Earnings release
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Exhibit 99.1 Earnings Release andSupplemental Financial and Operating Information For the Three and Nine Months EndedSeptember 30, 2025
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Earnings Release and Supplemental Financial and Operating InformationTable of Contents Page Earnings Release 1 Consolidated Statements of Operations 7 Reconciliations of Supplementary Non-GAAP Financial Measures: Funds from Operations (FFO) 8 Same-center Net Operating Income (NOI) 10 Share of Consolidated and Unconsolidated Debt 12 Consolidated Balance Sheets 13 Condensed Combined Financial Statements - Unconsolidated Affiliates 14 Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash Flows 15 Components of Rental Revenues 16 Schedule of Mortgage and Other Indebtedness 17 Schedule of Maturities 19 Property List 21 Operating Metrics by Collateral Pool 24 CBL & Associates HoldCo I, LLC Financial Statements 26 Leasing Activity and Average Annual Base Rents 27 Top 25 Tenants Based on Percentage of Total Annualized Revenues 29 Capital Expenditures 29 Development Activity 30
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1 News Release Contact: Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com CBL PROPERTIES REPORTS RESULTS FOR THIRD QUARTER 2025 1.1% Same-Center NOI Growth, 4.8% Sales Growth and 17% Lease Spreads Highlight Strong Third Quarter Results CHATTANOOGA, Tenn. (November 6, 2025) – CBL Properties (NYSE: CBL) announced results for the third quarter ended September 30, 2025. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income attributable to common shareholders $ 2.38 $ 0.52 $ 2.78 $ 0.65 Funds from Operations ("FFO") $ 2.17 $ 1.28 $ 4.82 $ 4.00 FFO, as adjusted $ 1.55 $ 1.54 $ 4.94 $ 4.78 (1) For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company’s reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release. KEY TAKEAWAYS: • Year-to-date, CBL has closed on dispositions generating more than $238.0 million of gross proceeds including the October sale of Fremaux Town Center in Slidell, LA. • Consistent with our previously issued full-year guidance range, same-center NOI for Q3 2025 increased 1.1% compared with the prior-year period. FFO, as adjusted, per share for Q3 2025 was $1.55, compared with $1.54 per share for the prior-year period. For the nine months ended September 30, 2025, same-center NOI declined 0.6% compared with the prior-year period. FFO, as adjusted, per share was $4.94 for the nine months ended September 30, 2025, compared with $4.78 for the nine months ended September 30, 2024. • Portfolio occupancy increased 90 basis points to 90.2% as of September 30, 2025, compared with portfolio occupancy of 89.3% as of September 30, 2024. Same-center occupancy for malls, lifestyle centers and outlet centers was 88.4%, a 40-basis point increase from occupancy as of September 30, 2024. 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. • Over 972,000 square feet of leases were executed in the third quarter 2025, including comparable new and renewal leases of approximately 435,000 square feet signed at a 17.1% increase in average rents versus the prior rents. The increase was driven by new comparable lease spreads of more than 70% with renewal leases signed at a nearly 10% increase compared with expiring rents. • Same-center tenant sales per square foot for the third quarter 2025 increased approximately 4.8% as compared with the prior-year period. Same-center tenant sales per square foot for the 12 months ended September 30, 2025, of $432, increased 1.6% as compared with the prior period. • As of September 30, 2025, the Company had $313.0 million of unrestricted cash and marketable securities. "CBL posted excellent results in the third quarter 2025, highlighted by a 1.1% same-center NOI growth, a 90-basis point increase in occupancy and 17% lease spreads," said CBL's Chief Executive Officer, Stephen D. Lebovitz. “Tenant sales also grew nearly 5% during the quarter, demonstrating the resilience of consumer demand and the strength of our portfolio. (1)
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2 "During the quarter, we celebrated the grand opening of our new joint venture-owned hotel, Element by Westin, at Mayfaire Town Center in Wilmington, NC, which joined nine other new store openings at this center to-date in 2025. Other notable openings during the quarter include Ashley Furniture at Meridian Mall in Okemos, MI; Cavender's at Fayette Mall in Lexington, KY; and Barnes & Noble at York Town Center in York, PA. We are excited to welcome new-to-market concepts, such as Primark, which opened their only Nashville location at CoolSprings Galleria at the end of October. This quarter we executed a lease for CBL's first L.L.Bean location at CoolSprings Galleria. When it opens in 2026, it will be the only location in the state of Tennessee. "Financing activity across our portfolio has remained strong. With the official extension of our Term Loan on November 1st, we have substantially addressed our 2025 loan maturities. In September, along with our joint venture partner, we closed on a new $43.0 million, five-year non-recourse loan, secured by The Pavilion at Port Orange in Port Orange, FL. The 5.9% interest rate represents a 160-bps improvement versus the prior rate. We also completed a successful modification of our loan on the joint venture-owned Coastal Grand and Crossing in Myrtle Beach, SC, extending the maturity through August 2028. "We've been active on the transaction front this year. As previously announced, we were thrilled to add four dominant malls to our portfolio in July withthe acquisition of Ashland Town Center in Ashland, KY; Mesa Mall in Grand Junction, CO; Paddock Mall in Ocala, FL; and Southgate Mall in Missoula, MT. The transaction represents a significant step forward in the execution of CBL’s portfolio optimization strategy of utilizing proceeds from non-core asset sales at single-digit cap rates, such as the $83.1 million sale of The Promenade completed in July and the recent sale of Fremaux Town Center in October, to invest in higher cash flow yielding opportunities. This strategy has been beneficial to our shareholders through the recent increase in our dividend and ongoing share repurchases. "We are pleased with the performance of our portfolio in 2025 and the many balance sheet and transactional achievements completed year-to-date. We look forward to producing a strong end to the year and generating momentum heading into 2026." Same-center Net Operating Income (“NOI”) (1): Three Months Ended September 30, 2025 2024 Total Revenues $ 152,096 $ 151,407 Total Expenses $ (50,813) $ (51,272)Total portfolio same-center NOI $ 101,283 $ 100,135 Total same-center NOI percentage change 1.1% Estimate for uncollectable revenues (recovery) $ 2,459 $ 1,215 (1) CBL’s definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of above and below market leases. Same-center NOI for the third quarter 2025 increased $1.1 million. Total operating expense during the third quarter declined $0.5 million, substantially driven by real estate tax refunds received in the current period. The estimate for uncollectable revenues negatively impacted the quarter by approximately $1.2 million. Nine Months Ended September 30, 2025 2024 Total Revenues $ 460,568 $ 455,847 Total Expenses $ (156,703) $ (150,233)Total portfolio same-center NOI $ 303,865 $ 305,614 Total same-center NOI percentage change (0.6)% Estimate for uncollectable revenues (recovery) $ 3,976 $ 2,775 Same-center NOI for the nine months ended September 30, 2025 declined $1.7 million. Results were impacted by a $0.3 million decline in percentage rents. Total operating expense increased $6.5 million, primarily driven by one-time real estate and franchise tax refunds received in the prior-year period as well as higher maintenance and repair expenses. The estimate for uncollectable revenues negatively impacted the current period by approximately $1.2 million.
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3 PORTFOLIO OPERATIONAL RESULTS Occupancy(1): As of September 30, 2025 2024 Total portfolio 90.2% 89.3%Malls, lifestyle centers and outlet centers: Total malls 87.6% 86.4%Total lifestyle centers 93.3% 91.2%Total outlet centers 92.0% 91.6%Total same-center malls, lifestyle centers and outlet centers 88.4% 88.0%Open-air centers 95.3% 95.4%All Other Properties 91.0% 88.0% (1) Occupancy for malls, lifestyle centers and outlet centers represent percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied. New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet: % Change in Average Gross Rent Per Square Foot: Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2025 All Property Types 17.1% 5.2%Stabilized Malls, Lifestyle Centers and Outlet Centers 16.2% 4.7%New leases 70.6% 41.0%Renewal leases 9.6% 0.3%Open Air Centers 43.1% 24.4% Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less: Sales Per Square Foot for the Trailing Twelve Months Ended September 30, 2025 2024 % Change Malls, lifestyle centers and outlet centers same-center sales per square foot $ 432 $ 425 1.6% DIVIDEND On November 5, 2025, CBL announced a cash dividend of $0.45 per common share for the quarter ending December 31, 2025. The dividend, which equates to an annual dividend payment of $1.80 per common share, is payable on December 11, 2025, to shareholders of record as of November 25, 2025. FINANCING ACTIVITY On November 1, 2025, CBL exercised the one-year extension option for its non-recourse term loan, extending its maturity to November 2026. CBL also anticipates meeting the second extension test, which requires a principal balance of $615 million, in 2026 through natural amortization, enabling another one-year extension to November 2027. In October, CBL and its joint venture partner closed on a new $43.0 million loan secured by The Pavilion at Port Orange in Port Orange, FL. The five-year non-recourse loan has a fixed interest rate of 5.9%, interest-only, representing a more than 160-bps improvement versus the existing interest rate of 7.57%. Net proceeds were used to retire the existing $40.9 million loan, which was set to mature in February 2026. CBL and its joint venture partner closed on an agreement with the existing lender for the non-recourse loan secured by Coastal Grand and Crossing in Myrtle Beach, SC, in October. Under the agreement, the principal balance was reduced by $5.0 million to $88.0 million with an initial effective fixed interest rate of 5.09%, and the maturity was extended to August 2028. In addition, in October, the Company exercised the extension option on the loan secured by Coastal Grand Mall - Dick's Sporting Goods. In October, CBL and its joint venture partner also entered into a 9-month extension for the $28.5 million non-recourse loan secured by York Town Center in York, PA. The extended loan bears a fixed interest rate of 6.0% and matures in June 2026. In July, CBL closed on a $78.0 million non-recourse loan secured by Cross Creek Mall in Fayetteville, NC. The new five-year loan bears a fixed interest rate of 6.856%. Proceeds from the loan were used to retire the existing $81.9 million loan secured by the property, which bore an interest rate of 8.19% and was scheduled to mature in August 2025.
