CBL & Associates Properties, Inc.

Company overview

CBL & Associates Properties, Inc. is a self-managed, self-administered, fully integrated real estate investment trust (REIT). The company owns, develops, acquires, leases, manages, and operates shopping centers, including regional malls, outlet centers, lifestyle centers, open-air centers, and other properties. As of December 31, 2025, its properties are located in 22 states, with a concentration in the southeastern and midwestern United States.

The company conducts substantially all business through its Operating Partnership (a variable interest entity). CBL & Associates owns two qualified REIT subsidiaries (CBL Holdings I, Inc. and CBL Holdings II, Inc.). CBL Holdings I, Inc. is the sole general partner of the Operating Partnership, and the company’s aggregate ownership in the Operating Partnership was 99.98% as of December 31, 2025; third parties hold the remaining 0.02%.

Corporate and management structure

• Management Company: CBL & Associates Management, Inc. (100% owned) handles property management and development activities to meet Internal Revenue Code requirements for REIT status.
• Employees:
  • The parent company has no employees other than statutory officers.
  • The Management Company employed 408 full-time and 92 part-time employees as of December 31, 2025. Reported demographics included 21% racially diverse and 53% female, with a 7% turnover rate in 2025.

Portfolio composition (as of December 31, 2025)

• Malls
  • Controlling interest in 43 malls; non-controlling interest in 4 malls (47 malls in aggregate).
  • Malls are generally dominant in their trade areas. Land for many malls is owned in fee simple; some are on ground leases.
• Outlet centers
  • Controlling interest in 2 outlet centers; non-controlling interest in 3 outlet centers (5 total).
  • Generally anchored by discount/off-price tenants; some assets are managed by an affiliated third-party partner.
• Lifestyle centers
  • Controlling interest in 3 lifestyle centers; non-controlling interest in 1.
• Open-air centers
  • Open-air centers include anchors such as supermarkets and big-box retailers. Total open-air center GLA and occupancy are reported in the property tables.
• All Other properties
  • Includes office buildings and hotels (including 2 hotels and several office properties).

Portfolio scale and metrics

• Total mall gross leasable area (GLA): approximately 36,890,350 square feet.
• Inline mall GLA: approximately 11,893,668 square feet.
• Open-air and other segments contribute hundreds of thousands to millions of additional square feet across multiple centers.
• Anchors and junior anchors: 415 anchors/junior anchors across all properties, with a mix of company-owned, leased, and ground-leased arrangements.
• Mall-level metrics reported include weighted average sales per square foot, occupancy, and anchor composition (detailed per-property tables are provided in the filing).

Revenue model and sources

• Primary revenue: rental revenues, including fixed minimum rents and percentage rents tied to tenant sales.
• Recoveries and reimbursements: tenant reimbursements for operating expenses (real estate taxes, common area maintenance, insurance) and recoveries for capital expenditures and other recoverable costs.
• Other revenue streams: management, leasing, and development fees; sponsorships; sales of peripheral land; and sales of operating real estate assets when appropriate.
• Net operating income (NOI) is presented as a non-GAAP measure in the filing, with reconciliations provided elsewhere in the report.

Geographic and tenant exposure

• Top markets by share of total revenues for the year ended December 31, 2025:
  • Chattanooga, TN: 6.7%
  • St. Louis, MO: 6.5%
  • Nashville, TN: 5.0%
  • Lexington, KY: 4.3%
  • Kansas City, KS: 4.2%
  • These five markets together accounted for 26.7% of total revenues.
• Top 25 tenants by percentage of total revenues represented 34.15% of total revenues in 2025, covering 1,253 stores and 11,453,890 square feet across those tenants.

Debt and financial posture (high-level, as of December 31, 2025)

• Consolidated debt: approximately $2.255 billion.
• Noncontrolling interests’ share of consolidated debt: $(34.9) million.
• Company’s share of unconsolidated debt: $354.1 million.
• Company’s pro rata share of total debt: approximately $2.62 billion.
• Variable-rate debt outstanding (pro rata): about $751 million.
• Debt structure includes property-level debt, secured term loans, and a corporate secured term loan, with maturities concentrated in 2026–2028 and customary restrictions and covenants for a large, leveraged real estate portfolio.

Compliance, governance, and REIT considerations

• The company qualifies as a REIT for federal income tax purposes.
• Ownership limits and transfer restrictions are in place to preserve REIT status, including a 9.9% ownership cap and a 50% value limit on beneficial ownership by a small number of holders. Provisions exist to address situations where ownership limits might be exceeded.
• The Operating Partnership and related entities are subject to partnership tax rules, with potential tax allocations in the event of audit adjustments.
• Governance features include anti-takeover provisions and a charter that limits certain corporate opportunities for non-employee directors.

Operational highlights and risks

• The company faces risks common to retail real estate, including competition from e-commerce and other formats, tenant concentration with large anchors, potential impairment charges on long-lived assets, inflation and interest rate exposure, capital markets dynamics, and environmental, regulatory, and cybersecurity considerations.
• Management reported investments in training and development, workforce diversity initiatives, and community and well-being programs at the Management Company level.

If you’d like, I can convert this into a one-page executive summary, or extract specific tables (for example, GLA and occupancy by segment or debt maturities by year) into a quick-reference digest.