Form 8-K

8-K — CBL & ASSOCIATES PROPERTIES INC

Accession: 0001193125-26-339362

Filed: 2026-08-07

Period: 2026-08-06

CIK: 0000910612

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cbl-20260806.htm (Primary)

EX-99.1 (cbl-ex99_1.htm)

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GRAPHIC (img7069528_1.jpg)

GRAPHIC (img7069528_2.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: cbl-20260806.htm · Sequence: 1

8-K

0000910612false00009106122026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 06, 2026

CBL & ASSOCIATES PROPERTIES, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware

1-12494

62-1545718

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

2030 Hamilton Place Blvd., Suite 500

Chattanooga, Tennessee

37421-6000

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 423 855-0001

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

CBL

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, CBL & Associates Properties, Inc. (the "Company") reported its results for the second quarter ended June 30, 2026. The Company's earnings release and supplemental financial and operating information for the second quarter ended June 30, 2026 are attached as Exhibit 99.1.

The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Number

Description

99.1

Earnings Release dated August 6, 2026, and Supplemental Financial and Operating Information - For the Three and Six Months Ended June 30, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CBL & ASSOCIATES PROPERTIES, INC.

Date:

August 7, 2026

By:

/s/ Benjamin W. Jaenicke

Benjamin W. Jaenicke

Executive Vice President -

Chief Financial Officer and Treasurer

EX-99.1

Filename: cbl-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Earnings Release and

Supplemental Financial and Operating Information

For the Three and Six Months Ended

June 30, 2026

Earnings Release and Supplemental Financial and Operating Information

Table of Contents

Page

Earnings Release

Consolidated Statements of Operations

Reconciliations of Supplementary Non-GAAP Financial Measures:

Funds from Operations (FFO)

Same-center Net Operating Income (NOI)

Share of Consolidated and Unconsolidated Debt

Consolidated Balance Sheets

Condensed Combined Financial Statements - Unconsolidated Affiliates

Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash Flows

Components of Rental Revenues

Schedule of Mortgage and Other Indebtedness

Schedule of Maturities

Property List

Operating Metrics by Collateral Pool

Leasing Activity and Average Annual Base Rents

Top 25 Tenants Based on Percentage of Total Annualized Revenues

Capital Expenditures

News Release

Contact: Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com

CBL PROPERTIES REPORTS RESULTS FOR SECOND QUARTER 2026

Q2 2026 Results Reflect Higher Occupancy, Positive Lease Spreads, Same-Center NOI Growth;

Full-Year FFO and SC NOI Guidance Increased

CHATTANOOGA, Tenn. (August 6, 2026) – CBL Properties (NYSE: CBL) announced results for the second quarter ended June 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 June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income attributable to common shareholders

1.47

0.08

2.95

0.35

Funds from Operations ("FFO")

1.93

1.48

4.71

2.61

FFO, as adjusted (1)

1.89

1.86

3.62

3.37

(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 Q2 2026 and the six months ended June 30, 2026, increased 1.5% and 2.2%, respectively, compared with the prior-year periods. FFO, as adjusted, per share for Q2 2026 was $1.89, compared with $1.86 per share for the prior-year period. FFO, as adjusted, per share for the six months ended June 30, 2026, was $3.62 compared with $3.37 per share for the prior-year period. Results for the quarter contributed to an increase in full-year 2026 guidance (see Outlook and Guidance).

•

Leasing volume during the second quarter 2026 was robust, with nearly 1.3 million square feet of leases signed, including approximately 585,000 square feet of comparable new and renewal leases signed at an 8.8% increase in average rents versus the prior rents.

•

Same-center tenant sales per square foot for the second quarter 2026 increased approximately 2.2% as compared with the prior-year period. Same-center tenant sales per square foot for the rolling 12-months ended June 30, 2026, of $455, increased 3.9% as compared with the prior-year period.

•

Portfolio occupancy was 90.4% as of June 30, 2026, an increase of 160 bps from portfolio occupancy of 88.8% as of June 30, 2025. Bankruptcy-related store closures, representing approximately 76,000 square feet, negatively impacted mall occupancy by nearly 54 basis points compared with the prior-year period.

•

As of June 30, 2026, the Company had $322.7 million of unrestricted cash and marketable securities, including CBL's share of joint venture cash of $20.3 million.

•

On August 5, 2026, CBL's Board of Directors approved a dividend of $0.625 per common share for the third quarter of 2026, representing an annual dividend of $2.50 per share.

•

During the quarter, CBL generated gross proceeds from dispositions of nearly $60.0 million at CBL's share, including the sale of Hammock Landing, an open-air center in West Melbourne, FL, and the sale of land to multi-family developers at two properties. The disposition of undeveloped land represents opportunities where CBL has taken advantage of under-utilized parking lots and undeveloped parcels to add density to its market-dominant mall properties and realize the embedded value of land across its portfolio.

“CBL posted excellent second quarter operational and financial results, building on the strong momentum generated in the first quarter," said Stephen D. Lebovitz, Chief Executive Officer of CBL Properties. "The results were highlighted by a 1.5% year-over-year increase in same-center NOI, supported by base rent escalations and higher occupancy levels. Leasing demand across our portfolio remained robust as we continued to diversify our tenant mix with new retail, dining, entertainment and experiential uses. During the quarter, we signed nearly 1.3 million square feet of new and renewal leases, generating more than $8.1 million in additional annual rent. Comparable lease spreads averaged an increase of 8.8%, with new leases achieving rent increases of 35% over prior rents, highlighting the mark-to-market opportunity embedded in our portfolio. Portfolio occupancy ended the quarter at 90.4%, an improvement of 160 basis points from a year ago, as our leasing team successfully executed on both anchor and small-shop merchandising opportunities.

“We have made significant progress transforming our balance sheet through refinancing activity completed year to date, including the refinancing of the $634 million legacy term loan in March. These transactions extended our maturity profile, enhanced annual free cash flow and positioned CBL to invest in value-creating opportunities and increase returns to shareholders. We closed on the sale of Hammock Landing in West Melbourne, Florida, at an 8% cap rate, which generated net proceeds to CBL of approximately $26.0 million. In addition, we realized significant value from outparcel and land sales this quarter, generating more than $19 million in proceeds, including sales to two multi-family developers. Our cash balance at the end of the quarter is in excess of $320 million, providing strong liquidity and reserves for additional investment.

"While we are closely watching the impact of macroeconomic factors on our business, we are encouraged by the quality and pace of our leasing pipeline and the progress we are making on the portfolio repositioning strategy that is defining the next chapter of CBL. We were pleased to raise and tighten our full-year guidance range for FFO and NOI, reflecting the strength of our execution through the first half of the year. We remain focused on building further momentum, driving additional operational improvements across the portfolio and creating durable, long-term value for shareholders.”

Same-center Net Operating Income (“NOI”) (1):

Three Months Ended June 30,

2026

2025

Total Revenues

144,002

142,369

Total Expenses

(46,349

)

(46,152

)

Total portfolio same-center NOI

97,653

96,217

Total same-center NOI percentage change

1.5

Estimate for uncollectable revenues (recovery)

1,240

300

(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 second quarter 2026 increased $1.4 million. Rental revenue growth of $1.6 million was driven by improvement in rental revenue from higher occupancy and a $0.4 million increase in percentage rent. Total operating expense during the second quarter increased $0.2 million. The net increase was a result of $1.2 million higher property operating expenses and $0.3 million higher maintenance and repair expense, offset by a $1.3 million favorable impact from real estate taxes. The estimate for uncollectable revenues negatively impacted the quarter by approximately $0.9 million.

Six Months Ended June 30,

2026

2025

Total Revenues

287,043

283,346

Total Expenses

(95,268

)

(95,700

)

Total portfolio same-center NOI

191,775

187,646

Total same-center NOI percentage change

2.2

Estimate for uncollectable revenues (recovery)

2,603

1,219

Same-center NOI for the six months ended June 30, 2026, increased $4.1 million. A $1.1 million increase in percentage rents and higher rental revenue from occupancy improvements and contractual rent escalation contributed to the $3.4 million increase in rental revenues. Total operating expense declined $0.4 million during the current period, primarily driven by the $2.7 million improvement in real estate taxes. Property operating expense increased $2.5 million, while maintenance and repair expense declined $0.2 million. The estimate for uncollectable revenues negatively impacted the current period by approximately $1.4 million.

PORTFOLIO OPERATIONAL RESULTS

Occupancy(1):

As of June 30,

2026

2025

Total portfolio

90.4%

88.8%

Malls, lifestyle centers and outlet centers:

Total malls

88.3%

86.2%

Total lifestyle centers

92.7%

90.8%

Total outlet centers

91.5%

91.2%

Total same-center malls, lifestyle centers and outlet centers

88.9%

Open-air centers

95.0%

93.6%

All Other Properties

94.5%

91.0%

(1)

Occupancy for malls, lifestyle centers and outlet centers represent 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:

% Change in Average Gross Rent Per Square Foot:

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

All Property Types

8.8%

7.5%

Stabilized Malls, Lifestyle Centers and Outlet Centers

8.2%

7.1%

New leases

35.7%

41.7%

Renewal leases

3.1%

2.0%

Open-air Centers

18.4%

17.6%

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 June 30,

2026

2025

% Change

Malls, lifestyle centers and outlet centers same-center sales per square foot

455

438

3.9%

DIVIDEND

On August 5, 2026, CBL announced a cash dividend of $0.625 per common share for the quarter ending September 30, 2026. The dividend equates to an annual dividend payment of $2.50 per common share. The dividend is payable on September 30, 2026, to shareholders of record as of September 15, 2026.

FINANCING ACTIVITY

Year-to-date, CBL has executed $925.1 million of financing activity, including the March refinancing of its $634.0 million term loan. The completed financings materially strengthened CBL's financial position, reduced near-term maturity risk, and unlocked more than $38 million of previously restricted cash flow. CBL's pro rata share of debt was reduced by $65.4 million compared with the prior period-end. Following these transactions, CBL's limited remaining debt maturities over the next few years are concentrated among some of the Company's highest-quality assets. As a result, CBL's balance sheet is well positioned and provides increased financial flexibility.

Refinancing and Loan Modification Activity

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.

In May, CBL closed a $71.9 million non‑recourse loan secured by Hamilton Place in Chattanooga, Tennessee. 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.

CBL also completed the refinancing of Fayette Mall, a dominant super-regional enclosed mall located in Lexington, Kentucky. 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 cash flow to CBL.

CBL closed on a modification of the $32.4 million loan secured by Volusia Mall in Daytona Beach, FL, in May, extending its maturity to October 2026.

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 this month. Under the prior loan, cash flows have been swept by the lender since April 2021. The refinancing is expected to release over $3.0 million of previously restricted 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 Coastal Grand Mall - Dick's Sporting Goods.

In March, CBL successfully refinanced its existing $634.0 million term loan through two complementary 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 strong open-air lifestyle centers. The financing resulted in an increase in estimated annual free cash flow of more than $30 million.

Other Financing Activity

Four loans aggregating approximately $189.6 million (at CBL's share) of non-recourse mortgage debt are in the process of being resolved through lender-directed sale, foreclosure or conveyance. Once complete, these transactions will eliminate the associated debt and simplify CBL’s portfolio and balance sheet.

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 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).

CBL is in discussions with the lenders for Arbor Place Mall in Douglasville, GA ($83.0 million) and Parkdale Mall and Crossing in Beaumont, TX ($48.3 million), and intends to cooperate with the sale, foreclosure or conveyance of the properties in satisfaction of the debt.

TRANSACTION ACTIVITY

Year-to-date, CBL has generated gross sales proceeds at CBL's share of more than $61.4 million.

In May, CBL along with its joint venture partner, closed on the sale of Hammock Landing, a 397,000 square-foot open-air center in West Melbourne, FL, for $78.5 million, including the assumption of the $43.8 million loan. The sales of Hammock Landing at an 8% cap rate, along with the first quarter sale of related infrastructure bonds, generated approximately $26 million of cash proceeds to CBL.

During the quarter, CBL generated approximately $19.2 million in gross proceeds from dispositions of six land parcels and other outparcels including more than 15 acres of available land for multi-family development at two properties: CoolSprings Galleria in Nashville, TN and Harford Mall in Bel Air, MD. The sales are consistent with CBL’s ongoing strategy of unlocking value from underappreciated land and assets that can be redeployed into higher-yielding opportunities.

STOCK REPURCHASE PROGRAM

On November 5, 2025, CBL's Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock. CBL has acquired 363,676 shares of CBL common stock for $12.0 million under the program since authorization. No shares were acquired during the second quarter.

OUTLOOK AND GUIDANCE

CBL is providing updated FFO, as adjusted, guidance for 2026 in the range of $7.15 - $7.25 per share. The guidance reflects transaction and financing activity completed year-to-date, including the impact of the Q2 '26 sale of Hammock Landing and a gain on an outparcel sale closed in the second quarter. Management anticipates same-center NOI for full-year 2026 in the range of 0.0% to 1.5%. Parkdale Mall and Crossing have 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)

2026 FFO, as adjusted (in millions)

221.7

224.7

2026 WA Share Count

31.0

2026 FFO, as adjusted, per share

7.15

7.25

2026 Same-Center NOI ("SC NOI") (in millions) (1)

389.2

395.0

2026 change in same-center NOI

0.0

1.50

Reconciliation of GAAP Earnings Per Share to 2026 FFO, as Adjusted, Per Share:

Low

High

Expected diluted earnings per common share

3.04

3.14

Depreciation and amortization

4.97

Gain on depreciable property

(0.77

)

(0.77

)

Expected FFO, per diluted, fully converted common share

7.24

7.34

Debt discount accretion, net of noncontrolling interests' share

0.60

Adjustment for unconsolidated affiliates with negative investment

0.59

Non-cash interest expense

0.05

Gain on deconsolidation

(1.33

)

(1.33

)

Expected FFO, as adjusted, per diluted, fully converted common share

7.15

7.25

Reconciliation of Net Income to SC NOI (in millions):

Low

High

Net income (loss)

100.0

103.1

Adjustments (1):

Depreciation and amortization

154.3

Gain on sales of depreciable property

(24.0

)

(24.0

)

Adjustments for unconsolidated affiliates(2)

20.2

Non-comparable property NOI

(57.9

)

(57.9

)

Other (income) expenses, net(3)

139.7

Non-property (income) expenses, net(4)

56.9

59.6

Total Same-Center NOI

389.2

395.0

(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 (1)

55.0

65.0

2026 Estimated development/redevelopment expenditures

5.0

10.0

2026 Estimated principal amortization (including est. term loan ECF)

58.0

63.0

Total Estimate

118.0

138.0

(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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUES:

Rental revenues

142,014

136,453

283,387

273,813

Management, development and leasing fees

1,159

1,357

2,768

2,674

Other

3,306

3,095

6,292

6,186

Total revenues

146,479

140,905

292,447

282,673

EXPENSES:

Property operating

(25,797

)

(23,583

)

(54,030

)

(49,461

)

Depreciation and amortization

(36,283

)

(39,702

)

(74,381

)

(85,243

)

Real estate taxes

(14,055

)

(15,027

)

(28,121

)

(30,758

)

Maintenance and repairs

(10,841

)

(10,372

)

(23,174

)

(23,838

)

General and administrative

(14,782

)

(15,188

)

(33,369

)

(35,895

)

Loss on impairment

—

(1,457

)

—

(1,457

)

Other

—

(30

)

(30

)

Total expenses

(101,758

)

(105,359

)

(213,045

)

(226,682

)

OTHER INCOME (EXPENSES):

Interest and other income

3,089

3,164

6,449

6,632

Interest expense

(42,716

)

(43,959

)

(82,615

)

(88,184

)

Loss on extinguishment of debt

—

(217

)

Gain on deconsolidation

5,925

—

41,259

—

Gain on sales of real estate assets

13,633

1,339

15,035

22,871

Income tax (provision) benefit

(642

)

(369

)

588

102

Equity in earnings of unconsolidated affiliates

22,311

6,437

32,588

13,350

Total other income (expenses), net

1,600

(33,388

)

13,304

(45,446

)

Net income

46,321

2,158

92,706

10,545

Net (income) loss attributable to noncontrolling interests in:

Operating Partnership

)

(16

)

Other consolidated subsidiaries

131

603

241

1,011

Net income attributable to the Company

46,444

2,759

92,931

11,548

Earnings allocable to unvested restricted stock

(1,086

)

(192

)

(2,170

)

(769

)

Net income attributable to common shareholders

45,358

2,567

90,761

10,779

Basic and diluted per share data attributable to common shareholders:

Basic earnings per share

1.50

0.08

3.01

0.35

Diluted earnings per share

1.47

0.08

2.95

0.35

Weighted-average basic shares

30,221

30,456

30,203

30,438

Weighted-average diluted shares

30,936

30,742

30,808

30,726

CBL & Associates Properties, Inc.

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 June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income attributable to common shareholders

45,358

2,567

90,761

10,779

Noncontrolling interest in income of Operating Partnership

Earnings allocable to unvested restricted stock

(347

)

(524

)

(1,239

)

(493

)

Depreciation and amortization expense of:

Consolidated properties

36,283

39,702

74,381

85,243

Unconsolidated affiliates

3,111

3,256

6,255

6,688

Non-real estate assets

(227

)

(247

)

(440

)

(494

)

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

(322

)

(379

)

(675

)

(805

)

Loss on impairment, including our share of unconsolidated affiliates, net of taxes

—

1,078

—

1,078

Gain on depreciable property, net of taxes

(24,013

)

—

(24,013

)

(21,706

)

FFO allocable to Operating Partnership common unitholders

59,851

45,455

145,046

80,298

Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1)

5,143

9,197

10,822

18,404

Adjustment for unconsolidated affiliates with negative investment (2)

(1,781

)

2,102

(4,665

)

3,636

Non-cash default interest expense (3)

1,042

517

1,589

880

Gain on deconsolidation (4)

(5,925

)

—

(41,259

)

—

Loss on extinguishment of debt (5)

—

217

FFO allocable to Operating Partnership common unitholders, as adjusted

58,330

57,271

111,533

103,435

FFO per diluted share

1.93

1.48

4.71

2.61

FFO, as adjusted, per diluted share

1.89

1.86

3.62

3.37

Weighted-average common and potential dilutive common units outstanding

30,941

30,748

30,813

30,731

(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)

The three and six months ended June 30, 2026 and 2025 include default interest on loans past their maturity date.

(4)

During the three months ended June 30, 2026, the Company deconsolidated The Outlet Shoppes at Gettysburg due to a loss of control when the property was placed into receivership in connection with the foreclosure process. During the six months ended June 30, 2026, the Company deconsolidated Jefferson Mall and The Outlet Shoppes at Gettysburg due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.

(5)

During the six months ended June 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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Diluted EPS attributable to common shareholders

1.47

0.08

2.95

0.35

Add amounts per share included in FFO:

Earnings allocable to unvested restricted stock

(0.01

)

(0.02

)

(0.04

)

(0.02

)

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

1.25

1.38

2.58

2.95

Loss on impairment, net of taxes

—

0.04

—

0.04

Gain on depreciable property, net of taxes

(0.78

)

—

(0.78

)

(0.71

)

FFO per diluted share

1.93

1.48

4.71

2.61

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

SUPPLEMENTAL FFO INFORMATION:

Lease termination fees

438

474

1,401

Straight-line rental income adjustment (1)

577

824

990

431

Gain on outparcel sales, net of taxes

1,813

1,954

3,146

2,720

Net amortization of acquired above- and below-market leases (1)

(2,912

)

(2,690

)

(5,625

)

(6,536

)

Income tax (provision) benefit

(642

)

(369

)

588

102

Abandoned projects expense

—

(27

)

—

(27

)

Interest capitalized

111

137

233

250

Estimate of uncollectable revenues

(1,331

)

(731

)

(2,939

)

(1,553

)

As of June 30,

2026

2025

Straight-line rent receivable

26,016

23,894

(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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Same-center Net Operating Income

(Dollars in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income

46,321

2,158

92,706

10,545

Adjustments:

Depreciation and amortization

36,283

39,702

74,381

85,243

Depreciation and amortization from unconsolidated affiliates

3,111

3,256

6,255

6,688

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

(322

)

(379

)

(675

)

(805

)

Interest expense

42,716

43,959

82,615

88,184

Interest expense from unconsolidated affiliates

6,210

7,401

12,485

14,691

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

(691

)

(1,098

)

(1,468

)

(2,112

)

Abandoned projects expense

—

Gain on sales of real estate assets

(13,633

)

(1,339

)

(15,035

)

(22,871

)

Gain on sales of real estate assets of unconsolidated affiliates

(12,224

)

(832

)

(12,130

)

(1,867

)

Adjustment for unconsolidated affiliates with negative investment

(1,781

)

2,102

(4,665

)

3,636

Loss on extinguishment of debt

—

217

Gain on deconsolidation

(5,925

)

—

(41,259

)

—

Loss on impairment

—

1,457

—

1,457

Income tax provision (benefit)

642

369

(588

)

(102

)

Lease termination fees

(93

)

(438

)

(474

)

(1,401

)

Straight-line rent and above- and below-market lease amortization (1)

2,335

1,866

4,635

6,105

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

131

603

241

1,011

General and administrative expenses

14,782

15,188

33,369

35,895

Management fees and non-property level revenues (1)

(3,467

)

(3,945

)

(7,513

)

(8,137

)

Operating Partnership's share of property NOI (1)

114,395

110,057

222,880

216,404

Non-comparable NOI (1)

(16,742

)

(13,840

)

(31,105

)

(28,758

)

Total same-center NOI (2)

97,653

96,217

191,775

187,646

Total same-center NOI percentage change

1.5

2.2

(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 June 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 June 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

(Dollars in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Malls

66,328

66,376

130,810

129,156

Outlet centers

5,139

4,876

10,337

10,047

Lifestyle centers

10,044

9,168

19,119

17,723

Open-air centers

10,287

10,089

20,308

19,669

Outparcels and other

5,855

5,708

11,201

11,051

Total same-center NOI

97,653

96,217

191,775

187,646

Percentage Change:

Malls

(0.1

1.3

Outlet centers

5.4

2.9

Lifestyle centers

9.6

7.9

Open-air centers

2.0

3.2

Outparcels and other

2.6

1.4

Total same-center NOI

1.5

2.2

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

As of June 30, 2026

Fixed Rate

Variable

Rate

Total Debt

Unamortized

Deferred

Financing

Costs

Unamortized

Debt

Discounts (1)

Total, net

Consolidated debt

1,842,642

281,760

2,124,402

(29,708

)

(60,683

)

2,034,011

Noncontrolling interests' share of consolidated debt

(12,653

)

(10,738

)

(23,391

)

177

—

(23,214

)

Company's share of unconsolidated affiliates' debt

316,655

9,190

325,845

(2,389

)

—

323,456

Other debt (2)

106,636

—

106,636

—

106,636

Company's share of consolidated, unconsolidated and other debt

2,253,280

280,212

2,533,492

(31,920

)

(60,683

)

2,440,889

Weighted-average interest rate

6.27

7.64

6.43

As of June 30, 2025

Fixed Rate

Variable

Rate

Total Debt

Unamortized

Deferred

Financing

Costs

Unamortized

Debt

Discounts (1)

Total, net

Consolidated debt

1,374,192

864,270

2,238,462

(6,619

)

(92,067

)

2,139,776

Noncontrolling interests' share of consolidated debt

(24,108

)

(11,193

)

(35,301

)

102

873

(34,326

)

Company's share of unconsolidated affiliates' debt

366,041

29,662

395,703

(2,381

)

—

393,322

Company's share of consolidated, unconsolidated and other debt

1,716,125

882,739

2,598,864

(8,898

)

(91,194

)

2,498,772

Weighted-average interest rate

5.16

7.43

5.93

(1)

(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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Balance Sheets

(Unaudited; in thousands, except share data)

June 30,

December 31,

2026

2025

ASSETS

Real estate assets:

Land

601,547

601,553

Buildings and improvements

1,646,866

1,619,988

2,248,413

2,221,541

Accumulated depreciation

(389,994

)

(355,900

)

1,858,419

1,865,641

Developments in progress

9,440

10,533

Net investment in real estate assets

1,867,859

1,876,174

Cash and cash equivalents

101,280

42,287

Restricted cash

101,340

110,665

Available-for-sale securities - at fair value (amortized cost of $201,402 and $292,646 as of June 30, 2026 and December 31, 2025, respectively)

201,169

293,087

Receivables:

Tenant

41,833

46,489

Other

1,692

1,562

Investments in unconsolidated affiliates

81,704

85,941

In-place leases, net

123,808

144,046

Intangible lease assets and other assets

116,533

128,848

2,637,218

2,729,099

LIABILITIES AND EQUITY

Mortgage and other indebtedness, net

2,034,011

2,170,785

Accounts payable and accrued liabilities

180,968

193,640

Total liabilities

2,214,979

2,364,425

Shareholders' equity:

Common stock, $.001 par value, 200,000,000 shares authorized, 30,942,757 and 30,322,052 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (in each case, excluding 34 treasury shares)

Additional paid-in capital

686,163

687,424

Accumulated other comprehensive (loss) income

(48

)

443

Accumulated deficit

(258,710

)

(312,961

)

Total shareholders' equity

427,436

374,936

Noncontrolling interests

(5,197

)

(10,262

)

Total equity

422,239

364,674

2,637,218

2,729,099

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Condensed Combined Financial Statements - Unconsolidated Affiliates

(Unaudited; in thousands)

June 30,

2026

December 31,

2025

ASSETS:

Investment in real estate assets

1,190,238

1,255,163

Accumulated depreciation

(558,942

)

(574,364

)

631,296

680,799

Developments in progress

3,643

1,315

Net investment in real estate assets

634,939

682,114

Other assets

124,244

135,138

Total assets

759,183

817,252

LIABILITIES:

Mortgage and other indebtedness, net

730,242

715,013

Other liabilities

31,994

23,468

Total liabilities

762,236

738,481

OWNERS' EQUITY:

The Company

63,836

78,016

Other investors

(66,889

)

755

Total owners' equity

(3,053

)

78,771

Total liabilities and owners’ equity

759,183

817,252

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Total revenues

47,008

43,636

92,701

88,838

Depreciation and amortization

(10,636

)

(10,981

)

(21,322

)

(21,991

)

Operating expenses

(14,499

)

(12,815

)

(29,704

)

(26,573

)

Interest and other income

437

677

936

1,246

Interest expense

(14,263

)

(11,793

)

(27,127

)

(24,370

)

Gain on extinguishment of debt

—

32,494

Gain on sales of real estate assets

24,214

832

24,537

2,902

Net income

32,261

9,556

40,021

52,546

Company's Share for the Period

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Total revenues

24,363

25,193

48,570

50,046

Depreciation and amortization

(4,925

)

(5,934

)

(10,139

)

(12,138

)

Operating expenses

(7,018

)

(7,234

)

(14,630

)

(14,304

)

Interest and other income

281

405

593

756

Interest expense

(6,210

)

(7,401

)

(12,485

)

(14,691

)

Negative investment adjustment

3,596

576

8,549

1,814

Gain on sales of real estate assets

12,224

832

12,130

1,867

Net income

22,311

6,437

32,588

13,350

CBL & Associates Properties, Inc.

