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CBL Properties (NYSE: CBL) boosts 2026 FFO outlook and dividend after Q1 surge

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8-K

Rhea-AI Filing Summary

CBL Properties reported a strong first quarter of 2026, with diluted EPS rising to $1.48 from $0.27 and FFO per diluted share climbing to $2.78 from $1.13. FFO, as adjusted, per share increased 15% to $1.73, supported by higher rental revenues and lower expenses.

Same-center NOI grew 2.1% to $96.6 million, tenant sales per square foot rose 4.6% to $453, and portfolio occupancy improved to 90.5%. CBL refinanced $634 million of term debt, boosting expected annual free cash flow by more than $30 million, raised its quarterly dividend 39% to $0.625 per share, and acquired Gateway Mall for $43.5 million while maintaining a solid liquidity position with $305.5 million of unrestricted cash and marketable securities.

Positive

  • Earnings and cash flow up sharply: Diluted EPS rose to $1.48 from $0.27 and FFO, as adjusted, per share increased 15% to $1.73, driven by higher rental revenue and improved operating performance.
  • Operational momentum: Same-center NOI grew 2.1% to $96.6 million, tenant sales per square foot increased 4.6% to $453, and portfolio occupancy improved to 90.5%, with leasing spreads on small-shop space up 5.7%.
  • Balance sheet strengthening: Refinancing of the $634.0 million term loan and related financings are expected to generate more than $30 million of incremental annual free cash flow and lifted Adjusted EBITDAre/interest coverage to 2.3x.
  • Shareholder returns and guidance: The quarterly dividend was raised 39% to $0.625 per share, and 2026 FFO, as adjusted, guidance increased to $7.06–$7.19 per share, reflecting confidence in durable cash flows.

Negative

  • Asset-level stress and foreclosures: Jefferson Mall was deconsolidated after being placed into receivership, and CBL is working with lenders on Arbor Place, Parkdale Mall and Crossing, and The Outlet Shoppes at Gettysburg, intending to cooperate with foreclosure or conveyance in satisfaction of the related non-recourse debt.

Insights

Results show solid growth, stronger balance sheet and higher payouts.

CBL delivered much stronger profitability, with diluted EPS at $1.48 versus $0.27 and FFO, as adjusted, per share up 15% to $1.73. Same-center NOI increased 2.1%, supported by higher specialty leasing and percentage rent, while operating expenses edged down.

Management used favorable conditions to refinance a $634.0M term loan into a $425.0M secured mall loan and a $176.1M lifestyle-center loan, plus additional refinancings. They estimate more than $30M in incremental annual free cash flow, improving the interest coverage ratio to 2.3x Adjusted EBITDAre/interest.

The dividend increase to $0.625 per share quarterly (annualized $2.50) and updated 2026 FFO, as adjusted, guidance of $7.06–$7.19 per share signal confidence in cash flows. However, select assets remain in or near foreclosure, and 2026 same-center NOI guidance of (0.5)% to 1.25% reflects a more modest full-year growth outlook despite the strong start.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Diluted EPS Q1 2026 $1.48 per share Up from $0.27 per share in Q1 2025
FFO per diluted share Q1 2026 $2.78 per share Versus $1.13 per share in Q1 2025
FFO, as adjusted, per share Q1 2026 $1.73 per share 15% increase from $1.50 per share in Q1 2025
Same-center NOI Q1 2026 $96.6M 2.1% growth from $94.6M in Q1 2025
Portfolio occupancy 90.5% As of March 31, 2026; up from 90.0% at year-end 2025
Quarterly dividend $0.625 per share Second quarter 2026 dividend; 39% increase over prior rate
Refinanced term loan $634.0M Refinancing expected to add over $30M in annual free cash flow
2026 FFO, as adjusted, guidance $7.06–$7.19 per share Based on $219.0–$223.0M FFO, as adjusted, and 31.0M share count
Funds From Operations (FFO) financial
"Funds from Operations ("FFO") | | $ | 2.78 | | | $ | 1.13 |"
Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.
Same-center Net Operating Income financial
"Same-center Net Operating Income ("NOI") (1)"
Adjusted EBITDAre financial
"Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash Flows"
Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.
non-recourse loan financial
"a $425.0 million non-recourse financing secured by a pool of primarily mall properties"
A non-recourse loan is debt where the lender’s only option for repayment is to seize the specific collateral pledged for the loan and cannot pursue the borrower’s other assets or income if the collateral’s sale doesn’t cover the debt. For investors, this matters because it limits the lender’s recovery in a default, which can increase the risk to equity holders and affect valuations—think of it like a loan secured only by a single item, similar to a mortgage that lets the lender take the house but not the borrower’s other belongings.
deconsolidation financial
"the Company deconsolidated Jefferson Mall due to a loss of control"
Deconsolidation occurs when a company stops combining another business’s financial results and balances with its own—usually because it no longer controls that business. For investors this matters because it can suddenly shrink reported revenue, assets, debt and profit, or create a one‑time gain or loss, changing how risky or profitable the remaining company appears; think of it like removing a roommate from a shared household budget and seeing your monthly totals change.
cap rate financial
"sale of an open-air center at approximately an 8% capitalization rate"
The cap rate is a way to estimate how much money a real estate investment might generate relative to its purchase price. Think of it as a measure of the property's annual income divided by its value, helping investors compare different properties quickly. A higher cap rate generally indicates a potentially higher return but may also come with more risk.
Total revenues $145.97M +$4.20M vs. Q1 2025
Net income attributable to common shareholders $45.40M up from $8.21M in Q1 2025
FFO per diluted share $2.78 up from $1.13 in Q1 2025
FFO, as adjusted, per diluted share $1.73 +15% year over year
Same-center NOI $96.56M +2.1% year over year
Guidance

For 2026, CBL targets FFO, as adjusted, of $219.0–$223.0M ($7.06–$7.19 per share) and same-center NOI of $401.0–$406.0M, implying a change in same-center NOI between (0.5)% and 1.25%.

Understanding 8-K Material Events →
false000091061200009106122026-05-082026-05-08

 

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): May 08, 2026

 

 

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

 

 

(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))

 


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

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 May 8, 2026, CBL & Associates Properties, Inc. (the "Company") reported its results for the first quarter ended March 31, 2026. The Company's earnings release and supplemental financial and operating information for the first quarter ended March 31, 2026 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 May 8, 2026, and Supplemental Financial and Operating Information - For the Three Months Ended March 31, 2026.

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 hereunto duly authorized.

 

 

 

CBL & ASSOCIATES PROPERTIES, INC.

 

 

 

 

Date:

May 8, 2026

By:

/s/ Benjamin W. Jaenicke

 

 

 

Benjamin W. Jaenicke
Executive Vice President -
Chief Financial Officer and Treasurer

 

 

Exhibit 99.1

 

img7069528_0.jpg

 

 

 

Earnings Release and

Supplemental Financial and Operating Information

 

For the Three Months Ended

March 31, 2026

 

 

img7069528_1.jpg

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

 

11

 

 

 

Consolidated Balance Sheets

 

12

 

 

 

Condensed Combined Financial Statements - Unconsolidated Affiliates

 

13

 

 

 

Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash Flows

 

14

 

 

 

Components of Rental Revenues

 

15

 

 

 

Schedule of Mortgage and Other Indebtedness

 

16

 

 

 

Schedule of Maturities

 

18

 

 

 

Property List

 

20

 

 

 

Operating Metrics by Collateral Pool

 

23

 

 

 

Leasing Activity and Average Annual Base Rents

 

25

 

 

 

Top 25 Tenants Based on Percentage of Total Annualized Revenues

 

27

 

 

 

Capital Expenditures

 

27


 

 

 

img7069528_2.jpg

 

News Release

 

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

 

CBL PROPERTIES REPORTS RESULTS FOR FIRST QUARTER 2026

Strong Q1 '26 Results and Transaction Activity Contribute to Increase in Full-Year Guidance

CHATTANOOGA, Tenn. (May 8, 2026) – CBL Properties (NYSE: CBL) announced results for the first quarter ended March 31, 2026. 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 March 31,

 

 

 

2026

 

 

2025

 

Net income attributable to common shareholders

 

$

1.48

 

 

$

0.27

 

Funds from Operations ("FFO")

 

$

2.78

 

 

$

1.13

 

FFO, as adjusted (1)

 

$

1.73

 

 

$

1.50

 
(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 income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release.

KEY TAKEAWAYS:

•
Same-center NOI for Q1 2026 increased 2.1% compared with the prior-year period. FFO, as adjusted, per share for Q1 2026 increased 15% to $1.73, compared with $1.50 per share for the prior-year period. Strong results for the quarter contributed to the increase in full-year 2026 guidance (see Outlook and Guidance).
•
CBL signed more than 583,000 square feet of leases during first quarter 2026, including approximately 372,000 square feet of comparable new and renewal leases signed at a 5.7% increase in average rents versus the prior rents.
•
Same-center tenant sales per square foot for the first quarter 2026 increased approximately 5.8% as compared with the prior-year period. Same-center tenant sales per square foot for the rolling 12-months ended March 31, 2026, of $453, increased 4.6% as compared with the prior-year period.
•
Portfolio occupancy was 90.5% as of March 31, 2026, an increase of 50 bps from portfolio occupancy of 90.0% at year-end 2025 and 10 bps from portfolio occupancy of 90.4% as of March 31, 2025. Bankruptcy related store closures, including the closures of Francesca's and Eddie Bauer locations, representing approximately 122,000 square feet, negatively impacted mall occupancy by nearly 87 basis points compared with the prior-year period.
•
As of March 31, 2026, the Company had $305.5 million of unrestricted cash and marketable securities (includes CBL's share of joint venture cash of $22.5 million).
•
On May 7, 2026, CBL's Board of Directors approved a dividend of $0.625 per common share for the second quarter of 2026, representing a 39% increase over the prior regular quarterly dividend rate.
•
During the quarter, CBL successfully refinanced its existing $634.0 million term loan through two complementary transactions including a $425.0 million non-recourse financing secured by a pool of primarily mall properties and a $176.1 million floating-rate bank loan primarily secured by a pool of strong open-air lifestyle centers.
•
In March 2026, CBL acquired Gateway Mall in Lincoln, NE, for $43.5 million from Washington Prime Group (WPG). The acquisition of Gateway Mall was financed through a $21.0 million non‑recourse, five‑year loan provided by Symetra Life Insurance Company. The loan carries a fixed interest rate of 6.46%.

1

 

“2026 is off to an exceptional start for CBL,” said Stephen D. Lebovitz, Chief Executive Officer of CBL Properties. “We completed a series of transformational financing transactions that significantly strengthened our balance sheet and enhanced free cash flow. In March 2026, we successfully refinanced our $634 million secured term loan through over $600 million of new financing, including a $425 million non‑recourse loan secured by a pool of primarily mall properties and a $176 million floating‑rate bank loan secured primarily by open‑air lifestyle centers. These transactions materially extend our maturity schedule, reduce amortization, and will generate an estimated $30 million of incremental annual free cash flow, while maintaining our non‑recourse capital structure. We also completed the refinance of a loan secured by Fayette Mall in Lexington, KY, as well as a loan secured by Northwoods Mall in N. Charleston, SC. Together the new financings will generate an estimated $8.0 million of incremental annual cash flow to the Company.

“In conjunction with the refinancing of the term loan, our Board approved a 39% increase in our regular quarterly dividend, resulting in a total first‑quarter 2026 dividend of $0.625 per share and an annualized dividend rate of $2.50 per share. This increase reflects our confidence in the durability of our cash flows following the term loan refinancing and our commitment to disciplined capital allocation and returning capital to shareholders.

