CBL & ASSOCIATES PROPERTIES INC

Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Item 7 for additional information pertaining to our properties’ performance.

Malls

We owned a controlling interest in 43 malls and a non-controlling interest in 4 malls as of December 31, 2025. Our malls generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas. The malls consist of enclosed large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line stores and brand name discount or off-price stores. Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations.

We own the land underlying each property in fee simple interest, except for Brookfield Square, Dakota Square Mall, Meridian Mall, St. Clair Square and Stroud Mall. We lease all or a portion of the land at each of these properties subject to long-term ground leases.

The following table sets forth certain information for each of the malls as of December 31, 2025 (dollars in thousands, except for sales per square foot amounts):

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.

(9)

Hanes Mall – The former Sears was purchased by Novant Health, which has indicated plans to redevelop this space for future medical offices with the construction start and opening to be determined.

(10)

Meridian Mall - We are the lessee under several ground leases in effect through March 2067, with extension options. Fixed rent is $19 per year plus 3% to 4% of all rent.

(11)

Northgate Mall - BJ's Wholesale Club opened in January 2026.

(12)

Paddock Mall - Paddock Market opened in January 2026 in the former Sears space.

(13)

St. Clair Square - We are the lessee under a ground lease for 20 acres. Assuming the exercise of available renewal options, at our election, the ground lease expires January 31, 2073. The rental amount is $41 per year. In addition to base rent, the landlord receives 0.25% of Dillard's sales in excess of $16,200.

(14)

Stroud Mall - We are the lessee under a ground lease, which extends through July 2089. The current rental amount is $72 per year, increasing by $10 every ten years through 2045. An additional $100 is paid every ten years.

(15)

We exclude properties undergoing major redevelopment or being considered for repositioning, or properties for which 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”). Operational metrics are not reported for Excluded Properties.

(16)

Brookfield Square - The annual ground rent for 2025 was $110.

The malls have approximately 3,269 inline and adjacent freestanding stores. The malls received 85.8% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2025.

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