatically extend to November 1, 2027. | ||||||||||||
Debt Instrument, covenant description | The exit credit agreement requires HoldCo I to comply with certain financial ratios in the aggregate for the collateral properties, including a covenant that it not permit the (i) interest coverage ratio (as defined in the exit credit agreement) commencing with the fiscal quarter ending December 31, 2021, to be less than 1.50 to 1.00, (ii) minimum debt yield ratio (as defined in the exit credit agreement) commencing with the fiscal quarter ending March 31, 2023 as of the last day of any fiscal quarter ending prior to the maturity date, to be less than eleven and a half percent (11.50%) and (iii) the occupancy rate (as defined in the exit credit agreement) commencing with the fiscal quarter ending March 31, 2023, as of the last day of any fiscal quarter ending prior to the maturity date, to be less than seventy five percent (75%). The Operating Partnership provided a limited guaranty up to a maximum of $175,000 (the “principal liability cap”). In November 2023, the limited guaranty was eliminated pursuant to the terms of the exit credit agreement and the loan became fully non-recourse. Additionally, the Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2023. | ||||||||||||
Interest coverage ratio | 1.50% | ||||||||||||
Maximum debt yield ratio | 11.50% | ||||||||||||
Occupancy rate | 75% | ||||||||||||
Limited guaranty amount | $ 175,000 | ||||||||||||
Limited guarantee description | . Additionally, the Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2023. | ||||||||||||
Secured Notes Indenture | 10% Senior Secured Notes Due 2029 | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Interest rate percentage | 10% | ||||||||||||
Debt instrument, maturity date | Nov. 15, 2029 | ||||||||||||
Fair value carrying amount | $ 455,000 | ||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | ||||||||||||
Debt instrument, redemption description | HoldCo II redeemed $60,000 aggregate principal amount of the secured notes pursuant to an optional redemption on November 8, 2021 | ||||||||||||
Redemption of aggregate principal amount | $ 60,000 | ||||||||||||
Debt instrument, outstanding balance after redemption | $ 395,000 | ||||||||||||
Registration Rights Agreement | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Common stock, par value (USD per share) | $ / shares | $ 0.001 | ||||||||||||
Minimum | Restructuring Support Agreement | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Aggregate principal amount of operating partnership | 62% | ||||||||||||
Minimum | Registration Rights Agreement | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||
Percentage of securities sought to be sold | 5% | ||||||||||||
Aggregate gross offering price | $ 25,000,000 |
Fresh Start Accounting - Additi
Fresh Start Accounting - Additional Information (Details) - USD ($) | 12 Months Ended | |||
May 06, 2021 | Dec. 31, 2023 | May 31, 2023 | Feb. 28, 2023 | |
Reorganization Chapter11 [Line Items] | ||||
Fresh-start reporting, description | Upon emergence from bankruptcy, the Company qualified for and adopted fresh start accounting in accordance with ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes because (1) the holders of the then existing common shares of the Predecessor received less than 50 percent of the new shares of common stock of the Successor outstanding upon emergence and (2) the reorganization value of the Company’s assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims. The Company elected to apply fresh start accounting using a convenience date of October 31, 2021. Management evaluated and concluded that the events on November 1, 2021 were not material to the Company’s financial reporting on both a quantitative and qualitative basis. | |||
Maximum percentage of voting shares to qualify for fresh-start reporting | 50% | |||
Reorganization value best point estimate of shareholders’ equity | $ 547,448,000 | |||
Reorganization value including noncontrolling interest | $ 553,535,000 | |||
Capitalization rate percentage | 10% | |||
Weighted average cost of capital | 11% | |||
Interest rate percentage | 7.3975% | 7.3975% | 4.25% | |
Incremental borrowing rate | 12% | |||
10% Senior Secured Notes | ||||
Reorganization Chapter11 [Line Items] | ||||
Interest rate percentage | 10% | |||
Minimum | ||||
Reorganization Chapter11 [Line Items] | ||||
Enterprise value | $ 50,000,000 | |||
Maximum | ||||
Reorganization Chapter11 [Line Items] | ||||
Enterprise value | $ 550,000,000 |
Fresh Start Accounting - Reconc
Fresh Start Accounting - Reconciliation of Enterprise and Reorganization Value (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | ||
May 06, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fresh Start Accounting [Abstract] | ||||
Enterprise value, less cash | $ 2,296,872 | |||
Less: Fair value of noncontrolling interest in consolidated subsidiaries | (6,087) | |||
Enterprise value of the Company's interests, less cash | 2,290,785 | |||
Plus: Cash, cash equivalents and restricted cash | 330,282 | |||
Less: Fair value of mortgage and other indebtedness | (1,678,619) | |||
Less: Fair value of 10% senior secured notes | (395,000) | |||
Fair value of Successor total shareholders' equity | $ 547,448 | |||
Issuance of common stock and restricted common stock (shares) | 20,000,000 | 784,999 | 185,195 | 115,884 |
Per share value | $ 27.37 | |||
Plus: Accounts payable and accrued liabilities | $ 335,513 | |||
Reorganization value of Successor's assets | $ 2,962,667 |
Fresh Start Accounting - Summar
Fresh Start Accounting - Summary of Fresh Start Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2020 | ||
Real estate assets: | |||||||
Land | $ 585,191 | [1] | $ 596,715 | [1] | $ 602,015 | ||
Buildings and improvements | 1,216,054 | [1] | 1,198,597 | [1] | 1,179,458 | ||
Real estate assets | 1,801,245 | [1] | 1,795,312 | [1] | 1,781,473 | ||
Real estate investment property, net, before developments in progress | 1,573,211 | [1] | 1,658,411 | [1] | 1,781,473 | ||
Developments in progress | 8,900 | [1] | 5,576 | [1] | 15,858 | ||
Net investment in real estate assets | 1,582,111 | [1] | 1,663,987 | [1] | 1,797,331 | ||
Cash and cash equivalents | 34,188 | [1] | 44,718 | [1] | $ 169,554 | 260,207 | |
Receivables: | |||||||
Tenant | 43,436 | [1] | 40,620 | [1] | 20,913 | ||
Other | 2,752 | [1] | 3,876 | [1] | 5,310 | ||
Mortgage and other notes receivable | 397 | ||||||
Investments in unconsolidated affiliates | 76,458 | [1] | 77,295 | [1] | 121,841 | ||
In-place leases, net | 157,639 | [1] | 247,497 | [1] | 413,530 | ||
Above market leases, net | 118,673 | [1] | 171,265 | [1] | 244,996 | ||
Intangible lease assets and other assets | 39,618 | [1] | 39,332 | [1] | 98,142 | ||
Total assets | 2,405,905 | [1] | 2,678,243 | [1] | 2,945,979 | 2,962,667 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness, net | 1,888,803 | 2,000,186 | 1,678,619 | ||||
Senior secured notes | 395,000 | ||||||
Below market leases, net | 80,408 | 110,616 | 159,243 | ||||
Accounts payable and accrued liabilities | 106,077 | 200,312 | 176,270 | ||||
Total liabilities not subject to compromise | 2,409,132 | ||||||
Commitments and contingencies (Note 8 and Note 14) | |||||||
OWNERS' EQUITY (DEFICIT): | |||||||
Successor common stock, $.001 par value, 200,000,000 shares authorized, 20,774,716 issued and outstanding in 2021 | 20 | ||||||
Predecessor preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
Additional paid-in capital | 719,125 | 710,497 | 547,428 | ||||
Accumulated deficit | (380,446) | (338,934) | |||||
Total shareholders' equity | 339,321 | 370,541 | 547,448 | ||||
Noncontrolling interests | (8,704) | (3,412) | 6,087 | ||||
Total owners' deficit | 330,617 | 367,129 | $ 401,100 | 553,535 | $ 534,297 | ||
Total liabilities, redeemable noncontrolling interests and equity | $ 2,405,905 | $ 2,678,243 | 2,962,667 | ||||
Predecessor | |||||||
Real estate assets: | |||||||
Land | 625,098 | ||||||
Buildings and improvements | 4,839,923 | ||||||
Real estate assets | 5,465,021 | ||||||
Accumulated depreciation | (2,252,275) | ||||||
Real estate investment property, net, before developments in progress | 3,212,746 | ||||||
