CBL & Associates Properties : First Quarter 2026 Supplemental

Published: 2026-05-08 08:05:26 ET CBL

Published on 05/08/2026 at 08:05 am EDT

Page

Earnings Release 1

Consolidated Statements of Operations 7

Reconciliations of Supplementary Non-GAAP Financial Measures:

Funds from Operations (FFO) 8

Same-center Net Operating Income (NOI) 10

Share of Consolidated and Unconsolidated Debt 11

Consolidated Balance Sheets 12

Condensed Combined Financial Statements - Unconsolidated Affiliates 13

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

Flows 14

Components of Rental Revenues 15

Schedule of Mortgage and Other Indebtedness 16

Schedule of Maturities 18

Property List 20

Operating Metrics by Collateral Pool 23

Leasing Activity and Average Annual Base Rents 25

Top 25 Tenants Based on Percentage of Total Annualized Revenues 27

Capital Expenditures 27

News Release

Contact: Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, [email protected]

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

CHATTANOOGA, Tenn. (May 8, 2026) - CBL Properties (NYSE: CBL) announced results for the first quarter ended March 31, 2026. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.

Three Months Ended March 31,

2026

2025

Net income attributable to common shareholders

1.48

0.27

Funds from Operations ("FFO")

2.78

1.13

FFO, as adjusted (1)

1.73

1.50

For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company's reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release.

KEY TAKEAWAYS:

Same-center NOI for Q1 2026 increased 2.1% compared with the prior-year period. FFO, as adjusted, per share for Q1 2026 increased 15% to $1.73, compared with $1.50 per share for the prior-year period. Strong results for the quarter contributed to the increase in full-year 2026 guidance (see Outlook and Guidance).

CBL signed more than 583,000 square feet of leases during first quarter 2026, including approximately 372,000 square feet of comparable new and renewal leases signed at a 5.7% increase in average rents versus the prior rents.

Same-center tenant sales per square foot for the first quarter 2026 increased approximately 5.8% as compared with the prior-year period. Same-center tenant sales per square foot for the rolling 12-months ended March 31, 2026, of $453, increased 4.6% as compared with the prior-year period.

Portfolio occupancy was 90.5% as of March 31, 2026, an increase of 50 bps from portfolio occupancy of 90.0% at year-end 2025 and 10 bps from portfolio occupancy of 90.4% as of March 31, 2025. Bankruptcy related store closures, including the closures of Francesca's and Eddie Bauer locations, representing approximately 122,000 square feet, negatively impacted mall occupancy by nearly 87 basis points compared with the prior-year period.

As of March 31, 2026, the Company had $305.5 million of unrestricted cash and marketable securities (includes CBL's share of joint venture cash of $22.5 million).

On May 7, 2026, CBL's Board of Directors approved a dividend of $0.625 per common share for the second quarter of 2026, representing a 39% increase over the prior regular quarterly dividend rate.

During the quarter, CBL successfully refinanced its existing $634.0 million term loan through two complementary transactions including a $425.0 million non-recourse financing secured by a pool of primarily mall properties and a $176.1 million floating-rate bank loan primarily secured by a pool of strong open-air lifestyle centers.

"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."

Three Months Ended March 31,

2026

2025

Total Revenues

147,115

145,273

Total Expenses

(50,559

)

(50,716

)

Total portfolio same-center NOI

96,556

94,557

Total same-center NOI percentage change

2.1

Estimate for uncollectable revenues (recovery)

1,715

949

(1) CBL's definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of above and below market leases.

Same-center NOI for the first quarter 2026 increased $2.0 million. Rental revenue growth of $1.6 million was driven by improvement in specialty leasing revenues and a $0.6 million increase in percentage rent. Total operating expense during the first quarter declined $0.2 million. The net decline was a result of $1.8 million higher property operating expenses offset by a $1.5 million favorable impact fro m 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.

As of March 31,

2026

2025

Total portfolio

90.5%

90.4%

Malls, lifestyle centers and outlet centers:

Total malls

88.3%

87.9%

Total lifestyle centers

92.4%

92.2%

Total outlet centers

90.5%

90.4%

Total same-center malls, lifestyle centers and outlet centers

88.9%

90.1%

Open-air centers

95.7%

All Other Properties

94.0%

89.6%

(1) Occupancy for malls, lifestyle centers and outlet centers represent percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied.

% Change in Average Gross Rent Per Square Foot:

Three Months Ended March 31,

2026

All Property Types

5.7%

Stabilized Malls, Lifestyle Centers and Outlet Centers

5.6%

New leases

55.5%

Renewal leases

0.5%

Open-air Centers

13.9%

Sales Per Square Foot for the Trailing

Twelve Months Ended March 31,

2026

2025

% Change

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

453

433

4.6%

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.

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.

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.

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.

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

Low

High

2026 Net Income (in millions)

71.1

75.1

2026 FFO, as adjusted (in millions)

219.0

223.0

2026 WA Share Count

31.0

2026 FFO, as adjusted, per share

7.06

7.19

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

401.0

406.0

2026 change in same-center NOI

(0.5

1.25

Low

High

Expected diluted earnings per common share

2.12

2.25

Depreciation and amortization

4.92

Expected FFO, per diluted, fully converted common share

7.04

7.17

Debt discount accretion, net of noncontrolling interests' share

0.60

Adjustment for unconsolidated affiliates with negative investment

0.58

Non-cash interest expense

(0.02

)

(0.02

)

Gain on deconsolidation

(1.14

)

(1.14

)

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

7.06

7.19

Low

High

Net income (loss)

71.1

75.1

Adjustments (1):

Depreciation and amortization

152.9

Adjustments for unconsolidated affiliates(2)

27.0

Non-comparable property NOI

(50.4

)

(50.4

)

Other (income) expenses, net(3)

144.0

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

56.4

57.4

Total Same-Center NOI

401.0

406.0

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

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

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.

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

Low

High

2026 Estimated maintenance capital/tenant allowances (1)

55.0

60.0

2026 Estimated development/redevelopment expenditures

10.0

15.0

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

58.0

63.0

Total Estimate

123.0

138.0

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

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.

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.

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.

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.

(Unaudited; in thousands, except per share amounts)

Three Months Ended March 31,

2026

2025

REVENUES:

Rental revenues

141,373

137,360

Management, development and leasing fees

1,609

1,317

Other

2,986

3,091

Total revenues

145,968

141,768

EXPENSES:

Property operating

(28,233

)

(25,878

Depreciation and amortization

(38,098

)

(45,541

Real estate taxes

(14,066

)

(15,731

Maintenance and repairs

(12,333

)

(13,466

General and administrative

(18,587

)

(20,707

Other

Total expenses

(111,287

)

(121,323

OTHER INCOME (EXPENSES):

Interest and other income

3,360

3,468

Interest expense

(39,899

)

(44,225

Loss on extinguishment of debt

(217

Gain on deconsolidation

35,334

Gain on sales of real estate assets

1,402

21,532

Income tax benefit

1,230

471

Equity in earnings of unconsolidated affiliates

10,277

6,913

Total other income (expenses), net

11,704

(12,058

Net income

46,385

8,387

Net (income) loss attributable to noncontrolling interests in:

Operating Partnership

)

Other consolidated subsidiaries

110

408

Net income attributable to the Company

46,487

8,789

Earnings allocable to unvested restricted stock

(1,084

)

(577

Net income attributable to common shareholders

45,403

8,212

Basic and diluted per share data attributable to common shareholders:

Basic earnings per share

1.50

0.27

Diluted earnings per share

1.48

0.27

Weighted-average basic shares

30,184

30,419

Weighted-average diluted shares

30,680

30,709

)

Three Months Ended March 31,

2026

2025

Net income attributable to common shareholders

$ 45,403

$ 8,212

Noncontrolling interest in income of Operating Partnership

Earnings allocable to unvested restricted stock

(878)

Depreciation and amortization expense of:

Consolidated properties

38,098

45,541

Unconsolidated affiliates

3,144

3,432

Non-real estate assets

(213)

(247)

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

(353)

(426)

Gain on depreciable property, net of taxes

(21,706)

FFO allocable to Operating Partnership common unitholders

85,209

34,812

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

interests' share (1)

Adjustment for unconsolidated affiliates with negative investment (2)

(2,884)

1,534

Non-cash default interest expense (3)

547

363

Gain on deconsolidation (4)

(35,334)

Loss on extinguishment of debt (5)

217

FFO allocable to Operating Partnership common unitholders, as adjusted

$ 53,217

$ 46,133

FFO per diluted share

$ 2.78

$ 1.13

FFO, as adjusted, per diluted share

$ 1.73

$ 1.50

Weighted-average common and potential dilutive common units outstanding

30,686

30,714

(in thousands, except per share data)

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.

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.

The three months ended March 31, 2026 and 2025 includes default interest on loans past their maturity date.

During the three months ended March 31, 2026, the Company deconsolidated Jefferson Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process.

During the three months ended March 31, 2025, the Company made a partial paydown on the 2032 non-recourse bank loan and recognized loss on extinguishment of debt related to a prepayment fee.

Three Months Ended March 31,

2026

2025

Diluted EPS attributable to common shareholders

1.48

0.27

Add amounts per share included in FFO:

Earnings allocable to unvested restricted stock

(0.03

)

Eliminate amounts per share excluded from FFO:

Depreciation and amortization expense, including amounts from consolidated properties, unconsolidated affiliates, non-real estate assets and excluding amounts allocated to noncontrolling interests

1.33

1.57

Gain on depreciable property, net of taxes

(0.71

)

FFO per diluted share

2.78

1.13

Three Months Ended March 31,

2026

2025

SUPPLEMENTAL FFO INFORMATION:

Lease termination fees

381

963

Straight-line rental income adjustment (1)

413

(393

)

Gain on outparcel sales, net of taxes

1,333

766

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

(2,713

)

(3,846

)

Income tax benefit

1,230

471

Interest capitalized

122

113

Estimate of uncollectable revenues

(1,887

)

(822

)

As of March 31,

2026

2025

Straight-line rent receivable

25,209

23,814

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.

(Dollars in thousands)

Three Months Ended March 31,

2026

2025

Net income

46,385

8,387

Adjustments:

Depreciation and amortization

38,098

45,541

Depreciation and amortization from unconsolidated affiliates

3,144

3,432

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

(353

)

(426

Interest expense

39,899

44,225

Interest expense from unconsolidated affiliates

6,275

7,290

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

(777

)

(1,014

Gain on sales of real estate assets

(1,402

)

(21,532

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

(1,035

Adjustment for unconsolidated affiliates with negative investment

(2,884

)

1,534

Loss on extinguishment of debt

217

Gain on deconsolidation

(35,334

)

Income tax benefit

(1,230

)

(471

Lease termination fees

(381

)

(963

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

2,300

4,239

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

110

408

General and administrative expenses

18,587

20,707

Management fees and non-property level revenues (1)

(4,046

)

(4,192

Operating Partnership's share of property NOI (1)

108,485

106,347

Non-comparable NOI (1)

(11,929

)

(11,790

Total same-center NOI (2)

96,556

94,557

Total same-center NOI percentage change

2.1

)

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.

CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of March 31, 2026, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending March 31, 2026. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender. The Company calculates same-center NOI based on stated ownership percentages.

