CBL & Associates Properties (CBL) investor relations material

Executive summary

• Portfolio includes 84 properties: 46 malls, 24 open-air centers, 4 lifestyle centers, and 4 outlet centers, focused on dominant middle-market locations for stable cash flows and high barriers to competition.

• Q2 2026 saw strong operational and financial performance, with occupancy above 90%, positive lease spreads, and growth in same-center NOI year-over-year and for the six-month period.

• Net income for Q2 2026 was $46.3M, up from $2.2M in Q2 2025; net income attributable to common shareholders was $45.4M, up from $2.6M year-over-year.

• Strategic upgrades, including nearly 50 anchor/junior anchor improvements and over a dozen new restaurants, are driving increased traffic and sales.

• Portfolio repositioning and asset sales generated significant proceeds, supporting liquidity and reinvestment.

Financial highlights

• 2026 estimated cash flow before amortization is $156M; discretionary cash flow is $95.2M.

• Net income for the six months ended June 30, 2026 was $92.7M, up from $10.5M in the prior year period.

• FFO, as adjusted, per diluted share was $1.89 for Q2 2026, up from $1.86 in Q2 2025; for the six months, $3.62 vs. $3.37 year-over-year.

• Dividend declared at $0.625 per share for Q3 2026, annualized at $2.50 per share.

• Over $1.6B in financing activity completed in the last twelve months.

Outlook and guidance

• 2026 FFO, as adjusted, guidance raised to $7.15–$7.25 per share.

• Full-year same-center NOI expected to grow 0.0% to 1.5%.

• Section 382 tax limitations expire in November 2026, enabling more tax-efficient return of capital for dividends starting in 2027.

• Portfolio optimization and capital recycling expected to further enhance cash flow and shareholder returns.

• Net income guidance for 2026 is $221.7M–$224.7M.