Developments in progress | 15,858 | ||||||
Net investment in real estate assets | 3,228,604 | ||||||
Cash and cash equivalents | 498,260 | ||||||
Receivables: | |||||||
Tenant | 70,664 | ||||||
Other | 4,056 | ||||||
Mortgage and other notes receivable | 397 | ||||||
Investments in unconsolidated affiliates | 246,823 | ||||||
In-place leases, net | 6,895 | ||||||
Above market leases, net | 3,611 | ||||||
Intangible lease assets and other assets | 150,784 | ||||||
Total assets | 4,210,094 | ||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness, net | 1,016,557 | ||||||
Below market leases, net | 5,576 | ||||||
Accounts payable and accrued liabilities | 215,675 | ||||||
Total liabilities not subject to compromise | 1,237,808 | ||||||
Liabilities subject to compromise | 2,551,439 | ||||||
Commitments and contingencies (Note 8 and Note 14) | |||||||
Redeemable noncontrolling interests | (1,032) | ||||||
Predecessor preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
Predecessor common stock, $.01 par value, 350,000,000 shares authorized, 196,569,917 issued and outstanding in 2020 | 1,976 | ||||||
Additional paid-in capital | 1,986,769 | ||||||
Accumulated deficit | (1,553,835) | ||||||
Total shareholders' equity | 434,935 | ||||||
Noncontrolling interests | (13,056) | ||||||
Total owners' deficit | 421,879 | ||||||
Total liabilities, redeemable noncontrolling interests and equity | 4,210,094 | ||||||
Predecessor | Series D Preferred Stock | |||||||
Predecessor preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
Preferred stock outstanding | 18 | ||||||
Predecessor | Series E Preferred Stock | |||||||
Predecessor preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
Preferred stock outstanding | 7 | ||||||
Reorganization Adjustments | |||||||
Real estate assets: | |||||||
Cash and cash equivalents | (238,053) | ||||||
Receivables: | |||||||
Other | 1,254 | ||||||
Total assets | (236,799) | ||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness, net | 1,032,508 | ||||||
Senior secured notes | 395,000 | ||||||
Accounts payable and accrued liabilities | (7,431) | ||||||
Total liabilities not subject to compromise | 1,420,077 | ||||||
Liabilities subject to compromise | (2,551,439) | ||||||
Commitments and contingencies (Note 8 and Note 14) | |||||||
Redeemable noncontrolling interests | 1,032 | ||||||
OWNERS' EQUITY (DEFICIT): | |||||||
Successor common stock, $.001 par value, 200,000,000 shares authorized, 20,774,716 issued and outstanding in 2021 | 20 | ||||||
Predecessor preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
Predecessor common stock, $.01 par value, 350,000,000 shares authorized, 196,569,917 issued and outstanding in 2020 | (1,976) | ||||||
Additional paid-in capital | 487,721 | ||||||
Accumulated deficit | 405,864 | ||||||
Total shareholders' equity | 891,604 | ||||||
Noncontrolling interests | 1,927 | ||||||
Total owners' deficit | 893,531 | ||||||
Total liabilities, redeemable noncontrolling interests and equity | (236,799) | ||||||
Reorganization Adjustments | Series D Preferred Stock | |||||||
Predecessor preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
Preferred stock outstanding | (18) | ||||||
Reorganization Adjustments | Series E Preferred Stock | |||||||
Predecessor preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
Preferred stock outstanding | (7) | ||||||
Fresh Start Accounting Adjustments | |||||||
Real estate assets: | |||||||
Land | (23,083) | ||||||
Buildings and improvements | (3,660,465) | ||||||
Real estate assets | (3,683,548) | ||||||
Accumulated depreciation | 2,252,275 | ||||||
Real estate investment property, net, before developments in progress | (1,431,273) | ||||||
Net investment in real estate assets | (1,431,273) | ||||||
Receivables: | |||||||
Tenant | (49,751) | ||||||
Investments in unconsolidated affiliates | (124,982) | ||||||
In-place leases, net | 406,635 | ||||||
Above market leases, net | 241,385 | ||||||
Intangible lease assets and other assets | (52,642) | ||||||
Total assets | (1,010,628) | ||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness, net | (370,446) | ||||||
Below market leases, net | 153,667 | ||||||
Accounts payable and accrued liabilities | (31,974) | ||||||
Total liabilities not subject to compromise | (248,753) | ||||||
Commitments and contingencies (Note 8 and Note 14) | |||||||
Predecessor preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
Additional paid-in capital | (1,927,062) | ||||||
Accumulated deficit | 1,147,971 | ||||||
Total shareholders' equity | (779,091) | ||||||
Noncontrolling interests | 17,216 | ||||||
Total owners' deficit | (761,875) | ||||||
Total liabilities, redeemable noncontrolling interests and equity | $ (1,010,628) | ||||||
[1] As of December 31, 2023, includes $ 187,221 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $ 209,637 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10 . |
Fresh Start Accounting - Summ_2
Fresh Start Accounting - Summary of Fresh Start Consolidated Balance Sheet (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |||||
Nov. 02, 2020 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | May 06, 2022 | Dec. 31, 2021 | |
Reorganization Chapter11 [Line Items] | ||||||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock authorized (shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||
Common stock issued (shares) | 31,975,645 | 31,780,075 | 12,380,260 | 20,774,716 | ||
Common stock outstanding (shares) | 31,975,645 | 31,780,075 | 20,774,716 | |||
Series D Preferred Stock | ||||||
Reorganization Chapter11 [Line Items] | ||||||
Dividend rate of preferred stock (as a percent) | 7.375% | |||||
Series E Preferred Stock | ||||||
Reorganization Chapter11 [Line Items] | ||||||
Dividend rate of preferred stock (as a percent) | 6.625% | |||||
10% Senior Secured Notes | ||||||
Reorganization Chapter11 [Line Items] | ||||||
Fair value carrying amount | $ 395,000 | |||||
Predecessor | ||||||
Reorganization Chapter11 [Line Items] | ||||||
Preferred stock, par value (USD per share) | $ 0.01 | |||||
Preferred stock authorized (shares) | 15,000,000 | |||||
Common stock, par value (USD per share) | $ 0.01 | |||||
Common stock authorized (shares) | 350,000,000 | |||||
Common stock issued (shares) | 196,569,917 | |||||
Common stock outstanding (shares) | 196,569,917 | |||||
Predecessor | Series D Preferred Stock | ||||||
Reorganization Chapter11 [Line Items] | ||||||
Preferred stock outstanding (shares) | 1,815,000 | |||||
Dividend rate of preferred stock (as a percent) | 7.375% | |||||
Predecessor | Series E Preferred Stock | ||||||
Reorganization Chapter11 [Line Items] | ||||||
Preferred stock outstanding (shares) | 690,000 | |||||
Dividend rate of preferred stock (as a percent) | 6.625% | |||||
Reorganization Adjustments | ||||||
Reorganization Chapter11 [Line Items] | ||||||
Preferred stock, par value (USD per share) | $ 0.01 | |||||
Preferred stock authorized (shares) | 15,000,000 | |||||
Common stock, par value (USD per share) | $ 0.01 | |||||
Common stock authorized (shares) | 350,000,000 | |||||
Common stock issued (shares) | 196,569,917 | 20,774,716 | ||||
Common stock outstanding (shares) | 196,569,917 | 20,774,716 | ||||
Reorganization Adjustments | Series D Preferred Stock | ||||||
Reorganization Chapter11 [Line Items] | ||||||
Preferred stock outstanding (shares) | 1,815,000 | |||||
Dividend rate of preferred stock (as a percent) | 7.375% | |||||
Reorganization Adjustments | Series E Preferred Stock | ||||||
Reorganization Chapter11 [Line Items] | ||||||
Preferred stock outstanding (shares) | 690,000 | |||||
Dividend rate of preferred stock (as a percent) | 6.625% |
Fresh Start Accounting - Summ_3
Fresh Start Accounting - Summary of Change in Cash and Cash Equivalents (Details) - Cash and Cash Equivalents $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Cash And Cash Equivalents [Line Items] | |
Payment of professional fees | $ (27,170) |
Redemption of secured notes | (60,117) |
Total | (238,053) |
Exchangeable Notes | |
Cash And Cash Equivalents [Line Items] | |
Proceeds from Exchangeable Notes | 50,000 |
Unsecured Claim Holders | |
Cash And Cash Equivalents [Line Items] | |
