CBL & ASSOCIATES PROPERTIES INC
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-272118
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-214023
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 54 previous paragraphs and 38 current paragraphs.
27 unchanged; 7 reworded; 4 added; 12 removed; 8 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Rental revenues were $4.0 million higher;
Current report
Interest expense was $4.3 million lower;
Current report
Equity in earnings was $3.4 million higher;
Current report
Real estate tax expense was $1.7 million lower.
Removed paragraphs (12)
Previous report
Rental revenues were $14.8 million higher;
Previous report
Interest expense was $5.9 million higher;
Previous report
Equity in earnings of unconsolidated affiliates was $5.4 million lower;
Previous report
Loss on impairment was $1.7 million higher.
Previous report
Rental revenues were $40.5 million higher;
Previous report
Gain on deconsolidation was $33.9 million higher; and
Previous report
Real estate taxes were $8.2 million higher;
Previous report
Interest expense was $14.9 million higher;
Previous report
Maintenance and repairs expense was $5.4 million higher;
Previous report
Equity in earnings of unconsolidated affiliates was $3.8 million lower;
Previous report
Loss on impairment was $2.4 million higher; and
Previous report
Interest and other income was $2.2 million lower.
Reworded paragraphs (7)
Previous wording
Gain on deconsolidation was $33.9 million higher; and
Current wording
Gain on deconsolidation was $35.3 million higher;
Previous wording
Depreciation and amortization expense was $7.6 million higher;
Current wording
Depreciation and amortization expense was $7.4 million lower;
Previous wording
General and administrative expense was $2.4 million higher; and
Current wording
General and administrative expense was $2.1 million lower; and
Previous wording
Gain on sales of real estate assets was $38.4 million higher.
Current wording
Gain on sales of real estate assets was $20.1 million lower; and
Previous wording
Property operating expense was $4.0 million higher;
Current wording
Property operating expense was $2.4 million higher.
Previous wording
Our focus is on continuing to execute our strategy to improve occupancy, drive rent growth and transform the offerings available at our properties to include a targeted mix of retail, service, dining, entertainment and other non-retail uses, primarily through the re-tenanting of former anchor locations as well as diversification of in-line tenancy. This operational strategy is also supported by our balance sheet strategy of reducing overall debt, extending our debt maturity schedule and lowering our overall cost of borrowings to limit maturity risk, as well as improving net cash flow and enhancing enterprise value. In July 2025, we closed on the acquisition of four enclosed malls: Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. The acquisition represents significant progress in the execution of our portfolio optimization strategy as we utilize proceeds from sales of non-core assets and open-air centers, such as the sales of two open-air centers, The Promenade and Fremaux Town Center, to invest in higher cash flow yielding opportunities.
Current wording
Our focus is on continuing to execute our strategy to improve occupancy, drive rent growth and transform the offerings available at our properties to include a targeted mix of retail, service, dining, entertainment and other non-retail uses, primarily through the re-tenanting of former anchor locations as well as diversification of in-line tenancy. This operational strategy is also supported by our balance sheet strategy of reducing overall debt, extending our debt maturity schedule and lowering our overall cost of borrowings to limit maturity risk, as well as improving net cash flow and enhancing enterprise value. During the first quarter of 2026, we reduced our debt balance and extended our debt maturity schedule through the refinancing of the $634.0 million secured term loan with two new loans, which extended the maturity date five years. Additionally, we acquired Gateway Mall in Lincoln, NE for approximately $43.8 million consistent with our strategic focus on growing our mall portfolio and increasing cash flow through capital recycling.
Previous wording
Non-GAAP Measure - Same-center Net Operating Income in Results of Operations. For a description of FFO, a reconciliation from net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders, and an explanation of why we believe this is a useful performance measure, see Non-GAAP Measure - Funds from Operations.
Current wording
Same-center NOI and FFO are non-GAAP measures. For a description of same-center NOI, a reconciliation from net income (loss) to same-center NOI, and an explanation of why we believe this is a useful performance measure, see Non-GAAP Measure - Same-center Net Operating Income in Results of Operations. For a description of FFO, a reconciliation from net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders, and an explanation of why we believe this is a useful performance measure, see Non-GAAP Measure - Funds from Operations.
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
Significant items that affected comparability between the nine-month periods include:
Previous report — wording carried elsewhere
Items increasing net income for the nine months ended September 30, 2025 compared to the prior-year period:
Previous report — wording carried elsewhere
Gain on sales of real estate assets was $57.6 million higher.
Previous report — wording carried elsewhere
Items decreasing net income for the nine months ended September 30, 2025 compared to the prior-year period:
Previous report — wording carried elsewhere
Depreciation and amortization expense was $16.1 million higher;
Previous report — wording carried elsewhere
Property operating expense was $8.9 million higher;
Previous report — wording carried elsewhere
General and administrative expense was $3.0 million higher;
Previous report — wording carried elsewhere
Same-center NOI and FFO are non-GAAP measures. For a description of same-center NOI, a reconciliation from net income (loss) to same-center NOI, and an explanation of why we believe this is a useful performance measure, see