10-Q 1 cbl-10q_20210930.htm 10-Q cbl-10q_20210930.htm
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Table of Contents

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, 2021

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.)

COMMISSION FILE NO. 333-182515-01 (CBL & ASSOCIATES LIMITED PARTNERSHIP)

 

CBL & ASSOCIATES PROPERTIES, INC.

CBL & ASSOCIATES LIMITED PARTNERSHIP

(Exact Name of registrant as specified in its charter)

 

 

Delaware (CBL & ASSOCIATES PROPERTIES, INC.)

 

62-1545718

Delaware (CBL & ASSOCIATES LIMITED PARTNERSHIP)

 

62-1542285

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

 

2030 Hamilton Place Blvd., Suite 500, ChattanoogaTN  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

 

CBL*

 

New York Stock Exchange*

*On November 2, 2020, the NYSE announced that it had suspended trading in the Company’s stock and 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. Since November 3, 2020, the Company’s common stock and such depositary shares have been trading on the OTC Markets, operated by the OTC Markets Group, Inc., under the trading symbol CBLAQ for the common stock, CBLDQ for depositary shares representing Series D Preferred Stock and CBLEQ for depositary shares representing Series E Preferred Stock. Effective November 2, 2021, the NYSE had withdrawn actions to delist the Company’s common stock and trading in the Company’s new common stock commenced under the symbol CBL. Trading of the Company’s old common stock and depositary shares representing its Series D Preferred Stock and Series E Preferred Stock on the OTC Markets was terminated as of the closing of trading on November 1, 2021.

CBL & Associates Limited Partnership: None

Securities registered pursuant to Section 12(g) of the Act:

CBL & Associates Properties, Inc.: None

CBL & Associates Limited Partnership: 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. 

 

CBL & Associates Properties, Inc.

 

Yes

No

CBL & Associates Limited Partnership

 

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).

 


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CBL & Associates Properties, Inc.

 

Yes

No

CBL & Associates Limited Partnership

 

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. 

 

CBL & Associates Properties, Inc.

 

Large accelerated filer

 

Accelerated filer 

Non-accelerated filer

 

Smaller reporting company 

Emerging growth company

 

 

 

 

 

 

 

 

CBL & Associates Limited Partnership

 

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).

 

CBL & Associates Properties, Inc.

 

  Yes     

No 

CBL & Associates Limited Partnership

 

  Yes     

No 

 

As of November 10, 2021, there were 19,988,600 shares of CBL & Associates Properties, Inc.'s common stock, par value $0.001 per share, outstanding.

 


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EXPLANATORY NOTE

(Dollars in thousands, except share data)

This report combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2021 of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership. Unless stated otherwise or the context otherwise requires, references to the "Company" mean CBL & Associates Properties, Inc. and its subsidiaries. References to the "Operating Partnership" mean CBL & Associates Limited Partnership and its subsidiaries. The terms "we," "us" and "our" refer to the Company or the Company and the Operating Partnership collectively, as the context requires.

As previously disclosed in the Current Report on Form 8-K filed on November 2, 2020 by CBL & Associates Properties, Inc. together with its majority owned subsidiary, CBL & Associates Limited Partnership, together with certain of its direct and indirect subsidiaries (collectively, the “Debtors”), commenced the filing of voluntary petitions (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”) beginning on November 1, 2020. The Debtors filed a series of motions with the Bankruptcy Court that, as granted, enabled the Debtors to maintain their operations in the ordinary course of business. In connection with the Chapter 11 Cases, on August 11, 2021, the Bankruptcy Court entered an order, Docket No.1397 (Confirmation Order), confirming 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”). On November 1, 2021 (the “Effective Date”), the conditions to effectiveness of the Plan were satisfied and the Debtors emerged from the Chapter 11 Cases. See Note 2 for more information.

