# EDGAR Filing Document

**Accession Number:** 0000910612
**File Stem:** 0000950170-25-103587
**Filing Date:** 2025-8
**Character Count:** 118653
**Document Hash:** 52b803ce8ee886b3354d128ab16d81af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-103587.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000950170-25-103587

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CBL & ASSOCIATES PROPERTIES INC
- **CENTRAL INDEX KEY:** 0000910612
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 621545718
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12494
- **FILM NUMBER:** 251187843

**BUSINESS ADDRESS:**
- **STREET 1:** 2030 HAMILTON PLACE BVLD, SUITE 500
- **STREET 2:** CBL CENTER
- **CITY:** CHATTANOOGA
- **STATE:** TN
- **ZIP:** 37421
- **BUSINESS PHONE:** 4238550001

**MAIL ADDRESS:**
- **STREET 1:** 2030 HAMILTON PLACE BVLD, SUITE 500
- **STREET 2:** CBL CENTER
- **CITY:** CHATTANOOGA
- **STATE:** TN
- **ZIP:** 37421

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 06, 2025<br>

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CBL & ASSOCIATES PROPERTIES, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Delaware | 1-12494 | 62-1545718 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 2030 Hamilton Place Blvd., Suite 500 |  |  |
| Chattanooga**,** Tennessee |  | 37421-6000 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 423 855-0001<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | |
|:---|:---|
| **<br>Title of each class** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.001 par value<br> CBL | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On August 6, 2025, CBL & Associates Properties, Inc. (the "Company") reported its results for the second quarter ended June 30, 2025. The Company's earnings release and supplemental financial and operating information for the second quarter ended June 30, 2025 are attached as Exhibit 99.1.

The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.** 

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Earnings Release dated August 6, 2025, and Supplemental Financial and Operating Information - For the Three and Six Months Ended June 30, 2025.</u>](cbl-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **CBL & ASSOCIATES PROPERTIES, INC.** |
| Date: | August 6, 2025 | By:  | /s/ Benjamin W. Jaenicke |
|  |  |  | Benjamin W. Jaenicke<br>Executive Vice President - <br>Chief Financial Officer and Treasurer |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img7069528_0.jpg](img7069528_0.jpg)

**Earnings Release and**

**Supplemental Financial and Operating Information**

**For the Three and Six Months Ended**

**June 30, 2025**

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![img7069528_1.jpg](img7069528_1.jpg)

**Earnings Release and Supplemental Financial and Operating Information**

**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
| [<u>Earnings Release</u>](#er3q22) | <u>1</u> |
| [<u>Consolidated Statements of Operations</u>](#consolidated_statements_operations) | <u>8</u> |
| Reconciliations of Supplementary Non-GAAP Financial Measures: |  |
| [<u>Funds from Operations (FFO)</u>](#funds_from_operations_ffo) | <u>9</u> |
| [<u>Same-center Net Operating Income (NOI)</u>](#same_center_net_operating_income_noi) | <u>11</u> |
| [<u>Share of Consolidated and Unconsolidated Debt</u>](#selected_financial_and_equity_informatio) | <u>13</u> |
| [<u>Consolidated Balance Sheets</u>](#consolidated_balance_sheets) | <u>14</u> |
| [<u>Condensed Combined Financial Statements - Unconsolidated Affiliates</u>](#condensed_combined_financial_statements_) | <u>15</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash Flows</u>](#ebitdare) | <u>16</u> |
| [<u>Components of Rental Revenues</u>](#components_of_rental_revenues) | <u>17</u> |
| [<u>Schedule of Mortgage and Other Indebtedness</u>](#schedule_mortgage_or_indebtedness) | <u>18</u> |
| [<u>Schedule of Maturities</u>](#schedule_of_maturities) | <u>20</u> |
| [<u>Property List</u>](#proplist) | <u>22</u> |
| [<u>Operating Metrics by Collateral Pool</u>](#operatingmetrics) | <u>25</u> |
| [<u>CBL & Associates HoldCo I, LLC Financial Statements</u>](#holdcofinancials) | <u>27</u> |
| [<u>Leasing Activity and Average Annual Base Rents</u>](#leasing_activity) | <u>29</u> |
| [<u>Top 25 Tenants Based on Percentage of Total Annualized Revenues</u>](#top_25_tenants_based_on_percentage_total) | <u>31</u> |
| [<u>Capital Expenditures</u>](#capital_expenditures) | <u>31</u> |
| [<u>Development Activity</u>](#development) | <u>32</u> |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img7069528_2.jpg](img7069528_2.jpg) | <br>News Release<br>|

---

Contact: Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com

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**CBL PROPERTIES REPORTS RESULTS FOR SECOND QUARTER 2025**

CHATTANOOGA, Tenn. (August 6, 2025) – CBL Properties (NYSE: CBL) announced results for the second quarter ended June 30, 2025. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to common shareholders | $0.08 | $0.14 | $0.35 | $0.14 |
| Funds from Operations ("FFO") | $1.48 | $1.51 | $2.61 | $2.72 |
| FFO, as adjusted <sup>(1)</sup> | $1.86 | $1.73 | $3.37 | $3.23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company's reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 9 of this news release.

**KEY TAKEAWAYS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•CBL acquired four dominant enclosed regional malls for $178.9 million from Washington Prime Group. This acquisition reinforces CBL's position as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets and is accretive to CBL's FFO, as adjusted and cash flow per share. As part of the transaction, CBL completed a modification and extension of its existing loan with Beal Bank USA to include the acquisition properties, increasing the principal balance by $110.0 million to $443.0 million and extending the maturity by seven years. See Transaction Activity for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year-to-date, CBL has closed on dispositions generating more than $162.7 million of gross proceeds including the July sale of The Promenade in D'Iberville, MS, for $83.1 million, representing an 8.5% cap rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•CBL's Board of Directors declared an increase of 12.5% in the regular cash dividend to $0.45 per common share for the quarter ending September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consistent with our previously issued guidance range, same-center NOI for Q2 2025 declined 0.5% compared with the prior-year period. FFO, as adjusted, per share for Q2 2025 was $1.86, compared with $1.73 per share for the prior-year period. For the six months ended June 30, 2025, same-center NOI declined 1.4% compared with the prior-year period. FFO, as adjusted, per share was $3.37 for the six months ended June 30, 2025, compared with $3.23 for the six months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Portfolio occupancy increased 10 basis points to 88.8% as of June 30, 2025, compared with portfolio occupancy of 88.7% as of June 30, 2024. Same-center occupancy for malls, lifestyle centers and outlet centers was 87.3%, essentially flat from occupancy as of June 30, 2024. Bankruptcy related store closures, including the closures of Forever21, JoAnn, and Party City locations, representing approximately 95,000-square-feet, negatively impacted mall occupancy by nearly 70 basis points compared with the prior-year period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Over 1.2 million square feet of leases were executed in the second quarter 2025, including comparable new and renewal leases of approximately 774,000 square feet signed at a 3.2% increase in average rents versus the prior rents. New comparable leases were signed at an increase of more than 39% in average rents versus the prior rents with renewal leases signed at essentially flat rent levels compared with expiring rents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same-center tenant sales per square foot for the second quarter 2025 increased approximately 3.5% as compared with the prior-year period. Same-center tenant sales per square foot for the 12 months ended June 30, 2025, of $427, increased 0.8% as compared with the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of June 30, 2025, the Company had $288.0 million of unrestricted cash and marketable securities.

"CBL has been extremely active closing a number of successful transactions over the past few months," said CBL's chief executive officer, Stephen D. Lebovitz. "Most recently, we were thrilled to add four dominant malls to our portfolio with the acquisition of Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. The transaction represents significant progress in the execution of CBL's portfolio optimization strategy as we utilize proceeds from non-core asset sales at single-digit cap rates, such as the $83.1 million sale of The Promenade completed in July, to invest in stable market-dominant malls that generate immediate accretion to CBL's portfolio free cash flow per share.

