CBL

Q2 2026 Results Reflect Higher Occupancy, Positive Lease Spreads, Same-Center NOI Growth; Full-Year FFO and SC NOI Guidance Increased CHATTANOOGA, Tenn., August 06, 2026--(BUSINESS WIRE)--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. 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 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. 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. 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. 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 8 of this news release for a description of these adjustments. Same-center Net Operating Income NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). The Company computes NOI based on the Operating Partnership’s pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies. Since NOI includes only those revenues and expenses related to the operations of the Company’s shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company’s results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release. Pro Rata Share of Debt The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s condensed consolidated balance sheet is located at the end of this earnings release. Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806085649/en/ Contacts Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, [email protected]

Shares of CBL & Associates Properties, Inc. CBL have gained 4.2% since the company reported results for the quarter ended March 31, 2026, outperforming the S&P 500 Index’s 1.4% increase over the same period. Over the past month, the stock gained 8.2% compared with the S&P 500’s 6.8% growth. CBL reported first-quarter 2026 net income attributable to common shareholders of $45.4 million, or $1.48 per diluted share, compared with $8.2 million, or $0.27 per diluted share, in the year-ago quarter. Total revenues increased 2.9% to $145.9 million from $141.8 million a year earlier, while rental revenues rose 2.9% to $141.4 million from $137.4 million. Funds from operations (FFO) per diluted share climbed to $2.78 from $1.13, and adjusted FFO per diluted share increased 15.3% year over year to $1.73 from $1.50. Same-center net operating income (NOI) rose 2.1% to $96.6 million from $94.6 million. By segment, same-center NOI growth was led by lifestyle centers (up 6.1%), followed by open-air centers (up 3.4%), malls (up 1.7%) and outlet centers (up 0.5%). Portfolio occupancy stood at 90.5% as of March 31, 2026, compared with 90.4% a year earlier and 90% at year-end 2025. Mall occupancy improved to 88.3% from 87.9%, while lifestyle center occupancy edged up to 92.4% from 92.2%. Open-air center occupancy remained unchanged at 95.7%. Management noted that bankruptcies and store closures, including Francesca’s and Eddie Bauer, negatively affected mall occupancy by nearly 87 basis points year over year. Leasing activity remained strong during the quarter. CBL signed more than 583,000 square feet of leases, including roughly 372,000 square feet of comparable new and renewal leases at spreads 5.7% above prior rents. New leases generated rent spreads of 55.5%, while renewal leases posted a 0.5% increase. Same-center tenant sales per square foot for the trailing 12 months ended March 31, 2026, increased 4.6% year over year to $453 from $433. CBL & Associates Properties, Inc. price-consensus-eps-surprise-chart | CBL & Associates Properties, Inc. Quote CBL completed $777.5 million of financing activity year to date, highlighted by the refinancing of its $634 million secured term loan through two transactions — a $425 million non-recourse financing secured primarily by mall properties and a $176.1 million floating-rate loan backed mainly by open-air lifestyle centers. Management said the refinancing transactions are expected to increase annual free cash flow by more than $30 million while extending maturities and reducing amortization requirements. CBL completed the refinancing of Fayette Mall, which management said is expected to result in approximately $5 million in additional cash flow to the company. The refinancing of Northwoods Mall is expected to release more than $3 million of previously restricted cash flow. During the quarter, unrestricted cash and marketable securities totaled $305.5 million, including CBL’s share of joint venture cash of $22.5 million. CBL’s board approved a second-quarter 2026 cash dividend of $0.625 per common share, representing a 39% increase from the prior regular quarterly dividend rate. The company also repurchased 363,676 common shares for $12 million under its stock repurchase program. Chief Executive Officer Stephen D. Lebovitz described 2026 as off to an exceptional start, citing refinancing transactions that strengthened the balance sheet and enhanced free cash flow generation. Lebovitz also highlighted continued leasing momentum and tenant additions, including Ford’s Garage restaurant at Hamilton Place Mall, Tilt entertainment at Frontier Mall and Five Below at Cross Creek Mall. Reflecting first-quarter performance and completed financing and acquisition activity, CBL raised its 2026 adjusted FFO guidance to a range of $7.06 to $7.19 per share. The company projects full-year net income between $71.1 million and $75.1 million and expects same-center NOI growth ranging from a decline of 0.5% to growth of 1.25%. In March 2026, CBL acquired Gateway Mall in Lincoln, NE, from Washington Prime Group for $43.5 million. The transaction was financed with a $21 million non-recourse, five-year loan carrying a fixed interest rate of 6.46%. Management said the acquisition is expected to generate meaningful free cash flow accretion from day one. The company also deconsolidated Jefferson Mall in Louisville, KY, after the property entered receivership in February 2026. CBL said it is cooperating with lenders on potential foreclosure or conveyance processes for Jefferson Mall, Arbor Place Mall, Parkdale Mall and Crossing, and The Outlet Shoppes at Gettysburg. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CBL & Associates Properties, Inc. (CBL): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Strong Q1 '26 Results and Transaction Activity Contribute to Increase in Full-Year Guidance CHATTANOOGA, Tenn., May 08, 2026--(BUSINESS WIRE)--CBL Properties (NYSE: CBL) announced results for the first quarter ended March 31, 2026. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release. KEY TAKEAWAYS: Same-center NOI for Q1 2026 increased 2.1% compared with the prior-year period. FFO, as adjusted, per share for Q1 2026 increased 15% to $1.73, compared with $1.50 per share for the prior-year period. Strong results for the quarter contributed to the increase in full-year 2026 guidance (see Outlook and Guidance). CBL signed more than 583,000 square feet of leases during first quarter 2026, including approximately 372,000 square feet of comparable new and renewal leases signed at a 5.7% increase in average rents versus the prior rents. Same-center tenant sales per square foot for the first quarter 2026 increased approximately 5.8% as compared with the prior-year period. Same-center tenant sales per square foot for the rolling 12-months ended March 31, 2026, of $453, increased 4.6% as compared with the prior-year period. Portfolio occupancy was 90.5% as of March 31, 2026, an increase of 50 bps from portfolio occupancy of 90.0% at year-end 2025 and 10 bps from portfolio occupancy of 90.4% as of March 31, 2025. Bankruptcy related store closures, including the closures of Francesca's and Eddie Bauer locations, representing approximately 122,000 square feet, negatively impacted mall occupancy by nearly 87 basis points compared with the prior-year period. As of March 31, 2026, the Company had $305.5 million of unrestricted cash and marketable securities (includes CBL's share of joint venture cash of $22.5 million). On May 7, 2026, CBL's Board of Directors approved a dividend of $0.625 per common share for the second quarter of 2026, representing a 39% increase over the prior regular quarterly dividend rate. During the quarter, CBL successfully refinanced its existing $634.0 million term loan through two complementary transactions including a $425.0 million non-recourse financing secured by a pool of primarily mall properties and a $176.1 million floating-rate bank loan primarily secured by a pool of strong open-air lifestyle centers. In March 2026, CBL acquired Gateway Mall in Lincoln, NE, for $43.5 million from Washington Prime Group (WPG). The acquisition of Gateway Mall was financed through a $21.0 million non‑recourse, five‑year loan provided by Symetra Life Insurance Company. The loan carries a fixed interest rate of 6.46%. "2026 is off to an exceptional start for CBL," said Stephen D. Lebovitz, Chief Executive Officer of CBL Properties. "We completed a series of transformational financing transactions that significantly strengthened our balance sheet and enhanced free cash flow. In March 2026, we successfully refinanced our $634 million secured term loan through over $600 million of new financing, including a $425 million non‑recourse loan secured by a pool of primarily mall properties and a $176 million floating‑rate bank loan secured primarily by open‑air lifestyle centers. These transactions materially extend our maturity schedule, reduce amortization, and will generate an estimated $30 million of incremental annual free cash flow, while maintaining our non‑recourse capital structure. We also completed the refinance of a loan secured by Fayette Mall in Lexington, KY, as well as a loan secured by Northwoods Mall in N. Charleston, SC. Together the new financings will generate an estimated $8.0 million of incremental annual cash flow to the Company. "In conjunction with the refinancing of the term loan, our Board approved a 39% increase in our regular quarterly dividend, resulting in a total first‑quarter 2026 dividend of $0.625 per share and an annualized dividend rate of $2.50 per share. This increase reflects our confidence in the durability of our cash flows following the term loan refinancing and our commitment to disciplined capital allocation and returning capital to shareholders. "We maintained our strong operating momentum into 2026 by delivering solid first‑quarter results, highlighted by growth in same‑center NOI, improving tenant sales, and positive leasing spreads. These results reflect the underlying health of our properties. Leasing results remained strong during the quarter, with new commitments from Ford’s Garage restaurant at Hamilton Place Mall, Tilt entertainment at Frontier Mall in a former JoAnn Fabrics location, and Five Below at Cross Creek Mall replacing Forever 21. These new deals underscore our ability to attract productive, traffic‑driving tenants across a range of formats and to backfill large spaces at attractive economics. "We were excited to add Gateway Mall in Lincoln, NE, to our portfolio during the quarter, furthering our market position as the leading owner of high-quality, only-game-in-town enclosed malls. The transaction was executed at favorable economics to CBL generating significant accretion and free cash flow from day one. It is representative of our disciplined approach to capital management as well as the ongoing ability to create value for our company. "We are increasing our full-year guidance to reflect first quarter's strong results, the acquisition and financing activity completed to-date and our outlook for the remainder of the year. We are focused on building on the strong momentum generated in the