8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 09, 2023

CBL & ASSOCIATES PROPERTIES, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware	1-12494	62-1545718
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
2030 Hamilton Place Blvd., Suite 500
Chattanooga, Tennessee		37421-6000
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 423 855-0001

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 9, 2023, CBL & Associates Properties, Inc. (the "Company") reported its results for the second quarter ended June 30, 2023. The Company's earnings release and supplemental financial and operating information for the second quarter ended June 30, 2023 are attached as Exhibit 99.1.

The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	Earnings Release dated August 9, 2023 and Supplemental Financial and Operating Information - For the Three and Six Months Ended June 30, 2023.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			CBL & ASSOCIATES PROPERTIES, INC.
Date:	August 9, 2023	By:	/s/ Benjamin W. Jaenicke
			Benjamin W. Jaenicke Executive Vice President - Chief Financial Officer and Treasurer

EX-99.1

Exhibit 99.1

 

Earnings Release and

Supplemental Financial and Operating Information

For the Three and Six Months Ended

June 30, 2023

 

Earnings Release and Supplemental Financial and Operating Information

Table of Contents

	Page
Earnings Release	1
Consolidated Statements of Operations	7
Reconciliations of Supplementary Non-GAAP Financial Measures:
Funds from Operations (FFO)	8
Same-center Net Operating Income (NOI)	10
Share of Consolidated and Unconsolidated Debt	12
Consolidated Balance Sheets	13
Condensed Combined Financial Statements - Unconsolidated Affiliates	14
Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash Flows	15
Components of Rental Revenues	17
Schedule of Mortgage and Other Indebtedness	18
Schedule of Maturities	20
Property List	22
Operating Metrics by Collateral Pool	25
CBL & Associates HoldCo I, LLC Financial Statements	27
Leasing Activity and Average Annual Base Rents	29
Top 25 Tenants Based on Percentage of Total Annualized Revenues	31
Capital Expenditures	32
Development Activity	33
CBL Core Portfolio Exposure to Sears and Closed Bon-Ton Locations and Redevelopment Plans	34

  News Release

Contact: Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com

CBL PROPERTIES REPORTS RESULTS FOR SECOND QUARTER 2023

Second Quarter Operating Metrics Demonstrate Portfolio Strength;

Low-End of Full-Year Guidance Range Raised

CHATTANOOGA, Tenn. (August 9, 2023) – CBL Properties (NYSE: CBL) announced results for the second quarter ended June 30, 2023. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net loss attributable to common shareholders	$	(0.67	)	$	(1.34	)	$	(0.61	)	$	(2.83	)
Funds from Operations ("FFO")	$	1.01		$	0.97		$	2.87		$	2.20
FFO, as adjusted (1)	$	1.56		$	1.88		$	3.12		$	3.92

(1)For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company’s reconciliation of net loss attributableto common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release.

KEY TAKEAWAYS:

•Over 875,000 square feet of leases were executed in the second quarter, including comparable leases of approximately 411,000 square feet signed at 9.1% higher average rents versus the prior leases.

•Portfolio occupancy increased 20 basis points to 89.7% as of June 30, 2023, compared with portfolio occupancy of 89.5% as of June 30, 2022. Same-center occupancy for malls, lifestyle centers and outlet centers was 88.5% as of June 30, 2023, a 50-basis-point increase from 88.0% as of June 30, 2022.

•Same-center NOI declined 0.8% during the second quarter 2023 as compared with the prior-year quarter near the high end of the full-year guidance range. As anticipated due to the moderation in tenant sales, percentage rent declined $0.9 million. For the six months ended June 30, 2023, same-center NOI declined 2.7%, near the mid-point of the previously issued guidance range.

•FFO, as adjusted, per share for the second quarter 2023, was $1.56, in-line with expectations. FFO, as adjusted, per share was $1.88 for the second quarter 2022.

•CBL increased the low end of its 2023 FFO, as adjusted, per share, guidance to a range of $6.00 - $6.47 and 2023 same-center NOI guidance to the range of $423 million - $440 million.

•Same-center tenant sales per square foot for the second quarter 2023 declined 7.1%. Same-center tenant sales per square foot for the 12-months ended June 30, 2023, declined 3.8% to $425, compared with $442 for the prior period.

•As of June 30, 2023, the Company had $279.8 million of unrestricted cash and marketable securities.

•CBL's Board of Directors declared a regular cash dividend for the second quarter 2023 of $0.375 per share, representing an annualized dividend of $1.50 per share.

1

“Strong leasing was the highlight of our second quarter results as the CBL team successfully leveraged healthy tenant demand for our portfolio," said Stephen D. Lebovitz, CBL's chief executive officer. "Leasing metrics were the strongest in several years, with healthy positive new and renewal lease spreads and year-over-year occupancy growth, providing solid evidence of the constructive environment. We intend to take advantage of the more favorable supply/demand dynamic in our leasing negotiations going forward.

"Second quarter same-center NOI was near the high-end of our full-year guidance range. As a result of the year-to-date performance and our expectations for the remainder of the year, we raised the low-end of our FFO, as adjusted and same-center NOI guidance ranges. Leasing-led revenue gains were offset by an expected reduction in percentage rent. We successfully managed inflationary pressure on costs, generating a modest reduction in operating expense for the quarter on a same-center basis.

"We are also making progress addressing our loan maturities and de-risking our balance sheet. During the quarter, we closed a two-year extension on the loan secured by Cross Creek Mall and are currently in process on the refinancing of the loan secured by The Outlet Shoppes at Atlanta. While the financing markets remain challenging, we are encouraged by the reception we are seeing in the market. As we move into the second half of 2023, we remain focused on achieving further operational improvement, generating greater free cash flow and maintaining a disciplined approach to capital allocation."

Same-center Net Operating Income (“NOI”)(1):

	Three Months Ended June 30,
	2023			2022
Total Revenues	$	159,872		$	161,006
Total Expenses	$	(52,798	)	$	(53,054	)
Total portfolio same-center NOI	$	107,074		$	107,952
Total same-center NOI percentage change		(0.8	)%
Estimate for uncollectable revenues (recovery)	$	2,134		$	(841	)

(1)CBL’s definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of above and below market leases.

Same-center NOI for the second quarter 2023 declined by $0.9 million. Major variances impacting the quarter included a $3.0 million favorable variance from a year-end utility reimbursement accrual adjustment, offset by a $3.0 million unfavorable variance in the estimate for uncollectable revenues and a $0.9 million decline in percentage rents.

	Six Months Ended June 30,
	2023			2022
Total Revenues	$	323,549		$	325,667
Total Expenses	$	(110,952	)	$	(107,265	)
Total portfolio same-center NOI	$	212,597		$	218,402
Total same-center NOI percentage change		(2.7	)%
Estimate for uncollectable revenues (recovery)	$	968		$	(2,985	)

Same-center NOI for six months ended June 30, 2023, declined by $5.8 million or 2.7% from the prior-year period. The decline was driven by a $3.9 million unfavorable variance in the estimate for uncollectable revenues, a $2.8 million decline in percentage rents and a $3.7 million increase in operating expense, partially offset by a favorable variance from a year-end utility reimbursement accrual adjustment.

2

PORTFOLIO OPERATIONAL RESULTS

Occupancy(1):

	As of June 30,
	2023	2022
Total portfolio	89.7%	89.5%
Malls, Lifestyle Centers and Outlet Centers:
Total malls	88.0%	87.9%
Total lifestyle centers	92.7%	89.4%
Total outlet centers	88.4%	87.5%
Total same-center malls, lifestyle centers and outlet centers	88.5%	88.0%
All Other:
Total open-air centers	94.7%	94.4%
Total other	74.2%	91.7%

(1)Occupancy for malls, lifestyle centers and outlet centers represent percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied. The decline in total other occupancy was related to approximately 52,000-square-feet of vacancy at an office building.

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:

% Change in Average Gross Rent Per Square Foot:
	Three Months Ended June 30,	Six Months Ended June 30,
	2023	2023
All Property Types	9.1%	5.1%
Stabilized Malls, Lifestyle Centers and Outlet Centers	7.2%	3.5%
New leases	29.6%	24.9%
Renewal leases	4.8%	1.7%

Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less:

	Sales Per Square Foot for the Trailing Twelve Months Ended June 30,
	2023		2022		% Change
Mall, Lifestyle Center and Outlet Center same-center sales per square foot	$	425	$	442	(3.8)%

DIVIDEND

On August 9, 2023, CBL’s Board of Directors declared a regular quarterly cash dividend for the three months ended September 30, 2023, of $0.375 per share. The dividend, which equates to an annual dividend payment of $1.50 per share, is payable on September 29, 2023, to shareholders of record as of September 15, 2023.

FINANCING ACTIVITY

Year-to-date, CBL has completed more than $406.0 in financing activity.

On June 9, 2023, CBL closed on the extension and modification of the $94.8 million loan secured by Cross Creek Mall in Fayetteville, NC. The newly modified loan has a maturity date of June 9, 2025, and carries a fixed interest rate of 8.19%.

On March 16, 2023, CBL and its 50% joint venture partner closed on the extension and modification of the $161.9 million loan ($80.9 million at CBL’s 50% share) secured by West County Center, a high-performing enclosed mall in St. Louis, MO. At closing, the newly modified non-recourse loan had a principal balance of $156.9 million ($78.5 million at CBL’s share) and was extended for an initial term of two years to December 2024, with one two-year conditional extension available upon meeting certain requirements. The loan maintained the existing fixed interest rate of 3.4%.

On April 4, 2023, CBL and its 50% joint venture partner closed a new $148.0 million loan ($74.0 million at CBL’s 50% share) secured by Friendly Center and The Shops at Friendly Center, the premier lifestyle center located in Greensboro, NC. The new non-recourse five-year loan bears a fixed interest rate of 6.44% and replaces two loans with an aggregate balance of $145.2 million ($72.6 million at CBL’s share) that were set to mature in April 2023.

On April 28, 2023, CBL and its joint venture partner retired the $7.2 million (at 100%) recourse loan secured by Phase II of The Outlet Shoppes of the Bluegrass in Louisville, KY. The venture anticipates securing new financing for the entire project to coincide with the December 2024 maturity of the $64.5 million (at 100%) loan secured by Phase I.

