Cbl & Associates Properties, Inc. · NYSE:CBL

Cbl & Associates Properties — Investor Presentation (May 2026)

29 slides from Cbl & Associates Properties's investor presentation, May 2026

  1. Slide 1: Investor Presentation Q1 2026

    INVEST OR PRESENTATION | Q1 2026 CBL PROPERTIES

  2. Slide 2: 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

  3. Slide 3: CBL Overview

    INVEST OR PRESENTATION | Q1 2026 CBL Overview

  4. Slide 4: CBL Investment Highlights

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) CBL Investment Highlights CBL represents a compelling investment opportunity combining market dominance, operational momentum, strong cash generation, a

  5. Slide 5: CBL Investment Highlights Cont.

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) CBL Investment Highlights Cont. Proven track record of value creation without raising external equity. Since 2021 emergence: 82.8% total shareholder ret

  6. Slide 6: Building a Portfolio for Sustained Growth

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) Building a Portfolio for Sustained Growth Our Portfolio 11% $44.8M from Open Air/Power Centers 88 Total Properties 46 Malls 5% $22.4M from Outparcels/ot

  7. Slide 7: Leading Owner of "Only Game in Town" Malls in Middle Markets

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) CBL is the Leading Owner of “Only Game in Town” Malls in Middle Markets $453 88 Portfolio Comp Properties Sales PSF (1) Owned/Managed 90.5% 55.6 Portfol

  8. Slide 8: Achievements Since 2021 Emergence

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) Achievements Since 2021 Emergence 82.8% $11.74 150% ~$592M Total Return to Returned to Shareholders Increase in Regular Annual Total Debt Reduction incl

  9. Slide 9: CBL By The Numbers

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) CBL By The Numbers $2.50 $9.87 ~$151M Regular Annual Dividend Pro rata cash balance 2026 Est. Cash Flow Providing shareholders with per share before amo

  10. Slide 10: CBL Investment Achievements

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) CBL Investment Achievements Proven track record of value creation without raising external equity. XXX $38M 39% VVD $1.4B Financing activity Additional

  11. Slide 11: Discretionary Cash Flow

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) Discretionary Cash Flow Illustrative 2026 at Midpoint of Guidance (1) 2026 SC NOI $403.5 million • Cash flow enhanced by more than $30M with 2026 FFO, a

  12. Slide 12: Multiple Levers to Drive Significant Upside

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) Multiple Levers to Drive Significant Upside Positive Tax Attributes Drive Refinancing Activity Unlocks Strong Operating Momentum Accretive Capital Recyc

  13. Slide 13: Strong Operating Momentum

    INVEST OR PRESENTATION | Q1 2026 Strong Operating Momentum

  14. Slide 14: Operational Momentum

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) STRONG RETAIL MOMENTUM Operational Momentum Solid Internal Growth Stable Occupancy Healthy Occ. Cost Ratio Strong Q1 ‘26 same center NOI YE Portfolio oc

  15. Slide 15: Anchor Upgrades Drive New Traffic and Sales

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) STRONG RETAIL MOMENTUM Anchor Upgrades Drive New Traffic and Sales Nearly 50 anchors and jr. anchors comprising over 3.2 million square feet opened or i

  16. Slide 16: Significant New Restaurant Activity Creates Fresh Energy

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) NEWLY OPENED AND COMING SOON Significant New Restaurant Activity Creates Fresh Energy Prior Tenant New Tenant Prior Tenant New Tenant Friendly Center Av

  17. Slide 17: Accretive Capital Recycling

    INVEST OR PRESENTATION | Q1 2026 Accretive Capital Recycling

  18. Slide 18: CBL: Portfolio Optimization

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) ACCRETIVE CAPITAL RECYCLING CBL: Portfolio Optimization CBL IS EXECUTING A BUSINESS PLAN THAT ALLOWS US TO FOCUS ON WHAT WE DO BEST – OWNING AND MANAGIN

  19. Slide 19: Enhancing Free Cash Flow Through Capital Recycling

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) ACCRETIVE CAPITAL RECYCLING Enhancing Free Cash Flow Through Capital Recycling Illustrative Open Air Sale Economics Illustrative Mall Acquisition Econom

  20. Slide 20: Opportunity Set for Dominant Malls in Middle Markets

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) ACCRETIVE CAPITAL RECYCLING What is the Opportunity Set for Dominant Malls in Middle Markets? CBL Acquisition Criteria Significant Total Potential Acqui

  21. Slide 21: Acquisition Case Study

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) ACCRETIVE CAPITAL RECYCLING Acquisition Case Study Click to insert image: Transactions solidify CBL as the only public REIT focused on acquiring dominan

  22. Slide 22: Creating Value through Site Diversification

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) CASE STUDY Creating Value through Site Diversification CBL’s sales of former anchors to non-traditional uses drives traffic, diversifies uses and raises

  23. Slide 23: Densification Enhances Assets and Unlocks Intrinsic Value

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) CASE STUDY Densification Enhances Assets and Unlocks Intrinsic Value Click to insert image: Four self-storage developed in joint venture partnerships on

  24. Slide 24: Positive Tax Attributes

    INVEST OR PRESENTATION | Q1 2026 Positive Tax Attributes

  25. Slide 25: Tax Efficient Dividends: After-Tax Yield

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) TAX EFFICIENT DIVIDENDS Tax Limitations Expiring 11/2026 Allow Tax Efficient Return of Capital ▪ Section 382 of the Internal Revenue Code: When a >50% o

  26. Slide 26: Refinancing Activity

    INVEST OR PRESENTATION | Q1 2026 Refinancing Activity

  27. Slide 27: Minimal Near-Term Debt Maturities

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) BALANCE SHEET OPPORTUNITY Minimal Near-Term Debt Maturities 1,390,571 Excluding conveyance loans, less than 23% of Debt Maturing before 2030 Maturities

  28. Slide 28: Record Financing Activity Enhances Cash Flow and Financial Flexibility

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) BALANCE SHEET OPPORTUNITY Record Financing Activity Enhances Cash Flow and Financial Flexibility DEMONSTRABLE ACCESS TO CAPITAL Refinancing Activity (R1

  29. Slide 29: Cash-Trapped Loans: Opportunity to Unlock Incremental Cash Flow

    CBL Overview (3-12) Strong Operating Momentum (14-16) Accretive Capital Recycling (18-23) Positive Tax Attributes (25) Refinancing Activity (27-29) BALANCE SHEET OPPORTUNITY Cash-Trapped Loans: Opportunity to Unlock Incremental Cash Flow & Further Reduce Debt Debt Reduction in Process (Foreclosure/C

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