(Dollars in thousands)

Three Months Ended March 31,

2026

2025

Malls

65,601

64,529

Outlet centers

5,198

5,171

Lifestyle centers

9,075

8,555

Open-air centers

11,352

10,974

Outparcels and other

5,330

5,328

Total same-center NOI

96,556

94,557

Percentage Change:

Malls

1.7

Outlet centers

0.5

Lifestyle centers

6.1

Open-air centers

3.4

Outparcels and other

0.0

Total same-center NOI

2.1

(Dollars in thousands)

As of March 31, 2026

Fixed Rate

Variable

Rate

Total Debt

Unamortized Deferred Financing

Costs

Unamortized

Debt Discounts (1)

Total, net

Consolidated debt

1,888,653

282,135

2,170,788

(26,405

)

(65,856

)

2,078,527

Noncontrolling interests' share of consolidated debt

(23,797

)

(10,869

)

(34,666

)

101

(34,497

Company's share of unconsolidated affiliates' debt

340,570

9,232

349,802

(2,807

)

346,995

Other debt (2)

96,918

Company's share of consolidated, unconsolidated and other debt

2,302,344

280,498

2,582,842

(29,144

)

(65,755

)

2,487,943

Weighted-average interest rate

5.98

7.68

6.17

As of March 31, 2025

Fixed Rate

Variable

Rate

Total Debt

Unamortized Deferred Financing

Costs

Unamortized Debt Discounts (1)

Total, net

Consolidated debt

1,387,453

871,887

2,259,340

(7,480

)

(101,298

)

2,150,562

Noncontrolling interests' share of consolidated debt

(24,234

)

(11,298

)

(35,532

)

135

1,339

(34,058

Company's share of unconsolidated affiliates' debt

369,366

28,836

398,202

(2,528

)

395,674

Company's share of consolidated, unconsolidated and other debt

1,732,585

889,425

2,622,010

(9,873

)

(99,959

)

2,512,178

Weighted-average interest rate

5.16

7.44

5.93

)

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

(Unaudited; in thousands, except share data)

March 31,

December 31,

2026

2025

ASSETS

Real estate assets:

Land

609,830

601,553

Buildings and improvements

1,639,455

1,619,988

2,249,285

2,221,541

Accumulated depreciation

(371,129

)

(355,900

)

1,878,156

1,865,641

Developments in progress

11,692

10,533

Net investment in real estate assets

1,889,848

1,876,174

Cash and cash equivalents

122,741

42,287

Restricted cash

89,981

110,665

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

160,268

293,087

Receivables:

Tenant

39,318

46,489

Other

1,712

1,562

Investments in unconsolidated affiliates

83,512

85,941

In-place leases, net

136,690

144,046

Intangible lease assets and other assets

121,033

128,848

2,645,103

2,729,099

LIABILITIES AND EQUITY

Mortgage and other indebtedness, net

2,078,527

2,170,785

Accounts payable and accrued liabilities

179,237

193,640

Total liabilities

2,257,764

2,364,425

Shareholders' equity:

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

Additional paid-in capital

683,664

687,424

Accumulated other comprehensive income

100

443

Accumulated deficit

(285,813

)

(312,961

)

Total shareholders' equity

397,982

374,936

Noncontrolling interests

(10,643

)

(10,262

)

Total equity

387,339

364,674

2,645,103

2,729,099

(Unaudited; in thousands)

March 31,

2026

December 31,

2025

ASSETS:

Investment in real estate assets

1,270,075

1,255,163

Accumulated depreciation

(587,374

)

(574,364

)

682,701

680,799

Developments in progress

1,692

1,315

Net investment in real estate assets

684,393

682,114

Other assets

121,282

135,138

Total assets

805,675

817,252

LIABILITIES:

Mortgage and other indebtedness, net

756,201

715,013

Other liabilities

25,051

23,468

Total liabilities

781,252

738,481

OWNERS' EQUITY:

The Company

70,107

78,016

Other investors

(45,684

)

755

Total owners' equity

24,423

78,771

Total liabilities and owners' equity

805,675

817,252

Three Months Ended March 31,

2026

2025

Total revenues

45,693

45,202

Depreciation and amortization

(10,686

)

(11,010

)

Operating expenses

(15,205

)

(13,758

)

Interest and other income

499

569

Interest expense

(12,864

)

(12,577

)

Gain on extinguishment of debt

32,494

Gain on sales of real estate assets

323

2,070

Net income

7,760

42,990

Company's Share for the Period

Three Months Ended March 31,

2026

2025

Total revenues

24,207

24,853

Depreciation and amortization

(5,214

)

(6,204

)

Operating expenses

(7,612

)

(7,070

)

Interest and other income

312

351

Interest expense

(6,275

)

(7,290

)

Negative investment adjustment

4,953

1,238

(Loss) gain on sales of real estate assets

(94

)

1,035

Net income

10,277

6,913

EBITDA for real estate ("EBITDAre") is a non-GAAP financial measure which NAREIT defines as net income (loss) (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, gains on the dispositions and deconsolidations of depreciable property, and adjustments to reflect the Company's share of EBITDAre from unconsolidated affiliates. The Company also calculates Adjusted EBITDAre to exclude the non-controlling interest in EBITDAre of consolidated entities, losses on extinguishment of debt and adjustments related to unconsolidated affiliates.

The Company presents the ratio of Adjusted EBITDAre to interest expense because the Company believes that the Adjusted EBITDAre to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt. Adjusted EBITDAre excludes items that are not a normal result of operations which assists the Company and investors in distinguishing changes related to the growth or decline of operations at our properties. EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to similar measures calculated by other companies. This non-GAAP measure should not be considered as an alternative to net income (loss), cash from operating activities or any other measure calculated in accordance with GAAP. Pro rata amounts listed below are calculated using the Company's ownership percentage in the respective joint venture and any other applicable terms.

