CBL Properties (NYSE: CBL) grows Q2 earnings and raises 2026 FFO guidance

Q: How did CBL (CBL) perform financially in Q2 2026?

CBL reported diluted EPS of $1.47 in Q2 2026, up from $0.08 a year earlier. FFO per diluted share was $1.93 , compared with $1.48, and FFO, as adjusted, was $1.89 versus $1.86, reflecting stronger operating and transaction results.

Q: What were CBL (CBL) FFO and FFO, as adjusted, for the first half of 2026?

For the six months ended June 30, 2026, CBL generated FFO of $4.71 per diluted share , up from $2.61. FFO, as adjusted, was $3.62 per share , compared with $3.37 in the prior‑year period, showing improved cash‑flow based performance.

Q: How are occupancy and sales trends for CBL (CBL) as of Q2 2026?

Total portfolio occupancy was 90.4% at June 30, 2026, up from 88.8% a year earlier. Same‑center tenant sales per square foot for the trailing 12 months reached $455 , a 3.9% increase, while same‑center NOI grew 1.5% in Q2.

Q: What dividend did CBL (CBL) declare for Q3 2026?

CBL’s board approved a $0.625 per common share cash dividend for the quarter ending September 30, 2026. This equates to an annualized dividend of $2.50 per share , payable September 30, 2026, to shareholders of record on September 15, 2026.

Q: What guidance did CBL (CBL) provide for full‑year 2026?

CBL now expects 2026 FFO, as adjusted, of $7.15–$7.25 per share , based on $221.7–$224.7 million FFO, as adjusted. Management anticipates same‑center NOI of $389.2–$395.0 million , implying a 0.0%–1.5% change versus the prior year.

Q: How strong is CBL (CBL)’s balance sheet and liquidity after recent refinancing?

As of June 30, 2026, CBL held $322.7 million of unrestricted cash and marketable securities. The company completed $925.1 million of financing year‑to‑date, refinanced a $634.0 million term loan, reduced pro rata debt by $65.4 million , and increased annual free cash flow by over $30 million .

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

CBL Properties reported substantially stronger Q2 2026 results. Diluted EPS attributable to common shareholders was $1.47, up from $0.08 a year earlier, helped by gains on property sales and deconsolidations. Funds From Operations (FFO) per diluted share rose to $1.93 from $1.48, and FFO, as adjusted, was $1.89 versus $1.86.

Same-center NOI increased 1.5% for Q2 and 2.2% year-to-date, driven by higher occupancy and rent escalations. Portfolio occupancy reached 90.4%, up 160 bps year over year, while trailing 12‑month same-center sales per square foot rose to $455. Leasing demand remained strong with nearly 1.3 million square feet of leases signed and comparable rents up 8.8%.

Liquidity was solid, with $322.7 million of unrestricted cash and marketable securities as of June 30, 2026. Year‑to‑date financing activity of $925.1 million, including refinancing a $634.0 million term loan, reduced near‑term maturities and increased estimated annual free cash flow by more than $30 million. The board declared a quarterly dividend of $0.625 per share, and management raised full‑year 2026 FFO, as adjusted, guidance to $7.15–$7.25 per share with expected same‑center NOI change of 0.0%–1.5%.

Positive

Diluted EPS jumped to $1.47 in Q2 2026 from $0.08 a year earlier, with FFO per share up to $1.93 and FFO, as adjusted, to $1.89, reflecting materially improved profitability.
Full‑year 2026 guidance was raised, with FFO, as adjusted, now expected at $7.15–$7.25 per share and same‑center NOI projected to be flat to +1.5%, signaling confidence in operating trends.
$925.1 million of refinancing activity year‑to‑date, including a $634.0 million term‑loan refi, reduced near‑term maturity risk, cut pro rata debt by $65.4 million, and unlocked more than $38 million of previously restricted cash flow.

Negative

None.

Insights

Analyzing...

8-K Event Classification

2 items: 2.02, 9.01

2 items

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.

Key Figures

Q2 2026 diluted EPS: $1.47 per share Q2 2026 FFO per diluted share: $1.93 per share Q2 2026 FFO, as adjusted, per share: $1.89 per share +5 more

8 metrics

Q2 2026 diluted EPS $1.47 per share Net income attributable to common shareholders for the three months ended June 30, 2026

Q2 2026 FFO per diluted share $1.93 per share Funds From Operations for the three months ended June 30, 2026

Q2 2026 FFO, as adjusted, per share $1.89 per share FFO, as adjusted, for the three months ended June 30, 2026

Same-center NOI growth 1.5% Q2; 2.2% six months Year-over-year percentage change in same-center NOI for Q2 and first half of 2026

Portfolio occupancy 90.4% Total portfolio occupancy as of June 30, 2026, up from 88.8% a year earlier

Same-center sales per square foot $455 Trailing 12-month sales per square foot for malls, lifestyle and outlet centers as of June 30, 2026

Unrestricted cash and marketable securities $322.7 million Including CBL's share of joint venture cash as of June 30, 2026

2026 FFO, as adjusted, guidance $7.15–$7.25 per share Company outlook for full-year 2026 FFO, as adjusted, per diluted, fully converted common share

Key Terms

Funds From Operations, same-center Net Operating Income, EBITDAre, non-recourse loan, +1 more

5 terms

Funds From Operations financial

"Funds from Operations ("FFO") | | $ | 1.93"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

same-center Net Operating Income financial

"Same-center Net Operating Income ("NOI") (1)"

EBITDAre financial

"EBITDA for real estate ("EBITDAre") is a non-GAAP financial measure"

EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.

non-recourse loan financial

"a new $97.5 million, five‑year non-recourse CMBS loan with a fixed interest rate"

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 and The Outlet Shoppes at Gettysburg 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.

Earnings Snapshot

Diluted EPS: $1.47 Q2 2026 · Guidance included

Three and six months ended June 30, 2026

Diluted EPS $1.47 Q2 2026 up from $0.08 in Q2 2025

FFO per diluted share $1.93 Q2 2026 up from $1.48 in Q2 2025

FFO, as adjusted, per diluted share $1.89 Q2 2026 up from $1.86 in Q2 2025

Six-month FFO per diluted share $4.71 H1 2026 up from $2.61 in H1 2025

Six-month FFO, as adjusted, per share $3.62 H1 2026 up from $3.37 in H1 2025

Same-center NOI growth 1.5% Q2; 2.2% six months positive versus prior-year periods

Portfolio occupancy 90.4% at June 30, 2026 up from 88.8% at June 30, 2025

2026 FFO, as adjusted, guidance $7.15–$7.25 per share range raised and tightened versus prior outlook

Quarterly dividend $0.625 per common share equates to $2.50 annualized

Guidance

For 2026, management expects FFO, as adjusted, of $221.7–$224.7 million, or $7.15–$7.25 per diluted, fully converted share, and same-center NOI of $389.2–$395.0 million, implying a 0.0%–1.5% year-over-year change. Estimated 2026 capital items total $118.0–$138.0 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 08/07/2026 - 09:39 AM Accepted by SEC EDGAR 08/07/2026 - 09:38 AM

FAQ

How did CBL (CBL) perform financially in Q2 2026?

CBL reported diluted EPS of $1.47 in Q2 2026, up from $0.08 a year earlier. FFO per diluted share was $1.93, compared with $1.48, and FFO, as adjusted, was $1.89 versus $1.86, reflecting stronger operating and transaction results.

What were CBL (CBL) FFO and FFO, as adjusted, for the first half of 2026?

For the six months ended June 30, 2026, CBL generated FFO of $4.71 per diluted share, up from $2.61. FFO, as adjusted, was $3.62 per share, compared with $3.37 in the prior‑year period, showing improved cash‑flow based performance.

How are occupancy and sales trends for CBL (CBL) as of Q2 2026?

Total portfolio occupancy was 90.4% at June 30, 2026, up from 88.8% a year earlier. Same‑center tenant sales per square foot for the trailing 12 months reached $455, a 3.9% increase, while same‑center NOI grew 1.5% in Q2.

