CBL Properties Reports Results for Third Quarter 2025

About this update from Cbl & Associates Properties, Inc.

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Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. 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FFO, as adjusted, per share for Q3 2025 was $1.55, compared with $1.54 per share for the prior-year period. For the nine months ended September 30, 2025, same-center NOI declined 0.6% compared with the prior-year period. FFO, as adjusted, per share was $4.94 for the nine months ended September 30, 2025, compared with $4.78 for the nine months ended September 30, 2024.","length":514,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Portfolio occupancy increased 90 basis points to 90.2% as of September 30, 2025, compared with portfolio occupancy of 89.3% as of September 30, 2024. Same-center occupancy for malls, lifestyle centers and outlet centers was 88.4%, a 40-basis point increase from occupancy as of September 30, 2024. Bankruptcy related store closures, including the closures of Forever21, JoAnn, Claire's and Party City locations, representing approximately 97,000 square feet, negatively impacted mall occupancy by nearly 70 basis points compared with the prior-year period.","length":560,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Over 972,000 square feet of leases were executed in the third quarter 2025, including comparable new and renewal leases of approximately 435,000 square feet signed at a 17.1% increase in average rents versus the prior rents. The increase was driven by new comparable lease spreads of more than 70% with renewal leases signed at a nearly 10% increase compared with expiring rents.","length":379,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Same-center tenant sales per square foot for the third quarter 2025 increased approximately 4.8% as compared with the prior-year period. Same-center tenant sales per square foot for the 12 months ended September 30, 2025, of $432, increased 1.6% as compared with the prior period.","length":280,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"As of September 30, 2025, the Company had $313.0 million of unrestricted cash and marketable securities.","length":104,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":2001,"olType":false},{"type":"readMore"},{"type":"text","content":""CBL posted excellent results in the third quarter 2025, highlighted by a 1.1% same-center NOI growth, a 90-basis point increase in occupancy and 17% lease spreads," said CBL's Chief Executive Officer, Stephen D. Lebovitz. "Tenant sales also grew nearly 5% during the quarter, demonstrating the resilience of consumer demand and the strength of our portfolio.","length":378,"tagName":"p"},{"type":"text","content":""During the quarter, we celebrated the grand opening of our new joint venture-owned hotel, Element by Westin, at Mayfaire Town Center in Wilmington, NC, which joined nine other new store openings at this center to-date in 2025. Other notable openings during the quarter include Ashley Furniture at Meridian Mall in Okemos, MI; Cavender's at Fayette Mall in Lexington, KY; and Barnes & Noble at York Town Center in York, PA. We are excited to welcome new-to-market concepts, such as Primark, which opened their only Nashville location at CoolSprings Galleria at the end of October. This quarter we executed a lease for CBL's first L.L.Bean location at CoolSprings Galleria. When it opens in 2026, it will be the only location in the state of Tennessee.","length":768,"tagName":"p"},{"type":"text","content":""Financing activity across our portfolio has remained strong. With the official extension of our Term Loan on November 1st, we have substantially addressed our 2025 loan maturities. In September, along with our joint venture partner, we closed on a new $43.0 million, five-year non-recourse loan, secured by The Pavilion at Port Orange in Port Orange, FL. The 5.9% interest rate represents a 160-bps improvement versus the prior rate. We also completed a successful modification of our loan on the joint venture-owned Coastal Grand and Crossing in Myrtle Beach, SC, extending the maturity through August 2028.","length":614,"tagName":"p"},{"type":"text","content":""We've been active on the transaction front this year. As previously announced, we were thrilled to add four dominant malls to our portfolio in July with the acquisition of Ashland Town Center in Ashland, KY; Mesa Mall in Grand Junction, CO; Paddock Mall in Ocala, FL; and Southgate Mall in Missoula, MT. The transaction represents a significant step forward in the execution of CBL’s portfolio optimization strategy of utilizing proceeds from non-core asset sales at single-digit cap rates, such as the $83.1 million sale of The Promenade completed in July and the recent sale of Fremaux Town Center in October, to invest in higher cash flow yielding opportunities. This strategy has been beneficial to our shareholders through the recent increase in our dividend and ongoing share repurchases.","length":804,"tagName":"p"},{"type":"text","content":""We are pleased with the performance of our portfolio in 2025 and the many balance sheet and transactional achievements completed year-to-date. 