CBL Properties Reports Results for First Quarter 2026

CBL Properties Reports Results for First Quarter 2026

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

CHATTANOOGA, Tenn.–(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.

	Three Months Ended March 31,
	2026		2025
Net income attributable to common shareholders	$	1.48	$	0.27
Funds from Operations (“FFO”)	$	2.78	$	1.13
FFO, as adjusted ⁽¹⁾	$	1.73	$	1.50

(1)

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

KEY TAKEAWAYS:

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

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

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

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

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

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

Same-center Net Operating Income (“NOI”) ⁽¹⁾:
	Three Months Ended March 31,
	2026			2025
Total Revenues	$	147,115		$	145,273
Total Expenses	$	(50,559	)	$	(50,716	)
Total portfolio same-center NOI	$	96,556		$	94,557
Total same-center NOI percentage change		2.1	%

Estimate for uncollectable revenues (recovery)	$	1,715		$	949

(1)

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

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

PORTFOLIO OPERATIONAL RESULTS Occupancy⁽¹⁾:
	As of March 31,
	2026	2025
Total portfolio	90.5%	90.4%
Malls, lifestyle centers and outlet centers:
Total malls	88.3%	87.9%
Total lifestyle centers	92.4%	92.2%
Total outlet centers	90.5%	90.4%
Total same-center malls, lifestyle centers and outlet centers	88.9%	90.1%
Open-air centers	95.7%	95.7%
All Other Properties	94.0%	89.6%

(1)

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

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:

% Change in Average Gross Rent Per Square Foot:
		Three Months Ended March 31,
		2026
All Property Types		5.7%
Stabilized Malls, Lifestyle Centers and Outlet Centers		5.6%
New leases		55.5%
Renewal leases		0.5%
Open-air Centers		13.9%

Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less:

	Sales Per Square Foot for the Trailing Twelve Months Ended March 31,
	2026		2025		% Change
Malls, lifestyle centers and outlet centers same-center sales per square foot	$	453	$	433	4.6%

DIVIDEND

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

FINANCING ACTIVITY

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

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

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

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

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

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

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

TRANSACTION ACTIVITY

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

STOCK REPURCHASE PROGRAM

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

OUTLOOK AND GUIDANCE

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

	Low			High
2026 Net Income (in millions)	$	71.1		$	75.1
2026 FFO, as adjusted (in millions)	$	219.0		$	223.0
2026 WA Share Count		31.0			31.0
2026 FFO, as adjusted, per share	$	7.06		$	7.19
2026 Same-Center NOI (“SC NOI”) (in millions) ⁽¹⁾	$	401.0		$	406.0
2026 change in same-center NOI		(0.5	)%		1.25	%

Reconciliation of GAAP Earnings Per Share to 2026 FFO, as Adjusted, Per Share:
	Low			High
Expected diluted earnings per common share	$	2.12		$	2.25
Depreciation and amortization		4.92			4.92
Expected FFO, per diluted, fully converted common share		7.04			7.17
Debt discount accretion, net of noncontrolling interests’ share		0.60			0.60
Adjustment for unconsolidated affiliates with negative investment		0.58			0.58
Non-cash interest expense		(0.02	)		(0.02	)
Gain on deconsolidation		(1.14	)		(1.14	)
Expected FFO, as adjusted, per diluted, fully converted common share	$	7.06		$	7.19

Reconciliation of Net Income to SC NOI (in millions):
	Low			High
Net income (loss)	$	71.1		$	75.1
Adjustments ⁽¹⁾:
Depreciation and amortization		152.9			152.9
Adjustments for unconsolidated affiliates⁽²⁾		27.0			27.0
Non-comparable property NOI		(50.4	)		(50.4	)
Other (income) expenses, net⁽³⁾		144.0			144.0
Non-property (income) expenses, net⁽⁴⁾		56.4			57.4
Total Same-Center NOI	$	401.0		$	406.0

(1) Adjustments are based on our Operating Partnership’s pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties (2) GAAP adjustments for unconsolidated affiliates, including those with negative investment. (3) Property-level (income) expenses, net, that are not included in NOI, including but not limited to, interest expense, gains on sales of non-depreciable real estate assets, straight-line rent and above- and below-market lease amortization. (4) Non-property (income) expenses, net, that are not included in NOI, including but not limited to, fee income and general and administrative expenses.