"The acquisition also furthers our goal of enhancing returns to shareholders. Supported by the incremental cash flow growth from the recent four-mall acquisition, our Board has authorized a 12.5% increase in the regular common dividend to an annualized rate of $1.80 per share. This is in addition to the special cash dividend of $0.80 per share paid in March and the Board's authorization of a new $25 million stock repurchase program in May.

"We have made significant progress on our balance sheet in recent months as well. In July, we announced a new $78.0 million non-recourse CMBS loan secured by Cross Creek Mall in Fayetteville, NC. The new five-year loan bears a fixed interest rate of 6.856%, a more than 130-basis-point improvement over the prior rate. We also expanded our existing non-recourse loan with Beal Bank with the acquisition of the four-mall portfolio, extending the overall loan maturity by seven years and fixing the rate on the majority of the loan amount. These financings are great examples of the confidence the financing markets have in CBL and our portfolio. They strengthen our balance sheet by extending our maturities, reducing interest rate risk, locking in attractive returns, and increasing cash flow generation.

"Second quarter operating and financial results were consistent with expectations. Leasing results were strong both in terms of quality and quantity. We executed a high volume of leases during the quarter, with over 1.2 million square feet signed - a nearly 150,000-square foot increase over the prior-year quarter. Notable new signings included Madewell, CBL's only Swarovski location, and a new Dave & Buster's, which will replace a former Macy's location. Comparable new and renewal leases were signed at an increase of more than 3%. We are encouraged that tenant sales increased by 3.5% during the quarter. A combination of tariff front-running and the timing of the Easter holiday likely contributed to the strength.

"Portfolio occupancy grew 10 basis points compared with the prior-year period. New leasing activity more than offset the negative impact of bankruptcy-related closures including Forever21, Party City and JoAnn, which impacted mall occupancy by nearly 70 basis points. While these closures are a short-term set back to occupancy and rent, we are receiving strong backfill demand at significantly higher rents, benefiting CBL in the long term.

"For the second half of the year, we are closely monitoring the evolving economic landscape, including the effects of tariffs on tenants, consumers, and overall market conditions. We remain focused on optimizing portfolio performance, maintaining strong occupancy and revenue levels, and deploying capital with discipline."

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**Same-center Net Operating Income ("NOI")** <sup>(1)</sup>**:**

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| | | |
|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2024** |
| Total Revenues | $**156034** | $**153366** |
| Total Expenses | $**(51165)** | $**(47957)** |
| Total portfolio same-center NOI | $**104869** | $**105409** |
| Total same-center NOI percentage change | **(0.5)%** |  |
| Estimate for uncollectable revenues (recovery) | $**491** | $**1576** |

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(1)CBL's definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of above and below market leases.

Same-center NOI for the second quarter 2025 declined $0.5 million. Total operating expense during the second quarter increased $3.2 million, substantially driven by one-time franchise tax refunds received in the prior-year period as well as slightly higher maintenance and repair expense. The estimate for uncollectable revenues favorably impacted the quarter by approximately $1.1 million.

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| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Total Revenues | $**311651** | $**307603** |
| Total Expenses | $**(106655)** | $**(99713)** |
| Total portfolio same-center NOI | $**204996** | $**207890** |
| Total same-center NOI percentage change | **(1.4)%** |  |
| Estimate for uncollectable revenues (recovery) | $**1517** | $**2997** |

---

Same-center NOI for the six months ended June 30, 2025 declined $2.9 million. Results were impacted by a $0.4 million decline in percentage rents. Total operating expense increased $6.9 million, primarily driven by one-time real estate and franchise tax refunds received in the prior-year period as well as higher maintenance and repair expense. The estimate for uncollectable revenues favorably impacted the quarter by approximately $1.5 million.

**PORTFOLIO OPERATIONAL RESULTS**

**Occupancy**<sup>(1)</sup>**:**

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| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2024** |
| Total portfolio | **88.8%** | 88.7% |
| &nbsp;&nbsp;Malls, lifestyle centers and outlet centers: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total malls | **86.2%** | 85.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lifestyle centers | **90.8%** | 90.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total outlet centers | **91.2%** | 89.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total same-center malls, lifestyle centers and outlet centers | **87.3%** | 87.2% |
| &nbsp;&nbsp;Open-air centers | **93.6%** | 94.9% |
| &nbsp;&nbsp;All Other Properties | **91.0%** | 87.9% |

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(1)Occupancy for malls, lifestyle centers and outlet centers represent percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied.

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**New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:**

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| | | |
|:---|:---|:---|
| **% Change in Average Gross Rent Per Square Foot:** |  |  |
|  | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2025** | **2025** |
| **All Property Types** | **3.2%** | **0.9%** |
| Stabilized Malls, Lifestyle Centers and Outlet Centers | 3.0% | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | 39.5% | 30.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal leases | (0.7)% | (3.0)% |
| Open Air Centers | 21.8% | 13.0% |

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**Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less:**

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| | | | |
|:---|:---|:---|:---|
|  | **Sales Per Square Foot for the Trailing Twelve Months Ended June 30,** | **Sales Per Square Foot for the Trailing Twelve Months Ended June 30,** |  |
|  | **2025** | **2024** | **% Change** |
| Malls, lifestyle centers and outlet centers same-center sales per square foot | $**423** | $417 | **1.4%** |

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**DIVIDEND**

On August 4, 2025, CBL announced a cash dividend of $0.45 per common share for the quarter ending September 30, 2025, a 12.5% increase from the previous quarterly dividend rate. The dividend, which equates to an annual dividend payment of $1.80 per common share, is payable on September 30, 2025, to shareholders of record as of September 15, 2025.

**FINANCING ACTIVITY** 

In July, CBL closed on a $78.0 million non-recourse loan secured by Cross Creek Mall in Fayetteville, NC. The new five-year loan bears a fixed interest rate of 6.856%. Proceeds from the loan were used to retire the existing $81.9 million loan secured by the property, which bore an interest rate of 8.19% and was scheduled to mature in August 2025.

In July, Southpark Mall in Colonial Heights, VA was placed into receivership and will be deconsolidated due to the loss of control. CBL is cooperating with the lender to facilitate a foreclosure of the asset, which is secured by a $48.4 million non-recourse loan.

In May 2025, CBL exercised the one-year extension option on the loan secured by Fayette Mall in Lexington, KY.

On April 30, 2025, CBL announced that it had successfully met the extension test to secure a one-year extension of the secured term loan. The loan's maturity will automatically extend from November 2025 to November 2026. CBL also anticipates meeting the second required extension test, which requires a principal balance of $615 million, in 2026 through natural amortization, enabling another one-year extension to November 2027.

In March, CBL and its joint venture partner closed on a modification of the $28.8 million loan (at 100%) secured by York Town Center in York, PA, to extend the maturity to September 2025. CBL is currently in discussions with the existing lender for an additional extension.

Additionally in March, the conveyance of Alamance Crossing East, in Burlington, NC, was completed in satisfaction of the outstanding $41.1 million non-recourse loan.

In February 2025, CBL and its joint venture partner exercised the one-year extension option on the loan secured by the Pavilion at Port Orange in Port Orange, FL, which extends the maturity date through February 2026.

**TRANSACTION ACTIVITY**

In July, CBL closed on the acquisition of four dominant enclosed regional malls for $178.9 million from Washington Prime Group. The malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. This acquisition reinforces CBL's position as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets.

Concurrently with the transaction close, CBL completed a modification and extension of its existing $333.0 million non-recourse outparcel and open-air center loan with Beal Bank USA, which was scheduled to initially mature in June 2027, with one, two-year extension option. The loan was modified to include the acquisition properties, increasing the principal balance by $110.0 million to $443.0 million and extending the initial maturity through October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term, the new interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368.0 million and a floating interest rate of SOFR

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plus 410 basis points on the remaining balance of approximately $75.0 million. The full principal balance will convert to the floating rate after the initial term. CBL utilized proceeds from the $83.1 million sale of The Promenade, an open-air center in D'Iberville, MS, to fund the balance of the transaction. The Promenade was sold in July in an all-cash transaction at an 8.5% cap rate.