“We maintained our strong operating momentum into 2026 by delivering solid first‑quarter results, highlighted by growth in same‑center NOI, improving tenant sales, and positive leasing spreads. These results reflect the underlying health of our properties. Leasing results remained strong during the quarter, with new commitments from Ford’s Garage restaurant at Hamilton Place Mall, Tilt entertainment at Frontier Mall in a former JoAnn Fabrics location, and Five Below at Cross Creek Mall replacing Forever 21. These new deals underscore our ability to attract productive, traffic‑driving tenants across a range of formats and to backfill large spaces at attractive economics.

"We were excited to add Gateway Mall in Lincoln, NE, to our portfolio during the quarter, furthering our market position as the leading owner of high-quality, only-game-in-town enclosed malls. The transaction was executed at favorable economics to CBL generating significant accretion and free cash flow from day one. It is representative of our disciplined approach to capital management as well as the ongoing ability to create value for our company.

"We are increasing our full-year guidance to reflect first quarter's strong results, the acquisition and financing activity completed to-date and our outlook for the remainder of the year. We are focused on building on the strong momentum generated in the first quarter by further strengthening our balance sheet, driving new leasing activity, and pursuing additional opportunities that enhance the quality and growth profile of our portfolio."

 

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Total Revenues

 

$

147,115

 

 

$

145,273

 

Total Expenses

 

$

(50,559

)

 

$

(50,716

)

Total portfolio same-center NOI

 

$

96,556

 

 

$

94,557

 

Total same-center NOI percentage change

 

 

2.1

%

 

 

 

 

 

 

 

 

 

 

Estimate for uncollectable revenues (recovery)

 

$

1,715

 

 

$

949

 

 

(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 first quarter 2026 increased $2.0 million. Rental revenue growth of $1.6 million was driven by improvement in specialty leasing revenues and a $0.6 million increase in percentage rent. Total operating expense during the first quarter declined $0.2 million. The net decline was a result of $1.8 million higher property operating expenses offset by a $1.5 million favorable impact from real estate taxes and $0.5 million lower maintenance and repair expense. The estimate for uncollectable revenues negatively impacted the quarter by approximately $0.8 million.

 

2

 

PORTFOLIO OPERATIONAL RESULTS

Occupancy(1):

 

 

As of March 31,

 

 

2026

 

2025

Total portfolio

 

90.5%

 

90.4%

Malls, lifestyle centers and outlet centers:

 

 

 

 

Total malls

 

88.3%

 

87.9%

Total lifestyle centers

 

92.4%

 

92.2%

Total outlet centers

 

90.5%

 

90.4%

Total same-center malls, lifestyle centers and outlet centers

 

88.9%

 

90.1%

Open-air centers

 

95.7%

 

95.7%

All Other Properties

 

94.0%

 

89.6%

 

(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.

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
March 31,

 

 

2026

All Property Types

 

5.7%

Stabilized Malls, Lifestyle Centers and Outlet Centers

 

5.6%

New leases

 

55.5%

Renewal leases

 

0.5%

Open-air Centers

 

13.9%

 

 

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 March 31,

 

 

 

 

 

2026

 

 

2025

 

 

% Change

Malls, lifestyle centers and outlet centers same-center sales per square foot

 

$

453

 

 

$

433

 

 

4.6%

 

DIVIDEND

On May 7, 2026, CBL announced a cash dividend of $0.625 per common share for the quarter ending June 30, 2026. The dividend, which equates to an annual dividend payment of $2.50 per common share, represents a 39% increase over the prior regular dividend rate. The dividend is payable on June 30, 2026, to shareholders of record as of June 12, 2026.

 

FINANCING ACTIVITY

Year-to-date, CBL completed $777.5 million of financing activity. CBL successfully refinanced its existing $634.0 million term loan through two complementary transactions including a $425.0 million non-recourse financing secured by a pool of primarily mall properties and a $176.1 million floating-rate bank loan primarily secured by a pool of strong open-air lifestyle centers. The financing resulted in an increase in estimated annual free cash flow of more than $30 million.

 

In May, CBL completed the refinancing of Fayette Mall, a dominant super-regional enclosed mall located in Lexington, Kentucky. The financing replaces the existing $98.6 million loan with a new $97.5 million, five‑year non-recourse CMBS loan with a fixed interest rate of approximately 7.25%. The new loan’s more favorable amortization structure results in approximately $5.0 million in additional cash flow to CBL.

 

Additionally in May, CBL closed on a modification of the $32.6 million loan secured by Volusia Mall in Daytona Beach, FL, extending its maturity to October 2026.

 

In April, CBL closed on a $43.0 million non-recourse loan secured by Northwoods Mall in N. Charleston, SC. The new five-year loan bears a fixed interest rate of 9.1%. Proceeds from the loan, as well as approximately $7.5 million of existing escrows, were used to retire the existing $46.8 million loan secured by the property, which was scheduled to mature this month. Under the prior loan, cash flows have been swept by the lender since April 2021. The refinancing is expected to release over $3.0 million of previously restricted cash flow.

3

 

 

Additionally in April, CBL and its joint venture partner closed on a $6.6 million ($3.3 million at CBL's share) non-recourse, five-year loan secured by Coastal Grand Mall - Dick's Sporting Goods.

In February, Jefferson Mall in Louisville, KY, was placed into receivership and was deconsolidated due to the loss of control. CBL is cooperating with the lender to facilitate a foreclosure of the asset, which is secured by a $48.6 million non-recourse loan.

CBL is in discussions with the lenders for Arbor Place Mall in Douglasville, GA ($84.3 million), Parkdale Mall and Crossing in Beaumont, TX ($48.3 million), and The Outlet Shoppes at Gettysburg in Gettysburg, PA ($9.7 million at CBL's share), and intends to cooperate with the foreclosure or conveyance of the properties in satisfaction of the debt.

 

TRANSACTION ACTIVITY

In March 2026, CBL acquired Gateway Mall in Lincoln, NE, for $43.5 million from Washington Prime Group (WPG). The acquisition of Gateway Mall was financed through a $21.0 million non‑recourse, five‑year loan provided by Symetra Life Insurance Company. The loan carries a fixed interest rate of 6.46%. Equity for the transaction is expected to be match funded by utilizing proceeds from the sale of an open-air center at approximately an 8% capitalization rate. The sale of the open-air center is estimated to close in May 2026.

 

STOCK REPURCHASE PROGRAM

On November 5, 2025, CBL's Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock. CBL has acquired 363,676 shares of CBL common stock for $12.0 million under the program.

OUTLOOK AND GUIDANCE

CBL is providing updated FFO, as adjusted, guidance for 2026 in the range of $7.06 - $7.19 per share, which reflects all transaction and financing activity completed to-date. Management anticipates same-center NOI for full-year 2026 in the range of (0.5)% to 1.25%.

 

 

Low

 

 

High

 

2026 Net Income (in millions)

 

$

71.1

 

 

$

75.1

 

2026 FFO, as adjusted (in millions)

 

$

219.0

 

 

$

223.0

 

2026 WA Share Count

 

 

31.0

 

 

 

31.0

 

2026 FFO, as adjusted, per share

 

$

7.06

 

 

$

7.19

 

2026 Same-Center NOI ("SC NOI") (in millions) (1)

 

$

401.0

 

 

$

406.0

 

2026 change in same-center NOI

 

 

(0.5

)%

 

 

1.25

%

 

4

 

Reconciliation of GAAP Earnings Per Share to 2026 FFO, as Adjusted, Per Share:

 

Low

 

 

High

 

Expected diluted earnings per common share

 

$

2.12

 

 

$

2.25

 

Depreciation and amortization

 

 

4.92

 

 

 

4.92

 

Expected FFO, per diluted, fully converted common share

 

 

7.04

 

 

 

7.17

 

Debt discount accretion, net of noncontrolling interests' share

 

 

0.60

 

 

 

0.60

 

Adjustment for unconsolidated affiliates with negative investment

 

 

0.58

 

 

 

0.58

 

Non-cash interest expense

 

 

(0.02

)

 

 

(0.02

)

Gain on deconsolidation

 

 

(1.14

)

 

 

(1.14

)

Expected FFO, as adjusted, per diluted, fully converted common share

 

$

7.06

 

 

$

7.19

 

 

Reconciliation of Net Income to SC NOI (in millions):

 

 

Low

 

 

High

 

Net income (loss)

 

$

71.1

 

 

$

75.1

 

Adjustments (1):

 

 

 

 

 

 

Depreciation and amortization

 

 

152.9

 

 

 

152.9

 

Adjustments for unconsolidated affiliates(2)

 

 

27.0

 

 

 

27.0

 

Non-comparable property NOI

 

 

(50.4

)

 

 

(50.4

)

Other (income) expenses, net(3)

 

 

144.0

 

 

 

144.0

 

Non-property (income) expenses, net(4)

 

 

56.4

 

 

 

57.4

 

Total Same-Center NOI

 

$

401.0

 

 

$

406.0

 

(1) Adjustments are based on our Operating Partnership’s pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties

(2) GAAP adjustments for unconsolidated affiliates, including those with negative investment.

(3) Property-level (income) expenses, net, that are not included in NOI, including but not limited to, interest expense, gains on sales of non-depreciable real estate assets, straight-line rent and above- and below-market lease amortization.

(4) Non-property (income) expenses, net, that are not included in NOI, including but not limited to, fee income and general and administrative expenses.

 

2026 Estimate of Capital Items (in millions):

 

Low

 

High

 

2026 Estimated maintenance capital/tenant allowances (1)

 

$

55.0

 

$

60.0

 

2026 Estimated development/redevelopment expenditures

 

 

10.0

 

 

15.0

 

2026 Estimated principal amortization (including est. term loan ECF)

 

 

58.0

 

 

63.0

 

Total Estimate

 

$

123.0

 

$

138.0

 

(1) Excludes amounts related to properties which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements as further described on page 17 of the Financial Supplement.

 

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 88 properties totaling 55.6 million square feet across 23 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 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.

5

 

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.

