CBL & ASSOCIATES PROPERTIES INC

CBL

NYSESmall CapReal Estate

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What's Driving CBL's Business? Latest 10-Q Breakdown

20/20 datapoints verified

AI-extracted from the 10-Q filed 2026-08-07 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

CBL grew Q2 FY2026 revenue 4% YoY to $146.5M and lifted occupancy to 90.4%, but three property loans totaling $106.6M sit in receivership amid ongoing maturity defaults at Parkdale Mall and Arbor Place.

Biggest Revenue Drivers

Rental revenues$142.0M+4% YoY

Acquisition of four malls (July 2025) and one mall (March 2026) added $11.6M, partially offset by $6.4M lost from properties sold/deconsolidated; comparable-property rents up $0.9M.

Other revenues$3.3M+7% YoY

Biggest Revenue Drivers

Total revenue: $146.5M+4% YoY

Rental revenues$142.0M+4% YoY

Acquisition of four malls (July 2025) and one mall (March 2026) added $11.6M, partially offset by $6.4M lost from properties sold/deconsolidated; comparable-property rents up $0.9M.

Other revenues$3.3M+7% YoY

Management, development and leasing fees$1.2M-15% YoY

Largest Expense Items

Depreciation and amortization$36.3M-9% YoY

Decrease driven by tenant improvement/in-place lease intangibles from 2021 fresh-start accounting becoming fully amortized, plus dispositions, partly offset by $5.0M added from mall acquisitions.

Property operating$25.8M+9% YoY

Increase driven by mall acquisitions ($2.6M) and higher repair/maintenance and payroll costs at comparable properties, partly offset by $1.4M decrease from dispositions/deconsolidations.

General and administrative$14.8M-3% YoY

Real estate taxes$14.1M-6% YoY

Margins: Same-center NOI rose 1.5% YoY to $97.7M on higher minimum and percentage rents, partly offset by higher property repair/maintenance and payroll costs and an unfavorable uncollectable-revenue estimate.

Watch Items from the Filing

$441.9M of total pro rata debt matured or matures in 2026; $106.6M of that relates to three property loans (Jefferson Mall, Outlet Shoppes at Gettysburg, Southpark Mall) already in receivership, with Parkdale Mall/Crossing and Arbor Place also in maturity default.
Board paid a special dividend of $0.175/share in Q2 on top of the $0.625 regular dividend, citing improved cash flow following refinancing of the $634.0M secured term loan.
Total portfolio occupancy improved to 90.4% from 88.8% a year earlier, with malls up to 88.3% from 86.2%.
Twelve properties (including Arbor Place, Brookfield Square, Eastland Mall, Parkdale Mall/Crossing, Southpark Mall) are designated non-core/Excluded Properties, signaling further potential defaults or dispositions.
Variable-rate debt fell to 11.1% of total pro rata debt from 28.7% at December 31, 2025, reducing interest-rate sensitivity.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →