CBL & Associates Properties, Inc. reported Q4 and full-year 2025 results with net income attributable to common shareholders of $1.56 for Q4 and $4.34 for the year, FFO as adjusted of $2.25 per share for Q4 and $7.21 for the year, same-center NOI growth of 3.3% in Q4 and 0.5% for the year, alongside dispositions generating $240.7 million and acquisitions of four malls for $178.9 million.
Key takeaways
Net income attributable to common shareholders $1.56 (Q4 2025) vs $1.22 (Q4 2024), $4.34 (full-year 2025) vs $1.87 (2024)
FFO as adjusted $2.25 per share (Q4 2025) vs $1.92 (Q4 2024), $7.21 (full-year 2025) vs $6.69 (2024)
Same-center NOI $116,606 (Q4 2025, +3.3%) and $420,471 (full-year 2025, +0.5%)
Portfolio occupancy 90.0% as of December 31, 2025 (down from 90.3%)
Executed 4.0 million sq ft leases full-year 2025 at 2.6% rent increase; Q4 1.3 million sq ft at (2.9)%
Dispositions $240.7 million gross proceeds; acquired four malls for $178.9 million in July 2025
Cash dividend $0.45 per share payable March 31, 2026 to record March 17, 2026