The Company is a real estate investment trust ("REIT") whose stock was traded on the New York Stock Exchange (“NYSE”) prior to the NYSE’s announcement, on November 2, 2020, that it had suspended trading in the Company’s stock due to “abnormally low” trading price levels and had determined to commence proceedings to delist the Company’s stock. As discussed further under Delisting of Common Stock and Depositary Shares in Note 2 herein, on November 2, 2021, the newly issued common stock of the Company commenced trading on the NYSE under the symbol CBL. Prior to that, the Company’s stock traded on the OTC Markets, operated by the OTC Markets Group, Inc. The Company is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. As of September 30, 2021, 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 97.1% limited partner interest for a combined interest held by the Company of 98.1%. As of the Effective Date, 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 98.9% limited partner interest for a combined interest held by the Company of 99.9%.

As the sole general partner of the Operating Partnership, the Company's subsidiary, CBL Holdings I, Inc., has exclusive control of the Operating Partnership's activities. Management operates the Company and the Operating Partnership as one business. The management of the Company consists of the same individuals that manage the Operating Partnership. The Company's only material asset is its indirect ownership of partnership interests of the Operating Partnership. As a result, the Company conducts substantially all its business through the Operating Partnership as described in the preceding paragraph. The Company also issues public equity from time to time and guarantees certain debt of the Operating Partnership. The Operating Partnership holds all the assets and indebtedness of the Company and, through affiliates, retains the ownership interests in the Company's joint ventures. Except for the net proceeds of offerings of equity by the Company, which are contributed to the Operating Partnership in exchange for partnership units on a one-for-one basis, the Operating Partnership generates all remaining capital required by the Company's business through its operations and its incurrence of indebtedness.

We believe that combining the two quarterly reports on Form 10-Q for the Company and the Operating Partnership provides the following benefits:

 

enhances investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;

 

eliminates duplicative disclosure and provides a more streamlined and readable presentation, since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

 

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

To help investors understand the differences between the Company and the Operating Partnership, this report provides separate condensed consolidated financial statements for the Company and the Operating Partnership. Noncontrolling interests, shareholders' equity and partners' capital are the main areas of difference between the condensed consolidated financial statements of the Company and those of the Operating Partnership. A single set of notes to condensed consolidated financial statements is presented that includes separate discussions for the Company and the Operating Partnership, when applicable. A combined Management's Discussion and Analysis of Financial Condition and


Table of Contents

Results of Operations section is also included that presents combined information and discrete information related to each entity, as applicable.

In order to highlight the differences between the Company and the Operating Partnership, this report includes the following sections that provide separate financial and other information for the Company and the Operating Partnership:

 

condensed consolidated financial statements;

 

certain accompanying notes to condensed consolidated financial statements, including Note 8 - Unconsolidated Affiliates and Noncontrolling Interests; Note 9 - Mortgage and Other Indebtedness, Net; and Note 11 - Earnings per Share and Earnings per Unit;

 

controls and procedures in Item 4 of Part I of this report;

 

information concerning unregistered sales of equity securities and use of proceeds in Item 2 of Part II of this report; and

 

certifications of the Chief Executive Officer and Chief Financial Officer included as Exhibits 31.1 through 32.4.

 

 

 

 


Table of Contents

 

CBL & Associates Properties, Inc.

CBL & Associates Limited Partnership

(Debtors-In-Possession)

Table of Contents

 

 

 

 

 

PART I

FINANCIAL INFORMATION

1

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

1

 

 

 

CBL & Associates Properties, Inc.

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

1

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020

2

 

Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2021 and 2020

3

 

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2021 and 2020

4

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

6

 

 

 

CBL & Associates Limited Partnership

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

7

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020

8

 

Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2021 and 2020

9

 

Condensed Consolidated Statements of Capital for the Three and Nine Months Ended September 30, 2021 and 2020

10

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

12

 

 

 

CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership

 

Notes to Unaudited Condensed Consolidated Financial Statements

13

 

 

 

Item 2.

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

41

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

61

Item 4.

Controls and Procedures

62

 

 

 

PART II

OTHER INFORMATION

64

 

 

 

Item 1.

Legal Proceedings

64

Item1A.

Risk Factors

64

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosures

65

Item 5.

Other Information

65

Item 6.

Exhibits

66

 

 

 

 

SIGNATURES

68

 

 


Table of Contents

 

PART I – FINANCIAL INFORMATION

ITEM 1: Financial Statements

CBL & Associates Properties, Inc.

