Tenant bankruptcies and store closures
The portfolio depends on retail tenants occupying large amounts of space and paying rent; failures can create vacancy and re-leasing costs.
- Scope
- Anchor tenants and mall inline tenants
- Materiality
- high
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.
23,5 %
+12,2 %
| % | |
|---|---|
| Regional malls | 72% Enclosed shopping malls that generate the majority of rental and occupancy income. |
| Open-air centers | 10% Open-air retail properties with a mix of tenants and service-oriented uses. |
| Lifestyle centers | 8% Open-air, higher-amenity retail centers with dining and entertainment elements. |
| Outlet centers | 5% Value-oriented retail centers leased to brand-name outlet tenants. |
| All other properties | 5% Office buildings, outparcels, hotels, and other non-core assets. |
CBL’s direct customers are retail tenants that lease space in its shopping centers, including national chains,...
- Anchor tenants and large-format retailersprimary
Department stores, sporting goods, and other large tenants that occupy major mall boxes and drive traffic.
- Inline specialty retailersprimary
Smaller tenants in malls, lifestyle centers, and outlet centers that pay base rent and often percentage rent.
- Restaurants and entertainment operatorssecondary
Dining, leisure, and entertainment tenants added to diversify properties beyond traditional apparel retail.
- Temporary and seasonal tenantssecondary
Short-term tenants that contribute meaningful holiday-period rent and support fourth-quarter occupancy.
- Service and non-retail tenantsemerging
Medical, personal services, and other non-retail users that help fill former anchor space and stabilize traffic.
CBL’s portfolio spans 22 U.S. states and is primarily concentrated in the southeastern and midwestern United States...
- •Properties are located across 22 U.S. states
- •Core footprint is in the southeastern and midwestern United States
- •Portfolio focuses on strong mid-tier markets rather than gateway cities
- •Recent acquisitions included malls in Kentucky, Colorado, Florida, and Montana
- •Geographic mix affects tenant demand, property taxes, and redevelopment returns
- •Local consumer spending trends directly influence occupancy and rent growth
CBL’s current strategy is to improve occupancy, drive rent growth, and reshape its centers toward a broader mix of...
01
Re-tenant former anchor spacesshort-term
Large vacant boxes are a major drag on occupancy and rent, so backfilling them is central to stabilizing NOI.
02
Portfolio optimization through asset sales and acquisitionsmedium-term
Selling non-core assets and buying higher-yield malls reallocates capital toward better cash-flow properties.
03
Balance-sheet de-riskingmedium-term
Lower leverage and longer maturities reduce refinancing pressure and improve financial flexibility.
CBL is exposed to the structural pressure on brick-and-mortar retail, including competition from e-commerce, discount...
Structural decline in enclosed mall demand
Consumer migration to online and alternative retail formats can reduce traffic and weaken leasing economics.
- Scope
- Regional malls
- Materiality
- high
Interest rate and refinancing risk
Debt is used to finance the portfolio, so higher rates or limited credit access can raise interest expense and constrain capital allocation.
- Scope
- Mortgage debt and corporate borrowings
- Materiality
- high
Operating cost inflation
Property taxes, utilities, repairs, maintenance, and insurance can rise faster than rent growth and pressure NOI.
- Scope
- All properties
- Materiality
- medium
Tariffs and trade disputes
Many tenants sell imported goods, so tariffs can raise tenant costs and reduce demand for retail space.
- Scope
- Retail tenants with imported merchandise
- Materiality
- medium
Cybersecurity incidents
Unauthorized access or system disruption could affect operations, tenant services, and data security.
- Scope
- Corporate systems and property operations
- Materiality
- medium
Impairment of real estate assets
Can materially affect quarterly and annual net income
Purchase price allocation for acquisitions
Affects future expense recognition and reported earnings
Seasonal rent recognition
Creates volatility in quarterly revenue and NOI
Joint venture and pro rata reporting
Can make segment and property-level performance differ from consolidated statements
: 11/08/2026