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Table of Contents

UNITED STATES OF AMERICA

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022

or

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

FOR THE TRANSITION PERIOD FROM ____________ TO _______________

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

 

CBL & ASSOCIATES PROPERTIES, INC. 

(Exact Name of registrant as specified in its charter)

 

 

Delaware (CBL & ASSOCIATES PROPERTIES, INC.)

 

62-1545718

 

 

 

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

 

2030 Hamilton Place Blvd., Suite 500, ChattanoogaTN  37421-6000

(Address of principal executive office, including zip code)

423-855-0001

(Registrant’s telephone number, including area code)

N/A

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

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

 

Title of each Class

 

Trading

Symbol(s)

 

Name of each exchange on

which registered

Common Stock, $0.001 par value

 

CBL

 

New York Stock Exchange

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

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

 

 

 

Yes

No

 

 

 

 

 

 

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

 

 

 

Yes

No

 

 

 

 

 

 

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

 

Large accelerated filer

 

Accelerated filer 

Non-accelerated filer

 

Smaller reporting company 

Emerging growth company

 

 

 

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

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

 

 

 

  Yes     

No 

 

 

 

 

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

 

 

  Yes     

No 

As of August 10, 2022, 31,814,178 shares of common stock were outstanding.


Table of Contents

 

 

CBL & Associates Properties, Inc.

Table of Contents

 

 

 

 

 

 

PART I

FINANCIAL INFORMATION

1

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

1

 

 

 

 

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

1

 

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021

2

 

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

4

 

Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2022 and 2021

5

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021

6

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

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

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

44

Item 4.

Controls and Procedures

45

 

 

 

PART II

OTHER INFORMATION

46

 

 

 

Item 1.

Legal Proceedings

46

Item1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3.

Defaults Upon Senior Securities

46

Item 4.

Mine Safety Disclosures

46

Item 5.

Other Information

46

Item 6.

Exhibits

47

 

 

 

 

SIGNATURES

48

 

 

 


Table of Contents

 

PART I – FINANCIAL INFORMATION

ITEM 1: Condensed Consolidated Financial Statements (Unaudited)

 

CBL & Associates Properties, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

 

ASSETS (1)

 

June 30,

2022

 

 

December 31,

2021

 

Real estate assets:

 

 

 

 

 

 

 

 

Land

 

$

592,553

 

 

$

599,283

 

Buildings and improvements

 

 

1,171,468

 

 

 

1,173,106

 

 

 

 

1,764,021

 

 

 

1,772,389

 

Accumulated depreciation

 

 

(77,968

)

 

 

(19,939

)

 

 

 

1,686,053

 

 

 

1,752,450

 

Developments in progress

 

 

13,201

 

 

 

16,665

 

Net investment in real estate assets

 

 

1,699,254

 

 

 

1,769,115

 

Cash and cash equivalents

 

 

177,065

 

 

 

169,554

 

Available-for-sale securities - at fair value (amortized cost of $150,057 and $149,999 as of June 30, 2022 and December 31, 2021, respectively)

 

 

150,063

 

 

 

149,996

 

Receivables:

 

 

 

 

 

 

 

 

Tenant

 

 

27,256

 

 

 

25,190

 

Other

 

 

4,084

 

 

 

4,793

 

Investments in unconsolidated affiliates

 

 

85,685

 

 

 

103,655

 

In-place leases, net

 

 

307,887

 

 

 

384,705

 

Above market leases, net

 

 

201,499

 

 

 

234,286

 

Intangible lease assets and other assets

 

 

121,749

 

 

 

104,685

 

 

 

$

2,774,542

 

 

$

2,945,979

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

2,035,389

 

 

$

1,813,209

 

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

 

 

 

 

 

395,395

 

Below market leases, net

 

 

131,135

 

 

 

151,871

 

Accounts payable and accrued liabilities

 

 

146,393

 

 

 

184,404

 

Total liabilities (1)

 

 

2,312,917

 

 

 

2,544,879

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock, $.001 par value, 200,000,000 shares authorized, 31,814,178 and 20,774,716 issued and outstanding in 2022 and 2021, respectively

 

32

 

 

 

21

 

Additional paid-in capital

 

 

705,884

 

 

 

547,726

 

Accumulated other comprehensive income (loss)

 

 

6

 

 

 

(3

)

Accumulated deficit

 

 

(241,609

)

 

 

(151,545

)

Total shareholders' equity

 

 

464,313

 

 

 

396,199

 

Noncontrolling interests

 

 

(2,688

)

 

 

4,901

 

Total equity

 

 

461,625

 

 

 

401,100

 

 

 

$

2,774,542

 

 

$

2,945,979

 

(1)

As of June 30, 2022, includes $200,782 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $184,458 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.