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 March 31,

 

 

 

2026

 

 

2025

 

REVENUES:

 

 

 

 

 

 

Rental revenues

 

$

141,373

 

 

$

137,360

 

Management, development and leasing fees

 

 

1,609

 

 

 

1,317

 

Other

 

 

2,986

 

 

 

3,091

 

Total revenues

 

 

145,968

 

 

 

141,768

 

EXPENSES:

 

 

 

 

 

 

Property operating

 

 

(28,233

)

 

 

(25,878

)

Depreciation and amortization

 

 

(38,098

)

 

 

(45,541

)

Real estate taxes

 

 

(14,066

)

 

 

(15,731

)

Maintenance and repairs

 

 

(12,333

)

 

 

(13,466

)

General and administrative

 

 

(18,587

)

 

 

(20,707

)

Other

 

 

30

 

 

 

—

 

Total expenses

 

 

(111,287

)

 

 

(121,323

)

OTHER INCOME (EXPENSES):

 

 

 

 

 

 

Interest and other income

 

 

3,360

 

 

 

3,468

 

Interest expense

 

 

(39,899

)

 

 

(44,225

)

Loss on extinguishment of debt

 

 

—

 

 

 

(217

)

Gain on deconsolidation

 

 

35,334

 

 

 

—

 

Gain on sales of real estate assets

 

 

1,402

 

 

 

21,532

 

Income tax benefit

 

 

1,230

 

 

 

471

 

Equity in earnings of unconsolidated affiliates

 

 

10,277

 

 

 

6,913

 

Total other income (expenses), net

 

 

11,704

 

 

 

(12,058

)

Net income

 

 

46,385

 

 

 

8,387

 

Net (income) loss attributable to noncontrolling interests in:

 

 

 

 

 

 

Operating Partnership

 

 

(8

)

 

 

(6

)

Other consolidated subsidiaries

 

 

110

 

 

 

408

 

Net income attributable to the Company

 

 

46,487

 

 

 

8,789

 

Earnings allocable to unvested restricted stock

 

 

(1,084

)

 

 

(577

)

Net income attributable to common shareholders

 

$

45,403

 

 

$

8,212

 

Basic and diluted per share data attributable to common shareholders:

 

 

 

 

 

 

Basic earnings per share

 

$

1.50

 

 

$

0.27

 

Diluted earnings per share

 

 

1.48

 

 

 

0.27

 

Weighted-average basic shares

 

 

30,184

 

 

 

30,419

 

Weighted-average diluted shares

 

 

30,680

 

 

 

30,709

 

 

7

 

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

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

(in thousands, except per share data)

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Net income attributable to common shareholders

 

$

45,403

 

 

$

8,212

 

Noncontrolling interest in income of Operating Partnership

 

 

8

 

 

 

6

 

Earnings allocable to unvested restricted stock

 

 

(878

)

 

 

—

 

Depreciation and amortization expense of:

 

 

 

 

 

 

Consolidated properties

 

 

38,098

 

 

 

45,541

 

Unconsolidated affiliates

 

 

3,144

 

 

 

3,432

 

Non-real estate assets

 

 

(213

)

 

 

(247

)

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

 

 

(353

)

 

 

(426

)

Gain on depreciable property, net of taxes

 

 

—

 

 

 

(21,706

)

FFO allocable to Operating Partnership common unitholders

 

 

85,209

 

 

 

34,812

 

Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1)

 

 

5,679

 

 

 

9,207

 

Adjustment for unconsolidated affiliates with negative investment (2)

 

 

(2,884

)

 

 

1,534

 

Non-cash default interest expense (3)

 

 

547

 

 

 

363

 

Gain on deconsolidation (4)

 

 

(35,334

)

 

 

—

 

Loss on extinguishment of debt (5)

 

 

—

 

 

 

217

 

FFO allocable to Operating Partnership common unitholders, as adjusted

 

$

53,217

 

 

$

46,133

 

FFO per diluted share

 

$

2.78

 

 

$

1.13

 

FFO, as adjusted, per diluted share

 

$

1.73

 

 

$

1.50

 

Weighted-average common and potential dilutive common units outstanding

 

 

30,686

 

 

 

30,714

 
(1)
In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of 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 recognizing equity in earnings (losses) on a cash basis because its investment in the unconsolidated affiliate is below zero.
(3)
The three months ended March 31, 2026 and 2025 includes default interest on loans past their maturity date.
(4)
During the three months ended March 31, 2026, the Company deconsolidated Jefferson Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process.
(5)
During the three months ended March 31, 2025, the Company made a partial paydown on the 2032 non-recourse bank loan and recognized loss on extinguishment of debt related to a prepayment fee.

8

 

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Diluted EPS attributable to common shareholders

 

$

1.48

 

 

$

0.27

 

Add amounts per share included in FFO:

 

 

 

 

 

 

Earnings allocable to unvested restricted stock

 

 

(0.03

)

 

 

—

 

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

 

 

1.33

 

 

 

1.57

 

Gain on depreciable property, net of taxes

 

 

—

 

 

 

(0.71

)

FFO per diluted share

 

$

2.78

 

 

$

1.13

 

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

SUPPLEMENTAL FFO INFORMATION:

 

 

 

 

 

 

Lease termination fees

 

$

381

 

 

$

963

 

 

 

 

 

 

 

 

Straight-line rental income adjustment (1)

 

$

413

 

 

$

(393

)

 

 

 

 

 

 

 

Gain on outparcel sales, net of taxes

 

$

1,333

 

 

$

766

 

 

 

 

 

 

 

 

Net amortization of acquired above- and below-market leases (1)

 

$

(2,713

)

 

$

(3,846

)

 

 

 

 

 

 

 

Income tax benefit

 

$

1,230

 

 

$

471

 

 

 

 

 

 

 

 

Interest capitalized

 

$

122

 

 

$

113

 

 

 

 

 

 

 

 

Estimate of uncollectable revenues

 

$

(1,887

)

 

$

(822

)

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

 

2026

 

 

2025

 

Straight-line rent receivable

 

$

25,209

 

 

$

23,814

 

 

(1)
The current-year presentation is based on effective ownership percentages in certain unconsolidated joint ventures while the prior-year period was based on stated ownership percentages. The difference between the effective ownership and stated ownership percentages is due to differences in capital contributions between joint venture partners and related preferred returns.

 

9

 

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Same-center Net Operating Income

(Dollars in thousands)

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Net income

 

$

46,385

 

 

$

8,387

 

Adjustments:

 

 

 

 

 

 

Depreciation and amortization

 

 

38,098

 

 

 

45,541

 

Depreciation and amortization from unconsolidated affiliates

 

 

3,144

 

 

 

3,432

 

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

 

 

(353

)

 

 

(426

)

Interest expense

 

 

39,899

 

 

 

44,225

 

Interest expense from unconsolidated affiliates

 

 

6,275

 

 

 

7,290

 

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

 

 

(777

)

 

 

(1,014

)

Gain on sales of real estate assets

 

 

(1,402

)

 

 

(21,532

)

Loss (gain) on sales of real estate assets of unconsolidated affiliates

 

 

94

 

 

 

(1,035

)

Adjustment for unconsolidated affiliates with negative investment

 

 

(2,884

)

 

 

1,534

 

Loss on extinguishment of debt

 

 

—

 

 

 

217

 

Gain on deconsolidation

 

 

(35,334

)

 

 

—

 

Income tax benefit

 

 

(1,230

)

 

 

(471

)

Lease termination fees

 

 

(381

)

 

 

(963

)

Straight-line rent and above- and below-market lease amortization (1)

 

 

2,300

 

 

 

4,239

 

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

 

 

110

 

 

 

408

 

General and administrative expenses

 

 

18,587

 

 

 

20,707

 

Management fees and non-property level revenues (1)

 

 

(4,046

)

 

 

(4,192

)

Operating Partnership's share of property NOI (1)

 

 

108,485

 

 

 

106,347

 

Non-comparable NOI (1)

 

 

(11,929

)

 

 

(11,790

)

Total same-center NOI (2)

 

$

96,556

 

 

$

94,557

 

Total same-center NOI percentage change

 

 

2.1

%

 

 

 
(1)
The Company has reclassified amounts from management fees and non-property level revenues to the identified line items to conform to the current-year presentation. The current-year presentation is based on effective ownership percentages in certain unconsolidated joint ventures while the prior-year period was based on stated ownership percentages. The difference between the effective ownership and stated ownership percentages is due to differences in capital contributions between joint venture partners and related preferred returns.
(2)
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 March 31, 2026, 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 March 31, 2026. 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. The Company calculates same-center NOI based on stated ownership percentages.

Same-center Net Operating Income

(Dollars in thousands)

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Malls

 

$

65,601

 

 

$

64,529

 

Outlet centers

 

 

5,198

 

 

 

5,171

 

Lifestyle centers

 

 

9,075

 

 

 

8,555

 

Open-air centers

 

 

11,352

 

 

 

10,974

 

Outparcels and other

 

 

5,330

 

 

 

5,328

 

Total same-center NOI

 

$

96,556

 

 

$

94,557

 

Percentage Change:

 

 

 

 

 

 

Malls

 

 

1.7

%

 

 

 

Outlet centers

 

 

0.5

%

 

 

 

Lifestyle centers

 

 

6.1

%

 

 

 

Open-air centers

 

 

3.4

%

 

 

 

Outparcels and other

 

 

0.0

%

 

 

 

Total same-center NOI

 

 

2.1

%

 

 

 

 

10

 

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

 

 

As of March 31, 2026

 

 

 

Fixed Rate

 

 

Variable
Rate

 

 

Total Debt

 

 

Unamortized
Deferred
Financing
Costs

 

 

Unamortized
Debt
Discounts (1)

 

 

Total, net

 

Consolidated debt

 

$

1,888,653

 

 

$

282,135

 

 

$

2,170,788

 

 

$

(26,405

)

 

$

(65,856

)

 

$

2,078,527

 

Noncontrolling interests' share of consolidated debt

 

 

(23,797

)

 

 

(10,869

)

 

 

(34,666

)

 

 

68

 

 

 

101

 

 

 

(34,497

)

Company's share of unconsolidated affiliates' debt

 

 

340,570

 

 

 

9,232

 

 

 

349,802

 

 

 

(2,807

)

 

 

—

 

 

 

346,995

 

Other debt (2)

 

 

96,918

 

 

 

—

 

 

 

96,918

 

 

 

—

 

 

 

—

 

 

 

96,918

 

Company's share of consolidated, unconsolidated and other debt

 

$

2,302,344

 

 

$

280,498

 

 

$

2,582,842

 

 

$

(29,144

)

 

$

(65,755

)

 

$

2,487,943

 

Weighted-average interest rate

 

 

5.98

%

 

 

7.68

%

 

 

6.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2025

 

 

 

Fixed Rate

 

 

Variable
Rate

 

 

Total Debt

 

 

Unamortized
Deferred
Financing
Costs

 

 

Unamortized
Debt
Discounts (1)

 

 

Total, net

 

Consolidated debt

 

$

1,387,453

 

 

$

871,887

 

 

$

2,259,340

 

 

$

(7,480

)

 

$

(101,298

)

 

$

2,150,562

 

Noncontrolling interests' share of consolidated debt

 

 

(24,234

)

 

 

(11,298

)

 

 

(35,532

)

 

 

135

 

 

 

1,339

 

 

 

(34,058

)

Company's share of unconsolidated affiliates' debt

 

 

369,366

 

 

 

28,836

 

 

 

398,202

 

 

 

(2,528

)

 

 

—

 

 

 

395,674

 

Company's share of consolidated, unconsolidated and other debt

 

$

1,732,585

 

 

$

889,425

 

 

$

2,622,010

 

 

$

(9,873

)

 

$

(99,959

)

 

$

2,512,178

 

Weighted-average interest rate

 

 

5.16

%

 

 

7.44

%

 

 

5.93

%

 

 

 

 

 

 

 

 

 
(1)
In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of 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. The Company recognized the debt discounts associated with the acquisition of its partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center in December 2024.
(2)
Includes the outstanding loan balances of two deconsolidated properties, Jefferson Mall and Southpark Mall, due to a loss of control when the properties were placed into receivership in connection with the foreclosure processes.

