Open the filing on EDGAREarnings Release and
Supplemental Financial and Operating Information
For the Three and Nine Months Ended
Earnings Release and Supplemental Financial and Operating Information
Table of Contents
| Page |
|---|
| Earnings Release | 1 |
| Consolidated Statements of Operations | 8 |
| Reconciliations of Supplementary Non-GAAP Financial Measures: | |
| Funds from Operations (FFO) | 9 |
| Same-center Net Operating Income (NOI) | 11 |
| Share of Consolidated and Unconsolidated Debt | 13 |
| Consolidated Balance Sheets | 14 |
| Condensed Combined Financial Statements - Unconsolidated Affiliates | 15 |
| Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash Flows | 16 |
| Components of Rental Revenues | 17 |
| Schedule of Mortgage and Other Indebtedness | 18 |
| Schedule of Maturities | 20 |
| Property List | 22 |
| Operating Metrics by Collateral Pool | 25 |
| Leasing Activity and Average Annual Base Rents | 27 |
| Top 25 Tenants Based on Percentage of Total Annualized Revenues | 29 |
| Capital Expenditures | 29 |
News Release
Contact: Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
CBL PROPERTIES REPORTS THIRD QUARTER 2026 RESULTS AND RAISES FULL-YEAR GUIDANCE
Same-Center NOI Up 3.8%; Portfolio Occupancy Up 130 bps to 91.5%; Comparable Lease Spreads of 6.8%; Trailing Twelve-Month Same-Center Sales per Square Foot Up 3.6% to $463
CHATTANOOGA, Tenn. (November 5, 2026) - CBL Properties (NYSE: CBL) today announced results for the third quarter ended September 30, 2026. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Net income attributable to common shareholders | $0.37 | $2.38 | $3.31 | $2.78 |
| Funds from Operations ("FFO") | $1.05 | $2.17 | $5.76 | $4.82 |
| FFO, as adjusted | $1.90 | $1.55 | $5.52 | $4.94 |
(1) For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company’s reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 9 of this news release.
KEY TAKEAWAYS:
Same-center NOI for Q3 2026 and the nine months ended September 30, 2026, increased 3.8% and 2.6%, respectively, compared with the prior-year periods. FFO, as adjusted, per share for Q3 2026 was $1.90, compared with $1.55 per share for the prior-year period, an increase of 23%. FFO, as adjusted, per share for the nine months ended September 30, 2026, was $5.52 compared with $4.94 per share for the prior-year period, an increase of 12%. Results for the quarter contributed to an increase in full-year 2026 guidance (see Outlook and Guidance).
More than 930,000 square feet of leases were signed in Q3 2026, including approximately 460,000 square feet of comparable new and renewal leases signed at a 6.8% increase in average gross rents versus prior rents.
Same-center tenant sales per square foot for the third quarter 2026 increased approximately 3.0% as compared with the prior-year period. Same-center tenant sales per square foot for the rolling 12 months ended September 30, 2026, of $463, increased 3.6% as compared with the prior-year period.
Portfolio occupancy was 91.5% as of September 30, 2026, an increase of 130 bps from portfolio occupancy of 90.2% as of September 30, 2025 and 110 bps sequentially. Mall occupancy increased 210 basis points year over year despite bankruptcy-related store closures of approximately 68,000 square feet, which reduced mall occupancy by nearly 50 basis points.
As of September 30, 2026, the Company had $366.7 million of unrestricted cash and marketable securities, including CBL's share of joint venture cash of $15.8 million.
On October 14, 2026, CBL's Board of Directors approved a dividend of $0.625 per common share for the fourth quarter of 2026, representing an annual dividend of $2.50 per share.
On November 4, 2026, CBL's Board of Directors authorized a stock repurchase program under which the Company may repurchase up to $25.0 million of its common stock.
"CBL delivered another quarter of excellent operating results, with third quarter same-center NOI growing by 3.8%,” said Stephen D. Lebovitz, Chief Executive Officer of CBL Properties. “As a result of our portfolio’s continued strong performance, we are raising both same-center NOI and FFO guidance for the second time this year. Growth was driven by embedded rent increases, rental increases in renewal leasing and higher occupancy. Same-center tenant sales per square foot rose 3.6% for the rolling twelve months to $463 as traffic continues to increase across our portfolio.
“Leasing demand remains high as our leasing team signed more than 930,000 square feet of new and renewal leases in the quarter, adding $4.6 million in net new annual rent. We are also seeing solid growth in rents as well with comparable lease spreads averaging an increase of 6.8%, including new leases coming in 34% above prior rents. Portfolio occupancy increased to 91.5%, up 130 basis points from a year ago and 110 basis points from the end of the second quarter.
“We are pleased to have closed on the $135.0 million refinancing of West County Center. The loan has a five-year term and removes the cash management sweep, unlocking more than $7.0 million of annual free cash flow. With nearly $1.0 billion in new financings completed year-to-date, we have no major maturities until 2028 and added over $45.0 million in annual free cash flow. We have also raised attractively priced capital, generating more than $101.3 million of gross proceeds at our share from asset sales year-to-date, including Hammock Landing, York Town Center and Old Hickory Mall, as well as the sale of land parcels at CoolSprings Galleria, Harford Mall and Friendly Center to multi-family developers for densification projects. While fourth quarter comparisons will reflect tax refunds and bad debt recoveries recognized in the prior-year period, our leasing momentum and disciplined approach to capital allocation position CBL to close the year well.
"Yesterday, our Board of Directors approved a new $25.0 million stock repurchase program, reflecting our view that the current share price does not reflect the value of our portfolio or the cash flow it is generating. Our priority is to allocate capital in the way that creates the most long-term value for shareholders. With a strengthened balance sheet and growing free cash flow, we have the flexibility to repurchase shares while continuing to pursue strategic investments."
Same-center Net Operating Income (“NOI”) :
| Three Months Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| Total Revenues | $144,000 | $137,913 |
| Total Expenses | $(47,795) | $(45,205) |
| Total portfolio same-center NOI | $96,205 | $92,708 |
| Total same-center NOI percentage change | 3.8% | |
| Estimate for uncollectable revenues (recovery) | $12 | $1,891 |
(1) CBL’s definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of above and below market leases.
Same-center NOI for the third quarter 2026 increased $3.5 million. Rental revenue growth of $6.4 million was driven by higher occupancy and a $0.4 million increase in percentage rent. Total operating expense during the third quarter increased $2.6 million. The net increase was a result of $1.5 million higher maintenance and repair expense, and $1.5 million higher real estate taxes, primarily resulting from tax refunds in the prior-year period, partially offset by $0.4 million lower property operating expense. The estimate for uncollectable revenues favorably impacted the quarter by approximately $1.9 million.
| Nine Months Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| Total Revenues | $426,231 | $416,780 |
| Total Expenses | $(141,242) | $(139,146) |
| Total portfolio same-center NOI | $284,989 | $277,634 |
| Total same-center NOI percentage change | 2.6% | |
| Estimate for uncollectable revenues (recovery) | $2,255 | $3,103 |
Same-center NOI for the nine months ended September 30, 2026, increased $7.4 million. A $1.4 million increase in percentage rents and higher rental revenue from occupancy improvements and contractual rent escalation contributed to the $9.5 million increase in rental revenues. Total operating expense increased $2.1 million during the current period. The increase reflected a $2.1 million increase in property operating expense and a $1.3 million increase in maintenance and repair expense, partially offset by $1.3 million lower real estate tax expense. The estimate for uncollectable revenues favorably impacted the current period by approximately $0.8 million.
PORTFOLIO OPERATIONAL RESULTS
Occupancy:
| As of September 30, |
|---|
| 2026 | 2025 |
|---|
| Total portfolio | 91.5% | 90.2% |
| Malls, lifestyle centers and outlet centers: | | |
| Total malls | 89.7% | 87.6% |
| Total lifestyle centers | 94.1% | 93.3% |
| Total outlet centers | 94.1% | 92.0% |
| Total same-center malls, lifestyle centers and outlet centers | 90.6% | 90.4% |
| Open-air centers | 94.3% | 95.3% |
| All Other Properties | 96.1% | 91.0% |
(1) Occupancy for malls, lifestyle centers and outlet centers represents percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied.
New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2026 |
|---|
| % Change in Average Gross Rent Per Square Foot: | | |
| All Property Types | 6.8% | 7.3% |
| Stabilized Malls, Lifestyle Centers and Outlet Centers | 5.3% | 6.5% |
| New leases | 27.0% | 36.9% |
| Renewal leases | 2.0% | 2.0% |
| Open-air Centers | 19.4% | 18.0% |
Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less:
| Sales Per Square Foot for the Trailing Twelve Months Ended September 30, | |
|---|
| 2026 | 2025 | % Change |
|---|
| Malls, lifestyle centers and outlet centers same-center sales per square foot | $463 | $447 | 3.6% |
DIVIDEND
On October 14, 2026, CBL announced a cash dividend of $0.625 per common share for the quarter ending December 31, 2026. The dividend equates to an annual dividend payment of $2.50 per common share. The dividend is payable on December 31, 2026, to shareholders of record as of December 14, 2026.
DIVIDEND TAX ATTRIBUTES
As further described in the Equity section of CBL’s most recent Annual Report on Form 10-K, the five-year recognition period under Section 382 of the Internal Revenue Code that followed CBL’s emergence from bankruptcy expired on November 1, 2026. CBL’s ability to recognize certain tax deductions is no longer limited by the 2021 ownership change.
CBL now has flexibility to optimize its portfolio composition, monetize non-core assets, and return capital to shareholders more tax efficiently. In 2027, CBL may be able to use this flexibility by disposing of assets with large tax losses. Doing so could result in more favorable return of capital tax treatment for dividends, which defers taxation until a shareholder’s cost basis is recovered and offers tax advantages over ordinary REIT dividends that are typically taxed as ordinary income.
Future tax treatment and individual shareholder taxation are subject to changes in the Internal Revenue Code, the completion of asset sales with significant losses, and other factors that CBL cannot guarantee or predict with accuracy.
FINANCING ACTIVITY
Refinancing and Loan Modification Activity
Year-to-date, CBL has closed nearly $1.0 billion of new financings, addressing its 2026 loan maturities. The Company has no major maturities until 2028, when loans secured by three high-performing properties come due. As a result, CBL has no near-term refinancing risk, and has a long runway to focus on operations, capital recycling, and shareholder returns.
In October, CBL closed a $135.0 million refinancing of the mortgage loan secured by West County Center, a dominant regional mall located in St. Louis, MO. The new non-recourse loan replaces an existing $136.4 million loan that was scheduled to mature in December 2026. The new loan carries a five-year term with a fixed interest rate of 7.4%. The refinancing also removes the cash management sweep, unlocking more than $7.0 million of annual free cash flow. After repayment of the maturing loan and the release of existing escrow balances, CBL received approximately $2.0 million in net proceeds from the new financing.
In August, CBL and its joint venture partner closed on the extension and modification of the $30.7 million loan (at 100%) secured by The Outlet Shoppes at Laredo in Laredo, TX. At closing, the loan balance was reduced by $850,000 and the maturity extended through the end of November 2026. CBL and its joint venture partner are currently evaluating a range of options for the loan, including a potential refinancing or conveyance or a sale of the property.
In May, CBL closed a $71.9 million non‑recourse loan secured by Hamilton Place in Chattanooga, TN. The five‑year loan bears a fixed interest rate of 6.8% and replaces the property’s existing $85.5 million loan, which was scheduled to mature in June.
In May, CBL also completed the refinancing of Fayette Mall, a dominant super-regional enclosed mall located in Lexington, KY. The financing replaces the existing $98.6 million loan with a new $97.5 million, five‑year non-recourse CMBS loan with a fixed interest rate of approximately 7.25%. The new loan’s more favorable amortization structure results in approximately $5.0 million in additional estimated annual cash flow to CBL.
In April, CBL closed on a $43.0 million non-recourse loan secured by Northwoods Mall in N. Charleston, SC. The new five-year loan bears a fixed interest rate of 9.1%. Proceeds from the loan, as well as approximately $7.5 million of existing escrows, were used to retire the existing $46.8 million loan secured by the property, which was scheduled to mature in April. Under the prior loan, cash flows have been swept by the lender since April 2021. The refinancing released over $3.0 million of previously restricted estimated annual cash flow.
Additionally in April, CBL and its joint venture partner closed on a $6.6 million ($3.3 million at CBL's share) non-recourse, five-year loan secured by Dick's Sporting Goods at Coastal Grand Mall.
In March, CBL refinanced its existing $634.0 million term loan through two transactions including a $425.0 million non-recourse financing secured by a pool of primarily mall properties and a $176.1 million floating-rate bank loan primarily secured by a pool of open-air lifestyle centers. The financing resulted in an increase in estimated annual free cash flow of more than $30.0 million.
Other Financing Activity
Six non-recourse loans aggregating approximately $266.7 million (at CBL's share) are in the process of being resolved through lender-directed sale, foreclosure or conveyance. Once completed, these transactions will eliminate the associated debt and simplify CBL’s portfolio and balance sheet.
In May, The Outlet Shoppes at Gettysburg in Gettysburg, PA, was placed into receivership. CBL is cooperating with the lender to facilitate a foreclosure of the asset, which is secured by a $9.7 million non-recourse loan (at CBL's share).
In February, Jefferson Mall in Louisville, KY, 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 $48.6 million non-recourse loan.
In July 2025, 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.
CBL is in discussions with the lenders for Arbor Place Mall in Douglasville, GA ($81.6 million), Parkdale Mall and Crossing in Beaumont, TX ($46.8 million), and Volusia Mall in Daytona Beach, FL ($31.7 million), and intends to cooperate with the sale, foreclosure or conveyance of the properties in satisfaction of the debt. As part of these discussions, in October, CBL closed on a modification of the loan secured by Volusia Mall in Daytona Beach, FL, extending its maturity to January 2027.
TRANSACTION ACTIVITY
Year-to-date, CBL has generated gross sales proceeds at CBL’s share of more than $101.3 million, including the sale of Hammock Landing in May, the August sale of York Town Center in York, PA, and the sale of Old Hickory Mall in Jackson, TN, in early November. CBL has also completed the sale of ten land parcels and other outparcels. In addition, CBL is under firm contract to sell Eastland Mall in Bloomington, IL, for $11.3 million. The buyer’s deposit is non-refundable, and the sale is expected to close in November, subject to customary closing conditions.
Both Old Hickory Mall and Eastland Mall generate minimal NOI, and their sales, along with the sales of ten land parcels, are consistent with CBL’s ongoing strategy of unlocking value from land, open-air and other assets. By exiting non-core assets that contribute little to earnings, CBL is improving the overall quality of its portfolio and generating cash to redeploy into higher-yielding opportunities.
STOCK REPURCHASE PROGRAM
On November 4, 2026, CBL's Board of Directors authorized a stock repurchase program under which the Company may repurchase up to $25.0 million of its common stock.
OUTLOOK AND GUIDANCE
CBL is increasing FFO, as adjusted, guidance for 2026 to the range of $7.34 - $7.44 per share. Management now anticipates same-center NOI for full-year 2026 in the range of 0.75% to 2.25%. Volusia Mall has been removed from the same-center pool, reflecting CBL's cooperation with the lender on a sale, foreclosure or conveyance of the property.
| Low | High |
|---|
| 2026 Net Income (in millions) | $112.1 | $115.2 |
| 2026 FFO, as adjusted (in millions) | $226.7 | $229.8 |
| 2026 WA Share Count | 30.9 | 30.9 |
| 2026 FFO, as adjusted, per share | $7.34 | $7.44 |
| 2026 Same-Center NOI ("SC NOI") (in millions) | $386.3 | $392.1 |
| 2026 change in same-center NOI | 0.75% | 2.25% |
Reconciliation of GAAP Earnings Per Share to 2026 FFO, as Adjusted, Per Share:
| Low | High |
|---|
| Expected diluted earnings per common share | $3.63 | $3.73 |
| Incremental earnings allocable to unvested restricted stock for FFO | (0.06) | (0.06) |
| Depreciation and amortization | 5.03 | 5.03 |
| Gain on depreciable property | (1.30) | (1.30) |
| Expected FFO, per diluted, fully converted common share | 7.30 | 7.40 |
| Debt discount accretion, net of noncontrolling interests' share | 0.60 | 0.60 |
| Adjustment for unconsolidated affiliates with negative investment | 0.05 | 0.05 |
| Non-cash interest expense | 0.87 | 0.87 |
| Excess proceeds from CID | (0.15) | (0.15) |
| Gain on deconsolidation | (1.33) | (1.33) |
| Expected FFO, as adjusted, per diluted, fully converted common share | $7.34 | $7.44 |
Reconciliation of Net Income to SC NOI (in millions):
| Low | High |
|---|
| Net income (loss) | $112.1 | $115.2 |
| Adjustments : | | |
| Depreciation and amortization | 155.7 | 155.7 |
| Gain on sales of depreciable property | (40.1) | (40.1) |
| Adjustments for unconsolidated affiliates | 7.9 | 7.9 |
| Non-comparable property NOI | (63.0) | (63.0) |
| Other (income) expenses, net | 158.9 | 158.9 |
| Non-property (income) expenses, net | 51.5 | 54.2 |
| Earnings allocable to unvested restricted stock in net income (loss) | 3.3 | 3.3 |
| Total Same-Center NOI | $386.3 | $392.1 |
(1) Adjustments are based on our Operating Partnership’s pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties
(2) GAAP adjustments for unconsolidated affiliates, including those with negative investment.
(3) Property-level (income) expenses, net, that are not included in NOI, including but not limited to, interest expense, gains on sales of non-depreciable real estate assets, straight-line rent and above- and below-market lease amortization.
(4) Non-property (income) expenses, net, that are not included in NOI, including but not limited to, fee income and general and administrative expenses.
2026 Estimate of Capital Items (in millions):
| Low | High |
|---|
| 2026 Estimated maintenance capital/tenant allowances | $55.0 | $65.0 |
| 2026 Estimated development/redevelopment expenditures | 5.0 | 7.0 |
| 2026 Estimated principal amortization (including est. term loan ECF) | 58.0 | 63.0 |
| Total Estimate | $118.0 | $135.0 |
(1) Excludes amounts related to properties which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements as further described on page 19 of the Financial Supplement.
ABOUT CBL PROPERTIES
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 85 properties totaling 54.8 million square feet across 23 states, including 54 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 20 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.
NON-GAAP FINANCIAL MEASURES
Funds From Operations
FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure.
The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership.
In the reconciliation of net income (loss) attributable to the Company’s common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.
FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity.
The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 9 of this news release for a description of these adjustments.
Same-center Net Operating Income
NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).
The Company computes NOI based on the Operating Partnership’s pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies.
Since NOI includes only those revenues and expenses related to the operations of the Company’s shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company’s results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release.
Pro Rata Share of Debt
The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s condensed consolidated balance sheet is located at the end of this earnings release.
Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the “Management's Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.