Year-to-date, CBL has closed on dispositions generating more than $162.7 million of gross proceeds including the sale of The Promenade in D'Iberville, MS for $83.1 million in July, Monroeville Mall and Annex in Monroeville PA, for $34.0 million in January and the $38.1 million sale of Imperial Valley Mall in El Centro, CA, in February. CBL also completed the sale of an office building in Greensboro, NC for $3.5 million in June and has sold three outparcels year-to-date generating gross proceeds of $4.0 million.

**STOCK REPURCHASE PROGRAM**

On May 1, 2025, CBL announced that its Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock. Due to a blackout related to transaction activity in process, CBL was unable to complete any repurchase activity in the second quarter.

**DEVELOPMENT AND REDEVELOPMENT ACTIVITY**

Detailed project information is available in CBL's Financial Supplement for Q2 2025, which can be found in the Invest – Financial Reports section of CBL's website at cblproperties.com

**OUTLOOK AND GUIDANCE**

Based on Management's expectations and transactions completed year-to-date, CBL is providing updated FFO, as adjusted, guidance for 2025 in the range of $6.98 - $7.34 per share. The updated guidance incorporates partial year accretion from the acquisition of four malls, the full impact of which will be realized in 2026. Guidance also incorporates the impact of recent asset sales, including the sale of The Promenade, as well as an assumption of higher variable interest expense as a result of fewer anticipated Fed rate cuts, and lower gains on outparcel sales due to the timing of an anticipated outparcel sale. Management continues to anticipate same-center NOI for full-year 2025 in the range of (2.0)% to 0.5%.

---

| | | |
|:---|:---|:---|
|  | **Low** | **High** |
| 2025 Net Income | $14.7 | $25.7 |
| 2025 FFO, as adjusted (in millions) | $213.0 | $224.0 |
| 2025 WA Share Count | 30.5 | 30.5 |
| 2025 FFO, as adjusted, per share | $6.98 | $7.34 |
| 2025 Same-Center NOI ("SC NOI") (in millions) | $414.5 | $425.0 |
| 2025 change in same-center NOI | (2.0)% | 0.5% |

---

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**Reconciliation of GAAP Earnings Per Share to 2025 FFO, as Adjusted, Per Share:**

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| | | |
|:---|:---|:---|
|  | **Low** | **High** |
| Expected diluted earnings per common share | $0.49 | $0.85 |
| Depreciation and amortization | 5.32 | 5.32 |
| Gain on depreciable property | (0.71) | (0.71) |
| Loss on impairment | 0.04 | 0.04 |
| Expected FFO, per diluted, fully converted common share | 5.14 | 5.50 |
| Loss on extinguishment of debt | 0.01 | 0.01 |
| Debt discount accretion, net of noncontrolling interests' share | 1.13 | 1.13 |
| Adjustment for unconsolidated affiliates with negative investment | 0.70 | 0.70 |
| Expected FFO, as adjusted, per diluted, fully converted common share | $6.98 | $7.34 |

---

**Reconciliation of Net Income to SC NOI (in millions):**

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| | | |
|:---|:---|:---|
|  | **Low** | **High** |
| Net income (loss) | $14.7 | $25.7 |
| Adjustments <sup>(1)</sup> |  |  |
| Depreciation and amortization | 162.0 | 162.0 |
| Gain on depreciable property | (21.9) | (21.9) |
| Adjustments for unconsolidated affiliates<sup>(2)</sup> | 23.5 | 23.5 |
| Non-comparable property NOI | (25.6) | (25.6) |
| Other (income) expenses, net<sup>(3)</sup> | 190.0 | 190.0 |
| Non-property (income) expenses, net<sup>(4)</sup> | 71.8 | 71.3 |
| Total Same-Center NOI | $414.5 | $425.0 |

---

(1) Adjustments are based on our Operating Partnership's pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties

(2) GAAP adjustments for unconsolidated affiliates, including those with negative investment.

(3) Property-level (income) expenses, net, that are not included in NOI, including but not limited to, interest expense, gains on sales of non-depreciable real estate assets, straight-line rent and above- and below-market lease amortization.

(4) Non-property (income) expenses, net, that are not included in NOI, including but not limited to, fee income and general and administrative expenses.

**2025 Estimate of Capital Items (in millions):**

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| | | |
|:---|:---|:---|
|  | **Low** | **High** |
| 2025 Estimated maintenance capital/tenant allowances <sup>(1)</sup> | $40.0 | $55.0 |
| 2025 Estimated development/redevelopment expenditures | 7.5 | 12.5 |
| 2025 Estimated principal amortization (including est. term loan ECF) | 90.0 | 100.0 |
| Total Estimate | $137.5 | $167.5 |

---

(1) Excludes amounts related to properties which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements as further described on page 19 of the Financial Supplement.

**ABOUT CBL PROPERTIES**

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's owned and managed portfolio is comprised of 89 properties totaling 55.4 million square feet across 22 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

**NON-GAAP FINANCIAL MEASURES**

**Funds From Operations**

FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company's method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

------

The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors' understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company's properties and interest rates, but also by its capital structure.

The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company's common shareholders and the noncontrolling interest in the Operating Partnership.

In the reconciliation of net income (loss) attributable to the Company's common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.

FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company's operating performance or to cash flow as a measure of liquidity.

The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company's results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 9 of this news release for a description of these adjustments.

**Same-center Net Operating Income**

NOI is a supplemental non-GAAP measure of the operating performance of the Company's shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).

The Company computes NOI based on the Operating Partnership's pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership's pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company's common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies.

Since NOI includes only those revenues and expenses related to the operations of the Company's shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company's results of operations. The Company's calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release.

**Pro Rata Share of Debt**

The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company's pro rata share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties) because it believes this provides investors a clearer understanding of the Company's total debt obligations which affect the Company's liquidity. A reconciliation of the Company's pro rata share of debt to the amount of debt on the Company's condensed consolidated balance sheet is located at the end of this earnings release.

*Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K, and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.*

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**Consolidated Statements of Operations**

(Unaudited; in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **REVENUES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $**136453** | $124071 | $**273813** | $248098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management, development and leasing fees | **1357** | 1817 | **2674** | 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **3095** | 3777 | **6186** | 6962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **140905** | 129665 | **282673** | 258782 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating | **(23583)** | (20740) | **(49461)** | (44567) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **(39702)** | (38664) | **(85243)** | (76704) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | **(15027)** | (13028) | **(30758)** | (22297) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maintenance and repairs | **(10372)** | (9179) | **(23838)** | (19117) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | **(15188)** | (14831) | **(35895)** | (35245) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment | **(1457)** |  | **(1457)** | (836) |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation settlement | **—** | 72 | **—** | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **(30)** | (127) | **(30)** | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **(105359)** | (96497) | **(226682)** | (198753) |
| **OTHER INCOME (EXPENSES):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | **3164** | 4082 | **6632** | 8086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **(43959)** | (39407) | **(88184)** | (79219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | **—** |  | **(217)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on sales of real estate assets | **1339** | (50) | **22871** | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (provision) benefit | **(369)** | (650) | **102** | (492) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated affiliates | **6437** | 7148 | **13350** | 11742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses, net | **(33388)** | (28877) | **(45446)** | (56212) |
| **Net income** | **2158** | 4291 | **10545** | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | **(2)** |  | **(8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consolidated subsidiaries | **603** | 453 | **1011** | 977 |
| **Net income attributable to the Company** | **2759** | 4744 | **11548** | 4794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings allocable to unvested restricted stock | **(192)** | (260) | **(769)** | (519) |
| **Net income attributable to common shareholders** | $**2567** | $4484 | $**10779** | $4275 |
| **Basic and diluted per share data attributable to common shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $**0.08** | $0.14 | $**0.35** | $0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share | **0.08** | 0.14 | **0.35** | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average basic shares | **30456** | 31150 | **30438** | 31348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average diluted shares | **30742** | 31156 | **30726** | 31351 |

