CBL & Associates Properties
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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.
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Q4 2025 earnings summary3 Mar, 2026

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.

Future impact of negative mall renewal spreads
Portfolio quality post 2025 transactions
Key headwinds for 2026 same-center NOI
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Frequently asked questions

CBL & Associates Properties, Inc. is a real estate investment trust (REIT) specializing in the ownership, management, and redevelopment of retail and mixed-use properties. The company’s portfolio includes shopping malls, lifestyle centers, and open-air retail properties across the United States. The company is headquartered in Chattanooga, Tennessee, and its shares are listed on the NYSE.

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