On May 4, 2023, CBL entered into a $32.0 million swap to fix the interest rate on a portion of its $360.0 million loan secured by open-air centers and outparcels. The swap fixed the rate to 7.3975% through the initial maturity in June 2027. Collectively, $212.0 million of the $360.0 million loan has been fixed at a weighted average interest rate of 7.02%.

CBL is cooperating with the foreclosure or conveyance of Westgate Mall in Spartanburg, SC, ($28.7 million) and Alamance Crossing East in Burlington, NC, ($41.1 million). In March, Alamance Crossing East was placed into receivership and deconsolidated.

3

DISPOSITIONS

During the second quarter 2023, CBL completed the sale of one land parcel generating $0.4 million in gross proceeds at CBL's share. Year-to-date through the second quarter end, CBL has grossed more than $5.3 million from dispositions.

DEVELOPMENT AND REDEVELOPMENT ACTIVITY

Detailed project information is available in CBL’s Financial Supplement for Q2 2023, which can be found in the Invest – Financial Reports section of CBL’s website at cblproperties.com.

OUTLOOK AND GUIDANCE

Based on second quarter 2023 results and Management's expectations for the second half of 2023, CBL is providing the following guidance for FFO, as adjusted, and same-center NOI for full-year 2023. Guidance excludes the impact of any unannounced transactions.

Reconciliation of GAAP Earnings Per Share to 2023 FFO, as Adjusted, Per Share:

	Low			High
2023 FFO, as adjusted	$193 million			$208 million
2023 FFO, as adjusted, per share	$	6.00		$	6.47
Weighted Average Common Shares Outstanding	32.1 million			32.1 million
2023 Same-Center NOI ("SC NOI")	$423 million			$440 million
2023 Change in Same-Center NOI		(4.5	)%		(0.7	)%

	Low			High
Expected diluted earnings per common share	$	(1.95	)	$	(1.48	)
Depreciation and amortization		6.76			6.76
Dividends allocable to unvested restricted stock		0.04			0.04
Debt discount accretion, net of noncontrolling interests' share		1.93			1.93
Adjustment for unconsolidated affiliates with negative investment		0.08			0.08
Non-cash default interest expense		0.02			0.02
Gain on deconsolidation		(0.88	)		(0.88	)
Expected FFO, as adjusted, per diluted, fully converted common share	$	6.00		$	6.47

2023 Estimate of Capital Items:

	Low	High
2023 Estimated maintenance capital/tenant allowances	$40 million	$55 million
2023 Estimated development/redevelopment expenditures	$15 million	$22 million
2023 Estimated principal amortization (including est. term loan ECF)	$75 million	$85 million
Total Estimate	$130 million	$162 million

4

ABOUT CBL PROPERTIES

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 94 properties totaling 58.5 million square feet across 22 states, including 56 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

NON-GAAP FINANCIAL MEASURES

Funds From Operations

FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure.

The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership.

In the reconciliation of net income (loss) attributable to the Company’s common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.

FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity.

The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release for a description of these adjustments.

5

Same-center Net Operating Income

NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).

The Company computes NOI based on the Operating Partnership’s pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies.

Since NOI includes only those revenues and expenses related to the operations of the Company’s shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company’s results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release.

Pro Rata Share of Debt

The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s condensed consolidated balance sheet is located at the end of this earnings release.

Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the “Management's Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.

6

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
REVENUES:
Rental revenues	$	124,842		$	131,832		$	255,166		$	267,164
Management, development and leasing fees		1,822			1,786			4,256			3,555
Other		3,203			3,400			6,804			6,401
Total revenues		129,867			137,018			266,226			277,120
EXPENSES:
Property operating		(21,507	)		(21,312	)		(46,121	)		(44,656	)
Depreciation and amortization		(49,742	)		(64,476	)		(103,011	)		(133,419	)
Real estate taxes		(14,481	)		(14,254	)		(29,269	)		(28,689	)
Maintenance and repairs		(9,991	)		(10,230	)		(21,515	)		(20,796	)
General and administrative		(16,156	)		(18,450	)		(35,385	)		(36,524	)
Loss on impairment		—			(252	)		—			(252	)
Litigation settlement		74			65			118			146
Other		—			(834	)		(198	)		(834	)
Total expenses		(111,803	)		(129,743	)		(235,381	)		(265,024	)
OTHER INCOME (EXPENSES):
Interest and other income		2,967			910			5,632			1,064
Interest expense		(44,173	)		(55,117	)		(87,697	)		(145,776	)
Gain on deconsolidation		—			—			28,151			36,250
(Loss) gain on sales of real estate assets		(114	)		3			1,482			19
Reorganization items, net		—			613			—			(958	)
Income tax (provision) benefit		(219	)		472			(118	)		(329	)
Equity in earnings (losses) of unconsolidated affiliates		812			2,039			(444	)		10,606
Total other expenses		(40,727	)		(51,080	)		(52,994	)		(99,124	)
Net loss		(22,663	)		(43,805	)		(22,149	)		(87,028	)
Net loss attributable to noncontrolling interests in:
Operating Partnership		—			44			—			59
Other consolidated subsidiaries		1,875			2,373			3,620			4,859
Net loss attributable to the Company		(20,788	)		(41,388	)		(18,529	)		(82,110	)
Dividends allocable to unvested restricted stock		(281	)		(210	)		(561	)		(210	)
Net loss attributable to common shareholders	$	(21,069	)	$	(41,598	)	$	(19,090	)	$	(82,320	)
Basic and diluted per share data attributable to common shareholders:
Basic earnings per share	$	(0.67	)	$	(1.34	)	$	(0.61	)	$	(2.83	)
Diluted earnings per share		(0.67	)		(1.34	)		(0.61	)		(2.83	)
Weighted-average basic shares		31,313			30,973			31,309			29,091
Weighted-average diluted shares		31,313			30,973			31,309			29,091

7

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

The Company's reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:

(in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net loss attributable to common shareholders	$	(21,069	)	$	(41,598	)	$	(19,090	)	$	(82,320	)
Noncontrolling interest in loss of Operating Partnership		—			(44	)		—			(59	)
Dividends allocable to unvested restricted stock		281			210			561			210
Depreciation and amortization expense of:
Consolidated properties		49,742			64,476			103,011			133,419
Unconsolidated affiliates		4,433			8,819			9,071			17,339
Non-real estate assets		(304	)		(203	)		(452	)		(401	)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(708	)		(938	)		(1,373	)		(1,837	)
Loss on impairment, net of taxes		—			186			—			186
Gain on depreciable property		—			—			—			(629	)
FFO allocable to Operating Partnership common unitholders		32,375			30,908			91,728			65,908
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1)		16,574			50,036			33,190			128,499
Adjustment for unconsolidated affiliates with negative investment (2)		888			(10,460	)		2,479			(23,007	)
Senior secured notes fair value adjustment (3)		—			(593	)		—			(395	)
Litigation settlement (4)		(74	)		(65	)		(118	)		(146	)
Non-cash default interest expense (5)		287			(9,344	)		781			(18,220	)
Gain on deconsolidation (6)		—			—			(28,151	)		(36,250	)
Reorganization items, net (7)		—			(613	)		—			958
FFO allocable to Operating Partnership common unitholders, as adjusted	$	50,050		$	59,869		$	99,909		$	117,347
FFO per diluted share	$	1.01		$	0.97		$	2.87		$	2.20
FFO, as adjusted, per diluted share	$	1.56		$	1.88		$	3.12		$	3.92
Weighted-average common and potential dilutive common shares outstanding with Operating Partnership units fully converted		32,071			31,822			32,000			29,926

(1)In conjunction with fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method.

(2)Represents the Company’s share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where the Company is not recognizing equity in earnings (losses) because its investment in the unconsolidated affiliate is below zero.

(3)Represents the fair value adjustment recorded on the senior secured notes as interest expense.

(4)Represents a credit to litigation settlement expense in each of the three- and six-month periods ended June 30, 2023 and 2022 related to claim amounts that were released pursuant to the terms of the settlement agreement related to the settlement of a class action lawsuit.

(5)The three and six months ended June 30, 2023 includes default interest on loans past their maturity dates. The three and six months ended June 30, 2022 includes the reversal of default interest expense when waivers or forbearance agreements were obtained.

(6)For the six months ended June 30, 2023, the Company deconsolidated Alamance Crossing East due to a loss of control when the property was placed into receivership in connection with the foreclosure process. For the six months ended June 30, 2022, the Company deconsolidated Greenbrier Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process.

(7)Represents costs incurred subsequent to the Company filing the chapter 11 cases associated with the Company's reorganization efforts, which consists of professional fees, legal fees and U.S. Trustee fees.

8

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Diluted EPS attributable to common shareholders	$	(0.67	)	$	(1.34	)	$	(0.61	)	$	(2.83	)
Add amounts per share included in FFO:
Unvested restricted stock		0.02			0.04			0.03			0.08
Eliminate amounts per share excluded from FFO:
Depreciation and amortization expense, including amounts from    consolidated properties, unconsolidated affiliates, non-real estate    assets and excluding amounts allocated to noncontrolling    interests		1.66			2.26			3.45			4.96
Loss on impairment, net of taxes		—			0.01			—			0.01
Gain on depreciable property		—			—			—			(0.02	)
FFO per diluted share	$	1.01		$	0.97		$	2.87		$	2.20

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees	$	793		$	1,052		$	1,954		$	2,448
Straight-line rental income adjustment	$	1,722		$	4,425		$	3,355		$	7,342
Gain on outparcel sales, net of taxes and noncontrolling interests' share	$	725		$	3		$	2,305		$	19
Net amortization of acquired above- and below-market leases	$	(5,123	)	$	(4,892	)	$	(10,445	)	$	(11,049	)
Income tax (provision) benefit	$	(219	)	$	472		$	(118	)	$	(329	)
Abandoned projects expense	$	—		$	(834	)	$	(17	)	$	(834	)
Interest capitalized	$	111		$	147		$	217		$	375
Estimate of uncollectable revenues	$	(2,375	)	$	940		$	(1,616	)	$	3,301
							As of June 30,
							2023			2022
Straight-line rent receivable							$	18,902		$	9,440

9

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Same-center Net Operating Income

(Dollars in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net loss	$	(22,663	)	$	(43,805	)	$	(22,149	)	$	(87,028	)
Adjustments:
Depreciation and amortization		49,742			64,476			103,011			133,419
Depreciation and amortization from unconsolidated affiliates		4,433			8,819			9,071			17,339
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(708	)		(938	)		(1,373	)		(1,837	)
Interest expense		44,173			55,117			87,697			145,776
Interest expense from unconsolidated affiliates		18,531			21,660			36,056			40,157
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(1,918	)		(2,525	)		(3,961	)		(5,095	)
Abandoned projects expense		—			834			17			834
Loss (gain) on sales of real estate assets, net of taxes and noncontrolling interests' share		59			(3	)		(1,537	)		(19	)
Gain on sales of real estate assets of unconsolidated affiliates		(784	)		—			(768	)		(629	)
Adjustment for unconsolidated affiliates with negative investment		888			(10,460	)		2,479			(23,007	)
Gain on deconsolidation		—			—			(28,151	)		(36,250	)
Loss on impairment, net of taxes		—			186			—			186
Litigation settlement		(74	)		(65	)		(118	)		(146	)
Reorganization items, net		—			(613	)		—			958
Income tax provision (benefit)		219			(472	)		118			329
Lease termination fees		(793	)		(1,052	)		(1,954	)		(2,448	)
Straight-line rent and above- and below-market lease amortization		3,401			467			7,090			3,707
Net loss attributable to noncontrolling interests in other consolidated subsidiaries		1,875			2,373			3,620			4,859
General and administrative expenses		16,156			18,450			35,385			36,524
Management fees and non-property level revenues		(5,038	)		(525	)		(10,018	)		(1,049	)
Operating Partnership's share of property NOI		107,499			111,924			214,515			226,580
Non-comparable NOI		(425	)		(3,972	)		(1,918	)		(8,178	)
Total same-center NOI (1)	$	107,074		$	107,952		$	212,597		$	218,402
Total same-center NOI percentage change		(0.8	)%					(2.7	)%

(1)CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of June 30, 2023, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending June 30, 2023. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender.

10

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Same-center Net Operating Income

(Continued)

	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
Malls	$	73,660		$	75,491	$	145,697		$	153,693
Outlet centers		5,301			4,894		10,415			9,529
Lifestyle centers		8,898			8,727		18,099			17,830
Open-air centers		13,580			13,177		27,562			26,259
Outparcels and other		5,635			5,663		10,824			11,091
Total same-center NOI (1)	$	107,074		$	107,952	$	212,597		$	218,402
Percentage Change:
Malls		(2.4	)%				(5.2	)%
Outlet centers		8.3	%				9.3	%
Lifestyle centers		2.0	%				1.5	%
Open-air centers		3.1	%				5.0	%
Outparcels and other		(0.5	)%				(2.4	)%
Total same-center NOI (1)		(0.8	)%				(2.7	)%

(1)CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of June 30, 2023, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ended June 30, 2023. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender.

11

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

	As of June 30, 2023
	Fixed Rate			Variable Rate			Total per Debt Schedule			Unamortized Deferred Financing Costs			Unamortized Debt Discounts (1)			Total
Consolidated debt	$	963,501		$	1,048,478		$	2,011,979		$	(15,407	)	$	(54,523	)	$	1,942,049
Noncontrolling interests' share of consolidated debt		(25,222	)		(13,177	)		(38,399	)		298			4,680			(33,421	)
Company's share of unconsolidated affiliates' debt		622,022			62,919			684,941			(3,397	)		—			681,544
Other debt (2)		41,122			—			41,122			—			—			41,122
Company's share of consolidated, unconsolidated and other debt	$	1,601,423		$	1,098,220		$	2,699,643		$	(18,506	)	$	(49,843	)	$	2,631,294
Weighted-average interest rate		5.18	%		8.15	%		6.39	%
	As of June 30, 2022
	Fixed Rate			Variable Rate			Total per Debt Schedule			Unamortized Deferred Financing Costs			Unamortized Debt Discounts (1)			Total
Consolidated debt	$	881,513		$	1,270,871		$	2,152,384		$	(16,028	)	$	(100,967	)	$	2,035,389
Noncontrolling interests' share of consolidated debt		(32,771	)		(13,597	)		(46,368	)		92			15,424			(30,852	)
Company's share of unconsolidated affiliates' debt		627,434			71,786			699,220			(2,490	)		—			696,730
Other debt (2)		153,719			—			153,719			—			—			153,719
Company's share of consolidated, unconsolidated and other debt	$	1,629,895		$	1,329,060		$	2,958,955		$	(18,426	)	$	(85,543	)	$	2,854,986
Weighted-average interest rate		4.67	%		4.44	%		4.57	%

(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 debt discounts upon emergence from bankruptcy. The debt discounts are accreted over the term of the respective debt using the effective interest method.

(2)Represents the outstanding loan balance for properties that were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.

12

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Balance Sheets

(Unaudited; in thousands, except share data)

	June 30,			December 31,
	2023			2022
ASSETS
Real estate assets:
Land	$	589,557		$	596,715
Buildings and improvements		1,200,096			1,198,597
		1,789,653			1,795,312
Accumulated depreciation		(183,529	)		(136,901	)
		1,606,124			1,658,411
Developments in progress		6,431			5,576
Net investment in real estate assets		1,612,555			1,663,987
Cash and cash equivalents		24,919			44,718
Restricted cash		88,674			97,231
Available-for-sale securities - at fair value (amortized cost of $255,412 and $293,476 as of June 30, 2023 and December 31, 2022, respectively)		254,872			292,422
Receivables:
Tenant		34,764			40,620
Other		3,318			3,876
Investments in unconsolidated affiliates		74,138			77,295
In-place leases, net		197,245			247,497
Above market leases, net		143,453			171,265
Intangible lease assets and other assets		41,474			39,332
	$	2,475,412		$	2,678,243
LIABILITIES AND EQUITY
Mortgage and other indebtedness, net	$	1,942,049		$	2,000,186
Below market leases, net		94,180			110,616
Accounts payable and accrued liabilities		114,082			200,312
Total liabilities		2,150,311			2,311,114
Shareholders' equity:
Common stock, $.001 par value, 200,000,000 shares authorized, 32,054,421 and 31,780,075 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively (in each case, excluding 34 treasury shares)		32			32
Additional paid-in capital		715,163			710,497
Accumulated other comprehensive income (loss)		339			(1,054	)
Accumulated deficit		(381,509	)		(338,934	)
Total shareholders' equity		334,025			370,541
Noncontrolling interests		(8,924	)		(3,412	)
Total equity		325,101			367,129
	$	2,475,412		$	2,678,243

13

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Condensed Combined Financial Statements - Unconsolidated Affiliates

(Unaudited; in thousands)

	June 30, 2023			December 31, 2022
ASSETS:
Investment in real estate assets	$	1,989,551		$	1,971,348
Accumulated depreciation		(859,514	)		(829,574	)
		1,130,037			1,141,774
Developments in progress		13,826			10,914
Net investment in real estate assets		1,143,863			1,152,688
Other assets		191,648			170,756
Total assets	$	1,335,511		$	1,323,444
LIABILITIES:
Mortgage and other indebtedness, net	$	1,345,090		$	1,333,152
Other liabilities		42,266			33,419
Total liabilities		1,387,356			1,366,571
OWNERS' EQUITY (DEFICIT):
The Company		12,347			3,123
Other investors		(64,192	)		(46,250	)
Total owners' deficit		(51,845	)		(43,127	)
Total liabilities and owners’ deficit	$	1,335,511		$	1,323,444

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Total revenues	$	62,943		$	65,551		$	123,476		$	129,288
Depreciation and amortization		(17,389	)		(18,087	)		(34,252	)		(36,606	)
Operating expenses		(19,062	)		(22,368	)		(38,791	)		(43,933	)
Interest and other income		603			336			1,147			665
Interest expense		(17,572	)		(13,048	)		(32,844	)		(19,645	)
Gain on sales of real estate assets		1,569			—			1,537			3,293
Net income	$	11,092		$	12,384		$	20,273		$	33,062
	Company's Share for the Period						Company's Share for the Period
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Total revenues	$	33,512		$	31,568		$	66,083		$	64,650
Depreciation and amortization		(11,468	)		(12,138	)		(23,568	)		(28,594	)
Operating expenses		(10,048	)		(10,760	)		(20,495	)		(20,620	)
Interest and other income		416			232			806			462
Interest expense		(18,531	)		(21,660	)		(36,056	)		(40,157	)
Negative investment adjustment		6,147			14,823			12,018			34,262
Loss on impairment		—			(26	)		—			(26	)
Gain on sales of real estate assets		784			—			768			629
Net income (loss)	$	812		$	2,039		$	(444	)	$	10,606

14

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

EBITDA for real estate ("EBITDAre") is a non-GAAP financial measure which NAREIT defines as net income (loss) (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, losses (gains) on the dispositions of depreciable property and impairment write-downs of depreciable property, and after adjustments to reflect the Company's share of EBITDAre from unconsolidated affiliates. The Company also calculates Adjusted EBITDAre to exclude the non-controlling interest in EBITDAre of consolidated entities, abandoned projects expense, reorganization items, adjustments related to unconsolidated affiliates and litigation settlement.

The Company presents the ratio of Adjusted EBITDAre to interest expense because the Company believes that the Adjusted EBITDAre to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt. Adjusted EBITDAre excludes items that are not a normal result of operations which assists the Company and investors in distinguishing changes related to the growth or decline of operations at our properties. EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to similar measures calculated by other companies. This non-GAAP measure should not be considered as an alternative to net income (loss), cash from operating activities or any other measure calculated in accordance with GAAP. Pro rata amounts listed below are calculated using the Company's ownership percentage in the respective joint venture and any other applicable terms.