11

 

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Balance Sheets

(Unaudited; in thousands, except share data)

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

ASSETS

 

 

 

 

 

 

Real estate assets:

 

 

 

 

 

 

Land

 

$

609,830

 

 

$

601,553

 

Buildings and improvements

 

 

1,639,455

 

 

 

1,619,988

 

 

 

2,249,285

 

 

 

2,221,541

 

Accumulated depreciation

 

 

(371,129

)

 

 

(355,900

)

 

 

1,878,156

 

 

 

1,865,641

 

Developments in progress

 

 

11,692

 

 

 

10,533

 

Net investment in real estate assets

 

 

1,889,848

 

 

 

1,876,174

 

Cash and cash equivalents

 

 

122,741

 

 

 

42,287

 

Restricted cash

 

 

89,981

 

 

 

110,665

 

Available-for-sale securities - at fair value (amortized cost of $160,290 and $292,646 as of March 31, 2026 and December 31, 2025, respectively)

 

 

160,268

 

 

 

293,087

 

Receivables:

 

 

 

 

 

 

Tenant

 

 

39,318

 

 

 

46,489

 

Other

 

 

1,712

 

 

 

1,562

 

Investments in unconsolidated affiliates

 

 

83,512

 

 

 

85,941

 

In-place leases, net

 

 

136,690

 

 

 

144,046

 

Intangible lease assets and other assets

 

 

121,033

 

 

 

128,848

 

 

$

2,645,103

 

 

$

2,729,099

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

2,078,527

 

 

$

2,170,785

 

Accounts payable and accrued liabilities

 

 

179,237

 

 

 

193,640

 

Total liabilities

 

 

2,257,764

 

 

 

2,364,425

 

Shareholders' equity:

 

 

 

 

 

 

Common stock, $.001 par value, 200,000,000 shares authorized, 30,944,758 and 30,322,052 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively (in each case, excluding 34 treasury shares)

 

 

31

 

 

 

30

 

Additional paid-in capital

 

 

683,664

 

 

 

687,424

 

Accumulated other comprehensive income

 

 

100

 

 

 

443

 

Accumulated deficit

 

 

(285,813

)

 

 

(312,961

)

Total shareholders' equity

 

 

397,982

 

 

 

374,936

 

Noncontrolling interests

 

 

(10,643

)

 

 

(10,262

)

Total equity

 

 

387,339

 

 

 

364,674

 

 

 

$

2,645,103

 

 

$

2,729,099

 

 

12

 

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Condensed Combined Financial Statements - Unconsolidated Affiliates

(Unaudited; in thousands)

 

 

March 31,
2026

 

 

December 31,
2025

 

ASSETS:

 

 

 

 

 

 

Investment in real estate assets

 

$

1,270,075

 

 

$

1,255,163

 

Accumulated depreciation

 

 

(587,374

)

 

 

(574,364

)

 

 

 

682,701

 

 

 

680,799

 

Developments in progress

 

 

1,692

 

 

 

1,315

 

Net investment in real estate assets

 

 

684,393

 

 

 

682,114

 

Other assets

 

 

121,282

 

 

 

135,138

 

Total assets

 

$

805,675

 

 

$

817,252

 

LIABILITIES:

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

756,201

 

 

$

715,013

 

Other liabilities

 

 

25,051

 

 

 

23,468

 

Total liabilities

 

 

781,252

 

 

 

738,481

 

OWNERS' EQUITY:

 

 

 

 

 

 

The Company

 

 

70,107

 

 

 

78,016

 

Other investors

 

 

(45,684

)

 

 

755

 

Total owners' equity

 

 

24,423

 

 

 

78,771

 

Total liabilities and owners’ equity

 

$

805,675

 

 

$

817,252

 

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Total revenues

 

$

45,693

 

 

$

45,202

 

Depreciation and amortization

 

 

(10,686

)

 

 

(11,010

)

Operating expenses

 

 

(15,205

)

 

 

(13,758

)

Interest and other income

 

 

499

 

 

 

569

 

Interest expense

 

 

(12,864

)

 

 

(12,577

)

Gain on extinguishment of debt

 

 

—

 

 

 

32,494

 

Gain on sales of real estate assets

 

 

323

 

 

 

2,070

 

Net income

 

$

7,760

 

 

$

42,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company's Share for the Period

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Total revenues

 

$

24,207

 

 

$

24,853

 

Depreciation and amortization

 

 

(5,214

)

 

 

(6,204

)

Operating expenses

 

 

(7,612

)

 

 

(7,070

)

Interest and other income

 

 

312

 

 

 

351

 

Interest expense

 

 

(6,275

)

 

 

(7,290

)

Negative investment adjustment

 

 

4,953

 

 

 

1,238

 

(Loss) gain on sales of real estate assets

 

 

(94

)

 

 

1,035

 

Net income

 

$

10,277

 

 

$

6,913

 

 

13

 

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, gains on the dispositions and deconsolidations of depreciable property, and 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, losses on extinguishment of debt and adjustments related to unconsolidated affiliates.

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 EBITDAre to Interest Expense

(Dollars in thousands)

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Net income

 

$

46,385

 

 

$

8,387

 

Depreciation and amortization

 

 

38,098

 

 

 

45,541

 

Depreciation and amortization from unconsolidated affiliates

 

 

3,144

 

 

 

3,432

 

Interest expense

 

 

39,899

 

 

 

44,225

 

Interest expense from unconsolidated affiliates

 

 

6,275

 

 

 

7,290

 

Income taxes

 

 

(1,230

)

 

 

(471

)

Gain on depreciable property

 

 

—

 

 

 

(21,532

)

Gain on deconsolidation

 

 

(35,334

)

 

 

—

 

EBITDAre (1)

 

 

97,237

 

 

 

86,872

 

Loss on extinguishment of debt

 

 

—

 

 

 

217

 

Adjustment for unconsolidated affiliates with negative investment

 

 

(2,884

)

 

 

1,534

 

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

 

 

110

 

 

 

408

 

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

 

 

(353

)

 

 

(426

)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

 

 

(777

)

 

 

(1,014

)

Company's share of Adjusted EBITDAre

 

$

93,333

 

 

$

87,591

 
(1)
Includes $1,308 and $1,035 for the three months ended March 31, 2026 and 2025, respectively, related to sales of non-depreciable real estate assets.

14

 

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

Interest expense

 

$

39,899

 

 

$

44,225

 

Interest expense from unconsolidated affiliates

 

 

6,275

 

 

 

7,290

 

Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share

 

 

(5,679

)

 

 

(9,207

)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries, excluding noncontrolling interests' share of debt discount accretion

 

 

(627

)

 

 

(551

)

Company's share of interest expense

 

$

39,868

 

 

$

41,757

 

Ratio of Adjusted EBITDAre to Interest Expense

 

 

2.3

x

 

 

2.1

x

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Company's share of Adjusted EBITDAre

 

$

93,333

 

 

$

87,591

 

Interest expense

 

 

(39,899

)

 

 

(44,225

)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

 

 

777

 

 

 

1,014

 

Income taxes

 

 

1,230

 

 

 

471

 

Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts

 

 

6,216

 

 

 

7,647

 

Net amortization of intangible lease assets and liabilities

 

 

2,582

 

 

 

3,704

 

Depreciation and interest expense from unconsolidated affiliates

 

 

(9,419

)

 

 

(10,722

)

Adjustment for unconsolidated affiliates with negative investment

 

 

2,884

 

 

 

(1,534

)

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

 

 

353

 

 

 

426

 

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

 

 

(110

)

 

 

(408

)

Gain on outparcel sales

 

 

(1,402

)

 

 

—

 

Loss (gain) on insurance proceeds

 

 

26

 

 

 

(65

)

Equity in earnings of unconsolidated affiliates

 

 

(10,277

)

 

 

(6,913

)

Distributions of earnings from unconsolidated affiliates

 

 

4,117

 

 

 

4,535

 

Share-based compensation expense

 

 

2,364

 

 

 

3,990

 

Change in estimate of uncollectable revenues

 

 

1,766

 

 

 

559

 

Change in deferred tax assets

 

 

2,547

 

 

 

2,575

 

Changes in operating assets and liabilities

 

 

(4,169

)

 

 

(16,966

)

Cash flows provided by operating activities

 

$

52,919

 

 

$

31,679

 

Components of Consolidated Rental Revenues

The Company believes the following summary is useful to users of its consolidated financial statements because it provides more detail regarding the components of rental revenues in the consolidated financial statements and trends in these components for the periods shown.

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Minimum rents

 

$

105,780

 

 

$

101,020

 

Percentage rents

 

 

3,459

 

 

 

2,827

 

Other rents

 

 

2,181

 

 

 

2,205

 

Tenant reimbursements

 

 

31,735

 

 

 

31,858

 

Estimate of uncollectable amounts

 

 

(1,782

)

 

 

(550

)

Total rental revenues

 

$

141,373

 

 

$

137,360

 

 

15

 

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Schedule of Mortgage and Other Indebtedness

(Dollars in thousands)

Property

 

Location

 

Original
Maturity
Date

 

Optional
Extended
Maturity
Date

 

Interest
Rate

 

 

Balance as of March 31, 2026 (1)

 

 

Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed

 

 

Variable

 

Operating Properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Outlet Shoppes at Gettysburg (2)

 

Gettysburg, PA

 

Oct-25

 

 

 

 

4.80

%

 

$

19,438

 

 

$

19,438

 

 

$

—

 

Parkdale Mall & Crossing (2)

 

Beaumont, TX

 

Mar-26

 

 

 

 

5.85

%

 

 

48,285

 

 

 

48,285

 

 

 

—

 

Northwoods Mall (3)

 

North Charleston, SC

 

Apr-26

 

 

 

 

5.08

%

 

 

46,762

 

 

 

46,762

 

 

 

—

 

Arbor Place (4)

 

Atlanta (Douglasville), GA

 

May-26

 

 

 

 

5.10

%

 

 

84,295

 

 

 

84,295

 

 

 

—

 

Fayette Mall (5)

 

Lexington, KY

 

May-26

 

 

 

 

4.25

%

 

 

99,373

 

 

 

99,373

 

 

 

—

 

Volusia Mall (6)

 

Daytona Beach, FL

 

May-26

 

 

 

 

4.56

%

 

 

32,641

 

 

 

32,641

 

 

 

—

 

Hamilton Place

 

Chattanooga, TN

 

Jun-26

 

 

 

 

4.36

%

 

 

85,978

 

 

 

85,978

 

 

 

—

 

The Outlet Shoppes at Laredo

 

Laredo, TX

 

Jun-26

 

 

 

 

7.42

%

 

 

31,055

 

 

 

—

 

 

 

31,055

 

West County Center

 

Des Peres, MO

 

Dec-26

 

 

 

 

3.40

%

 

 

138,798

 

 

 

138,798

 

 

 

—

 

CoolSprings Galleria

 

Nashville, TN

 

May-28

 

 

 

 

4.84

%

 

 

133,125

 

 

 

133,125

 

 

 

—

 

Cross Creek Mall

 

Fayetteville, NC

 

Aug-30

 

 

 

 

6.86

%

 

 

77,298

 

 

 

77,298

 

 

 

—

 

Oak Park Mall

 

Overland Park, KS

 

Oct-30

 

 

 

 

5.00

%

 

 

244,315

 

 

 

244,315

 

 

 

—

 

2032 non-recourse bank loan (7)

 

 

 

Oct-30

 

Oct-32

 

 

7.71

%

 

 

442,956

 

 

 

367,956

 

 

 

75,000

 

Secured lifestyle centers loan due 2032

 

 

 

Oct-30

 

Oct-31/Oct-32

 

 

7.77

%

 

 

176,080

 

 

 

—

 

 

 

176,080

 

Gateway Mall

 

Lincoln, NE

 

Mar-31

 

 

 

 

6.46

%

 

 

21,000

 

 

 

21,000

 

 

 

—

 

Secured mall loan due 2031 (8)

 

 

 

Apr-31

 

 

 

 

7.40

%

 

 

425,000

 

 

 

425,000

 

 

 

—

 

Hamilton Place open-air centers loan

 

Chattanooga, TN

 

Jun-32

 

 

 

 

5.85

%

 

 

64,389

 

 

 

64,389

 

 

 

—

 

Total Consolidated Debt

 

 

 

 

 

 

 

 

 

 

$

2,170,788

 

 

$

1,888,653

 

 

$

282,135

 

Weighted-average interest rate

 

 

 

 

 

 

 

 

 

 

 

6.23

%

 

 

6.01

%

 