What dividend did CBL (CBL) declare for Q3 2026?

CBL’s board approved a $0.625 per common share cash dividend for the quarter ending September 30, 2026. This equates to an annualized dividend of $2.50 per share, payable September 30, 2026, to shareholders of record on September 15, 2026.

What guidance did CBL (CBL) provide for full‑year 2026?

CBL now expects 2026 FFO, as adjusted, of $7.15–$7.25 per share, based on $221.7–$224.7 million FFO, as adjusted. Management anticipates same‑center NOI of $389.2–$395.0 million, implying a 0.0%–1.5% change versus the prior year.

How strong is CBL (CBL)’s balance sheet and liquidity after recent refinancing?

As of June 30, 2026, CBL held $322.7 million of unrestricted cash and marketable securities. The company completed $925.1 million of financing year‑to‑date, refinanced a $634.0 million term loan, reduced pro rata debt by $65.4 million, and increased annual free cash flow by over $30 million.

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): August 06, 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 August 6, 2026, CBL & Associates Properties, Inc. (the "Company") reported its results for the second quarter ended June 30, 2026. The Company's earnings release and supplemental financial and operating information for the second quarter ended June 30, 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 August 6, 2026, and Supplemental Financial and Operating Information - For the Three and Six Months Ended June 30, 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:	August 7, 2026	By:	/s/ Benjamin W. Jaenicke
			Benjamin W. Jaenicke Executive Vice President - Chief Financial Officer and Treasurer

Exhibit 99.1

Earnings Release and

Supplemental Financial and Operating Information

For the Three and Six Months Ended

June 30, 2026

Earnings Release and Supplemental Financial and Operating Information

Table of Contents


		Page

Earnings Release		1

Consolidated Statements of Operations		8

Reconciliations of Supplementary Non-GAAP Financial Measures:

Funds from Operations (FFO)		9

Same-center Net Operating Income (NOI)		11

Share of Consolidated and Unconsolidated Debt		13

Consolidated Balance Sheets		14

Condensed Combined Financial Statements - Unconsolidated Affiliates		15

Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash Flows		16

Components of Rental Revenues		17

Schedule of Mortgage and Other Indebtedness		18

Schedule of Maturities		20

Property List		22

Operating Metrics by Collateral Pool		25

Leasing Activity and Average Annual Base Rents		27

Top 25 Tenants Based on Percentage of Total Annualized Revenues		29

Capital Expenditures		29

     
News Release

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

CBL PROPERTIES REPORTS RESULTS FOR SECOND QUARTER 2026

Q2 2026 Results Reflect Higher Occupancy, Positive Lease Spreads, Same-Center NOI Growth;
Full-Year FFO and SC NOI Guidance Increased

CHATTANOOGA, Tenn. (August 6, 2026) – CBL Properties (NYSE: CBL) announced results for the second quarter ended June 30, 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income attributable to common shareholders	$	1.47	$	0.08	$	2.95	$	0.35
Funds from Operations ("FFO")	$	1.93	$	1.48	$	4.71	$	2.61
FFO, as adjusted (1)	$	1.89	$	1.86	$	3.62	$	3.37

(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 9 of this news release.

KEY TAKEAWAYS:

•

Same-center NOI for Q2 2026 and the six months ended June 30, 2026, increased 1.5% and 2.2%, respectively, compared with the prior-year periods. FFO, as adjusted, per share for Q2 2026 was $1.89, compared with $1.86 per share for the prior-year period. FFO, as adjusted, per share for the six months ended June 30, 2026, was $3.62 compared with $3.37 per share for the prior-year period. Results for the quarter contributed to an increase in full-year 2026 guidance (see Outlook and Guidance).

•

Leasing volume during the second quarter 2026 was robust, with nearly 1.3 million square feet of leases signed, including approximately 585,000 square feet of comparable new and renewal leases signed at an 8.8% increase in average rents versus the prior rents.

•

Same-center tenant sales per square foot for the second quarter 2026 increased approximately 2.2% as compared with the prior-year period. Same-center tenant sales per square foot for the rolling 12-months ended June 30, 2026, of $455, increased 3.9% as compared with the prior-year period.

•

Portfolio occupancy was 90.4% as of June 30, 2026, an increase of 160 bps from portfolio occupancy of 88.8% as of June 30, 2025. Bankruptcy-related store closures, representing approximately 76,000 square feet, negatively impacted mall occupancy by nearly 54 basis points compared with the prior-year period.

•

As of June 30, 2026, the Company had $322.7 million of unrestricted cash and marketable securities, including CBL's share of joint venture cash of $20.3 million.

•

On August 5, 2026, CBL's Board of Directors approved a dividend of $0.625 per common share for the third quarter of 2026, representing an annual dividend of $2.50 per share.

•

During the quarter, CBL generated gross proceeds from dispositions of nearly $60.0 million at CBL's share, including the sale of Hammock Landing, an open-air center in West Melbourne, FL, and the sale of land to multi-family developers at two properties. The disposition of undeveloped land represents opportunities where CBL has taken advantage of under-utilized parking lots and undeveloped parcels to add density to its market-dominant mall properties and realize the embedded value of land across its portfolio.

“CBL posted excellent second quarter operational and financial results, building on the strong momentum generated in the first quarter," said Stephen D. Lebovitz, Chief Executive Officer of CBL Properties. "The results were highlighted by a 1.5% year-over-year increase in same-center NOI, supported by base rent escalations and higher occupancy levels. Leasing demand across our portfolio remained robust as we continued to diversify our tenant mix with new retail, dining, entertainment and experiential uses. During the quarter, we signed nearly 1.3 million square feet of new and renewal leases, generating more than $8.1 million in additional annual rent. Comparable lease spreads averaged an increase of 8.8%, with new leases achieving rent increases of 35% over prior rents, highlighting the mark-to-market opportunity embedded in our portfolio. Portfolio occupancy ended the quarter at 90.4%, an improvement of 160 basis points from a year ago, as our leasing team successfully executed on both anchor and small-shop merchandising opportunities.

“We have made significant progress transforming our balance sheet through refinancing activity completed year to date, including the refinancing of the $634 million legacy term loan in March. These transactions extended our maturity profile, enhanced annual free cash flow and positioned CBL to invest in value-creating opportunities and increase returns to shareholders. We closed on the sale of Hammock Landing in West Melbourne, Florida, at an 8% cap rate, which generated net proceeds to CBL of approximately $26.0 million. In addition, we realized significant value from outparcel and land sales this quarter, generating more than $19 million in proceeds, including sales to two multi-family developers. Our cash balance at the end of the quarter is in excess of $320 million, providing strong liquidity and reserves for additional investment.

"While we are closely watching the impact of macroeconomic factors on our business, we are encouraged by the quality and pace of our leasing pipeline and the progress we are making on the portfolio repositioning strategy that is defining the next chapter of CBL. We were pleased to raise and tighten our full-year guidance range for FFO and NOI, reflecting the strength of our execution through the first half of the year. We remain focused on building further momentum, driving additional operational improvements across the portfolio and creating durable, long-term value for shareholders.”

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


	Three Months Ended June 30,
	2026			2025
Total Revenues	$	144,002		$	142,369
Total Expenses	$	(46,349	)	$	(46,152	)
Total portfolio same-center NOI	$	97,653		$	96,217
Total same-center NOI percentage change		1.5	%

Estimate for uncollectable revenues (recovery)	$	1,240		$	300

(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 second quarter 2026 increased $1.4 million. Rental revenue growth of $1.6 million was driven by improvement in rental revenue from higher occupancy and a $0.4 million increase in percentage rent. Total operating expense during the second quarter increased $0.2 million. The net increase was a result of $1.2 million higher property operating expenses and $0.3 million higher maintenance and repair expense, offset by a $1.3 million favorable impact from real estate taxes. The estimate for uncollectable revenues negatively impacted the quarter by approximately $0.9 million.


	Six Months Ended June 30,
	2026			2025
Total Revenues	$	287,043		$	283,346
Total Expenses	$	(95,268	)	$	(95,700	)
Total portfolio same-center NOI	$	191,775		$	187,646
Total same-center NOI percentage change		2.2	%

Estimate for uncollectable revenues (recovery)	$	2,603		$	1,219

Same-center NOI for the six months ended June 30, 2026, increased $4.1 million. A $1.1 million increase in percentage rents and higher rental revenue from occupancy improvements and contractual rent escalation contributed to the $3.4 million increase in rental revenues. Total operating expense declined $0.4 million during the current period, primarily driven by the $2.7 million improvement in real estate taxes. Property operating expense increased $2.5 million, while maintenance and repair expense declined $0.2 million. The estimate for uncollectable revenues negatively impacted the current period by approximately $1.4 million.

PORTFOLIO OPERATIONAL RESULTS

Occupancy(1):


	As of June 30,
	2026	2025
Total portfolio	90.4%	88.8%
Malls, lifestyle centers and outlet centers:
Total malls	88.3%	86.2%
Total lifestyle centers	92.7%	90.8%
Total outlet centers	91.5%	91.2%
Total same-center malls, lifestyle centers and outlet centers	88.9%	88.9%
Open-air centers	95.0%	93.6%
All Other Properties	94.5%	91.0%

(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 June 30,	Six Months Ended June 30,
	2026	2026
All Property Types	8.8%	7.5%
Stabilized Malls, Lifestyle Centers and Outlet Centers	8.2%	7.1%
New leases	35.7%	41.7%
Renewal leases	3.1%	2.0%
Open-air Centers	18.4%	17.6%

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 June 30,
	2026		2025		% Change
Malls, lifestyle centers and outlet centers same-center sales per square foot	$	455	$	438	3.9%

DIVIDEND

On August 5, 2026, CBL announced a cash dividend of $0.625 per common share for the quarter ending September 30, 2026. The dividend equates to an annual dividend payment of $2.50 per common share. The dividend is payable on September 30, 2026, to shareholders of record as of September 15, 2026.

FINANCING ACTIVITY

Year-to-date, CBL has executed $925.1 million of financing activity, including the March refinancing of its $634.0 million term loan. The completed financings materially strengthened CBL's financial position, reduced near-term maturity risk, and unlocked more than $38 million of previously restricted cash flow. CBL's pro rata share of debt was reduced by $65.4 million compared with the prior period-end. Following these transactions, CBL's limited remaining debt maturities over the next few years are concentrated among some of the Company's highest-quality assets. As a result, CBL's balance sheet is well positioned and provides increased financial flexibility.

Refinancing and Loan Modification Activity

In August, CBL and its joint venture partner closed on the extension and modification of the $30.7 million loan (at 100%) secured by The Outlet Shoppes at Laredo in Laredo, TX. At closing the loan balance was reduced by $850,000 and the maturity extended through the end of November 2026.

In May, CBL closed a $71.9 million non‑recourse loan secured by Hamilton Place in Chattanooga, Tennessee. The five‑year loan bears a fixed interest rate of 6.8% and replaces the property’s existing $85.5 million loan, which was scheduled to mature in June.

CBL also 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.

CBL closed on a modification of the $32.4 million loan secured by Volusia Mall in Daytona Beach, FL, in May, 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.

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 March, 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.

Other Financing Activity

Four loans aggregating approximately $189.6 million (at CBL's share) of non-recourse mortgage debt are in the process of being resolved through lender-directed sale, foreclosure or conveyance. Once complete, these transactions will eliminate the associated debt and simplify CBL’s portfolio and balance sheet.

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.

In May, The Outlet Shoppes at Gettysburg in Gettysburg, PA, was placed into receivership. CBL is cooperating with the lender to facilitate a foreclosure of the asset, which is secured by a $9.7 million non-recourse loan (at CBL's share).

CBL is in discussions with the lenders for Arbor Place Mall in Douglasville, GA ($83.0 million) and Parkdale Mall and Crossing in Beaumont, TX ($48.3 million), and intends to cooperate with the sale, foreclosure or conveyance of the properties in satisfaction of the debt.

TRANSACTION ACTIVITY

Year-to-date, CBL has generated gross sales proceeds at CBL's share of more than $61.4 million.

In May, CBL along with its joint venture partner, closed on the sale of Hammock Landing, a 397,000 square-foot open-air center in West Melbourne, FL, for $78.5 million, including the assumption of the $43.8 million loan. The sales of Hammock Landing at an 8% cap rate, along with the first quarter sale of related infrastructure bonds, generated approximately $26 million of cash proceeds to CBL.

During the quarter, CBL generated approximately $19.2 million in gross proceeds from dispositions of six land parcels and other outparcels including more than 15 acres of available land for multi-family development at two properties: CoolSprings Galleria in Nashville, TN and Harford Mall in Bel Air, MD. The sales are consistent with CBL’s ongoing strategy of unlocking value from underappreciated land and assets that can be redeployed into higher-yielding opportunities.

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 since authorization. No shares were acquired during the second quarter.

OUTLOOK AND GUIDANCE

CBL is providing updated FFO, as adjusted, guidance for 2026 in the range of $7.15 - $7.25 per share. The guidance reflects transaction and financing activity completed year-to-date, including the impact of the Q2 '26 sale of Hammock Landing and a gain on an outparcel sale closed in the second quarter. Management anticipates same-center NOI for full-year 2026 in the range of 0.0% to 1.5%. Parkdale Mall and Crossing have been removed from the same-center pool, reflecting CBL's cooperation with the lender on a sale, foreclosure or conveyance of the property.


	Low			High
2026 Net Income (in millions)
2026 FFO, as adjusted (in millions)	$	221.7		$	224.7
2026 WA Share Count		31.0			31.0
2026 FFO, as adjusted, per share	$	7.15		$	7.25
2026 Same-Center NOI ("SC NOI") (in millions) (1)	$	389.2		$	395.0
2026 change in same-center NOI		0.0	%		1.50	%

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


	Low			High
Expected diluted earnings per common share	$	3.04		$	3.14
Depreciation and amortization		4.97			4.97
Gain on depreciable property		(0.77	)		(0.77	)
Expected FFO, per diluted, fully converted common share		7.24			7.34
Debt discount accretion, net of noncontrolling interests' share		0.60			0.60
Adjustment for unconsolidated affiliates with negative investment		0.59			0.59
Non-cash interest expense		0.05			0.05
Gain on deconsolidation		(1.33	)		(1.33	)
Expected FFO, as adjusted, per diluted, fully converted common share	$	7.15		$	7.25

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


	Low			High
Net income (loss)	$	100.0		$	103.1
Adjustments (1):
Depreciation and amortization		154.3			154.3
Gain on sales of depreciable property		(24.0	)		(24.0	)
Adjustments for unconsolidated affiliates(2)		20.2			20.2
Non-comparable property NOI		(57.9	)		(57.9	)
Other (income) expenses, net(3)		139.7			139.7
Non-property (income) expenses, net(4)		56.9			59.6
Total Same-Center NOI	$	389.2		$	395.0

(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	$	65.0
2026 Estimated development/redevelopment expenditures		5.0		10.0
2026 Estimated principal amortization (including est. term loan ECF)		58.0		63.0
Total Estimate	$	118.0	$	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 19 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 85 properties totaling 54.8 million square feet across 23 states, including 54 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 20 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.