first quarter by further strengthening our balance sheet, driving new leasing activity, and pursuing additional opportunities that enhance the quality and growth profile of our portfolio." Same-center NOI for the first quarter 2026 increased $2.0 million. Rental revenue growth of $1.6 million was driven by improvement in specialty leasing revenues and a $0.6 million increase in percentage rent. Total operating expense during the first quarter declined $0.2 million. The net decline was a result of $1.8 million higher property operating expenses offset by a $1.5 million favorable impact from real estate taxes and $0.5 million lower maintenance and repair expense. The estimate for uncollectable revenues negatively impacted the quarter by approximately $0.8 million. DIVIDEND On May 7, 2026, CBL announced a cash dividend of $0.625 per common share for the quarter ending June 30, 2026. The dividend, which equates to an annual dividend payment of $2.50 per common share, represents a 39% increase over the prior regular dividend rate. The dividend is payable on June 30, 2026, to shareholders of record as of June 12, 2026. FINANCING ACTIVITY Year-to-date, CBL completed $777.5 million of financing activity. CBL successfully refinanced its existing $634.0 million term loan through two complementary transactions including a $425.0 million non-recourse financing secured by a pool of primarily mall properties and a $176.1 million floating-rate bank loan primarily secured by a pool of strong open-air lifestyle centers. The financing resulted in an increase in estimated annual free cash flow of more than $30 million. In May, CBL completed the refinancing of Fayette Mall, a dominant super-regional enclosed mall located in Lexington, Kentucky. The financing replaces the existing $98.6 million loan with a new $97.5 million, five‑year non-recourse CMBS loan with a fixed interest rate of approximately 7.25%. The new loan’s more favorable amortization structure results in approximately $5.0 million in additional cash flow to CBL. Additionally in May, CBL closed on a modification of the $32.6 million loan secured by Volusia Mall in Daytona Beach, FL, extending its maturity to October 2026. In April, CBL closed on a $43.0 million non-recourse loan secured by Northwoods Mall in N. Charleston, SC. The new five-year loan bears a fixed interest rate of 9.1%. Proceeds from the loan, as well as approximately $7.5 million of existing escrows, were used to retire the existing $46.8 million loan secured by the property, which was scheduled to mature this month. Under the prior loan, cash flows have been swept by the lender since April 2021. The refinancing is expected to release over $3.0 million of previously restricted cash flow. Additionally in April, CBL and its joint venture partner closed on a $6.6 million ($3.3 million at CBL's share) non-recourse, five-year loan secured by Coastal Grand Mall - Dick's Sporting Goods In February, Jefferson Mall in Louisville, KY, was placed into receivership and was deconsolidated due to the loss of control. CBL is cooperating with the lender to facilitate a foreclosure of the asset, which is secured by a $48.6 million non-recourse loan. CBL is in discussions with the lenders for Arbor Place Mall in Douglasville, GA ($84.3 million), Parkdale Mall and Crossing in Beaumont, TX ($48.3 million), and The Outlet Shoppes at Gettysburg in Gettysburg, PA ($9.7 million at CBL's share), and intends to cooperate with the foreclosure or conveyance of the properties in satisfaction of the debt. TRANSACTION ACTIVITY In March 2026, CBL acquired Gateway Mall in Lincoln, NE, for $43.5 million from Washington Prime Group (WPG). The acquisition of Gateway Mall was financed through a $21.0 million non‑recourse, five‑year loan provided by Symetra Life Insurance Company. The loan carries a fixed interest rate of 6.46%. Equity for the transaction is expected to be match funded by utilizing proceeds from the sale of an open-air center at approximately an 8% capitalization rate. The sale of the open-air center is estimated to close in May 2026. STOCK REPURCHASE PROGRAM On November 5, 2025, CBL's Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock. CBL has acquired 363,676 shares of CBL common stock for $12.0 million under the program. OUTLOOK AND GUIDANCE CBL is providing updated FFO, as adjusted, guidance for 2026 in the range of $7.06 - $7.19 per share, which reflects all transaction and financing activity completed to-date. Management anticipates same-center NOI for full-year 2026 in the range of (0.5)% to 1.25%. ABOUT CBL PROPERTIES Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 88 properties totaling 55.6 million square feet across 23 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com. NON-GAAP FINANCIAL MEASURES Funds From Operations FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure. The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. In the reconciliation of net income (loss) attributable to the Company’s common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders. FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity. The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release for a description of these adjustments. Same-center Net Operating Income NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). The Company computes NOI based on the Operating Partnership’s pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies. Since NOI includes only those revenues and expenses related to the operations of the Company’s shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company’s results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release. Pro Rata Share of Debt The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s condensed consolidated balance sheet is located at the end of this earnings release. Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties. View source version on businesswire.com: https://www.businesswire.com/news/home/20260508718555/en/ Contacts Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, [email protected]

