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CBL & Associates Properties
CBL & Associates Properties (CBL) investor relations material
CBL & Associates Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net income for Q3 2025 was $75.1 million, up from $15.8 million in Q3 2024; net income attributable to common shareholders was $74.3 million, up from $15.9 million year-over-year.
Achieved 1.1% same-center NOI growth and 4.8% tenant sales growth in Q3 2025 year-over-year, with 17% lease spreads on new and renewal leases.
Portfolio occupancy rose to 90.2% as of September 30, 2025, up 90 basis points from the prior year.
Major acquisitions included four regional malls for $179.7 million in July 2025, funded by asset sales and loan modifications.
Ended Q3 with $313 million in unrestricted cash and marketable securities.
Financial highlights
Q3 2025 total revenues were $139.3 million, up $14.2 million year-over-year; nine-month revenues were $422.0 million, up $38.1 million.
Q3 2025 net income attributable to common shareholders was $74.3 million ($2.44 basic EPS), compared to $15.9 million ($0.52 basic EPS) in Q3 2024.
Q3 2025 FFO, as adjusted, per diluted share was $1.55, up from $1.54 in Q3 2024; nine-month FFO, as adjusted, per share was $4.94, up from $4.78 year-over-year.
Same-center NOI for Q3 2025 was $101.3 million, up 1.1% year-over-year; for the nine months, same-center NOI was $303.9 million, down 0.6%.
FFO allocable to common unitholders, as adjusted, was $48.6 million for Q3 2025 and $152.5 million for the nine months, both up year-over-year.
Outlook and guidance
Reaffirmed 2025 FFO, as adjusted, guidance of $6.98–$7.34 per share.
2025 net income guidance: $101.4–$112.4 million; FFO, as adjusted: $213–$224 million.
Focus remains on improving occupancy, driving rent growth, and diversifying property offerings.
Balance sheet strategy emphasizes debt reduction, extending maturities, and lowering borrowing costs.
Board declared a $0.45 per share dividend for Q4 2025 and authorized a new $25 million share repurchase program.
Refinancing strategy for 2026 debt maturities
Drivers of mall NOI decline vs. lifestyle NOI growth
Future impact of portfolio optimization strategy
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Next CBL & Associates Properties earnings date
Q4 202513 Feb, 2026
CBL & Associates Properties
Next CBL & Associates Properties earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
CBL & Associates Properties, Inc. is a real estate investment trust (REIT) specializing in the ownership, management, and redevelopment of retail and mixed-use properties. The company’s portfolio includes shopping malls, lifestyle centers, and open-air retail properties across the United States. The company is headquartered in Chattanooga, Tennessee, and its shares are listed on the NYSE.
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