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 9 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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
REVENUES:
Rental revenues	$	142,014		$	136,453		$	283,387		$	273,813
Management, development and leasing fees		1,159			1,357			2,768			2,674
Other		3,306			3,095			6,292			6,186
Total revenues		146,479			140,905			292,447			282,673
EXPENSES:
Property operating		(25,797	)		(23,583	)		(54,030	)		(49,461	)
Depreciation and amortization		(36,283	)		(39,702	)		(74,381	)		(85,243	)
Real estate taxes		(14,055	)		(15,027	)		(28,121	)		(30,758	)
Maintenance and repairs		(10,841	)		(10,372	)		(23,174	)		(23,838	)
General and administrative		(14,782	)		(15,188	)		(33,369	)		(35,895	)
Loss on impairment		—			(1,457	)		—			(1,457	)
Other		—			(30	)		30			(30	)
Total expenses		(101,758	)		(105,359	)		(213,045	)		(226,682	)
OTHER INCOME (EXPENSES):
Interest and other income		3,089			3,164			6,449			6,632
Interest expense		(42,716	)		(43,959	)		(82,615	)		(88,184	)
Loss on extinguishment of debt		—			—			—			(217	)
Gain on deconsolidation		5,925			—			41,259			—
Gain on sales of real estate assets		13,633			1,339			15,035			22,871
Income tax (provision) benefit		(642	)		(369	)		588			102
Equity in earnings of unconsolidated affiliates		22,311			6,437			32,588			13,350
Total other income (expenses), net		1,600			(33,388	)		13,304			(45,446	)
Net income		46,321			2,158			92,706			10,545
Net (income) loss attributable to noncontrolling interests in:
Operating Partnership		(8	)		(2	)		(16	)		(8	)
Other consolidated subsidiaries		131			603			241			1,011
Net income attributable to the Company		46,444			2,759			92,931			11,548
Earnings allocable to unvested restricted stock		(1,086	)		(192	)		(2,170	)		(769	)
Net income attributable to common shareholders	$	45,358		$	2,567		$	90,761		$	10,779
Basic and diluted per share data attributable to common shareholders:
Basic earnings per share	$	1.50		$	0.08		$	3.01		$	0.35
Diluted earnings per share		1.47			0.08			2.95			0.35
Weighted-average basic shares		30,221			30,456			30,203			30,438
Weighted-average diluted shares		30,936			30,742			30,808			30,726

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 June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income attributable to common shareholders	$	45,358		$	2,567		$	90,761		$	10,779
Noncontrolling interest in income of Operating Partnership		8			2			16			8
Earnings allocable to unvested restricted stock		(347	)		(524	)		(1,239	)		(493	)
Depreciation and amortization expense of:
Consolidated properties		36,283			39,702			74,381			85,243
Unconsolidated affiliates		3,111			3,256			6,255			6,688
Non-real estate assets		(227	)		(247	)		(440	)		(494	)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(322	)		(379	)		(675	)		(805	)
Loss on impairment, including our share of unconsolidated affiliates, net of taxes		—			1,078			—			1,078
Gain on depreciable property, net of taxes		(24,013	)		—			(24,013	)		(21,706	)
FFO allocable to Operating Partnership common unitholders		59,851			45,455			145,046			80,298
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1)		5,143			9,197			10,822			18,404
Adjustment for unconsolidated affiliates with negative investment (2)		(1,781	)		2,102			(4,665	)		3,636
Non-cash default interest expense (3)		1,042			517			1,589			880
Gain on deconsolidation (4)		(5,925	)		—			(41,259	)		—
Loss on extinguishment of debt (5)		—			—			—			217
FFO allocable to Operating Partnership common unitholders, as adjusted	$	58,330		$	57,271		$	111,533		$	103,435
FFO per diluted share	$	1.93		$	1.48		$	4.71		$	2.61
FFO, as adjusted, per diluted share	$	1.89		$	1.86		$	3.62		$	3.37
Weighted-average common and potential dilutive common units outstanding		30,941			30,748			30,813			30,731

(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 and six months ended June 30, 2026 and 2025 include default interest on loans past their maturity date.

(4)

During the three months ended June 30, 2026, the Company deconsolidated The Outlet Shoppes at Gettysburg due to a loss of control when the property was placed into receivership in connection with the foreclosure process. During the six months ended June 30, 2026, the Company deconsolidated Jefferson Mall and The Outlet Shoppes at Gettysburg due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.

(5)

During the six months ended June 30, 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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Diluted EPS attributable to common shareholders	$	1.47		$	0.08		$	2.95		$	0.35
Add amounts per share included in FFO:
Earnings allocable to unvested restricted stock		(0.01	)		(0.02	)		(0.04	)		(0.02	)
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		1.25			1.38			2.58			2.95
Loss on impairment, net of taxes		—			0.04			—			0.04
Gain on depreciable property, net of taxes		(0.78	)		—			(0.78	)		(0.71	)
FFO per diluted share	$	1.93		$	1.48		$	4.71		$	2.61


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees	$	93		$	438		$	474		$	1,401

Straight-line rental income adjustment (1)	$	577		$	824		$	990		$	431

Gain on outparcel sales, net of taxes	$	1,813		$	1,954		$	3,146		$	2,720

Net amortization of acquired above- and below-market leases (1)	$	(2,912	)	$	(2,690	)	$	(5,625	)	$	(6,536	)

Income tax (provision) benefit	$	(642	)	$	(369	)	$	588		$	102

Abandoned projects expense	$	—		$	(27	)	$	—		$	(27	)

Interest capitalized	$	111		$	137		$	233		$	250

Estimate of uncollectable revenues	$	(1,331	)	$	(731	)	$	(2,939	)	$	(1,553	)

							As of June 30,
							2026			2025
Straight-line rent receivable							$	26,016		$	23,894

(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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Same-center Net Operating Income

(Dollars in thousands)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income	$	46,321		$	2,158		$	92,706		$	10,545
Adjustments:
Depreciation and amortization		36,283			39,702			74,381			85,243
Depreciation and amortization from unconsolidated affiliates		3,111			3,256			6,255			6,688
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(322	)		(379	)		(675	)		(805	)
Interest expense		42,716			43,959			82,615			88,184
Interest expense from unconsolidated affiliates		6,210			7,401			12,485			14,691
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(691	)		(1,098	)		(1,468	)		(2,112	)
Abandoned projects expense		—			27			—			27
Gain on sales of real estate assets		(13,633	)		(1,339	)		(15,035	)		(22,871	)
Gain on sales of real estate assets of unconsolidated affiliates		(12,224	)		(832	)		(12,130	)		(1,867	)
Adjustment for unconsolidated affiliates with negative investment		(1,781	)		2,102			(4,665	)		3,636
Loss on extinguishment of debt		—			—			—			217
Gain on deconsolidation		(5,925	)		—			(41,259	)		—
Loss on impairment		—			1,457			—			1,457
Income tax provision (benefit)		642			369			(588	)		(102	)
Lease termination fees		(93	)		(438	)		(474	)		(1,401	)
Straight-line rent and above- and below-market lease amortization (1)		2,335			1,866			4,635			6,105
Net loss attributable to noncontrolling interests in other consolidated subsidiaries		131			603			241			1,011
General and administrative expenses		14,782			15,188			33,369			35,895
Management fees and non-property level revenues (1)		(3,467	)		(3,945	)		(7,513	)		(8,137	)
Operating Partnership's share of property NOI (1)		114,395			110,057			222,880			216,404
Non-comparable NOI (1)		(16,742	)		(13,840	)		(31,105	)		(28,758	)
Total same-center NOI (2)	$	97,653		$	96,217		$	191,775		$	187,646
Total same-center NOI percentage change		1.5	%					2.2	%

(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 June 30, 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 June 30, 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 June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Malls	$	66,328		$	66,376	$	130,810		$	129,156
Outlet centers		5,139			4,876		10,337			10,047
Lifestyle centers		10,044			9,168		19,119			17,723
Open-air centers		10,287			10,089		20,308			19,669
Outparcels and other		5,855			5,708		11,201			11,051
Total same-center NOI	$	97,653		$	96,217	$	191,775		$	187,646
Percentage Change:
Malls		(0.1	)%				1.3	%
Outlet centers		5.4	%				2.9	%
Lifestyle centers		9.6	%				7.9	%
Open-air centers		2.0	%				3.2	%
Outparcels and other		2.6	%				1.4	%
Total same-center NOI		1.5	%				2.2	%

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)