Payment for the settlement | (98,801) |
Predecessor Secured Credit Facility | |
Cash And Cash Equivalents [Line Items] | |
Payment for the settlement | (100,000) |
Exit Credit Agreement | |
Cash And Cash Equivalents [Line Items] | |
Payment for the settlement | (1,192) |
Exchangeable Notes and Secured Notes | |
Cash And Cash Equivalents [Line Items] | |
Payment for the settlement | $ (773) |
Fresh Start Accounting - Summ_4
Fresh Start Accounting - Summary of Reorganization Adjustments in Mortgage and Other Indebtedness (Details) - Mortgage and Other Indebtedness $ in Thousands | Dec. 31, 2023 USD ($) |
Participating Mortgage Loans [Line Items] | |
Mortgage and other indebtedness | $ 1,032,508 |
Exit Credit Agreement | |
Participating Mortgage Loans [Line Items] | |
Mortgage and other indebtedness | 883,700 |
Exchangeable Notes | |
Participating Mortgage Loans [Line Items] | |
Mortgage and other indebtedness | 150,000 |
Deferred Financing Costs Related to Exit Credit Agreement | |
Participating Mortgage Loans [Line Items] | |
Mortgage and other indebtedness | $ (1,192) |
Fresh Start Accounting - Summ_5
Fresh Start Accounting - Summary of Reorganization Adjustments in Mortgage and Other Indebtedness (Parenthetical) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Fresh Start Accounting [Abstract] | |
Issuance of secured notes | $ 455,000 |
Redemption on secured notes | $ 60,000 |
Fresh Start Accounting - Summ_6
Fresh Start Accounting - Summary of Settlement of Liabilities (Details) - Reorganization Adjustments - USD ($) $ in Thousands | 1 Months Ended | 10 Months Ended |
Oct. 31, 2021 | Oct. 31, 2021 | |
Reorganization Chapter11 [Line Items] | ||
Liabilities subject to compromise | $ 2,551,439 | |
Issuance of Exit Credit Agreement | (983,700) | |
Issuance of secured notes | (555,773) | |
Equity issued on the Effective Date in settlement of liabilities subject to compromise | (487,479) | |
Payment to various creditors | (102,060) | |
Gain on settlement of liabilities subject to compromise | $ 422,427 | $ 422,427 |
Fresh Start Accounting - Summ_7
Fresh Start Accounting - Summary of Net Change in Predecessor Common Stock (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 31, 2021 |
Reorganization Chapter11 [Line Items] | |||
Net change in Predecessor common stock | $ 32 | $ 32 | |
Reorganization Adjustments | |||
Reorganization Chapter11 [Line Items] | |||
Conversion of Predecessor equity | $ 20 | ||
Cancellation of Predecessor common stock | (1,996) | ||
Net change in Predecessor common stock | $ (1,976) |
Fresh Start Accounting - Summ_8
Fresh Start Accounting - Summary of Change in Additional Paid-in Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 31, 2021 |
Reorganization Chapter11 [Line Items] | |||
Additional paid-in capital | $ 719,125 | $ 710,497 | $ 547,428 |
Reorganization Adjustments | |||
Reorganization Chapter11 [Line Items] | |||
Issuance of Successor common stock to creditors | 487,462 | ||
Issuance of Successor common stock to Predecessor equity holders | (2) | ||
Cancellation of Predecessor common stock and preferred stock | 2,021 | ||
Other adjustments | (1,760) | ||
Additional paid-in capital | $ 487,721 |
Fresh Start Accounting - Summ_9
Fresh Start Accounting - Summary of Change in Dividends in Excess of Cumulative Earnings (Details) - USD ($) $ in Thousands | 1 Months Ended | 10 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Reorganization Chapter11 [Line Items] | ||||
Accumulated deficit | $ (380,446) | $ (338,934) | ||
Reorganization Adjustments | ||||
Reorganization Chapter11 [Line Items] | ||||
Gain on settlement of liabilities subject to compromise | $ 422,427 | $ 422,427 | ||
Payment of professional fees | (16,563) | |||
Accumulated deficit | $ 405,864 | $ 405,864 |
Fresh Start Accounting - Sum_10
Fresh Start Accounting - Summary of Fair Value Adjustments, Net, in Intangible Lease Assets and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | [1] | Dec. 31, 2022 | [1] | Oct. 31, 2021 |
Reorganization Chapter11 [Line Items] | |||||
Intangible lease assets and other assets | $ 39,618 | $ 39,332 | $ 98,142 | ||
Fresh Start Accounting Adjustments | |||||
Reorganization Chapter11 [Line Items] | |||||
Intangible lease assets | (52,761) | ||||
Corporate assets | 293 | ||||
Right-of-use lease assets | (174) | ||||
Intangible lease assets and other assets | $ (52,642) | ||||
[1] As of December 31, 2023, includes $ 187,221 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $ 209,637 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10 . |
Fresh Start Accounting - Sum_11
Fresh Start Accounting - Summary of Fair Value Adjustments, Net, in Intangible Lease Assets and Other Assets (Parenthetical) (Details) - Fresh Start Accounting Adjustments $ in Thousands | Oct. 31, 2021 USD ($) |
Reorganization Chapter11 [Line Items] | |
Fair value adjustments related to property level debt | $ 373,542 |
Fair value adjustments related to write-off of unamortized property level deferred financing costs | $ 3,096 |
Fresh Start Accounting - Sum_12
Fresh Start Accounting - Summary of Fair Value Adjustments, Net, In Accounts Payable And Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 31, 2021 |
Reorganization Chapter11 [Line Items] | |||
Accounts payable and accrued liabilities | $ 106,077 | $ 200,312 | $ 176,270 |
Fresh Start Accounting Adjustments | |||
Reorganization Chapter11 [Line Items] | |||
Investment in unconsolidated affiliates | (31,682) | ||
Write-off of deferred revenue | (91) | ||
Lease liabilities | (201) | ||
Accounts payable and accrued liabilities | $ (31,974) |
Fresh Start Accounting - Sum_13
Fresh Start Accounting - Summary of Fair Value Adjustments, Net, In Accounts Payable And Accrued Liabilities (Parenthetical) (Details) $ in Thousands | Oct. 31, 2021 USD ($) |
Fresh Start Accounting Adjustments | |
Reorganization Chapter11 [Line Items] | |
Additional paid-in capital amount includes to Predecessor shareholders and common unitholders | $ 60,000 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 12, 2024 | Jan. 01, 2024 | Feb. 29, 2024 | Nov. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | |
Subsequent Event [Line Items] | ||||||
U.S treasury securities redeemed | $ 110 | |||||
Regular quarterly dividends declared per share | $ 2.2 | |||||
Repurchases of common stock (shares) | 51,966 | |||||
Amount of stock repurchased | $ 1,109 | |||||
Commission on sale of common stock | $ 2 | |||||
Brookfield Square Anchor Redevelopment loan | ||||||
Subsequent Event [Line Items] | ||||||
Loan amount paid | $ 8,322 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Regular quarterly dividends declared per share | $ 0.4 | $ 0.4 | ||||
Repurchases of common stock (shares) | 59,411 | |||||
Amount of stock repurchased | $ 1,419 | |||||
Commission on sale of common stock | 2 | |||||
Subsequent Event | Brookfield Square Anchor Redevelopment loan | ||||||
Subsequent Event [Line Items] | ||||||
Loan amount paid | $ 15,190 |
Schedule III - REAL ESTATE AS_2
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Oct. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 1,144,052 | |||||
Initial Cost, Land | 729,554 | |||||
Initial Cost, Buildings and Improvements | 3,951,910 | |||||
Costs Capitalized Subsequent to Acquisition | 838,280 | |||||
Sales of Outparcel Land | (51,017) | |||||
Fresh Start Adjustments | (3,658,582) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 585,191 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,224,954 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 1,810,145 | $ 1,800,888 | $ 1,789,055 | $ 1,789,055 | $ 1,797,332 | $ 5,859,113 |
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (228,034) | $ (136,901) | $ (19,937) | $ (19,937) | $ (2,241,421) | |
Land and buildings and improvements, gross | $ 6,408,000 | |||||
Buildings | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Estimated useful life | 30 years | |||||
Buildings | Minimum | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Estimated useful life | 30 years | |||||
Buildings | Maximum | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Estimated useful life | 40 years | |||||
Certain Improvements | Minimum | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Estimated useful life | 10 years | |||||