Shares of CBL & Associates Properties, Inc. CBL have gained 1.7% since the company reported results for the quarter ended Dec. 31, 2025, outperforming the S&P 500 Index, which rose 0.5% over the same period. Over the past month, CBL’s stock has risen 4.1%, ahead of the S&P 500’s 0.7% increase. For the fourth quarter of 2025, net income attributable to common shareholders rose 29.7% year over year to $48.3 million, or $1.56 per diluted share, from $37.2 million, or $1.22 per diluted share, in the year-ago period. Total revenues increased 18.8% year over year to $156.4 million from $131.7 million a year earlier, driven primarily by higher rental revenues, which climbed 19.6% year over year to $150.4 million from $125.8 million. For the full year, net income attributable to common shareholders jumped 131.8% to $133.9 million, or $4.34 per diluted share, from $57.8 million, or $1.87 per diluted share, in 2024, while annual revenues advanced 12.2% to $578.4 million from $515.6 million. On a non-GAAP basis, fourth-quarter 2025 funds from operations (FFO) as adjusted rose 17.2% year over year to $2.25 per diluted share from $1.92 per share a year earlier. For the full year, FFO as adjusted increased 7.8% to $7.21 per share from $6.69 per share in 2024. Same-center net operating income (NOI) grew 3.3% year over year in the fourth quarter of 2025 and 0.5% for the year. By property type, fourth-quarter 2025 same-center NOI rose 2.2% for malls, 2.1% at open-air centers and 16.3% for lifestyle centers, while outlet centers declined 0.3%. On a full-year basis, lifestyle centers led with 9.1% growth, whereas mall NOI dipped 0.5% and outlet centers fell 1.9%. Portfolio occupancy stood at 90% as of Dec. 31, 2025, down slightly from 90.3% a year earlier. Same-center occupancy for malls, lifestyle centers and outlet centers was flat at 88.6%. Management noted that bankruptcy-related store closures, including Forever21, JoAnn, Claire’s and Party City, negatively impacted mall occupancy by nearly 75 basis points year over year. Leasing activity remained active. During 2025, CBL executed more than 4 million square feet of leases, with comparable new and renewal leases signed at a 2.6% increase in average rents versus prior rents. In the fourth quarter of 2025 alone, 1.3 million square feet were executed, though comparable rents declined 2.9%, reflecting negative renewal spreads partially offset by strong new lease spreads. Tenant productivity improved. Same-center tenant sales per square foot increased 3.7% year over year in the fourth quarter and rose 2.8% for the year to $437. CBL & Associates Properties, Inc. price-consensus-eps-surprise-chart | CBL & Associates Properties, Inc. Quote Chief Executive Officer Stephen D. Lebovitz characterized 2025 as an “exceptional year,” highlighting operating performance and balance sheet progress. CBL generated approximately $240 million in disposition proceeds during the year and redeployed capital into the $178.9 million acquisition of four enclosed regional malls from Washington Prime Group. Liquidity remained solid, with $335.4 million of unrestricted cash and marketable securities as of year-end. CBL also completed several loan refinancings and extensions in 2025, including a $78 million non-recourse loan at 6.856% and a $43 million non-recourse loan at 5.9%, both at improved rates compared with prior financings. CBL initiated 2026 FFO as adjusted guidance in a range of $6.74 to $7.06 per share. Management expects same-center NOI to range from a decline of 1.2% to growth of 1.1% for the year. The outlook factors in leasing spreads, operating expense pressures, potential credit losses and changes in uncollectable revenue estimates. In addition to the four-mall acquisition, CBL completed several asset sales during 2025, including Fremaux Town Center in Slidell, LA, and The Promenade in D’Iberville, MS, contributing to total gross disposition proceeds of approximately $240.7 million. CBL also deconsolidated Southpark Mall after placing the asset into receivership in July and repurchased 573,998 shares for $18 million under its stock repurchase program. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CBL & Associates Properties, Inc. (CBL): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

2025 FFO and NOI Results Near High-End of Guidance Range CHATTANOOGA, Tenn., February 13, 2026--(BUSINESS WIRE)--CBL Properties (NYSE: CBL) announced results for the fourth quarter and year ended December 31, 2025. 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. KEY TAKEAWAYS: Same-center NOI for Q4 2025 increased 3.3% compared with the prior-year period. FFO, as adjusted, per share for Q4 2025 was $2.25, compared with $1.92 per share for the prior-year period. For the year ended December 31, 2025, same-center NOI grew 0.5% compared with the prior-year period. FFO, as adjusted, per share was $7.21 for the year ended December 31, 2025, compared with $6.69 for the year ended December 31, 2024. Full-year results were near the high-end of the guidance range. Same-center occupancy for malls, lifestyle centers and outlet centers was 88.6%, flat from the prior year-end. Portfolio occupancy declined 30 basis points to 90.0% as of December 31, 2025, compared with portfolio occupancy of 90.3% as of December 31, 2024. Bankruptcy related store closures, including the closures of Forever21, JoAnn, Claire's and Party City locations, representing approximately 107,000 square feet, negatively