CBL
CBL & Associates Properties, Inc.Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's portfolio is comprised of 106 properties totaling 65.7 million square feet across 25 states, including 64 high quality enclosed, outlet and open-air retail centers and 8 properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable r
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 162.0 | 113.4 | -- | 13.0 | -- | 74.5 | -1.6 | 762.6 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 149.0 | 101.3 | -- | 7.5 | -- | 67.1 | -1.5 | 688.0 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 150.0 | 91.5 | -- | 1.5 | -- | 63.0 | -1.5 | 621.0 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 148.0 | 97.7 | -- | 4.4 | -- | 29.6 | -1.5 | 558.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 160.0 | 115.2 | -- | 16.0 | -- | 76.8 | -0.8 | 528.4 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 146.0 | 102.2 | -- | 11.7 | -- | 70.1 | -0.7 | 451.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 148.0 | 91.8 | -- | 3.0 | -- | 66.6 | -0.7 | 381.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 145.0 | 98.6 | -- | 7.3 | -- | 31.9 | -0.7 | 314.9 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 146.0 | 123.2 | 34.7 | 46.5 | 52.9 | 52.9 | -0.0 | 283.0 | 2,079 | 30.7 | 6.3% | 3.1x | 5.8x |
| Act | 2025-Q4 | 156.4 | 136.2 | 50.7 | 49.0 | 80.2 | 80.2 | -0.0 | 153.0 | 2,171 | 31.1 | 8.9% | 3.2x | 6.2x |
| Act | 2025-Q3 | 139.3 | 163.1 | 71.6 | 74.3 | 69.6 | -18.6 | -0.0 | 313.0 | 2,181 | 31.3 | 12.8% | 3.6x | 5.9x |
| Act | 2025-Q2 | 140.9 | 82.4 | 37.0 | 2.8 | 68.3 | 68.3 | -0.0 | 288.0 | 2,140 | 30.7 | 6.8% | 1.9x | 7.0x |
| Act | 2025-Q1 | 141.8 | 94.5 | 20.5 | 8.8 | 31.7 | 31.7 | -0.0 | 276.1 | 2,151 | 30.7 | 3.8% | 2.1x | 7.4x |
| Act | 2024-Q4 | 131.7 | 110.9 | 39.8 | 38.0 | 46.2 | 46.2 | -0.0 | 283.9 | 2,213 | 31.0 | 7.1% | 3.0x | 7.6x |
| Act | 2024-Q3 | 125.1 | 91.6 | 31.9 | 16.2 | 61.1 | 61.1 | -0.0 | 307.0 | 1,775 | 30.8 | 7.1% | 2.4x | 6.2x |
| Act | 2024-Q2 | 129.7 | 78.6 | 33.1 | 4.7 | 64.2 | 56.8 | -0.0 | 295.8 | 1,853 | 31.2 | 7.0% | 2.0x | 6.2x |
| Act | 2024-Q1 | 129.1 | 76.1 | 27.6 | 0.1 | 30.7 | 30.6 | -0.0 | 295.3 | 1,860 | 31.6 | 5.9% | 1.9x | 6.5x |
| Act | 2023-Q4 | 139.7 | 102.4 | 37.7 | 11.8 | 49.4 | 35.7 | -0.0 | 296.3 | 1,969 | 31.3 | 7.6% | 2.4x | 6.0x |
| Act | 2023-Q3 | 129.4 | 107.2 | 0.0 | 13.3 | 49.9 | 42.4 | -0.0 | 292.8 | 1,987 | 31.3 | 0.0% | 2.5x | 6.2x |
| Act | 2023-Q2 | 129.9 | 76.9 | 18.0 | -20.8 | 51.1 | 43.4 | -0.0 | 279.8 | 2,036 | 31.3 | 3.5% | 1.7x | 6.9x |
| Act | 2023-Q1 | 136.4 | 103.8 | 12.7 | 2.3 | 33.2 | 31.9 | -0.7 | 282.0 | 2,048 | 31.4 | 2.5% | 2.4x | 6.7x |
| Act | 2022-Q4 | 149.6 | 101.0 | 22.7 | 2.9 | 54.4 | 48.0 | -2.8 | 337.1 | 2,111 | 31.0 | 4.2% | 3.0x | 7.1x |
| Act | 2022-Q3 | 136.3 | 89.2 | 12.1 | -14.3 | 65.7 | 55.2 | -0.0 | 335.7 | 2,138 | 31.0 | 1.7% | 2.4x | -- |
| Act | 2022-Q2 | 137.0 | 79.6 | 7.5 | -41.4 | 45.7 | 45.2 | -0.5 | 327.1 | 2,167 | 31.0 | 1.3% | 1.4x | -- |
| Act | 2022-Q1 | 140.1 | 88.7 | 13.5 | -40.7 | 42.4 | 40.9 | -0.0 | 335.7 | 2,176 | 28.0 | 2.2% | 1.0x | -- |
AI Analysis
LLM Evaluations