Certain Improvements | Maximum | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Estimated useful life | 20 years | |||||
Equipment and Fixtures | Minimum | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Equipment and Fixtures | Maximum | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Estimated useful life | 10 years | |||||
Alamance Crossing West Burlington, NC | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 18,445 | |||||
Initial Cost, Land | 8,344 | |||||
Initial Cost, Buildings and Improvements | 19,549 | |||||
Costs Capitalized Subsequent to Acquisition | 240 | |||||
Sales of Outparcel Land | (3,962) | |||||
Fresh Start Adjustments | (11,969) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 6,242 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 5,960 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 12,202 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (935) | |||||
Arbor Place Atlanta (Douglasville), GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 93,452 | |||||
Initial Cost, Land | 8,508 | |||||
Initial Cost, Buildings and Improvements | 95,088 | |||||
Costs Capitalized Subsequent to Acquisition | 28,211 | |||||
Fresh Start Adjustments | (89,396) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,050 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 39,361 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 42,411 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,468) | |||||
Brookfield Square, Brookfield, WI | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 15,339 | |||||
Initial Cost, Land | 8,996 | |||||
Initial Cost, Buildings and Improvements | 78,533 | |||||
Costs Capitalized Subsequent to Acquisition | 100,088 | |||||
Sales of Outparcel Land | (5,208) | |||||
Fresh Start Adjustments | (146,235) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 10,284 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 25,890 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 36,174 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,900) | |||||
CherryVale Mall, Rockford, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 11,892 | |||||
Initial Cost, Buildings and Improvements | 64,117 | |||||
Costs Capitalized Subsequent to Acquisition | 56,309 | |||||
Sales of Outparcel Land | (1,667) | |||||
Fresh Start Adjustments | (113,543) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 5,360 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 11,748 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 17,108 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,243) | |||||
Cross Creek Mall, Fayetteville, NC | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 92,363 | |||||
Initial Cost, Land | 19,155 | |||||
Initial Cost, Buildings and Improvements | 104,378 | |||||
Costs Capitalized Subsequent to Acquisition | 33,451 | |||||
Fresh Start Adjustments | (49,534) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 4,372 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 103,078 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 107,450 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,890) | |||||
Dakota Square Mall, Minot, ND | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 4,552 | |||||
Initial Cost, Buildings and Improvements | 87,625 | |||||
Costs Capitalized Subsequent to Acquisition | 27,451 | |||||
Fresh Start Adjustments | (96,630) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 5,179 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 17,819 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 22,998 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,883) | |||||
East Towne Mall, Madison, WI | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 4,496 | |||||
Initial Cost, Buildings and Improvements | 63,867 | |||||
Costs Capitalized Subsequent to Acquisition | 64,119 | |||||
Sales of Outparcel Land | (909) | |||||
Fresh Start Adjustments | (123,012) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 4,413 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 4,148 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 8,561 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,309) | |||||
Eastland Mall, Bloomington, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 5,746 | |||||
Initial Cost, Buildings and Improvements | 75,893 | |||||
Costs Capitalized Subsequent to Acquisition | (71,318) | |||||
Sales of Outparcel Land | (753) | |||||
Fresh Start Adjustments | (5,600) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 1,921 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,047 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 3,968 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (629) | |||||
Fayette Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 119,303 | |||||
Initial Cost, Land | 25,205 | |||||
Initial Cost, Buildings and Improvements | 84,256 | |||||
Costs Capitalized Subsequent to Acquisition | 108,443 | |||||
Fresh Start Adjustments | (87,361) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 11,203 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 119,340 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 130,543 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (13,958) | |||||
Frontier Mall, Cheyenne, WY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 2,681 | |||||
Initial Cost, Buildings and Improvements | 15,858 | |||||
Costs Capitalized Subsequent to Acquisition | 21,574 | |||||
Sales of Outparcel Land | (83) | |||||
Fresh Start Adjustments | (31,588) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,715 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 4,727 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 8,442 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,441) | |||||
Hamilton Place, Chattanooga, TN | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 91,649 | |||||
Initial Cost, Land | 3,532 | |||||
Initial Cost, Buildings and Improvements | 42,619 | |||||
Costs Capitalized Subsequent to Acquisition | 54,812 | |||||
Sales of Outparcel Land | (2,933) | |||||
Fresh Start Adjustments | (35,984) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 9,091 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 52,955 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 62,046 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (8,232) | |||||
Hanes Mall, Winston-Salem, NC | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 17,176 | |||||
Initial Cost, Buildings and Improvements | 133,376 | |||||
Costs Capitalized Subsequent to Acquisition | 50,944 | |||||
Sales of Outparcel Land | (1,767) | |||||
Fresh Start Adjustments | (147,963) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 13,968 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,798 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 51,766 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,215) | |||||
Harford Mall, Bel Air, MD | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 8,699 | |||||
Initial Cost, Buildings and Improvements | 45,704 | |||||
Costs Capitalized Subsequent to Acquisition | 17,714 | |||||
Fresh Start Adjustments | (65,736) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 4,582 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,799 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 6,381 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (736) | |||||
Laurel Park Place Livonia, MI | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 13,289 | |||||
Initial Cost, Buildings and Improvements | 92,579 | |||||
Costs Capitalized Subsequent to Acquisition | (97,644) | |||||
Fresh Start Adjustments | (3,630) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 751 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,843 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 4,594 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,258) | |||||
Imperial Valley Mall, El Centro, CA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 35,378 | |||||
Initial Cost, Buildings and Improvements | 71,753 | |||||
Costs Capitalized Subsequent to Acquisition | 3,836 | |||||
