CBL Stock Gains Following Q4 Earnings, Same-Center NOI Rises

Shares of CBL & Associates Properties, Inc. CBL have gained 1.7% since the company reported results for the quarter ended Dec. 31, 2025, outperforming the S&P 500 Index, which rose 0.5% over the same period. Over the past month, CBL’s stock has risen 4.1%, ahead of the S&P 500’s 0.7% increase.

CBL’s Earnings Snapshot

For the fourth quarter of 2025, net income attributable to common shareholders rose 29.7% year over year to $48.3 million, or $1.56 per diluted share, from $37.2 million, or $1.22 per diluted share, in the year-ago period. Total revenues increased 18.8% year over year to $156.4 million from $131.7 million a year earlier, driven primarily by higher rental revenues, which climbed 19.6% year over year to $150.4 million from $125.8 million.

For the full year, net income attributable to common shareholders jumped 131.8% to $133.9 million, or $4.34 per diluted share, from $57.8 million, or $1.87 per diluted share, in 2024, while annual revenues advanced 12.2% to $578.4 million from $515.6 million.

On a non-GAAP basis, fourth-quarter 2025 funds from operations (FFO) as adjusted rose 17.2% year over year to $2.25 per diluted share from $1.92 per share a year earlier. For the full year, FFO as adjusted increased 7.8% to $7.21 per share from $6.69 per share in 2024.

Same-center net operating income (NOI) grew 3.3% year over year in the fourth quarter of 2025 and 0.5% for the year. By property type, fourth-quarter 2025 same-center NOI rose 2.2% for malls, 2.1% at open-air centers and 16.3% for lifestyle centers, while outlet centers declined 0.3%.

On a full-year basis, lifestyle centers led with 9.1% growth, whereas mall NOI dipped 0.5% and outlet centers fell 1.9%.

CBL’s Other Key Business Metrics

Portfolio occupancy stood at 90% as of Dec. 31, 2025, down slightly from 90.3% a year earlier. Same-center occupancy for malls, lifestyle centers and outlet centers was flat at 88.6%. Management noted that bankruptcy-related store closures, including Forever21, JoAnn, Claire’s and Party City, negatively impacted mall occupancy by nearly 75 basis points year over year.

Leasing activity remained active. During 2025, CBL executed more than 4 million square feet of leases, with comparable new and renewal leases signed at a 2.6% increase in average rents versus prior rents. In the fourth quarter of 2025 alone, 1.3 million square feet were executed, though comparable rents declined 2.9%, reflecting negative renewal spreads partially offset by strong new lease spreads.

Tenant productivity improved. Same-center tenant sales per square foot increased 3.7% year over year in the fourth quarter and rose 2.8% for the year to $437.

CBL & Associates Properties, Inc. Price, Consensus and EPS Surprise

CBL & Associates Properties, Inc. price-consensus-eps-surprise-chart | CBL & Associates Properties, Inc. Quote

CBL’s Management Commentary and Balance Sheet Actions

Chief Executive Officer Stephen D. Lebovitz characterized 2025 as an “exceptional year,” highlighting operating performance and balance sheet progress. CBL generated approximately $240 million in disposition proceeds during the year and redeployed capital into the $178.9 million acquisition of four enclosed regional malls from Washington Prime Group.

Liquidity remained solid, with $335.4 million of unrestricted cash and marketable securities as of year-end. CBL also completed several loan refinancings and extensions in 2025, including a $78 million non-recourse loan at 6.856% and a $43 million non-recourse loan at 5.9%, both at improved rates compared with prior financings.

CBL’s Guidance

CBL initiated 2026 FFO as adjusted guidance in a range of $6.74 to $7.06 per share. Management expects same-center NOI to range from a decline of 1.2% to growth of 1.1% for the year. The outlook factors in leasing spreads, operating expense pressures, potential credit losses and changes in uncollectable revenue estimates.

CBL’s Other Developments

In addition to the four-mall acquisition, CBL completed several asset sales during 2025, including Fremaux Town Center in Slidell, LA, and The Promenade in D’Iberville, MS, contributing to total gross disposition proceeds of approximately $240.7 million.

CBL also deconsolidated Southpark Mall after placing the asset into receivership in July and repurchased 573,998 shares for $18 million under its stock repurchase program.