CBL · CBL & Associates Properties, Inc.

CBL Properties delivered robust Q1 2026 results, with net income attributable to common shareholders rising to $1.48 from $0.27 in the prior year, driven by FFO of $2.78 and FFO as adjusted of $1.73, up 15% year-over-year. Same-center NOI grew 2.1% to $96.6 million, fueled by $1.6 million higher rental revenues from specialty leasing and percentage rent, plus a $0.2 million operating expense reduction despite higher property costs offset by lower taxes and maintenance. Leasing activity was strong, signing 583,000 square feet including 372,000 comparable sq ft at 5.7% rent increases, while same-center sales per sq ft rose 5.8% in the quarter and 4.6% over trailing 12 months to $453. Portfolio occupancy improved to 90.5%, though bankruptcies like Francesca's and Eddie Bauer impacted malls by 87 bps. Balance sheet strengthened with $305.5 million in unrestricted cash. Management highlighted transformational refinancings replacing a $634 million term loan with $425 million mall-secured non-recourse debt and $176.1 million open-air loan, plus others like Fayette Mall ($97.5M at 7.25%) and Northwoods Mall ($43M at 9.1%), unlocking over $38 million in annual cash flow. The Gateway Mall acquisition at $43.5 million adds accretion from day one. Reflecting this momentum, full-year FFO as adjusted guidance was raised to $7.06-$7.19 per share on 31 million weighted shares, with same-center NOI growth outlook -0.5% to 1.25%. A 39% dividend hike to $0.625 quarterly underscores cash flow confidence, while $12 million in stock repurchases signal capital return discipline amid deconsolidations like Jefferson Mall.