---

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**The Company's reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:**

(in thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to common shareholders | $**2567** | $4484 | $**10779** | $4275 |
| Noncontrolling interest in income of Operating Partnership | **2** |  | **8** |  |
| Earnings allocable to unvested restricted stock | **(524)** | 260 | **(493)** | 519 |
| Depreciation and amortization expense of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated properties | **39702** | 38664 | **85243** | 76704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated affiliates | **3256** | 4473 | **6688** | 8462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-real estate assets | **(247)** | (254) | **(494)** | (513) |
| Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | **(379)** | (472) | **(805)** | (1032) |
| Loss on impairment, net of taxes | **1078** |  | **1078** | 619 |
| Gain on depreciable property, net of taxes | **—** |  | **(21706)** | (3721) |
| **FFO allocable to Operating Partnership common unitholders** | **45455** | 47155 | **80298** | 85313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share <sup>(1)</sup> | **9197** | 11722 | **18404** | 23517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for unconsolidated affiliates with negative investment <sup>(2)</sup> | **2102** | (4801) | **3636** | (7369) |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation settlement <sup>(3)</sup> | **—** | (72) | **—** | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash default interest expense <sup>(4)</sup> | **517** |  | **880** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt <sup>(5)</sup> | **—** |  | **217** |  |
| **FFO allocable to Operating Partnership common unitholders, as adjusted** | $**57271** | $54004 | $**103435** | $101321 |
| **FFO per diluted share** | $**1.48** | $1.51 | $**2.61** | $2.72 |
| **FFO, as adjusted, per diluted share** | $**1.86** | $1.73 | $**3.37** | $3.23 |
| Weighted-average common and potential dilutive common units outstanding | **30748** | 31156 | **30731** | 31351 |

---

(1)In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. The Company began recognizing the debt discount accretion associated with the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center during the six months ended June 30, 2025.

(2)Represents the Company's share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where the Company is not recognizing equity in earnings (losses) because its investment in the unconsolidated affiliate is below zero.

(3)Represents a credit to litigation settlement expense related to claim amounts that were released pursuant to the terms of the settlement agreement related to the settlement of a class action lawsuit.

(4)The three and six months ended June 30, 2025 includes default interest on loans past their maturity dates.

(5)During the six months ended June 30, 2025, the Company made a partial paydown on the open-air centers and outparcels loan and recognized loss on extinguishment of debt related to a prepayment fee.

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Diluted EPS attributable to common shareholders** | $**0.08** | $0.14 | $**0.35** | $0.14 |
| Add amounts per share included in FFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unvested restricted stock | **(0.02)** | 0.01 | **(0.02)** | 0.01 |
| Eliminate amounts per share excluded from FFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense, including amounts from<br> consolidated properties, unconsolidated affiliates, non-real estate<br> assets and excluding amounts allocated to noncontrolling <br> interests | **1.38** | 1.36 | **2.95** | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment, net of taxes | **0.04** |  | **0.04** | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on depreciable property, net of taxes | **—** |  | **(0.71)** | (0.12) |
| **FFO per diluted share** | $**1.48** | $1.51 | $**2.61** | $2.72 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **SUPPLEMENTAL FFO INFORMATION:** |  |  |  |  |
| Lease termination fees | $**438** | $706 | $**1401** | $1689 |
| Straight-line rental income adjustment | $**664** | $210 | $**122** | $(305) |
| Gain on outparcel sales, net of taxes | $**1954** | $(50) | $**2720** | $(50) |
| Net amortization of acquired above- and below-market leases | $**(2677)** | $(2684) | $**(6397)** | $(6176) |
| Income tax (provision) benefit | $**(369)** | $(650) | $**102** | $(492) |
| Abandoned projects expense | $**(27)** | $(127) | $**(27)** | $(127) |
| Interest capitalized | $**137** | $139 | $**250** | $273 |
| Estimate of uncollectable revenues | $**(731)** | $(1962) | $**(1553)** | $(7792) |
|  |  |  | **As of June 30,** | **As of June 30,** |
|  |  |  | **2025** | **2024** |
| Straight-line rent receivable |  |  | $**23894** | $22948 |

---

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**Same-center Net Operating Income**

(Dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $**2158** | $4291 | $**10545** | $3817 |
| **Adjustments:** |  |  |  |  |
| Depreciation and amortization | **39702** | 38664 | **85243** | 76704 |
| Depreciation and amortization from unconsolidated affiliates | **3256** | 4473 | **6688** | 8462 |
| Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | **(379)** | (472) | **(805)** | (1032) |
| Interest expense | **43959** | 39407 | **88184** | 79219 |
| Interest expense from unconsolidated affiliates | **7401** | 17074 | **14691** | 34355 |
| Noncontrolling interests' share of interest expense in other consolidated subsidiaries | **(1098)** | (1061) | **(2112)** | (2126) |
| Abandoned projects expense | **27** | 127 | **27** | 127 |
| (Gain) loss on sales of real estate assets | **(1339)** | 50 | **(22871)** | (3671) |
| Gain on sales of real estate assets of unconsolidated affiliates | **(832)** |  | **(1867)** |  |
| Adjustment for unconsolidated affiliates with negative investment | **2102** | (4801) | **3636** | (7369) |
| Loss on extinguishment of debt | **—** |  | **217** |  |
| Loss on impairment | **1457** |  | **1457** | 836 |
| Litigation settlement | **—** | (72) | **—** | (140) |
| Income tax provision (benefit) | **369** | 650 | **(102)** | 492 |
| Lease termination fees | **(438)** | (706) | **(1401)** | (1689) |
| Straight-line rent and above- and below-market lease amortization | **2013** | 2474 | **6275** | 6481 |
| Net loss attributable to noncontrolling interests in other consolidated subsidiaries | **603** | 453 | **1011** | 977 |
| General and administrative expenses | **15188** | 14831 | **35895** | 35245 |
| Management fees and non-property level revenues | **(5326)** | (6543) | **(10983)** | (12990) |
| **Operating Partnership's share of property NOI** | **108823** | 108839 | **213728** | 217698 |
| Non-comparable NOI | **(3954)** | (3430) | **(8732)** | (9808) |
| **Total same-center NOI** <sup>(1)</sup> | $**104869** | $105409 | $**204996** | $207890 |
| **Total same-center NOI percentage change** | **(0.5)%** |  | **(1.4)%** |  |

---

(1)CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of June 30, 2025, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending June 30, 2025. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender.

------

**Same-center Net Operating Income**

(Dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Malls | $**72354** | $72763 | $**140947** | $144016 |
| Outlet centers | **5034** | 5309 | **10500** | 10935 |
| Lifestyle centers | **9168** | 8549 | **17723** | 17273 |
| Open-air centers | **12621** | 12880 | **24806** | 24983 |
| Outparcels and other | **5692** | 5908 | **11020** | 10683 |
| **Total same-center NOI** | $**104869** | $105409 | $**204996** | $207890 |
| **Percentage Change:** |  |  |  |  |
| Malls | **(0.6)%** |  | **(2.1)%** |  |
| Outlet centers | **(5.2)%** |  | **(4.0)%** |  |
| Lifestyle centers | **7.2%** |  | **2.6%** |  |
| Open-air centers | **(2.0)%** |  | **(0.7)%** |  |
| Outparcels and other | **(3.7)%** |  | **3.2%** |  |
| **Total same-center NOI** | **(0.5)%** |  | **(1.4)%** |  |

---

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**Company's Share of Consolidated and Unconsolidated Debt**

(Dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Fixed Rate** | **Variable<br>Rate** | **Total Debt** | **Unamortized<br>Deferred<br>Financing<br>Costs** | **Unamortized<br>Debt<br>Discounts** <sup>(1)</sup> | **Total, net** |
| Consolidated debt <sup>(2)</sup> | $**1374192** | $**864270** | $**2238462** | $**(6619)** | $**(92067)** | $**2139776** |
| Noncontrolling interests' share of consolidated debt | **(24108)** | **(11193)** | **(35301)** | **102** | **873** | **(34326)** |
| Company's share of unconsolidated affiliates' debt | **366041** | **29662** | **395703** | **(2381)** | **—** | **393322** |
| Company's share of consolidated, unconsolidated and other debt | $**1716125** | $**882739** | $**2598864** | $**(8898)** | $**(91194)** | $**2498772** |
| Weighted-average interest rate | **5.16%** | **7.43%** | **5.93%** |  |  |  |
|  | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** |
|  | **Fixed Rate** | **Variable<br>Rate** | **Total Debt** | **Unamortized<br>Deferred<br>Financing<br>Costs** | **Unamortized<br>Debt<br>Discounts** <sup>(1)</sup> | **Total, net** |
| Consolidated debt <sup>(2)</sup> | $897058 | $999950 | $1897008 | $(10952) | $(32715) | $1853341 |
| Noncontrolling interests' share of consolidated debt | (24711) | (11613) | (36324) | 200 | 2755 | (33369) |
| Company's share of unconsolidated affiliates' debt | 615961 | 55149 | 671110 | (2573) |  | 668537 |
| Other debt <sup>(3)</sup> | 41122 |  | 41122 |  |  | 41122 |
| Company's share of consolidated, unconsolidated and other debt | $1529430 | $1043486 | $2572916 | $(13325) | $(29960) | $2529631 |
| Weighted-average interest rate | 5.27% | 8.42% | 6.55% |  |  |  |

---

(1)In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. The Company recognized the debt discounts associated with the acquisition of its partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center in December 2024.

(2)At June 30, 2025, includes $526,538 of debt and $77,501 of unamortized debt discounts related to three properties in which the Company acquired its joint venture partner's 50% interest and now consolidates the properties.

(3)Represents the outstanding loan balance for Alamance Crossing East, which was deconsolidated due to a loss of control when the property was placed into receivership in connection with the foreclosure process. The foreclosure process for Alamance Crossing East was completed in March 2025.

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**Consolidated Balance Sheets**

(Unaudited; in thousands, except share data)

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| Real estate assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $**581751** | $588153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | **1485745** | 1505232 |
|  | **2067496** | 2093385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | **(314093)** | (283785) |
|  | **1753403** | 1809600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Held-for-sale | **33134** | 56075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Developments in progress | **7757** | 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in real estate assets | **1794294** | 1871492 |
| Cash and cash equivalents | **100325** | 40791 |
| Restricted cash | **104171** | 112938 |
| Available-for-sale securities - at fair value (amortized cost of $187,764 and $242,881 as of June 30, 2025 and December 31, 2024, respectively) | **187662** | 243148 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant | **35648** | 45594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **1484** | 2356 |
| Investments in unconsolidated affiliates | **84434** | 83465 |
| In-place leases, net | **148572** | 186561 |
| Intangible lease assets and other assets | **146417** | 160846 |
|  | $**2603007** | $2747191 |
| **LIABILITIES AND EQUITY** |  |  |
| Mortgage and other indebtedness, net | $**2139776** | $2212680 |
| Accounts payable and accrued liabilities | **185718** | 221647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **2325494** | 2434327 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $.001 par value, 200,000,000 shares authorized, 30,935,677 and 30,711,227 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively (in each case, excluding 34 treasury shares) | **31** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **699150** | 694566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | **(12)** | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | **(409782)** | (371833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | **289387** | 323546 |
| Noncontrolling interests | **(11874)** | (10682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | **277513** | 312864 |
|  | $**2603007** | $2747191 |

---

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**Condensed Combined Financial Statements - Unconsolidated Affiliates**

(Unaudited; in thousands)

---

| | | |
|:---|:---|:---|
|  | **June 30, <br>2025** | **December 31, <br>2024** |
| **ASSETS:** |  |  |
| Investment in real estate assets | $**1282281** | $1284494 |
| Accumulated depreciation | **(592047)** | (576289) |
|  | **690234** | 708205 |
| Developments in progress | **39774** | 32114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment in real estate assets | **730008** | 740319 |
| Other assets | **137871** | 156363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**867879** | $896682 |
| **LIABILITIES:** |  |  |
| Mortgage and other indebtedness, net | $**733716** | $780536 |
| Other liabilities | **24501** | 36253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **758217** | 816789 |
| **OWNERS' EQUITY:** |  |  |
| The Company | **75635** | 76607 |
| Other investors | **34027** | 3286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total owners' equity | **109662** | 79893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and owners' equity | $**867879** | $896682 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total revenues | $**43636** | $63875 | $**88838** | $127872 |
| Depreciation and amortization | **(10981)** | (18688) | **(21991)** | (37087) |
| Operating expenses | **(12815)** | (20144) | **(26573)** | (41632) |
| Interest and other income | **677** | 737 | **1246** | 1349 |
| Interest expense | **(11793)** | (18204) | **(24370)** | (36662) |
| Gain on extinguishment of debt | **—** | 20752 | **32494** | 20752 |
| Gain on sales of real estate assets | **832** |  | **2902** |  |
| **Net income** | $**9556** | $28328 | $**52546** | $34592 |
|  | **Company's Share for the Period** | **Company's Share for the Period** | **Company's Share for the Period** | **Company's Share for the Period** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total revenues | $**25193** | $33233 | $**50046** | $66941 |
| Depreciation and amortization | **(5934)** | (9585) | **(12138)** | (20387) |
| Operating expenses | **(7234)** | (9821) | **(14304)** | (20595) |
| Interest and other income | **405** | 483 | **756** | 844 |
| Interest expense | **(7401)** | (17074) | **(14691)** | (34355) |
| Negative investment adjustment | **576** | 9912 | **1814** | 19294 |
| Gain on sales of real estate assets | **832** |  | **1867** |  |
| **Net income** | $**6437** | $7148 | $**13350** | $11742 |

---

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

EBITDA for real estate ("EBITDA*re")* is a non-GAAP financial measure which NAREIT defines as net income (loss) (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, gains on the dispositions of depreciable property and impairment write-downs of depreciable property, and after adjustments to reflect the Company's share of EBITDA*re* from unconsolidated affiliates. The Company also calculates Adjusted EBITDA*re* to exclude the non-controlling interest in EBITDA*re* of consolidated entities, abandoned projects expense, (gains) losses on extinguishment of debt, adjustments related to unconsolidated affiliates and litigation settlement.

The Company presents the ratio of Adjusted EBITDA*re* to interest expense because the Company believes that the Adjusted EBITDA*re* to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt. Adjusted EBITDA*re* excludes items that are not a normal result of operations which assists the Company and investors in distinguishing changes related to the growth or decline of operations at our properties. EBITDA*re* and Adjusted EBITDA*re*, as presented, may not be comparable to similar measures calculated by other companies. This non-GAAP measure should not be considered as an alternative to net income (loss), cash from operating activities or any other measure calculated in accordance with GAAP. Pro rata amounts listed below are calculated using the Company's ownership percentage in the respective joint venture and any other applicable terms.

**Ratio of Adjusted EBITDA*re* to Interest Expense**

(Dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $**2158** | $4291 | $**10545** | $3817 |
| Depreciation and amortization | **39702** | 38664 | **85243** | 76704 |
| Depreciation and amortization from unconsolidated affiliates | **3256** | 4473 | **6688** | 8462 |
| Interest expense | **43959** | 39407 | **88184** | 79219 |
| Interest expense from unconsolidated affiliates | **7401** | 17074 | **14691** | 34355 |
| Income taxes | **369** | 650 | **(102)** | 492 |
| Loss on impairment | **1457** |  | **1457** | 836 |
| Gain on depreciable property | **—** |  | **(21532)** | (3721) |
| **EBITDAre** <sup>(1)</sup> | **98302** | 104559 | **185174** | 200164 |
| Loss on extinguishment of debt | **—** |  | **217** |  |
| Litigation settlement | **—** | (72) | **—** | (140) |
| Abandoned projects expense | **27** | 127 | **27** | 127 |
| Adjustment for unconsolidated affiliates with negative investment | **2102** | (4801) | **3636** | (7369) |
| Net loss attributable to noncontrolling interests in other consolidated subsidiaries | **603** | 453 | **1011** | 977 |
| Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | **(379)** | (472) | **(805)** | (1032) |
| Noncontrolling interests' share of interest expense in other consolidated subsidiaries | **(1098)** | (1061) | **(2112)** | (2126) |
| **Company's share of Adjusted EBITDAre** | $**99557** | $98733 | $**187148** | $190601 |

---

(1)Includes $2,171 and $(50) for the three months ended June 30, 2025 and 2024, respectively, related to sales of non-depreciable real estate assets. Includes $3,206 and $(50) for the six months ended June 30, 2025 and 2024, respectively, related to sales of non-depreciable real estate assets.