(Dollars in thousands)

Three Months Ended March 31,

2026

2025

Net income

46,385

8,387

Depreciation and amortization

38,098

45,541

Depreciation and amortization from unconsolidated affiliates

3,144

3,432

Interest expense

39,899

44,225

Interest expense from unconsolidated affiliates

6,275

7,290

Income taxes

(1,230

)

(471

)

Gain on depreciable property

(21,532

)

Gain on deconsolidation

(35,334

)

EBITDAre (1)

97,237

86,872

Loss on extinguishment of debt

217

Adjustment for unconsolidated affiliates with negative investment

(2,884

)

1,534

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

110

408

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

(353

)

(426

)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

(777

)

(1,014

)

Company's share of Adjusted EBITDAre

93,333

87,591

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

Three Months Ended March 31,

2026

2025

Interest Expense:

Interest expense

39,899

44,225

Interest expense from unconsolidated affiliates

6,275

7,290

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

(5,679

)

(9,207

)

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

(627

)

(551

)

Company's share of interest expense

39,868

41,757

Ratio of Adjusted EBITDAre to Interest Expense

2.3

2.1

Three Months Ended March 31,

2026

2025

Company's share of Adjusted EBITDAre

93,333

87,591

Interest expense

(39,899

)

(44,225

)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

777

1,014

Income taxes

1,230

471

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

6,216

7,647

Net amortization of intangible lease assets and liabilities

2,582

3,704

Depreciation and interest expense from unconsolidated affiliates

(9,419

)

(10,722

)

Adjustment for unconsolidated affiliates with negative investment

2,884

(1,534

)

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

353

426

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

(110

)

(408

)

Gain on outparcel sales

(1,402

)

Loss (gain) on insurance proceeds

(65

)

Equity in earnings of unconsolidated affiliates

(10,277

)

(6,913

)

Distributions of earnings from unconsolidated affiliates

4,117

4,535

Share-based compensation expense

2,364

3,990

Change in estimate of uncollectable revenues

1,766

559

Change in deferred tax assets

2,547

2,575

Changes in operating assets and liabilities

(4,169

)

(16,966

)

Cash flows provided by operating activities

52,919

31,679

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

Three Months Ended March 31,

2026

2025

Minimum rents

105,780

101,020

Percentage rents

3,459

2,827

Other rents

2,181

2,205

Tenant reimbursements

31,735

31,858

Estimate of uncollectable amounts

(1,782

)

(550

)

Total rental revenues

141,373

137,360

(Dollars in thousands)

Property Location

Original Maturity

Date

Optional Extended Maturity

Date

Interest

Rate

Balance as of March 31,

2026 (1) Balance

Operating Properties:

Fixed

Variable

The Outlet Shoppes at Gettysburg (2)

Gettysburg, PA

Oct-25

4.80%

$ 19,438

$ -

Parkdale Mall & Crossing (2)

Beaumont, TX

Mar-26

5.85%

48,285

Northwoods Mall (3)

North Charleston, SC

Apr-26

5.08%

46,762

Arbor Place (4)

Atlanta

May-26

5.10%

84,295

(Douglasville), GA

Fayette Mall (5)

Lexington, KY

May-26

4.25%

99,373

Volusia Mall (6)

Daytona Beach, FL

May-26

4.56%

32,641

Hamilton Place

Chattanooga, TN

Jun-26

4.36%

85,978

The Outlet Shoppes at Laredo

Laredo, TX

Jun-26

7.42%

31,055

West County Center

Des Peres, MO

Dec-26

3.40%

138,798

CoolSprings Galleria

Nashville, TN

May-28

4.84%

133,125

Cross Creek Mall

Fayetteville, NC

Aug-30

6.86%

77,298

Oak Park Mall

Overland Park, KS

Oct-30

5.00%

244,315

2032 non-recourse bank loan (7)

Oct-30

Oct-32

7.71%

442,956

367,956

75,000

Secured lifestyle centers loan due 2032

Oct-30

Oct-31/Oct-32

7.77%

176,080

Gateway Mall

Lincoln, NE

Mar-31

6.46%

21,000

Secured mall loan due 2031 (8)

Apr-31

7.40%

425,000

Hamilton Place open-air centers loan

Chattanooga, TN

Jun-32

5.85%

64,389

Total Consolidated Debt

$ 2,170,788

$ 1,888,653

$ 282,135

Weighted-average interest rate

6.23%

6.01%

7.73 %

Plus CBL's Share Of Unconsolidated

Affiliates' Debt:

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

Myrtle Beach, SC

May-26

8.05%

3,278

York Town Center

York, PA

Jun-26

6.00%

14,148

Ambassador Town Center Infrastructure Improvements

Lafayette, LA Mar-27 7.26% 1,012 1,012 -

Mayfaire Town Center - hotel development

Wilmington, NC

Jan-28

6.00%

9,232

Friendly Center

Greensboro, NC

May-28

6.44%

70,963

Coastal Grand Mall (10)

Myrtle Beach, SC

Aug-28

5.09%

38,396

Coastal Grand Crossing (10)

Myrtle Beach, SC

Aug-28

5.09%

1,853

The Outlet Shoppes at El Paso

El Paso, TX

Oct-28

5.10%

32,730

Ambassador Town Center

Lafayette, LA

Jun-29

4.35%

25,147

Hamilton Place Aloft Hotel

Chattanooga, TN

Jun-29

7.20%

7,016

Friendly Center Medical Office

Greensboro, NC

Jun-30

6.11%

1,679

The Pavilion at Port Orange

Port Orange, FL

Oct-30

5.93%

21,500

The Shoppes at Eagle Point

Cookeville, TN

May-32

5.40%

18,863

The Outlet Shoppes at Atlanta

Woodstock, GA

Oct-33

7.85%

39,665

The Outlet Shoppes of the Bluegrass

Simpsonville, KY

Nov-34

6.84%

42,336

Hammock Landing - Phase I

West Melbourne, FL

Dec-34

5.86%

17,099

Hammock Landing - Phase II

West Melbourne, FL

Dec-34

5.86%

4,885

Total Unconsolidated Debt

349,802

340,570

9,232

Plus Other Debt:

