CBL recorded a loss on impairment in 2015 totaling $100 million related to Chesterfield Mall, the company disclosed last week. CBL wrote down four properties to their estimated fair values last year, and of the four, all but Chesterfield Mall were sold in 2015.

“A key component of CBL’s portfolio transformation strategy is the sale of ... lower productivity, slower growing malls,” Stifel Nicolaus analyst Nathan Isbee wrote in a recent research note, adding buyers may be hard to come by. “The market for lower productive malls is challenging, as the buyer pool is shallow and financing is extremely limited.”

CBL plans to enter lender discussions on a $140 million mortgage on Chesterfield Mall, CBL’s largest mortgage maturing in 2016, Isbee added.

CBL defines non-core malls as “malls where we have determined that the current format of the property no longer represents the best use of the property and we are in the process of evaluating alternative strategies for the property,” Keating said in an email to the Post-Dispatch.

Those alternative strategies “may include major redevelopment or an alternative retail or nonretail format, or after evaluating alternative strategies for the property, we have determined that the property no longer meets our criteria for long-term investment,” she continued.