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Interest Expense:** |  |  |  |  |
| Interest expense | $**43959** | $39407 | $**88184** | $79219 |
| Interest expense from unconsolidated affiliates | **7401** | 17074 | **14691** | 34355 |
| Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share | **(9197** | (11722 | **(18404** | (23517 |
| Noncontrolling interests' share of interest expense in other consolidated subsidiaries, excluding noncontrolling interests' share of debt discount accretion | **(631** | (587 | **(1182** | (1175 |
| **Company's share of interest expense** | $**41532** | $44172 | $**83289** | $88882 |
| **Ratio of Adjusted EBITDAre to Interest Expense** | **2.4** | 2.2 | **2.2** | 2.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Company's share of Adjusted EBITDAre** | $**99557** | $98733 | $**187148** | $190601 |
| Interest expense | **(43959)** | (39407) | **(88184)** | (79219) |
| Noncontrolling interests' share of interest expense in other consolidated subsidiaries | **1098** | 1061 | **2112** | 2126 |
| Income taxes | **(369)** | (650) | **102** | (492) |
| Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts | **7880** | 2504 | **15527** | 4963 |
| Net amortization of intangible lease assets and liabilities | **2642** | 2699 | **6346** | 6148 |
| Depreciation and interest expense from unconsolidated affiliates | **(10657)** | (21547) | **(21379)** | (42817) |
| Adjustment for unconsolidated affiliates with negative investment | **(2102)** | 4801 | **(3636)** | 7369 |
| Litigation settlement | **—** | 72 | **—** | 140 |
| Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | **379** | 472 | **805** | 1032 |
| Net loss attributable to noncontrolling interests in other consolidated subsidiaries | **(603)** | (453) | **(1011)** | (977) |
| (Gain) loss on outparcel sales | **(1339)** | 50 | **(1339)** | 50 |
| Loss on insurance proceeds | **65** |  | **—** |  |
| Equity in earnings of unconsolidated affiliates | **(6437)** | (7148) | **(13350)** | (11742) |
| Distributions of earnings from unconsolidated affiliates | **4356** | 6042 | **8891** | 9734 |
| Share-based compensation expense | **4289** | 3565 | **8279** | 7244 |
| Change in estimate of uncollectable revenues | **483** | 822 | **1042** | 2344 |
| Change in deferred tax assets | **(1048)** | (1118) | **1527** | 213 |
| Changes in operating assets and liabilities | **14033** | 13728 | **(2933)** | (1753) |
| **Cash flows provided by operating activities** | $**68268** | $64226 | $**99947** | $94964 |

---

**Components of Consolidated Rental Revenues**

The Company believes the following summary is useful to users of its consolidated financial statements because it provides more detail regarding the components of rental revenues in the consolidated financial statements and trends in these components for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Minimum rents | $**101384** | $94889 | $**202404** | $188435 |
| Percentage rents | **3452** | 2748 | **6279** | 5538 |
| Other rents | **2169** | 1815 | **4374** | 3647 |
| Tenant reimbursements | **29830** | 25720 | **61688** | 52599 |
| Estimate of uncollectable amounts | **(382)** | (1101) | **(932)** | (2121) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rental revenues** | $**136453** | $124071 | $**273813** | $248098 |

---

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**Schedule of Mortgage and Other Indebtedness**