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

(Dollars in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income

46,321

2,158

92,706

10,545

Depreciation and amortization

36,283

39,702

74,381

85,243

Depreciation and amortization from unconsolidated affiliates

3,111

3,256

6,255

6,688

Interest expense

42,716

43,959

82,615

88,184

Interest expense from unconsolidated affiliates

6,210

7,401

12,485

14,691

Income taxes

642

369

(588

)

(102

)

Loss on impairment, including our share of unconsolidated affiliates

—

1,457

—

1,457

Gain on depreciable property

(24,013

)

—

(24,013

)

(21,532

)

Gain on deconsolidation

(5,925

)

—

(41,259

)

—

EBITDAre (1)

105,345

98,302

202,582

185,174

Loss on extinguishment of debt

—

217

Abandoned projects expense

—

Adjustment for unconsolidated affiliates with negative investment

(1,781

)

2,102

(4,665

)

3,636

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

131

603

241

1,011

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

(322

)

(379

)

(675

)

(805

)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

(691

)

(1,098

)

(1,468

)

(2,112

)

Company's share of Adjusted EBITDAre

102,682

99,557

196,015

187,148

(1)

Includes $1,844 and $2,171 for the three months ended June 30, 2026 and 2025, respectively, related to sales of non-depreciable real estate assets. Includes $3,152 and $3,206 for the six months ended June 30, 2026 and 2025, respectively, related to sales of non-depreciable real estate assets.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Interest Expense:

Interest expense

42,716

43,959

82,615

88,184

Interest expense from unconsolidated affiliates

6,210

7,401

12,485

14,691

Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share

(5,143

)

(9,197

)

(10,822

)

(18,404

)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries, excluding noncontrolling interests' share of debt discount accretion

(591

)

(631

)

(1,218

)

(1,182

)

Company's share of interest expense

43,192

41,532

83,060

83,289

Ratio of Adjusted EBITDAre to Interest Expense

2.4

2.2

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Company's share of Adjusted EBITDAre

102,682

99,557

196,015

187,148

Interest expense

(42,716

)

(43,959

)

(82,615

)

(88,184

)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

691

1,098

1,468

2,112

Income taxes

(642

)

(369

)

588

102

Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts

5,557

7,880

11,773

15,527

Net amortization of intangible lease assets and liabilities

2,773

2,642

5,355

6,346

Depreciation and interest expense from unconsolidated affiliates

(9,321

)

(10,657

)

(18,740

)

(21,379

)

Adjustment for unconsolidated affiliates with negative investment

1,781

(2,102

)

4,665

(3,636

)

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

322

379

675

805

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

(131

)

(603

)

(241

)

(1,011

)

Gain on depreciable property from unconsolidated affiliates

12,107

—

12,107

—

Gain on outparcel sales

(1,727

)

(1,339

)

(3,129

)

(1,339

)

(Gain) loss on insurance proceeds

(110

)

(84

)

—

Equity in earnings of unconsolidated affiliates

(22,311

)

(6,437

)

(32,588

)

(13,350

)

Distributions of earnings from unconsolidated affiliates

17,414

4,356

21,531

8,891

Share-based compensation expense

2,496

4,289

4,860

8,279

Change in estimate of uncollectable revenues

935

483

2,701

1,042

Deferred income tax (benefit) provision

(827

)

(1,048

)

1,720

1,527

Changes in operating assets and liabilities

11,296

14,033

7,127

(2,933

)

Cash flows provided by operating activities

80,269

68,268

133,188

99,947

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 June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Minimum rents

105,991

101,384

211,516

202,404

Percentage rents

3,987

3,452

7,446

6,279

Other rents

2,370

2,169

4,552

4,374

Tenant reimbursements

30,821

29,830

62,557

61,688

Estimate of uncollectable amounts

(1,155

)

(382

)

(2,684

)

(932

)

Total rental revenues

142,014

136,453

283,387

273,813

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Schedule of Mortgage and Other Indebtedness

(Dollars in thousands)

Property

Location

Original

Maturity

Date

Optional

Extended

Maturity

Date

Interest

Rate

Balance as of June 30, 2026 (1)

Balance

Fixed

Variable

Operating Properties:

Parkdale Mall & Crossing (2)

Beaumont, TX

Mar-26

5.85

48,285

—

Arbor Place (2)

Atlanta (Douglasville), GA

May-26

5.10

82,994

—

The Outlet Shoppes at Laredo (3)

Laredo, TX

Jun-26

7.37

30,680

—

30,680

Volusia Mall

Daytona Beach, FL

Oct-26

4.56

32,398

—

West County Center

Des Peres, MO

Dec-26

3.40

137,587

—

CoolSprings Galleria

Nashville, TN

May-28

4.84

132,281

—

Cross Creek Mall

Fayetteville, NC

Aug-30

6.86

76,989

—

Oak Park Mall

Overland Park, KS

Oct-30

5.00

242,965

—

2032 non-recourse bank loan (4)

Oct-30

Oct-32

7.71

442,956

367,956

75,000

Secured lifestyle centers loan due 2032

Oct-30

Oct-31/Oct-32

7.72

176,080

—

176,080

Gateway Mall

Lincoln, NE

Mar-31

6.46

20,915

—

Northwoods Mall

North Charleston, SC

Apr-31

9.12

42,935

—

Secured mall loan due 2031

Apr-31

7.40

423,853

—

Fayette Mall

Lexington, KY

May-31

7.25

97,404

—

Hamilton Place

Chattanooga, TN

Jun-31

6.85

71,900

—

Hamilton Place open-air centers loan

Chattanooga, TN

Jun-32

5.85

64,180

—

Total Consolidated Debt

2,124,402

1,842,642

281,760

Weighted-average interest rate

6.56

6.39

7.68

Plus CBL's Share Of Unconsolidated Affiliates' Debt:

York Town Center

York, PA

Oct-26

6.00

14,090

—

Ambassador Town Center Infrastructure Improvements

Lafayette, LA

Mar-27

7.26

1,012

—

Mayfaire Town Center - hotel development

Wilmington, NC

Jan-28

6.00

9,190

—

9,190

Friendly Center

Greensboro, NC

May-28

6.44

70,670

—

Coastal Grand Mall (5)

Myrtle Beach, SC

Aug-28

5.09

37,460

—

Coastal Grand Crossing (5)

Myrtle Beach, SC

Aug-28

5.09

1,808

—

The Outlet Shoppes at El Paso

El Paso, TX

Oct-28

5.10

32,535

—

Ambassador Town Center

Lafayette, LA

Jun-29

4.35

24,970

—

Hamilton Place Aloft Hotel

Chattanooga, TN

Jun-29

7.20

6,976

—

Friendly Center Medical Office

Greensboro, NC

Jun-30

6.11

1,672

—

The Pavilion at Port Orange

Port Orange, FL

Oct-30

5.93

21,500

—

Coastal Grand Mall - Dick's Sporting Goods

Myrtle Beach, SC

Apr-31

6.17

3,284

—

The Shoppes at Eagle Point

Cookeville, TN

May-32

5.40

18,780

—

The Outlet Shoppes at Atlanta

Woodstock, GA

Oct-33

7.85

39,665

—

The Outlet Shoppes of the Bluegrass

Simpsonville, KY

Nov-34

6.84

42,233

—

Total Unconsolidated Debt

325,845

316,655

9,190

Plus Other Debt:

The Outlet Shoppes at Gettysburg (6)

Gettysburg, PA

Oct-25

4.80

9,719

—

Jefferson Mall (7)

Louisville, KY

Jun-26

4.75

48,647

—

Southpark Mall (8)

Colonial Heights, VA

Jun-26

4.85

48,270

—

Total Other Debt

106,636

—

Property

Location

Original

Maturity

Date

Optional

Extended

Maturity

Date

Interest

Rate

Balance as of June 30, 2026 (1)

Balance

Fixed

Variable

Less Noncontrolling Interests' Share Of Consolidated Debt:

The Outlet Shoppes at Laredo (35%)

Laredo, TX

Jun-26

7.37

(10,738

)

—

(10,738

)

Hamilton Place (10%)

Chattanooga, TN

Jun-31

6.85

(7,190

)

(7,190

)

—

Hamilton Place open-air centers loan (8% - 10%)

Chattanooga, TN

Jun-32

5.85

(5,463

)

(5,463

)

—

(23,391

)

(12,653

)

(10,738

)

Company's Share Of Consolidated, Unconsolidated and Other Debt (9)

2,533,492

2,253,280

280,212

Weighted-average interest rate

6.43

6.27

7.64

Total Debt of Unconsolidated Affiliates:

York Town Center

York, PA

Oct-26

6.00

28,180

—

Ambassador Town Center Infrastructure Improvements

Lafayette, LA

Mar-27

7.26

1,012

—

Mayfaire Town Center - hotel development

Wilmington, NC

Jan-28

6.00

18,756

—

18,756

Friendly Center

Greensboro, NC

May-28

6.44

141,340

—

Coastal Grand Mall (5)

Myrtle Beach, SC

Aug-28

5.09

74,920

—

Coastal Grand Crossing (5)

Myrtle Beach, SC

Aug-28

5.09

3,615

—

The Outlet Shoppes at El Paso

El Paso, TX

Oct-28

5.10

65,071

—

Ambassador Town Center

Lafayette, LA

Jun-29

4.35

38,415

—

Hamilton Place Aloft Hotel

Chattanooga, TN

Jun-29

7.20

13,951

—

Friendly Center Medical Office

Greensboro, NC

Jun-30

6.11

6,687

—

The Pavilion at Port Orange

Port Orange, FL

Oct-30

5.93

43,000

—

Coastal Grand Mall - Dick's Sporting Goods

Myrtle Beach, SC

Apr-31

6.17

6,569

—

The Shoppes at Eagle Point

Cookeville, TN

May-32

5.40

37,560

—

The Outlet Shoppes at Atlanta

Woodstock, GA

Oct-33

7.85

79,330

—

The Outlet Shoppes of the Bluegrass

Simpsonville, KY

Nov-34

6.84

64,974

—

623,380

604,624

18,756

Weighted-average interest rate

6.10

6.11

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)

The loan is in maturity default. Subsequent to June 30, 2026, the loan was extended through November 2026.

(4)

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%.

(5)

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.

(6)

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.

(7)

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.

(8)

In July 2025, the loan entered default and the property was placed into receivership. The Company anticipates returning the property to the lender.

(9)

As of June 30, 2026, CBL owns interests in 11 assets (8 malls, 2 outlet centers and an open-air center) with a pro rata share debt balance of $710,075 which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements. Of this amount, $678,606 of pro rata debt relates to malls, $29,661 relates to outlet centers and $1,808 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 six months ended June 30, 2026, CBL’s pro rata share of same-center NOI was $191,775, of which same-center NOI from cash trapped properties made up $34,477, with $32,684 relating to malls, $1,569 relating to outlet centers and $224 relating to an open-air center. For the six months ended June 30, 2025, CBL’s pro rata share of same-center NOI was $187,646, of which same-center NOI from cash trapped properties made up $37,376, with $35,516 relating to malls, $1,643 relating to outlet centers and $217 relating to an open-air center.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Schedule of Maturities of Mortgage and Other Indebtedness

(Dollars in thousands)

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 (1)

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

0.38

4.80

2026

331,944

14,090

96,917

(10,738

)

432,213

17.06

4.67

2027

—

1,012

—

1,012

0.04

7.26

2028

132,281

151,663

—

283,944

11.21

5.34

2029

—

31,946

—

31,946

1.26

4.97

2030

319,954

23,172

—

343,126

13.54

5.48

2031

657,007

3,284

—

(7,190

)

653,101

25.78

7.40

2032

683,216

18,780

—

(5,463

)

696,533

27.49

7.49

2033

—

39,665

—

39,665

1.57

7.85

2034

—

42,233

—

42,233

1.67

6.84

Total

2,124,402

325,845

106,636

(23,391

)

2,533,492

100.00

6.43

Based on Original Maturity Dates:

Year

Consolidated

Debt

CBL's Share of

Unconsolidated

Affiliates' Debt

Other Debt (1)

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

0.38

4.80

2026

331,944

14,090

96,917

(10,738

)

432,213

17.06

4.67

2027

—

1,012

—

1,012

0.04

7.26

2028

132,281

151,663

—

283,944

11.20

5.34

2029

—

31,946

—

31,946

1.26

4.97

2030

938,990

23,172

—

962,162

37.98

6.91

2031

657,007

3,284

—

(7,190

)

653,101

25.78

7.40

2032

64,180

18,780

—

(5,463

)

77,497

3.06

5.74

2033

—

39,665

—

39,665

1.57

7.85

2034

—

42,233

—

42,233

1.67

6.84

Total

2,124,402

325,845

106,636

(23,391

)

2,533,492

100.00

6.43

(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.

