Q2 2026 Results Reflect Higher Occupancy, Positive Lease Spreads, Same-Center NOI Growth; Full-Year FFO and SC NOI Guidance Increased

CBL Properties (NYSE:CBL) announced results for the second quarter ended June 30, 2026. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income attributable to common shareholders	$	1.47	$	0.08	$	2.95	$	0.35
Funds from Operations ("FFO")	$	1.93	$	1.48	$	4.71	$	2.61
FFO, as adjusted ⁽¹⁾	$	1.89	$	1.86	$	3.62	$	3.37

(1)

For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company’s reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release.

KEY TAKEAWAYS:

Same-center NOI for Q2 2026 and the six months ended June 30, 2026, increased 1.5% and 2.2%, respectively, compared with the prior-year periods. FFO, as adjusted, per share for Q2 2026 was $1.89, compared with $1.86 per share for the prior-year period. FFO, as adjusted, per share for the six months ended June 30, 2026, was $3.62 compared with $3.37 per share for the prior-year period. Results for the quarter contributed to an increase in full-year 2026 guidance (see Outlook and Guidance).
Leasing volume during the second quarter 2026 was robust, with nearly 1.3 million square feet of leases signed, including approximately 585,000 square feet of comparable new and renewal leases signed at an 8.8% increase in average rents versus the prior rents.
Same-center tenant sales per square foot for the second quarter 2026 increased approximately 2.2% as compared with the prior-year period. Same-center tenant sales per square foot for the rolling 12-months ended June 30, 2026, of $455, increased 3.9% as compared with the prior-year period.
Portfolio occupancy was 90.4% as of June 30, 2026, an increase of 160 bps from portfolio occupancy of 88.8% as of June 30, 2025. Bankruptcy-related store closures, representing approximately 76,000 square feet, negatively impacted mall occupancy by nearly 54 basis points compared with the prior-year period.
As of June 30, 2026, the Company had $322.7 million of unrestricted cash and marketable securities, including CBL's share of joint venture cash of $20.3 million.
On August 5, 2026, CBL's Board of Directors approved a dividend of $0.625 per common share for the third quarter of 2026, representing an annual dividend of $2.50 per share.
During the quarter, CBL generated gross proceeds from dispositions of nearly $60.0 million at CBL's share, including the sale of Hammock Landing, an open-air center in West Melbourne, FL, and the sale of land to multi-family developers at two properties. The disposition of undeveloped land represents opportunities where CBL has taken advantage of under-utilized parking lots and undeveloped parcels to add density to its market-dominant mall properties and realize the embedded value of land across its portfolio.

"CBL posted excellent second quarter operational and financial results, building on the strong momentum generated in the first quarter," said Stephen D. Lebovitz, Chief Executive Officer of CBL Properties. "The results were highlighted by a 1.5% year-over-year increase in same-center NOI, supported by base rent escalations and higher occupancy levels. Leasing demand across our portfolio remained robust as we continued to diversify our tenant mix with new retail, dining, entertainment and experiential uses. During the quarter, we signed nearly 1.3 million square feet of new and renewal leases, generating more than $8.1 million in additional annual rent. Comparable lease spreads averaged an increase of 8.8%, with new leases achieving rent increases of 35% over prior rents, highlighting the mark-to-market opportunity embedded in our portfolio. Portfolio occupancy ended the quarter at 90.4%, an improvement of 160 basis points from a year ago, as our leasing team successfully executed on both anchor and small-shop merchandising opportunities.

"We have made significant progress transforming our balance sheet through refinancing activity completed year to date, including the refinancing of the $634 million legacy term loan in March. These transactions extended our maturity profile, enhanced annual free cash flow and positioned CBL to invest in value-creating opportunities and increase returns to shareholders. We closed on the sale of Hammock Landing in West Melbourne, Florida, at an 8% cap rate, which generated net proceeds to CBL of approximately $26.0 million. In addition, we realized significant value from outparcel and land sales this quarter, generating more than $19 million in proceeds, including sales to two multi-family developers. Our cash balance at the end of the quarter is in excess of $320 million, providing strong liquidity and reserves for additional investment.

"While we are closely watching the impact of macroeconomic factors on our business, we are encouraged by the quality and pace of our leasing pipeline and the progress we are making on the portfolio repositioning strategy that is defining the next chapter of CBL. We were pleased to raise and tighten our full-year guidance range for FFO and NOI, reflecting the strength of our execution through the first half of the year. We remain focused on building further momentum, driving additional operational improvements across the portfolio and creating durable, long-term value for shareholders."

