Cbl & Associates Properties, Inc. · NYSE:CBL
Cbl & Associates Properties — Investor Presentation (August 2026)
28 slides from Cbl & Associates Properties's investor presentation, August 2026
Slide 1: CBL Properties Investor Presentation Q2 2026
INVEST OR PRESENTATION | Q2 2026 CBL PROPERTIES
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
Slide 3: CBL Overview
INVEST OR PRESENTATION | Q2 2026 CBL Overview
Slide 4: CBL Investment Highlights
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) CBL Investment Highlights Dominant "Only Game in Town" Market Position CBL owns a diverse portfolio of 46 enclosed malls, four lifestyle centers, fou
Slide 5: CBL Investment Highlights Cont.
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) CBL Investment Highlights Cont. Tax Optimization Opportunity Section 382 limitations expire November 2026, enabling opportunity to transition from or
Slide 6: Building a Portfolio for Sustained Growth
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) Building a Portfolio for Sustained Growth Our Portfolio (as of 7/29/26) 11% $44.8M from Open Air/Power Centers 84 Total Properties 46 Malls 5% $22.4M
Slide 7: CBL is the Leading Owner of "Only Game in Town" Malls in Middle Markets
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) CBL is the Leading Owner of “Only Game in Town” Malls in Middle Markets $455 84 Properties Portfolio Comp Owned/Managed Sales PSF (1) 90.4% 54.8 Port
Slide 8: Achievements Since 2021 Emergence
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) Achievements Since 2021 Emergence ~122% $12.36 per share 150% ~$641M Total Return to Returned to Shareholders Increase in Regular Annual Total Debt R
Slide 9: CBL By The Numbers
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) CBL By The Numbers $2.50 $10.43 ~$156M Regular Annual Dividend Pro rata cash balance 2026 Est. Cash Flow per share before amortization $322.7M as of
Slide 10: CBL Investment Achievements
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) CBL Investment Achievements Proven track record of value creation without raising external equity. XXX $38M 39% VVD $1.5B Financing activity Addition
Slide 11: Discretionary Cash Flow
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) Discretionary Cash Flow Illustrative 2026 at Midpoint of Guidance (1) 2026 SC NOI $392.1 million • Cash flow enhanced by more than $30M with 2026 FFO
Slide 12: Multiple Levers to Drive Significant Upside
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) Multiple Levers to Drive Significant Upside Positive Tax Attributes Drive Refinancing Activity Unlocks Strong Operating Momentum Accretive Capital Re
Slide 13: Strong Operating Momentum
INVEST OR PRESENTATION | Q2 2026 Strong Operating Momentum
Slide 14: Operational Momentum
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) STRONG RETAIL MOMENTUM Operational Momentum Solid Internal Growth Stable Occupancy Healthy Occ. Cost Ratio Strong 6M same center NOI growth YE Portfo
Slide 15: Anchor Upgrades Drive New Traffic and Sales
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) STRONG RETAIL MOMENTUM Anchor Upgrades Drive New Traffic and Sales Nearly 50 anchors and jr. anchors comprising over 3.2 million square feet opened o
Slide 16: Significant New Restaurant Activity Creates Fresh Energy
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) NEWLY OPENED AND COMING SOON Significant New Restaurant Activity Creates Fresh Energy Prior Tenant New Tenant Prior Tenant New Tenant Friendly Center
Slide 17: Accretive Capital Recycling
INVEST OR PRESENTATION | Q2 2026 Accretive Capital Recycling
Slide 18: CBL: Portfolio Optimization
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) ACCRETIVE CAPITAL RECYCLING CBL: Portfolio Optimization CBL IS EXECUTING A BUSINESS PLAN THAT ALLOWS US TO FOCUS ON WHAT WE DO BEST – OWNING AND MANA
Slide 19: Enhancing Free Cash Flow Through Capital Recycling
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) ACCRETIVE CAPITAL RECYCLING Enhancing Free Cash Flow Through Capital Recycling Illustrative Open Air Sale Economics Illustrative Mall Acquisition Eco
Slide 20: What is the Opportunity Set for Dominant Malls in Middle Markets?
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) ACCRETIVE CAPITAL RECYCLING What is the Opportunity Set for Dominant Malls in Middle Markets? CBL Acquisition Criteria Significant Total Potential Ac
Slide 21: Acquisition Case Study
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) ACCRETIVE CAPITAL RECYCLING Acquisition Case Study Click to insert image: Transactions solidify CBL as the only public REIT focused on acquiring domi
Slide 22: Creating Value through Site Diversification
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) CASE STUDY Creating Value through Site Diversification CBL’s sales of former anchors to non-traditional uses drives traffic, diversifies uses and rai
Slide 23: Positive Tax Attributes
INVEST OR PRESENTATION | Q2 2026 Positive Tax Attributes
Slide 24: Tax Limitations Expiring 11/2026 Allow Tax Efficient Return of Capital
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) TAX EFFICIENT DIVIDENDS Tax Limitations Expiring 11/2026 Allow Tax Efficient Return of Capital ▪ Section 382 of the Internal Revenue Code: When a >50
Slide 25: Refinancing Activity
INVEST OR PRESENTATION | Q2 2026 Refinancing Activity
Slide 26: Minimal Near-Term Debt Maturities
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) BALANCE SHEET OPPORTUNITY Minimal Near-Term Debt Maturities 3000000 2500000 2000000 $1,431,532 1500000 - 1000000 1,101,606 $270.3M of $441,932 pendin
Slide 27: Record Financing Activity Enhances Cash Flow and Financial Flexibility
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) BALANCE SHEET OPPORTUNITY Record Financing Activity Enhances Cash Flow and Financial Flexibility Refinancing Activity (R12 through 6/30/26) DEMONSTRA
Slide 28: Cash-Trapped Loans: Opportunity to Unlock Incremental Cash Flow & Further Reduce Debt
CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) BALANCE SHEET OPPORTUNITY Cash-Trapped Loans: Opportunity to Unlock Incremental Cash Flow & Further Reduce Debt Debt Reduction in Process (Foreclosur
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