CBL & Associates Properties (CBL) investor relations material

Executive summary

• Net income for Q1 2026 was $46.4 million, up from $8.4 million in Q1 2025, with net income attributable to common shareholders at $45.4 million, up from $8.2 million year-over-year.

• Key drivers of higher net income included increased rental revenues, a $35.3 million gain on deconsolidation, lower depreciation, interest, and G&A expenses.

• The company acquired Gateway Mall for $43.8 million and refinanced $634 million in secured term loans with two new loans, extending debt maturities by five years.

• Focus remains on improving occupancy, rent growth, and diversifying property offerings.

Financial highlights

• Total revenues for Q1 2026 were $146.0 million, up from $141.8 million in Q1 2025.

• Rental revenues increased by $4.0 million year-over-year, primarily due to acquisitions.

• Net income attributable to common shareholders was $45.4 million ($1.50 basic EPS), compared to $8.2 million ($0.27 basic EPS) in Q1 2025.

• Same-center NOI increased 2.1% year-over-year, driven by higher minimum and percentage rents.

• FFO allocable to Operating Partnership common unitholders, as adjusted, was $53.2 million, up from $46.1 million in Q1 2025.

Outlook and guidance

• The company continues to prioritize debt reduction, extending maturities, and enhancing cash flow.

• Board declared a $0.45 per share regular quarterly dividend and a $0.175 per share special dividend for Q1 2026; a $0.625 per share dividend was declared for Q2 2026.

• Operational strategy focuses on re-tenanting anchor locations and diversifying tenancy.