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4 In July, Southpark Mall in Colonial Heights, VA, was placed into receivership and was deconsolidated due to the loss of control. CBL is cooperating with the lender to facilitate a foreclosure of the asset, which is secured by a $48.3 million non-recourse loan. In May 2025, CBL exercised the one-year extension option on the loan secured by Fayette Mall in Lexington, KY. In March, the conveyance of Alamance Crossing East, in Burlington, NC, was completed in satisfaction of the outstanding $41.1 million non-recourse loan. TRANSACTION ACTIVITY Year-to-date, CBL has closed on dispositions generating more than $238.0 million of gross proceeds including the October sale of its interest in Fremaux Town Center in Slidell, LA, generating cash proceeds to CBL of $30.77 million in addition to the removal of $35.0 million of debt related to the property, and the sale of The Promenade in D'Iberville, MS, for $83.1 million in July. CBL completed the sale of Monroeville Mall and Annex in Monroeville, PA, for $34.0 million in January and the $38.1 million sale of Imperial Valley Mall in El Centro, CA, in February. CBL also completed the sale of an office building in Greensboro, NC, for $3.5 million in June and has sold five outparcels year-to-date generating gross proceeds of $13.6 million. In July, CBL closed on the acquisition of four dominant enclosed regional malls for $178.9 million from Washington Prime Group. The malls include Ashland Town Center in Ashland, KY; Mesa Mall in Grand Junction, CO; Paddock Mall in Ocala, FL; and Southgate Mall in Missoula, MT. This acquisition reinforces CBL’s position as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets. Concurrently with the transaction close, CBL completed a modification and extension of its existing $333.0 million non-recourse outparcel and open-air center loan with Beal Bank USA, which was scheduled to initially mature in June 2027, with one, two-year extension option. The loan was modified to include the acquisition properties, increasing the principal balance by $110.0 million to $443.0 million and extending the initial maturity through October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term, the new interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368.0 million and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately $75.0 million. The full principal balance will convert to the floating rate after the initial term. CBL utilized proceeds from the $83.1 million sale of The Promenade, an open-air center in D'Iberville, MS, to fund the balance of the transaction. STOCK REPURCHASE PROGRAM On May 1, 2025, CBL announced that its Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock. Year-to-date under the program, CBL acquired 248,590 shares of CBL stock for $7.3 million. On November 5, 2025, CBL's Board of Directors authorized a new stock repurchase program for the Company to buy up to $25 million of its common stock. The new stock repurchase program replaces the existing program authorized on May 1, 2025. DEVELOPMENT AND REDEVELOPMENT ACTIVITY Detailed project information is available in CBL’s Financial Supplement for Q3 2025, which can be found in the Invest – Financial Reports section of CBL’s website at cblproperties.com OUTLOOK AND GUIDANCE Based on Management's expectations and transactions completed year-to-date, including incorporating the impact of the recent sale of Fremaux Town Center, which was not previously included in guidance, CBL is reaffirming FFO, as adjusted, guidance for 2025 in the range of $6.98 - $7.34 per share. Management continues to anticipate same-center NOI for full-year 2025 in the range of (2.0)% to 0.5%. Low High 2025 Net Income $ 101.4 $ 112.4 2025 FFO, as adjusted (in millions) $ 213.0 $ 224.0 2025 WA Share Count 30.5 30.5 2025 FFO, as adjusted, per share $ 6.98 $ 7.34 2025 Same-Center NOI ("SC NOI") (in millions) $ 410.1 $ 420.6 2025 change in same-center NOI (2.0)% 0.5% (1) CBL completed the sale of its interest in Fremaux Town Center in October 2025. 2025 same-center NOI was adjusted to remove NOI related to the property. (1)
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5 Reconciliation of GAAP Earnings Per Share to 2025 FFO, as Adjusted, Per Share: Low High Expected diluted earnings per common share $ 3.21 $ 3.57 Depreciation and amortization 5.48 5.48 Gain on depreciable property (2.39) (2.39) Loss on impairment 0.11 0.11 Expected FFO, per diluted, fully converted common share 6.41 6.77 Loss on extinguishment of debt 0.01 0.01 Debt discount accretion, net of noncontrolling interests' share 1.14 1.14 Adjustment for unconsolidated affiliates with negative investment 0.54 0.54 Non-cash interest expense (0.01) (0.01) Gain on deconsolidation (1.11) (1.11) Expected FFO, as adjusted, per diluted, fully converted common share $ 6.98 $ 7.34 Reconciliation of Net Income to SC NOI (in millions): Low High Net income (loss) $ 101.4 $ 112.4 Adjustments Depreciation and amortization 166.4 166.4 Gain on sales of real estate assets (72.5) (72.5)Adjustments for unconsolidated affiliates 22.7 22.7 Non-comparable property NOI (31.1) (31.1)Other (income) expenses, net 157.0 157.0 Non-property (income) expenses, net 66.2 65.7 Total Same-Center NOI $ 410.1 $ 420.6 (1) Adjustments are based on our Operating Partnership’s pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties(2) GAAP adjustments for unconsolidated affiliates, including those with negative investment.(3) Property-level (income) expenses, net, that are not included in NOI, including but not limited to, interest expense, gains on sales of non-depreciable real estate assets, straight-line rent and above- and below-market lease amortization.(4) Non-property (income) expenses, net, that are not included in NOI, including but not limited to, fee income and general and administrative expenses. 2025 Estimate of Capital Items (in millions): Low High 2025 Estimated maintenance capital/tenant allowances $ 40.0 $ 55.0 2025 Estimated development/redevelopment expenditures 7.5 12.5 2025 Estimated principal amortization (including est. term loan ECF) 90.0 100.0 Total Estimate $ 137.5 $ 167.5 (1) Excludes amounts related to properties which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements as further described on page 18 of the Financial Supplement. ABOUT CBL PROPERTIES Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 88 properties totaling 53.9 million square feet across 22 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com. NON-GAAP FINANCIAL MEASURESFunds From Operations FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. (1) (2) (3) (4) (1)
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6 The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure. The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. In the reconciliation of net income (loss) attributable to the Company’s common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders. FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity. The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release for a description of these adjustments. Same-center Net Operating Income NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). The Company computes NOI based on the Operating Partnership’s pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies. Since NOI includes only those revenues and expenses related to the operations of the Company’s shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company’s results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release. Pro Rata Share of Debt The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s condensed consolidated balance sheet is located at the end of this earnings release. Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the “Management's Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.
