CBL & Associates Properties (CBL) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $75.1 million, up from $15.8 million in Q3 2024; net income attributable to common shareholders was $74.3 million, up from $15.9 million year-over-year.

• Achieved 1.1% same-center NOI growth and 4.8% tenant sales growth in Q3 2025 year-over-year, with 17% lease spreads on new and renewal leases.

• Portfolio occupancy rose to 90.2% as of September 30, 2025, up 90 basis points from the prior year.

• Major acquisitions included four regional malls for $179.7 million in July 2025, funded by asset sales and loan modifications.

• Ended Q3 with $313 million in unrestricted cash and marketable securities.

Financial highlights

• Q3 2025 total revenues were $139.3 million, up $14.2 million year-over-year; nine-month revenues were $422.0 million, up $38.1 million.

• Q3 2025 net income attributable to common shareholders was $74.3 million ($2.44 basic EPS), compared to $15.9 million ($0.52 basic EPS) in Q3 2024.

• Q3 2025 FFO, as adjusted, per diluted share was $1.55, up from $1.54 in Q3 2024; nine-month FFO, as adjusted, per share was $4.94, up from $4.78 year-over-year.

• Same-center NOI for Q3 2025 was $101.3 million, up 1.1% year-over-year; for the nine months, same-center NOI was $303.9 million, down 0.6%.

• FFO allocable to common unitholders, as adjusted, was $48.6 million for Q3 2025 and $152.5 million for the nine months, both up year-over-year.

Outlook and guidance

• Reaffirmed 2025 FFO, as adjusted, guidance of $6.98–$7.34 per share.

• 2025 net income guidance: $101.4–$112.4 million; FFO, as adjusted: $213–$224 million.

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

• Balance sheet strategy emphasizes debt reduction, extending maturities, and lowering borrowing costs.

• Board declared a $0.45 per share dividend for Q4 2025 and authorized a new $25 million share repurchase program.