	As of June 30, 2026
	Fixed Rate			Variable Rate			Total Debt			Unamortized Deferred Financing Costs			Unamortized Debt Discounts (1)			Total, net
Consolidated debt	$	1,842,642		$	281,760		$	2,124,402		$	(29,708	)	$	(60,683	)	$	2,034,011
Noncontrolling interests' share of consolidated debt		(12,653	)		(10,738	)		(23,391	)		177			—			(23,214	)
Company's share of unconsolidated affiliates' debt		316,655			9,190			325,845			(2,389	)		—			323,456
Other debt (2)		106,636			—			106,636			—			—			106,636
Company's share of consolidated, unconsolidated and other debt	$	2,253,280		$	280,212		$	2,533,492		$	(31,920	)	$	(60,683	)	$	2,440,889
Weighted-average interest rate		6.27	%		7.64	%		6.43	%

	As of June 30, 2025
	Fixed Rate			Variable Rate			Total Debt			Unamortized Deferred Financing Costs			Unamortized Debt Discounts (1)			Total, net
Consolidated debt	$	1,374,192		$	864,270		$	2,238,462		$	(6,619	)	$	(92,067	)	$	2,139,776
Noncontrolling interests' share of consolidated debt		(24,108	)		(11,193	)		(35,301	)		102			873			(34,326	)
Company's share of unconsolidated affiliates' debt		366,041			29,662			395,703			(2,381	)		—			393,322
Company's share of consolidated, unconsolidated and other debt	$	1,716,125		$	882,739		$	2,598,864		$	(8,898	)	$	(91,194	)	$	2,498,772
Weighted-average interest rate		5.16	%		7.43	%		5.93	%

(1)

(2)

Includes the outstanding loan balances of three deconsolidated properties, Jefferson Mall, The Outlet Shoppes at Gettysburg and Southpark Mall, due to a loss of control when the properties were placed into receivership in connection with the foreclosure processes.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Balance Sheets

(Unaudited; in thousands, except share data)


	June 30,			December 31,
	2026			2025
ASSETS
Real estate assets:
Land	$	601,547		$	601,553
Buildings and improvements		1,646,866			1,619,988
		2,248,413			2,221,541
Accumulated depreciation		(389,994	)		(355,900	)
		1,858,419			1,865,641
Developments in progress		9,440			10,533
Net investment in real estate assets		1,867,859			1,876,174
Cash and cash equivalents		101,280			42,287
Restricted cash		101,340			110,665
Available-for-sale securities - at fair value (amortized cost of $201,402 and $292,646 as of June 30, 2026 and December 31, 2025, respectively)		201,169			293,087
Receivables:
Tenant		41,833			46,489
Other		1,692			1,562
Investments in unconsolidated affiliates		81,704			85,941
In-place leases, net		123,808			144,046
Intangible lease assets and other assets		116,533			128,848
	$	2,637,218		$	2,729,099
LIABILITIES AND EQUITY
Mortgage and other indebtedness, net	$	2,034,011		$	2,170,785
Accounts payable and accrued liabilities		180,968			193,640
Total liabilities		2,214,979			2,364,425
Shareholders' equity:
Common stock, $.001 par value, 200,000,000 shares authorized, 30,942,757 and 30,322,052 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (in each case, excluding 34 treasury shares)		31			30
Additional paid-in capital		686,163			687,424
Accumulated other comprehensive (loss) income		(48	)		443
Accumulated deficit		(258,710	)		(312,961	)
Total shareholders' equity		427,436			374,936
Noncontrolling interests		(5,197	)		(10,262	)
Total equity		422,239			364,674
	$	2,637,218		$	2,729,099

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Condensed Combined Financial Statements - Unconsolidated Affiliates

(Unaudited; in thousands)


	June 30, 2026			December 31, 2025
ASSETS:
Investment in real estate assets	$	1,190,238		$	1,255,163
Accumulated depreciation		(558,942	)		(574,364	)
		631,296			680,799
Developments in progress		3,643			1,315
Net investment in real estate assets		634,939			682,114
Other assets		124,244			135,138
Total assets	$	759,183		$	817,252
LIABILITIES:
Mortgage and other indebtedness, net	$	730,242		$	715,013
Other liabilities		31,994			23,468
Total liabilities		762,236			738,481
OWNERS' EQUITY:
The Company		63,836			78,016
Other investors		(66,889	)		755
Total owners' equity		(3,053	)		78,771
Total liabilities and owners’ equity	$	759,183		$	817,252


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Total revenues	$	47,008		$	43,636		$	92,701		$	88,838
Depreciation and amortization		(10,636	)		(10,981	)		(21,322	)		(21,991	)
Operating expenses		(14,499	)		(12,815	)		(29,704	)		(26,573	)
Interest and other income		437			677			936			1,246
Interest expense		(14,263	)		(11,793	)		(27,127	)		(24,370	)
Gain on extinguishment of debt		—			—			—			32,494
Gain on sales of real estate assets		24,214			832			24,537			2,902
Net income	$	32,261		$	9,556		$	40,021		$	52,546


	Company's Share for the Period						Company's Share for the Period
	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Total revenues	$	24,363		$	25,193		$	48,570		$	50,046
Depreciation and amortization		(4,925	)		(5,934	)		(10,139	)		(12,138	)
Operating expenses		(7,018	)		(7,234	)		(14,630	)		(14,304	)
Interest and other income		281			405			593			756
Interest expense		(6,210	)		(7,401	)		(12,485	)		(14,691	)
Negative investment adjustment		3,596			576			8,549			1,814
Gain on sales of real estate assets		12,224			832			12,130			1,867
Net income	$	22,311		$	6,437		$	32,588		$	13,350

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 effective 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 June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income	$	46,321		$	2,158		$	92,706		$	10,545
Depreciation and amortization		36,283			39,702			74,381			85,243
Depreciation and amortization from unconsolidated affiliates		3,111			3,256			6,255			6,688
Interest expense		42,716			43,959			82,615			88,184
Interest expense from unconsolidated affiliates		6,210			7,401			12,485			14,691
Income taxes		642			369			(588	)		(102	)
Loss on impairment, including our share of unconsolidated affiliates		—			1,457			—			1,457
Gain on depreciable property		(24,013	)		—			(24,013	)		(21,532	)
Gain on deconsolidation		(5,925	)		—			(41,259	)		—
EBITDAre (1)		105,345			98,302			202,582			185,174
Loss on extinguishment of debt		—			—			—			217
Abandoned projects expense		—			27			—			27
Adjustment for unconsolidated affiliates with negative investment		(1,781	)		2,102			(4,665	)		3,636
Net loss attributable to noncontrolling interests in other consolidated subsidiaries		131			603			241			1,011
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(322	)		(379	)		(675	)		(805	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(691	)		(1,098	)		(1,468	)		(2,112	)
Company's share of Adjusted EBITDAre	$	102,682		$	99,557		$	196,015		$	187,148

(1)

Includes $1,844 and $2,171 for the three months ended June 30, 2026 and 2025, respectively, related to sales of non-depreciable real estate assets. Includes $3,152 and $3,206 for the six months ended June 30, 2026 and 2025, respectively, related to sales of non-depreciable real estate assets.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025

Interest Expense:
Interest expense	$	42,716		$	43,959		$	82,615		$	88,184
Interest expense from unconsolidated affiliates		6,210			7,401			12,485			14,691
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share		(5,143	)		(9,197	)		(10,822	)		(18,404	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries, excluding noncontrolling interests' share of debt discount accretion		(591	)		(631	)		(1,218	)		(1,182	)
Company's share of interest expense	$	43,192		$	41,532		$	83,060		$	83,289
Ratio of Adjusted EBITDAre to Interest Expense		2.4	x		2.4	x		2.4	x		2.2	x