Supplemental Financial and Operating Information
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| REVENUES: | | | | |
| Rental revenues | $143,865 | $134,786 | $427,252 | $408,599 |
| Management, development and leasing fees | 1,599 | 1,226 | 4,367 | 3,900 |
| Other | 3,233 | 3,268 | 9,525 | 9,454 |
| Total revenues | 148,697 | 139,280 | 441,144 | 421,953 |
| EXPENSES: | | | | |
| Property operating | (27,341) | (27,383) | (81,371) | (76,844) |
| Depreciation and amortization | (35,084) | (39,900) | (109,465) | (125,143) |
| Real estate taxes | (14,730) | (12,970) | (42,851) | (43,728) |
| Maintenance and repairs | (11,375) | (9,594) | (34,549) | (33,432) |
| General and administrative | (14,204) | (17,787) | (47,573) | (53,682) |
| Loss on impairment | - | (1,736) | - | (3,193) |
| Other | - | (45) | 30 | (75) |
| Total expenses | (102,734) | (109,415) | (315,779) | (336,097) |
| OTHER INCOME (EXPENSES): | | | | |
| Interest and other income | 8,400 | 3,247 | 14,849 | 9,879 |
| Interest expense | (66,127) | (44,779) | (148,742) | (132,963) |
| Loss on extinguishment of debt | - | - | - | (217) |
| (Loss) gain on deconsolidation | (107) | 33,851 | 41,152 | 33,851 |
| Gain on sales of real estate assets | 5,394 | 51,228 | 20,429 | 74,099 |
| Income tax benefit (provision) | 1,076 | (48) | 1,664 | 54 |
| Equity in earnings of unconsolidated affiliates | 17,246 | 1,696 | 49,834 | 15,046 |
| Total other income (expenses), net | (34,118) | 45,195 | (20,814) | (251) |
| Net income | 11,845 | 75,060 | 104,551 | 85,605 |
| Net (income) loss attributable to noncontrolling interests in: | | | | |
| Operating Partnership | (8) | - | (24) | (8) |
| Other consolidated subsidiaries | (44) | 368 | 197 | 1,379 |
| Net income attributable to the Company | 11,793 | 75,428 | 104,724 | 86,976 |
| Earnings allocable to unvested restricted stock | (448) | (1,161) | (2,441) | (1,345) |
| Net income attributable to common shareholders | $11,345 | $74,267 | $102,283 | $85,631 |
| Basic and diluted per share data attributable to common shareholders: | | | | |
| Basic earnings per share | $0.38 | $2.44 | $3.39 | $2.81 |
| Diluted earnings per share | 0.37 | 2.38 | 3.31 | 2.78 |
| Weighted-average basic shares | 30,222 | 30,406 | 30,209 | 30,427 |
| Weighted-average diluted shares | 30,998 | 31,313 | 30,870 | 30,851 |
Supplemental Financial and Operating Information
The Company's reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:
(in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Net income attributable to common shareholders | $11,345 | $74,267 | $102,283 | $85,631 |
| Noncontrolling interest in income of Operating Partnership | 8 | - | 24 | 8 |
| Earnings allocable to unvested restricted stock | (327) | 318 | (1,757) | (984) |
| Depreciation and amortization expense of: | | | | |
| Consolidated properties | 35,084 | 39,900 | 109,465 | 125,143 |
| Unconsolidated affiliates | 3,093 | 3,167 | 9,348 | 9,855 |
| Non-real estate assets | (217) | (248) | (657) | (742) |
| Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | (273) | (385) | (948) | (1,190) |
| Loss on impairment, including our share of unconsolidated affiliates, net of taxes | 91 | 1,736 | 91 | 3,496 |
| Gain on depreciable property, including our share of unconsolidated affiliates, net of taxes | (16,113) | (50,936) | (40,126) | (72,642) |
| FFO allocable to Operating Partnership common unitholders | 32,691 | 67,819 | 177,723 | 148,575 |
| Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share | 4,057 | 9,180 | 14,879 | 27,584 |
| Adjustment for unconsolidated affiliates with negative investment | 1,279 | 6,817 | (3,386) | 10,453 |
| Excess proceeds from CID | (4,631) | - | (4,631) | - |
| Non-cash default interest expense | 25,342 | (1,326) | 26,931 | (446) |
| Loss (gain) on deconsolidation | 107 | (33,851) | (41,152) | (33,851) |
| Loss on extinguishment of debt | - | - | - | 217 |
| FFO allocable to Operating Partnership common unitholders, as adjusted | $58,845 | $48,639 | $170,364 | $152,532 |
| FFO per diluted share | $1.05 | $2.17 | $5.76 | $4.82 |
| FFO, as adjusted, per diluted share | $1.90 | $1.55 | $5.52 | $4.94 |
| Weighted-average common and potential dilutive common units outstanding | 31,003 | 31,319 | 30,876 | 30,856 |
(1) In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method.
(2) Represents the Company’s share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where the Company is recognizing equity in earnings (losses) on a cash basis because its investment in the unconsolidated affiliate is below zero.
(3) During the three and nine months ended September 30, 2026, the Company received excess proceeds at one of our properties related to bonds issued by the community improvement district ("CID") where the property is located.
(4) The three and nine months ended September 30, 2026 include non-cash default interest on loans past their maturity date, including one loan for which non-cash default interest expense was retroactive to November 1, 2020. The three and nine months ended September 30, 2025 include non-cash default interest on a loan past its maturity date and the reversal of previously accrued non-cash default interest. The accrued non-cash default interest is expected to be resolved when the respective property is either sold or conveyed to the lender in satisfaction of the debt.
(5) During the nine months ended September 30, 2026, the Company deconsolidated The Outlet Shoppes at Gettysburg and Jefferson Mall due to a loss of control when these properties were placed into receivership in connection with the foreclosure process. During the three and nine months ended September 30, 2025, the Company deconsolidated Southpark Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process.
(6) During the nine months ended September 30, 2025, the Company made a partial paydown on the 2032 non-recourse bank loan and recognized loss on extinguishment of debt related to a prepayment fee.
Supplemental Financial and Operating Information
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Diluted EPS attributable to common shareholders | $0.37 | $2.38 | $3.31 | $2.78 |
| Add amounts per share included in FFO: | | | | |
| Earnings allocable to unvested restricted stock | (0.02) | 0.01 | (0.05) | (0.03) |
| Eliminate amounts per share excluded from FFO: | | | | |
| Depreciation and amortization expense, including amounts from consolidated properties, unconsolidated affiliates, non-real estate assets and excluding amounts allocated to noncontrolling interests | 1.22 | 1.35 | 3.80 | 4.31 |
| Loss on impairment, including our share of unconsolidated affiliates, net of taxes | - | 0.06 | - | 0.11 |
| Gain on depreciable property, including our share of unconsolidated affiliates, net of taxes | (0.52) | (1.63) | (1.30) | (2.35) |
| FFO per diluted share | $1.05 | $2.17 | $5.76 | $4.82 |
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| SUPPLEMENTAL FFO INFORMATION: | | | | |
| Lease termination fees | $59 | $394 | $533 | $1,795 |
| Straight-line rental income adjustment | $1,092 | $(290) | $2,082 | $141 |
| Gain on outparcel sales, net of taxes | $6 | $293 | $3,152 | $3,013 |
| Net amortization of acquired above- and below-market leases | $(3,240) | $(4,210) | $(8,865) | $(10,746) |
| Income tax benefit (provision) | $1,076 | $(48) | $1,664 | $54 |
| Abandoned projects expense | $ - | $ - | $ - | $(27) |
| Interest capitalized | $95 | $142 | $328 | $392 |
| Estimate of uncollectable revenues | $(31) | $(3,142) | $(2,616) | $(4,695) |
| | | As of September 30, |
| | | 2026 | 2025 |
| Straight-line rent receivable | | | $26,887 | $23,822 |
(1) The current-year presentation is based on effective ownership percentages in certain unconsolidated joint ventures while the prior-year period was based on stated ownership percentages. The difference between the effective ownership and stated ownership percentages is due to differences in capital contributions between joint venture partners and related preferred returns.
Supplemental Financial and Operating Information
Same-center Net Operating Income
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Net income | $11,845 | $75,060 | $104,551 | $85,605 |
| Adjustments: | | | | |
| Depreciation and amortization | 35,084 | 39,900 | 109,465 | 125,143 |
| Depreciation and amortization from unconsolidated affiliates | 3,093 | 3,167 | 9,348 | 9,855 |
| Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | (273) | (385) | (948) | (1,190) |
| Interest expense | 66,127 | 44,779 | 148,742 | 132,963 |
| Interest expense from unconsolidated affiliates | 5,875 | 5,879 | 18,360 | 20,570 |
| Noncontrolling interests' share of interest expense in other consolidated subsidiaries | (459) | (994) | (1,927) | (3,106) |
| Abandoned projects expense | - | - | - | 27 |
| Gain on sales of real estate assets | (5,394) | (51,228) | (20,429) | (74,099) |
| Gain on sales of real estate assets of unconsolidated affiliates | (10,729) | - | (22,859) | (1,867) |
| Adjustment for unconsolidated affiliates with negative investment | 1,279 | 6,817 | (3,386) | 10,453 |
| Loss on extinguishment of debt | - | - | - | 217 |
| Loss (gain) on deconsolidation | 107 | (33,851) | (41,152) | (33,851) |
| Loss on impairment, including our share of unconsolidated affiliates | 91 | 1,736 | 91 | 3,875 |
| Income tax (benefit) provision | (1,076) | 48 | (1,664) | (54) |
| Lease termination fees | (59) | (394) | (533) | (1,795) |
| Straight-line rent and above- and below-market lease amortization | 2,148 | 4,500 | 6,783 | 10,605 |
| Net (income) loss attributable to noncontrolling interests in other consolidated subsidiaries | (44) | 368 | 197 | 1,379 |
| General and administrative expenses | 14,204 | 17,787 | 47,573 | 53,682 |
| Management fees and non-property level revenues | (9,256) | (2,905) | (16,769) | (11,724) |
| Operating Partnership's share of property NOI | 112,563 | 110,284 | 335,443 | 326,688 |
| Non-comparable NOI | (16,358) | (17,576) | (50,454) | (49,054) |
| Total same-center NOI | $96,205 | $92,708 | $284,989 | $277,634 |
| Total same-center NOI percentage change | 3.8% | | 2.6% | |
(1) The Company has reclassified amounts from management fees and non-property level revenues to the identified line items to conform to the current-year presentation. The current-year presentation is based on effective ownership percentages in certain unconsolidated joint ventures while the prior-year period was based on stated ownership percentages. The difference between the effective ownership and stated ownership percentages is due to differences in capital contributions between joint venture partners and related preferred returns.
(2) CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of September 30, 2026, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending September 30, 2026. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender. The Company calculates same-center NOI based on stated ownership percentages.
Same-center Net Operating Income
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Malls | $65,625 | $63,449 | $194,520 | $190,758 |
| Outlet centers | 5,548 | 5,129 | 15,886 | 15,176 |
| Lifestyle centers | 9,609 | 9,365 | 28,728 | 27,088 |
| Open-air centers | 9,596 | 9,149 | 28,826 | 27,945 |
| Outparcels and other | 5,827 | 5,616 | 17,029 | 16,667 |
| Total same-center NOI | $96,205 | $92,708 | $284,989 | $277,634 |
| Percentage Change: | | | | |
| Malls | 3.4% | | 2.0% | |
| Outlet centers | 8.2% | | 4.7% | |
| Lifestyle centers | 2.6% | | 6.1% | |
| Open-air centers | 4.9% | | 3.2% | |
| Outparcels and other | 3.8% | | 2.2% | |
| Total same-center NOI | 3.8% | | 2.6% | |
Supplemental Financial and Operating Information
Company's Share of Consolidated and Unconsolidated Debt
| As of September 30, 2026 |
|---|
| Fixed Rate | Variable Rate | Total Debt | Unamortized Deferred Financing Costs | Unamortized Debt Discounts | Total, net |
|---|
| Consolidated debt | $1,832,757 | $277,580 | $2,110,337 | $(28,191) | $(56,696) | $2,025,450 |
| Noncontrolling interests' share of consolidated debt | (12,619) | (10,257) | (22,876) | 193 | - | (22,683) |
| Company's share of unconsolidated affiliates' debt | 300,729 | 9,148 | 309,877 | (2,195) | - | 307,682 |
| Other debt | 106,636 | - | 106,636 | - | - | 106,636 |
| Company's share of consolidated, unconsolidated and other debt | $2,227,503 | $276,471 | $2,503,974 | $(30,193) | $(56,696) | $2,417,085 |
| Weighted-average interest rate | 6.28% | 7.72% | 6.44% | | | |
| As of September 30, 2025 |
| Fixed Rate | Variable Rate | Total Debt | Unamortized Deferred Financing Costs | Unamortized Debt Discounts | Total, net |
| Consolidated debt | $1,512,637 | $761,084 | $2,273,721 | $(10,008) | $(82,852) | $2,180,861 |
| Noncontrolling interests' share of consolidated debt | (23,964) | (11,053) | (35,017) | 99 | 405 | (34,513) |
| Company's share of unconsolidated affiliates' debt | 383,190 | 9,212 | 392,402 | (3,273) | - | 389,129 |
| Other debt | 48,271 | - | 48,271 | - | - | 48,271 |
| Company's share of consolidated, unconsolidated and other debt | $1,920,134 | $759,243 | $2,679,377 | $(13,182) | $(82,447) | $2,583,748 |
| Weighted-average interest rate | 5.47% | 7.29% | 5.99% | | | |
(1) In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. The Company recognized the debt discounts associated with the acquisition of its partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center in December 2024.
