0000000000-25-006506.txt : 20250819 0000000000-25-006506.hdr.sgml : 20250819 20250623083609 ACCESSION NUMBER: 0000000000-25-006506 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20250623 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: CBL & ASSOCIATES PROPERTIES INC CENTRAL INDEX KEY: 0000910612 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction EIN: 621545718 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD SEC FILE NUMBER: 001-12494 BUSINESS ADDRESS: STREET 1: 2030 HAMILTON PLACE BVLD, SUITE 500 STREET 2: CBL CENTER CITY: CHATTANOOGA STATE: TN ZIP: 37421 BUSINESS PHONE: 4238550001 MAIL ADDRESS: STREET 1: 2030 HAMILTON PLACE BVLD, SUITE 500 STREET 2: CBL CENTER CITY: CHATTANOOGA STATE: TN ZIP: 37421 PUBLIC REFERENCE ACCESSION NUMBER: 0000950170-25-030677 LETTER 1 filename1.pdf begin 644 filename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end TEXT-EXTRACT 2 filename2.txt June 23, 2025 Benjamin W. Jaenicke Executive Vice President - Chief Financial Officer and Treasurer CBL & Associates Properties, Inc. 2030 Hamilton Place Blvd., Suite 500 Chattanooga, TN 37421-6000 Re: CBL & Associates Properties, Inc. Form 10-K for the year ended December 31, 2024 Form 8-K Filed May 5, 2025 File No. 001-12494 Dear Benjamin W. Jaenicke: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 8-K Filed May 5, 2025 Exhibit 99.1 Outlook and Guidance, page 4 1. Reference is made to your presentation of Outlook and Guidance information which includes 2025 Same-Center NOI. In future filings, please revise to provide a reconciliation, to the extent available without unreasonable efforts, of the differences between forward-looking Same-Center NOI and the most directly comparable GAAP financial measure. Reference is made to Item 10(e)(1)(i)(B) of Regulation S-K. To the extent you utilize the unreasonable efforts exception, please disclose reliance upon the exception, identifying the information that is unavailable, and its probable significance. Reference is made to Question 102.10(b) of the Compliance and Disclosure Interpretations on Non-GAAP Financial Measures. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, June 23, 2025 Page 2 action or absence of action by the staff. Please contact Eric McPhee at 202-551-3693 or Wilson Lee at 202-551-3468 with any questions. Sincerely, Division of Corporation Finance Office of Real Estate & Construction