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INVESTOR PRESENTATION | Q2 2026 CBL PROPERTIES 7 CBL COOLSPRINGS GALLERIA L.L.Bean
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2 Safe Harbor Statement While the information contained in this presentation is provided in good faith, neither CBL & Associates Properties Inc. (together with its subsidiaries and affiliates, “CBL”, of the “Company”) nor any of its advisers, representatives, officers, agents or employees makes any representation, warranty or undertaking, express or implied, with respect to this presentation and no responsibility or liability is accepted by any of them as to the accuracy, completeness or reasonableness of this presentation. The information contained in this presentation is as of the date hereof, and CBL and any of its affiliates each expressly disclaim any obligation to update the information herein presented or to correct any inaccuracies in this presentation that may become apparent. You should conduct your own investigation into any information contained in this presentation. The information included herein contains "forward-looking statements" within the meaning of section 27a of the securities act of 1933, as amended, and section 21e of the securities exchange act of 1934. All statements, other than statements of historical facts, included or incorporated by reference in this presentation that address ongoing or projected activities, events or trends that the company expects, believes, anticipates or assumes will or may occur in thefuture, including such matters as future operating results, capital expenditures, development or redevelopment projects, distributions, financings or refinancings, acquisitions or dispositions (including the timing, amount and nature thereof), tenant leasing, performance and results of operations, trends of the real estate industry or markets generally, and company business strategies and other matters of such nature are forward-looking statements. Such statements are based on expectations, beliefs, anticipations or assumptions which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Prospective investors are cautioned that any such statements or projections are not guarantees of future performance and thatfuture events and actual events, financial and otherwise, may differ materially from the events and results discussed in forward-looking statements or projections. The company has no obligation, and makes no undertaking, to publicly update or revise any forward-looking statements or projections. The reader is directed to the company's various filings with the securities and exchange commission, including without limitation the company's most recent earnings release and supplemental financial schedules filed on form 8-k, the company's annual report on form 10-k and quarterly report on form 10-q 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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CBL Overview INVESTOR PRESENTATION | Q2 2026
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4 Dominant "Only Game in Town" Market Position CBL owns a diverse portfolio of 46 enclosed malls, four lifestyle centers, four outlet centers and nearly 25 open-air centers in dynamic middle markets providing pricing power, stable cash flows, high barriers to competition, and sustainable competitive advantages. Strong Operational Momentum & Retail Recovery Positive lease spreads, sales growth and occupancy consistently above 90%. Occupancy cost has declined to ~10.5% in 2025 vs. 12-13% pre-pandemic, which supports future rent growth. Strategic Tenant Upgrades and Restaurant Additions Drive Traffic and Sales More than a dozen new restaurants opening in 2025-2026 will enhance traffic, create sales momentum, and position properties for long-term growth. Active Site Densification and Anchor Upgrades Enhance Asset Value Asset quality improving through nearly 50 anchor/junior anchor upgrades opened or opening soon since ‘21. Site densification with additions of hotel, multi- family and other diverse uses with more than $30M of land sales completed year-to-date or in process to non-retail developers. Significant Free Cash Flow Generation with Over $322M (1) of Cash on Hand 2026 estimated cash flow of $156M before amortization and $95M in discretionary cash flow, with $322.7M in cash on hand - provides substantial capacity for shareholder returns and strategic investments. CBL Investment Highlights CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) (1) Includes CBL share of joint venture cash of $20.3M.