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7 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Consolidated Statements of Operations(Unaudited; in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 REVENUES: Rental revenues $ 134,786 $ 119,992 $ 408,599 $ 368,090 Management, development and leasing fees 1,226 1,990 3,900 5,712 Other 3,268 3,107 9,454 10,069 Total revenues 139,280 125,089 421,953 383,871 EXPENSES: Property operating (27,383) (23,336) (76,844) (67,903)Depreciation and amortization (39,900) (32,326) (125,143) (109,030)Real estate taxes (12,970) (13,271) (43,728) (35,568)Maintenance and repairs (9,594) (8,890) (33,432) (28,007)General and administrative (17,787) (15,402) (53,682) (50,647)Loss on impairment (1,736) — (3,193) (836)Litigation settlement — 13 — 153 Other (45) (15) (75) (142) Total expenses (109,415) (93,227) (336,097) (291,980) OTHER INCOME (EXPENSES): Interest and other income 3,247 4,023 9,879 12,109 Interest expense (44,779) (38,849) (132,963) (118,068)Loss on extinguishment of debt — (819) (217) (819)Gain on deconsolidation 33,851 — 33,851 — Gain on sales of real estate assets 51,228 12,816 74,099 16,487 Income tax (provision) benefit (48) (364) 54 (856)Equity in earnings of unconsolidated affiliates 1,696 7,084 15,046 18,826 Total other income (expenses), net 45,195 (16,109) (251) (72,321) Net income 75,060 15,753 85,605 19,570 Net (income) loss attributable to noncontrolling interests in: Operating Partnership — (1) (8) (1)Other consolidated subsidiaries 368 446 1,379 1,423 Net income attributable to the Company 75,428 16,198 86,976 20,992 Earnings allocable to unvested restricted stock (1,161) (333) (1,345) (852) Net income attributable to common shareholders $ 74,267 $ 15,865 $ 85,631 $ 20,140 Basic and diluted per share data attributable to common shareholders: Basic earnings per share $ 2.44 $ 0.52 $ 2.81 $ 0.65 Diluted earnings per share 2.38 0.52 2.78 0.65 Weighted-average basic shares 30,406 30,756 30,427 31,149 Weighted-average diluted shares 31,313 30,756 30,851 31,151
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8 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information The Company's reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:(in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income attributable to common shareholders $ 74,267 $ 15,865 $ 85,631 $ 20,140 Noncontrolling interest in income of Operating Partnership — 1 8 1 Earnings allocable to unvested restricted stock 318 333 (984) 852 Depreciation and amortization expense of: Consolidated properties 39,900 32,326 125,143 109,030 Unconsolidated affiliates 3,167 3,534 9,855 11,996 Non-real estate assets (248) (256) (742) (769) Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries (385) (438) (1,190) (1,470) Loss on impairment, net of taxes 1,736 — 3,496 619 Gain on depreciable property, net of taxes (50,936) (11,930) (72,642) (15,651) FFO allocable to Operating Partnership common unitholders 67,819 39,435 148,575 124,748 Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share 9,180 11,085 27,584 34,602 Adjustment for unconsolidated affiliates with negative investment 6,817 (4,099) 10,453 (11,468) Litigation settlement — (13) — (153) Non-cash default interest expense (1,326) 232 (446) 232 Gain on deconsolidation (33,851) — (33,851) — Loss on extinguishment of debt — 819 217 819 FFO allocable to Operating Partnership common unitholders, as adjusted $ 48,639 $ 47,459 $ 152,532 $ 148,780 FFO per diluted share $ 2.17 $ 1.28 $ 4.82 $ 4.00 FFO, as adjusted, per diluted share $ 1.55 $ 1.54 $ 4.94 $ 4.78 Weighted-average common and potential dilutive common units outstanding 31,319 30,761 30,856 31,154 (1) In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. The Company began recognizing the debt discount accretion associated with the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center during the nine months ended September 30, 2025. (2) Represents the Company’s share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where the Company is recognizing equity in earnings (losses) on a cash basis because its investment in the unconsolidated affiliate is below zero. (3) Represents a credit to litigation settlement expense related to claim amounts that were released pursuant to the terms of the settlement agreement related to the settlement of a class action lawsuit. (4) The three and nine months ended September 30, 2025 include default interest on a loan past its maturity date and the reversal of previously accrued default interest. The three and nine months ended September 30, 2024 include default interest on loans past their maturity dates. (5) For the three and nine months ended September 30, 2025, the Company deconsolidated Southpark Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process. (6) During the nine months ended September 30, 2025, the Company made a partial paydown on the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") and recognized loss on extinguishment of debt related to a prepayment fee. During the three and nine months ended September 30, 2024, the Company made a partial paydown on the 2032 non-recourse bank loan and recognized loss on extinguishment of debt related to a prepayment fee. (1) (2) (3) (4) (5) (6)
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9 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Diluted EPS attributable to common shareholders $ 2.38 $ 0.52 $ 2.78 $ 0.65 Add amounts per share included in FFO: Earnings allocable to unvested restricted stock 0.01 0.01 (0.03) 0.02 Eliminate amounts per share excluded from FFO: Depreciation and amortization expense, including amounts from consolidated properties, unconsolidated affiliates, non-real estate assets and excluding amounts allocated to noncontrolling interests 1.35 1.14 4.31 3.81 Loss on impairment, net of taxes 0.06 — 0.11 0.02 Gain on depreciable property, net of taxes (1.63) (0.39) (2.35) (0.50) FFO per diluted share $ 2.17 $ 1.28 $ 4.82 $ 4.00 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 SUPPLEMENTAL FFO INFORMATION: Lease termination fees $ 387 $ 524 $ 1,788 $ 2,213 Straight-line rental income adjustment $ (453) $ 475 $ (331) $ 170 Gain on outparcel sales, net of taxes $ 293 $ 744 $ 3,013 $ 694 Net amortization of acquired above- and below-market leases $ (4,211) $ (4,306) $ (10,608) $ (10,482) Income tax (provision) benefit $ (48) $ (364) $ 54 $ (856) Abandoned projects expense $ — $ (15) $ (27) $ (142) Interest capitalized $ 142 $ 155 $ 392 $ 428 Estimate of uncollectable revenues $ (3,142) $ (2,035) $ (4,695) $ (4,826) As of September 30, 2025 2024 Straight-line rent receivable $ 23,822 $ 23,549
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10 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Same-center Net Operating Income(Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income $ 75,060 $ 15,753 $ 85,605 $ 19,570 Adjustments: Depreciation and amortization 39,900 32,326 125,143 109,030 Depreciation and amortization from unconsolidated affiliates 3,167 3,534 9,855 11,996 Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries (385) (438) (1,190) (1,470) Interest expense 44,779 38,849 132,963 118,068 Interest expense from unconsolidated affiliates 5,879 16,683 20,570 51,038 Noncontrolling interests' share of interest expense in other consolidated subsidiaries (994) (1,070) (3,106) (3,196)Abandoned projects expense — 15 27 142 Gain on sales of real estate assets (51,228) (12,816) (74,099) (16,487)Gain on sales of real estate assets of unconsolidated affiliates — — (1,867) — Adjustment for unconsolidated affiliates with negative investment 6,817 (4,099) 10,453 (11,468)Loss on extinguishment of debt — 819 217 819 Gain on deconsolidation (33,851) — (33,851) — Loss on impairment 1,736 — 3,193 836 Litigation settlement — (13) — (153)Income tax provision (benefit) 48 364 (54) 856 Lease termination fees (387) (524) (1,788) (2,213)Straight-line rent and above- and below-market lease amortization 4,664 3,831 10,939 10,312 Net loss attributable to noncontrolling interests in other consolidated subsidiaries 368 446 1,379 1,423 General and administrative expenses 17,787 15,402 53,682 50,647 Management fees and non-property level revenues (4,256) (6,080) (15,239) (19,070) Operating Partnership's share of property NOI 109,104 102,982 322,832 320,680 Non-comparable NOI (7,821) (2,847) (18,967) (15,066) Total same-center NOI $ 101,283 $ 100,135 $ 303,865 $ 305,614 Total same-center NOI percentage change 1.1% (0.6)% (1) CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of September 30, 2025, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending September 30, 2025. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender. (1)