 

7.73

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus CBL's Share Of Unconsolidated Affiliates' Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coastal Grand Mall - Dick's Sporting Goods (9)

 

Myrtle Beach, SC

 

May-26

 

 

 

 

8.05

%

 

$

3,278

 

 

$

3,278

 

 

$

—

 

York Town Center

 

York, PA

 

Jun-26

 

 

 

 

6.00

%

 

 

14,148

 

 

 

14,148

 

 

 

—

 

Ambassador Town Center Infrastructure Improvements

 

Lafayette, LA

 

Mar-27

 

 

 

 

7.26

%

 

 

1,012

 

 

 

1,012

 

 

 

—

 

Mayfaire Town Center - hotel development

 

Wilmington, NC

 

Jan-28

 

 

 

 

6.00

%

 

 

9,232

 

 

 

—

 

 

 

9,232

 

Friendly Center

 

Greensboro, NC

 

May-28

 

 

 

 

6.44

%

 

 

70,963

 

 

 

70,963

 

 

 

—

 

Coastal Grand Mall (10)

 

Myrtle Beach, SC

 

Aug-28

 

 

 

 

5.09

%

 

 

38,396

 

 

 

38,396

 

 

 

—

 

Coastal Grand Crossing (10)

 

Myrtle Beach, SC

 

Aug-28

 

 

 

 

5.09

%

 

 

1,853

 

 

 

1,853

 

 

 

—

 

The Outlet Shoppes at El Paso

 

El Paso, TX

 

Oct-28

 

 

 

 

5.10

%

 

 

32,730

 

 

 

32,730

 

 

 

—

 

Ambassador Town Center

 

Lafayette, LA

 

Jun-29

 

 

 

 

4.35

%

 

 

25,147

 

 

 

25,147

 

 

 

—

 

Hamilton Place Aloft Hotel

 

Chattanooga, TN

 

Jun-29

 

 

 

 

7.20

%

 

 

7,016

 

 

 

7,016

 

 

 

—

 

Friendly Center Medical Office

 

Greensboro, NC

 

Jun-30

 

 

 

 

6.11

%

 

 

1,679

 

 

 

1,679

 

 

 

—

 

The Pavilion at Port Orange

 

Port Orange, FL

 

Oct-30

 

 

 

 

5.93

%

 

 

21,500

 

 

 

21,500

 

 

 

—

 

The Shoppes at Eagle Point

 

Cookeville, TN

 

May-32

 

 

 

 

5.40

%

 

 

18,863

 

 

 

18,863

 

 

 

—

 

The Outlet Shoppes at Atlanta

 

Woodstock, GA

 

Oct-33

 

 

 

 

7.85

%

 

 

39,665

 

 

 

39,665

 

 

 

—

 

The Outlet Shoppes of the Bluegrass

 

Simpsonville, KY

 

Nov-34

 

 

 

 

6.84

%

 

 

42,336

 

 

 

42,336

 

 

 

—

 

Hammock Landing - Phase I

 

West Melbourne, FL

 

Dec-34

 

 

 

 

5.86

%

 

 

17,099

 

 

 

17,099

 

 

 

—

 

Hammock Landing - Phase II

 

West Melbourne, FL

 

Dec-34

 

 

 

 

5.86

%

 

 

4,885

 

 

 

4,885

 

 

 

—

 

Total Unconsolidated Debt

 

 

 

 

 

 

 

 

 

 

 

349,802

 

 

 

340,570

 

 

 

9,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus Other Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jefferson Mall (11)

 

Louisville, KY

 

Jun-26

 

 

 

 

4.75

%

 

 

48,647

 

 

 

48,647

 

 

 

—

 

Southpark Mall (12)

 

Colonial Heights, VA

 

Jun-26

 

 

 

 

4.85

%

 

 

48,271

 

 

 

48,271

 

 

 

—

 

Total Other Debt

 

 

 

 

 

 

 

 

 

 

 

96,918

 

 

 

96,918

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Noncontrolling Interests' Share Of Consolidated Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Outlet Shoppes at Gettysburg (2) (50%)

 

Gettysburg, PA

 

Oct-25

 

 

 

 

4.80

%

 

 

(9,719

)

 

 

(9,719

)

 

 

—

 

Hamilton Place (10%)

 

Chattanooga, TN

 

Jun-26

 

 

 

 

4.36

%

 

 

(8,598

)

 

 

(8,598

)

 

 

—

 

The Outlet Shoppes at Laredo (35%)

 

Laredo, TX

 

Jun-26

 

 

 

 

7.42

%

 

 

(10,869

)

 

 

—

 

 

 

(10,869

)

16

 

Property

 

Location

 

Original
Maturity
Date

 

Optional
Extended
Maturity
Date

 

Interest
Rate

 

 

Balance as of March 31, 2026 (1)

 

 

Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed

 

 

Variable

 

Hamilton Place open-air centers loan (8% - 10%)

 

Chattanooga, TN

 

Jun-32

 

 

 

 

5.85

%

 

 

(5,480

)

 

 

(5,480

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

(34,666

)

 

 

(23,797

)

 

 

(10,869

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company's Share Of Consolidated, Unconsolidated and Other Debt (13)

 

 

 

 

 

 

 

 

 

 

$

2,582,842

 

 

$

2,302,344

 

 

$

280,498

 

Weighted-average interest rate

 

 

 

 

 

 

 

 

 

 

 

6.17

%

 

 

5.98

%

 

 

7.68

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt of Unconsolidated Affiliates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coastal Grand Mall - Dick's Sporting Goods (9)

 

Myrtle Beach, SC

 

May-26

 

 

 

 

8.05

%

 

$

6,556

 

 

$

6,556

 

 

$

—

 

York Town Center

 

York, PA

 

Jun-26

 

 

 

 

6.00

%

 

 

28,297

 

 

 

28,297

 

 

 

—

 

Ambassador Town Center Infrastructure Improvements

 

Lafayette, LA

 

Mar-27

 

 

 

 

7.26

%

 

 

1,012

 

 

 

1,012

 

 

 

—

 

Mayfaire Town Center - hotel development

 

Wilmington, NC

 

Jan-28

 

 

 

 

6.00

%

 

 

18,842

 

 

 

—

 

 

 

18,842

 

Friendly Center

 

Greensboro, NC

 

May-28

 

 

 

 

6.44

%

 

 

141,926

 

 

 

141,926

 

 

 

—

 

Coastal Grand Mall (10)

 

Myrtle Beach, SC

 

Aug-28

 

 

 

 

5.09

%

 

 

76,791

 

 

 

76,791

 

 

 

—

 

Coastal Grand Crossing (10)

 

Myrtle Beach, SC

 

Aug-28

 

 

 

 

5.09

%

 

 

3,705

 

 

 

3,705

 

 

 

—

 

The Outlet Shoppes at El Paso

 

El Paso, TX

 

Oct-28

 

 

 

 

5.10

%

 

 

65,459

 

 

 

65,459

 

 

 

—

 

Ambassador Town Center

 

Lafayette, LA

 

Jun-29

 

 

 

 

4.35

%

 

 

38,688

 

 

 

38,688

 

 

 

—

 

Hamilton Place Aloft Hotel

 

Chattanooga, TN

 

Jun-29

 

 

 

 

7.20

%

 

 

14,032

 

 

 

14,032

 

 

 

—

 

Friendly Center Medical Office

 

Greensboro, NC

 

Jun-30

 

 

 

 

6.11

%

 

 

6,715

 

 

 

6,715

 

 

 

—

 

The Pavilion at Port Orange

 

Port Orange, FL

 

Oct-30

 

 

 

 

5.93

%

 

 

43,000

 

 

 

43,000

 

 

 

—

 

The Shoppes at Eagle Point

 

Cookeville, TN

 

May-32

 

 

 

 

5.40

%

 

 

37,726

 

 

 

37,726

 

 

 

—

 

The Outlet Shoppes at Atlanta

 

Woodstock, GA

 

Oct-33

 

 

 

 

7.85

%

 

 

79,330

 

 

 

79,330

 

 

 

—

 

The Outlet Shoppes of the Bluegrass

 

Simpsonville, KY

 

Nov-34

 

 

 

 

6.84

%

 

 

65,133

 

 

 

65,133

 

 

 

—

 

Hammock Landing - Phase I

 

West Melbourne, FL

 

Dec-34

 

 

 

 

5.86

%

 

 

34,199

 

 

 

34,199

 

 

 

—

 

Hammock Landing - Phase II

 

West Melbourne, FL

 

Dec-34

 

 

 

 

5.86

%

 

 

9,771

 

 

 

9,771

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

$

671,182

 

 

$

652,340

 

 

$

18,842

 

Weighted-average interest rate

 

 

 

 

 

 

 

 

 

 

 

6.10

%

 

 

6.11

%

 

 

6.00

%
(1)
See page 11 for debt discounts and unamortized deferred financing costs.
(2)
The loan is in maturity default. The Company intends to cooperate with the foreclosure or conveyance of the property in satisfaction of the debt.
(3)
Subsequent to March 31, 2026, the Company closed on a new $43,000 non-recourse, five-year loan secured by Northwoods Mall. The loan bears a fixed interest rate of 9.1%. The previous loan had the cash flows of the property restricted under the terms of the previous loan agreement.
(4)
Subsequent to March 31, 2026, the loan entered maturity default. The Company intends to cooperate with the foreclosure or conveyance of the property in satisfaction of the debt.
(5)
Subsequent to March 31, 2026, the Company closed on a new $97,500 non-recourse, five-year loan secured by Fayette Mall. The loan bears a fixed interest rate of 7.25%.
(6)
Subsequent to March 31, 2026, the loan was modified, which extends the maturity through October 2026.
(7)
The interest rate is a fixed 7.70% for $367,956 of the outstanding loan balance through July 2030, with the remaining loan balance bearing a variable interest rate based on the 30-day SOFR plus 4.10%. The full principal balance will convert to a variable rate after July 2030. 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%.
(8)
The Company used proceeds from the secured mall loan due 2031 and existing cash on hand to retire the secured term loan. The secured mall loan due 2031 is secured by Cherryvale Mall, Frontier Mall, Hanes Mall, Kirkwood Mall, Mall del Norte, Post Oak Mall, Richland Mall, Sunrise Mall, Turtle Creek Mall, Valley View Mall, West Towne Mall, Westmoreland Mall and Westmoreland Crossing.
(9)
Subsequent to March 31, 2026, the Company and its joint venture partner closed on a new $6,581 non-recourse, five-year loan secured by Coastal Grand Mall - Dick's Sporting Goods, which bears a fixed interest rate of 6.17%.
(10)
In September 2025, the Company entered into a forbearance agreement that waived the previous default interest and extended the maturity date through August 2028. The forbearance agreement provides for default interest on the outstanding loan balance of 1%, 2% and 3% for each respective year of the forbearance agreement.
(11)
In January 2026, the Company was notified by the lender that the loan was in default. In February 2026, the property was placed into receivership in connection with the foreclosure process. The Company anticipates returning the property to the lender.
(12)
In July 2025, the loan entered default and the property was placed into receivership. The Company anticipates returning the property to the lender.
(13)
Subsequent to March 31, 2026 and after the closing of the new loan secured by Northwoods Mall, CBL owns interests in 11 assets (8 malls, 2 outlet centers and an open-air center) with a pro rata share debt balance of $715,406 which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements. Of this amount, $683,648 of pro rata debt relates to malls, $29,905 relates to outlet centers and $1,853 relates to an open-air center. These loans are non-recourse to CBL. The restricted cash can only be used to pay the respective property’s real estate and insurance costs, debt service, operating expenses, and fund escrow accounts for capital expenditures and tenant allowances. Additionally, CBL receives management fees from the property cash flows. For the three months ended March 31, 2026, CBL’s pro rata share of same-center NOI was $96,556, of which same-center NOI from cash trapped properties made up $14,211, with $12,912 relating to malls, $723 relating to outlet centers and $576 relating to an open-air center. For the three months ended March 31, 2025, CBL’s pro rata share of same-center NOI was $94,557, of which same-center NOI from cash trapped properties made up $13,742, with $12,557 relating to malls, $641 relating to outlet centers and $544 relating to an open-air center.