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

1


Table of Contents

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Three Months Ended June 30,

 

 

 

Three Months Ended June 30,

 

 

 

2022

 

 

 

2021

 

REVENUES:

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

131,832

 

 

 

$

131,316

 

Management, development and leasing fees

 

 

1,786

 

 

 

 

1,449

 

Other

 

 

3,400

 

 

 

 

3,796

 

Total revenues

 

 

137,018

 

 

 

 

136,561

 

EXPENSES:

 

 

 

 

 

 

 

 

 

Property operating

 

 

(21,312

)

 

 

 

(19,623

)

Depreciation and amortization

 

 

(64,476

)

 

 

 

(47,499

)

Real estate taxes

 

 

(14,254

)

 

 

 

(15,110

)

Maintenance and repairs

 

 

(10,230

)

 

 

 

(8,784

)

General and administrative

 

 

(18,450

)

 

 

 

(11,269

)

Loss on impairment

 

 

(252

)

 

 

 

 

Litigation settlement

 

 

65

 

 

 

 

(57

)

Other

 

 

(834

)

 

 

 

(287

)

Total expenses

 

 

(129,743

)

 

 

 

(102,629

)

OTHER INCOME (EXPENSES):

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

910

 

 

 

 

752

 

Interest expense

 

 

(55,117

)

 

 

 

(22,299

)

Gain on sales of real estate assets

 

 

3

 

 

 

 

107

 

Reorganization items, net

 

 

613

 

 

 

 

(17,073

)

Income tax benefit (provision)

 

 

472

 

 

 

 

(705

)

Equity in earnings (losses) of unconsolidated affiliates

 

 

2,039

 

 

 

 

(4,275

)

Total other income (expenses)

 

 

(51,080

)

 

 

 

(43,493

)

Net loss

 

 

(43,805

)

 

 

 

(9,561

)

Net loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

 

 

Operating Partnership

 

 

44

 

 

 

 

230

 

Other consolidated subsidiaries

 

 

2,373

 

 

 

 

449

 

Net loss attributable to the Company

 

 

(41,388

)

 

 

 

(8,882

)

Dividends allocable to unvested restricted stock

 

 

(210

)

 

 

 

 

Net loss attributable to common shareholders

 

$

(41,598

)

 

 

$

(8,882

)

Basic and diluted per share data attributable to common shareholders:

 

 

 

 

 

 

 

 

 

Net loss attributable to common shareholders

 

$

(1.34

)

 

 

$

(0.05

)

Weighted-average common and potential dilutive common shares outstanding

 

 

30,973

 

 

 

 

196,458

 

 

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

2


Table of Contents

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Six Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

 

2021

 

REVENUES:

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

267,164

 

 

 

$

259,491

 

Management, development and leasing fees

 

 

3,555

 

 

 

 

3,108

 

Other

 

 

6,401

 

 

 

 

7,146

 

Total revenues

 

 

277,120

 

 

 

 

269,745

 

EXPENSES:

 

 

 

 

 

 

 

 

 

Property operating

 

 

(44,656

)

 

 

 

(41,425

)

Depreciation and amortization

 

 

(133,419

)

 

 

 

(95,611

)

Real estate taxes

 

 

(28,689

)

 

 

 

(31,661

)

Maintenance and repairs

 

 

(20,796

)

 

 

 

(19,565

)

General and administrative

 

 

(36,524

)

 

 

 

(23,881

)

Loss on impairment

 

 

(252

)

 

 

 

(57,182

)

Litigation settlement

 

 

146

 

 

 

 

801

 

Other

 

 

(834

)

 

 

 

(287

)

Total expenses

 

 

(265,024

)

 

 

 

(268,811

)

OTHER INCOME (EXPENSES):

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

1,064

 

 

 

 

1,528

 

Interest expense

 

 

(145,776

)

 

 

 

(46,429

)

Gain on deconsolidation

 

 

36,250

 

 

 

 

55,131

 

Gain (loss) on sales of real estate assets

 

 

19

 

 

 

 

(192

)

Reorganization items, net

 

 

(958

)

 

 

 

(40,006

)

Income tax provision

 

 

(329

)

 

 

 

(1,456

)

Equity in earnings (losses) of unconsolidated affiliates

 

 

10,606

 

 

 

 

(7,351

)

Total other income (expenses)

 

 

(99,124

)

 

 

 

(38,775

)

Net loss

 

 

(87,028

)

 

 

 

(37,841

)

Net loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

 

