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CBL Stock Up Post Q1 Earnings on Refinancing and Leasing Strength
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Shares of CBL & Associates Properties, Inc. (CBL - Free Report) have gained 4.2% since the company reported results for the quarter ended March 31, 2026, outperforming the S&P 500 Index’s 1.4% increase over the same period. Over the past month, the stock gained 8.2% compared with the S&P 500’s 6.8% growth.
CBL’s Earnings Snapshot
CBL reported first-quarter 2026 net income attributable to common shareholders of $45.4 million, or $1.48 per diluted share, compared with $8.2 million, or $0.27 per diluted share, in the year-ago quarter. Total revenues increased 2.9% to $145.9 million from $141.8 million a year earlier, while rental revenues rose 2.9% to $141.4 million from $137.4 million. Funds from operations (FFO) per diluted share climbed to $2.78 from $1.13, and adjusted FFO per diluted share increased 15.3% year over year to $1.73 from $1.50.
Same-center net operating income (NOI) rose 2.1% to $96.6 million from $94.6 million. By segment, same-center NOI growth was led by lifestyle centers (up 6.1%), followed by open-air centers (up 3.4%), malls (up 1.7%) and outlet centers (up 0.5%).
CBL’s Operating Metrics Improve
Portfolio occupancy stood at 90.5% as of March 31, 2026, compared with 90.4% a year earlier and 90% at year-end 2025. Mall occupancy improved to 88.3% from 87.9%, while lifestyle center occupancy edged up to 92.4% from 92.2%. Open-air center occupancy remained unchanged at 95.7%. Management noted that bankruptcies and store closures, including Francesca’s and Eddie Bauer, negatively affected mall occupancy by nearly 87 basis points year over year.
Leasing activity remained strong during the quarter. CBL signed more than 583,000 square feet of leases, including roughly 372,000 square feet of comparable new and renewal leases at spreads 5.7% above prior rents. New leases generated rent spreads of 55.5%, while renewal leases posted a 0.5% increase. Same-center tenant sales per square foot for the trailing 12 months ended March 31, 2026, increased 4.6% year over year to $453 from $433.
CBL & Associates Properties, Inc. Price, Consensus and EPS Surprise
CBL’s Financing Activity and Balance Sheet Actions
CBL completed $777.5 million of financing activity year to date, highlighted by the refinancing of its $634 million secured term loan through two transactions — a $425 million non-recourse financing secured primarily by mall properties and a $176.1 million floating-rate loan backed mainly by open-air lifestyle centers. Management said the refinancing transactions are expected to increase annual free cash flow by more than $30 million while extending maturities and reducing amortization requirements.
CBL completed the refinancing of Fayette Mall, which management said is expected to result in approximately $5 million in additional cash flow to the company. The refinancing of Northwoods Mall is expected to release more than $3 million of previously restricted cash flow. During the quarter, unrestricted cash and marketable securities totaled $305.5 million, including CBL’s share of joint venture cash of $22.5 million.
CBL’s board approved a second-quarter 2026 cash dividend of $0.625 per common share, representing a 39% increase from the prior regular quarterly dividend rate. The company also repurchased 363,676 common shares for $12 million under its stock repurchase program.
CBL’s Management Commentary and Outlook
Chief Executive Officer Stephen D. Lebovitz described 2026 as off to an exceptional start, citing refinancing transactions that strengthened the balance sheet and enhanced free cash flow generation. Lebovitz also highlighted continued leasing momentum and tenant additions, including Ford’s Garage restaurant at Hamilton Place Mall, Tilt entertainment at Frontier Mall and Five Below at Cross Creek Mall.
Reflecting first-quarter performance and completed financing and acquisition activity, CBL raised its 2026 adjusted FFO guidance to a range of $7.06 to $7.19 per share. The company projects full-year net income between $71.1 million and $75.1 million and expects same-center NOI growth ranging from a decline of 0.5% to growth of 1.25%.
CBL’s Other Developments
In March 2026, CBL acquired Gateway Mall in Lincoln, NE, from Washington Prime Group for $43.5 million. The transaction was financed with a $21 million non-recourse, five-year loan carrying a fixed interest rate of 6.46%. Management said the acquisition is expected to generate meaningful free cash flow accretion from day one.
The company also deconsolidated Jefferson Mall in Louisville, KY, after the property entered receivership in February 2026. CBL said it is cooperating with lenders on potential foreclosure or conveyance processes for Jefferson Mall, Arbor Place Mall, Parkdale Mall and Crossing, and The Outlet Shoppes at Gettysburg.