Jefferson Mall (11)

Louisville, KY

Jun-26

4.75%

48,647

Southpark Mall (12)

Colonial Heights, VA

Jun-26

4.85%

48,271

Total Other Debt

96,918

Less Noncontrolling Interests' Share Of Consolidated Debt:

The Outlet Shoppes at Gettysburg (2)

Gettysburg, PA

Oct-25

4.80%

(9,719)

(50%)

Hamilton Place (10%)

Chattanooga, TN

Jun-26

4.36%

(8,598)

The Outlet Shoppes at Laredo (35%)

Laredo, TX

Jun-26

7.42%

(10,869)

(10,869 )

Property

Location

Original Maturity

Date

Optional Extended Maturity

Date

Interest

Rate

Balance as of March 31,

2026 (1)

Balance

Fixed

Variable

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

Chattanooga, TN

Jun-32

5.85

(5,480

)

(5,480

)

(34,666

)

(23,797

)

(10,869

)

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

2,582,842

2,302,344

280,498

Weighted-average interest rate

6.17

5.98

7.68

Total Debt of Unconsolidated Affiliates:

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

Myrtle Beach, SC

May-26

8.05

6,556

York Town Center

York, PA

Jun-26

6.00

28,297

Ambassador Town Center Infrastructure Improvements

Lafayette, LA

Mar-27

7.26

1,012

Mayfaire Town Center - hotel development

Wilmington, NC

Jan-28

6.00

18,842

Friendly Center

Greensboro, NC

May-28

6.44

141,926

Coastal Grand Mall (10)

Myrtle Beach, SC

Aug-28

5.09

76,791

Coastal Grand Crossing (10)

Myrtle Beach, SC

Aug-28

5.09

3,705

The Outlet Shoppes at El Paso

El Paso, TX

Oct-28

5.10

65,459

Ambassador Town Center

Lafayette, LA

Jun-29

4.35

38,688

Hamilton Place Aloft Hotel

Chattanooga, TN

Jun-29

7.20

14,032

Friendly Center Medical Office

Greensboro, NC

Jun-30

6.11

6,715

The Pavilion at Port Orange

Port Orange, FL

Oct-30

5.93

43,000

The Shoppes at Eagle Point

Cookeville, TN

May-32

5.40

37,726

The Outlet Shoppes at Atlanta

Woodstock, GA

Oct-33

7.85

79,330

The Outlet Shoppes of the Bluegrass

Simpsonville, KY

Nov-34

6.84

65,133

Hammock Landing - Phase I

West Melbourne, FL

Dec-34

5.86

34,199

Hammock Landing - Phase II

West Melbourne, FL

Dec-34

5.86

9,771

671,182

652,340

18,842

Weighted-average interest rate

6.10

6.11

6.00

See page 11 for debt discounts and unamortized deferred financing costs.

The loan is in maturity default. The Company intends to cooperate with the foreclosure or conveyance of the property in satisfaction of the debt.

Subsequent to March 31, 2026, the Company closed on a new $43,000 non-recourse, five-year loan secured by Northwoods Mall. The loan bears a fixed interest rate of 9.1%. The previous loan had the cash flows of the property restricted under the terms of the previous loan agreement.

Subsequent to March 31, 2026, the loan entered maturity default. The Company intends to cooperate with the foreclosure or conveyance of the property in satisfaction of the debt.

Subsequent to March 31, 2026, the Company closed on a new $97,500 non-recourse, five-year loan secured by Fayette Mall. The loan bears a fixed interest rate of 7.25%.

Subsequent to March 31, 2026, the loan was modified, which extends the maturity through October 2026.

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%.

The Company used proceeds from the secured mall loan due 2031 and existing cash on hand to retire the secured term loan. The secured mall loan due 2031 is secured by Cherryvale Mall, Frontier Mall, Hanes Mall, Kirkwood Mall, Mall del Norte, Post Oak Mall, Richland Mall, Sunrise Mall, Turtle Creek Mall, Valley View Mall, West Towne Mall, Westmoreland Mall and Westmoreland Crossing.

Subsequent to March 31, 2026, the Company and its joint venture partner closed on a new $6,581 non-recourse, five-year loan secured by Coastal Grand Mall - Dick's Sporting Goods, which bears a fixed interest rate of 6.17%.

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.

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.

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

Subsequent to March 31, 2026 and after the closing of the new loan secured by Northwoods Mall, CBL owns interests in 11 assets (8 malls, 2 outlet centers and an open-air center) with a pro rata share debt balance of $715,406 which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements. Of this amount, $683,648 of pro rata debt relates to malls, $29,905 relates to outlet centers and $1,853 relates to an open-air center. These loans are non-recourse to CBL. The restricted cash can only be used to pay the respective property's real estate and insurance costs, debt service, operating expenses, and fund escrow accounts for capital expenditures and tenant allowances. Additionally, CBL receives management fees from the property cash flows. For the three months ended March 31, 2026, CBL's pro rata share of same-center NOI was $96,556, of which same-center NOI from cash trapped properties made up $14,211, with $12,912 relating to malls, $723 relating to outlet centers and $576 relating to an open-air center. For the three months ended March 31, 2025, CBL's pro rata share of same-center NOI was $94,557, of which same-center NOI from cash trapped properties made up $13,742, with $12,557 relating to malls, $641 relating to outlet centers and $544 relating to an open-air center.