17

 

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

 

2025

 

$

19,438

 

 

$

—

 

 

$

—

 

 

$

(9,719

)

 

$

9,719

 

 

 

0.38

%

 

 

4.80

%

2026

 

 

567,187

 

 

 

17,426

 

 

 

96,918

 

 

 

(19,467

)

 

 

662,064

 

 

 

25.63

%

 

 

4.62

%

2027

 

 

—

 

 

 

1,012

 

 

 

—

 

 

 

—

 

 

 

1,012

 

 

 

0.04

%

 

 

7.26

%

2028

 

 

133,125

 

 

 

153,174

 

 

 

—

 

 

 

—

 

 

 

286,299

 

 

 

11.08

%

 

 

5.34

%

2029

 

 

—

 

 

 

32,163

 

 

 

—

 

 

 

—

 

 

 

32,163

 

 

 

1.25

%

 

 

4.97

%

2030

 

 

321,613

 

 

 

23,179

 

 

 

—

 

 

 

—

 

 

 

344,792

 

 

 

13.35

%

 

 

5.48

%

2031

 

 

446,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

446,000

 

 

 

17.27

%

 

 

7.36

%

2032

 

 

683,425

 

 

 

18,863

 

 

 

—

 

 

 

(5,480

)

 

 

696,808

 

 

 

26.97

%

 

 

7.51

%

2033

 

 

—

 

 

 

39,665

 

 

 

—

 

 

 

—

 

 

 

39,665

 

 

 

1.54

%

 

 

7.85

%

2034

 

 

—

 

 

 

64,320

 

 

 

—

 

 

 

—

 

 

 

64,320

 

 

 

2.49

%

 

 

6.50

%

Total

 

$

2,170,788

 

 

$

349,802

 

 

$

96,918

 

 

$

(34,666

)

 

$

2,582,842

 

 

 

100.00

%

 

 

6.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2025

 

$

19,438

 

 

$

—

 

 

$

—

 

 

$

(9,719

)

 

$

9,719

 

 

 

0.38

%

 

 

4.80

%

2026

 

 

567,187

 

 

 

17,426

 

 

 

96,918

 

 

 

(19,467

)

 

 

662,064

 

 

 

25.63

%

 

 

4.62

%

2027

 

 

—

 

 

 

1,012

 

 

 

—

 

 

 

—

 

 

 

1,012

 

 

 

0.04

%

 

 

7.26

%

2028

 

 

133,125

 

 

 

153,174

 

 

 

—

 

 

 

—

 

 

 

286,299

 

 

 

11.08

%

 

 

5.34

%

2029

 

 

—

 

 

 

32,163

 

 

 

—

 

 

 

—

 

 

 

32,163

 

 

 

1.25

%

 

 

4.97

%

2030

 

 

940,649

 

 

 

23,179

 

 

 

—

 

 

 

—

 

 

 

963,828

 

 

 

37.31

%

 

 

6.92

%

2031

 

 

446,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

446,000

 

 

 

17.27

%

 

 

7.36

%

2032

 

 

64,389

 

 

 

18,863

 

 

 

—

 

 

 

(5,480

)

 

 

77,772

 

 

 

3.01

%

 

 

5.74

%

2033

 

 

—

 

 

 

39,665

 

 

 

—

 

 

 

—

 

 

 

39,665

 

 

 

1.54

%

 

 

7.85

%

2034

 

 

—

 

 

 

64,320

 

 

 

—

 

 

 

—

 

 

 

64,320

 

 

 

2.49

%

 

 

6.50

%

Total

 

$

2,170,788

 

 

$

349,802

 

 

$

96,918

 

 

$

(34,666

)

 

$

2,582,842

 

 

 

100.00

%

 

 

6.17

%

 

(1)
During the year ended December 31, 2025, the Company deconsolidated Southpark Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process. In January 2026, the Company was notified by the lender that the loan secured by Jefferson Mall was in default. In February 2026, the Company deconsolidated Jefferson Mall when it was placed into receivership in connection with the foreclosure process.

 

18

 

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 large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line retail stores, restaurants and non-retail tenants.

Lifestyle Centers: The Lifestyle Centers are large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional anchors and/or junior anchors, a wide variety of in-line and retail stores, restaurants, and/or non-retail tenants.

Outlet Centers: The Outlet Centers are open-air centers, generally anchored by one or more discount or off-price junior anchors and a wide variety of brand name off-price or discount in-line 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 March 31, 2026, 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 March 31, 2026, were assumed to have been acquired or disposed for all periods presented. Properties excluded from the same-center pool that would otherwise meet these criteria are categorized as excluded properties. We exclude properties which are under major redevelopment or are being considered for repositioning, and where we are working or intend to work with the lender on a restructure of the terms of the loan secured by the property or convey the secured property to the lender (“Excluded Properties”).

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.

 

19

 

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)

 

 

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

CONSOLIDATED UNENCUMBERED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dakota Square Mall

 

Minot, ND

 

 

 

 

 

 

 

 

 

 

 

 

Meridian Mall

 

Lansing, MI

 

 

 

 

 

 

 

 

 

 

 

 

Mid Rivers Mall

 

St. Peters, MO

 

 

 

 

 

 

 

 

 

 

 

 

Northgate Mall

 

Chattanooga, TN

 

 

 

 

 

 

 

 

 

 

 

 

Northpark Mall

 

Joplin, MO

 

 

 

 

 

 

 

 

 

 

 

 

Parkway Place

 

Huntsville, AL

 

 

 

 

 

 

 

 

 

 

 

 

South County Center

 

St. Louis, MO

 

 

 

 

 

 

 

 

 

 

 

 

St. Clair Square

 

Fairview Heights, IL

 

 

 

 

 

 

 

 

 

 

 

 

Stroud Mall

 

Stroudsburg, PA

 

 

 

 

 

 

 

 

 

 

 

 

Total Malls

 

 

 

$

343

 

 

$

326

 

 

 

80.7

%

 

 

83.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outparcels and Other

 

 

 

N/A

 

 

N/A

 

 

 

92.7

%

 

 

89.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated Unencumbered

 

 

 

$

343

 

 

$

326

 

 

 

81.8

%

 

 

84.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JOINT VENTURE ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coastal Grand Mall

 

Myrtle Beach, SC

 

 

 

 

 

 

 

 

 

 

 

 

Governor's Square

 

Clarksville, TN

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Oaks Mall

 

Paducah, KY

 

 

 

 

 

 

 

 

 

 

 

 

Total Malls

 

 

 

$

392

 

 

$

381

 

 

 

90.2

%

 

 

85.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

$

488

 

 

$

475

 

 

 

92.5

%

 

 

94.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lifestyle Centers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Friendly Center and The Shops at Friendly

 

Greensboro, NC

 

$

657

 

 

$

599

 

 

 

96.1

%

 

 

89.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Open-Air Centers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ambassador Town Center

 

Lafayette, LA

 

 

 

 

 

 

 

 

 

 

 

 

Coastal Grand Crossing

 

Myrtle Beach, SC

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

97.6

%

 

 

94.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Joint Venture Assets

 

 

 

$

496

 

 

$

473

 

 

 

94.5

%

 

 

91.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED ENCUMBERED ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CherryVale Mall

 

Rockford, IL

 

 

 

 

 

 

 

 

 

 

 

 

CoolSprings Galleria

 

Nashville, TN

 

 

 

 

 

 

 

 

 

 

 

 

Cross Creek Mall

 

Fayetteville, NC

 

 

 

 

 

 

 

 

 

 

 

 

East Towne Mall

 

Madison, WI

 

 

 

 

 

 

 

 

 

 

 

 

Fayette Mall

 

Lexington, KY

 

 

 

 

 

 

 

 

 

 

 

 

Frontier Mall

 

Cheyenne, WY

 

 

 

 

 

 

 

 

 

 

 

 

Hamilton Place

 

Chattanooga, TN

 

 

 

 

 

 

 

 

 

 

 

 

Hanes Mall

 

Winston-Salem, NC

 

 

 

 

 

 

 

 

 

 

 

 

Kirkwood Mall

 

Bismarck, ND

 

 

 

 

 

 

 

 

 

 

 

 

Mall del Norte

 

Laredo, TX

 

 

 

 

 

 

 

 

 

 

 

 

Northwoods Mall

 

North Charleston, SC

 

 

 

 

 

 

 

 

 

 

 

 

20

 

Property

 

Location

 

Sales Per Square Foot for the Trailing Twelve Months Ended (1)

 

 

In-Line Occupancy (2)

 

 

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Oak Park Mall

 

Overland Park, KS

 

 

 

 

 

 

 

 

 

 

 

 

Parkdale Mall

 

Beaumont, TX

 

 

 

 

 

 

 

 

 

 

 

 

Post Oak Mall

 

College Station, TX

 

 

 

 

 

 

 

 

 

 

 

 

Richland Mall

 

Waco, TX

 

 

 

 

 

 

 

 

 

 

 

 

Sunrise Mall

 

Brownsville, TX

 

 

 

 

 

 

 

 

 

 

 

 

Turtle Creek Mall

 

Hattiesburg, MS

 

 

 

 

 

 

 

 

 

 

 

 

Valley View Mall

 

Roanoke, VA

 

 

 

 

 

 

 

 

 

 

 

 

Volusia Mall

 

Daytona Beach, FL

 

 

 

 

 

 

 

 

 

 

 

 

West County Center

 

Des Peres, MO

 

 

 

 

 

 

 

 

 

 

 

 

West Towne Mall

 

Madison, WI

 

 

 

 

 

 

 

 

 

 

 

 

Westmoreland Mall

 

Greensburg, PA

 

 

 

 

 

 

 

 

 

 

 

 

Total Malls

 

 

 

$

464

 

 

$

449

 

 

 

90.1

%

 

 

90.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outlet Centers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Outlet Shoppes at Laredo

 

Laredo, TX

 

$

348

 

 

$

332

 

 

 

82.9

%

 

 

84.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lifestyle Centers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mayfaire Town Center

 

Wilmington, NC

 

 

 

 

 

 

 

 

 

 

 

 

Pearland Town Center

 

Pearland, TX

 

 

 

 

 

 

 

 

 

 

 

 

Southaven Towne Center

 

Southaven, MS

 

 

 

 

 

 

 

 

 

 

 

 

Total Lifestyle Centers

 

 

 

$

433

 

 

$

399

 

 

 

89.5

%

 

 

91.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Open-Air Centers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alamance Crossing West

 

Burlington, NC

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

West Towne Crossing

 

Madison, WI

 

 

 

 

 

 

 

 

 

 

 

 

WestGate Crossing

 

Spartanburg, SC

 

 

 

 

 

 

 

 

 

 

 

 

Westmoreland Crossing

 

Greensburg, PA

 

 

 

 

 

 

 

 

 

 

 

 

Total Open-Air Centers

 

 

 

N/A

 

 

N/A

 

 

 

94.0

%

 

 

95.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outparcels

 

 

 

N/A

 

 

N/A

 

 

 

95.6

%

 

 