CBL & Associates Properties, Inc.

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 June 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 June 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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Property List:

Property

Location

Sales Per Square Foot for the Trailing Twelve Months Ended (1)

In-Line Occupancy (2)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

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

330

80.6

80.8

Outparcels and Other

N/A

93.4

91.8

Total Consolidated Unencumbered

343

330

81.8

JOINT VENTURE ASSETS

Malls:

Coastal Grand Mall

Myrtle Beach, SC

Governor's Square

Clarksville, TN

Kentucky Oaks Mall

Paducah, KY

Total Malls

389

385

89.2

89.1

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

490

471

94.5

95.4

Lifestyle Centers:

Friendly Center and The Shops at Friendly

Greensboro, NC

668

610

96.1

92.3

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

York Town Center

York, PA

Total Open-Air Centers

N/A

97.4

91.5

Total Joint Venture Assets

498

475

94.5

92.3

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

Property

Location

Sales Per Square Foot for the Trailing Twelve Months Ended (1)

In-Line Occupancy (2)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Post Oak Mall

College Station, TX

Richland Mall

Waco, TX

Sunrise Mall

Brownsville, TX

Turtle Creek Mall

Hattiesburg, MS

Valley View Mall

Roanoke, VA

Volusia Mall

Daytona Beach, FL

West County Center

Des Peres, MO

West Towne Mall

Madison, WI

Westmoreland Mall

Greensburg, PA

Total Malls

471

457

90.2

90.0

Outlet Centers:

The Outlet Shoppes at Laredo

Laredo, TX

351

331

80.3

83.8

Lifestyle Centers:

Mayfaire Town Center

Wilmington, NC

Pearland Town Center

Pearland, TX

Southaven Towne Center

Southaven, MS

Total Lifestyle Centers

436

409

90.1

89.5

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

93.4

93.0

Outparcels

N/A

95.6

96.2

Total Consolidated Encumbered Assets

463

447

90.7

90.6

Total Same-Center Portfolio

457

439

90.3

89.7

ACQUIRED PROPERTIES

Ashland Town Center (3)

Ashland, KY

Gateway Mall (4)

Lincoln, NE

Mesa Mall (3)

Grand Junction, CO

Paddock Mall (3)

Ocala, FL

Southgate Mall (3)

Missoula, MT

Total Acquired Properties

421

415

91.2

N/A

Total Portfolio

455

438

90.4

88.8

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 (1)

In-Line Occupancy (2)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Parkdale Crossing

Beaumont, TX

Parkdale Mall

Beaumont, TX

Southpark Mall

Colonial Heights, VA

York Galleria

York, PA

Total Excluded Properties

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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Operating Metrics - Six Months Ended June 30, 2026 at CBL Share

(Dollars in thousands)

NOI

Capital

Expenditures

Redevelopment

Unleveraged

Cash Flow

Interest Expense

Non-Cash

Interest Expense (1)

Amortization

Cash Flow

CONSOLIDATED UNENCUMBERED

Malls

18,321

(1,808

)

16,513

Outlet Centers

(17

)

(17

)

(17

)

Outparcels

352

Other

1,158

(538

)

620

Term Loan Debt Service (2)

(159

)

(242

)

(399

)

Total Consolidated Unencumbered

19,814

(2,346

)

17,468

(159

)

(242

)

17,069

JOINT VENTURE ASSETS

Malls

8,094

(997

)

7,097

(1,181

)

(2,323

)

3,683

Outlet Centers

9,097

(1,584

)

7,513

(4,042

)

(606

)

2,936

Lifestyle Centers

6,895

(691

)

6,204

(2,383

)

(594

)

3,310

Open-Air Centers

6,055

(306

)

5,749

(3,575

)

(755

)

1,485

Outparcels

144

Other

271

(27

)

244

(305

)

(1,856

)

(1,917

)

Total Joint Venture Assets

30,556

(3,605

)

26,951

(11,486

)

310

(6,134

)

9,641

CONSOLIDATED ENCUMBERED ASSETS

Malls

104,395

(16,520

)

87,875

(44,101

)

12,028

(14,430

)

41,372

Outlet Centers

1,257

(42

)

1,215

(822

)

(455

)

Lifestyle Centers

12,224

(1,922

)

10,302

(3,685

)

277

6,894

Open-Air Centers

14,253

(1,212

)

13,041

(8,166

)

224

(381

)

4,718

Outparcels

8,652

(27

)

8,625

(5,979

)

182

2,828

Other

624

Term Loan Debt Service (2)

(8,189

)

(12,471

)

(20,578

)

Total Consolidated Encumbered Assets

141,405

(19,723

)

121,682

(70,942

)

12,870

(27,737

)

35,873

Total Same-Center

191,775

(25,674

)

166,101

(82,587

)

13,182

(34,113

)

62,583

Not same-center

31,105

(1,913

)

29,192

(11,045

)

2,107

(4,002

)

16,252

Total Portfolio

222,880

(27,587

)

195,293

(93,632

)

15,289

(38,115

)

78,835

(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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Operating Metrics - Six Months Ended June 30, 2025 at CBL Share

(Dollars in thousands)

NOI

Capital

Expenditures

Redevelopment

Unleveraged

Cash Flow

Interest Expense

Non-Cash

Interest Expense (1)

Amortization

Cash Flow

CONSOLIDATED UNENCUMBERED

Malls

19,943

(3,001

)

16,942

Outlet Centers

(17

)

(17

)

(17

)

Outparcels

385

Other

1,064

(178

)

886

Term Loan Debt Service (2)

(469

)

(349

)

(814

)

Total Consolidated Unencumbered

21,375

(3,179

)

18,196

(469

)

(349

)

17,382

JOINT VENTURE ASSETS

Malls

7,675

(2,115

)

5,560

(1,777

)

697

(2,363

)

2,117

Outlet Centers

8,874

(314

)

8,560

(4,087

)

(573

)

3,971

Lifestyle Centers

6,253

(265

)

(984

)

5,004

(2,419

)

(558

)

2,110

Open-Air Centers

5,832

(603

)

5,229

(3,902

)

102

(2,249

)

(820

)

Outparcels

240

Other

350

(13

)

337

(263

)

(1,629

)

(1,555

)

Total Joint Venture Assets

29,224

(3,310

)

(984

)

24,930

(12,448

)

953

(7,372

)

6,063

CONSOLIDATED ENCUMBERED ASSETS

Malls

101,538

(10,460

)

91,078

(34,378

)

13,125

(18,821

)

51,004

Outlet Centers

1,190

)

1,186

(1,012

)

