CBL & Associates Properties (CBL) investor relations material

Executive summary

• Portfolio consists of 88 properties, including malls, open-air centers, outlet centers, and lifestyle centers, with a focus on dominant middle-market locations and ongoing diversification.

• Achieved strong operational and financial momentum, with Q1 2026 net income attributable to common shareholders rising to $45.4 million from $8.2 million year-over-year, and total shareholder return since 2021 reaching 82.8%.

• Portfolio occupancy rose to 90.5% as of March 31, 2026, with lease spreads up 5.7% and tenant sales per square foot up 4.6% year-over-year.

• Significant free cash flow generation, with $305M cash on hand and $90.5M in discretionary cash flow projected for 2026.

• Major acquisitions and refinancing, including Gateway Mall for $43.8 million and $634 million in term loans refinanced, extended debt maturities and supported growth.

Financial highlights

• Net income attributable to common shareholders for Q1 2026 was $45.4 million, up from $8.2 million in Q1 2025; FFO, as adjusted, per share increased 15% year-over-year to $1.73.

• 2026 estimated cash flow before amortization: $151M; discretionary cash flow: $90.5M.

• Net debt/EBITDAre at 5.9x; net debt to enterprise value at 61%, down from 81% at emergence.

• Regular annual dividend increased 39% to $2.50 per share, yielding 5.5%; Q2 2026 dividend declared at $0.625 per share.

• Unrestricted cash and marketable securities totaled $305.5 million as of March 31, 2026.

Outlook and guidance

• Full-year 2026 FFO, as adjusted, guidance raised to $7.06–$7.19 per share; net income guidance set at $71.1–$75.1 million.

• 2026 guidance projects continued strong cash flow, further debt reduction, and capital expenditures of $123–$138 million.

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

• Ongoing portfolio optimization, re-tenanting, and capital recycling expected to drive growth and shareholder value.