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5 Tax Optimization Opportunity Section 382 limitations expire November 2026, enabling opportunity to transition from ordinary income to return-of-capital taxation beginning in 2027. Estimated ~60% higher after-tax yield for investors in the 37% tax bracket, maximizes value to shareholders. Accretive Capital Recycling Strategy supports CBL as Consolidator CBL is successfully recycling proceeds from the sale of open-air centers at attractive cap rates into high-quality dominant mall assets at double-digit cap rates generating enhanced cash flow yields to shareholders. Portfolio Upgrade Strategy Contributes to Enhanced Growth Improving portfolio quality through sale of lower-performing non-core mall assets. Removing non-core centers raises cash, reduces capex burden, enhances remaining portfolio growth rate and provides opportunity to mine tax losses. Substantial Ongoing Debt Reduction Nearly $641M debt reduction since 2021 emergence; non-recourse debt structure; strong access to capital with nearly $1.6B in financing activity completed in the last twelve months. ~$270M of additional debt reduction in process in 2026. Refinancings Unlock Significant Incremental Cash Flow Over $38M of cash flow unlocked through year-to-date refinancing activity. Upcoming maturity of West County Center offers additional opportunity to continue to add incremental cash flow by refinancing a cash-trapped loan. CBL Investment Highlights Cont. CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28)
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6 $420M Portfolio NOI (1) 70% 11% 5% 9% 5% $44.8M from Open Air/Power Centers $22.4M from Outparcels/other $37.2M from Lifestyle Centers $21.8M from Outlet Centers $294M from Malls 84 Total Properties 46 Malls 24 Open-air Centers 4 Outlet Centers 4 Lifestyle Centers 4 Office/Hotels 2 Managed for 3rd Parties Our Portfolio (as of 7/29/26) Building a Portfolio for Sustained Growth I N V E S T O R P R E S E N T A T I O N | Q 2 2 0 2 6 (1) Represents 2025 same-center NOI CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28)
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7 NEW MALL ACQUISITION MALLS OUTLET CENTER LIFESTYLE CENTER OPEN-AIR CENTER $455 Portfolio Comp Sales PSF(1) 84 Properties Owned/Managed 90.4% Portfolio Occupancy (1) 54.8 Million square feet (1) Operating metrics are as of 6/30/26 CBL is the Leading Owner of “Only Game in Town” Malls in Middle Markets CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28)
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8 Total Return to Shareholders Total Debt Reduction inclusive of approx. $398M of debt added through acquisitions Returned to Shareholders including $288M in dividends and $59M in share repurchase Outparcel and Land Sales Proceeds Increase in Equity Market Capitalization from $600M to $1.8B Increase in Regular Annual Dividend Rate from $1.00 to $2.50 per share ~122% $12.36 per share 150% ~$641M $1.2B+ ~$258M in Acquisition Activity ~$379M Gross Disposition Activity of Non -Core Assets ~$74M Note: Metrics above utilize the following assumptions/inputs: Initial closing price on 11/1/21 through closing price as of 7/22/26; Dividend declared through July 22, 2026. Shares outstanding as of 6/30/26. CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) Achievements Since 2021 Emergence
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9 $10.43 ~$156M 5.3X $2.50 7.9X 54% Regular Annual Dividend Pro rata cash balance per share $322.7M as of 6/30/26 (includes CBL’s share of JV cash of $20.3M) 2026 Est. Cash Flow before amortization and dividends Net Debt/ EBITDAre Est. 2026 FFO Multiple vs. 2.9X @ YE ‘22 Net Debt to Enterprise Value vs. 81% @ Emergence Note: Metrics above utilize the following assumptions/inputs: closing price as of 7/22/26; midpoint of guidance issued August 6, 2026, R12 Adjusted EBITDAre; Net Debt is pro rata debt net of deconsolidated loans secured by Gettysburg, Southpark and Jefferson Malls, less pro rata share of cash and Treasury securities as of 6/30/26. Shares outstanding as of 6/30/26. CBL By The Numbers CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28)
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10 XXX VVD CBL Investment Achievements $1.5B Financing activity completed TTM through 6/30/26 $38M Additional Est. Free Cash Flow Unlocked from Recent Financing Activity 39% Increase in 2026 Regular Dividend $322M Pro Rata Cash Balance as of 6/30/26 (includes CBL’s share of JV cash of $20.3M) ~8.4% Blended Cap Rate on $114M of Recent open -air center dispositions ~15.5%+ Cap Rate on ~$227M of Recent Mall Acquisitions CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) Proven track record of value creation without raising external equity.
