CBL & ASSOCIATES PROPERTIES INC CBL

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

This Annual Report on Form 10-K (this "Annual Report") is being filed by CBL & Associates Properties, Inc. (the "Company," "CBL," "we," "us" and "our"), a Delaware corporation. Unless stated otherwise or the context otherwise requires, references to the "Company," "we," "us" and "our" also includes our subsidiaries.

We are a self-managed, self-administered, fully integrated real estate investment trust ("REIT"). We own, develop, acquire, lease, manage, and operate regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. At December 31, 2025, our properties are located in 22 states, but are primarily in the southeastern and midwestern United States. We have elected to be taxed as a REIT for federal income tax purposes.

Last close 49.91 2026-10-23
Market cap $1.54B 2026-06-30 share count
52-week range 29.07 - 60.40

Valuation FY2025 figures against the last close

P/S95.1x
P/E11.5x
P/FCF6.2x
EV/EBITDA—
Dividend yield5.0%
Diluted EPS4.34

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $16.2M$18.6M$18.9M$17.9M—$18.5M$25.2M$25.3M$927.3M$1.03B
SG&A $69.0M$67.3M$64.1M$67.2M—$53.4M$64.2M$61.5M$58.5M$63.3M
Total operating expenses $441.8M$384.1M$439.6M$516.0M—$686.7M$853.9M$774.8M$694.7M—
Operating income ————————$232.6M$253.6M
Interest expense $176.0M$154.5M$172.9M$217.3M—$200.7M$206.3M$220.0M$218.7M$216.3M
Pre-tax income $135.0M$58.2M$4.1M-$96.4M—-$278.2M-$105.6M-$77.0M$157.0M$197.6M
Income tax $475.0K$1.1M$894.0K$3.1M—$16.8M$3.2M$1.6M$1.9M$2.1M
Net income $134.5M$57.1M$3.2M-$99.5M—-$295.1M-$108.8M-$78.6M$120.9M$195.5M
EPS, basic 4.411.870.17-3.20—-1.75—-0.720.440.75
EPS, diluted 4.341.870.17-3.20—-1.75-0.89-0.720.440.75
Shares, diluted (wtd. avg.) 30.8M31.0M31.3M30.0M—190,277————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $42.3M$40.8M$34.2M$141.9M$236.2M$121.7M$59.1M$57.5M$68.2M$65.1M
Total assets $2.73B$2.75B$2.41B$2.68B$2.96B$4.44B$4.62B$5.34B$5.70B$6.10B
Short-term debt $2.2M—————————
Long-term debt $2.17B$2.21B$1.89B$2.00B$1.68B$1.18B$3.53B$4.04B$4.23B$4.47B
Total liabilities $2.36B$2.43B$2.08B$2.31B$2.54B—$3.76B$4.31B——
Retained earnings -$313.0M-$371.8M-$380.4M-$338.9M-$151.5M-$1.46B-$1.16B-$1.01B——
Total equity $374.9M$323.5M$330.6M$367.1M$401.1M$534.3M$861.9M$1.03B$1.24B$1.34B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $249.7M$202.2M$183.5M$208.2M—$133.4M$273.4M$377.2M$430.4M—
Depreciation and amortisation $165.2M$140.6M$190.5M$256.3M—$215.0M$257.7M$285.4M$299.1M$292.7M
Stock-based compensation $16.7M$14.9M$13.0M$11.9M—$5.8M$4.8M$5.4M$5.8M—
Capital expenditure ——$42.3M$42.9M—$42.1M$141.6M$145.0M——
Investing cash flow -$115.1M$65.0M$1.7M-$156.7M—-$280.4M$24.6M-$27.5M-$75.8M—
Financing cash flow -$135.4M-$236.5M-$204.1M-$145.8M—$209.7M-$296.4M-$360.4M-$351.5M—
Dividends paid $77.1M$50.4M$118.1M$23.9M——$26.0M$137.8M$181.3M—
Buybacks $18.1M$36.5M$1.1M———————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170410.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2016: 1B Net income, FY2016: 195.5M Revenue, FY2017: 927.3M Net income, FY2017: 120.9M Revenue, FY2018: 25.3M Net income, FY2018: -78.6M Revenue, FY2019: 25.2M Net income, FY2019: -108.8M Revenue, FY2020: 18.5M Net income, FY2020: -295.1M Revenue, FY2022: 17.9M Net income, FY2022: -99.5M Revenue, FY2023: 18.9M Net income, FY2023: 3.2M Revenue, FY2024: 18.6M Net income, FY2024: 57.1M Revenue, FY2025: 16.2M Net income, FY2025: 134.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.03B $927.3M $25.3M $25.2M $18.5M — $17.9M $18.9M $18.6M $16.2M
Gross profit — — — — — — — — — —
Net income $195.5M $120.9M -$78.6M -$108.8M -$295.1M — -$99.5M $3.2M $57.1M $134.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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