CBL & Associates Properties (NYSE: CBL) is a retail real estate investment trust that owns, operates, and manages shopping malls and open-air centers across the United States. Revenue comes primarily from leases with retail tenants, structured as fixed minimum rents, percentage rents tied to tenant sales volumes, and reimbursements for real estate taxes, insurance, common area maintenance, and certain capital expenditures. Additional revenue streams include management, leasing and development fees, sponsorships, and sales of peripheral land or operating real estate assets. As of December 31, 2025, the portfolio included enclosed malls and open-air centers, with major anchor tenants including JC Penney (39 stores, 4.6M sq ft gross leasable area), Dillard's (33 stores, 4.6M sq ft), Macy's (18 stores, 2.7M sq ft), and Belk (21 stores, 2.4M sq ft). Total consolidated debt stood at $2.26B and total consolidated plus unconsolidated debt reached $2.98B as of December 31, 2025, making the balance sheet heavily debt-financed.

Revenue model

Rental revenues from retail tenant leases: fixed minimum rents, percentage rents based on tenant sales, and tenant reimbursements for operating expenses including real estate taxes, insurance, and CAM. Supplemental revenues from management, leasing and development fees, sponsorships, and sales of peripheral land and operating real estate assets.

Products and services

Enclosed shopping malls, open-air retail centers, and mixed-use properties. Leasable space segmented by anchors (50,000+ sq ft), junior anchors (20,000–49,999 sq ft), and inline tenants. Properties include hotel components at select locations (Hamilton Place Aloft Hotel, Mayfaire Town Center hotel development). Redevelopment and repositioning projects ongoing as of December 31, 2025.

Customers and end markets

Retail tenants across department stores, specialty retail, dining, entertainment, and services. Major anchor and junior anchor tenants as of the 10-K filed 2026-03-03 include JC Penney, Dillard's, Macy's, Belk, Barnes & Noble, Best Buy, AMC Theatres, Academy Sports + Outdoors, HomeGoods, Marshalls, Michaels, Ross Dress for Less, T.J. Maxx, Target, and Kohl's. End market demand driven by consumer retail spending and tenant store-count decisions.

Value-chain role

Property owner, operator, and manager of retail real estate. CBL owns the physical real estate, leases space to retail tenants, and in some cases manages properties for third parties or joint venture partners. Acts as landlord and asset manager; does not operate retail stores.

Geographic exposure

United States. Portfolio properties concentrated in the Southeast and Midwest, with specific locations cited in Tennessee, Florida, Georgia, Texas, Kentucky, Maryland, and North Carolina among others, based on the property table in the 10-K filed 2026-03-03.

Source: SEC 10-K, filed 2026-03-03

Industry: Real Estate Investment Trusts Peers: Acadia Realty Trust Alexander's Inc Necessity Retail REIT, Inc. Getty Realty Corp Whitestone REIT Netstreit Corp RPT Realty Realty Income Corp Saul Centers Inc