Ratio of Adjusted EBITDAreto Interest Expense

(Dollars in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net loss	$	(22,663	)	$	(43,805	)	$	(22,149	)	$	(87,028	)
Depreciation and amortization		49,742			64,476			103,011			133,419
Depreciation and amortization from unconsolidated affiliates		4,433			8,819			9,071			17,339
Interest expense		44,173			55,117			87,697			145,776
Interest expense from unconsolidated affiliates		18,531			21,660			36,056			40,157
Income taxes		236			(305	)		181			602
Loss on impairment		—			252			—			252
Gain on depreciable property from unconsolidated affiliates		—			—			—			(629	)
Gain on deconsolidation		—			—			(28,151	)		(36,250	)
EBITDAre (1)		94,452			106,214			185,716			213,638
Reorganization items, net		—			(613	)		—			958
Litigation settlement		(74	)		(65	)		(118	)		(146	)
Abandoned projects expense		—			834			17			834
Adjustment for unconsolidated affiliates with negative investment		888			(10,460	)		2,479			(23,007	)
Net loss attributable to noncontrolling interests in other consolidated subsidiaries		1,875			2,373			3,620			4,859
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(708	)		(938	)		(1,373	)		(1,837	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(1,918	)		(2,525	)		(3,961	)		(5,095	)
Company's share of Adjusted EBITDAre	$	94,515		$	94,820		$	186,380		$	190,204

(1)Includes $717 and $3 for the three months ended June 30, 2023 and 2022, respectively, related to sales of non-depreciable real estate assets. Includes $2,296 and $19 for the six months ended June 30, 2023 and 2022, respectively, related to sales of non-depreciable real estate assets.

15

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Interest Expense:
Interest expense	$	44,173		$	55,117		$	87,697		$	145,776
Interest expense from unconsolidated affiliates		18,531			21,660			36,056			40,157
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share		(16,574	)		(50,036	)		(33,190	)		(128,499	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries, excluding noncontrolling interests' share of debt discount accretion		(545	)		(721	)		(1,192	)		(1,417	)
Company's share of interest expense	$	45,585		$	26,020		$	89,371		$	56,017
Ratio of Adjusted EBITDAre to Interest Expense		2.1	x		3.6	x		2.1	x		3.4	x

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Company's share of Adjusted EBITDAre	$	94,515		$	94,820		$	186,380		$	190,204
Interest expense		(44,173	)		(55,117	)		(87,697	)		(145,776	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		1,918			2,525			3,961			5,095
Reorganization items, net		—			613			—			(958	)
Income taxes		(236	)		305			(181	)		(602	)
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts		7,478			35,268			15,330			98,923
Net amortization of intangible lease assets and liabilities		5,378			4,755			10,715			11,078
Depreciation and interest expense from unconsolidated affiliates		(22,964	)		(30,479	)		(45,127	)		(57,496	)
Gain on depreciable property from unconsolidated affiliates		—			—			—			629
Adjustment for unconsolidated affiliates with negative investment		(888	)		10,460			(2,479	)		23,007
Litigation settlement		74			65			118			146
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		708			938			1,373			1,837
Net loss attributable to noncontrolling interests in other consolidated subsidiaries		(1,875	)		(2,373	)		(3,620	)		(4,859	)
Loss (gain) on outparcel sales		114			(3	)		(1,482	)		(19	)
Gain on insurance proceeds		(49	)		(803	)		(49	)		(803	)
Equity in (earnings) losses of unconsolidated affiliates		(812	)		(2,039	)		444			(10,606	)
Distributions of earnings from unconsolidated affiliates		3,215			4,743			6,550			12,583
Share-based compensation expense		3,207			2,818			6,459			5,561
Change in estimate of uncollectable revenues		1,589			(1,962	)		1,451			(2,699	)
Change in deferred tax assets		(1,064	)		(1,267	)		(839	)		(1,334	)
Changes in operating assets and liabilities		4,926			(17,607	)		(7,071	)		(35,822	)
Cash flows provided by operating activities	$	51,061		$	45,660		$	84,236		$	88,089

16

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Components of Consolidated Rental Revenues

The Company adopted Accounting Standards Codification (“ASC”) 842,Leases, effective January 1, 2019, which resulted in the Company revising the presentation of rental revenues in its consolidated statements of operations. In the past, certain components of rental revenues were shown separately in the consolidated statement of operations. Upon the adoption of ASC 842, these amounts have been combined into a single line item. As a result of the adoption of ASC 842, the Company believes that the following presentation is useful to users of the Company’s consolidated financial statements as it depicts how amounts reported in the Company’s historical financial statements prior to the adoption of ASC 842 are reflected in the current presentation in accordance with ASC 842.

	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
Minimum rents	$	93,853		$	98,038	$	189,043		$	195,629
Percentage rents		3,283			3,815		6,447			9,093
Other rents		1,754			2,244		3,450			3,958
Tenant reimbursements		27,753			25,907		57,271			55,869
Estimate of uncollectable amounts		(1,801	)		1,828		(1,045	)		2,615
Total rental revenues	$	124,842		$	131,832	$	255,166		$	267,164

17

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Schedule of Mortgage and Other Indebtedness

(Dollars in thousands)

Property	Location	Non- controlling Interest %	Original Maturity Date	Optional Extended Maturity Date	Interest Rate			Balance as of June 30, 2023				Balance
												Fixed			Variable
Operating Properties:
WestGate Mall (1)(2)	Spartanburg, SC		Jul-22			4.99	%	$	28,661			$	28,661			—
Brookfield Square Anchor Redevelopment	Brookfield, WI		Dec-23	Dec-24		8.06	%		17,790				—			17,790
Volusia Mall	Daytona Beach, FL		May-24			4.56	%		39,584				39,584			—
Fayette Mall (3)	Lexington, KY		May-24	May-26		4.25	%		123,479				123,479			—
The Outlet Shoppes at Laredo	Laredo, TX		Jun-24			8.41	%		37,650				—			37,650
Cross Creek Mall	Fayetteville, NC		Jun-25			8.19	%		94,760				94,760			—
The Outlet Shoppes at Gettysburg	Gettysburg, PA		Oct-25			4.80	%		20,810				20,810			—
Parkdale Mall & Crossing	Beaumont, TX		Mar-26			5.85	%		60,129				60,129			—
Northwoods Mall	North Charleston, SC		Apr-26			5.08	%		55,510				55,510			—
Arbor Place	Atlanta (Douglasville), GA		May-26			5.10	%		95,198				95,198			—
Hamilton Place	Chattanooga, TN		Jun-26			4.36	%		92,836				92,836			—
Jefferson Mall	Louisville, KY		Jun-26			4.75	%		54,665				54,665			—
Southpark Mall	Colonial Heights, VA		Jun-26			4.85	%		52,869				52,869			—
Open-air centers and outparcels loan (4)			Jun-27	Jun-29		8.11	%		360,000				180,000			180,000
Hamilton Place open-air centers loan			Jun-32			5.85	%		65,000				65,000			—
Total Loans On Operating Properties									1,198,941				963,501			235,440
Weighted-average interest rate									6.27	%			5.60	%		9.03	%
Corporate Debt:
Secured term loan			Nov-25	Nov-26/Nov-27		7.92	%		813,038				—			813,038
Total Consolidated Debt								$	2,011,979		(5)	$	963,501		$	1,048,478
Weighted-average interest rate									6.94	%			5.60	%		8.17	%
Plus CBL's Share Of Unconsolidated Affiliates' Debt:
The Outlet Shoppes at Atlanta	Woodstock, GA		Nov-23			4.90	%		32,833				32,833			—
The Outlet Shoppes at Atlanta - Phase II	Woodstock, GA		Nov-23			7.67	%		4,355				—			4,355
Coastal Grand	Myrtle Beach, SC		Aug-24			4.09	%		49,246				49,246			—
Coastal Grand Outparcel	Myrtle Beach, SC		Aug-24			4.09	%		2,376				2,376			—
Coastal Grand - Dick's Sporting Goods	Myrtle Beach, SC		Nov-24			5.05	%		3,400				3,400			—
Hamilton Place Aloft Hotel	Chattanooga, TN		Nov-24			7.72	%		8,175				—			8,175
The Outlet Shoppes of the Bluegrass	Simpsonville, KY		Dec-24			4.05	%		41,628				41,628			—
West County Center	Des Peres, MO		Dec-24	Dec-26		3.40	%		77,324				77,324			—
Hammock Landing - Phase I	West Melbourne, FL		Feb-25	Feb-26		7.91	%		18,080				—			18,080
Hammock Landing - Phase II	West Melbourne, FL		Feb-25	Feb-26		7.91	%		5,742				—			5,742
The Pavilion at Port Orange	Port Orange, FL		Feb-25	Feb-26		7.91	%		24,174				—			24,174
Ambassador Town Center Infrastructure Improvements	Lafayette, LA		Mar-25			3.00	%		5,749				5,749			—
York Town Center	York, PA		Mar-25			4.75	%		15,000				15,000			—
Oak Park Mall	Overland Park, KS		Oct-25			3.97	%		129,920				129,920			—
Northgate Mall Developments	Chattanooga, TN		Nov-25			8.00	%		2,393				—			2,393
Fremaux Town Center	Slidell, LA		Jun-26			3.70	%		38,409				38,409			—
Friendly Center	Greensboro, NC		May-28			6.44	%		73,843				73,843			—
CoolSprings Galleria	Nashville, TN		May-28			4.84	%		70,881				70,881			—

18

Property	Location	Non- controlling Interest %			Original Maturity Date	Optional Extended Maturity Date	Interest Rate			Balance as of June 30, 2023				Balance
														Fixed			Variable
The Outlet Shoppes at El Paso	El Paso, TX				Oct-28			5.10	%		34,711				34,711			—
Ambassador Town Center	Lafayette, LA				Jun-29			4.35	%		27,000				27,000			—
The Shoppes at Eagle Point	Cookeville, TN				May-32			5.40	%		19,702				19,702			—
	SUBTOTAL										684,941		(5)		622,022			62,919
Plus Other Debt:
Alamance Crossing (6)	Burlington, NC				Jul-21			5.83	%		41,122				41,122			—
Less Noncontrolling Interests' Share Of Consolidated Debt:
The Outlet Shoppes at Laredo	Laredo, TX		35	%	Jun-24			8.41	%		(13,177	)			—			(13,177	)
The Outlet Shoppes at Gettysburg	Gettysburg, PA		50	%	Oct-25			4.80	%		(10,405	)			(10,405	)		—
Hamilton Place	Chattanooga, TN		10	%	Jun-26			4.36	%		(9,284	)			(9,284	)		—
Hamilton Place open-air centers loan		8% - 10%			Jun-32			5.85	%		(5,533	)			(5,533	)		—
											(38,399	)	(5)		(25,222	)		(13,177	)
Company's Share Of Consolidated, Unconsolidated and Other Debt										$	2,699,643		(5)	$	1,601,423		$	1,098,220
Weighted-average interest rate											6.39	%			5.18	%		8.15	%
Total Debt of Unconsolidated Affiliates:
The Outlet Shoppes at Atlanta	Woodstock, GA				Nov-23			4.90	%		65,665				65,665			—
The Outlet Shoppes at Atlanta - Phase II	Woodstock, GA				Nov-23			7.67	%		4,355				—			4,355
Coastal Grand	Myrtle Beach, SC				Aug-24			4.09	%		98,493				98,493			—
Coastal Grand Outparcel	Myrtle Beach, SC				Aug-24			4.09	%		4,753				4,753			—
Coastal Grand - Dick's Sporting Goods	Myrtle Beach, SC				Nov-24			5.05	%		6,800				6,800			—
Hamilton Place Aloft Hotel	Chattanooga, TN				Nov-24			7.72	%		16,350				—			16,350
The Outlet Shoppes of the Bluegrass	Simpsonville, KY				Dec-24			4.05	%		64,043				64,043			—
West County Center	Des Peres, MO				Dec-24	Dec-26		3.40	%		154,648				154,648			—
Hammock Landing - Phase I	West Melbourne, FL				Feb-25	Feb-26		7.91	%		36,159				—			36,159
Hammock Landing - Phase II	West Melbourne, FL				Feb-25	Feb-26		7.91	%		11,484				—			11,484
The Pavilion at Port Orange	Port Orange, FL				Feb-25	Feb-26		7.91	%		48,348				—			48,348
Ambassador Town Center Infrastructure Improvements	Lafayette, LA				Mar-25			3.00	%		5,749				5,749			—
York Town Center	York, PA				Mar-25			4.75	%		30,000				30,000			—
Oak Park Mall	Overland Park, KS				Oct-25			3.97	%		259,840				259,840			—
Northgate Mall Developments	Chattanooga, TN				Nov-25			8.00	%		4,787				—			4,787
Fremaux Town Center	Slidell, LA				Jun-26			3.70	%		59,091				59,091			—
Friendly Center	Greensboro, NC				May-28			6.44	%		147,685				147,685			—
CoolSprings Galleria	Nashville, TN				May-28			4.84	%		141,762				141,762			—
The Outlet Shoppes at El Paso	El Paso, TX				Oct-28			5.10	%		69,423				69,423			—
Ambassador Town Center	Lafayette, LA				Jun-29			4.35	%		41,538				41,538			—
The Shoppes at Eagle Point	Cookeville, TN				May-32			5.40	%		39,404				39,404			—
										$	1,310,377			$	1,188,894		$	121,483
Weighted-average interest rate											4.82	%			4.51	%		7.88	%

(1)The loan is in maturity default.

(2)The Company is in discussions with the lender.

(3)The loan has two one-year extension options for a fully extended maturity date of May 1, 2026.

(4)The interest rate is a fixed 6.95% for $180,000 of the $360,000 loan, 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%.

(5)See page 12 for debt discounts and unamortized deferred financing costs.

(6)The loan is in default and the property was placed into receivership. The Company anticipates returning the property to the lender.

19

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Schedule of Maturities of Mortgage and Other Indebtedness

(Dollars in thousands)

Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:

Year	Consolidated Debt		CBL's Share of Unconsolidated Affiliates' Debt		Other Debt (1)		Noncontrolling Interests' Share of Consolidated Debt			CBL's Share of Consolidated, Unconsolidated and Other Debt		% of Total			Weighted Average Interest Rate
2021	$	—	$	—	$	41,122	$	—		$	41,122		1.52	%		5.83	%
2022		28,661		—		—		—			28,661		1.06	%		4.99	%
2023		—		37,188		—		—			37,188		1.38	%		5.22	%
2024		95,024		104,825		—		(13,177	)		186,672		6.91	%		5.30	%
2025		115,570		153,062		—		(10,405	)		258,227		9.57	%		5.61	%
2026		534,686		163,729		—		(9,284	)		689,131		25.53	%		4.80	%
2027		813,038		—		—		—			813,038		30.12	%		7.92	%
2028		—		179,435		—		—			179,435		6.65	%		5.55	%
2029		360,000		27,000		—		—			387,000		14.34	%		7.84	%
2032		65,000		19,702		—		(5,533	)		79,169		2.93	%		5.74	%
Face Amount of Debt	$	2,011,979	$	684,941	$	41,122	$	(38,399	)	$	2,699,643		100.00	%		6.39	%
Based on Original Maturity Dates:
Year	Consolidated Debt		CBL's Share of Unconsolidated Affiliates' Debt		Other Debt (1)		Noncontrolling Interests' Share of Consolidated Debt			CBL's Share of Consolidated, Unconsolidated and Other Debt		% of Total			Weighted Average Interest Rate
2021	$	—	$	—	$	41,122	$	—		$	41,122		1.52	%		5.83	%
2022		28,661		—		—		—			28,661		1.06	%		4.99	%
2023		17,790		37,188		—		—			54,978		2.04	%		6.14	%
2024		200,713		182,149		—		(13,177	)		369,685		13.69	%		4.42	%
2025		928,608		201,058		—		(10,405	)		1,119,261		41.46	%		7.39	%
2026		411,207		38,409		—		(9,284	)		440,332		16.31	%		4.86	%
2027		360,000		—		—		—			360,000		13.34	%		8.11	%
2028		—		179,435		—		—			179,435		6.65	%		5.55	%
2029		—		27,000		—		—			27,000		1.00	%		4.35	%
2032		65,000		19,702		—		(5,533	)		79,169		2.93	%		5.74	%
Face Amount of Debt	$	2,011,979	$	684,941	$	41,122	$	(38,399	)	$	2,699,643		100.00	%		6.39	%

(1)During the six months ended June 30, 2023, the Company deconsolidated Alamance Crossing East due to a loss of control when the property was placed into receivership in connection with the foreclosure process.

20

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Operating Metrics by Collateral Pool

Basis of Presentation

The tables below provide certain property level financial information by Property Type and by categories based on the debt supported. The Property Types include Malls, Lifestyle Centers, Outlet Centers, Open-Air Centers, Outparcels and Other, each as defined below:

Malls: The Malls are enclosed regional or super-regional shopping centers, generally anchored by two or more anchors or junior anchors and a wide variety of in-line stores.

Lifestyle Centers: The Lifestyle Centers are large regional or super-regional open-air centers, generally anchored by two or more anchors or junior anchors and a wide variety of stores that are often similar to the tenancy of Mall stores.

Outlet Centers: The Outlet Centers are open-air centers that are anchored by one or more large discount or off-price stores as well as a selection of brand name discount or off-price stores.

Open-Air Centers: The Open-Air Centers are designed to attract local and regional customers. They are typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or may also feature traditional department stores. Open-Air Centers also feature a selection of shops that may include traditional retail stores, services or convenience offerings. Open-Air Centers may be located adjacent to CBL’s existing Malls or Lifestyle Centers.

Outparcels: The outparcels are subdivided improved parcels of land located at or adjacent to our Malls, Lifestyle Centers, Outlet Centers or Open-Air Centers. The outparcels are generally single-tenant or multi-tenant buildings that are either structured on a ground lease or building lease.

Other: Other includes other non-retail property types such as office, hotels or vacant land.

The information provided in the tables below, including historic operational and financial information, is for Properties owned as of June 30, 2023, as listed on the Property List table. Information is provided on a “same-center” basis and any properties or interests in properties acquired or disposed of prior to June 30, 2023, were assumed to have been acquired or disposed for all periods presented.

Net Operating Income (NOI) and other financial information included in the presentation is reflected based on CBL’s share of ownership.

NOI is a supplemental non-GAAP measure of the operating performance of our shopping centers and other properties. We define NOI as property operating revenues (rental revenues and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes straight-line rents, above/below market lease rates, landlord inducement write-offs, lease buyouts and management fees.

Due to the exclusions noted above, NOI should only be used as a supplemental measure of our performance and not as an alternative to GAAP operating income (loss) or net income (loss).

Interest is calculated on a GAAP basis including amortization of deferred financing costs and accretion of debt discounts.

21

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Property List:

Property	Location	Sales Per Square Foot for the Trailing Twelve Months Ended (1)				In-Line Occupancy (2)
		June 30, 2023		June 30, 2022		June 30, 2023			June 30, 2022
TERM LOAN ASSETS (HOLDCO I)
Malls:
CherryVale Mall	Rockford, IL
East Towne Mall	Madison, WI
Frontier Mall	Cheyenne, WY
Hanes Mall	Winston-Salem, NC
Imperial Valley	El Centro, CA
Kirkwood Mall	Bismarck, ND
Layton Hills Mall	Layton, UT
Mall del Norte	Laredo, TX
Northgate Mall	Chattanooga, TN
Post Oak Mall	College Station, TX
Richland Mall	Waco, TX
Sunrise Mall	Brownsville, TX
Turtle Creek Mall	Hattiesburg, MS
Valley View Mall	Roanoke, VA
West Towne Mall	Madison, WI
Westmoreland Mall	Greensburg, PA
Total Malls		$	384	$	407		90.2	%		90.4	%
Lifestyle Centers:
Mayfaire Town Center	Wilmington, NC
Pearland Town Center	Pearland, TX
Southaven Towne Center	Southaven, MS
Total Lifestyle Centers		$	395	$	427		92.3	%		92.6	%
Open-Air Centers:
Layton Hills Convenience Center	Layton, UT
Layton Hills Plaza	Layton, UT
Westmoreland Crossing	Greensburg, PA
Total Open-Air Centers		N/A		N/A			91.7	%		98.7	%
Total Term Loan Assets (HoldCo I)		$	385	$	410		90.7	%		91.3	%
CONSOLIDATED UNENCUMBERED
Malls:
Brookfield Square	Brookfield, WI
Dakota Square Mall	Minot, ND
Eastland Mall	Bloomington, IL
Harford Mall	Bel Air, MD
Laurel Park Place	Livonia, MI
Meridian Mall	Lansing, MI
Mid Rivers Mall	St. Peters, MO
Monroeville Mall	Pittsburgh, PA
Northpark Mall	Joplin, MO
Old Hickory Mall	Jackson, TN
Parkway Place	Huntsville, AL
South County Center	St. Louis, MO
St. Clair Square	Fairview Heights, IL
Stroud Mall	Stroudsburg, PA
York Galleria	York, PA
Total Malls		$	329	$	364		80.5	%		79.7	%
Open-Air Centers:
Annex at Monroeville	Pittsburgh, PA
The Promenade	D'Iberville, MS
		N/A		N/A			99.1	%		98.7	%
Outparcels and Other		N/A		N/A			73.8	%		73.5	%
Total Consolidated Unencumbered		$	329	$	364		82.4	%		81.7	%
JOINT VENTURE ASSETS