Fresh Start Adjustments | (92,019) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 4,810 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,138 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 18,948 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,455) | |||||
Kirkwood Mall, Bismarck, ND | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 3,368 | |||||
Initial Cost, Buildings and Improvements | 118,945 | |||||
Costs Capitalized Subsequent to Acquisition | 40,569 | |||||
Fresh Start Adjustments | (126,278) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 8,114 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 28,490 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 36,604 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,767) | |||||
Jefferson Mall, Louisville, KY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 53,526 | |||||
Initial Cost, Land | 13,125 | |||||
Initial Cost, Buildings and Improvements | 40,234 | |||||
Costs Capitalized Subsequent to Acquisition | 28,046 | |||||
Sales of Outparcel Land | (521) | |||||
Fresh Start Adjustments | (70,099) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 4,625 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,160 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 10,785 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,731) | |||||
Layton Hills Mall, Layton, UT | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 20,464 | |||||
Initial Cost, Buildings and Improvements | 99,836 | |||||
Costs Capitalized Subsequent to Acquisition | (13,356) | |||||
Sales of Outparcel Land | (1,165) | |||||
Fresh Start Adjustments | (74,968) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 10,261 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 20,550 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 30,811 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,590) | |||||
Mall Del Norte, Laredo, TX | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 21,734 | |||||
Initial Cost, Buildings and Improvements | 142,049 | |||||
Costs Capitalized Subsequent to Acquisition | 58,203 | |||||
Sales of Outparcel Land | (149) | |||||
Fresh Start Adjustments | (148,232) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 13,875 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 59,730 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 73,605 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (8,760) | |||||
Mayfaire Town Centerand Community Center | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 26,333 | |||||
Initial Cost, Buildings and Improvements | 101,087 | |||||
Costs Capitalized Subsequent to Acquisition | 23,578 | |||||
Fresh Start Adjustments | (107,804) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 7,165 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 36,029 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 43,194 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,550) | |||||
Meridian Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 2,797 | |||||
Initial Cost, Buildings and Improvements | 103,678 | |||||
Costs Capitalized Subsequent to Acquisition | 62,528 | |||||
Fresh Start Adjustments | (150,764) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 8,573 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,666 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 18,239 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,286) | |||||
Mid Rivers Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 16,384 | |||||
Initial Cost, Buildings and Improvements | 170,582 | |||||
Costs Capitalized Subsequent to Acquisition | (134,795) | |||||
Sales of Outparcel Land | (4,174) | |||||
Fresh Start Adjustments | (27,787) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 9,191 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 11,019 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 20,210 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,285) | |||||
Monroeville Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 22,911 | |||||
Initial Cost, Buildings and Improvements | 177,214 | |||||
Costs Capitalized Subsequent to Acquisition | (136,413) | |||||
Fresh Start Adjustments | (36,624) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 12,379 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,709 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 27,088 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,457) | |||||
Northgate Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 2,330 | |||||
Initial Cost, Buildings and Improvements | 8,960 | |||||
Costs Capitalized Subsequent to Acquisition | 24,019 | |||||
Sales of Outparcel Land | (492) | |||||
Fresh Start Adjustments | (23,815) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,413 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 7,589 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 11,002 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,389) | |||||
Northpark Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 9,977 | |||||
Initial Cost, Buildings and Improvements | 65,481 | |||||
Costs Capitalized Subsequent to Acquisition | 39,737 | |||||
Fresh Start Adjustments | (99,164) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 7,084 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 8,947 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 16,031 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,759) | |||||
Old Hickory Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 15,527 | |||||
Initial Cost, Buildings and Improvements | 29,413 | |||||
Costs Capitalized Subsequent to Acquisition | (32,628) | |||||
Sales of Outparcel Land | (362) | |||||
Fresh Start Adjustments | (9,431) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 800 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,719 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 2,519 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (822) | |||||
The Outlet Shoppes at Laredo | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 33,780 | |||||
Initial Cost, Land | 11,000 | |||||
Initial Cost, Buildings and Improvements | 97,353 | |||||
Costs Capitalized Subsequent to Acquisition | (65,798) | |||||
Fresh Start Adjustments | (26,318) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,741 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 12,496 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 16,237 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,588) | |||||
Pearland Town Center | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 16,300 | |||||
Initial Cost, Buildings and Improvements | 108,615 | |||||
Costs Capitalized Subsequent to Acquisition | 25,794 | |||||
Sales of Outparcel Land | (857) | |||||
Fresh Start Adjustments | (106,531) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 16,896 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 26,425 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 43,321 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,826) | |||||
Northwoods Mall Northwoods Mall North Charleston, SC | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 54,086 | |||||
Initial Cost, Land | 14,867 | |||||
Initial Cost, Buildings and Improvements | 49,647 | |||||
Costs Capitalized Subsequent to Acquisition | 30,358 | |||||
Sales of Outparcel Land | (2,339) | |||||
Fresh Start Adjustments | (52,958) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 9,402 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 30,173 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 39,575 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,638) | |||||
Post Oak Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 3,936 | |||||
Initial Cost, Buildings and Improvements | 48,948 | |||||
Costs Capitalized Subsequent to Acquisition | 17,570 | |||||
Sales of Outparcel Land | (327) | |||||
Fresh Start Adjustments | (52,738) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 6,206 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 11,183 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 17,389 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,481) | |||||
Richland Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 9,874 | |||||
Initial Cost, Buildings and Improvements | 34,793 | |||||
Costs Capitalized Subsequent to Acquisition | 24,912 | |||||