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11 Same-center Net Operating Income(Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Malls $ 69,921 $ 70,048 $ 210,868 $ 214,063 Outlet centers 5,377 5,357 15,877 16,292 Lifestyle centers 9,365 8,127 27,088 25,401 Open-air centers 11,019 11,134 33,411 33,706 Outparcels and other 5,601 5,469 16,621 16,152 Total same-center NOI $ 101,283 $ 100,135 $ 303,865 $ 305,614 Percentage Change: Malls (0.2)% (1.5)% Outlet centers 0.4% (2.5)% Lifestyle centers 15.2% 6.6% Open-air centers (1.0)% (0.9)% Outparcels and other 2.4% 2.9% Total same-center NOI 1.1% (0.6)%
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12 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Company's Share of Consolidated and Unconsolidated Debt(Dollars in thousands) As of September 30, 2025 Fixed Rate VariableRate Total Debt UnamortizedDeferredFinancingCosts UnamortizedDebtDiscounts Total, net Consolidated debt $1,512,637 $ 761,084 $2,273,721 $ (10,008) $ (82,852) $2,180,861 Noncontrolling interests' share of consolidated debt (23,964) (11,053) (35,017) 99 405 (34,513)Company's share of unconsolidated affiliates' debt 383,190 9,212 392,402 (3,273) — 389,129 Other debt 48,271 — 48,271 — — 48,271 Company's share of consolidated, unconsolidated and other debt $1,920,134 $ 759,243 $2,679,377 $ (13,182) $ (82,447) $2,583,748 Weighted-average interest rate 5.47% 7.29% 5.99% As of September 30, 2024 Fixed Rate VariableRate Total Debt UnamortizedDeferredFinancingCosts UnamortizedDebtDiscounts Total, net Consolidated debt $ 879,488 $ 933,374 $1,812,862 $ (9,644) $ (28,099) $1,775,119 Noncontrolling interests' share of consolidated debt (24,513) (11,508) (36,021) 201 2,278 (33,542)Company's share of unconsolidated affiliates' debt 619,112 49,437 668,549 (2,277) — 666,272 Other debt 41,122 — 41,122 — — 41,122 Company's share of consolidated, unconsolidated and other debt $1,515,209 $ 971,303 $2,486,512 $ (11,720) $ (25,821) $2,448,971 Weighted-average interest rate 5.27% 8.30% 6.45% (1) In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. The Company recognized the debt discounts associated with the acquisition ofits partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center in December 2024.(2) At September 30, 2025, includes $523,070 of debt and $72,783 of unamortized debt discounts related to three properties in which the Company acquired its joint venture partner's 50% interest and now consolidates the properties.(3) Represents the outstanding loan balances of deconsolidated properties due to a loss of control when the properties were placed into receivership in connection with the foreclosure process. (1) (2) (3) (1) (3)
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13 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Consolidated Balance Sheets(Unaudited; in thousands, except share data) September 30, December 31, 2025 2024 ASSETS Real estate assets: Land $ 602,147 $ 588,153 Buildings and improvements 1,608,672 1,505,232 2,210,819 2,093,385 Accumulated depreciation (334,096) (283,785) 1,876,723 1,809,600 Held-for-sale — 56,075 Developments in progress 8,747 5,817 Net investment in real estate assets 1,885,470 1,871,492 Cash and cash equivalents 52,586 40,791 Restricted cash 109,377 112,938 Available-for-sale securities - at fair value (amortized cost of $260,076 and $242,881 as of September 30, 2025 and December 31, 2024, respectively) 260,434 243,148 Receivables: Tenant 37,563 45,594 Other 864 2,356 Investments in unconsolidated affiliates 84,219 83,465 In-place leases, net 160,241 186,561 Intangible lease assets and other assets 139,250 160,846 $ 2,730,004 $ 2,747,191 LIABILITIES AND EQUITY Mortgage and other indebtedness, net $ 2,180,861 $ 2,212,680 Accounts payable and accrued liabilities 208,583 221,647 Total liabilities 2,389,444 2,434,327 Shareholders' equity: Common stock, $.001 par value, 200,000,000 shares authorized, 30,784,118 and 30,711,227 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively (excluding 27,860 and 34 treasury shares as of September 30, 2025 and December 31, 2024, respectively) 31 31 Additional paid-in capital 699,235 694,566 Accumulated other comprehensive income 406 782 Accumulated deficit (348,231) (371,833) Total shareholders' equity 351,441 323,546 Noncontrolling interests (10,881) (10,682) Total equity 340,560 312,864 $ 2,730,004 $ 2,747,191
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14 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Condensed Combined Financial Statements - Unconsolidated Affiliates(Unaudited; in thousands) September 30, 2025 December 31, 2024 ASSETS: Investment in real estate assets $ 1,336,444 $ 1,284,494 Accumulated depreciation (604,249) (576,289) 732,195 708,205 Developments in progress 5,419 32,114 Net investment in real estate assets 737,614 740,319 Other assets 146,865 156,363 Total assets $ 884,479 $ 896,682 LIABILITIES: Mortgage and other indebtedness, net $ 774,359 $ 780,536 Other liabilities 30,240 36,253 Total liabilities 804,599 816,789 OWNERS' EQUITY: The Company 79,362 76,607 Other investors 518 3,286 Total owners' equity 79,880 79,893 Total liabilities and owners’ equity $ 884,479 $ 896,682 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Total revenues $ 45,121 $ 63,450 $ 133,959 $ 191,322 Depreciation and amortization (11,149) (17,133) (33,140) (54,220)Operating expenses (13,479) (21,259) (40,052) (62,891)Interest and other income 633 688 1,879 2,037 Interest expense (9,525) (18,168) (33,895) (54,830)Gain on extinguishment of debt — — 32,494 20,752 Loss on impairment (1,363) — (1,363) — Gain on sales of real estate assets — — 2,902 — Net income $ 10,238 $ 7,578 $ 62,784 $ 42,170 Company's Share for the Period Company's Share for the Period Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Total revenues $ 25,230 $ 33,802 $ 75,276 $ 100,743 Depreciation and amortization (5,766) (8,511) (17,904) (28,898)Operating expenses (7,371) (11,009) (21,675) (31,604)Interest and other income 383 409 1,139 1,253 Interest expense (5,879) (16,683) (20,570) (51,038)Negative investment adjustment (4,219) 9,076 (2,405) 28,370 Loss on impairment (682) — (682) — Gain on sales of real estate assets — — 1,867 — Net income $ 1,696 $ 7,084 $ 15,046 $ 18,826
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15 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information EBITDA for real estate ("EBITDAre") is a non-GAAP financial measure which NAREIT defines as net income (loss) (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, gains on the dispositions of depreciable property and impairment write-downs of depreciable property, and after adjustments to reflect the Company's share of EBITDAre from unconsolidated affiliates. The Company also calculates Adjusted EBITDAre to exclude the non-controlling interest in EBITDAre of consolidated entities, abandoned projects expense, (gains) losses on extinguishment of debt, adjustments related to unconsolidated affiliates and litigation settlement. The Company presents the ratio of Adjusted EBITDAre to interest expense because the Company believes that the Adjusted EBITDAre to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt. Adjusted EBITDAre excludes items that are not a normal result of operations which assists the Company and investors in distinguishing changes related to the growth or decline of operations at our properties. EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to similar measures calculated by other companies. This non-GAAP measure should not be considered as an alternative to net income (loss), cash from operating activities or any other measure calculated in accordance with GAAP. Pro rata amounts listed below are calculated using the Company's ownership percentage in the respective joint venture and any other applicable terms. Ratio of Adjusted EBITDAre to Interest Expense(Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income $ 75,060 $ 15,753 $ 85,605 $ 19,570 Depreciation and amortization 39,900 32,326 125,143 109,030 Depreciation and amortization from unconsolidated affiliates 3,167 3,534 9,855 11,996 Interest expense 44,779 38,849 132,963 118,068 Interest expense from unconsolidated affiliates 5,879 16,683 20,570 51,038 Income taxes 48 364 (54) 856 Loss on impairment 1,736 — 3,193 836 Gain on depreciable property (50,936) (11,930) (72,468) (15,651)Gain on deconsolidation (33,851) — (33,851) — EBITDAre 85,782 95,579 270,956 295,743 Loss on extinguishment of debt — 819 217 819 Litigation settlement — (13) — (153)Abandoned projects expense — 15 27 142 Adjustment for unconsolidated affiliates with negative investment 6,817 (4,099) 10,453 (11,468)Net loss attributable to noncontrolling interests in other consolidated subsidiaries 368 446 1,379 1,423 Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries (385) (438) (1,190) (1,470) Noncontrolling interests' share of interest expense in other consolidated subsidiaries (994) (1,070) (3,106) (3,196) Company's share of Adjusted EBITDAre $ 91,588 $ 91,239 $ 278,736 $ 281,840 (1) Includes $292 and $886 for the three months ended September 30, 2025 and 2024, respectively, related to sales of non-depreciable real estate assets. Includes $3,498 and $836 for the nine months ended September 30, 2025 and 2024, respectively, related to sales of non-depreciable real estate assets. (1)