2026 Estimate of Capital Items (in millions):
	Low		High
2026 Estimated maintenance capital/tenant allowances ⁽¹⁾	$	55.0	$	60.0
2026 Estimated development/redevelopment expenditures		10.0		15.0
2026 Estimated principal amortization (including est. term loan ECF)		58.0		63.0
Total Estimate	$	123.0	$	138.0

(1) Excludes amounts related to properties which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements as further described on page 12 of the Financial Supplement.

ABOUT CBL PROPERTIES

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 88 properties totaling 55.6 million square feet across 23 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

NON-GAAP FINANCIAL MEASURES

Funds From Operations

FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure.

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.

Consolidated Statements of Operations (Unaudited; in thousands, except per share amounts)

	Three Months Ended March 31,
	2026			2025
REVENUES:
Rental revenues	$	141,373		$	137,360
Management, development and leasing fees		1,609			1,317
Other		2,986			3,091
Total revenues		145,968			141,768
EXPENSES:
Property operating		(28,233	)		(25,878	)
Depreciation and amortization		(38,098	)		(45,541	)
Real estate taxes		(14,066	)		(15,731	)
Maintenance and repairs		(12,333	)		(13,466	)
General and administrative		(18,587	)		(20,707	)
Other		30			—
Total expenses		(111,287	)		(121,323	)
OTHER INCOME (EXPENSES):
Interest and other income		3,360			3,468
Interest expense		(39,899	)		(44,225	)
Loss on extinguishment of debt		—			(217	)
Gain on deconsolidation		35,334			—
Gain on sales of real estate assets		1,402			21,532
Income tax benefit		1,230			471
Equity in earnings of unconsolidated affiliates		10,277			6,913
Total other income (expenses), net		11,704			(12,058	)
Net income		46,385			8,387
Net (income) loss attributable to noncontrolling interests in:
Operating Partnership		(8	)		(6	)
Other consolidated subsidiaries		110			408
Net income attributable to the Company		46,487			8,789
Earnings allocable to unvested restricted stock		(1,084	)		(577	)
Net income attributable to common shareholders	$	45,403		$	8,212
Basic and diluted per share data attributable to common shareholders:
Basic earnings per share	$	1.50		$	0.27
Diluted earnings per share		1.48			0.27
Weighted-average basic shares		30,184			30,419
Weighted-average diluted shares		30,680			30,709

The Company’s reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows: (in thousands, except per share data)

	Three Months Ended March 31,
	2026			2025
Net income attributable to common shareholders	$	45,403		$	8,212
Noncontrolling interest in income of Operating Partnership		8			6
Earnings allocable to unvested restricted stock		(878	)		—
Depreciation and amortization expense of:
Consolidated properties		38,098			45,541
Unconsolidated affiliates		3,144			3,432
Non-real estate assets		(213	)		(247	)
Noncontrolling interests’ share of depreciation and amortization in other consolidated subsidiaries		(353	)		(426	)
Gain on depreciable property, net of taxes		—			(21,706	)
FFO allocable to Operating Partnership common unitholders		85,209			34,812
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests’ share ⁽¹⁾		5,679			9,207
Adjustment for unconsolidated affiliates with negative investment ⁽²⁾		(2,884	)		1,534
Non-cash default interest expense ⁽³⁾		547			363
Gain on deconsolidation ⁽⁴⁾		(35,334	)		—
Loss on extinguishment of debt ⁽⁵⁾		—			217
FFO allocable to Operating Partnership common unitholders, as adjusted	$	53,217		$	46,133
FFO per diluted share	$	2.78		$	1.13
FFO, as adjusted, per diluted share	$	1.73		$	1.50
Weighted-average common and potential dilutive common units outstanding		30,686			30,714

(1)		In conjunction with the acquisition of the Company’s partners’ 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method.
(2)		Represents the Company’s share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where the Company is recognizing equity in earnings (losses) on a cash basis because its investment in the unconsolidated affiliate is below zero.
(3)		The three months ended March 31, 2026 and 2025 includes default interest on loans past their maturity date.
(4)		During the three months ended March 31, 2026, the Company deconsolidated Jefferson Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process.
(5)		During the three months ended March 31, 2025, the Company made a partial paydown on the 2032 non-recourse bank loan and recognized loss on extinguishment of debt related to a prepayment fee.

