10-Q 1 cbl-20220930.htm 10-Q 10-Q
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UNITED STATES OF AMERICA

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ____________ TO _______________

COMMISSION FILE NO. 1-12494 (CBL & ASSOCIATES PROPERTIES, INC.)

 

CBL & ASSOCIATES PROPERTIES, INC.

(Exact Name of registrant as specified in its charter)

 

 

Delaware (CBL & ASSOCIATES PROPERTIES, INC.)

 

62-1545718

 

 

 

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

 

2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421-6000

(Address of principal executive office, including zip code)

423-855-0001

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered under Section 12(b) of the Act:

 

Title of each Class

 

Trading

Symbol(s)

 

Name of each exchange on

which registered

Common Stock, $0.001 par value, with associated Stock Purchase Rights

 

CBL

 

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

 

 

Yes

No

 

 

 

 

 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

 

 

Yes

No

 

 

 

 

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

 

 

  Yes

No

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

 

 

  Yes

No

As of November 8, 2022, 31,834,178 shares of common stock were outstanding.


 

CBL & Associates Properties, Inc.

Table of Contents

 

 

 

 

 

 

PART I

FINANCIAL INFORMATION

1

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

1

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

1

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021

2

 

Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2022 and 2021

4

 

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2022 and 2021

5

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

6

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

27

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4.

Controls and Procedures

49

 

 

 

PART II

OTHER INFORMATION

50

 

 

 

Item 1.

Legal Proceedings

50

Item1A.

Risk Factors

50

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

50

Item 3.

Defaults Upon Senior Securities

50

Item 4.

Mine Safety Disclosures

50

Item 5.

Other Information

50

Item 6.

Exhibits

51

 

 

 

 

SIGNATURES

52

 

 

 


 

PART I – FINANCIAL INFORMATION

ITEM 1: Condensed Consolidated Financial Statements (Unaudited)

 

CBL & Associates Properties, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

 

ASSETS (1)

 

September 30,
2022

 

 

December 31,
2021

 

Real estate assets:

 

 

 

 

 

 

Land

 

$

598,201

 

 

$

599,283

 

Buildings and improvements

 

 

1,188,200

 

 

 

1,173,106

 

 

 

 

1,786,401

 

 

 

1,772,389

 

Accumulated depreciation

 

 

(107,462

)

 

 

(19,939

)

 

 

 

1,678,939

 

 

 

1,752,450

 

Developments in progress

 

 

5,343

 

 

 

16,665

 

Net investment in real estate assets

 

 

1,684,282

 

 

 

1,769,115

 

Cash and cash equivalents

 

 

85,754

 

 

 

169,554

 

Available-for-sale securities - at fair value (amortized cost of $249,638 and $149,999 as of September 30, 2022 and December 31, 2021, respectively)

 

 

249,912

 

 

 

149,996

 

Receivables:

 

 

 

 

 

 

Tenant

 

 

32,290

 

 

 

25,190

 

Other

 

 

3,441

 

 

 

4,793

 

Investments in unconsolidated affiliates

 

 

81,805

 

 

 

103,655

 

In-place leases, net

 

 

277,443

 

 

 

384,705

 

Above market leases, net

 

 

186,652

 

 

 

234,286

 

Intangible lease assets and other assets

 

 

125,248

 

 

 

104,685

 

 

 

$

2,726,827

 

 

$

2,945,979

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

2,016,704

 

 

$

1,813,209

 

10% senior secured notes - at fair value (carrying amount of $395,000 as of December 31, 2021)

 

 

 

 

 

395,395

 

Below market leases, net

 

 

121,741

 

 

 

151,871

 

Accounts payable and accrued liabilities

 

 

149,007

 

 

 

184,404

 

Total liabilities (1)

 

 

2,287,452

 

 

 

2,544,879

 

Shareholders' equity:

 

 

 

 

 

 

Common stock, $.001 par value, 200,000,000 shares authorized, 31,834,178 and 20,774,716 issued and outstanding in 2022 and 2021, respectively

 

32

 

 

 

21

 

Additional paid-in capital

 

 

708,768

 

 

 

547,726

 

Accumulated other comprehensive income (loss)

 

 

274

 

 

 

(3

)

Accumulated deficit

 

 

(263,862

)

 

 

(151,545

)

Total shareholders' equity

 

 

445,212

 

 

 

396,199

 

Noncontrolling interests

 

 

(5,837

)

 

 

4,901

 

Total equity

 

 

439,375

 

 

 

401,100

 

 

 

$

2,726,827

 

 

$

2,945,979

 

(1)
As of September 30, 2022, includes $196,638 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $188,699 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8.

