CBL & Associates Properties (CBL) investor relations material

Executive summary

• Net income for Q1 2026 was $46.4 million, up from $8.4 million in Q1 2025, with net income attributable to common shareholders at $45.4 million, up from $8.2 million year-over-year.

• Q1 2026 delivered strong operational and financial results, with notable increases in same-center NOI, tenant sales, and leasing spreads.

• Over 583,000 square feet of leases signed, with new and renewal leases achieving a 5.7% average rent increase.

• Portfolio occupancy rose to 90.5%, up 50 bps from year-end 2025.

• The company acquired Gateway Mall for $43.8 million, financed with a $21 million non-recourse loan.

Financial highlights

• Total revenues for Q1 2026 were $146.0 million, up from $141.8 million in Q1 2025.

• FFO, as adjusted, per share increased 15% year-over-year to $1.73 from $1.50.

• Same-center NOI increased 2.1% year-over-year to $96.6 million, driven by higher minimum and percentage rents.

• Same-center tenant sales per square foot rose 5.8% year-over-year; trailing 12-month sales per square foot reached $453, up 4.6%.

• Unrestricted cash and marketable securities totaled $305.5 million as of March 31, 2026.

Outlook and guidance

• Full-year 2026 FFO, as adjusted, guidance raised to $7.06–$7.19 per share.

• Net income guidance for 2026 set at $71.1–$75.1 million.

• Board declared a $0.45 per share regular quarterly dividend and a $0.175 per share special dividend for Q1 2026; a $0.625 per share dividend was declared for Q2 2026, a 39% increase.

• Estimated capital expenditures for 2026 projected at $123–$138 million.

• Operational strategy focuses on re-tenanting anchor locations and diversifying tenancy.