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16 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Interest Expense: Interest expense $ 44,779 $ 38,849 $ 132,963 $ 118,068 Interest expense from unconsolidated affiliates 5,879 16,683 20,570 51,038 Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (9,180) (11,085) (27,584) (34,602) Noncontrolling interests' share of interest expense in other consolidated subsidiaries, excluding noncontrolling interests' share of debt discount accretion (527) (593) (1,709) (1,768) Company's share of interest expense $ 40,951 $ 43,854 $ 124,240 $ 132,736 Ratio of Adjusted EBITDAre to Interest Expense 2.2x 2.1x 2.2x 2.1x Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Company's share of Adjusted EBITDAre $ 91,588 $ 91,239 $ 278,736 $ 281,840 Interest expense (44,779) (38,849) (132,963) (118,068)Noncontrolling interests' share of interest expense in other consolidated subsidiaries 994 1,070 3,106 3,196 Income taxes (48) (364) 54 (856)Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts 7,928 2,703 23,455 7,666 Net amortization of intangible lease assets and liabilities 4,176 4,341 10,522 10,489 Depreciation and interest expense from unconsolidated affiliates (9,046) (20,217) (30,425) (63,034)Adjustment for unconsolidated affiliates with negative investment (6,817) 4,099 (10,453) 11,468 Litigation settlement — 13 — 153 Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries 385 438 1,190 1,470 Net loss attributable to noncontrolling interests in other consolidated subsidiaries (368) (446) (1,379) (1,423)Gain on outparcel sales (292) (886) (1,631) (836)Loss on insurance proceeds 79 — 79 — Equity in earnings of unconsolidated affiliates (1,696) (7,084) (15,046) (18,826)Distributions of earnings from unconsolidated affiliates 4,656 6,415 13,547 16,149 Share-based compensation expense 4,306 3,839 12,585 11,083 Change in estimate of uncollectable revenues 2,465 1,598 3,507 3,942 Change in deferred tax assets (1,252) (1,315) 275 (1,102)Changes in operating assets and liabilities 17,294 14,465 14,361 12,712 Cash flows provided by operating activities $ 69,573 $ 61,059 $ 169,520 $ 156,023 Components of Consolidated Rental Revenues The Company believes the following summary is useful to users of its consolidated financial statements because it provides more detail regarding the components of rental revenues in the consolidated financial statements and trends in these components for the periods shown. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Minimum rents $ 101,958 $ 91,300 $ 304,362 $ 279,417 Percentage rents 3,210 2,215 9,489 7,753 Other rents 2,048 1,429 6,422 5,076 Tenant reimbursements 29,763 27,036 91,451 79,635 Estimate of uncollectable amounts (2,193) (1,988) (3,125) (3,791) Total rental revenues $ 134,786 $ 119,992 $ 408,599 $ 368,090
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17 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Schedule of Mortgage and Other Indebtedness(Dollars in thousands) Property Location OriginalMaturityDate OptionalExtendedMaturityDate InterestRate Balance as of September 30, 2025 Balance Fixed Variable Operating Properties: The Outlet Shoppes at Gettysburg Gettysburg, PA Oct-25 4.80% $ 19,438 $ 19,438 $ — Parkdale Mall & Crossing Beaumont, TX Mar-26 5.85% 50,173 50,173 — Northwoods Mall North Charleston, SC Apr-26 5.08% 48,472 48,472 — Arbor Place Atlanta (Douglasville), GA May-26 5.10% 86,518 86,518 — Fayette Mall Lexington, KY May-26 4.25% 103,968 103,968 — Volusia Mall Daytona Beach, FL May-26 4.56% 33,495 33,495 — Hamilton Place Chattanooga, TN Jun-26 4.36% 87,287 87,287 — Jefferson Mall Louisville, KY Jun-26 4.75% 49,560 49,560 — The Outlet Shoppes at Laredo Laredo, TX Jun-26 7.88% 31,580 — 31,580 West County Center Des Peres, MO Dec-26 3.40% 141,227 141,227 — CoolSprings Galleria Nashville, TN May-28 4.84% 134,782 134,782 — Cross Creek Mall Fayetteville, NC Aug-30 6.86% 77,901 77,901 — Oak Park Mall Overland Park, KS Oct-30 3.97% 247,061 247,061 — 2032 non-recourse bank loan Oct-30 Oct-32 7.82% 442,956 367,956 75,000 Hamilton Place open-air centers loan Chattanooga, TN Jun-32 5.85% 64,799 64,799 — Total Loans On Operating Properties 1,619,217 1,512,637 106,580 Weighted-average interest rate 5.57% 5.38% 8.23% Corporate Debt: Secured term loan Nov-25 Nov-26/Nov-27 7.14% 654,504 — 654,504 Total Consolidated Debt $ 2,273,721 $ 1,512,637 $ 761,084 Weighted-average interest rate 6.02% 5.38% 7.30% Plus CBL's Share Of Unconsolidated Affiliates' Debt: Northgate Mall Development Chattanooga, TN Nov-25 7.00% $ 862 $ — $ 862 Coastal Grand Mall - Dick's Sporting Goods Myrtle Beach, SC Nov-25 May-26 8.05% 3,296 3,296 — Fremaux Town Center Slidell, LA Jun-26 3.70% 34,968 34,968 — York Town Center York, PA Jun-26 6.00% 14,269 14,269 — Ambassador Town Center Infrastructure Improvements Lafayette, LA Mar-27 7.26% 2,797 2,797 — Mayfaire Town Center Aloft Hotel Wilmington, NC Jan-28 7.51% 8,350 — 8,350 Friendly Center Greensboro, NC May-28 6.44% 71,535 71,535 — Coastal Grand Mall Myrtle Beach, SC Aug-28 5.09% 41,965 41,965 — Coastal Grand Crossing Myrtle Beach, SC Aug-28 5.09% 2,025 2,025 — The Outlet Shoppes at El Paso El Paso, TX Oct-28 5.10% 33,111 33,111 — Ambassador Town Center Lafayette, LA Jun-29 4.35% 25,506 25,506 — Hamilton Place Aloft Hotel Chattanooga, TN Jun-29 7.20% 7,078 7,078 — Friendly Center Medical Office Greensboro, NC Jun-30 6.11% 1,695 1,695 — The Pavilion at Port Orange Port Orange, FL Oct-30 5.93% 21,500 21,500 — The Shoppes at Eagle Point Cookeville, TN May-32 5.40% 19,025 19,025 — The Outlet Shoppes at Atlanta Woodstock, GA Oct-33 7.85% 39,665 39,665 — The Outlet Shoppes of the Bluegrass Simpsonville, KY Nov-34 6.84% 42,560 42,560 — Hammock Landing - Phase I West Melbourne, FL Dec-34 5.86% 17,263 17,263 — Hammock Landing - Phase II West Melbourne, FL Dec-34 5.86% 4,932 4,932 — 392,402 383,190 9,212 Plus Other Debt: Southpark Mall Colonial Heights, VA Jun-26 4.85% 48,271 48,271 — Less Noncontrolling Interests' Share Of Consolidated Debt: The Outlet Shoppes at Laredo (35%) Laredo, TX Jun-26 7.88% (11,053) — (11,053) (1) (2) (3) (4) (5) (6) (7) (8) (8) (9)
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18 Property Location OriginalMaturityDate OptionalExtendedMaturityDate InterestRate Balance as of September 30, 2025 Balance Fixed Variable The Outlet Shoppes at Gettysburg (50%) Gettysburg, PA Oct-25 4.80% (9,719) (9,719) — Hamilton Place (10%) Chattanooga, TN Jun-26 4.36% (8,729) (8,729) — Hamilton Place open-air centers loan (8% - 10%) Chattanooga, TN Jun-32 5.85% (5,516) (5,516) — (35,017) (23,964) (11,053) Company's Share Of Consolidated, Unconsolidated and Other Debt $ 2,679,377 $ 1,920,134 $ 759,243 Weighted-average interest rate 5.99% 5.47% 7.29% Total Debt of Unconsolidated Affiliates: Northgate Mall Development Chattanooga, TN Nov-25 7.00% $ 1,725 $ — $ 1,725 Coastal Grand Mall - Dick's Sporting Goods Myrtle Beach, SC Nov-25 May-26 8.05% 6,592 6,592 — Fremaux Town Center Slidell, LA Jun-26 3.70% 53,797 53,797 — York Town Center York, PA Jun-26 6.00% 28,538 28,538 — Ambassador Town Center Infrastructure Improvements Lafayette, LA Mar-27 7.26% 2,797 2,797 — Mayfaire Town Center Aloft Hotel Wilmington, NC Jan-28 7.51% 17,040 — 17,040 Friendly Center Greensboro, NC May-28 6.44% 143,071 143,071 — Coastal Grand Mall Myrtle Beach, SC Aug-28 5.09% 83,931 83,931 — Coastal Grand Crossing Myrtle Beach, SC Aug-28 5.09% 4,050 4,050 — The Outlet Shoppes at El Paso El Paso, TX Oct-28 5.10% 66,222 66,222 — Ambassador Town Center Lafayette, LA Jun-29 4.35% 39,239 39,239 — Hamilton Place Aloft Hotel Chattanooga, TN Jun-29 7.20% 14,156 14,156 — Friendly Center Medical Office Greensboro, NC Jun-30 6.11% 6,773 6,773 — The Pavilion at Port Orange Port Orange, FL Oct-30 5.93% 43,000 43,000 — The Shoppes at Eagle Point Cookeville, TN May-32 5.40% 38,050 38,050 — The Outlet Shoppes at Atlanta Woodstock, GA Oct-33 7.85% 79,330 79,330 — The Outlet Shoppes of the Bluegrass Simpsonville, KY Nov-34 6.84% 65,478 65,478 — Hammock Landing - Phase I West Melbourne, FL Dec-34 5.86% 34,526 34,526 — Hammock Landing - Phase II West Melbourne, FL Dec-34 5.86% 9,865 9,865 — $ 738,180 $ 719,415 $ 18,765 Weighted-average interest rate 5.95% 5.92% 7.46% (1) See page 12 for debt discounts and unamortized deferred financing costs.(2) Subsequent to September 30, 2025, the Company was notified by the lender that the loan was in maturity default. The Company is in discussions with the lender regarding a loan modification/extension.