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.--(BUSINESS WIRE)--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)	$	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 8 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”) ^(1):
	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^(1):
	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:
% Change in Average Gross Rent Per Square Foot:
	Three Months Ended September 30,	Nine Months Ended September 30,
	2026	2026
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) ^(1)	$	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 ^(1):
Depreciation and amortization		155.7			155.7
Gain on sales of depreciable property		(40.1	)		(40.1	)
Adjustments for unconsolidated affiliates^(2)		7.9			7.9
Non-comparable property NOI		(63.0	)		(63.0	)
Other (income) expenses, net^(3)		158.9			158.9
Non-property (income) expenses, net^(4)		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 ^(1)	$	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 12 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 8 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.

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

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 ^(1)		4,057			9,180			14,879			27,584
Adjustment for unconsolidated affiliates with negative investment ^(2)		1,279			6,817			(3,386	)		10,453
Excess proceeds from CID ^(3)		(4,631	)		—			(4,631	)		—
Non-cash default interest expense ^(4)		25,342			(1,326	)		26,931			(446	)
Loss (gain) on deconsolidation ^(5)		107			(33,851	)		(41,152	)		(33,851	)
Loss on extinguishment of debt ^(6)		—			—			—			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.

	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 ^(1)	$	59		$	394		$	533		$	1,795
Straight-line rental income adjustment ^(1)	$	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 ^(1)	$	(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.

Same-center Net Operating Income
(Dollars in thousands)
	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 ^(1)		(59	)		(394	)		(533	)		(1,795	)
Straight-line rent and above- and below-market lease amortization ^(1)		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 ^(1)		(9,256	)		(2,905	)		(16,769	)		(11,724	)
Operating Partnership's share of property NOI ^(1)		112,563			110,284			335,443			326,688
Non-comparable NOI ^(1)		(16,358	)		(17,576	)		(50,454	)		(49,054	)
Total same-center NOI ^(2)	$	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
(Dollars in thousands)
	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	%

Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
	As of September 30, 2026
	Fixed Rate			Variable Rate			Total Debt			Unamortized Deferred Financing Costs			Unamortized Debt Discounts ^(1)			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 ^(2)		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 ^(1)			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 ^(2)		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.

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