Sales of Outparcel Land | (1,225) | |||||
Fresh Start Adjustments | (44,167) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 8,793 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 15,394 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 24,187 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,147) | |||||
The Outlet Shoppes at Gettysburg Gettysburg, PA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 20,646 | |||||
Initial Cost, Land | 20,779 | |||||
Initial Cost, Buildings and Improvements | 22,180 | |||||
Costs Capitalized Subsequent to Acquisition | (29,702) | |||||
Fresh Start Adjustments | (47) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 7,822 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 5,388 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 13,210 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,707) | |||||
Parkdale Mall and Crossing | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 58,216 | |||||
Initial Cost, Land | 22,060 | |||||
Initial Cost, Buildings and Improvements | 29,842 | |||||
Costs Capitalized Subsequent to Acquisition | (5,155) | |||||
Sales of Outparcel Land | (874) | |||||
Fresh Start Adjustments | (21,766) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 11,364 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 12,743 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 24,107 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,748) | |||||
Southpark Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 51,719 | |||||
Initial Cost, Land | 9,501 | |||||
Initial Cost, Buildings and Improvements | 73,262 | |||||
Costs Capitalized Subsequent to Acquisition | 30,724 | |||||
Fresh Start Adjustments | (102,613) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 4,193 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,681 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 10,874 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,571) | |||||
St Clair Square | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 11,027 | |||||
Initial Cost, Buildings and Improvements | 75,620 | |||||
Costs Capitalized Subsequent to Acquisition | 36,384 | |||||
Fresh Start Adjustments | (82,113) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 8,150 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 32,768 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 40,918 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,017) | |||||
Parkway Place | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 6,364 | |||||
Initial Cost, Buildings and Improvements | 67,067 | |||||
Costs Capitalized Subsequent to Acquisition | 8,006 | |||||
Fresh Start Adjustments | (43,144) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 10,067 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 28,226 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 38,293 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,678) | |||||
Stroud Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 14,711 | |||||
Initial Cost, Buildings and Improvements | 23,936 | |||||
Costs Capitalized Subsequent to Acquisition | (24,533) | |||||
Fresh Start Adjustments | (5,698) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 2,942 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 5,474 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 8,416 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,517) | |||||
Sunrise Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 11,156 | |||||
Initial Cost, Buildings and Improvements | 59,047 | |||||
Costs Capitalized Subsequent to Acquisition | 15,624 | |||||
Fresh Start Adjustments | (45,064) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 14,999 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 25,764 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 40,763 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,342) | |||||
Turtle Creek Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 2,345 | |||||
Initial Cost, Buildings and Improvements | 26,418 | |||||
Costs Capitalized Subsequent to Acquisition | 18,631 | |||||
Fresh Start Adjustments | (26,937) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,977 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 16,480 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 20,457 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,108) | |||||
South County Center St. Louis, MO | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 15,754 | |||||
Initial Cost, Buildings and Improvements | 159,249 | |||||
Costs Capitalized Subsequent to Acquisition | 2,978 | |||||
Fresh Start Adjustments | (160,681) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 11,165 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,135 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 17,300 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,802) | |||||
Southaven Towne Center Southaven, MS | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 14,315 | |||||
Initial Cost, Buildings and Improvements | 29,380 | |||||
Costs Capitalized Subsequent to Acquisition | 1,680 | |||||
Fresh Start Adjustments | (27,929) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 10,163 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 7,283 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 17,446 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,253) | |||||
Valley View Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 15,985 | |||||
Initial Cost, Buildings and Improvements | 77,771 | |||||
Costs Capitalized Subsequent to Acquisition | 23,960 | |||||
Fresh Start Adjustments | (89,309) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 9,499 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 18,908 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 28,407 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,195) | |||||
Volusia Mall Daytona Beach, FL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 36,613 | |||||
Initial Cost, Land | 2,526 | |||||
Initial Cost, Buildings and Improvements | 120,242 | |||||
Costs Capitalized Subsequent to Acquisition | 21,689 | |||||
Sales of Outparcel Land | (222) | |||||
Fresh Start Adjustments | (128,334) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 10,856 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 5,045 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 15,901 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,883) | |||||
West Towne Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 8,912 | |||||
Initial Cost, Buildings and Improvements | 83,084 | |||||
Costs Capitalized Subsequent to Acquisition | 45,324 | |||||
Fresh Start Adjustments | (84,533) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 14,623 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 38,164 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 52,787 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,094) | |||||
Westmoreland Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 4,621 | |||||
Initial Cost, Buildings and Improvements | 84,215 | |||||
Costs Capitalized Subsequent to Acquisition | 35,926 | |||||
Sales of Outparcel Land | (1,240) | |||||
Fresh Start Adjustments | (107,620) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 6,389 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,513 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 15,902 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,437) | |||||
York Galleria | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 5,757 | |||||
Initial Cost, Buildings and Improvements | 63,316 | |||||
Costs Capitalized Subsequent to Acquisition | 23,683 | |||||
Fresh Start Adjustments | (84,499) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 1,767 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,490 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 8,257 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,435) | |||||
A840 Greenbrier Circle | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 2,096 | |||||
Initial Cost, Buildings and Improvements | 3,091 | |||||
Costs Capitalized Subsequent to Acquisition | 2,073 | |||||