Same-center Net Operating Income ("NOI") ⁽¹⁾:

	Three Months Ended June 30,
	2026			2025
Total Revenues	$	144,002		$	142,369
Total Expenses	$	(46,349	)	$	(46,152	)
Total portfolio same-center NOI	$	97,653		$	96,217
Total same-center NOI percentage change		1.5	%

Estimate for uncollectable revenues (recovery)	$	1,240		$	300

(1)

CBL’s definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of above and below market leases.

Same-center NOI for the second quarter 2026 increased $1.4 million. Rental revenue growth of $1.6 million was driven by improvement in rental revenue from higher occupancy and a $0.4 million increase in percentage rent. Total operating expense during the second quarter increased $0.2 million. The net increase was a result of $1.2 million higher property operating expenses and $0.3 million higher maintenance and repair expense, offset by a $1.3 million favorable impact from real estate taxes. The estimate for uncollectable revenues negatively impacted the quarter by approximately $0.9 million.

	Six Months Ended June 30,
	2026			2025
Total Revenues	$	287,043		$	283,346
Total Expenses	$	(95,268	)	$	(95,700	)
Total portfolio same-center NOI	$	191,775		$	187,646
Total same-center NOI percentage change		2.2	%

Estimate for uncollectable revenues (recovery)	$	2,603		$	1,219

Same-center NOI for the six months ended June 30, 2026, increased $4.1 million. A $1.1 million increase in percentage rents and higher rental revenue from occupancy improvements and contractual rent escalation contributed to the $3.4 million increase in rental revenues. Total operating expense declined $0.4 million during the current period, primarily driven by the $2.7 million improvement in real estate taxes. Property operating expense increased $2.5 million, while maintenance and repair expense declined $0.2 million. The estimate for uncollectable revenues negatively impacted the current period by approximately $1.4 million.

PORTFOLIO OPERATIONAL RESULTS
Occupancy⁽¹⁾:

	As of June 30,
	2026		2025
Total portfolio	90.4	%	88.8	%
Malls, lifestyle centers and outlet centers:
Total malls	88.3	%	86.2	%
Total lifestyle centers	92.7	%	90.8	%
Total outlet centers	91.5	%	91.2	%
Total same-center malls, lifestyle centers and outlet centers	88.9	%	88.9	%
Open-air centers	95.0	%	93.6	%
All Other Properties	94.5	%	91.0	%

(1)

Occupancy for malls, lifestyle centers and outlet centers represent percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:
% Change in Average Gross Rent Per Square Foot:
	Three Months Ended June 30,		Six Months Ended June 30,
	2026		2026
All Property Types	8.8	%	7.5	%
Stabilized Malls, Lifestyle Centers and Outlet Centers	8.2	%	7.1	%
New leases	35.7	%	41.7	%
Renewal leases	3.1	%	2.0	%
Open-air Centers	18.4	%	17.6	%

Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less:
	Sales Per Square Foot for the Trailing Twelve Months Ended June 30,
	2026		2025		% Change
Malls, lifestyle centers and outlet centers same-center sales per square foot	$	455	$	438	3.9	%

DIVIDEND

On August 5, 2026, CBL announced a cash dividend of $0.625 per common share for the quarter ending September 30, 2026. The dividend equates to an annual dividend payment of $2.50 per common share. The dividend is payable on September 30, 2026, to shareholders of record as of September 15, 2026.

FINANCING ACTIVITY

Year-to-date, CBL has executed $925.1 million of financing activity, including the March refinancing of its $634.0 million term loan. The completed financings materially strengthened CBL's financial position, reduced near-term maturity risk, and unlocked more than $38 million of previously restricted cash flow. CBL's pro rata share of debt was reduced by $65.4 million compared with the prior period-end. Following these transactions, CBL's limited remaining debt maturities over the next few years are concentrated among some of the Company's highest-quality assets. As a result, CBL's balance sheet is well positioned and provides increased financial flexibility.

Refinancing and Loan Modification Activity

In August, CBL and its joint venture partner closed on the extension and modification of the $30.7 million loan (at 100%) secured by The Outlet Shoppes at Laredo in Laredo, TX. At closing the loan balance was reduced by $850,000 and the maturity extended through the end of November 2026.