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11 Discretionary Cash Flow Illustrative 2026 at Midpoint of Guidance (1) 2026 SC NOI $392.1 million 2026 FFO, as adjusted $223.2 million Less: Est. Capex/TA $60.0 million Less: Revenue Generating Redevelopment $7.5 million Cash Flow before Amortization $155.7 million Less: Amortization (property/term loan) $60.5 million Discretionary Cash Flow $95.2 million Cash at 6/30/26 (2) $322.7 million (1) For illustrative purposes only. Actual results could vary materially. Based on midpoint of guidance and capital item (Capex, TA, Amortization) assumptions issued August 6, 2026, which have not been and should not be deemed to have been updated or reaffirmed. (2) Represents cash and equivalents balance including CBL share of joint venture cash. I N V E S T O R P R E S E N T A T I O N | Q 2 2 0 2 6 • Cash flow enhanced by more than $30M with recently completed refinance of prior term loan. • ~$60.5M annual amortization of loans secured by high-quality properties accrues to equity. • Significant recurring cash flow and cash balance available for return to shareholders/investment: • Regular/Special Dividends • Acquisitions – one-off and portfolio • Additional value-added redevelopment • Strategic capital markets activity CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28)
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12 Strong Operating Momentum Multiple Levers to Drive Significant Upside Accretive Capital Recycling ▪ Within the past 12-months, CBL sold two open-air centers at a blended cap rate of 8.4% for total proceeds of $114M ▪ After recycling proceeds from open-air into the WPG 4 asset portfolio, CBL increased the dividend by 12% ▪ Acquisition of Gateway Mall in March ’26 continues this strategy ▪ Performance demonstrates positive retail fundamentals ▪ SC NOI Growth of 1.5% in Q2 ‘26 ▪ 3.9% tenant sales growth (R12 as of 6/30/26) ▪ 8.8% lease spreads in Q2 ‘26 ▪ More than a dozen anchor/ jr. anchor upgrades in 2025 and 2026 add new traffic source and sales momentum ▪ Site densification: Land sale opportunities: ~$30M of sales closed ytd or pending - limited impact to NOI, raises capital and drives traffic with new non-retail uses Refinancing Activity Unlocks Cash Flow ▪ Term loan refinancing contributes an estimated $30M+ annually to cash flow from more favorable amortization structure leading to ~39% increase in regular dividend ▪ Refi of select Cash Trapped properties offer opportunity to unlock restricted cash flow ▪ Opportunity to further reduce debt through select give-backs of low debt yield non-core assets ▪ ~$60M annual amortization accrues to equity Positive Tax Attributes Drive Enhanced Capital Recycling ▪ Tax limitations from Section 382 expire in November 2026 creating the potential for favorable tax treatment of our dividends transitioning from ordinary income to return of capital (1) ▪ Return of capital taxation provides an estimated ~60% higher after-tax yield versus ordinary income treatment for high-income investors in the 37% bracket, maximizing value of shareholder distributions (1) Future tax treatment is subject to changes in the Internal Revenue Code, completion of asset sales with significant losses, and other factors that CBL cannot guarantee or predict with accuracy. Note: Future land sales are not guaranteed. Actual results may differ materially. CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28)
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Strong Operating Momentum INVESTOR PRESENTATION | Q2 2026
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14 Operational Momentum Stable Occupancy YE Portfolio occupancy has remained above 90% post- pandemic Robust Leasing Volume Over 1.25M sf of leases executed in Q2 ‘26, demonstrates constructive retail backdrop Improving Rent Growth 8.8% increase in new and renewal lease rates for comparable leases Solid Internal Growth Strong 6M same center NOI growth of 2.2% Increasing Tenant Sales R12-month SC tenant sales of $455 PSF +3.9%, supports percentage rents and rent growth Healthy Occ. Cost Ratio OCR of ~10.5% as of 12/31/2025 supports future rent growth as tenant sales improve S T R O N G R E T A I L M O M E N T U M CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28)
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15 2025 – 2026 OPENINGSFORMER TENANTPROPERTY Anchor Upgrades Drive New Traffic and Sales S T R O N G R E T A I L M O M E N T U M CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) Nearly 50 anchors and jr. anchors comprising over 3.2 million square feet opened or in process since ‘21