(2) Includes the outstanding loan balances of three deconsolidated properties, Jefferson Mall, The Outlet Shoppes at Gettysburg and Southpark Mall, due to a loss of control when the properties were placed into receivership in connection with the foreclosure processes.
Supplemental Financial and Operating Information
Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
| September 30, | December 31, |
|---|
| 2026 | 2025 |
|---|
| ASSETS | | |
| Real estate assets: | | |
| Land | $597,736 | $601,553 |
| Buildings and improvements | 1,659,865 | 1,619,988 |
| 2,257,601 | 2,221,541 |
| Accumulated depreciation | (408,254) | (355,900) |
| 1,849,347 | 1,865,641 |
| Held-for-sale | 7,451 | - |
| Developments in progress | 10,324 | 10,533 |
| Net investment in real estate assets | 1,867,122 | 1,876,174 |
| Cash and cash equivalents | 60,955 | 42,287 |
| Restricted cash | 102,750 | 110,665 |
| Available-for-sale securities - at fair value (amortized cost of $290,311 and $292,646 as of September 30, 2026 and December 31, 2025, respectively) | 289,937 | 293,087 |
| Receivables: | | |
| Tenant | 43,288 | 46,489 |
| Other | 1,565 | 1,562 |
| Investments in unconsolidated affiliates | 74,629 | 85,941 |
| In-place leases, net | 111,586 | 144,046 |
| Intangible lease assets and other assets | 108,986 | 128,848 |
| $2,660,818 | $2,729,099 |
| LIABILITIES AND EQUITY | | |
| Mortgage and other indebtedness, net | $2,025,450 | $2,170,785 |
| Accounts payable and accrued liabilities | 217,579 | 193,640 |
| Total liabilities | 2,243,029 | 2,364,425 |
| Shareholders' equity: | | |
| Common stock, $.001 par value, 200,000,000 shares authorized, 30,940,789 and 30,322,052 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively (in each case, excluding 34 treasury shares) | 31 | 30 |
| Additional paid-in capital | 688,572 | 687,424 |
| Accumulated other comprehensive (loss) income | (161) | 443 |
| Accumulated deficit | (266,256) | (312,961) |
| Total shareholders' equity | 422,186 | 374,936 |
| Noncontrolling interests | (4,397) | (10,262) |
| Total equity | 417,789 | 364,674 |
| $2,660,818 | $2,729,099 |
Supplemental Financial and Operating Information
Condensed Combined Financial Statements - Unconsolidated Affiliates
(Unaudited; in thousands)
| September 30, 2026 | December 31, 2025 |
|---|
| ASSETS: | | |
| Investment in real estate assets | $1,147,113 | $1,255,163 |
| Accumulated depreciation | (546,587) | (574,364) |
| 600,526 | 680,799 |
| Developments in progress | 1,213 | 1,315 |
| Net investment in real estate assets | 601,739 | 682,114 |
| Other assets | 116,693 | 135,138 |
| Total assets | $718,432 | $817,252 |
| LIABILITIES: | | |
| Mortgage and other indebtedness, net | $697,999 | $715,013 |
| Other liabilities | 35,953 | 23,468 |
| Total liabilities | 733,952 | 738,481 |
| OWNERS' EQUITY: | | |
| The Company | 57,912 | 78,016 |
| Other investors | (73,432) | 755 |
| Total owners' equity | (15,520) | 78,771 |
| Total liabilities and owners’ equity | $718,432 | $817,252 |
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Total revenues | $46,920 | $45,121 | $139,621 | $133,959 |
| Depreciation and amortization | (10,284) | (11,149) | (31,606) | (33,140) |
| Operating expenses | (16,113) | (13,479) | (45,817) | (40,052) |
| Interest and other income | 295 | 633 | 1,231 | 1,879 |
| Interest expense | (12,518) | (9,525) | (39,645) | (33,895) |
| Gain on extinguishment of debt | - | - | - | 32,494 |
| Loss on impairment | (182) | (1,363) | (182) | (1,363) |
| Gain on sales of real estate assets | 26,370 | - | 50,907 | 2,902 |
| Net income | $34,488 | $10,238 | $74,509 | $62,784 |
| Company's Share for the Period | Company's Share for the Period |
| Three Months Ended September 30, | Nine Months Ended September 30, |
| 2026 | 2025 | 2026 | 2025 |
| Total revenues | $23,794 | $25,230 | $72,364 | $75,276 |
| Depreciation and amortization | (4,911) | (5,766) | (15,050) | (17,904) |
| Operating expenses | (7,148) | (7,371) | (21,778) | (21,675) |
| Interest and other income | 209 | 383 | 802 | 1,139 |
| Interest expense | (5,875) | (5,879) | (18,360) | (20,570) |
| Negative investment adjustment | 539 | (4,219) | 9,088 | (2,405) |
| Loss on impairment | (91) | (682) | (91) | (682) |
| Gain on sales of real estate assets | 10,729 | - | 22,859 | 1,867 |
| Net income | $17,246 | $1,696 | $49,834 | $15,046 |
Supplemental Financial and Operating Information
EBITDA for real estate ("EBITDAre") is a non-GAAP financial measure which NAREIT defines as net income (loss) (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, gains on the dispositions and deconsolidations of depreciable property, and adjustments to reflect the Company's share of EBITDAre from unconsolidated affiliates. The Company also calculates Adjusted EBITDAre to exclude the non-controlling interest in EBITDAre of consolidated entities, losses on extinguishment of debt and adjustments related to unconsolidated affiliates.
The Company presents the ratio of Adjusted EBITDAre to interest expense because the Company believes that the Adjusted EBITDAre to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt. Adjusted EBITDAre excludes items that are not a normal result of operations which assists the Company and investors in distinguishing changes related to the growth or decline of operations at our properties. EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to similar measures calculated by other companies. This non-GAAP measure should not be considered as an alternative to net income (loss), cash from operating activities or any other measure calculated in accordance with GAAP. Pro rata amounts listed below are calculated using the Company's effective ownership percentage in the respective joint venture and any other applicable terms.
Ratio of Adjusted EBITDAre to Interest Expense
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Net income | $11,845 | $75,060 | $104,551 | $85,605 |
| Depreciation and amortization | 35,084 | 39,900 | 109,465 | 125,143 |
| Depreciation and amortization from unconsolidated affiliates | 3,093 | 3,167 | 9,348 | 9,855 |
| Interest expense | 66,127 | 44,779 | 148,742 | 132,963 |
| Interest expense from unconsolidated affiliates | 5,875 | 5,879 | 18,360 | 20,570 |
| Income taxes | (1,076) | 48 | (1,664) | (54) |
| Loss on impairment, including our share of unconsolidated affiliates | 91 | 1,736 | 91 | 3,193 |
| Gain on depreciable property | (16,113) | (50,936) | (40,126) | (72,468) |
| Gain on deconsolidation | 107 | (33,851) | (41,152) | (33,851) |
| EBITDAre | 105,033 | 85,782 | 307,615 | 270,956 |
| Loss on extinguishment of debt | - | - | - | 217 |
| Abandoned projects expense | - | - | - | 27 |
| Adjustment for unconsolidated affiliates with negative investment | 1,279 | 6,817 | (3,386) | 10,453 |
| Net (income) loss attributable to noncontrolling interests in other consolidated subsidiaries | (44) | 368 | 197 | 1,379 |
| Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | (273) | (385) | (948) | (1,190) |
| Noncontrolling interests' share of interest expense in other consolidated subsidiaries | (459) | (994) | (1,927) | (3,106) |
| Company's share of Adjusted EBITDAre | $105,536 | $91,588 | $301,551 | $278,736 |
(1) Includes $10 and $292 for the three months ended September 30, 2026 and 2025, respectively, related to sales of non-depreciable real estate assets. Includes $3,162 and $3,498 for the nine months ended September 30, 2026 and 2025, respectively, related to sales of non-depreciable real estate assets.
Supplemental Financial and Operating Information
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Interest Expense: | | | | |
| Interest expense | $66,127 | $44,779 | $148,742 | $132,963 |
| Interest expense from unconsolidated affiliates | 5,875 | 5,879 | 18,360 | 20,570 |
| Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share | (4,057) | (9,180) | (14,879) | (27,584) |
| Non-cash default interest expense | (25,342) | 1,326 | (26,931) | 446 |
| Noncontrolling interests' share of interest expense in other consolidated subsidiaries, excluding noncontrolling interests' share of debt discount accretion | (459) | (527) | (1,677) | (1,709) |
| Company's share of interest expense | $42,144 | $42,277 | $123,615 | $124,686 |
| Ratio of Adjusted EBITDAre to Interest Expense | 2.5x | 2.2x | 2.4x | 2.2x |
(1) The prior period has been adjusted to exclude default interest so that it conforms with the current period presentation.