CBL is a deeply distressed B/C-tier mall REIT trading at an optically cheap 4.7x P/FCF with a 4.6% dividend yield, but this cheapness is a value trap. The company faces a $1.28B debt maturity wall in 2026-2027 with only ~$335M in liquid assets, no revolving credit facility, and an S&P negative outlook. Net income is grossly inflated by one-time gains ($108M of $135M in 2025 was non-recurring). While management has successfully extended the term loan and executed portfolio trades, the fundamental challenge remains: refinancing >$1B of debt in a higher-rate environment for a structurally challenged B-mall portfolio. Properties are already entering receivership (Jefferson Mall). The stock rewards you with a modest dividend while exposing you to significant equity wipe-out risk if refinancing falters. The risk/reward is asymmetric to the downside.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $42.83 | $3.70/$6.10 | 0 | --/$2.55 | 1 |
| $43.83 | $2.45/$5.50 | 0 | --/$2.80 | 0 |
| $44.83 | $1.85/$4.80 | 0 | --/$3.20 | 0 |
| $45.83 | $1.30/$4.30 | 1 | $0.30/$2.50 | 21 |
| $46.83 | $0.80/$3.70 | 1 | $0.70/$3.60 | 0 |
| $47.83 | $0.25/$3.60 | 3 | $1.15/$3.70 | 0 |
| $48.83 | --/$3.20 | 29 | $1.15/$4.10 | 0 |
| $49.83 | --/$2.20 | 0 | $2.25/$4.80 | 0 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are roughly balanced — bought 5.2% of float, sold 4.5%. 1 filer moved >1% of shares (0 buying, 1 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| CANYON CAPITAL ADVISORS LLC | $325M | $23.16 | +$0 | +$0 | -1.8% | $772M |
| OAKTREE CAPITAL MANAGEMENT LP | $82.8M | $23.24 | −$13.9M | −$32.7M | +1.1% | $4.31B |
| BlackRock, Inc.Passive | $68.7M | $23.80 | +$2.5M | −$9.0M | -0.2% | $5.69T |
| STATE STREET CORPPassive | $24.6M | $22.22 | +$5.9M | +$923K | -0.2% | $2.89T |
| Taconic Capital Advisors LP | $23.4M | $38.27 | +$23.3M | +$23.4M | +2.6% | $140M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $19.0M | $19.45 | +$479K | +$1.4M | +2.3% | $1.61T |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $15.9M | $24.93 | +$3.8M | −$327K | +0.1% | $184.72B |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $15.6M | $20.93 | −$1.6M | −$711K | +1.7% | $73.71B |
| FIRST MANHATTAN CO | $14.1M | $24.86 | −$57K | +$10.6M | -0.2% | $36.06B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $13.2M | $24.26 | +$7.6M | +$8.0M | +1.0% | $645.81B |
| AQR CAPITAL MANAGEMENT LLC | $12.5M | $26.23 | +$1.3M | +$8.6M | -0.2% | $218.19B |
| RENAISSANCE TECHNOLOGIES LLC | $12.3M | $21.38 | +$130K | +$957K | +1.2% | $63.91B |
| Allianz Asset Management GmbH | $10.0M | $28.47 | +$1.0M | +$8.3M | +4.6% | $86.14B |
| Beverly Hills Private Wealth, LLC | $8.7M | $24.73 | +$538K | +$3.8M | -0.8% | $582M |
| DIMENSIONAL FUND ADVISORS LPPassive | $7.9M | $24.96 | +$957K | +$2.7M | -0.4% | $480.92B |
| Caption Management, LLC | $7.2M | $21.59 | −$2.3M | −$9.9M | -1.1% | $2.10B |
| Bank of New York Mellon Corp | $7.2M | $27.38 | +$422K | +$3.3M | +0.5% | $543.21B |
| NORTHERN TRUST CORPPassive | $7.0M | $19.44 | +$884K | −$297K | -0.2% | $755.34B |
| GOLDMAN SACHS GROUP INC | $6.3M | $22.97 | −$3.5M | +$2.8M | -0.2% | $760.93B |
| JPMORGAN CHASE & CO | $6.1M | $25.03 | −$314K | +$958K | -0.2% | $1.47T |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 61.3%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Corporate