	Three Months Ended March 31,
	2026			2025
Diluted EPS attributable to common shareholders	$	1.48		$	0.27
Add amounts per share included in FFO:
Earnings allocable to unvested restricted stock		(0.03	)		—
Eliminate amounts per share excluded from FFO:
Depreciation and amortization expense, including amounts from consolidated properties, unconsolidated affiliates, non-real estate assets and excluding amounts allocated to noncontrolling interests		1.33			1.57
Gain on depreciable property, net of taxes		—			(0.71	)
FFO per diluted share	$	2.78		$	1.13

	Three Months Ended March 31,
	2026			2025
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees	$	381		$	963

Straight-line rental income adjustment ⁽¹⁾	$	413		$	(393	)

Gain on outparcel sales, net of taxes	$	1,333		$	766

Net amortization of acquired above- and below-market leases ⁽¹⁾	$	(2,713	)	$	(3,846	)

Income tax benefit	$	1,230		$	471

Interest capitalized	$	122		$	113

Estimate of uncollectable revenues	$	(1,887	)	$	(822	)

	As of March 31,
	2026			2025
Straight-line rent receivable	$	25,209		$	23,814

(1)

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

Same-center Net Operating Income (Dollars in thousands)

	Three Months Ended March 31,
	2026			2025
Net income	$	46,385		$	8,387
Adjustments:
Depreciation and amortization		38,098			45,541
Depreciation and amortization from unconsolidated affiliates		3,144			3,432
Noncontrolling interests’ share of depreciation and amortization in other consolidated subsidiaries		(353	)		(426	)
Interest expense		39,899			44,225
Interest expense from unconsolidated affiliates		6,275			7,290
Noncontrolling interests’ share of interest expense in other consolidated subsidiaries		(777	)		(1,014	)
Gain on sales of real estate assets		(1,402	)		(21,532	)
Loss (gain) on sales of real estate assets of unconsolidated affiliates		94			(1,035	)
Adjustment for unconsolidated affiliates with negative investment		(2,884	)		1,534
Loss on extinguishment of debt		—			217
Gain on deconsolidation		(35,334	)		—
Income tax benefit		(1,230	)		(471	)
Lease termination fees		(381	)		(963	)
Straight-line rent and above- and below-market lease amortization ⁽¹⁾		2,300			4,239
Net loss attributable to noncontrolling interests in other consolidated subsidiaries		110			408
General and administrative expenses		18,587			20,707
Management fees and non-property level revenues ⁽¹⁾		(4,046	)		(4,192	)
Operating Partnership’s share of property NOI ⁽¹⁾		108,485			106,347
Non-comparable NOI ⁽¹⁾		(11,929	)		(11,790	)
Total same-center NOI ⁽²⁾	$	96,556		$	94,557
Total same-center NOI percentage change		2.1	%

(1)		The Company has reclassified amounts from management fees and non-property level revenues to the identified line items to conform to the current-year presentation. The current-year presentation is based on effective ownership percentages in certain unconsolidated joint ventures while the prior-year period was based on stated ownership percentages. The difference between the effective ownership and stated ownership percentages is due to differences in capital contributions between joint venture partners and related preferred returns.
(2)		CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of March 31, 2026, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending March 31, 2026. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender. The Company calculates same-center NOI based on stated ownership percentages.