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Company's share of Adjusted EBITDAre | $105,536 | $91,588 | $301,551 | $278,736 |
| Interest expense | (66,127) | (44,779) | (148,742) | (132,963) |
| Noncontrolling interests' share of interest expense in other consolidated subsidiaries | 459 | 994 | 1,927 | 3,106 |
| Income taxes | 1,076 | (48) | 1,664 | 54 |
| Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts | 3,746 | 7,928 | 15,519 | 23,455 |
| Net amortization of intangible lease assets and liabilities | 3,079 | 4,176 | 8,434 | 10,522 |
| Depreciation and interest expense from unconsolidated affiliates | (8,968) | (9,046) | (27,708) | (30,425) |
| Adjustment for unconsolidated affiliates with negative investment | (1,279) | (6,817) | 3,386 | (10,453) |
| Loss on impairment, including our share of unconsolidated affiliates | (91) | - | (91) | - |
| Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | 273 | 385 | 948 | 1,190 |
| Net income (loss) attributable to noncontrolling interests in other consolidated subsidiaries | 44 | (368) | (197) | (1,379) |
| Gain on depreciable property from unconsolidated affiliates | 10,712 | - | 22,819 | - |
| Loss (gain) on outparcel sales | 7 | (292) | (3,122) | (1,631) |
| (Gain) loss on insurance proceeds | (528) | 79 | (612) | 79 |
| Equity in earnings of unconsolidated affiliates | (17,246) | (1,696) | (49,834) | (15,046) |
| Distributions of earnings from unconsolidated affiliates | 22,566 | 4,656 | 44,097 | 13,547 |
| Share-based compensation expense | 2,516 | 4,306 | 7,376 | 12,585 |
| Change in estimate of uncollectable revenues | (185) | 2,465 | 2,516 | 3,507 |
| Deferred income tax (benefit) provision | (4,379) | (1,252) | (2,659) | 275 |
| Changes in operating assets and liabilities | 39,908 | 17,294 | 47,035 | 14,361 |
| Cash flows provided by operating activities | $91,119 | $69,573 | $224,307 | $169,520 |
Components of Consolidated Rental Revenues
The Company believes the following summary is useful to users of its consolidated financial statements because it provides more detail regarding the components of rental revenues in the consolidated financial statements and trends in these components for the periods shown.
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Minimum rents | $106,505 | $101,958 | $317,636 | $304,362 |
| Percentage rents | 3,340 | 3,210 | 10,786 | 9,489 |
| Other rents | 2,192 | 2,048 | 6,744 | 6,422 |
| Tenant reimbursements | 31,983 | 29,763 | 94,540 | 91,451 |
| Estimate of uncollectable amounts | (155) | (2,193) | (2,454) | (3,125) |
| Total rental revenues | $143,865 | $134,786 | $427,252 | $408,599 |
Supplemental Financial and Operating Information
Schedule of Mortgage and Other Indebtedness
| Property | Location | Original Maturity Date | Optional Extended Maturity Date | Interest Rate | Balance as of September 30, 2026 | Balance |
| | | | | | Fixed | Variable |
| Operating Properties: | | | | | | | |
| Parkdale Mall & Crossing | Beaumont, TX | Mar-26 | | 5.85% | $46,803 | $46,803 | $ - |
| Arbor Place | Atlanta (Douglasville), GA | May-26 | | 5.10% | 81,615 | 81,615 | - |
| Volusia Mall | Daytona Beach, FL | Oct-26 | | 4.56% | 31,679 | 31,679 | - |
| The Outlet Shoppes at Laredo | Laredo, TX | Nov-26 | | 7.68% | 29,305 | - | 29,305 |
| West County Center | Des Peres, MO | Dec-26 | | 3.40% | 136,366 | 136,366 | - |
| CoolSprings Galleria | Nashville, TN | May-28 | | 4.84% | 131,427 | 131,427 | - |
| Cross Creek Mall | Fayetteville, NC | Aug-30 | | 6.86% | 76,675 | 76,675 | - |
| Oak Park Mall | Overland Park, KS | Oct-30 | | 5.00% | 241,615 | 241,615 | - |
| 2032 non-recourse bank loan | | Oct-30 | Oct-32 | 7.72% | 440,151 | 367,956 | 72,195 |
| Secured lifestyle centers loan due 2032 | | Oct-30 | Oct-31/Oct-32 | 7.78% | 176,080 | - | 176,080 |
| Gateway Mall | Lincoln, NE | Mar-31 | | 6.46% | 20,828 | 20,828 | - |
| Northwoods Mall | North Charleston, SC | Apr-31 | | 9.12% | 42,842 | 42,842 | - |
| Secured mall loan due 2031 | | Apr-31 | | 7.40% | 422,148 | 422,148 | - |
| Fayette Mall | Lexington, KY | May-31 | | 7.25% | 97,093 | 97,093 | - |
| Hamilton Place | Chattanooga, TN | Jun-31 | | 6.85% | 71,744 | 71,744 | - |
| Hamilton Place open-air centers loan | Chattanooga, TN | Jun-32 | | 5.85% | 63,966 | 63,966 | - |
| Total Consolidated Debt | | | | | $2,110,337 | $1,832,757 | $277,580 |
| Weighted-average interest rate | | | | | 6.58% | 6.40% | 7.77% |
| Plus CBL's Share Of Unconsolidated Affiliates' Debt: | | | | | | | |
| Ambassador Town Center Infrastructure Improvements | Lafayette, LA | Mar-27 | | 7.26% | $1,012 | $1,012 | $ - |
| Mayfaire Town Center Element by Westin | Wilmington, NC | Jan-28 | | 6.00% | 9,148 | - | 9,148 |
| Friendly Center | Greensboro, NC | May-28 | | 6.44% | 70,385 | 70,385 | - |
| Coastal Grand Mall | Myrtle Beach, SC | Aug-28 | | 5.09% | 36,568 | 36,568 | - |
| Coastal Grand Crossing | Myrtle Beach, SC | Aug-28 | | 5.09% | 1,765 | 1,765 | - |
| The Outlet Shoppes at El Paso | El Paso, TX | Oct-28 | | 5.10% | 32,339 | 32,339 | - |
| Ambassador Town Center | Lafayette, LA | Jun-29 | | 4.35% | 24,790 | 24,790 | - |
| Hamilton Place Aloft Hotel | Chattanooga, TN | Jun-29 | | 7.20% | 6,941 | 6,941 | - |
| Friendly Center Medical Office | Greensboro, NC | Jun-30 | | 6.11% | 1,665 | 1,665 | - |
| The Pavilion at Port Orange | Port Orange, FL | Oct-30 | | 5.93% | 21,500 | 21,500 | - |
| Coastal Grand Mall - Dick's Sporting Goods | Myrtle Beach, SC | Apr-31 | | 6.17% | 3,275 | 3,275 | - |
| The Shoppes at Eagle Point | Cookeville, TN | May-32 | | 5.40% | 18,696 | 18,696 | - |
| The Outlet Shoppes at Atlanta | Woodstock, GA | Oct-33 | | 7.85% | 39,665 | 39,665 | - |
| The Outlet Shoppes of the Bluegrass | Simpsonville, KY | Nov-34 | | 6.84% | 42,128 | 42,128 | - |
| Total Unconsolidated Debt | | | | | 309,877 | 300,729 | 9,148 |
| Plus Other Debt: | | | | | | | |
| The Outlet Shoppes at Gettysburg | Gettysburg, PA | Oct-25 | | 4.80% | 9,719 | 9,719 | - |
| Jefferson Mall | Louisville, KY | Jun-26 | | 4.75% | 48,647 | 48,647 | - |
| Southpark Mall | Colonial Heights, VA | Jun-26 | | 4.85% | 48,270 | 48,270 | - |
| Total Other Debt | | | | | 106,636 | 106,636 | - |
| Less Noncontrolling Interests' Share Of Consolidated Debt: | | | | | | | |
| The Outlet Shoppes at Laredo (35%) | Laredo, TX | Nov-26 | | 7.68% | (10,257) | - | (10,257) |
| Hamilton Place (10%) | Chattanooga, TN | Jun-31 | | 6.85% | (7,174) | (7,174) | - |
| Hamilton Place open-air centers loan (8% - 10%) | Chattanooga, TN | Jun-32 | | 5.85% | (5,445) | (5,445) | - |
| Property | Location | Original Maturity Date | Optional Extended Maturity Date | Interest Rate | Balance as of September 30, 2026 | Balance |
| | | | | | Fixed | Variable |
| | | | | (22,876) | (12,619) | (10,257) |
| Company's Share Of Consolidated, Unconsolidated and Other Debt | | | | | $2,503,974 | $2,227,503 | $276,471 |
| Weighted-average interest rate | | | | | 6.44% | 6.28% | 7.72% |
| Total Debt of Unconsolidated Affiliates: | | | | | | | |
| Ambassador Town Center Infrastructure Improvements | Lafayette, LA | Mar-27 | | 7.26% | $1,012 | $1,012 | $ - |
| Mayfaire Town Center Element by Westin | Wilmington, NC | Jan-28 | | 6.00% | 18,669 | - | 18,669 |
| Friendly Center | Greensboro, NC | May-28 | | 6.44% | 140,770 | 140,770 | - |
| Coastal Grand Mall | Myrtle Beach, SC | Aug-28 | | 5.09% | 73,137 | 73,137 | - |
| Coastal Grand Crossing | Myrtle Beach, SC | Aug-28 | | 5.09% | 3,529 | 3,529 | - |
| The Outlet Shoppes at El Paso | El Paso, TX | Oct-28 | | 5.10% | 64,677 | 64,677 | - |
| Ambassador Town Center | Lafayette, LA | Jun-29 | | 4.35% | 38,138 | 38,138 | - |
| Hamilton Place Aloft Hotel | Chattanooga, TN | Jun-29 | | 7.20% | 13,883 | 13,883 | - |
| Friendly Center Medical Office | Greensboro, NC | Jun-30 | | 6.11% | 6,658 | 6,658 | - |
| The Pavilion at Port Orange | Port Orange, FL | Oct-30 | | 5.93% | 43,000 | 43,000 | - |
| Coastal Grand Mall - Dick's Sporting Goods | Myrtle Beach, SC | Apr-31 | | 6.17% | 6,551 | 6,551 | - |
| The Shoppes at Eagle Point | Cookeville, TN | May-32 | | 5.40% | 37,393 | 37,393 | - |
| The Outlet Shoppes at Atlanta | Woodstock, GA | Oct-33 | | 7.85% | 79,330 | 79,330 | - |
| The Outlet Shoppes of the Bluegrass | Simpsonville, KY | Nov-34 | | 6.84% | 64,813 | 64,813 | - |
| | | | | $591,560 | $572,891 | $18,669 |
| Weighted-average interest rate | | | | | 6.11% | 6.12% | 6.00% |
(1) See page 13 for debt discounts and unamortized deferred financing costs.
(2) The loan is in maturity default. The Company intends to cooperate with the foreclosure or conveyance of the property in satisfaction of the debt.
(3) Subsequent to September 30, 2026, the loan was modified, which extends the maturity through January 2027.
(4) Subsequent to September 30, 2026, the Company closed on a new $135,000 non-recourse, five-year loan secured by West County Center. The loan bears a fixed interest rate of 7.398%. The previous loan had the cash flows of the property restricted under the terms of the previous loan agreement.
(5) The interest rate is a fixed 7.70% for $367,956 of the outstanding loan balance through July 2030, with the remaining loan balance bearing a variable interest rate based on the 30-day SOFR plus 4.10%. The full principal balance will convert to a variable rate after July 2030. The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.
