CBL & ASSOCIATES PROPERTIES INC
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-339651
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001193125-26-453440
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 50 previous paragraphs and 53 current paragraphs.
26 unchanged; 18 reworded; 8 added; 5 removed; 1 previous and 1 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 (8)
Current report
Rental revenues were $9.1 million higher;
Current report
Interest and other income was $5.2 million higher; and
Current report
Interest expense was $21.3 million higher;
Current report
Real estate taxes were $1.8 million higher; and
Current report
Maintenance and repairs expenses was $1.8 million higher.
Current report
Rental revenues were $18.7 million higher;
Current report
Interest and other income was $5.0 million higher; and
Current report
Interest expense was $15.8 million higher; and
Removed paragraphs (5)
Previous report
Rental revenues were $5.6 million higher;
Previous report
Interest expense was $1.2 million lower;
Previous report
Rental revenues were $9.6 million higher;
Previous report
Interest expense was $5.6 million lower;
Previous report
Real estate tax expense was $2.6 million lower;
Reworded paragraphs (18)
Previous wording
Items increasing net income for the three months ended June 30, 2026 compared to the prior-year period:
Current wording
Items increasing net income for the three months ended September 30, 2026 compared to the prior period:
Previous wording
Depreciation and amortization expense was $3.4 million lower;
Current wording
Depreciation and amortization expense was $4.8 million lower;
Previous wording
Equity in earnings was $15.9 million higher;
Current wording
Equity in earnings was $15.5 million higher;
Previous wording
General and administrative expense was $2.5 million lower; and
Current wording
General and administrative expense was $3.6 million lower;
Previous wording
Loss on impairment was $1.5 million lower.
Current wording
Loss on impairment was $1.7 million lower.
Previous wording
Items decreasing net income for the three months ended June 30, 2026 compared to the prior-year period:
Current wording
Items decreasing net income for the three months ended September 30, 2026 compared to the prior period:
Previous wording
Gain on deconsolidation was $41.3 million higher;
Current wording
Gain on deconsolidation was $34.0 million lower;
Previous wording
Gain on sales of real estate assets was $7.8 million lower; and
Current wording
Gain on sales of real estate assets was $45.8 million lower;
Previous wording
Significant items that affected comparability between the six-month periods include:
Current wording
Significant items that affected comparability between the nine-month periods include:
Previous wording
Items increasing net income for the six months ended June 30, 2026 compared to the prior-year period:
Current wording
Items increasing net income for the nine months ended September 30, 2026 compared to the prior period:
Previous wording
Gain on deconsolidation was $5.9 million higher;
Current wording
Gain on deconsolidation was $7.3 million higher;
Previous wording
Depreciation and amortization expense was $10.9 million lower;
Current wording
Depreciation and amortization expense was $15.7 million lower;
Previous wording
Equity in earnings was $19.2 million higher;
Current wording
Equity in earnings was $34.8 million higher;
Previous wording
Loss on impairment was $1.5 million lower.
Current wording
Loss on impairment was $3.2 million lower.
Previous wording
Items decreasing net income for the six months ended June 30, 2026 compared to the prior-year period:
Current wording
Items decreasing net income for the nine months ended September 30, 2026 compared to the prior period:
Previous wording
Gain on sales of real estate assets was $12.3 million higher; and
Current wording
Gain on sales of real estate assets was $53.7 million lower;
Previous wording
Property operating expense was $2.2 million higher.
Current wording
Property operating expense was $4.5 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. During the first half of 2026, we reduced our debt balance and extended our debt maturity schedule through refinancings, such as 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 and sold Hammock Landing for $78.5 million consistent with our strategic focus on growing our mall portfolio and increasing cash flow through capital recycling.
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 nine months of 2026, we reduced our debt balance and extended our debt maturity schedule through refinancings, such as 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. Also, we sold Hammock Landing and York Town Center, totaling $128.7 million in gross proceeds, consistent with our strategic focus on growing our mall portfolio and increasing cash flow through capital recycling.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
General and administrative expense was $6.1 million lower;
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Property operating expense was $4.6 million higher.