Executive Compensation (2022-2024)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-14 | SELL | Cobb Andrew Franklin | officer: Exec VP-Accounting | 8,150 | $45.81 | $373K | $2.73M |
| 2025-12-02 | SELL | Curry Jeffery V. | officer: Chief Legal Officer & Sec. | 5,000 | $33.33 | $167K | $3.25M |
| 2025-11-17 | BUY | TORRES MICHAEL A | director | 4,000 | $31.84 | $127K | $127K |
| 2025-10-10 | SELL | Cobb Andrew Franklin | officer: Exec VP-Accounting | 7,368 | $28.39 | $209K | $1.12M |
| 2025-09-30 | SELL | Fields David Michael | director | 1,623 | $30.22 | $49K | $567K |
| 2025-08-27 | SELL | Jaenicke Benjamin W | officer: EVP - Chief Financial Officer | 5,000 | $31.00 | $155K | $1.69M |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Operating Expense Reimbursements | $2.1M | +9% |
| Management Developmentand Leasing Fees | $1.6M | +22% |
| Marketing | $0.6M | +61% |
| Product and Service, Other | $0.3M | -62% |
| All Other | $8.4M | +4% |
Filing Risk Analysis
Filing Risk Scores
CBL & ASSOCIATES PROPERTIES, INC.: Procedural Metadata Lacks Actionable Forensic Indicators
Counter-Thesis
Counter-Thesis & Recent News
CBL reported 'outstanding' Q4 2025 results in Feb 2026, with FFO of $2.25 per share vs $1.92 Y/Y. The company executed a strategic portfolio pivot, acquiring four dominant malls for $178.9M (funded by $240.7M in 2025 dispositions) and maintaining a $0.45/share quarterly dividend. Management also successfully exercised a one-year extension on its secured term loan to Nov 2026 and expects to meet requirements for a second extension to 2027 via natural amortization (S&P Global, Seeking Alpha).
The bear case rests on CBL's high leverage (net debt ~67-70% of enterprise value) and the systemic decline of the B/C-tier mall model. Short sellers argue that a potential U.S. recession or consumer spending slowdown will trigger tenant bankruptcies (like Forever 21 and JoAnn), leading to a death spiral of declining occupancy and unsustainable interest coverage—currently tight at below 1.3x (Simply Wall St).
S&P Global Ratings maintained a 'Negative' outlook as of Oct 2025, citing material refinancing risk for the ~$665M term loan due in 2026/2027. Additionally, specific properties like Jefferson Mall face potential foreclosure. While the company has ~$335M in cash/treasuries, it lacks a revolving credit facility, making it highly dependent on asset sales and internal cash flow to meet debt obligations (S&P Global).
CBL faces dual-front competition: the continued growth of e-commerce, which erodes traditional brick-and-mortar sales, and competition from higher-tier 'A' mall operators and open-air lifestyle centers that attract premium national brands. Lower-tier malls are particularly vulnerable to 'tenant flight' where retailers consolidate into fewer, higher-traffic locations (GuruFocus).
Tenant and shopper sentiment appear resilient in CBL’s core 'dominant' properties; same-center tenant sales rose 3.7% in Q4 2025 to $437/sq ft. Leasing demand is active, with over 4.0M sq ft of leases signed in 2025. However, merchants are price-sensitive, evidenced by a 5.3% decline in mall renewal spreads during Q4, suggesting CBL lacks the pricing power of its premium peers (BusinessWire, Seeking Alpha).