(6) In September 2025, the Company entered into a forbearance agreement that waived the previous default interest and extended the maturity date through August 2028. The forbearance agreement provides for default interest on the outstanding loan balance of 1%, 2% and 3% for each respective year of the forbearance agreement.
(7) In October 2025, the loan entered default. In May 2026, the property was placed into receivership. The Company anticipates returning the property to the lender.
(8) In January 2026, the Company was notified by the lender that the loan was in default. In February 2026, the property was placed into receivership in connection with the foreclosure process. The Company anticipates returning the property to the lender.
(9) In July 2025, the loan entered default and the property was placed into receivership. The Company anticipates returning the property to the lender.
(10) Subsequent to September 30, 2026 and after the closing of the new loan secured by West County Center, CBL owns interests in 10 assets (7 malls, 2 outlet centers and an open-air center) with a pro rata share debt balance of $565,729 which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements. Of this amount, $535,197 of pro rata debt relates to malls, $28,767 relates to outlet centers and $1,765 relates to an open-air center. These loans are non-recourse to CBL. The restricted cash can only be used to pay the respective property’s real estate and insurance costs, debt service, operating expenses, and fund escrow accounts for capital expenditures and tenant allowances. Additionally, CBL receives management fees from the property cash flows. For the nine months ended September 30, 2026, CBL’s pro rata share of same-center NOI was $284,989, of which same-center NOI from cash trapped properties made up $37,117, with $34,635 relating to malls, $2,142 relating to outlet centers and $340 relating to an open-air center. For the nine months ended September 30, 2025, CBL’s pro rata share of same-center NOI was $277,634, of which same-center NOI from cash trapped properties made up $42,983, with $40,203 relating to malls, $2,449 relating to outlet centers and $331 relating to an open-air center.
Supplemental Financial and Operating Information
Schedule of Maturities of Mortgage and Other Indebtedness
Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:
| Year | Consolidated Debt | CBL's Share of Unconsolidated Affiliates' Debt | Other Debt | Noncontrolling Interests' Share of Consolidated Debt | CBL's Share of Consolidated, Unconsolidated and Other Debt | % of Total | Weighted Average Interest Rate |
| 2025 | $ - | $ - | $9,719 | $ - | $9,719 | 0.39% | 4.80% |
| 2026 | 325,768 | - | 96,917 | (10,257) | 412,428 | 16.47% | 4.63% |
| 2027 | - | 1,012 | - | - | 1,012 | 0.04% | 7.26% |
| 2028 | 131,427 | 150,205 | - | - | 281,632 | 11.25% | 5.34% |
| 2029 | - | 31,731 | - | - | 31,731 | 1.27% | 4.97% |
| 2030 | 318,290 | 23,165 | - | - | 341,455 | 13.64% | 5.48% |
| 2031 | 654,655 | 3,275 | - | (7,174) | 650,756 | 25.99% | 7.40% |
| 2032 | 680,197 | 18,696 | - | (5,445) | 693,448 | 27.69% | 7.51% |
| 2033 | - | 39,665 | - | - | 39,665 | 1.58% | 7.85% |
| 2034 | - | 42,128 | - | - | 42,128 | 1.68% | 6.84% |
| Total | $2,110,337 | $309,877 | $106,636 | $(22,876) | $2,503,974 | 100.00% | 6.44% |
| Based on Original Maturity Dates: |
| Year | Consolidated Debt | CBL's Share of Unconsolidated Affiliates' Debt | Other Debt | Noncontrolling Interests' Share of Consolidated Debt | CBL's Share of Consolidated, Unconsolidated and Other Debt | % of Total | Weighted Average Interest Rate |
| 2025 | $ - | $ - | $9,719 | $ - | $9,719 | 0.39% | 4.80% |
| 2026 | 325,768 | - | 96,917 | (10,257) | 412,428 | 16.47% | 4.63% |
| 2027 | - | 1,012 | - | - | 1,012 | 0.04% | 7.26% |
| 2028 | 131,427 | 150,205 | - | - | 281,632 | 11.24% | 5.34% |
| 2029 | - | 31,731 | - | - | 31,731 | 1.27% | 4.97% |
| 2030 | 934,521 | 23,165 | - | - | 957,686 | 38.26% | 6.93% |
| 2031 | 654,655 | 3,275 | - | (7,174) | 650,756 | 25.99% | 7.40% |
| 2032 | 63,966 | 18,696 | - | (5,445) | 77,217 | 3.08% | 5.74% |
| 2033 | - | 39,665 | - | - | 39,665 | 1.58% | 7.85% |
| 2034 | - | 42,128 | - | - | 42,128 | 1.68% | 6.84% |
| Total | $2,110,337 | $309,877 | $106,636 | $(22,876) | $2,503,974 | 100.00% | 6.44% |
(1) During the year ended December 31, 2025, the Company deconsolidated Southpark Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process. In January 2026, the Company was notified by the lender that the loan secured by Jefferson Mall was in default. In February 2026, the Company deconsolidated Jefferson Mall when it was placed into receivership in connection with the foreclosure process. In October 2025, The Outlet Shoppes at Gettysburg entered into maturity default. In May 2026, the Company deconsolidated The Outlet Shoppes at Gettysburg when it was placed into receivership in connection with the foreclosure process.
Supplemental Financial and Operating Information
Operating Metrics by Collateral Pool
Basis of Presentation
The tables below provide certain property level financial information by property type and by categories based on the debt supported. The property types include Malls, Lifestyle Centers, Outlet Centers, Open-Air Centers, Outparcels and Other, each as defined below:
Malls: The Malls are enclosed large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line retail stores, restaurants and non-retail tenants.
Lifestyle Centers: The Lifestyle Centers are large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional anchors and/or junior anchors, a wide variety of in-line and retail stores, restaurants, and/or non-retail tenants.
Outlet Centers: The Outlet Centers are open-air centers, generally anchored by one or more discount or off-price junior anchors and a wide variety of brand name off-price or discount in-line stores.
Open-Air Centers: The Open-Air Centers are designed to attract local and regional customers. They are typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or may also feature traditional department stores. Open-Air Centers also feature a selection of shops that may include traditional retail stores, services or convenience offerings. Open-Air Centers may be located adjacent to CBL’s existing Malls or Lifestyle Centers.
Outparcels: The outparcels are subdivided improved parcels of land located at or adjacent to our Malls, Lifestyle Centers, Outlet Centers or Open-Air Centers. The outparcels are generally single-tenant or multi-tenant buildings that are either structured on a ground lease or building lease.
Other: Other includes other non-retail property types such as office, hotels or vacant land.
The information provided in the tables below, including historic operational and financial information, is for properties owned as of September 30, 2026, as listed on the Property List table. Information is provided on a “same-center” basis and any properties or interests in properties acquired or disposed of prior to September 30, 2026, were assumed to have been acquired or disposed for all periods presented. Properties excluded from the same-center pool that would otherwise meet these criteria are categorized as excluded properties. We exclude properties which are under major redevelopment or are being considered for repositioning, and where we are working or intend to work with the lender on a restructure of the terms of the loan secured by the property or convey the secured property to the lender (“Excluded Properties”).
Net Operating Income (NOI) and other financial information included in the presentation is reflected based on CBL’s share of ownership.
NOI is a supplemental non-GAAP measure of the operating performance of our shopping centers and other properties. We define NOI as property operating revenues (rental revenues and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes straight-line rents, above/below market lease rates, landlord inducement write-offs, lease buyouts and management fees.
Due to the exclusions noted above, NOI should only be used as a supplemental measure of our performance and not as an alternative to GAAP operating income (loss) or net income (loss).
Interest is calculated on a GAAP basis including amortization of deferred financing costs and accretion of debt discounts.