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Company's share of Adjusted EBITDAre	$	102,682		$	99,557		$	196,015		$	187,148
Interest expense		(42,716	)		(43,959	)		(82,615	)		(88,184	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		691			1,098			1,468			2,112
Income taxes		(642	)		(369	)		588			102
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts		5,557			7,880			11,773			15,527
Net amortization of intangible lease assets and liabilities		2,773			2,642			5,355			6,346
Depreciation and interest expense from unconsolidated affiliates		(9,321	)		(10,657	)		(18,740	)		(21,379	)
Adjustment for unconsolidated affiliates with negative investment		1,781			(2,102	)		4,665			(3,636	)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		322			379			675			805
Net loss attributable to noncontrolling interests in other consolidated subsidiaries		(131	)		(603	)		(241	)		(1,011	)
Gain on depreciable property from unconsolidated affiliates		12,107			—			12,107			—
Gain on outparcel sales		(1,727	)		(1,339	)		(3,129	)		(1,339	)
(Gain) loss on insurance proceeds		(110	)		65			(84	)		—
Equity in earnings of unconsolidated affiliates		(22,311	)		(6,437	)		(32,588	)		(13,350	)
Distributions of earnings from unconsolidated affiliates		17,414			4,356			21,531			8,891
Share-based compensation expense		2,496			4,289			4,860			8,279
Change in estimate of uncollectable revenues		935			483			2,701			1,042
Deferred income tax (benefit) provision		(827	)		(1,048	)		1,720			1,527
Changes in operating assets and liabilities		11,296			14,033			7,127			(2,933	)
Cash flows provided by operating activities	$	80,269		$	68,268		$	133,188		$	99,947

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 June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Minimum rents	$	105,991		$	101,384		$	211,516		$	202,404
Percentage rents		3,987			3,452			7,446			6,279
Other rents		2,370			2,169			4,552			4,374
Tenant reimbursements		30,821			29,830			62,557			61,688
Estimate of uncollectable amounts		(1,155	)		(382	)		(2,684	)		(932	)
Total rental revenues	$	142,014		$	136,453		$	283,387		$	273,813

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 June 30, 2026 (1)			Balance
										Fixed			Variable
Operating Properties:
Parkdale Mall & Crossing (2)	Beaumont, TX	Mar-26			5.85	%	$	48,285		$	48,285		$	—
Arbor Place (2)	Atlanta (Douglasville), GA	May-26			5.10	%		82,994			82,994			—
The Outlet Shoppes at Laredo (3)	Laredo, TX	Jun-26			7.37	%		30,680			—			30,680
Volusia Mall	Daytona Beach, FL	Oct-26			4.56	%		32,398			32,398			—
West County Center	Des Peres, MO	Dec-26			3.40	%		137,587			137,587			—
CoolSprings Galleria	Nashville, TN	May-28			4.84	%		132,281			132,281			—
Cross Creek Mall	Fayetteville, NC	Aug-30			6.86	%		76,989			76,989			—
Oak Park Mall	Overland Park, KS	Oct-30			5.00	%		242,965			242,965			—
2032 non-recourse bank loan (4)		Oct-30	Oct-32		7.71	%		442,956			367,956			75,000
Secured lifestyle centers loan due 2032		Oct-30	Oct-31/Oct-32		7.72	%		176,080			—			176,080
Gateway Mall	Lincoln, NE	Mar-31			6.46	%		20,915			20,915			—
Northwoods Mall	North Charleston, SC	Apr-31			9.12	%		42,935			42,935			—
Secured mall loan due 2031		Apr-31			7.40	%		423,853			423,853			—
Fayette Mall	Lexington, KY	May-31			7.25	%		97,404			97,404			—
Hamilton Place	Chattanooga, TN	Jun-31			6.85	%		71,900			71,900			—
Hamilton Place open-air centers loan	Chattanooga, TN	Jun-32			5.85	%		64,180			64,180			—
Total Consolidated Debt							$	2,124,402		$	1,842,642		$	281,760
Weighted-average interest rate								6.56	%		6.39	%		7.68	%

Plus CBL's Share Of Unconsolidated Affiliates' Debt:
York Town Center	York, PA	Oct-26			6.00	%	$	14,090		$	14,090		$	—
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	%		9,190			—			9,190
Friendly Center	Greensboro, NC	May-28			6.44	%		70,670			70,670			—
Coastal Grand Mall (5)	Myrtle Beach, SC	Aug-28			5.09	%		37,460			37,460			—
Coastal Grand Crossing (5)	Myrtle Beach, SC	Aug-28			5.09	%		1,808			1,808			—
The Outlet Shoppes at El Paso	El Paso, TX	Oct-28			5.10	%		32,535			32,535			—
Ambassador Town Center	Lafayette, LA	Jun-29			4.35	%		24,970			24,970			—
Hamilton Place Aloft Hotel	Chattanooga, TN	Jun-29			7.20	%		6,976			6,976			—
Friendly Center Medical Office	Greensboro, NC	Jun-30			6.11	%		1,672			1,672			—
The Pavilion at Port Orange	Port Orange, FL	Oct-30			5.93	%		21,500			21,500			—
Coastal Grand Mall - Dick's Sporting Goods	Myrtle Beach, SC	Apr-31			6.17	%		3,284			3,284			—
The Shoppes at Eagle Point	Cookeville, TN	May-32			5.40	%		18,780			18,780			—
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	%		42,233			42,233			—
Total Unconsolidated Debt								325,845			316,655			9,190

Plus Other Debt:
The Outlet Shoppes at Gettysburg (6)	Gettysburg, PA	Oct-25			4.80	%		9,719			9,719			—
Jefferson Mall (7)	Louisville, KY	Jun-26			4.75	%		48,647			48,647			—
Southpark Mall (8)	Colonial Heights, VA	Jun-26			4.85	%		48,270			48,270			—
Total Other Debt								106,636			106,636			—


Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate			Balance as of June 30, 2026 (1)			Balance
										Fixed			Variable
Less Noncontrolling Interests' Share Of Consolidated Debt:
The Outlet Shoppes at Laredo (35%)	Laredo, TX	Jun-26			7.37	%		(10,738	)		—			(10,738	)
Hamilton Place (10%)	Chattanooga, TN	Jun-31			6.85	%		(7,190	)		(7,190	)		—
Hamilton Place open-air centers loan (8% - 10%)	Chattanooga, TN	Jun-32			5.85	%		(5,463	)		(5,463	)		—
								(23,391	)		(12,653	)		(10,738	)

Company's Share Of Consolidated, Unconsolidated and Other Debt (9)							$	2,533,492		$	2,253,280		$	280,212
Weighted-average interest rate								6.43	%		6.27	%		7.64	%

Total Debt of Unconsolidated Affiliates:
York Town Center	York, PA	Oct-26			6.00	%	$	28,180		$	28,180		$	—
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	%		18,756			—			18,756
Friendly Center	Greensboro, NC	May-28			6.44	%		141,340			141,340			—
Coastal Grand Mall (5)	Myrtle Beach, SC	Aug-28			5.09	%		74,920			74,920			—
Coastal Grand Crossing (5)	Myrtle Beach, SC	Aug-28			5.09	%		3,615			3,615			—
The Outlet Shoppes at El Paso	El Paso, TX	Oct-28			5.10	%		65,071			65,071			—
Ambassador Town Center	Lafayette, LA	Jun-29			4.35	%		38,415			38,415			—
Hamilton Place Aloft Hotel	Chattanooga, TN	Jun-29			7.20	%		13,951			13,951			—
Friendly Center Medical Office	Greensboro, NC	Jun-30			6.11	%		6,687			6,687			—
The Pavilion at Port Orange	Port Orange, FL	Oct-30			5.93	%		43,000			43,000			—
Coastal Grand Mall - Dick's Sporting Goods	Myrtle Beach, SC	Apr-31			6.17	%		6,569			6,569			—
The Shoppes at Eagle Point	Cookeville, TN	May-32			5.40	%		37,560			37,560			—
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	%		64,974			64,974			—
							$	623,380		$	604,624		$	18,756
Weighted-average interest rate								6.10	%		6.11	%		6.00	%

(1)

See page 13 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)

The loan is in maturity default. Subsequent to June 30, 2026, the loan was extended through November 2026.

(4)

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%.

(5)

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.

(6)

In October 2025, the loan entered default. In May 2026, the property was placed into receivership. The Company anticipates returning the property to the lender.

(7)

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.

(8)

In July 2025, the loan entered default and the property was placed into receivership. The Company anticipates returning the property to the lender.