96.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated Encumbered Assets

 

 

 

$

457

 

 

$

440

 

 

 

90.9

%

 

 

91.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Same-Center Portfolio

 

 

 

$

453

 

 

$

433

 

 

 

90.5

%

 

 

90.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACQUIRED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ashland Town Center (3)

 

Ashland, KY

 

 

 

 

 

 

 

 

 

 

 

 

Gateway Mall (4)

 

Lincoln, NE

 

 

 

 

 

 

 

 

 

 

 

 

Mesa Mall (3)

 

Grand Junction, CO

 

 

 

 

 

 

 

 

 

 

 

 

Paddock Mall (3)

 

Ocala, FL

 

 

 

 

 

 

 

 

 

 

 

 

Southgate Mall (3)

 

Missoula, MT

 

 

 

 

 

 

 

 

 

 

 

 

Total Acquired Properties

 

 

 

$

424

 

 

$

416

 

 

 

90.1

%

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Portfolio

 

 

 

$

451

 

 

$

432

 

 

 

90.5

%

 

 

90.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXCLUDED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arbor Place

 

Atlanta (Douglasville), GA

 

 

 

 

 

 

 

 

 

 

 

 

Brookfield Square

 

Brookfield, WI

 

 

 

 

 

 

 

 

 

 

 

 

Eastland Mall

 

Bloomington, IL

 

 

 

 

 

 

 

 

 

 

 

 

Harford Mall

 

Bel Air, MD

 

 

 

 

 

 

 

 

 

 

 

 

Jefferson Mall

 

Louisville, KY

 

 

 

 

 

 

 

 

 

 

 

 

21

 

Property

 

Location

 

Sales Per Square Foot for the Trailing Twelve Months Ended (1)

 

 

In-Line Occupancy (2)

 

 

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Laurel Park Place

 

Livonia, MI

 

 

 

 

 

 

 

 

 

 

 

 

Old Hickory Mall

 

Jackson, TN

 

 

 

 

 

 

 

 

 

 

 

 

The Outlet Shoppes at Gettysburg

 

Gettysburg, PA

 

 

 

 

 

 

 

 

 

 

 

 

Southpark Mall

 

Colonial Heights, VA

 

 

 

 

 

 

 

 

 

 

 

 

York Galleria

 

York, PA

 

 

 

 

 

 

 

 

 

 

 

 

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.
(3)
The property is encumbered by the 2032 non-recourse bank loan (consolidated encumbered assets - malls), but has not yet met the same-center criteria. Sales information is included for the prior-year period, but prior-year occupancy information was unavailable.
(4)
The property is encumbered (consolidated encumbered assets - malls), but has not yet met the same-center criteria. Sales information is included for the prior-year period, but prior-year occupancy information was unavailable.

22

 

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

 

Operating Metrics - Three Months Ended March 31, 2026 at CBL Share

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

 

Capital
Expenditures

 

 

Redevelopment

 

 

Unleveraged
Cash Flow

 

 

Interest Expense

 

 

Non-Cash
Interest Expense (1)

 

 

Amortization

 

 

Cash Flow

 

CONSOLIDATED UNENCUMBERED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls

$

8,956

 

 

$

(853

)

 

$

-

 

 

$

8,103

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

8,103

 

Outlet Centers

 

(7

)

 

 

-

 

 

 

-

 

 

 

(7

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7

)

Outparcels

 

184

 

 

 

-

 

 

 

-

 

 

 

184

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

184

 

Other

 

545

 

 

 

(423

)

 

 

-

 

 

 

122

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

122

 

Term Loan Debt Service (2)

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(159

)

 

 

2

 

 

 

(242

)

 

 

(399

)

Total Consolidated Unencumbered

 

9,678

 

 

 

(1,276

)

 

 

-

 

 

 

8,402

 

 

 

(159

)

 

 

2

 

 

 

(242

)

 

 

8,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JOINT VENTURE ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls

 

3,747

 

 

 

(296

)

 

 

-

 

 

 

3,451

 

 

 

(605

)

 

 

45

 

 

 

(1,379

)

 

 

1,512

 

Outlet Centers

 

4,482

 

 

 

(961

)

 

 

-

 

 

 

3,521

 

 

 

(1,957

)

 

 

35

 

 

 

(309

)

 

 

1,290

 

Lifestyle Centers

 

3,345

 

 

 

(317

)

 

 

-

 

 

 

3,028

 

 

 

(1,187

)

 

 

41

 

 

 

(301

)

 

 

1,581

 

Open-Air Centers

 

3,925

 

 

 

(293

)

 

 

-

 

 

 

3,632

 

 

 

(2,135

)

 

 

40

 

 

 

(497

)

 

 

1,040

 

Outparcels

 

67

 

 

 

-

 

 

 

-

 

 

 

67

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

67

 

Other

 

55

 

 

 

(21

)

 

 

-

 

 

 

34

 

 

 

(134

)

 

 

-

 

 

 

(1,816

)

 

 

(1,916

)

Total Joint Venture Assets

 

15,621

 

 

 

(1,888

)

 

 

-

 

 

 

13,733

 

 

 

(6,018

)

 

 

161

 

 

 

(4,302

)

 

 

3,574

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED ENCUMBERED ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls

 

52,898

 

 

 

(5,962

)

 

 

-

 

 

 

46,936

 

 

 

(19,022

)

 

 

6,175

 

 

 

(8,782

)

 

 

25,307

 

Outlet Centers

 

723

 

 

 

-

 

 

 

-

 

 

 

723

 

 

 

(392

)

 

 

22

 

 

 

(211

)

 

 

142

 

Lifestyle Centers

 

5,730

 

 

 

(607

)

 

 

-

 

 

 

5,123

 

 

 

(178

)

 

 

-

 

 

 

-

 

 

 

4,945

 

Open-Air Centers

 

7,427

 

 

 

(445

)

 

 

-

 

 

 

6,982

 

 

 

(3,934

)

 

 

118

 

 

 

(189

)

 

 

2,977

 

Outparcels

 

4,181

 

 

 

(4

)

 

 

-

 

 

 

4,177

 

 

 

(2,958

)

 

 

91

 

 

 

-

 

 

 

1,310

 

Other

 

298

 

 

 

-

 

 

 

-

 

 

 

298

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

298

 

Term Loan Debt Service (2)

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,189

)

 

 

82

 

 

 

(12,471

)

 

 

(20,578

)

Total Consolidated Encumbered Assets

 

71,257

 

 

 

(7,018

)

 

 

-

 

 

 

64,239

 

 

 

(34,673

)

 

 

6,488

 

 

 

(21,653

)

 

 

14,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Same-Center

 

96,556

 

 

 

(10,182

)

 

 

-

 

 

 

86,374

 

 

 

(40,850

)

 

 

6,651

 

 

 

(26,197

)

 

 

25,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Not same-center

 

11,929

 

 

 

(288

)

 

 

-

 

 

 

11,641

 

 

 

(4,562

)

 

 

742

 

 

 

(1,598

)

 

 

6,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Portfolio

$

108,485

 

 

$

(10,470

)

 

$

-

 

 

$

98,015

 

 

$

(45,412

)

 

$

7,393

 

 

$

(27,795

)

 

$

32,201

 
(1)
Non-cash interest expense consists of the accretion of debt discounts, amortization of deferred financing costs and default interest.
(2)
Properties that were previously encumbered by the secured term loan are now primarily encumbered by the secured mall loan due 2031 and the secured lifestyle centers loan due 2032, but one property is now unencumbered.

23

 

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

 

Operating Metrics - Three Months Ended March 31, 2025 at CBL Share

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

 

Capital
Expenditures

 

 

Redevelopment

 

 

Unleveraged
Cash Flow

 

 

Interest Expense

 

 

Non-Cash
Interest Expense (1)

 

 

Amortization

 

 

Cash Flow

 

CONSOLIDATED UNENCUMBERED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls

$

9,272

 

 

$

(1,312

)

 

$

-

 

 

$

7,960

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

7,960

 

Outlet Centers

 

(7

)

 

 

-

 

 

 

-

 

 

 

(7

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7

)

Outparcels

 

193

 

 

 

-

 

 

 

-

 

 

 

193

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

193

 

Other

 

523

 

 

 

(174

)

 

 

-

 

 

 

349

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

349

 

Term Loan Debt Service (2)

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(236

)

 

 

2

 

 

 

(210

)

 

 

(444

)

Total Consolidated Unencumbered

 

9,981

 

 

 

(1,486

)

 

 

-

 

 

 

8,495

 

 

 

(236

)

 

 

2

 

 

 

(210

)

 

 

8,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JOINT VENTURE ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls

 

3,800

 

 

 

(1,608

)

 

 

-

 

 

 

2,192

 

 

 

(894

)

 

 

350

 

 

 

(529

)

 

 

1,119

 

Outlet Centers

 

4,537

 

 

 

-

 

 

 

-

 

 

 

4,537

 

 

 

(1,982

)

 

 

35

 

 

 

(292

)

 

 

2,298

 

Lifestyle Centers

 

3,161

 

 

 

(103

)

 

 

(253

)

 

 

2,805

 

 

 

(1,205

)

 

 

41

 

 

 

(283

)

 

 

1,358

 

Open-Air Centers

 

3,872

 

 

 

(409

)

 

 

-

 

 

 

3,463

 

 

 

(2,292

)

 

 

69

 

 

 

(1,067

)

 

 

173

 

Outparcels

 

58

 

 

 

-

 

 

 

-

 

 

 

58

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

58

 

Other

 

129

 

 

 

(11

)

 

 

-

 

 

 

118

 

 

 

(133

)

 

 

-

 

 

 

(1,594

)

 

 

(1,609

)

Total Joint Venture Assets

 

15,557

 

 

 

(2,131

)

 

 

(253

)

 

 

13,173

 

 

 

(6,506

)

 

 

495

 

 

 

(3,765

)

 

 

3,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED ENCUMBERED ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls

 

51,457

 

 

 

(5,375

)

 

 

-

 

 

 

46,082

 

 

 

(18,093

)

 

 

6,639

 

 

 

(10,481

)

 

 

24,147

 

Outlet Centers

 

641

 

 

 

-

 

 

 

-

 

 

 

641

 

 

 

(430

)

 

 

18

 

 

 

(195

)

 

 

34

 

Lifestyle Centers

 

5,394

 

 

 

(2,668

)

 

 

-

 

 

 

2,726

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,726

 

Open-Air Centers

 

7,102

 

 

 

(143

)

 

 

-

 

 

 

6,959

 

 

 

(4,014

)

 

 

263

 

 

 

-

 

 

 

3,208

 

Outparcels

 

4,178

 

 

 

(42

)

 

 

-

 

 

 

4,136

 

 

 

(3,099

)

 

 

237

 

 

 

-

 

 

 

1,274

 

Other

 

247

 

 

 

-

 

 

 

-

 

 

 

247

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

247

 

Term Loan Debt Service (2)

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(12,148

)

 

 

96

 

 

 

(10,802

)

 

 

(22,854

)

Total Consolidated Encumbered Assets

 

69,019

 

 

 

(8,228

)

 

 

-

 

 

 

60,791

 

 

 

(37,784

)

 

 

7,253

 

 

 

(21,478

)

 

 

8,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Same-Center

 

94,557

 

 

 

(11,845

)

 

 

(253

)

 

 

82,459

 

 

 

(44,526

)

 

 

7,750

 

 

 

(25,453

)

 

 

20,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Not same-center

 

11,790

 

 

 

(886

)

 

 

(1,405

)

 

 

9,499

 

 

 

(5,650

)

 

 

2,654

 

 

 

(2,548

)

 

 

3,955

 

Term Loan Debt Service (2)

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(275

)

 

 

2

 

 

 

(238

)

 

 

(511

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Portfolio

$

106,347

 

 

$

(12,731

)

 

$

(1,658

)

 

$

91,958

 

 

$

(50,451

)

 

$

10,406

 

 

$

(28,239

)

 

$

23,674

 
(1)
Non-cash interest expense consists of the accretion of debt discounts, amortization of deferred financing costs and default interest.
(2)
Properties that were previously encumbered by the secured term loan are now primarily encumbered by the secured mall loan due 2031 and the secured lifestyle centers loan due 2032, but one property was sold and one property is now unencumbered.