(3) This loan was previously referred to as the "open-air centers and outparcels loan." The interest rate is a fixed 7.70% for $367,956 of the outstanding loan balance through July 2030, with the remaining loan balance bearing a variable interest rate based on the 30-day SOFR plus 4.10%. The full principal balance will convert to a variable rate after July 2030. The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.(4) Subsequent to September 30, 2025, the lender notified the Company that it had met the extension test for the secured term loan and the loan was extended through November 2026.(5) Subsequent to September 30, 2025, the loan was paid off with proceeds from the sale of the parcel.(6) Subsequent to September 30, 2025, the Company exercised the extension option on the loan.(7) Subsequent to September 30, 2025, the Company sold its interest in the property to its joint venture partner.(8) In September 2025, the Company entered into a forbearance agreement that waived the previous default interest and extended the maturity date through August 2028. The forbearance agreement provides for default interest on the outstanding loan balance of 1%, 2% and 3% for each respective year of the forbearance agreement.(9) In July 2025, the loan entered default and the property was placed into receivership. The Company anticipates returning the property to the lender.(10) As of September 30, 2025, CBL owns interests in 12 assets (9 malls, 2 outlet centers and an open-air center) with a pro rata share debt balance of $779,013 which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements. Of this amount, $746,742 of pro rata debt relates to malls, $30,246 relates to outlet centers and $2,025 relates to an open-air center. These loans are non-recourse to CBL. The restricted cash can only be used to pay the respective property’s real estate and insurance costs, debt service, operating expenses, and fund escrow accounts for capital expenditures and tenant allowances. Additionally, CBL receives management fees from the property cash flows. For the nine months ended September 30, 2025, CBL’s pro rata share of same-center NOI was $303,865, of which same-center NOI from cash trapped properties made up $56,804, with $52,777 relating to malls, $2,449 relating to outlet centers and $1,578 relating to an open-air center. For the nine months ended September 30, 2024, CBL’s pro rata share of same-center NOI was $305,614, of which same-center NOI from cash trapped properties made up $57,549, with $53,366 relating to malls, $2,937 relating to outlet centers and $1,246 relating to an open-air center. (1) (2) (10) (5) (6) (7) (8) (8)
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19 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Schedule of Maturities of Mortgage and Other Indebtedness(Dollars in thousands) Based on Maturity Dates As Though All Extension Options Available Have Been Exercised: Year ConsolidatedDebt CBL's Share ofUnconsolidatedAffiliates' Debt Other Debt NoncontrollingInterests' Shareof ConsolidatedDebt CBL's Share ofConsolidated, Unconsolidated and OtherDebt % of Total WeightedAverageInterestRate 2025 $ 19,438 $ 862 $ — $ (9,719) $ 10,581 0.39% 4.98%2026 632,280 52,533 48,271 (19,782) 713,302 26.63% 4.59%2027 654,504 2,797 — — 657,301 24.53% 7.15%2028 134,782 156,986 — — 291,768 10.89% 5.38%2029 — 32,584 — — 32,584 1.22% 4.97%2030 324,962 23,195 — — 348,157 12.99% 4.75%2032 507,755 19,025 — (5,516) 521,264 19.45% 7.50%2033 — 39,665 — — 39,665 1.48% 7.85%2034 — 64,755 — — 64,755 2.42% 6.50%Total $ 2,273,721 $ 392,402 $ 48,271 $ (35,017) $ 2,679,377 100.00% 5.99% Based on Original Maturity Dates: Year ConsolidatedDebt CBL's Share ofUnconsolidatedAffiliates' Debt Other Debt NoncontrollingInterests' Shareof ConsolidatedDebt CBL's Share ofConsolidated, Unconsolidated and OtherDebt % of Total WeightedAverageInterestRate 2025 $ 673,942 $ 4,158 $ — $ (9,719) $ 668,381 24.94% 7.11%2026 632,280 49,237 48,271 (19,782) 710,006 26.50% 4.58%2027 — 2,797 — — 2,797 0.10% 7.26%2028 134,782 156,986 — — 291,768 10.89% 5.38%2029 — 32,584 — — 32,584 1.22% 4.97%2030 767,918 23,195 — — 791,113 29.53% 6.47%2032 64,799 19,025 — (5,516) 78,308 2.92% 5.74%2033 — 39,665 — — 39,665 1.48% 7.85%2034 — 64,755 — — 64,755 2.42% 6.50%Total $ 2,273,721 $ 392,402 $ 48,271 $ (35,017) $ 2,679,377 100.00% 5.99% (1) During the nine months ended September 30, 2025, the Company deconsolidated Southpark Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process. (1) (1)
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20 CBL & Associates Properties, Inc.Supplemental Financial and Operating InformationOperating Metrics by Collateral Pool Basis of Presentation The tables below provide certain property level financial information by property type and by categories based on the debt supported. The property types include Malls, Lifestyle Centers, Outlet Centers, Open-Air Centers, Outparcels and Other, each as defined below: Malls: The Malls are enclosed large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line retail stores, restaurants and non-retail tenants. Lifestyle Centers: The Lifestyle Centers are large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional anchors and/or junior anchors, a wide variety of in-line and retail stores, restaurants, and/or non-retail tenants. Outlet Centers: The Outlet Centers are open-air centers, generally anchored by one or more discount or off-price junior anchors and a wide variety of brand name off-price or discount in-line stores. Open-Air Centers: The Open-Air Centers are designed to attract local and regional customers. They are typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or may also feature traditional department stores. Open-Air Centers also feature a selection of shops that may include traditional retail stores, services or convenience offerings. Open-Air Centers may be located adjacent to CBL’s existing Malls or Lifestyle Centers. Outparcels: The outparcels are subdivided improved parcels of land located at or adjacent to our Malls, Lifestyle Centers, Outlet Centers or Open-Air Centers. The outparcels are generally single-tenant or multi-tenant buildings that are either structured on a ground lease or building lease. Other: Other includes other non-retail property types such as office, hotels or vacant land. The information provided in the tables below, including historic operational and financial information, is for properties owned as of September 30, 2025, as listed on the Property List table. Information is provided on a “same-center” basis and any properties or interests in properties acquired or disposed of prior to September 30, 2025, were assumed to have been acquired or disposed for all periods presented. Properties excluded from the same-center pool that would otherwise meet these criteria are categorized as excluded properties. We exclude properties which are under major redevelopment or are being considered for repositioning, and where we are working or intend to work with the lender on a restructure of the terms of the loan secured by the property or convey the secured property to the lender (“Excluded Properties”). Net Operating Income (NOI) and other financial information included in the presentation is reflected based on CBL’s share of ownership. NOI is a supplemental non-GAAP measure of the operating performance of our shopping centers and other properties. We define NOI as property operating revenues (rental revenues and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes straight-line rents, above/below market lease rates, landlord inducement write-offs, lease buyouts and management fees. Due to the exclusions noted above, NOI should only be used as a supplemental measure of our performance and not as an alternative to GAAP operating income (loss) or net income (loss). Interest is calculated on a GAAP basis including amortization of deferred financing costs and accretion of debt discounts.
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21 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Property List: Property Location Sales Per Square Foot for the Trailing Twelve Months Ended In-Line Occupancy September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 TERM LOAN ASSETS (HOLDCO I) Malls: CherryVale Mall Rockford, IL East Towne Mall Madison, WI Frontier Mall Cheyenne, WY Hanes Mall Winston-Salem, NC Kirkwood Mall Bismarck, ND Mall del Norte Laredo, TX Northgate Mall Chattanooga, TN Post Oak Mall College Station, TX Richland Mall Waco, TX Sunrise Mall Brownsville, TX Turtle Creek Mall Hattiesburg, MS Valley View Mall Roanoke, VA West Towne Mall Madison, WI Westmoreland Mall Greensburg, PA Total Malls $ 376 $ 369 89.4% 88.0% Lifestyle Centers: Mayfaire Town Center Wilmington, NC Pearland Town Center Pearland, TX Southaven Towne Center Southaven, MS Total Lifestyle Centers $ 419 $ 390 91.9% 91.8% Open-Air Centers: Westmoreland Crossing Greensburg, PA N/A N/A 97.7% 100.0% Outparcels and Other N/A N/A 91.6% 91.6% Total Term Loan Assets (HoldCo I) $ 384 $ 373 90.3% 89.3% CONSOLIDATED UNENCUMBERED Malls: Dakota Square Mall Minot, ND Eastland Mall Bloomington, IL Meridian Mall Lansing, MI Mid Rivers Mall St. Peters, MO Northpark Mall Joplin, MO Old Hickory Mall Jackson, TN Parkway Place Huntsville, AL South County Center St. Louis, MO St. Clair Square Fairview Heights, IL Stroud Mall Stroudsburg, PA York Galleria York, PA Total Malls $ 332 $ 326 77.9% 79.2% Outparcels and Other N/A N/A 91.8% 89.2% Total Consolidated Unencumbered $ 332 $ 326 79.0% 79.9% JOINT VENTURE ASSETS Malls: Coastal Grand Mall Myrtle Beach, SC Governor's Square Clarksville, TN Kentucky Oaks Mall Paducah, KY Total Malls $ 387 $ 387 90.3% 85.4% Outlet Centers: The Outlet Shoppes at Atlanta Woodstock, GA (1) (2)