Fresh Start Adjustments | (1,626) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 1,387 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 4,247 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 5,634 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (358) | |||||
Annex at Monroeville Pittsburgh, PA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Buildings and Improvements | 29,496 | |||||
Costs Capitalized Subsequent to Acquisition | 599 | |||||
Fresh Start Adjustments | (25,862) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 1,454 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,779 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 4,233 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,097) | |||||
Cbl Center | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 1,332 | |||||
Initial Cost, Buildings and Improvements | 24,675 | |||||
Costs Capitalized Subsequent to Acquisition | 2,622 | |||||
Fresh Start Adjustments | (17,030) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,081 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 8,518 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 11,599 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,102) | |||||
Cbl Center Ii | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 22 | |||||
Initial Cost, Buildings and Improvements | 13,648 | |||||
Costs Capitalized Subsequent to Acquisition | 1,333 | |||||
Fresh Start Adjustments | (9,880) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 965 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 4,158 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 5,123 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (354) | |||||
Cool Springs Crossing | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 17,651 | |||||
Initial Cost, Land | 2,803 | |||||
Initial Cost, Buildings and Improvements | 14,985 | |||||
Costs Capitalized Subsequent to Acquisition | (2,843) | |||||
Fresh Start Adjustments | (10,291) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 2,969 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,685 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 4,654 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (458) | |||||
Cool Springs JC Penney | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 3,573 | |||||
Initial Cost, Buildings and Improvements | 2,193 | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,573 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,193 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 5,766 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (104) | |||||
Courtyard At Hickory Hollow | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 4,568 | |||||
Initial Cost, Land | 3,314 | |||||
Initial Cost, Buildings and Improvements | 2,771 | |||||
Costs Capitalized Subsequent to Acquisition | 482 | |||||
Sales of Outparcel Land | (231) | |||||
Fresh Start Adjustments | (1,181) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 1,844 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,311 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 5,155 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (425) | |||||
Frontier Square | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 2,915 | |||||
Initial Cost, Land | 346 | |||||
Initial Cost, Buildings and Improvements | 684 | |||||
Costs Capitalized Subsequent to Acquisition | 955 | |||||
Sales of Outparcel Land | (86) | |||||
Fresh Start Adjustments | 612 | |||||
Gross Amounts at Which Carried at Close of Period, Land | 904 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,607 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 2,511 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (196) | |||||
Gunbarrel Pointe | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 16,660 | |||||
Initial Cost, Land | 4,170 | |||||
Initial Cost, Buildings and Improvements | 10,874 | |||||
Costs Capitalized Subsequent to Acquisition | 4,490 | |||||
Fresh Start Adjustments | (5,974) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 8,099 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 5,461 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 13,560 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (708) | |||||
Hamilton Corner | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 16,638 | |||||
Initial Cost, Land | 630 | |||||
Initial Cost, Buildings and Improvements | 5,532 | |||||
Costs Capitalized Subsequent to Acquisition | 8,646 | |||||
Fresh Start Adjustments | (2,368) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 4,981 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 7,459 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 12,440 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (872) | |||||
Hamilton Crossing | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 11,688 | |||||
Initial Cost, Land | 4,014 | |||||
Initial Cost, Buildings and Improvements | 5,906 | |||||
Costs Capitalized Subsequent to Acquisition | 7,416 | |||||
Sales of Outparcel Land | (1,370) | |||||
Fresh Start Adjustments | (5,550) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 5,300 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 5,116 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 10,416 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (666) | |||||
Harford Annex | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 13,222 | |||||
Initial Cost, Land | 3,117 | |||||
Initial Cost, Buildings and Improvements | 9,718 | |||||
Costs Capitalized Subsequent to Acquisition | 1,312 | |||||
Fresh Start Adjustments | (2,430) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,117 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 8,600 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 11,717 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (813) | |||||
The Landing at Arbor Place Atlanta (Douglasville), GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 5,786 | |||||
Initial Cost, Land | 7,238 | |||||
Initial Cost, Buildings and Improvements | 14,330 | |||||
Costs Capitalized Subsequent to Acquisition | 3,189 | |||||
Sales of Outparcel Land | (2,242) | |||||
Fresh Start Adjustments | (18,627) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 1,587 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,301 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 3,888 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (545) | |||||
Layton Convenience Center Layton, UT | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Buildings and Improvements | 8 | |||||
Costs Capitalized Subsequent to Acquisition | 3,215 | |||||
Fresh Start Adjustments | 1,947 | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,574 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,596 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 5,170 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (444) | |||||
Layton Hills Plaza Layton, UT | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Buildings and Improvements | 2 | |||||
Costs Capitalized Subsequent to Acquisition | 1,029 | |||||
Fresh Start Adjustments | 1,243 | |||||
Gross Amounts at Which Carried at Close of Period, Land | 826 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,448 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 2,274 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (187) | |||||
Parkdale Corner | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 4,161 | |||||
Initial Cost, Land | 1,255 | |||||
Initial Cost, Buildings and Improvements | 2,657 | |||||
Costs Capitalized Subsequent to Acquisition | 1 | |||||
Fresh Start Adjustments | (896) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 1,305 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,712 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 3,017 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (214) | |||||
Pearland Office | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Buildings and Improvements | 7,849 | |||||
Costs Capitalized Subsequent to Acquisition | 2,443 | |||||
Fresh Start Adjustments | (3,210) | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 7,082 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 7,082 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,317) | |||||
