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1. Company Snapshot

1.a. Company Description

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities.CBL's portfolio is comprised of 106 properties totaling 65.7 million square feet across 25 states, including 64 high quality enclosed, outlet and open-air retail centers and 8 properties managed for third parties.CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties.

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1.b. Last Insights on CBL

CBL & Associates Properties' recent performance was driven by strong leasing gains, strategic acquisitions, and improved financials. The company's Q2 2025 results benefited from four major mall acquisitions, boosting cash flow and enabling a 12.5% dividend increase to $0.45 per share. Recent disposals, including the sale of The Promenade in D'Iberville, MS, for $83.1 million, and acquisitions of four dominant enclosed regional malls for $178.9 million, are expected to boost AFFO in 2026. Additionally, a share repurchase program and declining interest costs have contributed to the company's positive momentum.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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CBL Properties Announces Tax Reporting Information for 2025 Common Stock Dividends

Jan -26

Source: businesswire.com

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CBL & Associates Properties: Recent Pullback Gives A Buying Opportunity

Jan -25

Source: seekingalpha.com

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3 Small Caps for Income Investors

Jan -15

Source: zacks.com

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REITs: A Long, Difficult Decade

Jan -04

Source: seekingalpha.com

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CBL International Facilitates Xiaomo Port's First LNG Bunkering for BYD in Shenzhen

Dec -30

Source: globenewswire.com

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Callidus Capital (TSE:CBL) Share Price Passes Below 50 Day Moving Average – Time to Sell?

Dec -23

Source: defenseworld.net

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CBL International Limited Achieves EcoVadis Silver Medal, Ranking Among Top 15% Globally for Sustainability Performance

Dec -16

Source: globenewswire.com

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Dr. Teck Lim Chia, Chairman and CEO of CBL International, Honored at the Prestigious Directors of the Year Awards

Dec -11

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.50%)

6. Segments

Malls

Expected Growth: 3.5%

CBL's diversified portfolio of malls and shopping centers, strategic locations, and mix of retail, dining, and entertainment options drive growth. Increasing foot traffic, omnichannel retailing, and experiential retail trends also contribute to growth.

All Other

Expected Growth: 3.5%

The growth of All Other segment is driven by increasing demand for outlet centers and power centers, as well as the company's strategic efforts to diversify its portfolio and reduce dependence on traditional malls.

7. Detailed Products

Regional Malls

CBL & Associates Properties, Inc. owns and operates regional malls that provide a mix of department stores, specialty stores, restaurants, and entertainment options.

Community Centers

CBL & Associates Properties, Inc. develops and operates community centers that offer a range of retail, dining, and service options.

Outlet Centers

CBL & Associates Properties, Inc. owns and operates outlet centers that feature a collection of brand-name outlet stores.

Mixed-Use Developments

CBL & Associates Properties, Inc. develops and operates mixed-use developments that combine retail, office, and residential spaces.

Leasing and Management Services

CBL & Associates Properties, Inc. offers leasing and management services to third-party property owners and developers.

8. CBL & Associates Properties, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

CBL & Associates Properties, Inc. operates in a competitive retail real estate industry, where substitutes such as online shopping platforms and alternative retail formats pose a moderate threat to the company's business.

Bargaining Power Of Customers

CBL & Associates Properties, Inc. has a large and diverse customer base, but the company's reliance on anchor tenants and the increasing popularity of e-commerce platforms give customers significant bargaining power.

Bargaining Power Of Suppliers

CBL & Associates Properties, Inc. has a diverse supplier base, and the company's scale and market position give it significant bargaining power over its suppliers.

Threat Of New Entrants

The retail real estate industry has significant barriers to entry, including high capital requirements and complex regulatory frameworks, which limit the threat of new entrants to CBL & Associates Properties, Inc.'s business.

Intensity Of Rivalry

CBL & Associates Properties, Inc. operates in a highly competitive retail real estate industry, where companies compete intensely for tenants, customers, and market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 84.77%
Debt Cost 7.87%
Equity Weight 15.23%
Equity Cost 11.52%
WACC 8.43%
Leverage 556.64%

11. Quality Control: CBL & Associates Properties, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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CBL Properties

A-Score: 7.8/10

Value: 5.8

Growth: 8.4

Quality: 7.4

Yield: 10.0

Momentum: 7.0

Volatility: 8.3

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Getty Realty

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Growth: 4.7

Quality: 6.7

Yield: 10.0

Momentum: 4.0

Volatility: 10.0

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Saul Centers

A-Score: 6.3/10

Value: 5.5

Growth: 3.6

Quality: 6.1

Yield: 10.0

Momentum: 3.0

Volatility: 9.7

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Alpine Income Property Trust

A-Score: 6.2/10

Value: 4.7

Growth: 5.1

Quality: 3.3

Yield: 10.0

Momentum: 4.5

Volatility: 9.3

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Alexanders

A-Score: 5.7/10

Value: 3.1

Growth: 2.9

Quality: 5.5

Yield: 10.0

Momentum: 5.0

Volatility: 8.0

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Acadia Realty

A-Score: 5.0/10

Value: 2.4

Growth: 2.9

Quality: 4.9

Yield: 8.0

Momentum: 3.0

Volatility: 8.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

36.69$

Current Price

36.69$

Potential

-0.00%

Expected Cash-Flows