CBL & Associates Properties, Inc.
cblproperties.comWhat Do They Do?
Leases space in and operates regional malls, outlet centers and other shopping centers for retail tenants and other businesses.
10-K for FY2025, filed Mar 3, 2026
How Do They Make Money?
Retail tenants pay fixed rent, rent tied to their sales and reimbursements for property expenses. CBL also earns management fees as services are provided, leasing fees when leases are signed, development fees as projects progress, and advertising and sponsorship fees as services are delivered or over the sponsorship period.
10-K for FY2025, filed Mar 3, 2026Rental revenues are primarily derived from leases with retail tenants and generally include fixed minimum rents, percentage rents based on…View ↗
Management fees - Management fees are charged as a percentage of revenues (as defined in the contract) and recognized as revenue over time…View ↗
Leasing fees - Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue upon lease execution…View ↗
Development fees - Development fees may be either set as a fixed rate in a separate agreement or be a variable rate based on a percentage…View ↗
The Company earns marketing revenues from advertising and sponsorship agreements. These fees may be for tangible items in which the Company…View ↗
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10-K for FY2025, filed Mar 3, 2026
FY2025 revenue by reportable segment ↗
$578.4M
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10-K for FY2025, filed Mar 3, 2026
$578.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Malls
Recurring
10-K for FY2025, filed Mar 3, 2026 |
83%
FY2022: 88%
|
Malls, FY2025
$478.4M Sources
|
Recurring |
|
Lifestyle Centers
Recurring
|
8.8%
FY2022: 9.7%
|
Lifestyle Centers, FY2025
$50.9M Sources
|
Recurring |
|
Open-Air Centers
Recurring
10-K for FY2025, filed Mar 3, 2026 |
11%
FY2022: 12%
|
Open-Air Centers, FY2025
$65.2M Sources
|
Recurring |
|
Outlet Centers
Recurring
|
6.1%
FY2022: 5.4%
|
Outlet Centers, FY2025
$35.4M Sources
|
Recurring |
|
All Other
|
5.5%
FY2022: 6.4%
|
All Other, FY2025
$31.9M Sources
|
Who Are Their Customers?
Retail tenants lease space in CBL’s shopping properties. Property owners and unconsolidated affiliates also contract with CBL for property management, leasing, development and other services.
10-K for FY2025, filed Mar 3, 2026
Do Revenues Turn Into Profits?
Yes. It kept 24 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Mar 3, 2026
10-K for FY2025, filed Mar 3, 2026
$136MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 7, 2026
$46.4MView ↗
- ▲ +1583%
- vs $2.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
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Aug 7, 2026
CBL increased full-year FFO and same-center NOI guidance
Second-quarter results contributed to the increase in full-year guidance.
Sources
8-K, filed Aug 7, 2026
Q2 2026 Results Reflect Higher Occupancy, Positive Lease Spreads, Same-Center NOI Growth; Full-Year FFO and SC NOI Guidance IncreasedView ↗
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