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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 International Limited Wins Prestigious “CGMA Excellent Sustainability Award” at the CGMA Annual Awards 2025

Nov -26

Source: globenewswire.com

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CBL Appoints Mr. Yuan He to Board of Directors

Nov -19

Source: globenewswire.com

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Winners And Losers Of REIT Earnings Season

Nov -14

Source: seekingalpha.com

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CBL Stock Rises as Q3 Earnings and Leasing Momentum Strengthen

Nov -11

Source: zacks.com

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REIT Replay: REIT Indexes Outperform Broader Markets During 1st Week Of November

Nov -11

Source: seekingalpha.com

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When The Stimulus Stops

Nov -09

Source: seekingalpha.com

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CBL & Associates Properties: Solid Q3 2025 Results Ahead Of Shutdown Uncertainty

Nov -07

Source: seekingalpha.com

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Nurix Therapeutics Presents New Translational Data from First-in-Human Clinical Trial of Oral CBL-B Inhibitor NX-1607 Demonstrating Immune Activation and Tumor Microenvironment Remodeling

Nov -07

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: 8.0/10

Value: 6.7

Growth: 8.4

Quality: 7.8

Yield: 10.0

Momentum: 7.0

Volatility: 8.3

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Volatility: 7.7

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Getty Realty

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Value: 3.1

Growth: 4.6

Quality: 6.5

Yield: 10.0

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Volatility: 10.0

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Saul Centers

A-Score: 6.1/10

Value: 5.7

Growth: 3.6

Quality: 6.1

Yield: 10.0

Momentum: 2.0

Volatility: 9.3

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Alpine Income Property Trust

A-Score: 5.6/10

Value: 4.8

Growth: 5.1

Quality: 3.2

Yield: 10.0

Momentum: 1.5

Volatility: 9.3

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Acadia Realty

A-Score: 5.1/10

Value: 2.6

Growth: 2.9

Quality: 4.9

Yield: 8.0

Momentum: 3.0

Volatility: 9.0

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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

35.38$

Current Price

35.38$

Potential

-0.00%

Expected Cash-Flows