In May, CBL closed a $71.9 million non‑recourse loan secured by Hamilton Place in Chattanooga, Tennessee. The five‑year loan bears a fixed interest rate of 6.8% and replaces the property’s existing $85.5 million loan, which was scheduled to mature in June.

CBL also completed the refinancing of Fayette Mall, a dominant super-regional enclosed mall located in Lexington, Kentucky. The financing replaces the existing $98.6 million loan with a new $97.5 million, five‑year non-recourse CMBS loan with a fixed interest rate of approximately 7.25%. The new loan’s more favorable amortization structure results in approximately $5.0 million in additional cash flow to CBL.

CBL closed on a modification of the $32.4 million loan secured by Volusia Mall in Daytona Beach, FL, in May, extending its maturity to October 2026.

In April, CBL closed on a $43.0 million non-recourse loan secured by Northwoods Mall in N. Charleston, SC. The new five-year loan bears a fixed interest rate of 9.1%. Proceeds from the loan, as well as approximately $7.5 million of existing escrows, were used to retire the existing $46.8 million loan secured by the property, which was scheduled to mature this month. Under the prior loan, cash flows have been swept by the lender since April 2021. The refinancing is expected to release over $3.0 million of previously restricted cash flow.

Additionally in April, CBL and its joint venture partner closed on a $6.6 million ($3.3 million at CBL's share) non-recourse, five-year loan secured by Coastal Grand Mall - Dick's Sporting Goods.

In March, CBL successfully refinanced its existing $634.0 million term loan through two complementary transactions including a $425.0 million non-recourse financing secured by a pool of primarily mall properties and a $176.1 million floating-rate bank loan primarily secured by a pool of strong open-air lifestyle centers. The financing resulted in an increase in estimated annual free cash flow of more than $30 million.

Other Financing Activity

Four loans aggregating approximately $189.6 million (at CBL's share) of non-recourse mortgage debt are in the process of being resolved through lender-directed sale, foreclosure or conveyance. Once complete, these transactions will eliminate the associated debt and simplify CBL’s portfolio and balance sheet.

In February, Jefferson Mall in Louisville, KY, was placed into receivership and was deconsolidated due to the loss of control. CBL is cooperating with the lender to facilitate a foreclosure of the asset, which is secured by a $48.6 million non-recourse loan.

In May, The Outlet Shoppes at Gettysburg in Gettysburg, PA, was placed into receivership. CBL is cooperating with the lender to facilitate a foreclosure of the asset, which is secured by a $9.7 million non-recourse loan (at CBL's share).

CBL is in discussions with the lenders for Arbor Place Mall in Douglasville, GA ($83.0 million) and Parkdale Mall and Crossing in Beaumont, TX ($48.3 million), and intends to cooperate with the sale, foreclosure or conveyance of the properties in satisfaction of the debt.

TRANSACTION ACTIVITY

Year-to-date, CBL has generated gross sales proceeds at CBL's share of more than $61.4 million.

In May, CBL along with its joint venture partner, closed on the sale of Hammock Landing, a 397,000 square-foot open-air center in West Melbourne, FL, for $78.5 million, including the assumption of the $43.8 million loan. The sales of Hammock Landing at an 8% cap rate, along with the first quarter sale of related infrastructure bonds, generated approximately $26 million of cash proceeds to CBL.

During the quarter, CBL generated approximately $19.2 million in gross proceeds from dispositions of six land parcels and other outparcels including more than 15 acres of available land for multi-family development at two properties: CoolSprings Galleria in Nashville, TN and Harford Mall in Bel Air, MD. The sales are consistent with CBL’s ongoing strategy of unlocking value from underappreciated land and assets that can be redeployed into higher-yielding opportunities.

STOCK REPURCHASE PROGRAM

On November 5, 2025, CBL's Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock. CBL has acquired 363,676 shares of CBL common stock for $12.0 million under the program since authorization. No shares were acquired during the second quarter.

OUTLOOK AND GUIDANCE

CBL is providing updated FFO, as adjusted, guidance for 2026 in the range of $7.15 - $7.25 per share. The guidance reflects transaction and financing activity completed year-to-date, including the impact of the Q2 '26 sale of Hammock Landing and a gain on an outparcel sale closed in the second quarter. Management anticipates same-center NOI for full-year 2026 in the range of 0.0% to 1.5%. Parkdale Mall and Crossing have been removed from the same-center pool, reflecting CBL's cooperation with the lender on a sale, foreclosure or conveyance of the property.