 

 

 

 

 

 

24

 

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

 

 

% Change
Average

 

Three Months Ended March 31, 2026:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Property Types (1)

 

 

371,680

 

 

$

43.39

 

 

$

44.72

 

 

 

3.1

%

 

$

45.88

 

 

 

5.7

%

Malls, Lifestyle Centers & Outlet Centers (2)

 

 

363,845

 

 

 

43.45

 

 

 

44.72

 

 

 

2.9

%

 

 

45.87

 

 

 

5.6

%

New leases (2)

 

 

42,803

 

 

 

33.73

 

 

 

49.56

 

 

 

46.9

%

 

 

52.44

 

 

 

55.5

%

Renewal leases (2)

 

 

321,042

 

 

 

44.75

 

 

 

44.08

 

 

 

(1.5

)%

 

 

44.99

 

 

 

0.5

%

Open-air Centers

 

 

7,835

 

 

 

40.73

 

 

 

44.39

 

 

 

9.0

%

 

 

46.40

 

 

 

13.9

%
(1)
Includes malls, lifestyle centers, outlet centers, open-air centers and other.
(2)
The change is primarily driven by malls.

Total Leasing Activity:

 

 

 

 

Average Annual Base Rents Per Square Foot (1) By Property Type For Small Shop Space Less Than 10,000 Square Feet:

 

 

 

Square Feet

 

 

 

 

Three Months Ended March 31, 2026:

 

 

 

 

 

 

 

 

 

 

 

Operating portfolio:

 

 

 

 

 

 

As of March 31,

 

 

As of March 31,

 

New leases

 

 

151,266

 

 

 

 

2026

 

 

2025

 

Renewal leases

 

 

431,245

 

 

Same-center Malls, Lifestyle & Outlet Centers

 

$

32.01

 

 

$

32.12

 

Development portfolio:

 

 

 

 

Total Malls

 

 

31.72

 

 

 

31.72

 

New leases

 

 

—

 

 

Total Lifestyle Centers

 

 

32.77

 

 

 

32.23

 

Total leased

 

 

582,511

 

 

Total Outlet Centers

 

 

32.75

 

 

 

30.20

 

 

 

 

 

 

Total Malls, Lifestyle & Outlet Centers

 

 

31.95

 

 

 

31.58

 

 

 

 

 

 

Open-Air Centers

 

 

16.27

 

 

 

16.31

 

 

 

 

 

 

Other

 

 

21.32

 

 

 

20.98

 
(1)
Average annual base rents per square foot are based on contractual rents in effect as of March 31, 2026, including the impact of any rent concessions. Average base rents for open-air centers and office buildings include all leased space, regardless of size.

25

 

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 Three Months Ended March 31, 2026 Based 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 2026:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New

 

 

56

 

 

 

140,205

 

 

 

7.28

 

 

$

50.12

 

 

$

54.66

 

 

$

35.74

 

 

$

14.38

 

 

 

40.2

%

 

$

18.92

 

 

 

52.9

%

Renewal

 

 

431

 

 

 

1,221,007

 

 

 

2.96

 

 

 

43.86

 

 

 

44.73

 

 

 

43.47

 

 

 

0.39

 

 

 

0.9

%

 

 

1.26

 

 

 

2.9

%

Commencement 2026 Total

 

 

487

 

 

 

1,361,212

 

 

 

3.45

 

 

 

44.51

 

 

 

45.75

 

 

 

42.67

 

 

 

1.84

 

 

 

4.3

%

 

 

3.08

 

 

 

7.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commencement 2027:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New

 

 

2

 

 

 

2,333

 

 

 

7.75

 

 

 

141.06

 

 

 

146.80

 

 

 

145.80

 

 

 

(4.74

)

 

 

(3.3

)%

 

 

1.00

 

 

 

0.7

%

Renewal

 

 

44

 

 

 

124,327

 

 

 

3.19

 

 

 

46.77

 

 

 

48.28

 

 

 

45.38

 

 

 

1.39

 

 

 

3.1

%

 

 

2.90

 

 

 

6.4

%

Commencement 2027 Total

 

 

46

 

 

 

126,660

 

 

 

3.39

 

 

 

48.51

 

 

 

50.10

 

 

 

47.23

 

 

 

1.28

 

 

 

2.7

%

 

 

2.87

 

 

 

6.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2026/2027

 

 

533

 

 

 

1,487,872

 

 

 

3.45

 

 

$

44.85

 

 

$

46.13

 

 

$

43.07

 

 

$

1.78

 

 

 

4.1

%

 

$

3.06

 

 

 

7.1

%

 

26

 

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 Group, PLC (2)

 

 

104

 

 

 

152,819

 

 

 

2.62

%

2

 

Victoria's Secret & Co.

 

 

45

 

 

 

370,690

 

 

 

2.58

%

3

 

American Eagle Outfitters, Inc.

 

 

58

 

 

 

355,667

 

 

 

2.53

%

4

 

Dick's Sporting Goods, Inc. (3)

 

 

22

 

 

 

1,432,702

 

 

 

2.17

%

5

 

Pentland Group (4)

 

 

60

 

 

 

348,975

 

 

 

2.16

%

6

 

Foot Locker, Inc.

 

 

55

 

 

 

283,935

 

 

 

2.02

%

7

 

Bath & Body Works, Inc.

 

 

53

 

 

 

224,803

 

 

 

1.76

%

8

 

Genesco Inc. (5)

 

 

68

 

 

 

136,007

 

 

 

1.46

%

9

 

Knitwell Group

 

 

78

 

 

 

349,869

 

 

 

1.45

%

10

 

The Buckle, Inc.

 

 

35

 

 

 

183,384

 

 

 

1.29

%

11

 

Catalyst Brands

 

 

65

 

 

 

3,107,036

 

 

 

1.27

%

12

 

Luxottica Group S.P.A. (6)

 

 

68

 

 

 

147,303

 

 

 

1.17

%

13

 

The Gap Inc.

 

 

39

 

 

 

476,244

 

 

 

1.15

%

14

 

Sycamore Partners

 

 

88

 

 

 

305,830

 

 

 

1.07

%

15

 

Cinemark Corp.

 

 

7

 

 

 

354,786

 

 

 

1.05

%

16

 

Abercombie & Fitch, Co.

 

 

28

 

 

 

190,727

 

 

 

1.03

%

17

 

Barnes & Noble Booksellers, Inc.

 

 

18

 

 

 

473,262

 

 

 

0.98

%

18

 

The TJX Companies, Inc. (7)

 

 

18

 

 

 

518,467

 

 

 

0.91

%

19

 

Ames Watson, LLC (8)

 

 

92

 

 

 

117,260

 

 

 

0.87

%

20

 

H & M Hennes & Mauritz AB

 

 

33

 

 

 

698,112

 

 

 

0.86

%

21

 

Spencer Spirit Holdings, Inc.

 

 

43

 

 

 

99,726

 

 

 

0.81

%

22

 

Ulta Salon, Cosmetics & Fragrance, Inc.

 

 

23

 

 

 

235,053

 

 

 

0.78

%

23

 

GoTo Foods (9)

 

 

59

 

 

 

40,856

 

 

 

0.75

%

24

 

Shoe Show, Inc.

 

 

25

 

 

 

317,408

 

 

 

0.75

%

25

 

Darden Restaurants, Inc.

 

 

32

 

 

 

218,701

 

 

 

0.61

%

 

 

 

 

 

1,216

 

 

 

11,139,622

 

 

 

34.10

%
(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 Group, PLC. 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, Banter by Piercing Pagoda and Piercing Pagoda.
(3)
Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream. Includes a former Sears lease acquired by Dick's Sporting Goods, Inc. for future redevelopment.
(4)
Pentland Group is formerly known as Finish Line, Inc. and operates Finish Line, City Gear, Hibbett Sports, JD Sports and Shoe Palace.
(5)
Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse.
(6)
Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut.
(7)
The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post.
(8)
Ames Watson, LLC operates Lids, Lid's Locker Room and Claire's.
(9)
GoTo Foods operates Cinnabon, Auntie Anne's, Moe's Southwest Grill, McAlister's Deli and Jamba.

Capital Expenditures

(In thousands)

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Tenant allowances (1)

 

$

4,578

 

 

$

6,543

 

Maintenance capital expenditures: (2)

 

 

 

 

 

 

Parking lot and parking lot lighting

 

 

352

 

 

 

997

 

Roof replacements

 

 

76

 

 

 

1,276

 

Other capital expenditures

 

 

5,465

 

 

 

3,915

 

Total maintenance capital expenditures

 

 

5,893

 

 

 

6,188

 

Total capital expenditures

 

$

10,471

 

 

$

12,731

 
(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.

 

27

Source: View Original Filing on SEC EDGAR

FAQ

How did CBL (CBL) perform financially in the first quarter of 2026?

CBL posted much stronger results, with diluted EPS of $1.48 versus $0.27 a year earlier. Funds From Operations per diluted share reached $2.78, and FFO, as adjusted, per share rose 15% to $1.73, reflecting higher rental revenues and cost control.

What were CBL (CBL) key operating metrics like NOI, occupancy, and tenant sales?

Same-center NOI increased 2.1% to $96.6 million in Q1 2026. Portfolio occupancy reached 90.5%, up from 90.0% at year-end 2025. Same-center tenant sales per square foot for the trailing 12 months rose 4.6% to $453, underscoring improving property-level performance.

How did CBL (CBL) change its dividend in 2026 and what does it pay now?

On May 7, 2026, CBL’s board approved a quarterly cash dividend of $0.625 per common share, a 39% increase over the prior regular rate. This equates to an annualized dividend of $2.50 per share, reflecting management’s confidence in post-refinancing cash flows.

What major financing transactions did CBL (CBL) complete year-to-date 2026?

CBL completed $777.5 million of financing activity, including refinancing its $634.0 million term loan with a $425.0 million secured mall loan and a $176.1 million floating-rate bank loan. Management expects these transactions to add more than $30 million in annual free cash flow.

What is CBL (CBL) 2026 guidance for FFO and same-center NOI?

For 2026, CBL guides to FFO, as adjusted, of $219.0–$223.0 million, or $7.06–$7.19 per share, and same-center NOI of $401.0–$406.0 million. That implies full-year same-center NOI change between (0.5)% and 1.25% compared with the prior year.

What strategic property transactions did CBL (CBL) complete in early 2026?

In March 2026, CBL acquired Gateway Mall in Lincoln, NE for $43.5 million, financed partly with a $21.0 million non-recourse, five-year loan at 6.46%. The equity portion is expected to be match funded with proceeds from selling an open-air center at roughly an 8% cap rate.

How strong is CBL (CBL) liquidity and debt profile after recent actions?

As of March 31, 2026 CBL held $305.5 million of unrestricted cash and marketable securities, including joint venture cash. The company’s share of consolidated, unconsolidated and other debt totaled about $2.49 billion net, with a weighted-average interest rate of 6.17%.

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