22

Property	Location	Sales Per Square Foot for the Trailing Twelve Months Ended (1)				In-Line Occupancy (2)
		June 30, 2023		June 30, 2022		June 30, 2023			June 30, 2022
Malls:
Coastal Grand	Myrtle Beach, SC
CoolSprings Galleria	Nashville, TN
Governor's Square	Clarksville, TN
Kentucky Oaks Mall	Paducah, KY
Oak Park Mall	Overland Park, KS
West County Center	Des Peres, MO
Total Malls		$	552	$	549		90.9	%		90.8	%
Outlet Centers:
The Outlet Shoppes at Atlanta	Woodstock, GA
The Outlet Shoppes at El Paso	El Paso, TX
The Outlet Shoppes of the Bluegrass	Simpsonville, KY
Total Outlet Centers		$	496	$	506		94.0	%		93.3	%
Lifestyle Centers:
Friendly Center and The Shops at Friendly	Greensboro, NC	$	600	$	575		91.5	%		90.1	%
Open-Air Centers:
Ambassador Town Center	Lafayette, LA
Coastal Grand Crossing	Myrtle Beach, SC
Fremaux Town Center	Slidell, LA
Governor's Square Plaza	Clarksville, TN
Hammock Landing	West Melbourne, FL
The Pavilion at Port Orange	Port Orange, FL
The Shoppes at Eagle Point	Cookeville, TN
York Town Center	York, PA
Total Open-Air Centers		N/A		N/A			93.7	%		95.7	%
Total Joint Venture Assets		$	540	$	539		92.6	%		93.0	%
CONSOLIDATED ENCUMBERED ASSETS
Malls:
Arbor Place	Atlanta (Douglasville), GA
Cross Creek Mall	Fayetteville, NC
Fayette Mall	Lexington, KY
Hamilton Place	Chattanooga, TN
Jefferson Mall	Louisville, KY
Northwoods Mall	North Charleston, SC
Parkdale Mall	Beaumont, TX
Southpark Mall	Colonial Heights, VA
Volusia Mall	Daytona Beach, FL
Total Malls		$	436	$	462		93.2	%		93.2	%
Outlet Centers:
The Outlet Shoppes at Gettysburg	Gettysburg, PA
The Outlet Shoppes at Laredo	Laredo, TX
Total Outlet Centers		$	274	$	254		76.9	%		74.6	%
Lifestyle Centers:
Alamance Crossing West	Burlington, NC	N/A		N/A			100.0	%		73.7	%
Open-Air Centers:
CoolSprings Crossing	Nashville, TN
Courtyard at Hickory Hollow	Nashville, TN
Frontier Square	Cheyenne, WY
Gunbarrel Pointe	Chattanooga, TN
Hamilton Corner	Chattanooga, TN
Hamilton Crossing	Chattanooga, TN
Harford Annex	Bel Air, MD
The Landing at Arbor Place	Atlanta (Douglasville), GA
Parkdale Crossing	Beaumont, TX
The Plaza at Fayette	Lexington, KY
The Shoppes at Hamilton Place	Chattanooga, TN
The Shoppes at St. Clair Square	Fairview Heights, IL
Sunrise Commons	Brownsville, TX
The Terrace	Chattanooga, TN

23

Property	Location	Sales Per Square Foot for the Trailing Twelve Months Ended (1)				In-Line Occupancy (2)
		June 30, 2023		June 30, 2022		June 30, 2023			June 30, 2022
West Towne Crossing	Madison, WI
WestGate Crossing	Spartanburg, SC
Total Open-Air Centers		N/A		N/A			94.6	%		94.7	%
Outparcels		N/A		N/A			93.1	%		92.1	%
Total Consolidated Encumbered Assets		$	410	$	428		91.9	%		91.5	%
Total Same-Center Portfolio		$	425	$	442		89.7	%		89.8	%
EXCLUDED PROPERTIES
Alamance Crossing East	Burlington, NC
WestGate Mall	Spartanburg, SC
Total Excluded Properties		N/A		N/A		N/A			N/A

(1)Represents same-center sales per square foot for tenants 10,000 square feet or less for malls, outlet centers and lifestyle centers. Sales are reported on a whole property basis. Sales for unencumbered portions or outparcels of a property with reporting tenants under 10,000 square feet are reflected with the sales of the main property.

(2)Includes occupancy metrics for stores with gross leasable area under 20,000 square feet for unencumbered portions or outparcels of a property.

24

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Operating Metrics - Six Months Ended June 30, 2023 at CBL Share
(Dollars in thousands)
	NOI		Capital Expenditures			Redevelopment			Unleveraged Cash Flow		Interest			Non-Cash Interest Expense (1)		Amortization			Cash Flow
TERM LOAN ASSETS (HOLDCO I)
Malls	$	53,644	$	(3,177	)	$	(797	)	$	49,670	$	-		$	-	$	-		$	49,670
Lifestyle Centers		11,226		(780	)		-			10,446		-			-		-			10,446
Open-Air Centers		1,632		(36	)		-			1,596		-			-		-			1,596
Term Loan Debt Service		-		-			-			-		(30,964	)		-		(16,414	)		(47,378	)
Total Term Loan Assets (HoldCo I)		66,502		(3,993	)		(797	)		61,712		(30,964	)		-		(16,414	)		14,334
CONSOLIDATED UNENCUMBERED
Malls		25,962		(2,807	)		-			23,155		-			-		-			23,155
Open-Air Centers		4,100		(133	)		-			3,967		-			-		-			3,967
Outparcels		167		(14	)		-			153		-			-		-			153
Other		976		(623	)		-			353		-			-		-			353
Total Consolidated Unencumbered		31,205		(3,577	)		-			27,628		-			-		-			27,628
JOINT VENTURE ASSETS
Malls		20,926		(1,074	)		-			19,852		(7,006	)		-		(6,440	)		6,406
Outlet Centers		8,700		(297	)		-			8,403		(2,867	)		-		(1,574	)		3,962
Lifestyle Centers		5,920		(1,174	)		-			4,746		(1,864	)		-		(457	)		2,425
Open-Air Centers		9,615		(492	)		(851	)		8,272		(6,208	)		-		(3,622	)		(1,558	)
Other		317		(4	)		-			313		(294	)		-		(90	)		(71	)
Total Joint Venture Assets		45,478		(3,041	)		(851	)		41,586		(18,239	)		-		(12,183	)		11,164
CONSOLIDATED ENCUMBERED ASSETS
Malls		45,166		(3,180	)		-			41,986		(28,677	)		11,011		(18,545	)		5,775
Outlet Centers		1,715		(193	)		-			1,522		(5,261	)		3,987		(472	)		(224	)
Lifestyle Centers		953		-			-			953		(783	)		-		-			170
Open-Air Centers		12,214		(885	)		(72	)		11,257		(8,068	)		-		-			3,189
Outparcels		9,364		(289	)		(760	)		8,315		(8,150	)		-		-			165
Total Consolidated Encumbered Assets		69,412		(4,547	)		(832	)		64,033		(50,939	)		14,998		(19,017	)		9,075
Total Same-Center	$	212,597	$	(15,158	)	$	(2,480	)	$	194,959	$	(100,142	)	$	14,998	$	(47,614	)	$	62,201

(1)Non-cash interest expense consists of the accretion of debt discounts.

25

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Operating Metrics - Six Months Ended June 30, 2022 at CBL Share
(Dollars in thousands)
	NOI		Capital Expenditures			Redevelopment			Unleveraged Cash Flow		Interest			Non-Cash Interest Expense (1)			Amortization			Cash Flow
TERM LOAN ASSETS (HOLDCO I)
Malls	$	56,361	$	(3,210	)	$	-		$	53,151	$	-		$	-		$	-		$	53,151
Lifestyle Centers		10,815		(982	)		-			9,833		-			-			-			9,833
Open-Air Centers		1,985		(49	)		-			1,936		-			-			-			1,936
Term Loan Debt Service		-		-			-			-		(16,344	)		-			(26,761	)		(43,105	)
Total Term Loan Assets (HoldCo I)		69,161		(4,241	)		-			64,920		(16,344	)		-			(26,761	)		21,815
CONSOLIDATED UNENCUMBERED
Malls		31,780		(2,319	)		(481	)		28,980		-			-			-			28,980
Open-Air Centers		3,477		(190	)		-			3,287		-			-			-			3,287
Outparcels		282		-			-			282		-			-			-			282
Other		1,264		(203	)		-			1,061		(426	)		135			(342	)		428
Total Consolidated Unencumbered		36,803		(2,712	)		(481	)		33,610		(426	)		135			(342	)		32,977
JOINT VENTURE ASSETS
Malls		19,955		(1,408	)		-			18,547		(5,232	)		(1,827	)		(2,517	)		8,971
Outlet Centers		7,729		(407	)		-			7,322		368			(3,259	)		(1,699	)		2,732
Lifestyle Centers		6,071		(97	)		-			5,974		(1,275	)		-			(581	)		4,118
Open-Air Centers		9,349		(347	)		-			9,002		(293	)		(2,525	)		(3,994	)		2,190
Other		333		-			-			333		(117	)		-			(45	)		171
Total Joint Venture Assets		43,437		(2,259	)		-			41,178		(6,549	)		(7,611	)		(8,836	)		18,182
CONSOLIDATED ENCUMBERED ASSETS
Malls		45,598		(2,865	)		-			42,733		(80,932	)		62,881			(22,693	)		1,989
Outlet Centers		1,800		(156	)		-			1,644		(6,280	)		5,382			(567	)		179
Lifestyle Centers		944		-			-			944		(74	)		-			-			870
Open-Air Centers		11,447		(375	)		-			11,072		(1,182	)		-			(80	)		9,810
Outparcels		9,212		-			(2,019	)		7,193		(790	)		-			-			6,403
Total Consolidated Encumbered Assets		69,001		(3,396	)		(2,019	)		63,586		(89,258	)		68,263			(23,340	)		19,251
Secured Note Debt Service		-		-			-			-		(17,721	)		788			-			(16,933	)
Total Same-Center	$	218,402	$	(12,608	)	$	(2,500	)	$	203,294	$	(130,298	)	$	61,575		$	(59,279	)	$	75,292

(1)Non-cash interest expense consists of default interest and the accretion of debt discounts. The $788 of non-cash interest expense related to the Secured Notes Debt Service represents accrued interest settled in shares of common stock issued by the Company upon conversion of the exchangeable notes.