	Low			High
2026 Net Income (in millions)
2026 FFO, as adjusted (in millions)	$	221.7		$	224.7
2026 WA Share Count		31.0			31.0
2026 FFO, as adjusted, per share	$	7.15		$	7.25
2026 Same-Center NOI ("SC NOI") (in millions) ⁽¹⁾	$	389.2		$	395.0
2026 change in same-center NOI		0.0	%		1.50	%

Reconciliation of GAAP Earnings Per Share to 2026 FFO, as Adjusted, Per Share:

	Low			High
Expected diluted earnings per common share	$	3.04		$	3.14
Depreciation and amortization		4.97			4.97
Gain on depreciable property		(0.77	)		(0.77	)
Expected FFO, per diluted, fully converted common share		7.24			7.34
Debt discount accretion, net of noncontrolling interests' share		0.60			0.60
Adjustment for unconsolidated affiliates with negative investment		0.59			0.59
Non-cash interest expense		0.05			0.05
Gain on deconsolidation		(1.33	)		(1.33	)
Expected FFO, as adjusted, per diluted, fully converted common share	$	7.15		$	7.25

Reconciliation of Net Income to SC NOI (in millions):
	Low			High
Net income (loss)	$	100.0		$	103.1
Adjustments ⁽¹⁾:
Depreciation and amortization		154.3			154.3
Gain on sales of depreciable property		(24.0	)		(24.0	)
Adjustments for unconsolidated affiliates⁽²⁾		20.2			20.2
Non-comparable property NOI		(57.9	)		(57.9	)
Other (income) expenses, net⁽³⁾		139.7			139.7
Non-property (income) expenses, net⁽⁴⁾		56.9			59.6
Total Same-Center NOI	$	389.2		$	395.0
(1) Adjustments are based on our Operating Partnership’s pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties (2) GAAP adjustments for unconsolidated affiliates, including those with negative investment. (3) Property-level (income) expenses, net, that are not included in NOI, including but not limited to, interest expense, gains on sales of non-depreciable real estate assets, straight-line rent and above- and below-market lease amortization. (4) Non-property (income) expenses, net, that are not included in NOI, including but not limited to, fee income and general and administrative expenses.

2026 Estimate of Capital Items (in millions):

	Low		High
2026 Estimated maintenance capital/tenant allowances ⁽¹⁾	$	55.0	$	65.0
2026 Estimated development/redevelopment expenditures		5.0		10.0
2026 Estimated principal amortization (including est. term loan ECF)		58.0		63.0
Total Estimate	$	118.0	$	138.0
(1) Excludes amounts related to properties which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements as further described on page 12 of the Financial Supplement.

ABOUT CBL PROPERTIES

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 85 properties totaling 54.8 million square feet across 23 states, including 54 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 20 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

NON-GAAP FINANCIAL MEASURES

Funds From Operations

FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure.

The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership.

In the reconciliation of net income (loss) attributable to the Company’s common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.

FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity.

The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release for a description of these adjustments.

Same-center Net Operating Income

NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).

The Company computes NOI based on the Operating Partnership’s pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies.

Since NOI includes only those revenues and expenses related to the operations of the Company’s shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company’s results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release.

Pro Rata Share of Debt

The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s condensed consolidated balance sheet is located at the end of this earnings release.

Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.

Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
REVENUES:
Rental revenues	$	142,014		$	136,453		$	283,387		$	273,813
Management, development and leasing fees		1,159			1,357			2,768			2,674
Other		3,306			3,095			6,292			6,186
Total revenues		146,479			140,905			292,447			282,673
EXPENSES:
Property operating		(25,797	)		(23,583	)		(54,030	)		(49,461	)
Depreciation and amortization		(36,283	)		(39,702	)		(74,381	)		(85,243	)
Real estate taxes		(14,055	)		(15,027	)		(28,121	)		(30,758	)
Maintenance and repairs		(10,841	)		(10,372	)		(23,174	)		(23,838	)
General and administrative		(14,782	)		(15,188	)		(33,369	)		(35,895	)
Loss on impairment		—			(1,457	)		—			(1,457	)
Other		—			(30	)		30			(30	)
Total expenses		(101,758	)		(105,359	)		(213,045	)		(226,682	)
OTHER INCOME (EXPENSES):
Interest and other income		3,089			3,164			6,449			6,632
Interest expense		(42,716	)		(43,959	)		(82,615	)		(88,184	)
Loss on extinguishment of debt		—			—			—			(217	)
Gain on deconsolidation		5,925			—			41,259			—
Gain on sales of real estate assets		13,633			1,339			15,035			22,871
Income tax (provision) benefit		(642	)		(369	)		588			102
Equity in earnings of unconsolidated affiliates		22,311			6,437			32,588			13,350
Total other income (expenses), net		1,600			(33,388	)		13,304			(45,446	)
Net income		46,321			2,158			92,706			10,545
Net (income) loss attributable to noncontrolling interests in:
Operating Partnership		(8	)		(2	)		(16	)		(8	)
Other consolidated subsidiaries		131			603			241			1,011
Net income attributable to the Company		46,444			2,759			92,931			11,548
Earnings allocable to unvested restricted stock		(1,086	)		(192	)		(2,170	)		(769	)
Net income attributable to common shareholders	$	45,358		$	2,567		$	90,761		$	10,779
Basic and diluted per share data attributable to common shareholders:
Basic earnings per share	$	1.50		$	0.08		$	3.01		$	0.35
Diluted earnings per share		1.47			0.08			2.95			0.35
Weighted-average basic shares		30,221			30,456			30,203			30,438
Weighted-average diluted shares		30,936			30,742			30,808			30,726

The Company's reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:
(in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income attributable to common shareholders	$	45,358		$	2,567		$	90,761		$	10,779
Noncontrolling interest in income of Operating Partnership		8			2			16			8
Earnings allocable to unvested restricted stock		(347	)		(524	)		(1,239	)		(493	)
Depreciation and amortization expense of:
Consolidated properties		36,283			39,702			74,381			85,243
Unconsolidated affiliates		3,111			3,256			6,255			6,688
Non-real estate assets		(227	)		(247	)		(440	)		(494	)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(322	)		(379	)		(675	)		(805	)
Loss on impairment, including our share of unconsolidated affiliates, net of taxes		—			1,078			—			1,078
Gain on depreciable property, net of taxes		(24,013	)		—			(24,013	)		(21,706	)
FFO allocable to Operating Partnership common unitholders		59,851			45,455			145,046			80,298
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share ⁽¹⁾		5,143			9,197			10,822			18,404
Adjustment for unconsolidated affiliates with negative investment ⁽²⁾		(1,781	)		2,102			(4,665	)		3,636
Non-cash default interest expense ⁽³⁾		1,042			517			1,589			880
Gain on deconsolidation ⁽⁴⁾		(5,925	)		—			(41,259	)		—
Loss on extinguishment of debt ⁽⁵⁾		—			—			—			217
FFO allocable to Operating Partnership common unitholders, as adjusted	$	58,330		$	57,271		$	111,533		$	103,435
FFO per diluted share	$	1.93		$	1.48		$	4.71		$	2.61
FFO, as adjusted, per diluted share	$	1.89		$	1.86		$	3.62		$	3.37
Weighted-average common and potential dilutive common units outstanding		30,941			30,748			30,813			30,731

(1)		In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method.
(2)		Represents the Company’s share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where the Company is recognizing equity in earnings (losses) on a cash basis because its investment in the unconsolidated affiliate is below zero.
(3)		The three and six months ended June 30, 2026 and 2025 include default interest on loans past their maturity date.
(4)		During the three months ended June 30, 2026, the Company deconsolidated The Outlet Shoppes at Gettysburg due to a loss of control when the property was placed into receivership in connection with the foreclosure process. During the six months ended June 30, 2026, the Company deconsolidated Jefferson Mall and The Outlet Shoppes at Gettysburg due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.
(5)		During the six months ended June 30, 2025, the Company made a partial paydown on the 2032 non-recourse bank loan and recognized loss on extinguishment of debt related to a prepayment fee.