impacted mall occupancy by nearly 75 basis points compared with the prior-year period. For the full year, more than 4.0 million square feet of leases were executed, including 2.4 million square feet of comparable new and renewal leases signed at a 2.6% increase in average rents versus the prior rents. In the fourth quarter 2025, 1.3 million square feet of leases were executed, including comparable new and renewal leases of approximately 759,000 square feet signed at a 2.9% decline in average rents versus the prior rents. The decline was driven by comparable mall renewal spreads of (5.3)%, partially offset by a nearly 15% increase in spreads on new mall leases compared to the expiring rents. Renewal spreads were impacted by the renewal of several maturing leases with higher occupancy costs. Same-center tenant sales per square foot for the fourth quarter 2025 increased approximately 3.7% as compared with the prior-year period. Same-center tenant sales per square foot for 2025, of $437, increased 2.8% as compared with the prior-year period. As of December 31, 2025, the Company had $335.4 million of unrestricted cash and marketable securities. In 2025, CBL closed on dispositions generating approximately $240.7 million of gross proceeds including the October sale of Fremaux Town Center in Slidell, LA. "2025 was an exceptional year for CBL, with strong operating performance and meaningful progress on our key strategic priorities," said Stephen D. Lebovitz, Chief Executive Officer of CBL Properties. "We were particularly proud of the more than 34% total return to shareholders for the year including $2.50 per share in total dividends. Operationally, our portfolio performed strongly, highlighted by fourth-quarter same-center NOI growth of 3.3% and full year growth of 50 bps, at the high-end of our guidance range. While bankruptcy-related store closures offset occupancy gains, leasing momentum remained solid with nearly 1.3 million square feet signed in the fourth quarter and strong demand from tenants such as Barnes & Noble, Carhartt, and Total Wine. The positive holiday sales season contributed to full-year tenant sales growth of approximately 3%. "We also made major progress improving our balance sheet and positioning our company for solid cash flow generation and long-term growth. We generated approximately $240 million of disposition proceeds at attractive valuations in 2025. In addition to reducing leverage, we redeployed this capital into the acquisition of four dominant enclosed malls at mid-teens cap rates, further strengthening our position as the preeminent owner and operator of successful enclosed malls in dynamic middle markets. We financed this transaction by expanding our existing loan with Beal Bank, improving the terms and extending the maturity. Our balance sheet also benefited from a number of notable loan transactions in 2025, including the extension of our term loan maturity, the closing of a new $78 million non-recourse loan secured by Cross Creek Mall in Fayetteville, NC, improving the rate by more than 130 bps, and the closing of a new $43.0 million loan secured by The Pavilion at Port Orange in Port Orange, FL, which generated a more than 160-bps improvement in the rate. "As we look ahead to 2026, we are focused on building on the progress achieved in 2025 by further strengthening our balance sheet, pursuing our portfolio optimization strategy to enhance the quality and growth profile of our assets, and sustaining operational momentum to drive improvements in occupancy and rent. We have made incredible progress in recent years in positioning CBL to take advantage of opportunities in our industry and to continue creating significant return of capital and value for our shareholders." Same-center Net Operating Income ("NOI") (1): Same-center NOI for the fourth quarter 2025 increased $3.8 million. Total operating expense during the fourth quarter declined $0.5 million, substantially driven by real estate tax refunds received in the current period. The estimate for uncollectable revenues favorably impacted the quarter by approximately $0.8 million. Same-center NOI for the year ended December 31, 2025 increased $2.0 million. Total operating expense increased $6.0 million, primarily driven by one-time real estate and franchise tax refunds received in the prior-year period as well as higher utility, and maintenance and repair expenses. Results were also impacted by a $1.3 million decline in percentage rents. PORTFOLIO OPERATIONAL RESULTS Occupancy(1): New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet: Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less: DIVIDEND On February 11, 2026, CBL announced a cash dividend of $0.45 per common share for the quarter ending March 31, 2026. The dividend, which equates to an annual dividend payment of $1.80 per common share, is payable on March 31, 2026, to shareholders of record as of March 17, 2026. FINANCING ACTIVITY On November 1, 2025, CBL exercised the one-year extension option for its non-recourse term loan, extending its maturity to November 2026. CBL also anticipates meeting the second extension test, which requires a principal balance of $615 million, in November 2026 through natural amortization, enabling another one-year extension to November 2027. In October, CBL and its joint venture partner closed on a new $43.0 million loan secured by The Pavilion at Port Orange in Port Orange, FL. The five-year non-recourse loan has a fixed interest rate of 5.9%, interest-only, representing a more than 160-bps improvement versus the existing interest rate of 7.57%. Net proceeds were used to retire the existing $40.9 million loan, which was set to mature in February 2026. CBL and its joint venture partner closed on an agreement