CBL & Associates Properties, Inc
CBL & Associates Properties, Inc. is a self-managed REIT that owns, develops, acquires, leases, manages, and operates shopping centers in the United States. Its portfolio is centered on regional malls, outlet centers, lifestyle centers, open-air centers, and a smaller set of office, hotel, and outparcel assets. The company’s properties are concentrated in 22 states, with the strongest footprint in the southeastern and midwestern U.S. CBL’s business model depends on maintaining occupancy, re-tenanting former anchor spaces, and increasing rent from a mix of retail and non-retail uses. It also uses portfolio recycling and balance-sheet management to improve cash flow and reduce refinancing risk.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueEnclosed shopping malls that generate the majority of rental and occupancy income.
Open-air retail properties with a mix of tenants and service-oriented uses.
Open-air, higher-amenity retail centers with dining and entertainment elements.
Value-oriented retail centers leased to brand-name outlet tenants.
Office buildings, outparcels, hotels, and other non-core assets.
Products
Reported · share of revenue- Operating Expense Reimbursements47.6 %
- Management Developmentand Leasing Fees31.5 %
- Marketing20.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
CBL’s direct customers are retail tenants that lease space in its shopping centers, including national chains, specialty retailers, restaurants, entertainment operators, and service businesses. The company also serves short-term and seasonal tenants that are especially important during the holiday period, when traffic and temporary rent are highest. Anchor tenants and former anchor replacements are strategically important because they influence traffic, occupancy, and the ability to reconfigure large spaces. End consumers are not contractual customers, but their shopping behavior drives tenant sales, rent growth, and the attractiveness of each property. The company’s tenant base increasingly reflects omni-channel retailers that use physical stores as part of a broader sales strategy.
Department stores, sporting goods, and other large tenants that occupy major mall boxes and drive traffic.
Smaller tenants in malls, lifestyle centers, and outlet centers that pay base rent and often percentage rent.
Dining, leisure, and entertainment tenants added to diversify properties beyond traditional apparel retail.
Short-term tenants that contribute meaningful holiday-period rent and support fourth-quarter occupancy.
Medical, personal services, and other non-retail users that help fill former anchor space and stabilize traffic.
Strategy
CBL’s current strategy is to improve occupancy, drive rent growth, and reshape its centers toward a broader mix of retail, dining, entertainment, service, and other non-retail uses. A key execution lever is re-tenanting former anchor locations and diversifying inline tenancy so that large vacant spaces become productive again. The company is also recycling capital by selling non-core assets and open-air centers and reinvesting in higher cash-flow-yielding enclosed malls. On the balance sheet, management is focused on reducing debt, extending maturities, and lowering borrowing costs to reduce refinancing risk and support free cash flow. These actions are intended to stabilize the portfolio and enhance enterprise value over time.
Large vacant boxes are a major drag on occupancy and rent, so backfilling them is central to stabilizing NOI.
Selling non-core assets and buying higher-yield malls reallocates capital toward better cash-flow properties.
Lower leverage and longer maturities reduce refinancing pressure and improve financial flexibility.
Geography
CBL’s portfolio spans 22 U.S. states and is primarily concentrated in the southeastern and midwestern United States. The company highlights strong mid-tier markets rather than coastal gateway cities, which shapes both tenant demand and redevelopment opportunities. Its recent acquisitions and dispositions show active portfolio management across multiple states, including Kentucky, Colorado, Florida, and Montana. Because the business is property-based, local consumer spending, regional employment trends, and state tax burdens can materially affect occupancy and NOI. The geographic mix also matters for refinancing and operating costs because property taxes, utilities, and redevelopment economics vary by market.
Risks
CBL is exposed to the structural pressure on brick-and-mortar retail, including competition from e-commerce, discount formats, and changing consumer behavior. Its properties depend on tenant health, so bankruptcies, consolidations, or weaker sales at key retailers can reduce occupancy and rent collections. The portfolio is also sensitive to local economic conditions, property taxes, utilities, maintenance, and insurance costs, all of which can compress margins. Because the company uses leverage and has meaningful refinancing needs, higher interest rates or tighter credit markets can increase borrowing costs and limit flexibility. Trade disputes and tariffs can also hurt tenants that rely on imported goods, while cyber incidents and technology disruption create additional operational risk.
- Tenant bankruptcies and store closuresImpact: HighLikelihood: High
The portfolio depends on retail tenants occupying large amounts of space and paying rent; failures can create vacancy and re-leasing costs.
Exposure: Anchor tenants and mall inline tenants
- Structural decline in enclosed mall demandImpact: HighLikelihood: High
Consumer migration to online and alternative retail formats can reduce traffic and weaken leasing economics.
Exposure: Regional malls
- Interest rate and refinancing riskImpact: HighLikelihood: Medium
Debt is used to finance the portfolio, so higher rates or limited credit access can raise interest expense and constrain capital allocation.
Exposure: Mortgage debt and corporate borrowings
- Operating cost inflationImpact: MediumLikelihood: High
Property taxes, utilities, repairs, maintenance, and insurance can rise faster than rent growth and pressure NOI.
Exposure: All properties
- Tariffs and trade disputesImpact: MediumLikelihood: Medium
Many tenants sell imported goods, so tariffs can raise tenant costs and reduce demand for retail space.
Exposure: Retail tenants with imported merchandise
- Cybersecurity incidentsImpact: MediumLikelihood: Low
Unauthorized access or system disruption could affect operations, tenant services, and data security.
Exposure: Corporate systems and property operations
Accounting
Judgemental itemsRedevelopment plans, weak tenant demand, or asset sales can require write-downs that reduce reported earnings without affecting cash immediately.
Impact: Can materially affect quarterly and annual net income
The company acquired malls and must allocate purchase price across land, buildings, and intangibles, which drives future depreciation and amortization.
Impact: Affects future expense recognition and reported earnings
Holiday traffic increases temporary rents and percentage rent in the fourth quarter, making quarterly comparisons uneven.
Impact: Creates volatility in quarterly revenue and NOI
Some properties are owned through unconsolidated affiliates, so ownership percentages and noncontrolling interests affect reported results.
Impact: Can make segment and property-level performance differ from consolidated statements
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Last updated: 24/09/2026