(Dollars in thousands)

Year

Consolidated

Debt

Unconsolidated

Affiliates' Debt

Other

Debt (1)

of Consolidated

Debt

and Other

Debt

% of Total

Interest

Rate

2025

$ 19,438

$ -

$ (9,719) $

9,719

0.38%

4.80%

2026

567,187

17,426

96,918

(19,467)

662,064

25.63%

4.62%

2027

1,012

0.04%

7.26%

2028

133,125

153,174

286,299

11.08%

5.34%

2029

32,163

1.25%

4.97%

2030

321,613

23,179

344,792

13.35%

5.48%

2031

446,000

17.27%

7.36%

2032

683,425

18,863

(5,480)

696,808

26.97%

7.51%

2033

39,665

1.54%

7.85%

2034

64,320

- 64,320

2.49%

6.50%

Total

$ 2,170,788

$ 349,802

$ 96,918

$ (34,666) $

2,582,842

100.00%

6.17%

Year

2025

$ 19,438

- $

(9,719) $

9,719

0.38%

4.80%

2026

567,187

17,426

96,918

(19,467)

662,064

25.63%

4.62%

2027

1,012

0.04%

7.26%

2028

133,125

153,174

286,299

11.08%

5.34%

2029

32,163

1.25%

4.97%

2030

940,649

23,179

963,828

37.31%

6.92%

2031

446,000

17.27%

7.36%

2032

64,389

18,863

(5,480)

77,772

3.01%

5.74%

2033

39,665

1.54%

7.85%

2034

64,320

- 64,320

2.49%

6.50%

Total

$ 2,170,788

$ 349,802

$ 96,918

$ (34,666) $

2,582,842

100.00%

6.17%

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

Operating Metrics by Collateral Pool

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:

The information provided in the tables below, including historic operational and financial information, is for properties owned as of March 31, 2026, as listed on the Property List table. Information is provided on a "same-center" basis and any properties or interests in properties acquired or disposed of prior to March 31, 2026, were assumed to have been acquired or disposed for all periods presented. Properties excluded from the same-center pool that would otherwise meet these criteria are categorized as excluded properties. We exclude properties which are under major redevelopment or are being considered for repositioning, and where we are working or intend to work with the lender on a restructure of the terms of the loan secured by the property or convey the secured property to the lender ("Excluded Properties").

Net Operating Income (NOI) and other financial information included in the presentation is reflected based on CBL's share of ownership.

NOI is a supplemental non-GAAP measure of the operating performance of our shopping centers and other properties. We define NOI as property operating revenues (rental revenues and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes straight-line rents, above/below market lease rates, landlord inducement write-offs, lease buyouts and management fees.

Due to the exclusions noted above, NOI should only be used as a supplemental measure of our performance and not as an alternative to GAAP operating income (loss) or net income (loss).

Interest is calculated on a GAAP basis including amortization of deferred financing costs and accretion of debt discounts.

‌Property Location

Sales Per Square Foot for the

Trailing Twelve Months Ended (1) In-Line Occupancy (2)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

CONSOLIDATED UNENCUMBERED

Malls:

Dakota Square Mall

Minot, ND

Meridian Mall

Lansing, MI

Mid Rivers Mall

St. Peters, MO

Northgate Mall

Chattanooga, TN

Northpark Mall

Joplin, MO

Parkway Place

Huntsville, AL

South County Center

St. Louis, MO

St. Clair Square

Fairview Heights, IL

Stroud Mall

Stroudsburg, PA

Total Malls

$ 343

$ 326

80.7%

83.6%

Outparcels and Other

N/A

92.7%

89.2%

Total Consolidated Unencumbered

$ 343

$ 326

81.8%

84.1%

JOINT VENTURE ASSETS

Malls:

Coastal Grand Mall

Myrtle Beach, SC

Governor's Square

Clarksville, TN

Kentucky Oaks Mall

Paducah, KY

Total Malls

$ 392

$ 381

90.2%

85.4%

Outlet Centers:

The Outlet Shoppes at Atlanta

Woodstock, GA

The Outlet Shoppes at El Paso

El Paso, TX

The Outlet Shoppes of the Bluegrass

Simpsonville, KY

Total Outlet Centers

$ 488

$ 475

92.5%

94.1%

Lifestyle Centers:

Friendly Center and The Shops at Friendly

Greensboro, NC

657 $

599

96.1%

89.7%

Open-Air Centers:

Ambassador Town Center

Lafayette, LA

Coastal Grand Crossing

Myrtle Beach, SC

Governor's Square Plaza

Clarksville, TN

Hammock Landing

West Melbourne, FL

The Pavilion at Port Orange

Port Orange, FL

The Shoppes at Eagle Point

Cookeville, TN

York Town Center

York, PA

Total Open-Air Centers

N/A

97.6%

94.5%

Total Joint Venture Assets

$ 496

$ 473

94.5%

91.9%

CONSOLIDATED ENCUMBERED ASSETS

CherryVale Mall Rockford, IL

Malls:

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

Sales Per Square Foot for the

Property

Location

Trailing Twelve Months Ended (1)

In-Line Occ

upancy (2)

Oak Park Mall

Overland Park, KS

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Parkdale Mall

Beaumont, TX

Post Oak Mall

College Station, TX

Richland Mall

Waco, TX

Sunrise Mall

Brownsville, TX

Turtle Creek Mall

Hattiesburg, MS

Valley View Mall

Roanoke, VA

Volusia Mall

Daytona Beach, FL

West County Center

Des Peres, MO

West Towne Mall

Madison, WI

Westmoreland Mall

Greensburg, PA

Total Malls

$ 464

$ 449

90.1%

90.2%

Outlet Centers:

The Outlet Shoppes at Laredo

Laredo, TX

$ 348

$ 332

82.9%

84.1%

Lifestyle Centers:

Mayfaire Town Center

Wilmington, NC

Pearland Town Center

Pearland, TX

Southaven Towne Center

Southaven, MS

Total Lifestyle Centers

$ 433

$ 399

89.5%

91.8%

Open-Air Centers:

Alamance Crossing West

Burlington, NC

CoolSprings Crossing

Nashville, TN

Courtyard at Hickory Hollow

Nashville, TN

Frontier Square

Cheyenne, WY

Gunbarrel Pointe

Chattanooga, TN

Hamilton Corner

Chattanooga, TN

Hamilton Crossing

Chattanooga, TN

Harford Annex

Bel Air, MD

The Landing at Arbor Place

Atlanta (Douglasville), GA

Parkdale Crossing

Beaumont, TX

The Plaza at Fayette

Lexington, KY

The Shoppes at Hamilton Place

Chattanooga, TN

The Shoppes at St. Clair Square

Fairview Heights, IL

Sunrise Commons

Brownsville, TX

The Terrace

Chattanooga, TN

West Towne Crossing

Madison, WI

WestGate Crossing

Spartanburg, SC

Westmoreland Crossing

Greensburg, PA

Total Open-Air Centers

N/A

94.0%

95.5%

Outparcels

N/A

95.6%

96.4%

Total Consolidated Encumbered Assets

$ 457

$ 440

90.9%

91.4%

Total Same-Center Portfolio

$ 453

$ 433

90.5%

ACQUIRED PROPERTIES

Ashland Town Center (3)

Ashland, KY

Gateway Mall (4)

Lincoln, NE

Mesa Mall (3)

Grand Junction, CO

Paddock Mall (3)

Ocala, FL

Southgate Mall (3)

Missoula, MT

Total Acquired Properties

$ 424

$ 416

90.1%

N/A

Total Portfolio

$ 451

$ 432

90.5%

90.4%

EXCLUDED PROPERTIES

Arbor Place

Atlanta (Douglasville), GA

Brookfield Square

Brookfield, WI

Eastland Mall

Bloomington, IL

Harford Mall

Bel Air, MD

Jefferson Mall

Louisville, KY

Property

Location

Sales Per Square Foot for the

Trailing Twelve Months Ended (1)

In-Line Occupancy (2)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Laurel Park Place

Livonia, MI

Old Hickory Mall

Jackson, TN

The Outlet Shoppes at Gettysburg

Gettysburg, PA

Southpark Mall

Colonial Heights, VA

York Galleria

York, PA

Total Excluded Properties

N/A

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.

Includes occupancy metrics for stores with gross leasable area under 20,000 square feet for unencumbered portions or outparcels of a property.

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.

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.

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

(Dollars in thousands)

NOI

Capital Expenditures

Redevelopment

Unleveraged

Cash Flow

Interest

Expense

Non-Cash Interest Expense

(1)

Amortization

Cash Flow

CONSOLIDATED UNENCUMBERED

Malls

8,956

(853

)

8,103

Outlet Centers

)

Outparcels

184

Other

545

(423

)

122

Term Loan Debt Service (2)

(159

)

(242

)

(399

)

Total Consolidated Unencumbered

9,678

(1,276

)

8,402

(159

)

(242

)

8,003

JOINT VENTURE ASSETS

Malls

3,747

(296

)

3,451

(605

)

(1,379

)

1,512

Outlet Centers

4,482

(961

)

3,521

(1,957

)

(309

)

1,290

Lifestyle Centers

3,345

(317

)

3,028

(1,187

)

(301

)

1,581

Open-Air Centers

3,925

(293

)

3,632

(2,135

)

(497

)

1,040

Outparcels

Other

(21

)

(134

)

(1,816

)

(1,916

)

Total Joint Venture Assets

15,621

(1,888

)

13,733

(6,018

)

161

(4,302

)

3,574

CONSOLIDATED ENCUMBERED ASSETS

Malls

52,898

(5,962

)

46,936

(19,022

)

6,175

(8,782

)

25,307

Outlet Centers

723

(392

)

(211

)

142

Lifestyle Centers

5,730

(607

)

5,123

(178

)

4,945

Open-Air Centers

7,427

(445

)

6,982

(3,934

)

118

(189

)

2,977

Outparcels

4,181

)

4,177

(2,958

)

1,310

Other

298

Term Loan Debt Service (2)

(8,189

)

(12,471

)

(20,578

)

Total Consolidated Encumbered Assets

71,257

(7,018

)

64,239

(34,673

)

6,488

(21,653

)

14,401

Total Same-Center

96,556

(10,182

)

86,374

(40,850

)

6,651

(26,197

)

25,978

Not same-center

11,929

(288

)

11,641

(4,562

)

742

(1,598

)

6,223

Total Portfolio

108,485

(10,470

)

98,015

(45,412

)

7,393

(27,795

)

32,201

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

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.

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

(Dollars in thousands)

NOI

Capital Expenditures

Redevelopment

Unleveraged

Cash Flow

Interest

Expense

Non-Cash Interest Expense

(1)

Amortization

Cash Flow

CONSOLIDATED UNENCUMBERED

Malls

9,272

(1,312

)

7,960

Outlet Centers

)

Outparcels

193

Other

523

(174

)

349

Term Loan Debt Service (2)

(236

)

(210

)

(444

)

Total Consolidated Unencumbered

9,981

(1,486

)

8,495

(236

)

(210

)

8,051

JOINT VENTURE ASSETS

Malls

3,800

(1,608

)

2,192

(894

)

350

(529

)

1,119

Outlet Centers

4,537

(1,982

)

(292

)

2,298

Lifestyle Centers

3,161

(103

)

(253

)

2,805

(1,205

)

(283

)

1,358

Open-Air Centers

3,872

(409

)

3,463

(2,292

)

(1,067

)

173

Outparcels

Other

129

(11

)

118

(133

)

(1,594

)

(1,609

)

Total Joint Venture Assets

15,557

(2,131

)

(253

)

13,173

(6,506

)

495

(3,765

)

3,397

CONSOLIDATED ENCUMBERED ASSETS

Malls

51,457

(5,375

)

46,082

(18,093

)

