Cbl & Associates Properties, Inc. · NYSE:CBL
Cbl & Associates Properties — Investor Presentation (February 2026)
17 slides from Cbl & Associates Properties's investor presentation, February 2026
Slide 1: CBL Properties Investor Presentation Q4 2025
INVEST OR PRESENTATION | Q4 2025 CBL PROPERTIES
Slide 2: Dominant Assets in Dynamic Markets
DOMINANT ASSETS IN DYNAMIC MARKETS The CBL Portfolio… Our Portfolio 11% Open Air/Power Centers 88 Total Properties 46 Malls INVESTOR PRESENTATION | FEBRUARY 2026 DOMINANT 4% Outparcels ASSETS IN 25 Open-air Centers DYNAMIC MARKETS 9% Lifestyle Centers 5 Outlet Centers 4 Lifestyle Centers 5% Outlet C
Slide 3: Portfolio Overview
EXECUTING ON STRATEGIC FOCUS AREAS Portfolio Overview $437 88 | ~53.9 MSF Sales PSF (1) Properties | GLA 90% 22 Portfolio States Occupancy (1) MALLS OUTLET CENTER LIFESTYLE CENTER OPEN-AIR CENTER (1) Operating metrics are as of 12/31/25 3
Slide 4: Achievements Since 2021 Emergence
Achievements Since 2021 Emergence ~$521M $11.06 per share $9.00 per share ~$1.43 per share Growth in Equity Mkt Cap Cash Balance ~$270M Dividends Paid to ~$44.3M, Returned to $600M -> $970M (1) $294M at Emergence vs. $335M @ Shareholders (2) Shareholders through Stock 12/31/25 Buybacks ~$550M Over $
Slide 5: Recent Achievements
Recent Achievements $18M 12.5% $1.80 ~$145M Share Repurchase Increase in Regular Quarterly Per Share 2026 Regular 2026 Est. Cash Flow Completed in 2025 Dividend Dividend (1) before amortization and dividends (2) $335M $241M 5.7X 13% 12/31/25 Cash in gross sales proceeds Debt/EBITDAre (3) 2026 Est. C
Slide 6: Strategic Pillars
CBL PROPERTIES Strategic Pillars Our five pillars reduce risk, improve performance and create value for shareholders in the near and long-term. Improving Cash Attractive Value Leverage Operating Prudent Capital Protect and Flow Yield through Proposition Expertise to Generate Allocation Improve Balan
Slide 7: Illustrative 2026 Discretionary Cash Flow
Illustrative 2026 at Midpoint of Discretionary 2/13/26 Guidance (1) 2026 SC NOI $401.0 million Cash Flow 2026 FFO, as adjusted $215.2 million • Significant amortization of loans secured by high quality properties accrues to equity. Less: Est. Capex/TA $52.5 million • ~$92.5M annual amortization prov
Slide 8: Significant Cash Flow Generation
CBL VALUE PROPOSITION Significant Cash Flow Generation CBL YIELDS AT VARIOUS PRICES MAJOR SECTOR AVERAGES $32.00 $34.50 $37.00 $39.50 $42.00 Mall Open Air Office MF Industrial Hotel 1.2 25% 1 22% 20% 22% 0.8 20% 19% 2026E 15% 17% 16% 0.6 13% 12% FFO Yield 0.4 Average 9% 10% 8% 8% 0.2 6% 6% 5% 0 0% 1
Slide 9: Acquisition Case Study
ACCRETIVE CAPITAL RECYCLING Acquisition Case Study Click to insert image: TRANSACTION SOLIDIFIES CBL AS THE ONLY PUBLIC REIT FOCUSED ON ACQUIRING DOMINANT MID-TIER MARKET MALLS In July 2025 CBL utilized proceeds from open -air sale to acquire four dominant regional malls in growing and dynamic marke
Slide 10: Future NAV Accretion Optionality
CBL VALUE PROPOSITION Future NAV Accretion Optionality $3,000 $2,574 • CBL owns and manages 12 assets where cash flows are restricted by the lender $2,500 Secured Credit • The 12 assets generated $79.7M of CBL’s Facility/Term Loan, $647 2025 same-center NOI and were secured $2,000 by $722M(1) of non
Slide 11: CBL Capital Structure Provides Value Drivers Beyond NAV Approach
CBL VALUE PROPOSITION CBL Capital Structure Provides Value Drivers Beyond NAV Approach Low Levered, Flexible Balance Sheet $44M of Unencumbered 2025 NOI $335M of Cash Provides Balance Sheet Flexibility Nearly 100% Non-Recourse Property Debt Limits Capital Outlays for Upcoming Maturities Limited Near
Slide 12: Prudent Capital Allocation Supports Commitment to Maximizing Returns to Shareholders
STRATEGIC FOCUS AREAS Prudent Capital Allocation Supports Commitment to Maximizing Returns to Shareholders Minimize non-accretive capital spend, prioritize Ongoing Focus on Disciplined Capital Spending investment in higher return assets Balance sheet impact / risk, strategic benefits and NAV Focus o
Slide 13: Leveraging Operational Expertise to Stabilize NOI
STRATEGIC FOCUS AREAS Leveraging Operational Expertise to Stabilize NOI Portfolio Occupancy Same-Center NOI Cash Balance Mall, Lifestyle, and Outlet center Q4 ‘25 Same-Center NOI +3.3%, Cash balance of $335.4 million INVESTOR PRESENTATION | FEBRUARY 2026 occupancy was flat at 88.6% as of Full year o
Slide 14: Operational Performance
4th QUARTER 2025 Operational Performance Mall occupancy improved 10 bps despite 75bps negative impact on mall occupancy from tenant BK-related store closures 50% 50% 50% 25% 75% 25% 75% 25% 75% 0% 100% 0% 100% 0% 100% 88.6% 95.0% 90.0% TOTAL SAME- TOTAL OPEN-AIR TOTAL PORTFOLIO CENTER MALLS, CENTERS
Slide 15: Stable Operational Performance
Q4 2025 Stable Operational Performance Robust positive lease spreads, with total SF executed exceeding pre -pandemic levels. Executed Leases 2025 2024 2023 2022 2021 2020 Total SF Leased 4.0M 4.48M 4.4M 4.1M 3.2M 2.7M Comp SF Leased 2.43K 2.69M 2.7M 2.1M 1.8M 1.6M Avg. Portfolio Comp Lease 2.6% 5.8%
Slide 16: Anchor Upgrades Drive New Traffic and Sales
STRONG RETAIL MOMENTUM Anchor Upgrades Drive New Traffic and Sales PROPERTY FORMER TENANT 2025 – 2026 OPENINGS 16
Slide 17: 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
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