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22 Property Location Sales Per Square Foot for the Trailing Twelve Months Ended In-Line Occupancy September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 The Outlet Shoppes at El Paso El Paso, TX The Outlet Shoppes of the Bluegrass Simpsonville, KY Total Outlet Centers $ 474 $ 476 94.9% 94.1% Lifestyle Centers: Friendly Center and The Shops at Friendly Greensboro, NC $ 602 $ 592 95.1% 89.7% Open-Air Centers: Ambassador Town Center Lafayette, LA Coastal Grand Crossing Myrtle Beach, SC Governor's Square Plaza Clarksville, TN Hammock Landing West Melbourne, FL The Pavilion at Port Orange Port Orange, FL The Shoppes at Eagle Point Cookeville, TN York Town Center York, PA Total Open-Air Centers N/A N/A 95.2% 94.5% Total Joint Venture Assets $ 476 $ 474 94.1% 91.9% CONSOLIDATED ENCUMBERED ASSETS Malls: Arbor Place Atlanta (Douglasville), GA CoolSprings Galleria Nashville, TN Cross Creek Mall Fayetteville, NC Fayette Mall Lexington, KY Hamilton Place Chattanooga, TN Jefferson Mall Louisville, KY Northwoods Mall North Charleston, SC Oak Park Mall Overland Park, KS Parkdale Mall Beaumont, TX Volusia Mall Daytona Beach, FL West County Center Des Peres, MO Total Malls $ 510 $ 497 90.7% 91.9% Outlet Centers: The Outlet Shoppes at Gettysburg Gettysburg, PA The Outlet Shoppes at Laredo Laredo, TX Total Outlet Centers $ 282 $ 291 85.9% 86.1% Open-Air Centers: Alamance Crossing West Burlington, NC CoolSprings Crossing Nashville, TN Courtyard at Hickory Hollow Nashville, TN Frontier Square Cheyenne, WY Gunbarrel Pointe Chattanooga, TN Hamilton Corner Chattanooga, TN Hamilton Crossing Chattanooga, TN Harford Annex Bel Air, MD The Landing at Arbor Place Atlanta (Douglasville), GA Parkdale Crossing Beaumont, TX The Plaza at Fayette Lexington, KY The Shoppes at Hamilton Place Chattanooga, TN The Shoppes at St. Clair Square Fairview Heights, IL Sunrise Commons Brownsville, TX The Terrace Chattanooga, TN West Towne Crossing Madison, WI WestGate Crossing Spartanburg, SC Total Open-Air Centers N/A N/A 95.1% 94.7% Outparcels N/A N/A 96.9% 97.7% Total Consolidated Encumbered Assets $ 486 $ 474 91.8% 92.4% (1) (2)
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23 Property Location Sales Per Square Foot for the Trailing Twelve Months Ended In-Line Occupancy September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Total Same-Center Portfolio $ 431 $ 422 88.4% 88.0% ACQUIRED PROPERTIES Ashland Town Center Ashland, KY Mesa Mall Grand Junction, CO Paddock Mall Ocala, FL Southgate Mall Missoula, MT Total Acquired Properties $ 430 $ 437 93.0% N/A Total Portfolio $ 432 $ 425 90.2% 89.3% EXCLUDED PROPERTIES Brookfield Square Brookfield, WI Fremaux Town Center Slidell, LA Harford Mall Bel Air, MD Laurel Park Place Livonia, MI Southpark Mall Colonial Heights, VA Total Excluded Properties N/A N/A N/A N/A (1) Represents same-center sales per square foot for tenants 10,000 square feet or less for malls, outlet centers and lifestyle centers. Sales are reported on a whole property basis. Sales for unencumbered portions or outparcels of a property with reporting tenants under 10,000 square feet are reflected with the sales of the main property.(2) Includes occupancy metrics for stores with gross leasable area under 20,000 square feet for unencumbered portions or outparcels of a property.(3) The property is encumbered by the 2032 non-recourse bank loan (consolidated encumbered assets - malls), but has not yet met the same-center criteria. Sales information is included for the prior-year period, but prior-year occupancy information was unavailable.(4) Subsequent to September 30, 2025, the Company sold its interest in the property to its joint venture partner. Therefore, the Company has excluded the property from the same-center classification. (1) (2) (3) (3) (3) (3) (4)
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24 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Operating Metrics - Nine Months Ended September 30, 2025 at CBL Share (Dollars in thousands) NOI CapitalExpenditures Redevelopment UnleveragedCash Flow Interest Expense Non-CashInterest Expense Amortization Cash Flow TERM LOAN ASSETS (HOLDCO I) Malls $ 70,530 $ (6,811) $ - $ 63,719 $ - $ - $ - $ 63,719 Lifestyle Centers 17,674 (5,112) - 12,562 - - - 12,562 Open-Air Centers 2,047 (168) - 1,879 - - - 1,879 Outparcels 223 - - 223 - - - 223 Other 657 - - 657 - - - 657 Term Loan Debt Service - - - - (37,104) 299 (29,875) (66,680) Total Term Loan Assets (HoldCo I) 91,131 (12,091) - 79,040 (37,104) 299 (29,875) 12,360 CONSOLIDATED UNENCUMBERED Malls 29,290 (5,052) - 24,238 - - - 24,238 Outlet Centers (20) - - (20) - - - (20) Outparcels 578 - - 578 - - - 578 Other 1,744 (199) - 1,545 - - - 1,545 Total Consolidated Unencumbered 31,592 (5,251) - 26,341 - - - 26,341 JOINT VENTURE ASSETS Malls 11,373 (3,505) - 7,868 (1,140) (552) (5,169) 1,007 Outlet Centers 13,448 (409) - 13,039 (5,966) 106 (857) 6,322 Lifestyle Centers 9,414 (1,550) (2,151) 5,713 (3,641) 124 (825) 1,371 Open-Air Centers 11,549 (1,235) - 10,314 (6,878) 90 (3,349) 177 Outparcels 309 - - 309 - - - 309 Other 601 (13) - 588 (396) - (1,661) (1,469) Total Joint Venture Assets 46,694 (6,712) (2,151) 37,831 (18,021) (232) (11,861) 7,717 CONSOLIDATED ENCUMBERED ASSETS Malls 99,675 (13,235) - 86,440 (65,590) 26,581 (34,710) 12,721 Outlet Centers 2,449 (161) - 2,288 (2,746) 1,065 (870) (263) Open-Air Centers 19,815 (2,786) - 17,029 (11,970) 689 (184) 5,564 Outparcels 12,509 (223) - 12,286 (9,226) 611 - 3,671 Total Consolidated Encumbered Assets 134,448 (16,405) - 118,043 (89,532) 28,946 (35,764) 21,693 Total Same-Center $ 303,865 $ (40,459) $ (2,151) $ 261,255 $ (144,657) $ 29,013 $ (77,500) $ 68,111 (1) Non-cash interest expense consists of the accretion of debt discounts, amortization of deferred financing costs and default interest. (1)
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25 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Operating Metrics - Nine Months Ended September 30, 2024 at CBL Share (Dollars in thousands) NOI CapitalExpenditures Redevelopment UnleveragedCash Flow Interest Expense Non-CashInterest Expense Amortization Cash Flow TERM LOAN ASSETS (HOLDCO I) Malls $ 71,287 $ (7,638) $ - $ 63,649 $ - $ - $ - $ 63,649 Lifestyle Centers 16,459 (1,331) - 15,128 - - - 15,128 Open-Air Centers 2,055 (88) - 1,967 - - - 1,967 Outparcels 202 (148) - 54 - - - 54 Other 872 (25) - 847 - - - 847 Term Loan Debt Service - - - - (48,974) 299 (23,451) (72,126) Total Term Loan Assets (HoldCo I) 90,875 (9,230) - 81,645 (48,974) 299 (23,451) 9,519 CONSOLIDATED UNENCUMBERED Malls 31,854 (4,606) - 27,248 (136) - (15,340) 11,772 Outlet Centers (20) - - (20) - - - (20) Open-Air Centers - - - - - - - - Outparcels 296 (52) - 244 - - - 244 Other 1,517 (563) - 954 - - - 954 Total Consolidated Unencumbered 33,647 (5,221) - 28,426 (136) - (15,340) 12,950 JOINT VENTURE ASSETS Malls 11,860 (1,275) - 10,585 (1,855) 260 (1,178) 7,812 Outlet Centers 13,375 (1,001) - 12,374 (5,010) 107 (1,471) 6,000 Lifestyle Centers 8,942 (1,830) - 7,112 (3,705) 124 (668) 2,863 Open-Air Centers 11,246 (383) - 10,863 (7,871) 174 (3,032) 134 Outparcels 183 - - 183 - - - 183 Other 508 (22) - 486 (479) - (2,263) (2,256) Total Joint Venture Assets 46,114 (4,511) - 41,603 (18,920) 665 (8,612) 14,736 CONSOLIDATED ENCUMBERED ASSETS Malls 99,062 (12,448) (228) 86,386 (46,113) 13,091 (29,719) 23,645 Outlet Centers 2,937 (449) - 2,488 (2,847) 1,032 (910) (237) Open-Air Centers 20,405 (947) - 19,458 (12,957) 790 - 7,291 Outparcels 12,574 (475) - 12,099 (10,203) 711 - 2,607 Total Consolidated Encumbered Assets 134,978 (14,319) (228) 120,431 (72,120) 15,624 (30,629) 33,306 Total Same-Center $ 305,614 $ (33,281) $ (228) $ 272,105 $ (140,150) $ 16,588 $ (78,032) $ 70,511 (1) Non-cash interest expense consists of the accretion of debt discounts, amortization of deferred financing costs and default interest.(2) In February 2024, the loan secured by Brookfield Square Anchor Redevelopment was paid off. (1) (2)
