CBL & ASSOCIATES PROPERTIES INC CBL
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 4.41 | 1.87 | 0.17 | -3.20 | — | -1.75 | — | -0.72 | 0.44 | 0.75 |
| EPS, diluted | 4.34 | 1.87 | 0.17 | -3.20 | — | -1.75 | -0.89 | -0.72 | 0.44 | 0.75 |
| Shares, diluted (wtd. avg.) | $30.8M | $31.0M | $31.3M | $30.0M | — | $190.3K | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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