The accompanying notes are an integral part of these condensed consolidated statements.

1


 

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Three Months Ended September 30,

 

 

 

Three Months Ended September 30,

 

 

 

2022

 

 

 

2021

 

REVENUES:

 

 

 

 

 

 

 

Rental revenues

 

$

131,642

 

 

 

$

145,539

 

Management, development and leasing fees

 

 

1,783

 

 

 

 

1,780

 

Other

 

 

2,855

 

 

 

 

3,056

 

Total revenues

 

 

136,280

 

 

 

 

150,375

 

EXPENSES:

 

 

 

 

 

 

 

Property operating

 

 

(24,390

)

 

 

 

(23,818

)

Depreciation and amortization

 

 

(61,050

)

 

 

 

(46,479

)

Real estate taxes

 

 

(13,880

)

 

 

 

(13,957

)

Maintenance and repairs

 

 

(10,272

)

 

 

 

(9,482

)

General and administrative

 

 

(14,625

)

 

 

 

(13,502

)

Loss on impairment

 

 

 

 

 

 

(63,160

)

Litigation settlement

 

 

36

 

 

 

 

89

 

Other

 

 

 

 

 

 

(104

)

Total expenses

 

 

(124,181

)

 

 

 

(170,413

)

OTHER INCOME (EXPENSES):

 

 

 

 

 

 

 

Interest and other income

 

 

152

 

 

 

 

510

 

Interest expense

 

 

(37,652

)

 

 

 

(19,039

)

Loss on available-for-sale securities

 

 

(39

)

 

 

 

 

Gain on sales of real estate assets

 

 

3,528

 

 

 

 

8,684

 

Reorganization items, net

 

 

1,220

 

 

 

 

(12,008

)

Income tax (provision) benefit

 

 

(2,422

)

 

 

 

1,234

 

Equity in earnings (losses) of unconsolidated affiliates

 

 

5,702

 

 

 

 

(2,224

)

Total other expenses

 

 

(29,511

)

 

 

 

(22,843

)

Net loss

 

 

(17,412

)

 

 

 

(42,881

)

Net (income) loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

Operating Partnership

 

 

(25

)

 

 

 

1,085

 

Other consolidated subsidiaries

 

 

3,143

 

 

 

 

76

 

Net loss attributable to the Company

 

 

(14,294

)

 

 

 

(41,720

)

Dividends allocable to unvested restricted stock

 

 

(216

)

 

 

 

 

Net loss attributable to common shareholders

 

$

(14,510

)

 

 

$

(41,720

)

Basic and diluted per share data attributable to common shareholders:

 

 

 

 

 

 

 

Net loss attributable to common shareholders

 

$

(0.47

)

 

 

$

(0.21

)

Weighted-average common and potential dilutive common shares outstanding

 

 

30,973

 

 

 

 

196,454

 

 

The accompanying notes are an integral part of these condensed consolidated statements.

2


 

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Nine Months Ended September 30,

 

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

 

2021

 

REVENUES:

 

 

 

 

 

 

 

Rental revenues

 

$

398,806

 

 

 

$

405,030

 

Management, development and leasing fees

 

 

5,338

 

 

 

 

4,888

 

Other

 

 

9,256

 

 

 

 

10,202

 

Total revenues

 

 

413,400

 

 

 

 

420,120

 

EXPENSES:

 

 

 

 

 

 

 

Property operating

 

 

(69,046

)

 

 

 

(65,243

)

Depreciation and amortization

 

 

(194,469

)

 

 

 

(142,090

)

Real estate taxes

 

 

(42,569

)

 

 

 

(45,618

)

Maintenance and repairs

 

 

(31,068

)

 

 

 

(29,047

)

General and administrative

 

 

(51,149

)

 

 

 

(37,383

)

Loss on impairment

 

 

(252

)

 

 

 

(120,342

)

Litigation settlement

 

 

182

 

 

 

 

890

 

Other

 

 

(834

)

 

 

 

(391

)

Total expenses

 

 

(389,205

)

 

 

 

(439,224

)

OTHER INCOME (EXPENSES):