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26 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information CBL & Associates HoldCo I, LLC - Consolidated Balance Sheet (unaudited, in thousands) September 30, 2025 December 31, 2024 ASSETS Real estate assets: Land $ 154,508 $ 154,508 Buildings and improvements 394,276 384,269 548,784 538,777 Accumulated depreciation (121,969) (104,111) 426,815 434,666 Held for sale — 17,562 Developments in progress 799 149 Net investment in real estate assets 427,614 452,377 Cash 19,651 31,708 Receivables: Tenant 18,618 22,234 Other 304 353 In-place leases, net 23,974 32,377 Above market leases, net 16,180 22,743 Other assets 7,481 5,893 $ 513,822 $ 567,685 LIABILITIES AND EQUITY Senior secured term loan, net of deferred financing costs $ 654,470 $ 725,163 Below market leases, net 12,014 15,245 Accounts payable and accrued liabilities 34,592 39,396 Total liabilities 701,076 779,804 Owner's deficit (187,254) (212,119) $ 513,822 $ 567,685 CBL & Associates HoldCo I, LLC - Consolidated Income Statement (unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues: Rental revenues $ 44,418 $ 46,373 $ 134,106 $ 143,263 Other 1,432 1,271 3,643 4,084 Total revenues 45,850 47,644 137,749 147,347 Expenses: Property operating (8,313) (8,956) (24,652) (26,193)Depreciation and amortization (8,602) (11,718) (28,305) (38,862)Real estate taxes (3,773) (4,700) (12,744) (14,010)Maintenance and repairs (3,452) (3,693) (11,897) (11,545)Management fees (2,250) (2,250) (6,750) (6,750) Total expenses (26,390) (31,317) (84,348) (97,360) Other income (expenses): Other income 40 237 241 662 Interest expense (12,203) (15,947) (37,104) (48,974)Gain on sales of real estate assets — 10,593 21,193 10,593 Total other expenses, net (12,163) (5,117) (15,670) (37,719) Net income $ 7,297 $ 11,210 $ 37,731 $ 12,268 Modified Cash NOI $ 31,174 $ 31,887 $ 92,283 $ 101,055 Interest Coverage Ratio 2.5x 2.1x (1) Modified Cash NOI is calculated in accordance with the terms of the exit credit agreement and is not comparable to the Company’s definition of NOI, presented on page 6, that is used for NOI and same-center NOI metrics.(2) The Interest Coverage Ratio represents Modified Cash NOI divided by Facility Interest Expense, as defined in the exit credit agreement. (1) (2)
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27 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet Property Type SquareFeet Prior GrossRent PSF New InitialGross RentPSF % ChangeInitial New AverageGross RentPSF % ChangeAverage Three Months Ended September 30, 2025: All Property Types 434,508 $ 41.98 $ 47.44 13.0% $ 49.16 17.1%Malls, Lifestyle Centers & Outlet Centers 404,811 43.49 48.76 12.1% 50.52 16.2%New leases 50,007 37.85 58.80 55.4% 64.58 70.6%Renewal leases 354,804 44.29 47.34 6.9% 48.53 9.6%Open Air Centers 29,697 21.42 29.52 37.8% 30.65 43.1% Nine Months Ended September 30, 2025: All Property Types 1,681,017 $ 40.58 $ 41.33 1.8% $ 42.71 5.2% Malls, Lifestyle Centers & Outlet Centers 1,596,379 41.49 42.07 1.4% 43.46 4.7%New leases 184,800 39.02 50.15 28.5% 55.00 41.0% Renewal leases 1,411,579 41.81 41.01 (1.9)% 41.95 0.3%Open Air Centers 69,438 24.16 28.75 19.0% 30.06 24.4% (1) Includes malls, lifestyle centers, outlet centers, open-air centers and other.(2) The change is primarily driven by malls. Total Leasing Activity: Average Annual Base Rents Per Square Foot By Property Type For Small Shop Space Less Than 10,000 Square Feet: Square Feet Three Months Ended September 30, 2025: Operating portfolio: As of September 30, As of September 30, New leases 203,948 2025 2024 Renewal leases 768,882 Same-center Malls, Lifestyle & Outlet Centers $ 31.64 $ 31.65 Development portfolio: Total Malls 31.63 31.29 New leases — Total Lifestyle Centers 32.92 31.57 Total leased 972,830 Total Outlet Centers 30.40 29.02 Total Malls, Lifestyle & Outlet Centers 31.62 31.05 Nine Months Ended September 30, 2025: Open-Air Centers 16.11 15.80 Operating portfolio: Other 21.96 20.84 New leases 527,553 Renewal leases 2,233,401 Development portfolio: New leases 6,058 Total leased 2,767,012 (1) Average annual base rents per square foot are based on contractual rents in effect as of September 30, 2025, including the impact of any rent concessions. Average base rents for open-air centers and office buildings include all leased space, regardless of size. (1) (2) (2) (2) (1) (2) (2) (2) (1)
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28 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square FeetFor the Nine Months Ended September 30, 2025 Based on Commencement Date NumberofLeases SquareFeet Term(inyears) InitialRentPSF AverageRentPSF ExpiringRentPSF Initial RentSpread Average RentSpread Commencement 2025: New 79 207,409 7.09 $ 46.44 $ 51.42 $ 35.24 $11.20 31.8% $16.18 45.9% Renewal 565 1,755,811 2.83 35.93 36.73 37.25 (1.32) (3.5)% (0.52) (1.4)% Commencement 2025 Total 644 1,963,220 3.36 37.04 38.28 37.04 — — 1.24 3.3% Commencement 2026: New 22 56,715 7.99 57.05 62.08 39.48 17.57 44.5% 22.60 57.2% Renewal 141 523,442 3.32 42.91 44.05 40.82 2.09 5.1% 3.23 7.9% Commencement 2026 Total 163 580,157 3.95 44.30 45.81 40.69 3.61 8.9% 5.12 12.6% Total 2025/2026 807 2,543,377 3.47 $ 38.70 $ 40.00 $ 37.87 $ 0.83 2.2% $ 2.13 5.6%
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29 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Top 25 Tenants Based On Percentage Of Total Annualized Revenues Tenant Number ofStores SquareFeet Percentageof TotalRevenues 1 Victoria's Secrets & Co. 47 386,915 2.73%2 Signet Group, PLC 109 161,064 2.67%3 American Eagle Outfitters, Inc. 59 361,167 2.49%4 Pentland Group 62 362,211 2.36%5 Dick's Sporting Goods, Inc. 23 1,477,702 2.30%6 Foot Locker, Inc. 59 295,067 2.16%7 Bath & Body Works, Inc. 55 233,611 1.86%8 Knitwell Group 82 365,165 1.54%9 Genesco Inc. 72 143,730 1.52%10 Catalyst Brands 72 3,302,484 1.31%11 The Buckle, Inc. 36 188,384 1.26%12 Luxottica Group S.P.A. 71 154,392 1.22%13 The Gap Inc. 41 492,172 1.18%14 Sycamore Partners 87 330,186 1.02%15 Abercrombie & Fitch, Co. 28 190,727 1.00%16 The TJX Companies, Inc. 20 566,599 0.96%17 Barnes & Noble, Inc.. 17 445,284 0.94%18 Spencer Spirit Holdings, Inc. 45 106,626 0.91%19 H & M Hennes & Mauritz AB 34 720,910 0.91%20 Cinemark Corp. 7 354,786 0.90%21 Ulta Salon, Cosmetics & Fragrance, Inc. 23 236,805 0.79%22 Shoe Show, Inc. 26 333,408 0.77%23 Claire's Stores, Inc. 54 69,643 0.77%24 GoTo Foods 59 40,970 0.75%25 Darden Restaurants, Inc. 35 240,081 0.70% 1,223 11,560,089 35.02% (1) Includes the Company's proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.(2) Signet Group, PLC. operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Ultra Diamonds, Rogers Jewelers, Zales, Peoples, Banter by Piercing Pagoda and Piercing Pagoda.(3) Pentland Group is formerly known as Finish Line, Inc. and operates Finish Line, JD Sports and Shoe Palace.(4) Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream. Includes a former Sears lease acquired by Dick's Sporting Goods, Inc. for future redevelopment.(5) Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse.(6) Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut.(7) The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post. Capital Expenditures(In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Tenant allowances $ 5,653 $ 5,795 $ 15,523 $ 11,847 Maintenance capital expenditures: Parking lot and parking lot lighting 2,836 2,487 5,892 3,772 Roof replacements 772 2,915 3,652 4,904 Other capital expenditures 7,070 6,106 16,045 14,596 Total maintenance capital expenditures 10,678 11,508 25,589 23,272 Total capital expenditures $ 16,331 $ 17,303 $ 41,112 $ 35,119 (1) Tenant allowances, sometimes made to third-generation tenants, are recovered through minimum rents from the tenants over the term of the lease.(2) The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as maintenance capital expenditures. (1) (2) (3) (4) (5) (6) (7) (1) (2)
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30 CBL & Associates Properties, Inc.Supplemental Financial and Operating Information Properties Opened During the Nine Months ended September 30, 2025(Dollars in thousands) CBL's Share of Property Location CBLOwnershipInterest TotalProjectSquare Feet TotalCost Cost toDate 2025Cost OpeningDate InitialUnleveragedYield Outparcel Development: Mayfaire Town Center - hotel development Wilmington, NC 49% 83,021 $ 15,435 $ 15,943 $ 4,090 Aug 2025 11.0% Properties Under Development at September 30, 2025(Dollars in thousands) CBL's Share of Property Location CBLOwnershipInterest TotalProjectSquare Feet TotalCost Cost toDate 2025Cost Expected OpeningDate InitialUnleveragedYield Redevelopments: Friendly Center - Cooper's Hawk Greensboro, NC 50% 10,600 $ 2,551 $ 1,077 $ 1,054 Fall '25 10.2% Friendly Center - North Italia Greensboro, NC 50% 6,000 2,550 1,097 1,097 Fall '25 8.1% Total Properties Under Development 16,600 $ 5,101 $ 2,174 $ 2,151 (1) Total Cost is presented net of reimbursements to be received.(2) Cost to Date does not reflect reimbursements until they are received. (1) (2) (1) (2)