CBL & Associates Properties, Inc. (CBL) SEC Filings & Earnings Calls

Insider selling pressure

“Howard Amster sold 290,950 shares of CBL common stock over the past 60 days, reducing his beneficial ownership to 7.8%.”

Insider selling pressure

“Howard Amster sold 290,950 shares of CBL common stock over the past 60 days, reducing his beneficial ownership to 7.8%.”

Property-level debt defaults and receiverships

“In May 2026, the loan secured by Arbor Place entered maturity default. We intend to cooperate with the foreclosure or conveyance of the property in satisfaction of the debt.” · word for word

Concentration in retail real estate

“General industry, economic and business conditions; changes in retail demand and rental rates in our markets; shifts in customer demands including the impact of online shopping; tenant bankruptcies or store closings.”

Bankruptcy-related store closures (76k sf) impacting mall occupancy by 54bps; macro headwinds monitored.

“Bankruptcy-related store closures, representing approximately 76,000 square feet, negatively impacted mall occupancy by nearly 54 basis points” · word for word

Parkdale Mall removed from same-center pool; lender cooperation on sale/foreclosure indicates potential stress.

“Parkdale Mall and Crossing have been removed from the same-center pool, reflecting CBL's cooperation with the lender on a sale, foreclosure or conveyance of the property.” · word for word

Property-level debt maturity and default risk

“In January 2026, the $48.6 million loan secured by Jefferson Mall entered default. In February 2026, the property was placed into receivership and we deconsolidated the property.” · word for word

Tenant bankruptcies and store closings

“tenant bankruptcies or store closings” · word for word

Interest rate exposure on variable-rate debt

“As of March 31, 2026 and December 31, 2025, our total share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, represented 10.9% and 28.7%, respectively, of our total pro rata share of debt” · word for word

Bankruptcy-related store closures negatively impacted mall occupancy by 87bps YoY.

“Bankruptcy related store closures, including Francesca's and Eddie Bauer, representing approximately 122,000 square feet, negatively impacted mall occupancy by nearly 87 basis points.”

Concentration of ownership by large shareholders

“Canyon Capital Advisors LLC 8,466,294 27.4% 27.4%”

Related party transactions with significant shareholder

“Howard Amster ... owns approximately 69.4% of the equity of HGPI ... joint venture partner in the Company's outlet center developments”

Floating-rate loan exposes company to interest rate risk; SOFR + 410 bps could increase costs if rates rise.

“floating interest rate of SOFR + 410 basis points” · word for word

Cross-default provisions with $443M bank loan could trigger acceleration if other debt defaults.

“subject to customary cross-default provisions with the Company’s $443.0 million non-recourse bank loan” · word for word

Dividend increase may not be sustainable if cash flow deteriorates; future dividends at Board discretion.

“Final decisions as to future dividends will be at the sole discretion of the Company’s Board of Directors and will depend on CBL’s earnings, taxable income, FFO, liquidity, financial condition, capital requirements” · word for word

Higher fixed interest rate (7.40%) on new loan may increase interest expense; loan secured by mall properties, exposing to retail real estate risk.

“fixed interest rate of 7.40%... secured by a pool of primarily mall properties”

Interest Rate Risk

“Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distributions to our stockholders, and decrease our stock price, if investors seek higher yields through other investments.” · word for word

Tenant Bankruptcy Risk

“tenant bankruptcies or store closings” · word for word

Online Shopping Disruption

“shifts in customer demands including the impact of online shopping” · word for word

Inflationary Cost Pressure

“Inflation has caused increases in operating expenses, which could increase occupancy costs for tenants and, to the extent that we are unable to recover operating expenses from tenants, could increase operating expenses for us.” · word for word

Change in executive compensation structure may signal retention risk or alignment adjustments.

“Amendments include reduced severance multipliers and modified equity vesting terms.”

Bankruptcy-related store closures impacting occupancy

“Bankruptcy related store closures, including the closures of Forever21, JoAnn, Claire's and Party City locations, representing approximately 107,000 square feet, negatively impacted mall occupancy by nearly 75 basis points” · word for word

Q4 mall renewal spreads negative 5.3%

“comparable mall renewal spreads of (5.3)%” · word for word

Property-level debt maturities and defaults

“Subsequent to September 30, 2025, we were notified by the lender that the loan secured by The Outlet Shoppes at Gettysburg was in maturity default and we are in discussions with the lender regarding a loan modification.” · word for word

Foreclosure and receivership risk on non-core assets

“In July 2025, Southpark Mall entered default and the property was placed into receivership.” · word for word

High leverage and debt discount accretion

“Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share $9,180 for Q3 2025.” · word for word

Bankruptcy-related store closures negatively impact mall occupancy by ~70 bps.

“Bankruptcy related store closures, including the closures of Forever21, JoAnn, Claire's and Party City locations, representing approximately 97,000 square feet, negatively impacted mall occupancy by nearly 70 basis points compared with the prior-year period.” · word for word