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16 Prior Tenant New Tenant Friendly Center Available Pad Friendly Center Retail Friendly Center Retail Hamilton Place Abuelo’s Ford’s Garage Fayette Mall Former restaurants Cross Creek Mall Smokey Bones Prior Tenant New Tenant Northwoods Mall O’Charley’s West County Center McCormick & Schmick’s CoolSprings Galleria Party Fowl Eastland Mall Applebee’s Hanes Mall Red Robin Valley View Smokey Bones Significant New Restaurant Activity Creates Fresh Energy N E W L Y O P E N E D A N D C O M I N G S O O N CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28)
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Accretive Capital Recycling INVESTOR PRESENTATION | Q2 2026
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18 A C C R E T I V E C A P I T A L R E C Y C L I N G 18 CBL: Portfolio Optimization CBL IS EXECUTING A BUSINESS PLAN THAT ALLOWS US TO FOCUS ON WHAT WE DO BEST – OWNING AND MANAGING DOMINANT MALLS IN MIDDLE MARKETS Proactively Prune the Portfolio Select Open-Air Center Sales Reduce JV Exposure Over $270M of low debt yield properties targeted for disposition/give-back to deleverage balance sheet with minimal impact to free cash flow Recycle proceeds from select open-air centers at single digit cap rates to fund future acquisitions and capital returns to shareholders Simplify the business by reducing CBL’s exposure to joint ventures. To-date, acquired JV interest in three top assets and exited interest in two. Low Debt-Yield Opportunity Dispose of declining, capital-intensive assets to strengthen core portfolio, raise cash and reduce debt. CBL has identified the following portfolio improvements: Acquire Market Dominant Malls Target acquisitions that are accretive to operating metrics to replace low quality/declining NOI/FFO and improve durability of income Optimization Benefits: ✓ Significantly lower leverage ✓ Higher productivity mall portfolio ✓ Simplified story ✓ Greater free cash flow per share ✓ Tax efficient returns to shareholders Targeted Land Sales Realize intrinsic land value and drive new traffic through site densification. Over $30M land sales completed or in process. CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28)
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19 Illustrative Mall Acquisition Economics Low Double Digit Cap Rate(1) 50% Leverage 7.5% / 25 Yr Am 10% Capex Mid to High Teens Levered IRR Stable / Flat NOI Growth Illustrative Open Air Sale Economics $100mm Gross Proceeds Recycled from Open Air Sale 8.5% Sale Cap Rate 50% Leverage 6% / 30 Yr Am on Debt Repayment $50mm Net Proceeds Every $50M of Proceeds Recycled from Open Air into Enclosed Mall Acquisitions Implies 5.5% Cash Flow Accretion Enhancing Free Cash Flow Through Capital Recycling CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) A C C R E T I V E C A P I T A L R E C Y C L I N G (1) Assumes 13% going-in yield
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20 What is the Opportunity Set for Dominant Malls in Middle Markets? CBL Acquisition Criteria Competition: malls that are market dominant or only game in town; limited competition, right-sized retail supply per capita Footprint: manageable footprint of small shop GLA – ideally 30% or less of total center SF Anchor Risk: healthy, well-performing anchors; minimal co-tenancy Sales PSF: in-line small shop sales psf ~$400+ Occupancy Cost: reasonable health ratios (10% to 13%) to support stable NOI/provide upside Operating Margins: opportunities to generate efficiencies- focus going in is 65%+ margins with intent to push higher Stable NOI: stable to growing NOI over long-term with positive 5/10 Yr. CAGR. Capex: well-maintained assets, withgenerally 10% to 12% of NOI allocated to capex and tenant allowances annually Return Thresholds: low-to-mid double-digit going-in yield and high teen or better levered returns Significant Total Potential Acquisitions Approximately 1,200 Malls in the U.S. CBL Identified ~100 Viable Enclosed Malls likely to become available over the next ~7 Years 80 to 90 considered acquisition opportunities with stable NOI and market relevance Target ~ 50 Fit Majority of Criteria 20 CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) A C C R E T I V E C A P I T A L R E C Y C L I N G
