CBL & ASSOCIATES PROPERTIES INC

Listed Company

CBLCIK 0000910612NYSEAcceleratedReal Estate Investment TrustsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$578.37M

Net Income

$135.97M

Total Assets

$2.73B

Equity

$374.94M

Shares Out

30.98M

Op. Cash Flow

$249.68M

Business

CBL & Associates Properties, Inc. is a self-managed, self-administered REIT that owns, develops, acquires, leases, manages and operates shopping centers and commercial properties. It provides leased retail space, property management, leasing and development services, sponsorships, short-term leases and sales of peripheral land. The company operates through its Operating Partnership and Management Company and its segments include enclosed malls, outlet centers, lifestyle and open-air centers and properties such as office buildings, outparcels and hotels. Its properties are located in 21 U.S. states, concentrated in the southeastern and midwestern United States.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenues	559	494	514	542	—
Management, development and leasing fees	5	8	8	7	—
Other	14	14	13	14	—
Total revenues	578	516	535	563	—
Property operating	−102	−90	−91	−92	—
Depreciation and amortization	−165	−141	−191	−256	—
Real estate taxes	−57	−47	−55	−57	—
Maintenance and repairs	−45	−38	−41	−42	—
General and administrative expense	−69	−67	−64	−67	—
Loss on impairment	−3	−1	—	−252,000	−147
Litigation settlement	0	553,000	2	304,000	—
Other	−57,000	−230,000	−221,000	−834,000	—
Total expenses	−442	−384	−440	−516	—
Interest and other income	13	16	13	5	—
Interest expense	−176	−154	−173	−217	—
(Loss) gain on extinguishment of debt	−217,000	−819,000	3	7	—
Gain on deconsolidation	34	—	48	36	—
Gain on consolidation	0	27	—	—	—
Gain on sales of real estate assets	74	17	5	5	—
Income tax provision	−475,000	−1	−894,000	−3	—
Equity in earnings of unconsolidated affiliates	53	23	12	20	—
Total other income (expenses), net	−2	−74	−92	−146	—
Net income	135	57	3	−100	—
Operating Partnership	−21,000	−4,000	−2,000	34,000	—
Other consolidated subsidiaries	1	2	3	6	—
Net income attributable to the Company	136	59	7	−93	—
Dividends allocable to unvested restricted stock	−2	−1	−1	−3	—
Net income attributable to common shareholders	134	58	5	−96	—
Basic earnings per share	4.41	1.87	0.17	−3.2	—
Diluted earnings per share	4.34	1.87	0.17	−3.2	—
Weighted-average basic shares	30	31	31	30	—
Weighted-average diluted shares	31	31	31	30	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	602	588	585	597	599
Buildings and improvements	1,620	1,505	1,216	1,199	1,173
Real estate assets	2,222	2,093	1,801	1,795	1,772
Accumulated depreciation	−356	−284	−228	−137	−20
Net investment in real estate assets	1,866	1,810	1,573	1,664	1,769
Held-for-sale	—	56	—	—	—
Developments in progress	11	6	9	6	17
Net investment in real estate assets	1,876	1,871	1,582	—	—
Cash and cash equivalents	42	41	34	45	170
Restricted cash	111	113	89	97	—
Available-for-sale securities - at fair value (amortized cost of $292,646 and $242,881 as of December 31, 2025 and December 31, 2024, respectively)	293	243	262	292	150
Tenant	46	46	43	41	25
Other	2	2	3	4	5
Investments in unconsolidated affiliates	86	83	76	77	104
In-place leases, net	144	187	158	247	385
Intangible lease assets and other assets	129	161	158	39	105
Total assets	2,729	2,747	2,406	2,678	2,946
Mortgage and other indebtedness, net	2,171	2,213	1,889	2,000	1,813
Accounts payable and accrued liabilities	194	222	186	200	184
Total liabilities	2,364	2,434	2,075	2,311	2,545
Common stock, $.001 par value, 200,000,000 shares authorized, 30,322,052 and 30,711,227 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively (in each case, excluding 34 treasury shares)	30,000	31,000	32,000	32,000	21,000
Additional paid-in capital	687	695	719	710	548
Accumulated other comprehensive income	443,000	782,000	610,000	−1	−3,000
Accumulated deficit	−313	−372	−380	−339	−152
Total shareholders' equity	375	324	339	371	396
Noncontrolling interests	−10	−11	−9	−3	5
Total equity	365	313	331	367	401
Total liabilities, redeemable noncontrolling interests and equity	2,729	2,747	2,406	2,678	2,946

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2020 2020-12-31
Depreciation and amortization	165	141	191	256	215
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts	29	10	24	117	9
Net amortization of intangible lease assets and liabilities	15	16	21	21	−574,000
Gain on sales of real estate assets	−74	−17	−5	−5	−5
Loss on insurance proceeds	79,000	—	176,000	—	—
Write-off of development projects	27,000	230,000	39,000	834,000	952,000
Share-based compensation expense	17	15	13	12	6
Distributions of earnings from unconsolidated affiliates	44	21	18	24	10
Change in estimate of uncollectable revenues	3	4	2	−4	49
Deferred income tax provision (benefit)	11,000	−2	−1	1	15
Tenant and other receivables	−2	−2	−4	−10	−75
Other assets	8	15	1	−355,000	−10
Accounts payable and accrued liabilities	−6	−9	−17	−40	35
Net cash provided by operating activities	250	202	184	208	133
Additions to real estate assets	−52	−36	−43	−39	−53
Acquisitions of real estate assets	−186	—	—	−6	—
Increase in cash and restricted cash from acquisition of interest in unconsolidated affiliate, net of cash paid	—	10	—	—	—
Net proceeds from sales of real estate assets	169	79	10	10	8
Purchases of available-for-sale securities	−416	−361	−313	−741	−235
Redemptions of available-for-sale securities	365	380	356	601	—
Proceeds from insurance	372,000	—	281,000	743,000	988,000
Additional investments in and advances to unconsolidated affiliates	−4	−9	−11	−3	−11
Distributions in excess of equity in earnings of unconsolidated affiliates	11	5	5	26	11
Changes in other assets	−2	−2	−3	−4	−1
Net cash (used in) provided by investing activities	−115	65	2	−157	−280
Proceeds from mortgage and other indebtedness	188	—	—	425	365
Principal payments on mortgage and other indebtedness	−219	−146	−79	−524	−155
Additions to debt issuance costs	−5	−273,000	−693,000	−19	−590,000
Repurchases of common stock	−18	−36	−1	—	—
Contributions from noncontrolling interests	2	13,000	117,000	589,000	692,000
Payment of tax withholdings for restricted stock awards and performance stock units	−6	−3	−3	−2	−87,000
Distributions to noncontrolling interests	−191,000	−140,000	−2	−3	—
Dividends paid to common shareholders	−77	−50	−118	−24	—
Net cash used in financing activities	−135	−237	−204	−146	210
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	−852,000	31	−19	−94	63
Cash paid for interest, net of amounts capitalized	136	131	136	124	125

Filings

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