Unconsolidated Affiliates and Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Combined Financial Statement Information - Unconsolidated Affiliates

Condensed combined financial statement information of the unconsolidated affiliates is as follows:


	September 30, 2026			December 31, 2025
ASSETS:
Investment in real estate assets	$	1,147,113		$	1,255,163
Accumulated depreciation		(546,587	)		(574,364	)
		600,526			680,799
Developments in progress		1,213			1,315
Net investment in real estate assets		601,739			682,114
Other assets		116,693			135,138
Total assets	$	718,432		$	817,252
LIABILITIES:
Mortgage and other indebtedness, net	$	697,999		$	715,013
Other liabilities		35,953			23,468
Total liabilities		733,952			738,481
OWNERS' EQUITY:
The Company		57,912			78,016
Other investors		(73,432	)		755
Total owners' equity		(15,520	)		78,771
Total liabilities and owners’ equity	$	718,432		$	817,252


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Total revenues	$	46,920	$	45,121	$	139,621	$	133,959
Net income (1)	$	34,488	$	10,238	$	74,509	$	62,784

(1)

The Company's pro rata share of net income was $17,246 and $1,696 for the three months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026 and 2025, the Company's pro rata share of net income was $49,834 and $15,046, respectively.

Schedule of Variable Interest Entities

The table below lists the Company's unconsolidated VIEs as of September 30, 2026:


Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Ambassador Infrastructure, LLC (1)	$	—	$	1,012
Atlanta Outlet JV, LLC		—		—
El Paso Outlet Center Holding, LLC		—		—
Gettysburg Outlet Center Holding, LLC (2)		—		—
Jefferson Mall CMBS, LLC (2)		—		—
Louisville Outlet Shoppes, LLC		—		—
Mall of South Carolina L.P.		—		—
Southpark Mall CMBS, LLC (3)		—		—
Vision - CBL Hamilton Place, LLC		3,485		3,485
Vision - CBL Mayfaire TC Hotel, LLC		5,719		5,719
	$	9,204	$	10,216

(1)

The Operating Partnership has guaranteed all of the debt.

(2)

During the nine months ended September 30, 2026, the property was placed into receivership.

(3)

During the year ended December 31, 2025, the property was placed into receivership.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details