26

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

CBL & Associates HoldCo I, LLC - Consolidated Balance Sheet
(unaudited, in thousands)
	June 30, 2023			December 31, 2022
ASSETS
Real estate assets:
Land	$	174,157		$	174,157
Buildings and improvements		402,074			401,453
		576,231			575,610
Accumulated depreciation		(68,663	)		(51,134	)
		507,568			524,476
Developments in progress		2,416			880
Net investment in real estate assets		509,984			525,356
Cash		19,877			39,105
Receivables:
Tenant		13,578			15,797
Other		5,093			4,638
In-place leases, net		68,166			85,840
Above market leases, net		46,410			55,810
Other assets		15,862			5,211
	$	678,970		$	731,757
LIABILITIES AND EQUITY
Senior secured term loan, net of deferred financing costs	$	812,306		$	828,521
Below market leases, net		30,178			36,553
Accounts payable and accrued liabilities		38,330			43,061
Total liabilities		880,814			908,135
Owner's deficit		(201,844	)		(176,378	)
	$	678,970		$	731,757

CBL & Associates HoldCo I, LLC - Consolidated Income Statement
(unaudited, in thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Revenues:
Rental revenues	$	49,320		$	48,131		$	99,105		$	99,992
Other		1,149			1,319			2,492			2,383
Total revenues		50,469			49,450			101,597			102,375
Expenses:
Property operating		(7,773	)		(7,423	)		(17,218	)		(15,785	)
Depreciation and amortization		(18,991	)		(23,385	)		(39,186	)		(48,743	)
Real estate taxes		(5,027	)		(4,908	)		(10,116	)		(9,661	)
Maintenance and repairs		(3,915	)		(4,018	)		(8,618	)		(7,801	)
Management fees		(2,250	)		(2,250	)		(4,500	)		(4,500	)
Total expenses		(37,956	)		(41,984	)		(79,638	)		(86,490	)
Other income (expenses):
Other income		88			805			209			833
Interest expense		(16,073	)		(8,245	)		(31,170	)		(16,493	)
Total other expenses		(15,985	)		(7,440	)		(30,961	)		(15,660	)
Net (loss) income	$	(3,472	)	$	26		$	(9,002	)	$	225
Modified Cash NOI (1)	$	34,456		$	62,288		$	67,222		$	99,214
Interest Coverage Ratio (2)							2.5x			4.5x

(1)Modified Cash NOI is calculated in accordance with the terms of the exit credit agreement and is not comparable to the Company’s definition of NOI, presented on page 6, that is used for NOI and same-center NOI metrics.

(2)The Interest Coverage Ratio represents Modified Cash NOI divided by Facility Interest Expense, as defined in the exit credit agreement. The Interest Coverage Ratio for the period ended June 30, 2023 represents actual trailing four-quarter Modified Cash NOI divided by actual trailing four-quarter Facility Interest Expense.

27

CBL & Associates HoldCo I, LLC - Consolidated Statement of Cash Flows
(unaudited, in thousands)
	Six Months Ended June 30,			Six Months Ended June 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(9,002	)	$	225
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		39,186			48,743
Net amortization of deferred financing costs and debt discounts		200			149
Net amortization of intangible lease assets and liabilities		3,031			3,391
Write-off of development projects		17			—
Gain on sales of real estate assets		—			(3	)
Gain on insurance proceeds		—			(803	)
Change in estimate of uncollectable revenues		(278	)		(1,739	)
Changes in:
Tenant and other receivables		2,042			3,061
Other assets		(925	)		(645	)
Accounts payable and accrued liabilities		(4,571	)		1,281
Net cash provided by operating activities		29,700			53,660
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate assets		(5,299	)		(6,954	)
Proceeds from sales of real estate assets		—			5
Proceeds from insurance		—			743
Changes in other assets		(293	)		(192	)
Net cash used in investing activities		(5,592	)		(6,398	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on mortgage and other indebtedness		(16,414	)		(26,761	)
Additions to deferred financing costs		—			(4	)
Distributions to member		(17,408	)		(5,897	)
Net cash used in financing activities		(33,822	)		(32,662	)
NET CHANGE IN CASH EQUIVALENTS AND RESTRICTED CASH		(9,714	)		14,600
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		39,105			18,226
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	29,391		$	32,826
Reconciliation from consolidated statement of cash flows to consolidated balance sheets:
Cash and cash equivalents	$	19,877		$	24,371
Restricted cash		9,514			8,455
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	29,391		$	32,826

28

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet

Property Type	Square Feet		Prior Gross Rent PSF		New Initial Gross Rent PSF		% Change Initial			New Average Gross Rent PSF (1)		% Change Average
Three Months Ended June 30, 2023:
All Property Types (2)		410,725	$	38.33	$	40.99		6.9	%	$	41.82		9.1	%
Malls, Lifestyle Centers & Outlet Centers		352,206		40.81		42.89		5.1	%		43.73		7.2	%
New leases		40,014		34.10		41.56		21.9	%		44.21		29.6	%
Renewal leases		312,192		41.67		43.07		3.4	%		43.67		4.8	%
Six Months Ended June 30, 2023:
All Property Types (2)		1,147,811	$	35.26	$	36.34		3.1	%	$	37.06		5.1	%
Malls, Lifestyle Centers & Outlet Centers		1,040,724		36.57		37.13		1.5	%		37.85		3.5	%
New leases		82,414		36.15		42.81		18.4	%		45.14		24.9	%
Renewal leases		958,310		36.61		36.65		0.1	%		37.22		1.7	%

Total Leasing Activity:			Average Annual Base Rents Per Square Foot (3) By Property Type For Small Shop Space Less Than 10,000 Square Feet:
	Square Feet
Three Months Ended June 30, 2023:
Operating portfolio:				As of June 30,		As of June 30,
New leases		289,181		2023		2022
Renewal leases		586,036	Same-center Malls, Lifestyle & Outlet Centers	$	30.03	$	29.43
Total leased		875,217	Total Malls		30.43		30.02
			Total Lifestyle Centers		29.30		27.88
Six Months Ended June 30, 2023:			Total Outlet Centers		27.76		26.51
Operating Portfolio:			Total Malls, Lifestyle & Outlet Centers		30.03		29.43
New leases		575,194	Open-Air Centers		15.29		15.10
Renewal leases		1,574,527	Other		19.94		19.31
Total leased		2,149,721

(1)Average gross rent does not incorporate allowable future increases for recoverable common area expenses.

(2)Includes malls, lifestyle centers, outlet centers, open-air centers and other.

(3)Average annual base rents per square foot are based on contractual rents in effect as of June 30, 2023, including the impact of any rent concessions. Average base rents for open-air centers and office buildings include all leased space, regardless of size.

29

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet

For the Six Months Ended June 30, 2023Based on Commencement Date

	Number of Leases		Square Feet		Term (in years)		Initial Rent PSF		Average Rent PSF		Expiring Rent PSF		Initial Rent Spread				Average Rent Spread
Commencement 2023:
New		53		159,063		6.34	$	37.38	$	39.42	$	31.92	$	5.46	17.1	%	$	7.50	23.5	%
Renewal		411		1,369,901		2.65		34.35		34.69		33.88		0.47	1.4	%		0.81	2.4	%
Commencement 2023 Total		464		1,528,964		3.07		34.67		35.18		33.68		0.99	2.9	%		1.50	4.5	%
Commencement 2024:
New		3		6,953		7.67		47.35		51.16		39.50		7.85	19.9	%		11.66	29.5	%
Renewal		64		161,556		2.61		47.39		47.70		46.73		0.66	1.4	%		0.97	2.1	%
Commencement 2024 Total		67		168,509		2.84		47.39		47.84		46.43		0.96	2.1	%		1.41	3.0	%
Total 2023/2024		531		1,697,473		3.04	$	35.93	$	36.44	$	34.94	$	0.99	2.8	%	$	1.50	4.3	%

30

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Top 25 Tenants Based On Percentage Of Total Annualized Revenues

	Tenant	Number of Stores		Square Feet		Percentage of Total Revenues (1)
1	Signet Jewelers Ltd. (2)		108		164,271		2.73	%
2	Victoria's Secret & Co.		50		404,466		2.70	%
3	Foot Locker, Inc.		73		357,594		2.58	%
4	Dick's Sporting Goods, Inc. (3)		25		1,462,150		2.26	%
5	American Eagle Outfitters, Inc.		63		382,073		2.12	%
6	Bath & Body Works, Inc.		58		236,088		1.92	%
7	Genesco Inc. (4)		81		158,961		1.60	%
8	Finish Line, Inc.		37		201,852		1.52	%
9	Luxottica Group S.P.A. (5)		79		178,795		1.23	%
10	The Buckle, Inc.		36		186,133		1.22	%
11	Cinemark Holdings, Inc.		9		467,190		1.19	%
12	The Gap, Inc.		44		537,209		1.17	%
13	Hot Topic, Inc.		99		245,477		0.99	%
14	Shoe Show, Inc.		29		377,980		0.96	%
15	Express Fashions		30		246,437		0.95	%
16	The TJX Companies, Inc. (6)		18		520,475		0.89	%
17	Spencer Spirit Holdings, Inc.		48		111,729		0.88	%
18	H & M Hennes & Mauritz AB		38		803,797		0.86	%
19	Claire's Stores, Inc.		68		85,364		0.85	%
20	Barnes & Noble, Inc.		16		457,337		0.83	%
21	Ulta Salon, Cosmetics & Fragrance, Inc.		23		237,961		0.75	%
22	Abercrombie & Fitch, Co.		28		189,942		0.71	%
23	The Children's Place, Inc.		34		147,763		0.70	%
24	Focus Brands LLC (7)		66		47,785		0.70	%
25	Scheels All Sports, Inc.		2		223,136		0.70	%
			1,162		8,431,965		33.01	%

(1)Includes the Company's proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.