192

(390

)

(24

)

Lifestyle Centers

11,470

(4,357

)

7,113

Open-Air Centers

13,837

(1,076

)

12,761

(8,088

)

527

5,200

Outparcels

8,574

(83

)

8,491

(6,257

)

474

2,708

Other

438

Term Loan Debt Service (2)

(24,158

)

194

(17,980

)

(41,944

)

Total Consolidated Encumbered Assets

137,047

(15,980

)

121,067

(73,893

)

14,512

(37,191

)

24,495

Total Same-Center

187,646

(22,469

)

(984

)

164,193

(86,810

)

15,469

(44,912

)

47,940

Not same-center

28,758

(2,312

)

(4,102

)

22,344

(13,678

)

5,462

(7,935

)

6,193

Term Loan Debt Service (2)

(275

)

(238

)

(511

)

Total Portfolio

216,404

(24,781

)

(5,086

)

186,537

(100,763

)

20,933

(53,085

)

53,622

(1)

Non-cash interest expense consists of the accretion of debt discounts, amortization of deferred financing costs and default interest.

(2)

CBL & Associates Properties, Inc.

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 June 30, 2026:

All Property Types (1)

585,056

39.67

41.33

4.2

43.17

8.8

Malls, Lifestyle Centers & Outlet Centers (2)

531,821

40.17

41.54

3.4

43.45

8.2

New leases (2)

88,376

37.79

46.73

23.7

51.27

35.7

Renewal leases (2)

443,445

40.64

40.50

(0.3

41.89

3.1

Open-air Centers

40,406

35.11

40.54

15.5

41.57

18.4

Six Months Ended June 30, 2026:

All Property Types (1)

956,736

41.12

42.64

3.7

44.22

7.5

Malls, Lifestyle Centers & Outlet Centers (2)

895,666

41.50

42.83

3.2

44.43

7.1

New leases (2)

131,179

36.46

47.65

30.7

51.65

41.7

Renewal leases (2)

764,487

42.37

42.01

(0.8

43.20

2.0

Open-air Centers

48,241

36.02

41.17

14.3

42.35

17.6

(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 (1) By Property Type For Small Shop Space Less Than 10,000 Square Feet:

Square Feet

Three Months Ended June 30, 2026:

Operating portfolio:

As of June 30,

New leases

257,968

2026

2025

Renewal leases

998,631

Same-center Malls, Lifestyle & Outlet Centers

32.24

32.15

Development portfolio:

Total Malls

31.96

31.75

New leases

—

Total Lifestyle Centers

32.88

32.68

Total leased

1,256,599

Total Outlet Centers

32.78

30.35

Total Malls, Lifestyle & Outlet Centers

32.17

31.67

Six Months Ended June 30, 2026:

Open-Air Centers

16.33

16.16

Operating portfolio:

Other

21.62

21.75

New leases

409,234

Renewal leases

1,429,876

Development portfolio:

New leases

—

Total leased

1,839,110

(1)

Average annual base rents per square foot are based on contractual rents in effect as of June 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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet

For the Six Months Ended June 30, 2026 Based on Commencement Date

Number

Leases

Square

Feet

Term

(in

years)

Initial

Rent

PSF

Average

Rent

PSF

Expiring

Rent

PSF

Initial Rent

Spread

Average Rent

Spread

Commencement 2026:

New

213,605

7.33

47.40

51.70

35.23

12.17

34.5

16.47

46.7

Renewal

514

1,509,581

3.05

43.60

44.62

43.37

0.23

0.5

1.25

2.9

Commencement 2026 Total

593

1,723,186

3.62

44.07

45.50

42.36

1.71

4.0

3.14

7.4

Commencement 2027:

New

30,662

9.41

59.73

65.24

51.10

8.63

16.9

14.14

27.7

Renewal

211,061

3.28

43.98

45.32

41.90

2.08

5.0

3.42

8.2

Commencement 2027 Total

241,723

4.07

45.98

47.84

43.06

2.92

6.8

4.78

11.1

Total 2026/2027

678

1,964,909

3.67

44.30

45.79

42.45

1.85

4.4

3.34

7.9

CBL & Associates Properties, Inc.

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 (2)

103

150,019

2.65

Victoria's Secret & Co.

371,601

2.62

American Eagle Outfitters, Inc.

355,407

2.53

Dick's Sporting Goods, Inc. (3)

1,432,702

2.19

Pentland Group (4)

359,840

2.13

Foot Locker, Inc.

291,385

1.98

Bath & Body Works, Inc.

218,322

1.77

Genesco Inc. (5)

136,007

1.47

Knitwell Group

333,806

1.44

The Buckle, Inc.

177,535

1.31

Catalyst Brands

3,076,123

1.21

Luxottica Group S.P.A. (6)

147,303

1.15

The Gap Inc.

461,877

1.14

Sycamore Partners

211,816

1.03

Barnes & Noble Booksellers, Inc.

473,262

1.01

Abercombie & Fitch, Co.

190,727

0.97

The TJX Companies, Inc. (7)

462,987

0.90

Cinemark Corp.

354,786

0.89

H & M Hennes & Mauritz AB

698,112

0.83

Spencer Spirit Holdings, Inc.

95,616

0.82

Ames Watson, LLC (8)

118,823

0.79

GoTo Foods (9)

39,845

0.76

Shoe Show, Inc.

317,408

0.75

Ulta Salon, Cosmetics & Fragrance, Inc.

225,059

0.74

Darden Restaurants, Inc.

212,001

0.62

1,196

10,912,369

33.70

(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 Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Ultra Diamonds, Rogers Jewelers, Zales, Peoples, Banter by Piercing Pagoda and Piercing Pagoda.

(3)

Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream. Includes a former Sears lease acquired by Dick's Sporting Goods, Inc. for future redevelopment.

(4)

Pentland Group is formerly known as Finish Line, Inc. and operates Finish Line, City Gear, Hibbett Sports, JD Sports and Shoe Palace.

(5)

Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse.

(6)

Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut.

(7)

The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post.

(8)

Ames Watson, LLC operates Lids, Lid's Locker Room and Claire's.

(9)

GoTo Foods operates Cinnabon, Auntie Anne's, Moe's Southwest Grill, McAlister's Deli and Jamba.

Capital Expenditures

(In thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Tenant allowances (1)

4,457

3,327

9,035

9,870

Renovations

—

Maintenance capital expenditures: (2)

Parking lot and parking lot lighting

3,018

2,059

3,370

3,056

Roof replacements

1,010

1,604

1,086

2,880

Other capital expenditures

8,602

5,060

14,067

8,975

Total maintenance capital expenditures

12,630

8,723

18,523

14,911

Total capital expenditures

17,116

12,050

27,587

24,781

(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.

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Document And Entity Information

Aug. 06, 2026

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