(Debtors-In-Possession)

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

 

ASSETS (1)

 

September 30,

2021

 

 

December 31,

2020

 

Real estate assets:

 

 

 

 

 

 

 

 

Land

 

$

643,331

 

 

$

695,711

 

Buildings and improvements

 

 

4,867,017

 

 

 

5,135,074

 

 

 

 

5,510,348

 

 

 

5,830,785

 

Accumulated depreciation

 

 

(2,251,613

)

 

 

(2,241,421

)

 

 

 

3,258,735

 

 

 

3,589,364

 

Developments in progress

 

 

15,065

 

 

 

28,327

 

Held for sale

 

 

6,239

 

 

 

 

Net investment in real estate assets

 

 

3,280,039

 

 

 

3,617,691

 

Cash and cash equivalents

 

 

267,982

 

 

 

61,781

 

Available-for-sale securities - at fair value (amortized cost of $99,991 and $233,053 as of

    September 30, 2021 and December 31, 2020, respectively)

 

 

99,998

 

 

 

233,071

 

Receivables:

 

 

 

 

 

 

 

 

Tenant

 

 

72,574

 

 

 

103,655

 

Other

 

 

4,050

 

 

 

5,958

 

Mortgage and other notes receivable

 

 

1,696

 

 

 

2,337

 

Investments in unconsolidated affiliates

 

 

249,313

 

 

 

279,355

 

Intangible lease assets and other assets

 

 

252,495

 

 

 

139,892

 

 

 

$

4,228,147

 

 

$

4,443,740

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

 

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

1,019,084

 

 

$

1,184,831

 

Accounts payable and accrued liabilities

 

 

203,069

 

 

 

173,387

 

Total liabilities not subject to compromise (1)

 

 

1,222,153

 

 

 

1,358,218

 

 

 

 

 

 

 

 

 

 

Liabilities subject to compromise

 

 

2,551,686

 

 

 

2,551,490

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 9 and Note 12)

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

(871

)

 

 

(265

)

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred Stock, $.01 par value, 15,000,000 shares authorized:

 

 

 

 

 

 

 

 

7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000

   shares outstanding

 

 

18

 

 

 

18

 

6.625% Series E Cumulative Redeemable Preferred Stock, 690,000

   shares outstanding

 

 

7

 

 

 

7

 

Common stock, $.01 par value, 350,000,000 shares authorized, 197,630,693 and

   196,569,917 issued and outstanding in 2021 and 2020, respectively

 

 

1,976

 

 

 

1,966

 

Additional paid-in capital

 

 

1,986,911

 

 

 

1,986,269

 

Accumulated other comprehensive income

 

 

7

 

 

 

18

 

Dividends in excess of cumulative earnings

 

 

(1,533,800

)

 

 

(1,456,435

)

Total shareholders' equity

 

 

455,119

 

 

 

531,843

 

Noncontrolling interests

 

 

60

 

 

 

2,454

 

Total equity

 

 

455,179

 

 

 

534,297

 

 

 

$

4,228,147

 

 

$

4,443,740

 

 

(1)

As of September 30, 2021, includes $261,724 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $174,312 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


Table of Contents

CBL & Associates Properties, Inc.

(Debtors-In-Possession)

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

145,539

 

 

$

124,081

 

 

$

405,030

 

 

$

405,476

 

Management, development and leasing fees

 

 

1,780

 

 

 

2,104

 

 

 

4,888

 

 

 

5,251

 

Other

 

 

3,056

 

 

 

3,712

 

 

 

10,202

 

 

 

10,955

 

Total revenues

 

 

150,375

 

 

 

129,897

 

 

 

420,120

 

 

 

421,682

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating

 

 

(23,818

)

 

 

(20,396

)

 

 

(65,243

)

 

 

(63,011

)

Depreciation and amortization

 

 

(46,479

)

 

 

(53,477

)

 

 

(142,090

)

 

 

(162,042

)

Real estate taxes

 

 

(13,957

)

 

 

(17,215

)

