CBL Properties Announces $135.0 Million Refinancing of West County Center

Nearly $1 Billion in New Financing Activity Completed Year-to-Date

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE: CBL) today announced that it has entered into a $135.0 million refinancing of the mortgage loan secured by West County Center, a dominant regional mall located in St. Louis, Missouri.

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%. 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.

The refinancing removes the cash management sweep associated with the prior loan, which will unlock more than an estimated $7.0 million of annual free cash flow to CBL going forward. The transaction also addresses the Company's last near-term debt maturity, improving its overall maturity profile.

"We have completed nearly $1.0 billion in new financing activity in 2026, addressing all of our near-term maturities. These financings have unlocked approximately $45.0 million in estimated incremental annual cash flow and removed maturity risk for the next few years," said Ben Jaenicke, Executive Vice President and Chief Financial Officer of CBL Properties. "The terms we achieved on West County Center reflect the strong leasing and performance of the property in recent years and support the continued financial flexibility of our balance sheet."

Separately, in late September, a $22.5 million Community Improvement District ("CID") bond refinancing was closed related to West County Center. Net proceeds from the new financing included $4.6 million of cash to CBL to repay the prior CID bonds it held, as well as $2.6 million designated for future capital projects specific to West County Center, including upgraded security cameras, escalator replacement, and lighting and parking area upgrades.

About West County Center

West County Center is a nearly 1.2 million square foot enclosed regional mall located in St. Louis, Missouri generating annual sales of more than $900 per square foot. The property's anchors include Macy's, Dick's Sporting Goods, and the state’s only Nordstrom. More than 300,000 square feet of leasing has been completed at West County Center since 2024, including new leases executed in 2026 with The Cheesecake Factory, Free People Movement, Levi's, L'Occitane en Provence, POPMART, Miss A and Urban Outfitters, among others.

About CBL Properties

Headquartered in Chattanooga, Tennessee, 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 88 properties totaling 54.5 million square feet across 23 states, including 54 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as 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.

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_Corp