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DIVIDEND ","length":8,"tagName":"p"},{"type":"text","content":"On November 5, 2025, CBL announced a cash dividend of $0.45 per common share for the quarter ending December 31, 2025. The dividend, which equates to an annual dividend payment of $1.80 per common share, is payable on December 11, 2025, to shareholders of record as of November 25, 2025.","length":287,"tagName":"p"},{"type":"text","content":" FINANCING ACTIVITY ","length":18,"tagName":"p"},{"type":"text","content":"On November 1, 2025, CBL exercised the one-year extension option for its non-recourse term loan, extending its maturity to November 2026. CBL also anticipates meeting the second extension test, which requires a principal balance of $615 million, in 2026 through natural amortization, enabling another one-year extension to November 2027.","length":337,"tagName":"p"},{"type":"text","content":"In October, CBL and its joint venture partner closed on a new $43.0 million loan secured by The Pavilion at Port Orange in Port Orange, FL. The five-year non-recourse loan has a fixed interest rate of 5.9%, interest-only, representing a more than 160-bps improvement versus the existing interest rate of 7.57%. Net proceeds were used to retire the existing $40.9 million loan, which was set to mature in February 2026.","length":418,"tagName":"p"},{"type":"text","content":"CBL and its joint venture partner closed on an agreement with the existing lender for the non-recourse loan secured by Coastal Grand and Crossing in Myrtle Beach, SC, in October. Under the agreement, the principal balance was reduced by $5.0 million to $88.0 million with an initial effective fixed interest rate of 5.09%, and the maturity was extended to August 2028. In addition, in October, the Company exercised the extension option on the loan secured by Coastal Grand Mall - Dick's Sporting Goods.","length":507,"tagName":"p"},{"type":"text","content":"In October, CBL and its joint venture partner also entered into a 9-month extension for the $28.5 million non-recourse loan secured by York Town Center in York, PA. The extended loan bears a fixed interest rate of 6.0% and matures in June 2026.","length":244,"tagName":"p"},{"type":"text","content":"In July, CBL closed on a $78.0 million non-recourse loan secured by Cross Creek Mall in Fayetteville, NC. The new five-year loan bears a fixed interest rate of 6.856%. Proceeds from the loan were used to retire the existing $81.9 million loan secured by the property, which bore an interest rate of 8.19% and was scheduled to mature in August 2025.","length":348,"tagName":"p"},{"type":"text","content":"In July, Southpark Mall in Colonial Heights, VA, 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 $48.3 million non-recourse loan.","length":260,"tagName":"p"},{"type":"text","content":"In May 2025, CBL exercised the one-year extension option on the loan secured by Fayette Mall in Lexington, KY.","length":110,"tagName":"p"},{"type":"text","content":"In March, the conveyance of Alamance Crossing East, in Burlington, NC, was completed in satisfaction of the outstanding $41.1 million non-recourse loan.","length":152,"tagName":"p"},{"type":"text","content":" TRANSACTION ACTIVITY ","length":20,"tagName":"p"},{"type":"text","content":"Year-to-date, CBL has closed on dispositions generating more than $238.0 million of gross proceeds including the October sale of its interest in Fremaux Town Center in Slidell, LA, generating cash proceeds to CBL of $30.77 million in addition to the removal of $35.0 million of debt related to the property, and the sale of The Promenade in D'Iberville, MS, for $83.1 million in July. CBL completed the sale of Monroeville Mall and Annex in Monroeville, PA, for $34.0 million in January and the $38.1 million sale of Imperial Valley Mall in El Centro, CA, in February. CBL also completed the sale of an office building in Greensboro, NC, for $3.5 million in June and has sold five outparcels year-to-date generating gross proceeds of $13.6 million.","length":752,"tagName":"p"},{"type":"text","content":"In July, CBL closed on the acquisition of four dominant enclosed regional malls for $178.9 million from Washington Prime Group. The malls include Ashland Town Center in Ashland, KY; Mesa Mall in Grand Junction, CO; Paddock Mall in Ocala, FL; and Southgate Mall in Missoula, MT. This acquisition reinforces CBL’s position as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets.","length":424,"tagName":"p"},{"type":"text","content":"Concurrently with the transaction close, CBL completed a modification and extension of its existing $333.0 million non-recourse outparcel and open-air center loan with Beal Bank USA, which was scheduled to initially mature in June 2027, with one, two-year extension option. The loan was modified to include the acquisition properties, increasing the principal balance by $110.0 million to $443.0 million and extending the initial maturity through October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term, the new interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368.0 million and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately $75.0 million. The full principal balance will convert to the floating rate after the initial term. CBL utilized proceeds from the $83.1 million sale of The Promenade, an open-air center in D'Iberville, MS, to fund the balance of the transaction.","length":1041,"tagName":"p"},{"type":"text","content":" STOCK REPURCHASE PROGRAM ","length":24,"tagName":"p"},{"type":"text","content":"On May 1, 2025, CBL announced that its Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock. Year-to-date under the program, CBL acquired 248,590 shares of CBL stock for $7.3 million. On November 5, 2025, CBL's Board of Directors authorized a new stock repurchase program for the Company to buy up to $25 million of its common stock. The new stock repurchase program replaces the existing program authorized on May 1, 2025.","length":492,"tagName":"p"},{"type":"text","content":" DEVELOPMENT AND REDEVELOPMENT ACTIVITY ","length":38,"tagName":"p"},{"type":"text","content":"Detailed project information is available in CBL’s Financial Supplement for Q3 2025, which can be found in the Invest – Financial Reports section of CBL’s website at cblproperties.com ","length":183,"tagName":"p"},{"type":"text","content":" OUTLOOK AND GUIDANCE ","length":20,"tagName":"p"},{"type":"text","content":"Based on Management's expectations and transactions completed year-to-date, including incorporating the impact of the recent sale of Fremaux Town Center, which was not previously included in guidance, CBL is reaffirming FFO, as adjusted, guidance for 2025 in the range of $6.98 - $7.34 per share. 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