The Plaza at Fayette Lexington, KY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 23,534 | |||||
Initial Cost, Land | 9,531 | |||||
Initial Cost, Buildings and Improvements | 27,646 | |||||
Costs Capitalized Subsequent to Acquisition | 1,269 | |||||
Fresh Start Adjustments | (28,520) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 2,527 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 7,399 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 9,926 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,301) | |||||
The Promenade D'lberville D'lberville, MS | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 16,278 | |||||
Initial Cost, Buildings and Improvements | 48,806 | |||||
Costs Capitalized Subsequent to Acquisition | 28,703 | |||||
Sales of Outparcel Land | (706) | |||||
Fresh Start Adjustments | (53,513) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 8,728 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 30,840 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 39,568 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,167) | |||||
The Shoppes at St. Clair Square Fairview Heights, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 16,835 | |||||
Initial Cost, Land | 8,250 | |||||
Initial Cost, Buildings and Improvements | 23,623 | |||||
Costs Capitalized Subsequent to Acquisition | 739 | |||||
Sales of Outparcel Land | (5,044) | |||||
Fresh Start Adjustments | (19,688) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 2,782 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 5,098 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 7,880 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (674) | |||||
Shoppes At Hamilton Place | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 19,023 | |||||
Initial Cost, Land | 5,837 | |||||
Initial Cost, Buildings and Improvements | 16,326 | |||||
Costs Capitalized Subsequent to Acquisition | 773 | |||||
Fresh Start Adjustments | (10,827) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 5,061 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 7,048 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 12,109 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,514) | |||||
Sunrise Commons | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 8,665 | |||||
Initial Cost, Land | 1,013 | |||||
Initial Cost, Buildings and Improvements | 7,525 | |||||
Costs Capitalized Subsequent to Acquisition | 2,024 | |||||
Fresh Start Adjustments | (2,845) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,503 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 4,214 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 7,717 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (578) | |||||
Terrace | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 17,651 | |||||
Initial Cost, Land | 4,166 | |||||
Initial Cost, Buildings and Improvements | 9,929 | |||||
Costs Capitalized Subsequent to Acquisition | 11,072 | |||||
Fresh Start Adjustments | (9,404) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 8,981 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,782 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 15,763 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (793) | |||||
West Towne Crossing | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 20,273 | |||||
Initial Cost, Land | 1,784 | |||||
Initial Cost, Buildings and Improvements | 2,955 | |||||
Costs Capitalized Subsequent to Acquisition | 7,715 | |||||
Fresh Start Adjustments | 4,227 | |||||
Gross Amounts at Which Carried at Close of Period, Land | 5,830 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,851 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 16,681 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (922) | |||||
Westgate Crossing | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 7,741 | |||||
Initial Cost, Land | 1,082 | |||||
Initial Cost, Buildings and Improvements | 3,422 | |||||
Costs Capitalized Subsequent to Acquisition | 7,886 | |||||
Fresh Start Adjustments | (5,426) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 2,047 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 4,917 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 6,964 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (716) | |||||
Westmoreland South | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 2,898 | |||||
Initial Cost, Buildings and Improvements | 21,167 | |||||
Costs Capitalized Subsequent to Acquisition | 9,320 | |||||
Fresh Start Adjustments | (23,389) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 3,119 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,877 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 9,996 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,915) | |||||
Outparcel properties | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 197,904 | |||||
Initial Cost, Land | 36,096 | |||||
Initial Cost, Buildings and Improvements | 89,748 | |||||
Costs Capitalized Subsequent to Acquisition | (60,878) | |||||
Fresh Start Adjustments | 683 | |||||
Gross Amounts at Which Carried at Close of Period, Land | 97,867 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 89,538 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 187,405 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,769) | |||||
Westgate Mall | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 2,149 | |||||
Initial Cost, Buildings and Improvements | 23,257 | |||||
Costs Capitalized Subsequent to Acquisition | 43,429 | |||||
Sales of Outparcel Land | (432) | |||||
Fresh Start Adjustments | (68,403) | |||||
Alamance Crossing, Burlington, NC | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 12,509 | |||||
Initial Cost, Buildings and Improvements | 43,303 | |||||
Costs Capitalized Subsequent to Acquisition | 32,992 | |||||
Sales of Outparcel Land | (3,962) | |||||
Fresh Start Adjustments | (84,842) | |||||
Other Land | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 39,662 | |||||
Initial Cost, Buildings and Improvements | 19,125 | |||||
Costs Capitalized Subsequent to Acquisition | 10,155 | |||||
Sales of Outparcel Land | (5,715) | |||||
Fresh Start Adjustments | (12,653) | |||||
Gross Amounts at Which Carried at Close of Period, Land | 52,345 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,225 | |||||
Gross Amounts at Which Carried at Close of Period, Total | 55,570 | |||||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (410) | |||||
Development In Progress Consisting Of Construction And Development Properties | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Costs Capitalized Subsequent to Acquisition | 8,900 | |||||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 8,900 | |||||
Gross Amounts at Which Carried at Close of Period, Total | $ 8,900 |
Schedule III - REAL ESTATE AS_3
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - Activity (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | |
Reconciliation of Carrying Amount of Real Estate Investments and Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of period | $ 1,789,055 | $ 1,797,332 | $ 5,859,113 | $ 1,800,888 |
Additions and improvements | 37,080 | 5,599 | 31,278 | 42,267 |
Acquisitions of real estate assets | 5,766 | |||
Disposals, deconsolidations and accumulated depreciation on impairments | (30,752) | (13,876) | (250,136) | (33,010) |
Fresh start accounting adjustments | (3,683,547) | |||
Transfers from real estate assets | (261) | (11,209) | ||
Impairment of real estate assets | (148,167) | |||
Balance at end of period | 1,800,888 | 1,789,055 | 1,797,332 | 1,810,145 |
Accumulated depreciation, beginning of period | 19,937 | 2,241,421 | 136,901 | |
Depreciation expense | 123,695 | 20,543 | 152,973 | 104,153 |
Fresh start accounting adjustments | (2,252,275) | |||
Transfers from real estate assets | 15 | |||
Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired | (6,746) | (606) | $ (142,119) | (13,020) |
Accumulated depreciation, end of period | $ 136,901 | $ 19,937 | $ 228,034 |
Schedule IV - MORTGAGE NOTES _2
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||||
Financial Designation, Predecessor and Successor [Fixed List] | Successor | Predecessor | Successor | Successor |
Beginning balance | $ 1,100 | |||
Write-Offs | $ (1,100) |