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CBL

CBL & Associates Properties, Inc.

CBL

CBL & Associates Properties, Inc. • NYSE
$33.42 ▼ -0.09% (-0.03)
Market Cap $1.03 B
52w High $33.53
52w Low $21.10
Dividend Yield 2.90%
P/E 8.36
Volume 44.53K
Outstanding Shares 30.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $139.28M ▼ $17.787M ▼ $74.267M ▲ 53.322% ▲ $2.44 ▲ $163.074M ▲
Q2-2025 $140.905M ▼ $54.92M ▼ $2.759M ▼ 1.958% ▼ $0.084 ▼ $82.393M ▼
Q1-2025 $141.768M ▲ $66.248M ▲ $8.789M ▼ 6.2% ▼ $0.27 ▼ $94.473M ▼
Q4-2024 $131.69M ▲ $48.256M ▲ $37.978M ▲ 28.839% ▲ $1.23 ▲ $110.902M ▲
Q3-2024 $125.089M $47.743M $16.198M 12.949% $0.52 $91.633M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $313.02M ▲ $2.73B ▲ $2.389B ▲ $351.441M ▲
Q2-2025 $287.987M ▲ $2.603B ▼ $2.325B ▼ $289.387M ▼
Q1-2025 $276.112M ▼ $2.625B ▼ $2.341B ▼ $295.026M ▼
Q4-2024 $283.939M ▼ $2.747B ▲ $2.434B ▲ $323.546M ▲
Q3-2024 $307.043M $2.248B $1.95B $308.346M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $75.06M ▲ $69.573M ▲ $-171.809M ▼ $59.702M ▲ $-42.533M ▼ $69.573M ▲
Q2-2025 $2.158M ▼ $68.268M ▲ $46.607M ▼ $-33.526M ▲ $81.349M ▲ $68.268M ▲
Q1-2025 $8.387M ▼ $31.679M ▼ $51.448M ▲ $-113.784M ▼ $-30.657M ▼ $31.679M ▼
Q4-2024 $37.547M ▲ $46.2M ▼ $7.411M ▼ $-41.275M ▲ $12.336M ▲ $46.2M ▼
Q3-2024 $15.753M $61.059M $44.713M $-105.542M $230K $61.059M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Management Developmentand Leasing Fees
Management Developmentand Leasing Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Marketing
Marketing
 $0 ▲$0 ▲$0 ▲$0 ▲
Operating Expense Reimbursements
Operating Expense Reimbursements
 $0 ▲$0 ▲$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement CBL’s income statement shows a business that has moved from heavy losses to modest profitability, but with a bumpy path. Revenue has inched down slightly over the past few years, yet profit margins before interest and taxes have improved as costs have been controlled and properties have stabilized. Earnings swung from deep losses earlier in the period to small profits more recently, suggesting restructuring and redevelopment are starting to show up in the bottom line. However, the history of large losses and very volatile earnings means performance is still fragile and sensitive to changes in occupancy, rents, and interest costs.

Balance Sheet

Balance Sheet The balance sheet reflects a real estate owner that remains highly leveraged but in better shape than a few years ago. Total debt has come down meaningfully from earlier peak levels, yet it is still large compared with the company’s equity base, which remains relatively thin. Assets have shrunk as the portfolio has been reshaped and weaker properties likely sold or written down, which can be healthy but also reduces scale. Cash on hand appears quite limited, so CBL depends on ongoing cash flow and access to financing rather than a large liquidity cushion. Overall, the financial structure is improved but still carries notable balance sheet risk.

Cash Flow

Cash Flow Cash flow is one of the brighter spots. Operating cash flow has been consistently positive and has grown from the low-point years, indicating that the core portfolio is generating steady cash. Free cash flow looks broadly in line with operating cash flow, reflecting relatively light capital spending in the reported period, which supports debt service and shareholder returns. The flip side is that very lean investment spending can’t continue forever for a property-heavy business; future redevelopment and maintenance needs could raise cash outflows. Even so, the shift from stressed to more stable cash generation is a key underlying improvement.

Competitive Edge

Competitive Edge CBL operates in a challenging corner of real estate—retail malls—where many weaker centers have struggled. Its strength lies in owning properties that tend to be primary shopping destinations in their regions, especially in suburban markets where it often faces limited direct competition. The strategy of turning traditional malls into mixed-use, experience-heavy “suburban town centers” helps differentiate its properties from both pure online retail and older-style malls. By bringing in entertainment, dining, fitness, medical, and other non-traditional tenants, CBL is reducing dependence on fashion retailers and building a more resilient tenant mix. The competitive risk is that this repositioning must be executed well and consistently across the portfolio while consumer habits and retailer health continue to evolve.

Innovation and R&D

Innovation and R&D CBL’s innovation is more strategic and operational than laboratory-style R&D. The company is betting on mixed-use redevelopment, turning former department store spaces into entertainment venues, hotels, offices, and residential components—essentially reimagining what a mall can be. It is layering in technology, such as online inventory visibility for mall tenants, data analytics on shopper behavior, and a digital advertising network, to improve traffic, tenant sales, and ancillary revenue. CBL also emphasizes “capital-light” redevelopment structures, using partnerships and ground leases to stretch its investment dollars. The pipeline of new projects and continued tech integration are important watch points, because the long-term payoff depends on successful completion, strong tenant demand, and disciplined capital use.

Summary

Overall, CBL looks like a turnaround story in a difficult sector: financial results have moved from severe losses to modest profitability and steadier cash flow, while leverage has come down but remains high. The business model is shifting from traditional malls toward mixed-use, experience-led properties that aim to be key community hubs rather than just shopping centers. This repositioning, supported by selective use of technology and more diverse tenants, offers clear strategic upside but also execution risk and continued sensitivity to interest rates and the health of retailers and consumers. In simple terms, the company has made real progress off a low base, yet its history, leverage, and sector headwinds mean that future performance could still be uneven and will depend heavily on how well it continues to redevelop and curate its portfolio.

NEWS

November 26, 2025 · 8:00 AM UTC

CBL International Limited Wins Prestigious “CGMA Excellent Sustainability Award” at the CGMA Annual Awards 2025

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November 19, 2025 · 7:30 AM UTC

CBL Appoints Mr. Yuan He to Board of Directors

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November 7, 2025 · 9:00 AM UTC

Nurix Therapeutics Presents New Translational Data from First-in-Human Clinical Trial of Oral CBL-B Inhibitor NX-1607 Demonstrating Immune Activation and Tumor Microenvironment Remodeling

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November 6, 2025 · 4:15 PM UTC

CBL Properties Reports Results for Third Quarter 2025

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November 6, 2025 · 9:00 AM UTC

CBL Properties Celebrates Opening of Primark at CoolSprings Galleria in Nashville, Tennessee

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