Cbl & Associates Properties, Inc. · NYSE:CBL
Cbl & Associates Properties — Merger or Acquisition (July 2025)
9 slides from Cbl & Associates Properties's merger presentation, Jul 30, 2025
Slide 1: Acquisition Overview | July 2025
ACQUISITION OVERVIEW | JULY 2025 CBL PROPERTIES Southgate Mall, Missoula, MT Ashland Town Center, Ashland, KY Paddock Mall, Ocala, FL Mesa Mall, Grand Junction, CO Exhibit 99.2
Slide 2: CBL has acquired four dominant regional malls for $178.9M
CBL has acquired four dominant regional malls in growing and dynamic markets for $178.9M: Ashland Town Center, Ashland, KY Mesa Mall, Grand Junction, CO Paddock Mall, Ocala, FL Southgate Mall, Missoula, MT Mesa Mall, Grand Junction, CO Paddock Mall, Ocala, FL Southgate Mall, Missoula, MT Ashland Tow
Slide 3: Transactions Expected to be Immediately Accretive to FFO and Cash Flow per Share
Transactions Expected to be Immediately Accretive to FFO, as adjusted and Cash Flow per Share Selling open air at a single digit cap rate and reinvesting in mid-teens Mid-teens going-in cap rate produces ~23% cash-on-cash yield ~14% accretive to annual free cash flow per share and ~5% accretive to a
Slide 4: Modified and extended non-recourse open-air and outparcel loan
As part of the acquisition, CBL modified and extended its existing non-recourse open-air and outparcel loan to include the four mall properties: Non-recourse Loan balance: Increased by $110M to $443M Interest-only: ~$368.0M fixed at 7.70% for initial five-year term ~$75.0M floating at SOFR+ 410bps N
Slide 5: CBL is Executing on its Strategic Priorities
December 2024: CBL acquires partner’s interest in three high-performing properties Eliminated complexity and allows for full benefit and value creation to accrue to shareholders CBL is Executing on its Strategic Priorities PORTFOLIO OPTIMIZATION INITIATIVES Achievements 2024 – Q1 ’25: Sold three non
Slide 6: Smart Portfolio Growth
NEW MALL ACQUISITION MALLS OUTLET CENTER LIFESTYLE CENTER OPEN-AIR CENTER Smart Portfolio Growth EXECUTING ON STRATEGIC FOCUS AREAS Mesa Mall, Grand Junction, CO Southgate Mall Missoula, MT Ashland Town Center, Ashland, KY Paddock Mall, Ocala, FL $441 Sales PSF (1) 4 | ~2.26 MSF Properties | GLA 88%
Slide 7: Property Highlights: Southgate Mall and Mesa Mall
$394 Sales PSF ~544K SF GLA 89% Occupancy Southgate Mall, Missoula, MT Mesa Mall, Grand Junction, CO $384 Sales PSF ~731K SF GLA 83% Occupancy ANCHORS: ANCHORS: Only game in town mall with high performing anchors - more than three-hour drive to the nearest competition. Southgate Mall is minutes from
Slide 8: Property Highlights: Ashland Town Center and Paddock Mall
$442 Sales PSF ~436K SF GLA 94% Occupancy Paddock Mall, Ocala, FL $545 Sales PSF ~548K SF GLA 87% Occupancy Ashland Town Center, Ashland KY ANCHORS: ANCHORS: Well-located in eastern Kentucky’s largest urban area, capturing traffic from a trade area of up to 30 miles including southern Ohio, northern
Slide 9: Safe Harbor Statement
Safe Harbor Statement While the information contained in this presentation is provided in good faith, neither CBL & Associates Properties Inc. (together with its subsidiaries and affiliates, “CBL”, of the “Company”) nor any of its advisers, representatives, officers, agents or employees makes any re
CBL & Associates Properties — Merger or Acquisition (July 2025) on 6ix