6,639

(10,481

)

24,147

Outlet Centers

641

(430

)

(195

)

Lifestyle Centers

5,394

(2,668

)

2,726

Open-Air Centers

7,102

(143

)

6,959

(4,014

)

263

3,208

Outparcels

4,178

(42

)

4,136

(3,099

)

237

1,274

Other

247

Term Loan Debt Service (2)

(12,148

)

(10,802

)

(22,854

)

Total Consolidated Encumbered Assets

69,019

(8,228

)

60,791

(37,784

)

7,253

(21,478

)

8,782

Total Same-Center

94,557

(11,845

)

(253

)

82,459

(44,526

)

7,750

(25,453

)

20,230

Not same-center

11,790

(886

)

(1,405

)

9,499

(5,650

)

2,654

(2,548

)

3,955

Term Loan Debt Service (2)

(275

)

(238

)

(511

)

Total Portfolio

106,347

(12,731

)

(1,658

)

91,958

(50,451

)

10,406

(28,239

)

23,674

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

Property Type

Square

Feet

Prior Gross

Rent PSF

New Initial Gross Rent

PSF

Change

Initial

New Average Gross Rent

PSF

Change Average

Three Months Ended March 31, 2026:

All Property Types (1)

371,680

43.39

44.72

3.1

45.88

5.7

Malls, Lifestyle Centers & Outlet Centers (2)

363,845

43.45

44.72

2.9

45.87

5.6

New leases (2)

42,803

33.73

49.56

46.9

52.44

55.5

Renewal leases (2)

321,042

44.75

44.08

(1.5

44.99

0.5

Open-air Centers

7,835

40.73

44.39

9.0

46.40

13.9

Includes malls, lifestyle centers, outlet centers, open-air centers and other.

The change is primarily driven by malls.

Total Leasing Activity:

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

Square Feet

Three Months Ended March 31, 2026:

Operating portfolio:

As of March 31,

New leases

151,266

2026

2025

Renewal leases

431,245

Same-center Malls, Lifestyle & Outlet Centers

32.01

32.12

Development portfolio:

Total Malls

31.72

New leases

Total Lifestyle Centers

32.77

32.23

Total leased

582,511

Total Outlet Centers

32.75

30.20

Total Malls, Lifestyle & Outlet Centers

31.95

31.58

Open-Air Centers

16.27

16.31

Other

21.32

20.98

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

Leases

Feet

years)

PSF

Spread

Commencement 2026:

New

140,205

7.28

$ 50.12

$ 54.66

$ 35.74

$14.38

40.2%

$18.92

52.9%

Renewal

431

1,221,007

2.96

43.86

44.73

43.47

0.39

0.9%

1.26

2.9%

Commencement 2026 Total

487

1,361,212

3.45

44.51

45.75

42.67

1.84

4.3%

3.08

7.2%

Commencement 2027:

New

2,333

7.75

141.06

146.80

145.80

(4.74)

(3.3)%

1.00

0.7%

Renewal

124,327

3.19

46.77

48.28

45.38

1.39

3.1%

2.90

6.4%

Commencement 2027 Total

126,660

3.39

48.51

50.10

47.23

1.28

2.7%

2.87

6.1%

Total 2026/2027

533

1,487,872

3.45

$ 44.85

$ 46.13

$ 43.07

$ 1.78

4.1%

$ 3.06

7.1%

Tenant

Number of Stores

Square Feet

Percentage

of Total Revenues (1)

Signet Group, PLC (2)

104

152,819

2.62

Victoria's Secret & Co.

370,690

2.58

American Eagle Outfitters, Inc.

355,667

2.53

Dick's Sporting Goods, Inc. (3)

1,432,702

2.17

Pentland Group (4)

348,975

2.16

Foot Locker, Inc.

283,935

2.02

Bath & Body Works, Inc.

224,803

1.76

Genesco Inc. (5)

136,007

1.46

Knitwell Group

349,869

1.45

The Buckle, Inc.

183,384

1.29

Catalyst Brands

3,107,036

1.27

Luxottica Group S.P.A. (6)

147,303

1.17

The Gap Inc.

476,244

1.15

Sycamore Partners

305,830

1.07

Cinemark Corp.

354,786

1.05

Abercombie & Fitch, Co.

190,727

1.03

Barnes & Noble Booksellers, Inc.

473,262

0.98

The TJX Companies, Inc. (7)

518,467

0.91

Ames Watson, LLC (8)

117,260

0.87

H & M Hennes & Mauritz AB

698,112

0.86

Spencer Spirit Holdings, Inc.

99,726

0.81

Ulta Salon, Cosmetics & Fragrance, Inc.

235,053

0.78

GoTo Foods (9)

40,856

0.75

Shoe Show, Inc.

317,408

0.75

Darden Restaurants, Inc.

218,701

0.61

1,216

11,139,622

34.10

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.

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.

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.

Pentland Group is formerly known as Finish Line, Inc. and operates Finish Line, City Gear, Hibbett Sports, JD Sports and Shoe Palace.

Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse.

Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut.

The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post.

Ames Watson, LLC operates Lids, Lid's Locker Room and Claire's.

‌GoTo Foods operates Cinnabon, Auntie Anne's, Moe's Southwest Grill, McAlister's Deli and Jamba.

(In thousands)

Three Months Ended March 31,

2026

2025

Tenant allowances (1)

4,578

6,543

Maintenance capital expenditures: (2)

Parking lot and parking lot lighting

352

997

Roof replacements

1,276

Other capital expenditures

5,465

3,915

Total maintenance capital expenditures

5,893

6,188

Total capital expenditures

10,471

12,731

Tenant allowances, sometimes made to third-generation tenants, are recovered through minimum rents from the tenants over the term of the lease.

The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as maintenance capital expenditures.

Disclaimer

CBL & Associates Properties Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 12:04 UTC.