 

 

(45,618

)

 

 

(53,500

)

Maintenance and repairs

 

 

(9,482

)

 

 

(8,425

)

 

 

(29,047

)

 

 

(25,675

)

General and administrative

 

 

(13,502

)

 

 

(25,497

)

 

 

(37,383

)

 

 

(62,060

)

Loss on impairment

 

 

(63,160

)

 

 

(46

)

 

 

(120,342

)

 

 

(146,964

)

Litigation settlement

 

 

89

 

 

 

2,480

 

 

 

890

 

 

 

2,480

 

Other

 

 

(104

)

 

 

 

 

 

(391

)

 

 

(400

)

Total expenses

 

 

(170,413

)

 

 

(122,576

)

 

 

(439,224

)

 

 

(511,172

)

OTHER INCOME (EXPENSES):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

510

 

 

 

1,975

 

 

 

2,038

 

 

 

5,263

 

Interest expense (unrecognized contractual interest expense was $45,344 and $135,162 for the three and nine months ended September 30, 2021, respectively)

 

 

(19,039

)

 

 

(61,137

)

 

 

(65,468

)

 

 

(160,760

)

Gain on extinguishment of debt

 

 

 

 

 

15,407

 

 

 

 

 

 

15,407

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

55,131

 

 

 

 

Gain (loss) on sales of real estate assets

 

 

8,684

 

 

 

(55

)

 

 

8,492

 

 

 

2,708

 

Reorganization items

 

 

(12,008

)

 

 

 

 

 

(52,014

)

 

 

 

Income tax benefit (provision)

 

 

1,234

 

 

 

(546

)

 

 

(222

)

 

 

(17,189

)

Equity in losses of unconsolidated affiliates

 

 

(2,224

)

 

 

(7,389

)

 

 

(9,575

)

 

 

(12,450

)

Total other expenses

 

 

(22,843

)

 

 

(51,745

)

 

 

(61,618

)

 

 

(167,021

)

Net loss

 

 

(42,881

)

 

 

(44,424

)

 

 

(80,722

)

 

 

(256,511

)

Net loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Partnership

 

 

1,085

 

 

 

609

 

 

 

2,013

 

 

 

19,100

 

Other consolidated subsidiaries

 

 

76

 

 

 

937

 

 

 

1,344

 

 

 

1,631

 

Net loss attributable to the Company

 

 

(41,720

)

 

 

(42,878

)

 

 

(77,365

)

 

 

(235,780

)

Preferred dividends undeclared

 

 

 

 

 

(11,223

)

 

 

 

 

 

(33,669

)

Net loss attributable to common shareholders

 

$

(41,720

)

 

$

(54,101

)

 

$

(77,365

)

 

$

(269,449

)

Basic and diluted per share data attributable to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common shareholders

 

$

(0.21

)

 

$

(0.28

)

 

$

(0.39

)

 

$

(1.43

)

Weighted-average common and potential dilutive common shares outstanding

 

 

196,454

 

 

 

193,481

 

 

 

196,474

 

 

 

188,211

 

 

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

2


Table of Contents

CBL & Associates Properties, Inc.

(Debtors-In-Possession)

Condensed Consolidated Statements of Comprehensive Loss

(In thousands, except share data)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(42,881

)

 

$

(44,424

)

 

$

(80,722

)

 

$

(256,511

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

13

 

 

 

75

 

 

 

(11

)

 

 

33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

 

(42,868

)

 

 

(44,349

)

 

 

(80,733

)

 

 

(256,478

)

Comprehensive loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Operating Partnership

 

 

1,085

 

 

 

609

 

 

 

2,013

 

 

 

19,100

 

    Other consolidated subsidiaries

 

 

76

 

 

 

937

 

 

 

1,344

 

 

 

1,631

 

Comprehensive loss attributable to the Company:

 

$

(41,707

)

 

$

(42,803

)

 

$

(77,376

)

 

$

(235,747

)

 

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

3


Table of Contents

CBL & Associates Properties, Inc.

(Debtors-In-Possession)

Condensed Consolidated Statements of Equity

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

Redeemable