CBL & Associates Properties (CBL) Q4 2025 earnings summary

Executive summary

• Fourth quarter and full-year 2025 results were near the high end of guidance, with strong operating performance and a 34% total shareholder return, including $2.50 per share in dividends.

• Same-center NOI for Q4 2025 increased 3.3% year-over-year; full-year same-center NOI grew 0.5%.

• Leasing momentum remained solid despite bankruptcy-related store closures, with over 4 million square feet leased in 2025.

• Portfolio optimization included $240.7 million in asset dispositions and the acquisition of four dominant enclosed malls.

Financial highlights

• Net income attributable to common shareholders was $48.3 million for Q4 2025 and $133.9 million for the year, up from $37.2 million and $57.8 million, respectively, in 2024.

• FFO, as adjusted, per share was $2.25 for Q4 2025 (up from $1.92) and $7.21 for the year (up from $6.69).

• Total revenues for 2025 were $627.2 million, up from $619.2 million in 2024.

• Same-center tenant sales per square foot for 2025 increased 2.8% to $437.

• Unrestricted cash and marketable securities totaled $335.4 million at year-end.

Outlook and guidance

• 2026 FFO, as adjusted, guidance is $6.74–$7.06 per share.

• Management anticipates 2026 same-center NOI change in the range of (1.2)% to 1.1%.

• Estimated 2026 maintenance capital/tenant allowances: $50–$55 million; development/redevelopment expenditures: $15–$20 million.