(2)Signet Jewelers Ltd. operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Ultra Diamonds, Rogers Jewelers, Zales, Peoples and Piercing Pagoda.

(3)Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream.

(4)Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse.

(5)Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut.

(6)The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post. In Europe, they operate T.K. Maxx, HomeSense.

(7)Focus Brands operates certain Auntie Anne’s, Cinnabon, Moe’s Southwest Grill and Planet Smoothie locations.

31

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Capital Expenditures

(In thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Tenant allowances (1)	$	3,075	$	4,173	$	6,649	$	7,040
Maintenance capital expenditures: (2)
Parking lot and parking lot lighting		865		980		1,196		1,513
Roof replacements		888		2		1,425		126
Other capital expenditures		4,331		2,275		5,989		4,097
Total maintenance capital expenditures		6,084		3,257		8,610		5,736
Total capital expenditures	$	9,159	$	7,430	$	15,259	$	12,776

(1)Tenant allowances, sometimes made to third-generation tenants, are recovered through minimum rents from the tenants over the term of the lease.

(2)The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as maintenance capital expenditures.

32

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Redevelopments Completed at June 30, 2023

(Dollars in thousands)

					CBL's Share of
Property	Location	CBL Ownership Interest	Total Project Square Feet		Total Cost (1)		Cost to Date (2)		2023 Cost		Opening Date	Initial Unleveraged Yield
Redevelopments:
The Terrace - Nordstrom Rack (former Staples)	Chattanooga, TN	92%		24,155	$	2,513	$	1,694	$	72	Q2 '23	13.0%
York Town Center - Burlington (former Bed Bath & Beyond)	York, PA	50%		28,000		1,247		1,268		281	Q1 '23	18.5%
Total Properties Completed				52,155	$	3,760	$	2,962	$	353

(1)Total Cost is presented net of reimbursements to be received.

(2)Cost to Date does not reflect reimbursements until they are received.

Properties Under Development at June 30, 2023

(Dollars in thousands)

					CBL's Share of
Property	Location	CBL Ownership Interest	Total Project Square Feet		Total Cost (1)		Cost to Date (2)		2023 Cost		Expected Opening Date	Initial Unleveraged Yield
Mall Expansion:
Sunrise Mall - Bubba's 33	Brownsville, TX	100%		7,575	$	1,049	$	997	$	797	Summer '23	18.0%
Open-Air Center:
Fremaux Town Center - Marshall's	Slidell, LA	65%		22,132		2,356		632		570	Fall '23	10.5%
Outparcel Development:
Mayfaire Town Center - hotel development	Wilmington, NC	49%		83,021		15,435		2,255		1,082	Spring '24	11.0%
Redevelopments:
Hamilton Place - Crunch Fitness	Chattanooga, TN	100%		36,640		2,648		74		56	Winter '24	23.3%
Kirkwood Mall - Five Below	Bismarck, ND	100%		19,478		2,323		707		704	Fall '23	16.3%
				56,118		4,971		781		760
Total Properties Under Development				168,846	$	23,811	$	4,665	$	3,209

(1)Total Cost is presented net of reimbursements to be received.

(2)Cost to Date does not reflect reimbursements until they are received.

33

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

CBL Core Portfolio Exposure to Sears and Closed Bon-Ton Locations and Redevelopment Plans

Property	Location	Sears Redevelopment Plans	BonTon Redevelopment Plans
Arbor Place	Atlanta (Douglasville), GA	Sears sold to third party developer for redevelopment. Conn's opened on lower level (summer 2023). Under negotiation with entertainment use for remainder.
Brookfield Square	Brookfield, WI	Redeveloped in 2019 with Movie Tavern, Whirlyball, Outback Steakhouse, Uncle Julio's, convention center/hotel.	Sold to third party for future office use.
CherryVale Mall	Rockford, IL	Redeveloped with Tilt in 2020.	Gallery Furniture opened 2021
Coastal Grand	Myrtle Beach, SC	Owned by Sears. Under negotiation with sporting goods retailer for lower level.
CoolSprings Galleria	Nashville, TN	Redeveloped in 2015.
Cross Creek Mall	Fayetteville, NC	Sale of parcel to Rooms to Go. New store opened December 2021. Longhorn Steakhouse opened. Pad sale to Main Event completed in August 2022. Opening in 2023. Construction underway on new Bahama Breeze for opening in late 2023. Razoo's lease executed.
Dakota Square Mall	Minot, ND	Sold to Scheel's and new expanded store opened in fall 2022.	Ross Dress For Less opened. Five Below opened in fall 2022.
East Towne Mall	Madison, WI	Owned by Sears.	Owned by third party.
Eastland Mall	Bloomington, IL	Closed Pursuing potential joint venture redevelopment.	Closed pursuing potential joint venture redevelopment
Fayette Mall	Lexington, KY	Redeveloped in 2016.
Friendly Center and The Shops at Friendly	Greensboro, NC	Whole Foods sub-leases a third of the box from Sears. Sears closed in Q2 2023 and ground lease terminated for future redevelopment.
Frontier Mall	Cheyenne, WY	Owned by third party. Jax Outdoor Gear purchased location and opened November 2019.
Governor's Square	Clarksville, TN	50/50 joint venture property. Under negotiation/LOIs with tenants.
Hamilton Place	Chattanooga, TN	Redevelopment with Cheesecake Factory (December 2019), Dick's Sporting Goods and Dave & Busters (March 2020). Malone's (opening TBD). Aloft hotel opened June 2021.
Hanes Mall	Winston-Salem, NC	Owned by third party. Novant Health, Inc. purchased Sears and Sear TBA for future medical office.
Harford Mall	Bel Air, MD	Sold to third party developer. New grocer under construction.
Imperial Valley Mall	El Centro, CA	Seritage sold to third party for future redevelopment.
Jefferson Mall	Louisville, KY	Currently occupied by Overstock. PSA executed for sale to wholesale club.
Kentucky Oaks Mall	Paducah, KY	Owned by Seritage. Redeveloped with Burlington and Ross Dress for Less.	50/50 joint venture asset. HomeGoods and Five Below opened November 2019.
Kirkwood Mall	Bismarck, ND		New Chick-fil-A, Five Guys, Thrifty White Pharmacy, Blaze Pizza and Panchero's Restaurant opened in parking lot. Construction commencing on building for entertainment user, Tilt.
Laurel Park Place	Livonia, MI		Dunham's Sports opened November 2019.
Layton Hills Mall	Layton, UT
Mall del Norte	Laredo, TX	Owned by Sears.
Mayfaire Town Center	Wilmington, NC

34

Property	Location	Sears Redevelopment Plans	BonTon Redevelopment Plans
Meridian Mall	Lansing, MI		High Caliber Karts opened fall 2019. Actively leasing women's store and pursuing non-retail use.
Mid Rivers Mall	St. Peters, MO	Owned by Sears.
Monroeville Mall	Pittsburgh, PA
Northgate Mall	Chattanooga, TN	Building purchased by third party for non-retail development. CBL 50% partner.
Northpark Mall	Joplin, MO	Building owned by Sears.
Northwoods Mall	North Charleston, SC	Owned by third party. Partially redeveloped with Burlington.
Oak Park Mall	Overland Park, KS
Old Hickory Mall	Jackson, TN	Actively leasing.
Parkdale Mall	Beaumont, TX	Owned by Sears
Parkway Place	Huntsville, AL
Pearland Town Center	Pearland, TX
Post Oak Mall	College Station, TX	Location purchased from Sears by third party. Conn's opened. Executed lease with Murdoch's Farm & Ranch.
Richland Mall	Waco, TX	Dillard's opened Q2 2020.
South County Center	St. Louis, MO	Sears still paying rent under ground lease.
Southaven Towne Center	Southaven, MS
Southpark Mall	Colonial Heights, VA	Under negotiation with non-retail uses.
St. Clair Square	Fairview Heights, IL	Building owned by Sears on ground lease.
Stroud Mall	Stroudsburg, PA	EFO Furniture Outlet Opened February 2020.	Shoprite opened October 2019.
Sunrise Mall	Brownsville, TX	Sears sold to third party developer. TruFit and Main Event opened.
The Outlet Shoppes at Atlanta	Woodstock, GA
The Outlet Shoppes at El Paso	El Paso, TX
The Outlet Shoppes at Gettysburg	Gettysburg, PA
The Outlet Shoppes at Laredo	Laredo, TX
The Outlet Shoppes of the Bluegrass	Simpsonville, KY
Turtle Creek Mall	Hattiesburg, MS	Owned by Sears.
Valley View Mall	Roanoke, VA	Owned by Sears. Under negotiation with sporting goods tenant.
Volusia Mall	Daytona Beach, FL	Sears sold to third party developer for future redevelopment.
West County Center	St. Louis, MO
West Towne Mall	Madison, WI	Owned by third party. Redeveloped with Dave & Busters and Total Wine. Hobby Lobby opened June 2021. Portillo's restaurant opened fall 2022.	Von Maur opened October 2022.
Westmoreland Mall	Greensburg, PA	Building owned by Sears on ground lease. Potential for non-retail.	Stadium Casino opened November 2020.
York Galleria	York, PA	Hollywood Casino opened August 2021.	Extra Space Storage purchased store and opened.

35

XML

Document And Entity Information	Aug. 09, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 09, 2023
Entity Registrant Name	CBL & ASSOCIATES PROPERTIES, INC.
Entity Central Index Key	0000910612
Entity Emerging Growth Company	false
Securities Act 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., Suite 500
Entity Address, City or Town	Chattanooga
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37421-6000
City Area Code	423
Local Phone Number	855-0001
Entity Information, Former Legal or Registered Name	N/A
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value, with associated Stock Purchase Rights
Trading Symbol	CBL
Security Exchange Name	NYSE