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Click to insert image: Click to insert image: 21 Mesa Mall, Grand Junction, COPaddock Mall, Ocala, FL Southgate Mall, Missoula, MT Ashland Town Center, Ashland, KY Acquisition Case Study INVESTMENT HIGHLIGHTS ✓ Within past 12-months CBL has utilized proceeds from open- air sales to acquire five dominant regional malls in growing and dynamic markets ✓ Only game in town dominant assets, attractive anchor lineup, average sales over $420 psf ✓ Immediately Accretive to FFO and Cash Flow per share ✓ Mid-teens going in cap rate produces more than an estimated 20%+ cash-on-cash yield ✓ Meaningful immediate value creation and growth through backfill of two vacant jr. anchor locations and pad site opportunities ✓ CBL raised dividend ~12% following acquisition in July 2025 Transactions solidify CBL as the only public REIT focused on acquiring dominant middle market malls CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) Gateway Mall, Lincoln, NE A C C R E T I V E C A P I T A L R E C Y C L I N G
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22 Creating Value through Site Diversification CBL’s sales of former anchors to non-traditional uses drives traffic, diversifies uses and raises cash. Approx. $30M of completed or in progress land and former box sales with limited impact to NOI. PROJECT SCOPE: Sale of former Sears building and land New Users: BJ’s Wholesale Club and Panda Express Aggregate Gross Sales Price: $9.0M PROJECT SCOPE: Sale of former Sears building and land New Users: BJ’s Wholesale Club and Culver’s Aggregate Gross Sales Price: $8.9M ($4.45M at CBL’s share) For illustrative purposes only. Future land sales are in process and not guaranteed. Actual results may differ materially. CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) C A S E S T U D Y
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Positive Tax Attributes INVESTOR PRESENTATION | Q2 2026
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24 Tax Limitations Expiring 11/2026 Allow Tax Efficient Return of Capital What is Section 382? ▪ Section 382 of the Internal Revenue Code: When a >50% ownership change is triggered, REITs cannot take certain losses ▪ Change of control was triggered during CBL Chapter 11 reorganization, thereby limiting tax losses for 5 years, restricting CBL’s ability to sell assets with either large gains or large losses (needed to be preserved) ▪ The tax limitations expire on November 1, 2026 (1) Future tax treatment and individual shareholder taxation is subject to changes in the Internal Revenue Code, completion of asset sales with significant losses, and other factors that CBL cannot guarantee or predict with accuracy. See CBL’s Annual Report Filed with the SEC on Form 10-K including the section titled ‘RISKS RELATED TO DIVIDENDS AND OUR STOCK’ for more risks and additional information. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Return of Capital Treatment Ordinary Income Treatment After-Tax Yield (%) Illustrative After-Tax Yield Comparison: Return of Capital vs. Ordinary Income Treatment How Can CBL’s Shareholders Benefit from Improved Tax Efficiency? (1) ▪ STRATEGIC FLEXIBILITY: After November 1st, CBL has flexibility to optimize portfolio composition, monetize non-core assets, and return capital to shareholders more tax efficiently ▪ DIVIDEND EFFICIENCY: Selling assets with large tax losses can allow for a more favorable return of capital tax treatment for dividends, deferring taxation until cost basis recovery - providing significant tax advantages over ordinary REIT dividends that are typically taxed as ordinary income ▪ SUPERIOR TAX TREATMENT:return of capital treatment provides an estimated ~60% higher after-tax yield vs. ordinary income treatment for taxable investors in the 37% bracket, maximizing value of shareholder distributions T A X E F F I C I E N T D I V I D E N D S CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28)
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Refinancing Activity INVESTOR PRESENTATION | Q2 2026
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26 14,090 1,012 244,676 31,946 100,161 329,926 270,313 - - - - -- - - - - 1,101,606 157,529 - 39,268 - 242,965 - 0 500000 1000000 1500000 2000000 2500000 3000000 2026 2027 2028 2029 2030 2031+ Non-Recourse Single Asset Loan Give-back in process Non-Recourse Pool Loan Cash Trapped Loan Minimal Near -Term Debt Maturities B A L A N C E S H E E T O P P O R T U N I T Y 2026 Remaining Maturities of $171.6M substantially underway: • December maturity of $137.6M loan secured by high-performing West County Center provides opportunity to release trapped cash through refinance. • Remaining $34M of loans maturing to be addressed with existing lender through sales or give-backs Note: Reflects CBL’s pro rata share of debt as of June 30, 2026. Loan secured by Outlets at Gettysburg reflected in ’26 $1,431,532 $270.3M of pending debt reduction related to give-backs in process CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) $441,932 $283,944 $343,126