(9)

As of June 30, 2026, CBL owns interests in 11 assets (8 malls, 2 outlet centers and an open-air center) with a pro rata share debt balance of $710,075 which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements. Of this amount, $678,606 of pro rata debt relates to malls, $29,661 relates to outlet centers and $1,808 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 six months ended June 30, 2026, CBL’s pro rata share of same-center NOI was $191,775, of which same-center NOI from cash trapped properties made up $34,477, with $32,684 relating to malls, $1,569 relating to outlet centers and $224 relating to an open-air center. For the six months ended June 30, 2025, CBL’s pro rata share of same-center NOI was $187,646, of which same-center NOI from cash trapped properties made up $37,376, with $35,516 relating to malls, $1,643 relating to outlet centers and $217 relating to an open-air center.

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	$	—	$	—	$	9,719	$	—		$	9,719		0.38	%		4.80	%
2026		331,944		14,090		96,917		(10,738	)		432,213		17.06	%		4.67	%
2027		—		1,012		—		—			1,012		0.04	%		7.26	%
2028		132,281		151,663		—		—			283,944		11.21	%		5.34	%
2029		—		31,946		—		—			31,946		1.26	%		4.97	%
2030		319,954		23,172		—		—			343,126		13.54	%		5.48	%
2031		657,007		3,284		—		(7,190	)		653,101		25.78	%		7.40	%
2032		683,216		18,780		—		(5,463	)		696,533		27.49	%		7.49	%
2033		—		39,665		—		—			39,665		1.57	%		7.85	%
2034		—		42,233		—		—			42,233		1.67	%		6.84	%
Total	$	2,124,402	$	325,845	$	106,636	$	(23,391	)	$	2,533,492		100.00	%		6.43	%

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	$	—	$	—	$	9,719	$	—		$	9,719		0.38	%		4.80	%
2026		331,944		14,090		96,917		(10,738	)		432,213		17.06	%		4.67	%
2027		—		1,012		—		—			1,012		0.04	%		7.26	%
2028		132,281		151,663		—		—			283,944		11.20	%		5.34	%
2029		—		31,946		—		—			31,946		1.26	%		4.97	%
2030		938,990		23,172		—		—			962,162		37.98	%		6.91	%
2031		657,007		3,284		—		(7,190	)		653,101		25.78	%		7.40	%
2032		64,180		18,780		—		(5,463	)		77,497		3.06	%		5.74	%
2033		—		39,665		—		—			39,665		1.57	%		7.85	%
2034		—		42,233		—		—			42,233		1.67	%		6.84	%
Total	$	2,124,402	$	325,845	$	106,636	$	(23,391	)	$	2,533,492		100.00	%		6.43	%

(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. In October 2025, The Outlet Shoppes at Gettysburg entered into maturity default. In May 2026, the Company deconsolidated The Outlet Shoppes at Gettysburg when it was placed into receivership in connection with the foreclosure process.

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 June 30, 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 June 30, 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.

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)

      
     June 30, 2026

     June 30, 2025

     June 30, 2026

     June 30, 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

330

80.6

80.8

Outparcels and Other

N/A

N/A

93.4

91.8

Total Consolidated Unencumbered

343

330

81.8

81.8

     JOINT VENTURE ASSETS

     Malls:

     Coastal Grand Mall

     Myrtle Beach, SC

     Governor's Square

     Clarksville, TN

     Kentucky Oaks Mall

     Paducah, KY

Total Malls

389

385

89.2

89.1

     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

490

471

94.5

95.4

     Lifestyle Centers:

Friendly Center and The Shops at Friendly

Greensboro, NC

668

610

96.1

92.3

     Open-Air Centers:

     Ambassador Town Center

     Lafayette, LA

     Coastal Grand Crossing

     Myrtle Beach, SC

     Governor's Square Plaza

     Clarksville, TN

     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

97.4

91.5

Total Joint Venture Assets

498

475

94.5

92.3

     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

     Oak Park Mall

     Overland Park, KS

     Property

     Location

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

     In-Line Occupancy (2)

      
     June 30, 2026

     June 30, 2025

     June 30, 2026

     June 30, 2025

     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

471

457

90.2

90.0

     Outlet Centers:

The Outlet Shoppes at Laredo

Laredo, TX

351

331

80.3

83.8

     Lifestyle Centers:

     Mayfaire Town Center

     Wilmington, NC

     Pearland Town Center

     Pearland, TX

     Southaven Towne Center

     Southaven, MS

Total Lifestyle Centers

436

409

90.1

89.5

     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

     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

93.4

93.0

Outparcels

N/A

N/A

95.6

96.2

Total Consolidated Encumbered Assets

463

447

90.7

90.6

Total Same-Center Portfolio

457

439

90.3

89.7

     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

421

415

91.2

N/A

Total Portfolio

455

438

90.4

88.8

     EXCLUDED PROPERTIES

     Arbor Place

     Atlanta (Douglasville), GA

     Brookfield Square

     Brookfield, WI

     Eastland Mall

     Bloomington, IL

     Harford Mall

     Bel Air, MD

     Jefferson Mall

     Louisville, KY

     Laurel Park Place

     Livonia, MI

     Old Hickory Mall

     Jackson, TN

     The Outlet Shoppes at Gettysburg

     Gettysburg, PA

     Property

     Location

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

     In-Line Occupancy (2)

      
     June 30, 2026

     June 30, 2025

     June 30, 2026

     June 30, 2025

     Parkdale Crossing

     Beaumont, TX

     Parkdale Mall

     Beaumont, TX

     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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information


Operating Metrics - Six Months Ended June 30, 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	$	18,321		$	(1,808	)	$	-	$	16,513		$	-		$	-	$	-		$	16,513
Outlet Centers		(17	)		-			-		(17	)		-			-		-			(17	)
Outparcels		352			-			-		352			-			-		-			352
Other		1,158			(538	)		-		620			-			-		-			620
Term Loan Debt Service (2)		-			-			-		-			(159	)		2		(242	)		(399	)
Total Consolidated Unencumbered		19,814			(2,346	)		-		17,468			(159	)		2		(242	)		17,069

JOINT VENTURE ASSETS
Malls		8,094			(997	)		-		7,097			(1,181	)		90		(2,323	)		3,683
Outlet Centers		9,097			(1,584	)		-		7,513			(4,042	)		71		(606	)		2,936
Lifestyle Centers		6,895			(691	)		-		6,204			(2,383	)		83		(594	)		3,310
Open-Air Centers		6,055			(306	)		-		5,749			(3,575	)		66		(755	)		1,485
Outparcels		144			-			-		144			-			-		-			144
Other		271			(27	)		-		244			(305	)		-		(1,856	)		(1,917	)
Total Joint Venture Assets		30,556			(3,605	)		-		26,951			(11,486	)		310		(6,134	)		9,641

CONSOLIDATED ENCUMBERED ASSETS
Malls		104,395			(16,520	)		-		87,875			(44,101	)		12,028		(14,430	)		41,372
Outlet Centers		1,257			(42	)		-		1,215			(822	)		77		(455	)		15
Lifestyle Centers		12,224			(1,922	)		-		10,302			(3,685	)		277		-			6,894
Open-Air Centers		14,253			(1,212	)		-		13,041			(8,166	)		224		(381	)		4,718
Outparcels		8,652			(27	)		-		8,625			(5,979	)		182		-			2,828
Other		624			-			-		624			-			-		-			624
Term Loan Debt Service (2)		-			-			-		-			(8,189	)		82		(12,471	)		(20,578	)
Total Consolidated Encumbered Assets		141,405			(19,723	)		-		121,682			(70,942	)		12,870		(27,737	)		35,873

Total Same-Center		191,775			(25,674	)		-		166,101			(82,587	)		13,182		(34,113	)		62,583

Not same-center		31,105			(1,913	)		-		29,192			(11,045	)		2,107		(4,002	)		16,252

Total Portfolio	$	222,880		$	(27,587	)	$	-	$	195,293		$	(93,632	)	$	15,289	$	(38,115	)	$	78,835

(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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information


