CBL & Associates Properties (CBL) investor relations material

Executive summary

• Net income attributable to common shareholders was $2.6 million for Q2 2025 and $10.8 million for the first half, down from $4.5 million and up from $4.3 million, respectively, year-over-year.

• Acquired four regional malls for $178.9M, reinforcing market dominance and accretive to FFO and cash flow per share.

• Board authorized a 12.5% increase in the regular common dividend to $1.80 per share annualized, effective Q3 2025.

• Portfolio occupancy rose to 88.8% as of June 30, 2025, up 10 bps year-over-year.

• Over 1.2M sq. ft. of leases executed in Q2 2025, with new leases at a 39% rent increase.

Financial highlights

• Q2 2025 rental revenues: $136.5 million (up $12.4 million year-over-year); total revenues: $140.9 million.

• Q2 2025 net income: $2.2 million; six months ended June 30, 2025 net income: $10.5 million.

• Q2 2025 FFO, as adjusted: $57.3 million ($1.86/share); six months FFO, as adjusted: $103.4 million ($3.37/share).

• Same-center NOI decreased 0.5% for Q2 and 1.4% for the first half year-over-year.

• Unrestricted cash and marketable securities totaled $288M as of June 30, 2025.

Outlook and guidance

• 2025 FFO, as adjusted, guidance: $6.98–$7.34 per share, reflecting partial accretion from mall acquisitions and asset sales.

• Full-year 2025 same-center NOI expected to range from (2.0)% to 0.5%.

• Focus remains on improving occupancy, driving rent growth, and diversifying tenant mix.

• Portfolio optimization strategy continues, with proceeds from non-core asset sales reinvested in market-dominant malls.

• Guidance incorporates higher variable interest expense and lower gains on outparcel sales.