with the existing lender for the non-recourse loan secured by Coastal Grand and Crossing in Myrtle Beach, SC, in October. Under the agreement, the principal balance was reduced by $5.0 million to $88.0 million with an initial effective fixed interest rate of 5.09%, and the maturity was extended to August 2028. In addition, in October, the Company exercised the extension option on the loan secured by Coastal Grand Mall - Dick's Sporting Goods. In October, CBL and its joint venture partner also entered into a 9-month extension for the $28.5 million non-recourse loan secured by York Town Center in York, PA. The extended loan bears a fixed interest rate of 6.0% and matures in June 2026. In July, CBL closed on a $78.0 million non-recourse loan secured by Cross Creek Mall in Fayetteville, NC. The new five-year loan bears a fixed interest rate of 6.856%. Proceeds from the loan were used to retire the existing $81.9 million loan secured by the property, which bore an interest rate of 8.19% and was scheduled to mature in August 2025. In July, Southpark Mall in Colonial Heights, VA, 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 $48.3 million non-recourse loan. In May 2025, CBL exercised the one-year extension option on the loan secured by Fayette Mall in Lexington, KY. In March, the conveyance of Alamance Crossing East, in Burlington, NC, was completed in satisfaction of the outstanding $41.1 million non-recourse loan. CBL is in discussions with the lenders on Jefferson Mall in Louisville, KY, ($48.99 million), Arbor Place Mall in Douglasville, GA ($85.5 million) and The Outlet Shoppes at Gettysburg in Gettysburg, PA ($19.4 million), and intends to cooperate with the foreclosure or conveyance of the properties in satisfaction of the debt. TRANSACTION ACTIVITY In 2025, CBL closed on dispositions generating approximately $240.7 million of gross proceeds. In October, CBL completed the sale of its interest in Fremaux Town Center in Slidell, LA, generating cash proceeds to CBL of $30.77 million in addition to the elimination of $35.0 million of debt related to the property. In July, CBL closed on the sale of The Promenade in D'Iberville, MS, for $83.1 million. CBL completed the sale of Monroeville Mall and Annex in Monroeville, PA, for $34.0 million in January and the $38.1 million sale of Imperial Valley Mall in El Centro, CA, in February. CBL also completed the sale of an office building in Greensboro, NC, for $3.5 million in June and has sold six outparcels year-to-date generating gross proceeds of $15.6 million. In July, CBL closed on the acquisition of four dominant enclosed regional malls for $178.9 million from Washington Prime Group. The malls include Ashland Town Center in Ashland, KY; Mesa Mall in Grand Junction, CO; Paddock Mall in Ocala, FL; and Southgate Mall in Missoula, MT. This acquisition reinforces CBL’s position as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets. Concurrently with the transaction close, CBL completed a modification and extension of its existing $333.0 million non-recourse outparcel and open-air center loan with Beal Bank USA, which was scheduled to initially mature in June 2027, with one, two-year extension option. The loan was modified to include the acquisition properties, increasing the principal balance by $110.0 million to $443.0 million and extending the initial maturity through October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term, the new interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368.0 million and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately $75.0 million. The full principal balance will convert to the floating rate after the initial term. CBL utilized proceeds from the $83.1 million sale of The Promenade, an open-air center in D'Iberville, MS, to fund the balance of the transaction. STOCK REPURCHASE PROGRAM On May 1, 2025, CBL announced that its Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock. On November 5, 2025, CBL's Board of Directors authorized a new stock repurchase program for the Company to buy up to $25 million of its common stock. The new stock repurchase program replaced the existing program authorized on May 1, 2025. In 2025, CBL acquired 573,998 shares of CBL stock for $18.0 million. DEVELOPMENT AND REDEVELOPMENT ACTIVITY Detailed project information is available in CBL’s Financial Supplement for Q4 2025, which can be found in the Invest – Financial Reports section of CBL’s website at cblproperties.com OUTLOOK AND GUIDANCE CBL is initiating FFO, as adjusted, guidance for 2026 in the range of $6.74 - 7.06 per share. Management anticipates same-center NOI for full-year 2026 in the range of (1.2)% to 1.1%. Reconciliation of GAAP Earnings Per Share to 2026 FFO, as Adjusted, Per Share: Reconciliation of Net Income to SC NOI (in millions): 2026 Estimate of Capital Items (in millions): ABOUT CBL PROPERTIES Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 88 properties totaling 53.9 million square feet across 22 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com. NON-GAAP FINANCIAL MEASURES Funds From Operations FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure. The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. In the reconciliation of net income (loss) attributable to the Company’s common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders. FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity. The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release for a description of these adjustments. Same-center Net Operating Income NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). The Company computes NOI based on the Operating Partnership’s pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies. Since NOI includes only those revenues and expenses related to the operations of the Company’s shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company’s results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release. Pro Rata Share of Debt The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s condensed consolidated balance sheet is located at the end of this earnings release. Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties. View source version on businesswire.com: https://www.businesswire.com/news/home/20260213039112/en/ Contacts Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, [email protected]