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27 Record Financing Activity Enhances Cash Flow and Financial Flexibility D E M O N S T R A B L E A C C E S S T O C A P I T A L • N e a r l y $ 1 . 6 B i n f i n a n c i n g p r o g r e s s r e f l e c t s p o s i t i v e l e n d e r s e n t i m e n t t o w a r d C B L ' s a s s e t q u a l i t y a n d m a n a g e m e n t c a p a b i l i t i e s , c r e a t i n g f o u n d a t i o n f o rc o n t i n u e d s t r a t e g i c p r o g r e s s . • R e c e n t f i n a n c i n g a c t i v i t y d e m o n s t r a t e s t h a t l e n d i n g m a r k e t s r e m a i n o p e n f o r b o t h e x i s t i n g m a l l a s s e t s a n d n e w a c q u i s i t i o n s . U N L O C K I N G M O R E T H A N $ 3 8 M O F I N C R E M E N T A L C A S H F L O W • L a n d m a r k r e f i n a n c i n g o f $ 6 3 4 M s e c u r e d t e r m l o a n t w o y e a r s a h e a d o f m a t u r i t y w i t h a $ 4 2 5 M C M B S m a l l f i n a n c i n g a n d $ 1 7 6 M l i f e s t y l e c e n t e r p o o l f i n a n c i n g , w h i c h a d d e d ~ $ 3 0 M i n e s t i m a t e d a n n u a l c a s h f l o w t h r o u g h a n i m p r o v e d a m o r t i z a t i o n s t r u c t u r e s u p p o r t i n g a ~ 3 9 % i n c r e a s e i n r e g u l a r d i v i d e n d . • N o r t h w o o d s a n d F a y e t t e M a l l f i n a n c i n g s g e n e r a t e d a n a d d i t i o n a l $ 8 M i n i n c r e m e n t a l c a s h f l o w t h r o u g h t h e r e l e a s e o f a c a s h t r a p ( N o r t h w o o d s ) a n d i m p r o v e d a m o r t i z a t i o n t e r m s ( F a y e t t e ) . • F u t u r e o p p o r t u n i t y t o u n l o c k a d d i t i o n a l c a s h f l o w t h r o u g h r e f i n a n c i n g o f l o a n s s e c u r e d b y W e s t C o u n t y C e n t e r a n d C o a s t a l G r a n d M a l l & C r o s s i n g . Refinancing Activity (R12 through 6/30/26) Date Completed Amount Financed Hamilton Place May-26 $71,900 Fayette Mall May-26 $97,500 Coastal Grand DSG Apr-26 $6,581 Northwoods Mall Apr-26 $43,000 2032 Lifestyle Loan Mar-26 $176,080 2031 Mall Loan Mar-26 $425,000 Gateway Mall Mar-26 $21,000 Pavilion at Port Orange Oct-25 $43,000 2032 Bank Loan Jul-25 $443,000 Cross Creek Mall Jul-25 $78,000 Total Refinancings $1,405,061 Loan Extensions/Modifications Amount Financed The Outlet Shoppes at Laredo $30,680 Volusia Mall $32,398 York Town Center $26,700 Coastal Grand $88,000 Total Extensions $177,778 Total Financing Activity $1,582,839 Term Loan Refinancing I N V E S T O R P R E S E N T A T I O N | Q 2 2 0 2 6 Four mall acquisition financing & facility recast CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) B A L A N C E S H E E T O P P O R T U N I T Y
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28 Cash -Trapped Loans: Opportunity to Unlock Incremental Cash Flow & Further Reduce Debt • $270M OF DEBT REDUCTION IN PROCESS: Debt reduction anticipated through conveyance/foreclosure or lender -driven sale. • $197M TARGETED FOR REFINANCE PROVIDING INCREMENTAL FREE CASH FLOW: Loans targeted for refi ahead of maturities. Anticipate increase in cash flow following release of cash -trap through refinancing. • $243M FUTURE OPTIONALITY: $243M debt on high -performing Oak Park Mall held for future optionality to maximize strategic value and timing flexibility and preserve significant tax loss Debt Reduction in Process (Foreclosure/Conveyance/Sale) Timing Balance at 6/30/26 Timing/Status The Outlet Shoppes at Gettysburg (50%) $9,719 In receivership Parkdale Mall & Crossing $48,285 Currently in process Arbor Place $82,994 Currently in process Jefferson Mall $48,647 In receivership Southpark Mall $48,270 In receivership Volusia Mall $32,398 Currently in process Total Debt Reduction in Process $270,313 Targeted for Refinance – Release Cash Trap West County Center $137,587 Ahead of Dec. ’26 maturity The Outlet Shoppes at Laredo (35%) $19,942 Refinance or Extend with Lender Coastal Grand Mall (50%) $37,460 Ahead of Aug. ‘28 maturity Coastal Grand Crossing (50%) $1,808 Ahead of Aug. ‘28 maturity Total Targeted for Refinance $196,797 High Performing Asset - Hold for Optionality Oak Park Mall $242,965 Maturity 2030 Total $710,075 CBL Overview (3-12) Strong Operating Momentum (13-16) Accretive Capital Recycling (17-22) Positive Tax Attributes (23-24) Refinancing Activity (25-28) Actual results may differ materially. B A L A N C E S H E E T O P P O R T U N I T Y