Supplemental Financial and Operating Information
Property List:
| | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 |
|---|
| Property | Location | Sales Per Square Foot for the Trailing Twelve Months Ended | In-Line Occupancy |
| CONSOLIDATED UNENCUMBERED | | | | | |
| Malls: | | | | | |
| Dakota Square Mall | Minot, ND | | | | |
| Meridian Mall | Lansing, MI | | | | |
| Mid Rivers Mall | St. Peters, MO | | | | |
| Northgate Mall | Chattanooga, TN | | | | |
| Northpark Mall | Joplin, MO | | | | |
| Parkway Place | Huntsville, AL | | | | |
| South County Center | St. Louis, MO | | | | |
| St. Clair Square | Fairview Heights, IL | | | | |
| Stroud Mall | Stroudsburg, PA | | | | |
| Total Malls | | $343 | $334 | 81.7% | 84.4% |
| Outparcels and Other | | N/A | N/A | 95.3% | 91.8% |
| Total Consolidated Unencumbered | | $343 | $334 | 83.0% | 85.0% |
| JOINT VENTURE ASSETS | | | | | |
| Malls: | | | | | |
| Coastal Grand Mall | Myrtle Beach, SC | | | | |
| Governor's Square | Clarksville, TN | | | | |
| Kentucky Oaks Mall | Paducah, KY | | | | |
| Total Malls | | $390 | $386 | 90.2% | 90.3% |
| Outlet Centers: | | | | | |
| The Outlet Shoppes at Atlanta | Woodstock, GA | | | | |
| The Outlet Shoppes at El Paso | El Paso, TX | | | | |
| The Outlet Shoppes of the Bluegrass | Simpsonville, KY | | | | |
| Total Outlet Centers | | $489 | $473 | 95.6% | 94.9% |
| Lifestyle Centers: | | | | | |
| Friendly Center and The Shops at Friendly | Greensboro, NC | $679 | $626 | 96.2% | 95.1% |
| Open-Air Centers: | | | | | |
| Ambassador Town Center | Lafayette, LA | | | | |
| Coastal Grand Crossing | Myrtle Beach, SC | | | | |
| Governor's Square Plaza | Clarksville, TN | | | | |
| The Pavilion at Port Orange | Port Orange, FL | | | | |
| The Shoppes at Eagle Point | Cookeville, TN | | | | |
| Total Open-Air Centers | | N/A | N/A | 96.7% | 92.6% |
| Total Joint Venture Assets | | $501 | $480 | 94.7% | 93.2% |
| CONSOLIDATED ENCUMBERED ASSETS | | | | | |
| Malls: | | | | | |
| CherryVale Mall | Rockford, IL | | | | |
| CoolSprings Galleria | Nashville, TN | | | | |
| Cross Creek Mall | Fayetteville, NC | | | | |
| East Towne Mall | Madison, WI | | | | |
| Fayette Mall | Lexington, KY | | | | |
| Frontier Mall | Cheyenne, WY | | | | |
| Hamilton Place | Chattanooga, TN | | | | |
| Hanes Mall | Winston-Salem, NC | | | | |
| Kirkwood Mall | Bismarck, ND | | | | |
| Mall del Norte | Laredo, TX | | | | |
| Northwoods Mall | North Charleston, SC | | | | |
| Oak Park Mall | Overland Park, KS | | | | |
| | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 |
|---|
| Property | Location | Sales Per Square Foot for the Trailing Twelve Months Ended | In-Line Occupancy |
| Post Oak Mall | College Station, TX | | | | |
| Richland Mall | Waco, TX | | | | |
| Sunrise Mall | Brownsville, TX | | | | |
| Turtle Creek Mall | Hattiesburg, MS | | | | |
| Valley View Mall | Roanoke, VA | | | | |
| West County Center | Des Peres, MO | | | | |
| West Towne Mall | Madison, WI | | | | |
| Westmoreland Mall | Greensburg, PA | | | | |
| Total Malls | | $481 | $467 | 91.9% | 91.3% |
| Outlet Centers: | | | | | |
| The Outlet Shoppes at Laredo | Laredo, TX | $352 | $334 | 88.1% | 85.5% |
| Lifestyle Centers: | | | | | |
| Mayfaire Town Center | Wilmington, NC | | | | |
| Pearland Town Center | Pearland, TX | | | | |
| Southaven Towne Center | Southaven, MS | | | | |
| Total Lifestyle Centers | | $436 | $419 | 92.5% | 91.9% |
| Open-Air Centers: | | | | | |
| Alamance Crossing West | Burlington, NC | | | | |
| CoolSprings Crossing | Nashville, TN | | | | |
| Courtyard at Hickory Hollow | Nashville, TN | | | | |
| Frontier Square | Cheyenne, WY | | | | |
| Gunbarrel Pointe | Chattanooga, TN | | | | |
| Hamilton Corner | Chattanooga, TN | | | | |
| Hamilton Crossing | Chattanooga, TN | | | | |
| Harford Annex | Bel Air, MD | | | | |
| The Landing at Arbor Place | Atlanta (Douglasville), GA | | | | |
| The Plaza at Fayette | Lexington, KY | | | | |
| The Shoppes at Hamilton Place | Chattanooga, TN | | | | |
| The Shoppes at St. Clair Square | Fairview Heights, IL | | | | |
| Sunrise Commons | Brownsville, TX | | | | |
| The Terrace | Chattanooga, TN | | | | |
| West Towne Crossing | Madison, WI | | | | |
| WestGate Crossing | Spartanburg, SC | | | | |
| Westmoreland Crossing | Greensburg, PA | | | | |
| Total Open-Air Centers | | N/A | N/A | 92.8% | 95.2% |
| Outparcels | | N/A | N/A | 99.2% | 96.1% |
| Total Consolidated Encumbered Assets | | $471 | $457 | 92.3% | 92.2% |
| Total Same-Center Portfolio | | $463 | $447 | 91.5% | 91.3% |
| ACQUIRED PROPERTIES | | | | | |
| Ashland Town Center | Ashland, KY | | | | |
| Gateway Mall | Lincoln, NE | | | | |
| Mesa Mall | Grand Junction, CO | | | | |
| Paddock Mall | Ocala, FL | | | | |
| Southgate Mall | Missoula, MT | | | | |
| Total Acquired Properties | | $422 | $417 | 91.7% | N/A |
| Total Portfolio | | $460 | $445 | 91.5% | 90.2% |
| EXCLUDED PROPERTIES | | | | | |
| Arbor Place | Atlanta (Douglasville), GA | | | | |
| Brookfield Square | Brookfield, WI | | | | |
| Eastland Mall | Bloomington, IL | | | | |
| Harford Mall | Bel Air, MD | | | | |
| Jefferson Mall | Louisville, KY | | | | |
| Laurel Park Place | Livonia, MI | | | | |
| Old Hickory Mall | Jackson, TN | | | | |
| The Outlet Shoppes at Gettysburg | Gettysburg, PA | | | | |
Property
Location
Sales Per Square Foot for the Trailing Twelve Months Ended
In-Line Occupancy
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Parkdale Crossing
Beaumont, TX
Parkdale Mall
Beaumont, TX
Southpark Mall
Colonial Heights, VA
Volusia Mall
Daytona Beach, FL
York Galleria
York, PA
Total Excluded Properties
N/A
N/A
N/A
N/A
(1) Represents same-center sales per square foot for tenants 10,000 square feet or less for malls, outlet centers and lifestyle centers. Sales are reported on a whole property basis. Sales for unencumbered portions or outparcels of a property with reporting tenants under 10,000 square feet are reflected with the sales of the main property.
(2) Includes occupancy metrics for stores with gross leasable area under 20,000 square feet for unencumbered portions or outparcels of a property.
(3) The property is encumbered by the 2032 non-recourse bank loan (consolidated encumbered assets - malls), but has not yet met the same-center criteria. Sales information is included for the prior-year period, but prior-year occupancy information was unavailable.
(4) The property is encumbered (consolidated encumbered assets - malls), but has not yet met the same-center criteria. Sales information is included for the prior-year period, but prior-year occupancy information was unavailable.
Supplemental Financial and Operating Information
| NOI | Capital Expenditures | Redevelopment | Unleveraged Cash Flow | Interest Expense | Non-Cash Interest Expense | Amortization | Cash Flow |
|---|
| Operating Metrics - Nine Months Ended September 30, 2026 at CBL Share |
| (Dollars in thousands) | | | | | | | | |
| CONSOLIDATED UNENCUMBERED | | | | | | | | |
| Malls | $27,065 | $(3,263) | $- | $23,802 | $- | $- | $- | $23,802 |
| Outlet Centers | (24) | - | - | (24) | - | - | - | (24) |
| Outparcels | 537 | - | - | 537 | - | - | - | 537 |
| Other | 1,771 | (851) | - | 920 | - | - | - | 920 |
| Term Loan Debt Service | - | - | - | - | (159) | 2 | (242) | (399) |
| Total Consolidated Unencumbered | 29,349 | (4,114) | - | 25,235 | (159) | 2 | (242) | 24,836 |
| JOINT VENTURE ASSETS | | | | | | | | |
| Malls | 12,309 | (3,943) | - | 8,366 | (1,804) | 136 | (3,224) | 3,474 |
| Outlet Centers | 14,080 | (2,913) | - | 11,167 | (6,083) | 282 | (908) | 4,458 |
| Lifestyle Centers | 10,263 | (1,136) | - | 9,127 | (3,586) | 124 | (879) | 4,786 |
| Open-Air Centers | 7,399 | (306) | - | 7,093 | (2,727) | 99 | (941) | 3,524 |
| Outparcels | 217 | - | - | 217 | - | - | - | 217 |
| Other | 410 | (35) | - | 375 | (434) | 4 | (1,890) | (1,945) |
| Total Joint Venture Assets | 44,678 | (8,333) | - | 36,345 | (14,634) | 645 | (7,842) | 14,514 |
| CONSOLIDATED ENCUMBERED ASSETS | | | | | | | | |
| Malls | 155,146 | (31,820) | - | 123,326 | (67,645) | 16,623 | (19,880) | 52,424 |
| Outlet Centers | 1,830 | (338) | - | 1,492 | (1,277) | 106 | (1,349) | (1,028) |
| Lifestyle Centers | 18,465 | (2,438) | - | 16,027 | (7,246) | 561 | - | 9,342 |
| Open-Air Centers | 21,427 | (1,851) | - | 19,576 | (11,728) | 335 | (1,868) | 6,315 |
| Outparcels | 12,962 | (128) | - | 12,834 | (9,026) | 272 | (1,284) | 2,796 |
| Other | 1,132 | - | - | 1,132 | - | - | - | 1,132 |
| Term Loan Debt Service | - | - | - | - | (8,189) | 82 | (12,471) | (20,578) |
| Total Consolidated Encumbered Assets | 210,962 | (36,575) | - | 174,387 | (105,111) | 17,979 | (36,852) | 50,403 |
| Total Same-Center | 284,989 | (49,022) | - | 235,967 | (119,904) | 18,626 | (44,936) | 89,753 |
| Not same-center | 50,454 | (3,719) | - | 46,735 | (45,271) | 28,031 | (9,017) | 20,478 |
| Total Portfolio | $335,443 | $(52,741) | $- | $282,702 | $(165,175) | $46,657 | $(53,953) | $110,231 |
(1) Non-cash interest expense consists of the accretion of debt discounts, amortization of deferred financing costs and default interest.
(2) Properties that were previously encumbered by the secured term loan are now primarily encumbered by the secured mall loan due 2031 and the secured lifestyle centers loan due 2032, but one property is now unencumbered.
Supplemental Financial and Operating Information
| NOI | Capital Expenditures | Redevelopment | Unleveraged Cash Flow | Interest Expense | Non-Cash Interest Expense | Amortization | Cash Flow |
|---|
| Operating Metrics - Nine Months Ended September 30, 2025 at CBL Share |
| (Dollars in thousands) | | | | | | | | |
| CONSOLIDATED UNENCUMBERED | | | | | | | | |
| Malls | $29,895 | $(4,994) | $- | $24,901 | $- | $- | $- | $24,901 |
| Outlet Centers | (21) | - | - | (21) | - | - | - | (21) |
| Outparcels | 578 | - | - | 578 | - | - | - | 578 |
| Other | 1,791 | (199) | - | 1,592 | - | - | - | 1,592 |
| Term Loan Debt Service | - | - | - | - | (701) | 6 | (564) | (1,259) |
| Total Consolidated Unencumbered | 32,243 | (5,193) | - | 27,050 | (701) | 6 | (564) | 25,791 |
| JOINT VENTURE ASSETS | | | | | | | | |
| Malls | 11,373 | (3,505) | - | 7,868 | (1,140) | (554) | (5,170) | 1,004 |
| Outlet Centers | 13,449 | (409) | - | 13,040 | (6,147) | 287 | (857) | 6,323 |
| Lifestyle Centers | 9,414 | (1,550) | (2,151) | 5,713 | (3,641) | 124 | (825) | 1,371 |
| Open-Air Centers | 7,331 | (601) | - | 6,730 | (2,955) | 40 | (2,798) | 1,017 |
| Outparcels | 308 | - | - | 308 | - | - | - | 308 |
| Other | 601 | (13) | - | 588 | (396) | 4 | (1,661) | (1,465) |
| Total Joint Venture Assets | 42,476 | (6,078) | (2,151) | 34,247 | (14,279) | (99) | (11,311) | 8,558 |
| CONSOLIDATED ENCUMBERED ASSETS | | | | | | | | |
| Malls | 149,490 | (17,764) | - | 131,726 | (49,336) | 18,978 | (24,919) | 76,449 |
| Outlet Centers | 1,748 | (56) | - | 1,692 | (1,397) | 72 | (650) | (283) |
| Lifestyle Centers | 17,674 | (5,112) | - | 12,562 | - | - | - | 12,562 |
| Open-Air Centers | 20,614 | (2,891) | - | 17,723 | (11,970) | 689 | (184) | 6,258 |
| Outparcels | 12,732 | (223) | - | 12,509 | (9,226) | 611 | - | 3,894 |
| Other | 657 | - | - | 657 | - | - | - | 657 |
| Term Loan Debt Service | - | - | - | - | (36,135) | 292 | (29,073) | (64,916) |
| Total Consolidated Encumbered Assets | 202,915 | (26,046) | - | 176,869 | (108,064) | 20,642 | (54,826) | 34,621 |
| Total Same-Center | 277,634 | (37,317) | (2,151) | 238,166 | (123,044) | 20,549 | (66,701) | 68,970 |
| Not same-center | 49,054 | (3,795) | (4,090) | 41,169 | (27,115) | 10,156 | (15,220) | 8,990 |
| Term Loan Debt Service | - | - | - | - | (268) | 2 | (238) | (504) |
| Total Portfolio | $326,688 | $(41,112) | $(6,241) | $279,335 | $(150,427) | $30,707 | $(82,159) | $77,456 |
(1) Non-cash interest expense consists of the accretion of debt discounts, amortization of deferred financing costs and default interest.