Shares of CBL & Associates Properties, Inc. CBL have gained 4.3% since the company reported its earnings for the quarter ended Sept. 30, 2025, outpacing the S&P 500 Index’s 0.6% gain over the same span. Over the past month, the stock has risen 13.3% compared with the S&P 500’s 3.2% growth. For the third quarter of 2025, CBL’s diluted earnings per share (EPS) jumped to $2.38 from $0.52 a year earlier, helped by sizable gains on property sales and a gain on deconsolidation. Total revenues climbed 11.3% to $139.3 million from $125.1 million in the year-ago quarter. Rental revenues rose 12.3% to $134.8 million from $119.9 million in the year-ago quarter, while management, development and leasing fees declined 38.4% and “other” revenues were modestly higher. Funds from operations (FFO) per diluted share rose 69.5% to $2.17 from $1.28, while FFO, as adjusted, inched up 0.6% to $1.55 from $1.54 in the year-ago quarter. Same-center net operating income (NOI) grew 1.1% year over year, with lifestyle centers leading the way, posting a 15.2% increase in same-center NOI, while malls were down 0.2%, outlet centers rose 0.4%, open-air centers slipped 1% and outparcels and other assets increased 2.4%. Portfolio operating metrics moved in a generally positive direction. Total portfolio occupancy improved 90 basis points to 90.2% as of Sept. 30, 2025, from 89.3% a year earlier. Within that, malls were 87.6% leased (up from 86.4%), lifestyle centers 93.3% (up from 91.2%) and outlet centers 92% (up from 91.6%). Same-center occupancy for malls, lifestyle centers and outlet centers ticked up 40 basis points to 88.4% from 88% in the year-ago quarter. Open-air centers remained highly occupied at 95.3%, essentially flat versus 95.4% a year ago, while “All Other Properties” improved to 91% from 88% in the year-ago quarter. Bankruptcy-related closures, including Forever21, JoAnn, Claire’s and Party City, reduced mall occupancy by nearly 70 basis points, indicating that underlying demand offset tenant distress. Leasing metrics were particularly strong. CBL executed over 972,000 square feet of leases in the quarter, including about 435,000 square feet of comparable new and renewal deals at a 17.1% average rent increase versus prior rents. New leases achieved spreads of more than 70%, while renewals captured nearly 10% rent growth. Same-center tenant sales per square foot for the quarter increased approximately 4.8% year over year, and trailing 12-month sales per square foot rose 1.6% to $432 from $425. CBL & Associates Properties, Inc. price-consensus-eps-surprise-chart | CBL & Associates Properties, Inc. Quote Management highlighted the quarter as “excellent,” pointing to same-center NOI growth, higher occupancy and robust lease spreads as indicators of portfolio strength and consumer resilience. They underscored growth of experiential and new-to-market concepts, citing the opening of an Element by Westin hotel at Mayfaire Town Center and new stores such as Ashley Furniture, Cavender’s and Barnes & Noble, along with Primark’s only Nashville location at CoolSprings Galleria and a signed lease for CBL’s first L.L.Bean store. These additions reflect a strategy of diversifying tenancy beyond traditional department stores toward lifestyle, value and experience-oriented offerings. Management also emphasized ongoing balance-sheet work. CBL exercised a one-year extension option on its non-recourse term loan on Nov. 1, 2025, and expects to qualify for an additional extension to November 2027, effectively pushing out a major maturity cluster. CBL pointed to a new $43 million, five-year non-recourse loan on The Pavilion at Port Orange at a 5.9% interest rate — about 160 basis points lower than the prior loan — as well as a successful modification of the joint-venture financing on Coastal Grand and Crossing in Myrtle Beach, extending that maturity to August 2028. CBL’s stronger GAAP earnings in the quarter were driven by a combination of modest underlying operating growth and sizable non-operating gains. On the operating side, same-center NOI for the third quarter of 2025 increased 1.1% compared to the year-ago period. Management notes that total operating expenses declined $0.5 million in the quarter, largely due to real estate tax refunds, which helped offset pressure elsewhere in the cost base. However, this benefit was partly countered by a higher estimate for uncollectible revenues, which negatively impacted the quarter by approximately $1.2 million. For the nine months ended Sept. 30, 2025, same-center NOI declined 0.6% compared with the prior-year period, reflecting higher operating expenses and some normalization after prior-year tax refunds. The largest swing factors in reported net income were below the operating line. CBL recorded a $51.2 million gain on sales of real estate assets for the quarter, up sharply from $12.8 million in the prior-year quarter. The company also recognized a $33.9 million gain on deconsolidation related to Southpark Mall, which did not recur in the year-ago period. These gains more than offset higher interest expense, which rose 15.3% to $44.8 million from $38.8 million, and contributed significantly to the jump