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CBL Stock Up Post Q1 Earnings on Refinancing and Leasing Strength
Shares of CBL & Associates Properties, Inc. (CBL - Free Report) have gained 4.2% since the company reported results for the quarter ended March 31, 2026, outperforming the S&P 500 Index’s 1.4% increase over the same period. Over the past month, the stock gained 8.2% compared with the S&P 500’s 6.8% growth.
CBL’s Earnings Snapshot
CBL reported first-quarter 2026 net income attributable to common shareholders of $45.4 million, or $1.48 per diluted share, compared with $8.2 million, or $0.27 per diluted share, in the year-ago quarter. Total revenues increased 2.9% to $145.9 million from $141.8 million a year earlier, while rental revenues rose 2.9% to $141.4 million from $137.4 million. Funds from operations (FFO) per diluted share climbed to $2.78 from $1.13, and adjusted FFO per diluted share increased 15.3% year over year to $1.73 from $1.50.
Same-center net operating income (NOI) rose 2.1% to $96.6 million from $94.6 million. By segment, same-center NOI growth was led by lifestyle centers (up 6.1%), followed by open-air centers (up 3.4%), malls (up 1.7%) and outlet centers (up 0.5%).
CBL’s Operating Metrics Improve
Portfolio occupancy stood at 90.5% as of March 31, 2026, compared with 90.4% a year earlier and 90% at year-end 2025. Mall occupancy improved to 88.3% from 87.9%, while lifestyle center occupancy edged up to 92.4% from 92.2%. Open-air center occupancy remained unchanged at 95.7%. Management noted that bankruptcies and store closures, including Francesca’s and Eddie Bauer, negatively affected mall occupancy by nearly 87 basis points year over year.
Leasing activity remained strong during the quarter. CBL signed more than 583,000 square feet of leases, including roughly 372,000 square feet of comparable new and renewal leases at spreads 5.7% above prior rents. New leases generated rent spreads of 55.5%, while renewal leases posted a 0.5% increase. Same-center tenant sales per square foot for the trailing 12 months ended March 31, 2026, increased 4.6% year over year to $453 from $433.
CBL & Associates Properties, Inc. Price, Consensus and EPS Surprise
CBL & Associates Properties, Inc. price-consensus-eps-surprise-chart | CBL & Associates Properties, Inc. Quote
CBL’s Financing Activity and Balance Sheet Actions
CBL completed $777.5 million of financing activity year to date, highlighted by the refinancing of its $634 million secured term loan through two transactions — a $425 million non-recourse financing secured primarily by mall properties and a $176.1 million floating-rate loan backed mainly by open-air lifestyle centers. Management said the refinancing transactions are expected to increase annual free cash flow by more than $30 million while extending maturities and reducing amortization requirements.
CBL completed the refinancing of Fayette Mall, which management said is expected to result in approximately $5 million in additional cash flow to the company. The refinancing of Northwoods Mall is expected to release more than $3 million of previously restricted cash flow. During the quarter, unrestricted cash and marketable securities totaled $305.5 million, including CBL’s share of joint venture cash of $22.5 million.
CBL’s board approved a second-quarter 2026 cash dividend of $0.625 per common share, representing a 39% increase from the prior regular quarterly dividend rate. The company also repurchased 363,676 common shares for $12 million under its stock repurchase program.
CBL’s Management Commentary and Outlook
Chief Executive Officer Stephen D. Lebovitz described 2026 as off to an exceptional start, citing refinancing transactions that strengthened the balance sheet and enhanced free cash flow generation. Lebovitz also highlighted continued leasing momentum and tenant additions, including Ford’s Garage restaurant at Hamilton Place Mall, Tilt entertainment at Frontier Mall and Five Below at Cross Creek Mall.
Reflecting first-quarter performance and completed financing and acquisition activity, CBL raised its 2026 adjusted FFO guidance to a range of $7.06 to $7.19 per share. The company projects full-year net income between $71.1 million and $75.1 million and expects same-center NOI growth ranging from a decline of 0.5% to growth of 1.25%.
CBL’s Other Developments
In March 2026, CBL acquired Gateway Mall in Lincoln, NE, from Washington Prime Group for $43.5 million. The transaction was financed with a $21 million non-recourse, five-year loan carrying a fixed interest rate of 6.46%. Management said the acquisition is expected to generate meaningful free cash flow accretion from day one.
The company also deconsolidated Jefferson Mall in Louisville, KY, after the property entered receivership in February 2026. CBL said it is cooperating with lenders on potential foreclosure or conveyance processes for Jefferson Mall, Arbor Place Mall, Parkdale Mall and Crossing, and The Outlet Shoppes at Gettysburg.