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CBL & Associates Properties (CBL) investor relations material
CBL & Associates Properties Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Fourth quarter and full-year 2025 results were near the high end of guidance, with strong operating performance and a 34% total shareholder return, including $2.50 per share in dividends.
Same-center NOI for Q4 2025 increased 3.3% year-over-year; full-year same-center NOI grew 0.5%.
Leasing momentum remained solid despite bankruptcy-related store closures, with over 4 million square feet leased in 2025.
Portfolio optimization included $240.7 million in asset dispositions and the acquisition of four dominant enclosed malls.
Financial highlights
Net income attributable to common shareholders was $48.3 million for Q4 2025 and $133.9 million for the year, up from $37.2 million and $57.8 million, respectively, in 2024.
FFO, as adjusted, per share was $2.25 for Q4 2025 (up from $1.92) and $7.21 for the year (up from $6.69).
Total revenues for 2025 were $627.2 million, up from $619.2 million in 2024.
Same-center tenant sales per square foot for 2025 increased 2.8% to $437.
Unrestricted cash and marketable securities totaled $335.4 million at year-end.
Outlook and guidance
2026 FFO, as adjusted, guidance is $6.74–$7.06 per share.
Management anticipates 2026 same-center NOI change in the range of (1.2)% to 1.1%.
Estimated 2026 maintenance capital/tenant allowances: $50–$55 million; development/redevelopment expenditures: $15–$20 million.
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