 

Operating Partnership

 

 

59

 

 

 

 

928

 

Other consolidated subsidiaries

 

 

4,859

 

 

 

 

1,268

 

Net loss attributable to the Company

 

 

(82,110

)

 

 

 

(35,645

)

Dividends allocable to unvested restricted stock

 

 

(210

)

 

 

 

 

Net loss attributable to common shareholders

 

$

(82,320

)

 

 

$

(35,645

)

Basic and diluted per share data attributable to common shareholders:

 

 

 

 

 

 

 

 

 

Net loss attributable to common shareholders

 

$

(2.83

)

 

 

$

(0.18

)

Weighted-average common and potential dilutive common shares outstanding

 

 

29,091

 

 

 

 

196,484

 

 

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

3


Table of Contents

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(In thousands, except share data)

(Unaudited)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Three Months Ended June 30,

 

 

 

Three Months Ended June 30,

 

 

 

2022

 

 

 

2021

 

Net loss

 

$

(43,805

)

 

 

$

(9,561

)

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

Unrealized loss on available-for-sale securities

 

 

(33

)

 

 

 

(27

)

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

 

(43,838

)

 

 

 

(9,588

)

Comprehensive loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

 

 

    Operating Partnership

 

 

44

 

 

 

 

230

 

    Other consolidated subsidiaries

 

 

2,373

 

 

 

 

449

 

Comprehensive loss attributable to the Company

 

 

(41,421

)

 

 

 

(8,909

)

Dividends allocable to unvested restricted stock

 

 

(210

)

 

 

 

 

Comprehensive loss attributable to common shareholders

 

$

(41,631

)

 

 

$

(8,909

)

 

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Six Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

 

2021

 

Net loss

 

$

(87,028

)

 

 

$

(37,841

)

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

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

 

 

9

 

 

 

 

(24

)

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

 

(87,019

)

 

 

 

(37,865

)

Comprehensive loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

 

 

    Operating Partnership

 

 

59

 

 

 

 

928

 

    Other consolidated subsidiaries

 

 

4,859

 

 

 

 

1,268

 

Comprehensive loss attributable to the Company

 

 

(82,101

)

 

 

 

(35,669

)

Dividends allocable to unvested restricted stock

 

 

(210

)

 

 

 

 

Comprehensive loss attributable to common shareholders

 

$

(82,311

)

 

 

$

(35,669

)

 

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

4


Table of Contents

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Equity

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

Redeemable

Noncontrolling

Interests

 

 

Preferred

Stock

 

 

Common

Stock

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Dividends

in

Excess of

Cumulative

Earnings

 

 

Total

Shareholders'

Equity

 

 

Noncontrolling

Interests

 

 

Total

Equity

 

Balance, December 31, 2020 (Predecessor)

 

$

(265

)

 

$

25

 

 

$

1,966

 

 

$

1,986,269

 

 

$

18

 

 

$

(1,456,435

)

 

$

531,843

 

 

$

2,454

 

 

$

534,297

 

Net loss

 

 

(213

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,763

)

 

 

(26,763

)

 

 

(1,304

)

 

 

(28,067

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

Cancellation of 111,139 shares of restricted common stock

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Amortization of deferred compensation

 

 

 

 

 

 

 

 

 

 

 

304

 

 

 

 

 

 

 

 

 

304

 

 

 

 

 

 

304

 

Performance stock units

 

 

 

 

 

 

 

 

 

 

 

93

 

 

 

 

 

 

 

 

 

93

 

 

 

 

 

 

93

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11

)

 

 

(11

)

Balance, March 31, 2021 (Predecessor)

 

 

(478

)

 

 

25

 

 

 

1,965

 

 

 

1,986,666

 

 

 

21

 

 

 

(1,483,198

)

 

 

505,479

 

 

 

1,139

 

 

 

506,618

 

Net loss

 

 

(70

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,882

)

 

 

(8,882

)

 

 

(609

)

 

 

(9,491

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27

)

 

 

 

 

 

(27

)

 

 

 

 

 

(27

)

Cancellation of 14,326 shares of restricted stock

 

 

 

 

 

 

 

 

(1

)

 

 

(17

)

 

 

 

 

 

 

 

 

(18

)

 

 

 

 

 

(18

)

Amortization of deferred compensation

 

 

 

 

 

 

 

 

 

 

 

256

 

 

 

 

 

 

 

 

 

256

 

 

 

 

 

 

256

 

Performance stock units

 

 

 

 

 

 

 

 

 

 

 

94

 

 

 

 

 

 

 

 

 

94

 

 

 

 

 

 

94