in net income to $75.1 million from $15.8 million and in diluted EPS to $2.38 from $0.52 year over year. CBL reaffirmed its full-year 2025 FFO, as adjusted, guidance at $6.98–$7.34 per share. Management continues to expect full-year same-center NOI to range from a 2% decline to 0.5% growth, implying that some pressure from higher expenses and credit-related items could persist even as leasing fundamentals remain solid. The guidance framework embeds 2025 net income between $101.4 million and $112.4 million, FFO, as adjusted, of $213–$224 million, and same-center NOI of $410.1–$420.6 million. CBL also outlined estimated 2025 capital needs of $137.5 million–$167.5 million, encompassing maintenance capital and tenant allowances, development and redevelopment spending, and principal amortization, including expected excess cash flow sweeps on the term loan. The board declared a quarterly dividend of $0.45 per common share, or $1.80 on an annualized basis, payable in December 2025, signaling confidence in cash flows while still allowing room for reinvestment and leverage reduction. Transaction activity has been brisk in 2025. Year to date, CBL has generated more than $238 million of gross proceeds from dispositions, including the October sale of its interest in Fremaux Town Center, which also removed $35 million of associated debt, and the $83.1 million sale of The Promenade in July. Earlier in the year, the company sold Monroeville Mall and Annex and Imperial Valley Mall, as well as an office building and several outparcels. On the acquisition front, CBL bought four enclosed regional malls — Ashland Town Center, Mesa Mall, Paddock Mall and Southgate Mall — for $178.9 million, folding them into an expanded outparcel and open-air loan that now totals $443 million and extends to 2030, with an option to 2032. The company also continued portfolio pruning and de-risking, including the conveyance of Alamance Crossing East in March and the placement of Southpark Mall into receivership ahead of an anticipated foreclosure. Complementing these moves, CBL has repurchased about $7.3 million of stock under a $25 million authorization and put a new $25 million buyback in place, while maintaining ample liquidity with $313 million of unrestricted cash and marketable securities at quarter-end. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CBL & Associates Properties, Inc. (CBL): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CBL & Associates Properties announced strong third quarter 2025 results, with revenue rising to US$139.28 million and net income growing very significantly compared to the prior year, alongside issuing positive 2025 earnings guidance and declaring a quarterly dividend of US$0.45 per share. This period also saw the debut of retailer Primark at CoolSprings Galleria, adding a high-traffic tenant to CBL's portfolio and expanding its retail offerings. We'll explore how CBL's improved earnings outlook and portfolio enhancements could influence its overall investment narrative moving forward. The end of cancer? These 29 emerging AI stocks are developing tech that will allow early identification of life changing diseases like cancer and Alzheimer's. To believe in CBL & Associates Properties as a shareholder, it comes down to confidence in their ongoing ability to grow earnings, attract high-traffic tenants, and maintain a competitive edge in a challenging retail landscape. The recent earnings report signals not just a strong quarter but a fundamentally improved outlook, with net income and earnings per share miles ahead of year-ago figures and updated full-year guidance pointing higher. Portfolio-enhancing moves, like adding Primark and new hotels, highlight management’s intent to bring in new customer segments and boost property relevance. However, key risks remain: the quality of profit growth is muddied by one-off items, the company continues to operate with significant debt, and interest payments still put pressure on earnings coverage. The recent news does shift the near-term catalyst to sustained earnings momentum; if these results mark a true pivot, it may influence sentiment and near-term share price action. In short, recent events meaningfully update the stakes for both upside catalysts and ongoing risks. But rising profits aren’t the full story, there’s more to know about CBL’s debt exposure. CBL & Associates Properties' shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be. Among our Simply Wall St Community, 1 fair value estimate clusters at US$36 per share. While this suggests consensus on valuation, contrasting views on debt risks highlighted above show why market participants may interpret the company’s future path quite differently. Explore more perspectives to see the full range of what others are watching. Explore another fair value estimate on CBL & Associates Properties - why the stock might be worth just $36.00! Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd. A great starting point for your CBL & Associates Properties research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision. Our free CBL & Associates Properties research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate CBL & Associates Properties' overall financial health at a glance. Opportunities like this don't last. These are today's most promising picks. Check them out now: The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 24 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. Trump's oil boom is here - pipelines are primed to profit. Discover the 22 US stocks riding the wave. Rare earth metals are the new gold rush. Find out which 35 stocks are leading the charge. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CBL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]