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Diluted EPS attributable to common shareholders	$	1.47		$	0.08		$	2.95		$	0.35
Add amounts per share included in FFO:
Earnings allocable to unvested restricted stock		(0.01	)		(0.02	)		(0.04	)		(0.02	)
Eliminate amounts per share excluded from FFO:
Depreciation and amortization expense, including amounts from consolidated properties, unconsolidated affiliates, non-real estate assets and excluding amounts allocated to noncontrolling interests		1.25			1.38			2.58			2.95
Loss on impairment, net of taxes		—			0.04			—			0.04
Gain on depreciable property, net of taxes		(0.78	)		—			(0.78	)		(0.71	)
FFO per diluted share	$	1.93		$	1.48		$	4.71		$	2.61

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees	$	93		$	438		$	474		$	1,401

Straight-line rental income adjustment ⁽¹⁾	$	577		$	824		$	990		$	431

Gain on outparcel sales, net of taxes	$	1,813		$	1,954		$	3,146		$	2,720

Net amortization of acquired above- and below-market leases ⁽¹⁾	$	(2,912	)	$	(2,690	)	$	(5,625	)	$	(6,536	)

Income tax (provision) benefit	$	(642	)	$	(369	)	$	588		$	102

Abandoned projects expense	$	—		$	(27	)	$	—		$	(27	)

Interest capitalized	$	111		$	137		$	233		$	250

Estimate of uncollectable revenues	$	(1,331	)	$	(731	)	$	(2,939	)	$	(1,553	)

							As of June 30,
							2026			2025
Straight-line rent receivable							$	26,016		$	23,894

(1)

The current-year presentation is based on effective ownership percentages in certain unconsolidated joint ventures while the prior-year period was based on stated ownership percentages. The difference between the effective ownership and stated ownership percentages is due to differences in capital contributions between joint venture partners and related preferred returns.

Same-center Net Operating Income
(Dollars in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income	$	46,321		$	2,158		$	92,706		$	10,545
Adjustments:
Depreciation and amortization		36,283			39,702			74,381			85,243
Depreciation and amortization from unconsolidated affiliates		3,111			3,256			6,255			6,688
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(322	)		(379	)		(675	)		(805	)
Interest expense		42,716			43,959			82,615			88,184
Interest expense from unconsolidated affiliates		6,210			7,401			12,485			14,691
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(691	)		(1,098	)		(1,468	)		(2,112	)
Abandoned projects expense		—			27			—			27
Gain on sales of real estate assets		(13,633	)		(1,339	)		(15,035	)		(22,871	)
Gain on sales of real estate assets of unconsolidated affiliates		(12,224	)		(832	)		(12,130	)		(1,867	)
Adjustment for unconsolidated affiliates with negative investment		(1,781	)		2,102			(4,665	)		3,636
Loss on extinguishment of debt		—			—			—			217
Gain on deconsolidation		(5,925	)		—			(41,259	)		—
Loss on impairment		—			1,457			—			1,457
Income tax provision (benefit)		642			369			(588	)		(102	)
Lease termination fees		(93	)		(438	)		(474	)		(1,401	)
Straight-line rent and above- and below-market lease amortization ⁽¹⁾		2,335			1,866			4,635			6,105
Net loss attributable to noncontrolling interests in other consolidated subsidiaries		131			603			241			1,011
General and administrative expenses		14,782			15,188			33,369			35,895
Management fees and non-property level revenues ⁽¹⁾		(3,467	)		(3,945	)		(7,513	)		(8,137	)
Operating Partnership's share of property NOI ⁽¹⁾		114,395			110,057			222,880			216,404
Non-comparable NOI ⁽¹⁾		(16,742	)		(13,840	)		(31,105	)		(28,758	)
Total same-center NOI ⁽²⁾	$	97,653		$	96,217		$	191,775		$	187,646
Total same-center NOI percentage change		1.5	%					2.2	%

(1)		The Company has reclassified amounts from management fees and non-property level revenues to the identified line items to conform to the current-year presentation. The current-year presentation is based on effective ownership percentages in certain unconsolidated joint ventures while the prior-year period was based on stated ownership percentages. The difference between the effective ownership and stated ownership percentages is due to differences in capital contributions between joint venture partners and related preferred returns.
(2)		CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of June 30, 2026, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending June 30, 2026. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender. The Company calculates same-center NOI based on stated ownership percentages.