(Dollars in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Original<br>Maturity<br>Date** | **Optional<br>Extended<br>Maturity<br>Date** | **Interest<br>Rate** | **Balance as of June 30, 2025** <sup>(1)</sup> | **Balance** | **Balance** |
|  |  |  |  |  |  | **Fixed** | **Variable** |
| **Operating Properties:** |  |  |  |  |  |  |  |
| The Outlet Shoppes at Laredo <sup>(2)</sup> | Laredo, TX | Jun-25 |  | 7.30% | $31980 | $— | $31980 |
| Cross Creek Mall <sup>(3)</sup> | Fayetteville, NC | Aug-25 |  | 8.19% | 81910 | 81910 |  |
| The Outlet Shoppes at Gettysburg | Gettysburg, PA | Oct-25 |  | 4.80% | 19565 | 19565 |  |
| Parkdale Mall & Crossing | Beaumont, TX | Mar-26 |  | 5.85% | 51239 | 51239 |  |
| Northwoods Mall | North Charleston, SC | Apr-26 |  | 5.08% | 49223 | 49223 |  |
| Arbor Place | Atlanta (Douglasville), GA | May-26 |  | 5.10% | 87556 | 87556 |  |
| Fayette Mall | Lexington, KY | May-26 |  | 4.25% | 106229 | 106229 |  |
| Volusia Mall | Daytona Beach, FL | May-26 |  | 4.56% | 33971 | 33971 |  |
| Hamilton Place | Chattanooga, TN | Jun-26 |  | 4.36% | 87930 | 87930 |  |
| Jefferson Mall | Louisville, KY | Jun-26 |  | 4.75% | 50125 | 50125 |  |
| Southpark Mall <sup>(4)</sup> | Colonial Heights, VA | Jun-26 |  | 4.85% | 48428 | 48428 |  |
| West County Center | Des Peres, MO | Dec-26 |  | 3.40% | 142406 | 142406 |  |
| Open-air centers and outparcels loan <sup>(5)</sup> |  | Jun-27 | Jun-29 | 7.69% | 332956 | 166478 | 166478 |
| CoolSprings Galleria | Nashville, TN | May-28 |  | 4.84% | 135595 | 135595 |  |
| Oak Park Mall | Overland Park, KS | Oct-30 |  | 3.97% | 248537 | 248537 |  |
| Hamilton Place open-air centers loan | Chattanooga, TN | Jun-32 |  | 5.85% | 65000 | 65000 |  |
| Total Loans On Operating Properties |  |  |  |  | 1572650 | 1374192 | 198458 |
| Weighted-average interest rate |  |  |  |  | 5.42% | 5.01% | 8.24% |
| Corporate Debt: |  |  |  |  |  |  |  |
| Secured term loan <sup>(6)</sup> |  | Nov-25 | Nov-26/Nov-27 | 7.19% | 665812 |  | 665812 |
| Total Consolidated Debt |  |  |  |  | $2238462 | $1374192 | $864270 |
| Weighted-average interest rate |  |  |  |  | 5.95% | 5.01% | 7.43% |
| Plus CBL's Share Of Unconsolidated Affiliates' Debt: |  |  |  |  |  |  |  |
| Coastal Grand Mall <sup>(2)</sup> | Myrtle Beach, SC | Aug-24 |  | 4.09% | $44764 | $44764 | $— |
| Coastal Grand Crossing <sup>(2)</sup> | Myrtle Beach, SC | Aug-24 |  | 4.09% | 2160 | 2160 |  |
| York Town Center | York, PA | Sep-25 |  | 4.75% | 14341 | 14341 |  |
| Northgate Mall Development | Chattanooga, TN | Nov-25 |  | 7.25% | 863 |  | 863 |
| Coastal Grand Mall - Dick's Sporting Goods | Myrtle Beach, SC | Nov-25 | May-26 | 8.05% | 3304 | 3304 |  |
| The Pavilion at Port Orange | Port Orange, FL | Feb-26 |  | 7.57% | 20787 |  | 20787 |
| Fremaux Town Center | Slidell, LA | Jun-26 |  | 3.70% | 35363 | 35363 |  |
| Ambassador Town Center Infrastructure Improvements | Lafayette, LA | Mar-27 |  | 7.26% | 2797 | 2797 |  |
| Mayfaire Town Center Aloft Hotel | Wilmington, NC | Jan-28 |  | 6.95% | 8012 |  | 8012 |
| Friendly Center | Greensboro, NC | May-28 |  | 6.44% | 71802 | 71802 |  |
| The Outlet Shoppes at El Paso | El Paso, TX | Oct-28 |  | 5.10% | 33298 | 33298 |  |
| Ambassador Town Center | Lafayette, LA | Jun-29 |  | 4.35% | 25677 | 25677 |  |
| Hamilton Place Aloft Hotel | Chattanooga, TN | Jun-29 |  | 7.20% | 7110 | 7110 |  |
| Friendly Center Medical Office | Greensboro, NC | Jun-30 |  | 6.11% | 1700 | 1700 |  |
| The Shoppes at Eagle Point | Cookeville, TN | May-32 |  | 5.40% | 19104 | 19104 |  |
| The Outlet Shoppes at Atlanta | Woodstock, GA | Oct-33 |  | 7.85% | 39665 | 39665 |  |
| The Outlet Shoppes of the Bluegrass | Simpsonville, KY | Nov-34 |  | 6.84% | 42658 | 42658 |  |
| Hammock Landing - Phase I | West Melbourne, FL | Dec-34 |  | 5.86% | 17343 | 17343 |  |
| Hammock Landing - Phase II | West Melbourne, FL | Dec-34 |  | 5.86% | 4955 | 4955 |  |
|  |  |  |  |  | 395703 | 366041 | 29662 |
| Less Noncontrolling Interests' Share Of Consolidated Debt: |  |  |  |  |  |  |  |
| The Outlet Shoppes at Laredo <sup>(2)</sup> (35%) | Laredo, TX | Jun-25 |  | 7.30% | (11193) |  | (11193) |
| The Outlet Shoppes at Gettysburg (50%) | Gettysburg, PA | Oct-25 |  | 4.80% | (9782) | (9782) |  |
| Hamilton Place (10%) | Chattanooga, TN | Jun-26 |  | 4.36% | (8793) | (8793) |  |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Original<br>Maturity<br>Date** | **Optional<br>Extended<br>Maturity<br>Date** | **Interest<br>Rate** | **Balance as of June 30, 2025** <sup>(1)</sup> | **Balance** | **Balance** |
|  |  |  |  |  |  | **Fixed** | **Variable** |
| Hamilton Place open-air centers loan (8% - 10%) | Chattanooga, TN | Jun-32 |  | 5.85% | (5533) | (5533) |  |
|  |  |  |  |  | (35301) | (24108) | (11193) |
| Company's Share Of Consolidated, Unconsolidated and Other Debt <sup>(7)</sup> |  |  |  |  | $2598864 | $1716125 | $882739 |
| Weighted-average interest rate |  |  |  |  | 5.93% | 5.16% | 7.43% |
| Total Debt of Unconsolidated Affiliates: |  |  |  |  |  |  |  |
| Coastal Grand Mall <sup>(2)</sup> | Myrtle Beach, SC | Aug-24 |  | 4.09% | $89529 | $89529 | $— |
| Coastal Grand Crossing <sup>(2)</sup> | Myrtle Beach, SC | Aug-24 |  | 4.09% | 4320 | 4320 |  |
| York Town Center | York, PA | Sep-25 |  | 4.75% | 28681 | 28681 |  |
| Northgate Mall Development | Chattanooga, TN | Nov-25 |  | 7.25% | 1725 |  | 1725 |
| Coastal Grand Mall - Dick's Sporting Goods | Myrtle Beach, SC | Nov-25 | May-26 | 8.05% | 6607 | 6607 |  |
| The Pavilion at Port Orange | Port Orange, FL | Feb-26 |  | 7.57% | 41574 |  | 41574 |
| Fremaux Town Center | Slidell, LA | Jun-26 |  | 3.70% | 54404 | 54404 |  |
| Ambassador Town Center Infrastructure Improvements | Lafayette, LA | Mar-27 |  | 7.26% | 2797 | 2797 |  |
| Mayfaire Town Center Aloft Hotel | Wilmington, NC | Jan-28 |  | 6.95% | 16352 |  | 16352 |
| Friendly Center | Greensboro, NC | May-28 |  | 6.44% | 143603 | 143603 |  |
| The Outlet Shoppes at El Paso | El Paso, TX | Oct-28 |  | 5.10% | 66596 | 66596 |  |
| Ambassador Town Center | Lafayette, LA | Jun-29 |  | 4.35% | 39504 | 39504 |  |
| Hamilton Place Aloft Hotel | Chattanooga, TN | Jun-29 |  | 7.20% | 14219 | 14219 |  |
| Friendly Center Medical Office | Greensboro, NC | Jun-30 |  | 6.11% | 6800 | 6800 |  |
| The Shoppes at Eagle Point | Cookeville, TN | May-32 |  | 5.40% | 38208 | 38208 |  |
| The Outlet Shoppes at Atlanta | Woodstock, GA | Oct-33 |  | 7.85% | 79330 | 79330 |  |
| The Outlet Shoppes of the Bluegrass | Simpsonville, KY | Nov-34 |  | 6.84% | 65628 | 65628 |  |
| Hammock Landing - Phase I | West Melbourne, FL | Dec-34 |  | 5.86% | 34687 | 34687 |  |
| Hammock Landing - Phase II | West Melbourne, FL | Dec-34 |  | 5.86% | 9911 | 9911 |  |
|  |  |  |  |  | $744475 | $684824 | $59651 |
| Weighted-average interest rate |  |  |  |  | 5.85% | 5.72% | 7.39% |

---

(1)See page 13 for debt discounts and unamortized deferred financing costs.

(2)The loan is in default. The Company is in discussions with the lender regarding a loan modification/extension.

(3)Subsequent to June 30, 2025, the Company closed on a new $78,000, five-year non-recourse loan secured by Cross Creek Mall. The new loan bears a fixed interest rate of 6.856%.

(4)Subsequent to June 30, 2025, the loan entered default and the property was placed into receivership. The Company anticipates returning the property to the lender.

(5)The interest rate is a fixed 6.95% for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%. The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%. Subsequent to June 30, 2025, the Company closed on the acquisition of four enclosed malls for $178,900 (the "WPG acquisition"). Concurrently with the WPG acquisition, the Company completed a modification and extension of the existing $332,956 non-recourse open-air centers and outparcels loan, which was scheduled to initially mature in June 2027. The loan was modified to include the WPG acquisition properties, increasing the principal balance by $110,000 to $442,956 and extending the initial maturity through October 2030, with one, two-year extension option for a final maturity in October 2032.

(6)As of June 30, 2025, the Company has met the extension test to secure a one-year extension on the secured term loan.

(7)As of June 30, 2025, CBL owns interests in 12 assets (9 malls, 2 outlet centers and an open-air center) with a pro rata share debt balance of $788,979 which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements. Of this amount, $756,249 of pro rata debt relates to malls, $30,570 relates to outlet centers and $2,160 relates to an open-air center. These loans are non-recourse to CBL. The restricted cash can only be used to pay the respective property's real estate and insurance costs, debt service, operating expenses, and fund escrow accounts for capital expenditures and tenant allowances. Additionally, CBL receives management fees from the property cash flows. For the six months ended June 30, 2025, CBL's pro rata share of same-center NOI was $204,996, of which same-center NOI from cash trapped properties made up $38,970, with $36,262 relating to malls, $1,643 relating to outlet centers and $1,065 relating to an open-air center. For the six months ended June 30, 2024, CBL's pro rata share of same-center NOI was $207,890, of which same-center NOI from cash trapped properties made up $38,674, with $35,865 relating to malls, $2,004 relating to outlet centers and $805 relating to an open-air center.