 

 

 

 

 

 

 

Interest and other income

 

 

1,216

 

 

 

 

2,038

 

Interest expense

 

 

(183,428

)

 

 

 

(65,468

)

Gain on deconsolidation

 

 

36,250

 

 

 

 

55,131

 

Loss on available-for-sale securities

 

 

(39

)

 

 

 

 

Gain on sales of real estate assets

 

 

3,547

 

 

 

 

8,492

 

Reorganization items, net

 

 

262

 

 

 

 

(52,014

)

Income tax provision

 

 

(2,751

)

 

 

 

(222

)

Equity in earnings (losses) of unconsolidated affiliates

 

 

16,308

 

 

 

 

(9,575

)

Total other expenses

 

 

(128,635

)

 

 

 

(61,618

)

Net loss

 

 

(104,440

)

 

 

 

(80,722

)

Net loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

Operating Partnership

 

 

34

 

 

 

 

2,013

 

Other consolidated subsidiaries

 

 

8,002

 

 

 

 

1,344

 

Net loss attributable to the Company

 

 

(96,404

)

 

 

 

(77,365

)

Dividends allocable to unvested restricted stock

 

 

(426

)

 

 

 

 

Net loss attributable to common shareholders

 

$

(96,830

)

 

 

$

(77,365

)

Basic and diluted per share data attributable to common shareholders:

 

 

 

 

 

 

 

Net loss attributable to common shareholders

 

$

(3.26

)

 

 

$

(0.39

)

Weighted-average common and potential dilutive common shares outstanding

 

 

29,725

 

 

 

 

196,474

 

 

The accompanying notes are an integral part of these condensed consolidated statements.

3


 

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(In thousands, except share data)

(Unaudited)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Three Months Ended September 30,

 

 

 

Three Months Ended September 30,

 

 

 

2022

 

 

 

2021

 

Net loss

 

$

(17,412

)

 

 

$

(42,881

)

 

 

 

 

 

 

 

 

Other comprehensive gain:

 

 

 

 

 

 

 

Unrealized gain on available-for-sale securities

 

 

268

 

 

 

 

13

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

 

(17,144

)

 

 

 

(42,868

)

Comprehensive (income) loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

    Operating Partnership

 

 

(25

)

 

 

 

1,085

 

    Other consolidated subsidiaries

 

 

3,143

 

 

 

 

76

 

Comprehensive loss attributable to the Company

 

 

(14,026

)

 

 

 

(41,707

)

Dividends allocable to unvested restricted stock

 

 

(216

)

 

 

 

 

Comprehensive loss attributable to common shareholders

 

$

(14,242

)

 

 

$

(41,707

)

 

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Nine Months Ended September 30,

 

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

 

2021

 

Net loss

 

$

(104,440

)

 

 

$

(80,722

)

 

 

 

 

 

 

 

 

Other comprehensive gain (loss):

 

 

 

 

 

 

 

Unrealized gain (loss) on available-for-sale securities

 

 

277

 

 

 

 

(11

)

 

 

 

 

 

 

 

 

Comprehensive loss

 

 

(104,163

)

 

 

 

(80,733

)

Comprehensive loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

    Operating Partnership

 

 

34

 

 

 

 

2,013

 

    Other consolidated subsidiaries

 

 

8,002

 

 

 

 

1,344

 

Comprehensive loss attributable to the Company

 

 

(96,127

)

 

 

 

(77,376

)

Dividends allocable to unvested restricted stock

 

 

(426

)

 

 

 

 

Comprehensive loss attributable to common shareholders

 

$

(96,553

)

 

 

$

(77,376

)

 

The accompanying notes are an integral part of these condensed consolidated statements.

4


 

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Equity

(In thousands, except share data)

(Unaudited

 

 

 

 

 

Equity

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

Redeemable
Noncontrolling
Interests

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Dividends
in
Excess of
Cumulative
Earnings

 

 

Total
Shareholders'
Equity

 

 

Noncontrolling
Interests

 

 

Total
Equity

 

Balance, December 31, 2020 (Predecessor)

 

$

(265

)

 

$

25

 

 

$

1,966

 

 

$

1,986,269

 

 

$

18

 

 

$

(1,456,435

)

 

$

531,843

 

 

$

2,454

 

 

$

534,297

 

Net loss

 

 

(213

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,763

)

 

 

(26,763

)