(2) Properties that were previously encumbered by the secured term loan are now primarily encumbered by the secured mall loan due 2031 and the secured lifestyle centers loan due 2032, but one property was sold and one property is now unencumbered.
Supplemental Financial and Operating Information
New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet
| Property Type | Square Feet | Prior Gross Rent PSF | New Initial Gross Rent PSF | % Change Initial | New Average Gross Rent PSF | % Change Average |
| Three Months Ended September 30, 2026: | | | | | | |
| All Property Types | 460,268 | $40.12 | $41.54 | 3.5% | $42.83 | 6.8% |
| Malls, Lifestyle Centers & Outlet Centers | 434,062 | 40.87 | 41.78 | 2.2% | 43.02 | 5.3% |
| New leases | 49,215 | 46.78 | 53.54 | 14.5% | 59.43 | 27.0% |
| Renewal leases | 384,847 | 40.11 | 40.27 | 0.4% | 40.92 | 2.0% |
| Open-air Centers | 17,598 | 29.48 | 33.38 | 13.2% | 35.20 | 19.4% |
| Nine Months Ended September 30, 2026: | | | | | | |
| All Property Types | 1,417,004 | $40.79 | $42.29 | 3.7% | $43.77 | 7.3% |
| Malls, Lifestyle Centers & Outlet Centers | 1,329,728 | 41.30 | 42.49 | 2.9% | 43.97 | 6.5% |
| New leases | 180,394 | 39.28 | 49.26 | 25.4% | 53.77 | 36.9% |
| Renewal leases | 1,149,334 | 41.61 | 41.43 | (0.4)% | 42.43 | 2.0% |
| Open-air Centers | 65,839 | 34.27 | 39.08 | 14.0% | 40.44 | 18.0% |
(1) Includes malls, lifestyle centers, outlet centers, open-air centers and other.
(2) The change is primarily driven by malls.
| Total Leasing Activity: | | Average Annual Base Rents Per Square Foot By Property Type For Small Shop Space Less Than 10,000 Square Feet: |
| Square Feet | |
| Three Months Ended September 30, 2026: | | | | |
| Operating portfolio: | | | As of September 30, | As of September 30, |
| New leases | 169,248 | | 2026 | 2025 |
| Renewal leases | 764,535 | Same-center Malls, Lifestyle & Outlet Centers | $32.26 | $32.33 |
| Total leased | 933,783 | Total Malls | 32.02 | 31.63 |
| | Total Lifestyle Centers | 33.05 | 32.92 |
| Nine Months Ended September 30, 2026: | | Total Outlet Centers | 32.50 | 30.40 |
| Operating portfolio: | | Total Malls, Lifestyle & Outlet Centers | 32.21 | 31.62 |
| New leases | 578,482 | Open-Air Centers | 16.08 | 16.11 |
| Renewal leases | 2,194,411 | Other | 22.18 | 21.96 |
| Total leased | 2,772,893 | | | |
(1) Average annual base rents per square foot are based on contractual rents in effect as of September 30, 2026, including the impact of any rent concessions. Average base rents for open-air centers and office buildings include all leased space, regardless of size.
Supplemental Financial and Operating Information
New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet
For the Nine Months Ended September 30, 2026 Based on Commencement Date
| Number of Leases | Square Feet | Term (in years) | Initial Rent PSF | Average Rent PSF | Expiring Rent PSF | Initial Rent Spread | Average Rent Spread |
|---|
| Commencement 2026: | | | | | | | | | | |
| New | 86 | 227,068 | 7.39 | $47.30 | $51.59 | $36.66 | $10.64 | 29.0% | $14.93 | 40.7% |
| Renewal | 517 | 1,554,554 | 3.06 | 42.60 | 43.78 | 42.66 | (0.06) | (0.1)% | 1.12 | 2.6% |
| Commencement 2026 Total | 603 | 1,781,622 | 3.68 | 43.20 | 44.77 | 41.89 | 1.31 | 3.1% | 2.88 | 6.9% |
| Commencement 2027: | | | | | | | | | | |
| New | 21 | 60,307 | 8.77 | 51.93 | 56.77 | 40.60 | 11.33 | 27.9% | 16.17 | 39.8% |
| Renewal | 136 | 401,881 | 2.98 | 39.00 | 39.87 | 37.82 | 1.18 | 3.1% | 2.05 | 5.4% |
| Commencement 2027 Total | 157 | 462,188 | 3.76 | 40.69 | 42.08 | 38.19 | 2.50 | 6.5% | 3.89 | 10.2% |
| Total 2026/2027 | 760 | 2,243,810 | 3.69 | $42.68 | $44.22 | $41.13 | $1.55 | 3.8% | $3.09 | 7.5% |
Supplemental Financial and Operating Information
Top 25 Tenants Based On Percentage Of Total Annualized Revenues
| Tenant | Number of Stores | Square Feet | Percentage of Total Revenues |
|---|
| 1 | Signet Group, PLC | 102 | 147,968 | 2.58% |
| 2 | Victoria's Secret & Co. | 45 | 371,601 | 2.56% |
| 3 | American Eagle Outfitters, Inc. | 59 | 359,142 | 2.54% |
| 4 | Dick's Sporting Goods, Inc. | 21 | 1,382,702 | 2.15% |
| 5 | Pentland Group | 58 | 362,356 | 2.12% |
| 6 | Foot Locker, Inc. | 55 | 290,267 | 1.97% |
| 7 | Bath & Body Works, Inc. | 51 | 218,322 | 1.75% |
| 8 | Genesco Inc. | 68 | 139,156 | 1.45% |
| 9 | Knitwell Group | 74 | 333,806 | 1.41% |
| 10 | The Buckle, Inc. | 33 | 173,161 | 1.25% |
| 11 | Luxottica Group S.P.A. | 67 | 141,328 | 1.13% |
| 12 | Catalyst Brands | 60 | 3,076,123 | 1.13% |
| 13 | The Gap Inc. | 38 | 461,877 | 1.11% |
| 14 | Sycamore Partners | 88 | 207,841 | 1.03% |
| 15 | Abercombie & Fitch, Co. | 28 | 190,727 | 0.99% |
| 16 | Barnes & Noble Booksellers, Inc. | 18 | 472,075 | 0.98% |
| 17 | The TJX Companies, Inc. | 16 | 462,987 | 0.89% |
| 18 | Cinemark Corp. | 7 | 354,786 | 0.88% |
| 19 | H & M Hennes & Mauritz AB | 33 | 698,112 | 0.81% |
| 20 | Spencer Spirit Holdings, Inc. | 41 | 95,616 | 0.79% |
| 21 | Shoe Show, Inc. | 25 | 317,408 | 0.75% |
| 22 | GoTo Foods | 59 | 39,492 | 0.75% |
| 23 | Ulta Salon, Cosmetics & Fragrance, Inc. | 21 | 215,059 | 0.73% |
| 24 | Ames Watson, LLC | 92 | 118,823 | 0.68% |
| 25 | Deichmann Schuhe | 19 | 120,711 | 0.62% |
| | 1,178 | 10,751,446 | 33.05% |
(1) Includes the Company's proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.
(2) Signet Group, PLC. operates Banter by Piercing Pagoda, Jared The Galleria of Jewelry, Jared Vault, Kay Jewelers and Zales Jewelers.
(3) Dick's Sporting Goods, Inc. operates Dick's Sporting Goods and Dick's House of Sports.
(4) Pentland Group operates Finish Line, City Gear, Hibbett Sports, JD Sports and Sports Additions.
(5) Genesco Inc. operates Johnston & Murphy, Journeys, Journeys Kidz and Underground by Journeys.
(6) Knitwell Group operates Talbots, LOFT, Chico's, Ann Taylor, White House Black Market, Lane Bryant and Soma.
(7) Luxottica Group S.P.A. operates LensCrafters, Oakley, Oakley Vault, Pearle Vision and Sunglass Hut.
(8) Catalyst Brands operates Aeropostale, Brooks Brothers, Nautica, Lucky Brand and JCPenney.
(9) Sycamore Partners operates Hot Topic, Torrid and Box Lunch.
(10) The TJX Companies, Inc. operates T.J. Maxx, Marshalls and HomeGoods.
(11) GoTo Foods operates Cinnabon, Auntie Anne's, Moe's Southwest Grill, McAlister's Deli, Schlotzsky's and Jamba.
(12) Ames Watson, LLC operates Lids, Lid's Locker Room and Claire's.
(13) Deichmann Schuhe operates Rack Room Shoes.
Capital Expenditures
(In thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Tenant allowances | $11,865 | $5,653 | $20,900 | $15,523 |
| Renovations | 104 | - | 133 | - |
| Maintenance capital expenditures: | | | | |
| Parking lot and parking lot lighting | 3,438 | 2,836 | 6,808 | 5,892 |
| Roof replacements | 3,725 | 772 | 4,811 | 3,652 |
| Other capital expenditures | 6,022 | 7,070 | 20,089 | 16,045 |
| Total maintenance capital expenditures | 13,185 | 10,678 | 31,708 | 25,589 |
| Total capital expenditures | $25,154 | $16,331 | $52,741 | $41,112 |
(1) Tenant allowances, sometimes made to third-generation tenants, are recovered through minimum rents from the tenants over the term of the lease.
(2) The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as maintenance capital expenditures.