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Share-Based Compensation - Summary (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Feb. 07, 2024
Mar. 31, 2024
Mar. 31, 2023
Weighted-Average Grant Date Fair Value      
Weighted average grant-date fair value, granted   $ 4,117  
Restricted Stock Awards      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Share-based compensation cost   $ 1,988 $ 1,843
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested, beginning of period (shares)   590,953  
Granted (shares)   145,352  
Vested (shares)   (88,094)  
Nonvested, end of period (shares)   648,211  
Weighted-Average Grant Date Fair Value      
Weighted average grant-date fair value, nonvested, beginning of period (USD per share)   $ 27.02  
Weighted average grant-date fair value, granted (USD per share)   23.38  
Weighted average grant-date fair value, vested (USD per share)   26.24  
Weighted average grant-date fair value, nonvested, ending of period (USD per share)   $ 26.31  
Unrecognized compensation cost related to nonvested stock awards   $ 14,962  
Compensation cost to be recognized over a weighted-average period   2 years  
Weighted average grant-date fair value, granted   $ 3,398  
Total fair value of shares vested   $ 2,096  
Granted (shares)   145,352  
weighted-average grant date fair value   $ 26.31  
Share-based compensation cost capitalized as part of real estate assets   $ 24  
Performance Stock Unit Awards      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Share-based compensation cost   $ 1,667 $ 1,409
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested, beginning of period (shares)   563,581  
Granted (shares)   169,420  
Nonvested, end of period (shares)   746,332  
Weighted-Average Grant Date Fair Value      
Weighted average grant-date fair value, nonvested, beginning of period (USD per share)   $ 28.65  
Weighted average grant-date fair value, granted (USD per share)   24.3  
Weighted average grant-date fair value, nonvested, ending of period (USD per share) $ 24.3 [1] $ 27.55  
Unrecognized compensation cost related to nonvested stock awards   $ 15,257  
Compensation cost to be recognized over a weighted-average period   2 years 6 months  
Performance period 3 years    
Granted (shares)   169,420  
Incremental granted (shares) [2]   13,331  
Weighted average incremental grant-date fair value, granted (USD per share) [2]   22  
weighted-average grant date fair value $ 24.3 [1] $ 27.55  
Risk-free interest rate (as a percent) [3] 4.19%    
Expected share price volatility (as a percent) [4] 40.00%    
Performance Stock Unit Awards | Chief Executive Officer      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Granted (shares) 50,825    
Weighted-Average Grant Date Fair Value      
Weighted average grant-date fair value, nonvested, ending of period (USD per share) $ 29.38    
Granted (shares) 50,825    
weighted-average grant date fair value $ 29.38    
Performance Stock Unit Awards | Officer      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Granted (shares) 118,595    
Weighted-Average Grant Date Fair Value      
Weighted average grant-date fair value, nonvested, ending of period (USD per share) $ 22.12    
Granted (shares) 118,595    
weighted-average grant date fair value $ 22.12    
[1] The value of the 2024 PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2024 PSUs consists of 50,825 PSUs at a fair value of $29.38 per share (which relates to the relative TSR) and 118,595 PSUs at a fair value of $22.12 per share (which relates to absolute TSR).
[2] PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue.
[3] The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.
[4] The computation of expected volatility for the 2024 PSUs was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period. Since the performance period exceeds CBL's trading history, volatility indications of comparable public companies were also considered.