Same-center Net Operating Income (Dollars in thousands)

	Three Months Ended March 31,
	2026			2025
Malls	$	65,601		$	64,529
Outlet centers		5,198			5,171
Lifestyle centers		9,075			8,555
Open-air centers		11,352			10,974
Outparcels and other		5,330			5,328
Total same-center NOI	$	96,556		$	94,557
Percentage Change:
Malls		1.7	%
Outlet centers		0.5	%
Lifestyle centers		6.1	%
Open-air centers		3.4	%
Outparcels and other		0.0	%
Total same-center NOI		2.1	%

Company’s Share of Consolidated and Unconsolidated Debt (Dollars in thousands)

	As of March 31, 2026
	Fixed Rate			Variable Rate			Total Debt			Unamortized Deferred Financing Costs			Unamortized Debt Discounts ⁽¹⁾			Total, net
Consolidated debt	$	1,888,653		$	282,135		$	2,170,788		$	(26,405	)	$	(65,856	)	$	2,078,527
Noncontrolling interests’ share of consolidated debt		(23,797	)		(10,869	)		(34,666	)		68			101			(34,497	)
Company’s share of unconsolidated affiliates’ debt		340,570			9,232			349,802			(2,807	)		—			346,995
Other debt ⁽²⁾		96,918			—			96,918			—			—			96,918
Company’s share of consolidated, unconsolidated and other debt	$	2,302,344		$	280,498		$	2,582,842		$	(29,144	)	$	(65,755	)	$	2,487,943
Weighted-average interest rate		5.98	%		7.68	%		6.17	%

	As of March 31, 2025
	Fixed Rate			Variable Rate			Total Debt			Unamortized Deferred Financing Costs			Unamortized Debt Discounts ⁽¹⁾			Total, net
Consolidated debt	$	1,387,453		$	871,887		$	2,259,340		$	(7,480	)	$	(101,298	)	$	2,150,562
Noncontrolling interests’ share of consolidated debt		(24,234	)		(11,298	)		(35,532	)		135			1,339			(34,058	)
Company’s share of unconsolidated affiliates’ debt		369,366			28,836			398,202			(2,528	)		—			395,674
Company’s share of consolidated, unconsolidated and other debt	$	1,732,585		$	889,425		$	2,622,010		$	(9,873	)	$	(99,959	)	$	2,512,178
Weighted-average interest rate		5.16	%		7.44	%		5.93	%

(1)		In conjunction with the acquisition of the Company’s partners’ 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. The Company recognized the debt discounts associated with the acquisition of its partner’s 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center in December 2024.
(2)		Includes the outstanding loan balances of two deconsolidated properties, Jefferson Mall and Southpark Mall, due to a loss of control when the properties were placed into receivership in connection with the foreclosure processes.

Consolidated Balance Sheets (Unaudited; in thousands, except share data)

	March 31,			December 31,
	2026			2025
ASSETS
Real estate assets:
Land	$	609,830		$	601,553
Buildings and improvements		1,639,455			1,619,988
		2,249,285			2,221,541
Accumulated depreciation		(371,129	)		(355,900	)
		1,878,156			1,865,641
Developments in progress		11,692			10,533
Net investment in real estate assets		1,889,848			1,876,174
Cash and cash equivalents		122,741			42,287
Restricted cash		89,981			110,665
Available-for-sale securities – at fair value (amortized cost of $160,290 and $292,646 as of March 31, 2026 and December 31, 2025, respectively)		160,268			293,087
Receivables:
Tenant		39,318			46,489
Other		1,712			1,562
Investments in unconsolidated affiliates		83,512			85,941
In-place leases, net		136,690			144,046
Intangible lease assets and other assets		121,033			128,848
	$	2,645,103		$	2,729,099
LIABILITIES AND EQUITY
Mortgage and other indebtedness, net	$	2,078,527		$	2,170,785
Accounts payable and accrued liabilities		179,237			193,640
Total liabilities		2,257,764			2,364,425
Shareholders’ equity:
Common stock, $.001 par value, 200,000,000 shares authorized, 30,944,758 and 30,322,052 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively (in each case, excluding 34 treasury shares)		31			30
Additional paid-in capital		683,664			687,424
Accumulated other comprehensive income		100			443
Accumulated deficit		(285,813	)		(312,961	)
Total shareholders’ equity		397,982			374,936
Noncontrolling interests		(10,643	)		(10,262	)
Total equity		387,339			364,674
	$	2,645,103		$	2,729,099

View source version on businesswire.com: https://www.businesswire.com/news/home/20260508718555/en/

Katie Reinsmidt, Executive Vice President – Chief Operating Officer, 423.490.8301, [email protected]

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Department Stores Finance Other Retail REIT Professional Services Restaurant/Bar Retail

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