Same-center Net Operating Income
(Dollars in thousands)

	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Malls	$	66,328		$	66,376	$	130,810		$	129,156
Outlet centers		5,139			4,876		10,337			10,047
Lifestyle centers		10,044			9,168		19,119			17,723
Open-air centers		10,287			10,089		20,308			19,669
Outparcels and other		5,855			5,708		11,201			11,051
Total same-center NOI	$	97,653		$	96,217	$	191,775		$	187,646
Percentage Change:
Malls		(0.1	)%				1.3	%
Outlet centers		5.4	%				2.9	%
Lifestyle centers		9.6	%				7.9	%
Open-air centers		2.0	%				3.2	%
Outparcels and other		2.6	%				1.4	%
Total same-center NOI		1.5	%				2.2	%

Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)

	As of June 30, 2026
	Fixed Rate			Variable Rate			Total Debt			Unamortized Deferred Financing Costs			Unamortized Debt Discounts ⁽¹⁾			Total, net
Consolidated debt	$	1,842,642		$	281,760		$	2,124,402		$	(29,708	)	$	(60,683	)	$	2,034,011
Noncontrolling interests' share of consolidated debt		(12,653	)		(10,738	)		(23,391	)		177			—			(23,214	)
Company's share of unconsolidated affiliates' debt		316,655			9,190			325,845			(2,389	)		—			323,456
Other debt ⁽²⁾		106,636			—			106,636			—			—			106,636
Company's share of consolidated, unconsolidated and other debt	$	2,253,280		$	280,212		$	2,533,492		$	(31,920	)	$	(60,683	)	$	2,440,889
Weighted-average interest rate		6.27	%		7.64	%		6.43	%

	As of June 30, 2025
	Fixed Rate			Variable Rate			Total Debt			Unamortized Deferred Financing Costs			Unamortized Debt Discounts ⁽¹⁾			Total, net
Consolidated debt	$	1,374,192		$	864,270		$	2,238,462		$	(6,619	)	$	(92,067	)	$	2,139,776
Noncontrolling interests' share of consolidated debt		(24,108	)		(11,193	)		(35,301	)		102			873			(34,326	)
Company's share of unconsolidated affiliates' debt		366,041			29,662			395,703			(2,381	)		—			393,322
Company's share of consolidated, unconsolidated and other debt	$	1,716,125		$	882,739		$	2,598,864		$	(8,898	)	$	(91,194	)	$	2,498,772
Weighted-average interest rate		5.16	%		7.43	%		5.93	%

(1)		In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. The Company recognized the debt discounts associated with the acquisition of its partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center in December 2024.
(2)		Includes the outstanding loan balances of three deconsolidated properties, Jefferson Mall, The Outlet Shoppes at Gettysburg and Southpark Mall, due to a loss of control when the properties were placed into receivership in connection with the foreclosure processes.

Consolidated Balance Sheets
(Unaudited; in thousands, except share data)

	June 30,			December 31,
	2026			2025
ASSETS
Real estate assets:
Land	$	601,547		$	601,553
Buildings and improvements		1,646,866			1,619,988
		2,248,413			2,221,541
Accumulated depreciation		(389,994	)		(355,900	)
		1,858,419			1,865,641
Developments in progress		9,440			10,533
Net investment in real estate assets		1,867,859			1,876,174
Cash and cash equivalents		101,280			42,287
Restricted cash		101,340			110,665
Available-for-sale securities - at fair value (amortized cost of $201,402 and $292,646 as of June 30, 2026 and December 31, 2025, respectively)		201,169			293,087
Receivables:
Tenant		41,833			46,489
Other		1,692			1,562
Investments in unconsolidated affiliates		81,704			85,941
In-place leases, net		123,808			144,046
Intangible lease assets and other assets		116,533			128,848
	$	2,637,218		$	2,729,099
LIABILITIES AND EQUITY
Mortgage and other indebtedness, net	$	2,034,011		$	2,170,785
Accounts payable and accrued liabilities		180,968			193,640
Total liabilities		2,214,979			2,364,425
Shareholders' equity:
Common stock, $.001 par value, 200,000,000 shares authorized, 30,942,757 and 30,322,052 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (in each case, excluding 34 treasury shares)		31			30
Additional paid-in capital		686,163			687,424
Accumulated other comprehensive (loss) income		(48	)		443
Accumulated deficit		(258,710	)		(312,961	)
Total shareholders' equity		427,436			374,936
Noncontrolling interests		(5,197	)		(10,262	)
Total equity		422,239			364,674
	$	2,637,218		$	2,729,099

View source version on businesswire.com: https://www.businesswire.com/news/home/20260806085649/en/

Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, katie.reinsmidt@cblproperties.com