CBL & Associates Properties (CBL) investor relations material

Executive summary

• Portfolio consists of 84 properties, including 46 malls, 24 open-air centers, 4 lifestyle centers, and 4 outlet centers, with a focus on dominant middle-market locations providing stable cash flows and high barriers to competition.

• Q2 2026 saw higher occupancy, positive lease spreads, and same-center NOI growth, with full-year FFO and NOI guidance raised.

• 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.

• Operational momentum is strong, with occupancy consistently above 90%, positive lease spreads, and tenant sales growth supporting future rent increases.

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

Financial highlights

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

• Net income attributable to common shareholders for Q2 2026 was $1.47 per share, up from $0.08 in Q2 2025; six-month net income was $2.95 per share, up from $0.35.

• FFO, as adjusted, per share for Q2 2026 was $1.89 (vs. $1.86 prior year); six-month FFO, as adjusted, was $3.62 (vs. $3.37 prior year).

• Regular annual dividend increased 150% since 2021, now 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.

• Guidance midpoint for 2026: $392.1M same-center NOI, $223.2M FFO (as adjusted).

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

• Full-year same-center NOI growth expected between 0.0% and 1.5%.

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