Operating Metrics - Six Months Ended June 30, 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	$	19,943		$	(3,001	)	$	-		$	16,942		$	-		$	-	$	-		$	16,942
Outlet Centers		(17	)		-			-			(17	)		-			-		-			(17	)
Outparcels		385			-			-			385			-			-		-			385
Other		1,064			(178	)		-			886			-			-		-			886
Term Loan Debt Service (2)		-			-			-			-			(469	)		4		(349	)		(814	)
Total Consolidated Unencumbered		21,375			(3,179	)		-			18,196			(469	)		4		(349	)		17,382

JOINT VENTURE ASSETS
Malls		7,675			(2,115	)		-			5,560			(1,777	)		697		(2,363	)		2,117
Outlet Centers		8,874			(314	)		-			8,560			(4,087	)		71		(573	)		3,971
Lifestyle Centers		6,253			(265	)		(984	)		5,004			(2,419	)		83		(558	)		2,110
Open-Air Centers		5,832			(603	)		-			5,229			(3,902	)		102		(2,249	)		(820	)
Outparcels		240			-			-			240			-			-		-			240
Other		350			(13	)		-			337			(263	)		-		(1,629	)		(1,555	)
Total Joint Venture Assets		29,224			(3,310	)		(984	)		24,930			(12,448	)		953		(7,372	)		6,063

CONSOLIDATED ENCUMBERED ASSETS
Malls		101,538			(10,460	)		-			91,078			(34,378	)		13,125		(18,821	)		51,004
Outlet Centers		1,190			(4	)		-			1,186			(1,012	)		192		(390	)		(24	)
Lifestyle Centers		11,470			(4,357	)		-			7,113			-			-		-			7,113
Open-Air Centers		13,837			(1,076	)		-			12,761			(8,088	)		527		-			5,200
Outparcels		8,574			(83	)		-			8,491			(6,257	)		474		-			2,708
Other		438			-			-			438			-			-		-			438
Term Loan Debt Service (2)		-			-			-			-			(24,158	)		194		(17,980	)		(41,944	)
Total Consolidated Encumbered Assets		137,047			(15,980	)		-			121,067			(73,893	)		14,512		(37,191	)		24,495

Total Same-Center		187,646			(22,469	)		(984	)		164,193			(86,810	)		15,469		(44,912	)		47,940

Not same-center		28,758			(2,312	)		(4,102	)		22,344			(13,678	)		5,462		(7,935	)		6,193
Term Loan Debt Service (2)		-			-			-			-			(275	)		2		(238	)		(511	)

Total Portfolio	$	216,404		$	(24,781	)	$	(5,086	)	$	186,537		$	(100,763	)	$	20,933	$	(53,085	)	$	53,622

(1)

Non-cash interest expense consists of the accretion of debt discounts, amortization of deferred financing costs and default interest.

(2)

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 June 30, 2026:
All Property Types (1)		585,056	$	39.67	$	41.33		4.2	%	$	43.17		8.8	%
Malls, Lifestyle Centers & Outlet Centers (2)		531,821		40.17		41.54		3.4	%		43.45		8.2	%
New leases (2)		88,376		37.79		46.73		23.7	%		51.27		35.7	%
Renewal leases (2)		443,445		40.64		40.50		(0.3	)%		41.89		3.1	%
Open-air Centers		40,406		35.11		40.54		15.5	%		41.57		18.4	%
Six Months Ended June 30, 2026:
All Property Types (1)		956,736	$	41.12	$	42.64		3.7	%	$	44.22		7.5	%
Malls, Lifestyle Centers & Outlet Centers (2)		895,666		41.50		42.83		3.2	%		44.43		7.1	%
New leases (2)		131,179		36.46		47.65		30.7	%		51.65		41.7	%
Renewal leases (2)		764,487		42.37		42.01		(0.8	)%		43.20		2.0	%
Open-air Centers		48,241		36.02		41.17		14.3	%		42.35		17.6	%

(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 June 30, 2026:
Operating portfolio:				As of June 30,		As of June 30,
New leases		257,968		2026		2025
Renewal leases		998,631	Same-center Malls, Lifestyle & Outlet Centers	$	32.24	$	32.15
Development portfolio:			Total Malls		31.96		31.75
New leases		—	Total Lifestyle Centers		32.88		32.68
Total leased		1,256,599	Total Outlet Centers		32.78		30.35
			Total Malls, Lifestyle & Outlet Centers		32.17		31.67
Six Months Ended June 30, 2026:			Open-Air Centers		16.33		16.16
Operating portfolio:			Other		21.62		21.75
New leases		409,234
Renewal leases		1,429,876
Development portfolio:
New leases		—
Total leased		1,839,110

(1)

Average annual base rents per square foot are based on contractual rents in effect as of June 30, 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.

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 Six Months Ended June 30, 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		79		213,605		7.33	$	47.40	$	51.70	$	35.23	$	12.17	34.5	%	$	16.47	46.7	%
Renewal		514		1,509,581		3.05		43.60		44.62		43.37		0.23	0.5	%		1.25	2.9	%
Commencement 2026 Total		593		1,723,186		3.62		44.07		45.50		42.36		1.71	4.0	%		3.14	7.4	%

Commencement 2027:
New		11		30,662		9.41		59.73		65.24		51.10		8.63	16.9	%		14.14	27.7	%
Renewal		74		211,061		3.28		43.98		45.32		41.90		2.08	5.0	%		3.42	8.2	%
Commencement 2027 Total		85		241,723		4.07		45.98		47.84		43.06		2.92	6.8	%		4.78	11.1	%

Total 2026/2027		678		1,964,909		3.67	$	44.30	$	45.79	$	42.45	$	1.85	4.4	%	$	3.34	7.9	%

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)		103		150,019		2.65	%
2	Victoria's Secret & Co.		45		371,601		2.62	%
3	American Eagle Outfitters, Inc.		58		355,407		2.53	%
4	Dick's Sporting Goods, Inc. (3)		22		1,432,702		2.19	%
5	Pentland Group (4)		60		359,840		2.13	%
6	Foot Locker, Inc.		55		291,385		1.98	%
7	Bath & Body Works, Inc.		51		218,322		1.77	%
8	Genesco Inc. (5)		68		136,007		1.47	%
9	Knitwell Group		74		333,806		1.44	%
10	The Buckle, Inc.		34		177,535		1.31	%
11	Catalyst Brands		60		3,076,123		1.21	%
12	Luxottica Group S.P.A. (6)		68		147,303		1.15	%
13	The Gap Inc.		38		461,877		1.14	%
14	Sycamore Partners		88		211,816		1.03	%
15	Barnes & Noble Booksellers, Inc.		18		473,262		1.01	%
16	Abercombie & Fitch, Co.		28		190,727		0.97	%
17	The TJX Companies, Inc. (7)		16		462,987		0.90	%
18	Cinemark Corp.		7		354,786		0.89	%
19	H & M Hennes & Mauritz AB		33		698,112		0.83	%
20	Spencer Spirit Holdings, Inc.		41		95,616		0.82	%
21	Ames Watson, LLC (8)		92		118,823		0.79	%
22	GoTo Foods (9)		59		39,845		0.76	%
23	Shoe Show, Inc.		25		317,408		0.75	%
24	Ulta Salon, Cosmetics & Fragrance, Inc.		22		225,059		0.74	%
25	Darden Restaurants, Inc.		31		212,001		0.62	%
			1,196		10,912,369		33.70	%

(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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Tenant allowances (1)	$	4,457	$	3,327	$	9,035	$	9,870
Renovations		29		—		29		—
Maintenance capital expenditures: (2)
Parking lot and parking lot lighting		3,018		2,059		3,370		3,056
Roof replacements		1,010		1,604		1,086		2,880
Other capital expenditures		8,602		5,060		14,067		8,975
Total maintenance capital expenditures		12,630		8,723		18,523		14,911
Total capital expenditures	$	17,116	$	12,050	$	27,587	$	24,781

(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.

Source: View Original Filing on SEC EDGAR

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Press Releases

EX-99.1 EX-99.1 4.8 MB

CBL Properties (NYSE: CBL) grows Q2 earnings and raises 2026 FFO guidance

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How did CBL (CBL) perform financially in Q2 2026?

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FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

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