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**Schedule of Maturities of Mortgage and Other Indebtedness**

(Dollars in thousands)

**Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Consolidated<br>Debt** | **CBL's Share of<br>Unconsolidated<br>Affiliates' Debt** | **Noncontrolling<br>Interests' Share<br>of Consolidated<br>Debt** | **CBL's Share of<br>Consolidated, Unconsolidated and Other<br>Debt** | **% of Total** | **Weighted<br>Average<br>Interest<br>Rate** |
| 2024 | $— | $46924 | $— | $46924 | 1.81% | 4.09% |
| 2025 | 133455 | 15204 | (20975) | 127684 | 4.91% | 7.40% |
| 2026 | 657107 | 59454 | (8793) | 707768 | 27.23% | 4.55% |
| 2027 | 665812 | 2797 |  | 668609 | 25.73% | 7.19% |
| 2028 | 135595 | 113112 |  | 248707 | 9.57% | 5.41% |
| 2029 | 332956 | 32787 |  | 365743 | 14.07% | 7.44% |
| 2030 | 248537 | 1700 |  | 250237 | 9.63% | 3.98% |
| 2032 | 65000 | 19104 | (5533) | 78571 | 3.02% | 5.74% |
| 2033 |  | 39665 |  | 39665 | 1.53% | 7.85% |
| 2034 |  | 64956 |  | 64956 | 2.50% | 6.50% |
| Total | $2238462 | $395703 | $(35301) | $2598864 | 100.00% | 5.93% |
| **Based on Original Maturity Dates:** | **Based on Original Maturity Dates:** | **Based on Original Maturity Dates:** | **Based on Original Maturity Dates:** | **Based on Original Maturity Dates:** | **Based on Original Maturity Dates:** | **Based on Original Maturity Dates:** |
| **Year** | **Consolidated<br>Debt** | **CBL's Share of<br>Unconsolidated<br>Affiliates' Debt** | **Noncontrolling<br>Interests' Share<br>of Consolidated<br>Debt** | **CBL's Share of<br>Consolidated, Unconsolidated and Other<br>Debt** | **% of Total** | **Weighted<br>Average<br>Interest<br>Rate** |
| 2024 | $— | $46924 | $— | $46924 | 1.81% | 4.09% |
| 2025 | 799267 | 18508 | (20975) | 796800 | 30.65% | 7.23% |
| 2026 | 657107 | 56150 | (8793) | 704464 | 27.11% | 4.53% |
| 2027 | 332956 | 2797 |  | 335753 | 12.92% | 7.68% |
| 2028 | 135595 | 113112 |  | 248707 | 9.57% | 5.41% |
| 2029 |  | 32787 |  | 32787 | 1.26% | 4.97% |
| 2030 | 248537 | 1700 |  | 250237 | 9.63% | 3.98% |
| 2032 | 65000 | 19104 | (5533) | 78571 | 3.02% | 5.74% |
| 2033 |  | 39665 |  | 39665 | 1.53% | 7.85% |
| 2034 |  | 64956 |  | 64956 | 2.50% | 6.50% |
| Total | $2238462 | $395703 | $(35301) | $2598864 | 100.00% | 5.93% |

---

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**<u>Operating Metrics by Collateral Pool</u>**

**Basis of Presentation**

The tables below provide certain property level financial information by property type and by categories based on the debt supported. The property types include Malls, Lifestyle Centers, Outlet Centers, Open-Air Centers, Outparcels and Other, each as defined below:

**Malls:** The Malls are enclosed large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line retail stores, restaurants and non-retail tenants.

**Lifestyle Centers:** The Lifestyle Centers are large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional anchors and/or junior anchors, a wide variety of in-line and retail stores, restaurants, and/or non-retail tenants.

**Outlet Centers:** The Outlet Centers are open-air centers, generally anchored by one or more discount or off-price junior anchors and a wide variety of brand name off-price or discount in-line stores.

**Open-Air Centers:** The Open-Air Centers are designed to attract local and regional customers. They are typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or may also feature traditional department stores. Open-Air Centers also feature a selection of shops that may include traditional retail stores, services or convenience offerings. Open-Air Centers may be located adjacent to CBL's existing Malls or Lifestyle Centers.

**Outparcels:** The outparcels are subdivided improved parcels of land located at or adjacent to our Malls, Lifestyle Centers, Outlet Centers or Open-Air Centers. The outparcels are generally single-tenant or multi-tenant buildings that are either structured on a ground lease or building lease.

**Other:** Other includes other non-retail property types such as office, hotels or vacant land.

The information provided in the tables below, including historic operational and financial information, is for properties owned as of June 30, 2025, as listed on the Property List table. Information is provided on a "same-center" basis and any properties or interests in properties acquired or disposed of prior to June 30, 2025, were assumed to have been acquired or disposed for all periods presented.

Net Operating Income (NOI) and other financial information included in the presentation is reflected based on CBL's share of ownership.

NOI is a supplemental non-GAAP measure of the operating performance of our shopping centers and other properties. We define NOI as property operating revenues (rental revenues and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes straight-line rents, above/below market lease rates, landlord inducement write-offs, lease buyouts and management fees.

Due to the exclusions noted above, NOI should only be used as a supplemental measure of our performance and not as an alternative to GAAP operating income (loss) or net income (loss).

Interest is calculated on a GAAP basis including amortization of deferred financing costs and accretion of debt discounts.

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**Property List:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Sales Per Square Foot for the Trailing Twelve Months Ended** <sup>(1)</sup> | **Sales Per Square Foot for the Trailing Twelve Months Ended** <sup>(1)</sup> | **In-Line Occupancy** <sup>(2)</sup> | **In-Line Occupancy** <sup>(2)</sup> |
|  |  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **TERM LOAN ASSETS (HOLDCO I)** |  |  |  |  |  |
| **Malls:** |  |  |  |  |  |
| &nbsp;&nbsp;CherryVale Mall | Rockford, IL |  |  |  |  |
| &nbsp;&nbsp;East Towne Mall | Madison, WI |  |  |  |  |
| &nbsp;&nbsp;Frontier Mall | Cheyenne, WY |  |  |  |  |
| &nbsp;&nbsp;Hanes Mall | Winston-Salem, NC |  |  |  |  |
| &nbsp;&nbsp;Kirkwood Mall | Bismarck, ND |  |  |  |  |
| &nbsp;&nbsp;Mall del Norte | Laredo, TX |  |  |  |  |
| &nbsp;&nbsp;Northgate Mall | Chattanooga, TN |  |  |  |  |
| &nbsp;&nbsp;Post Oak Mall | College Station, TX |  |  |  |  |
| &nbsp;&nbsp;Richland Mall | Waco, TX |  |  |  |  |
| &nbsp;&nbsp;Sunrise Mall | Brownsville, TX |  |  |  |  |
| &nbsp;&nbsp;Turtle Creek Mall | Hattiesburg, MS |  |  |  |  |
| &nbsp;&nbsp;Valley View Mall | Roanoke, VA |  |  |  |  |
| &nbsp;&nbsp;West Towne Mall | Madison, WI |  |  |  |  |
| &nbsp;&nbsp;Westmoreland Mall | Greensburg, PA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Malls** |  | $372 | $367 | 88.5% | 89.4% |
| **Lifestyle Centers:** |  |  |  |  |  |
| &nbsp;&nbsp;Mayfaire Town Center | Wilmington, NC |  |  |  |  |
| &nbsp;&nbsp;Pearland Town Center | Pearland, TX |  |  |  |  |
| &nbsp;&nbsp;Southaven Towne Center | Southaven, MS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Lifestyle Centers** |  | $410 | $388 | 89.5% | 89.7% |
| **Open-Air Centers:** |  |  |  |  |  |
| &nbsp;&nbsp;Westmoreland Crossing | Greensburg, PA | N/A | N/A | 98.6% | 98.9% |
| **Outparcels and Other** |  | N/A | N/A | 91.6% | 88.1% |
| **Total Term Loan Assets (HoldCo I)** |  | $380 | $371 | 89.3% | 90.0% |
| **CONSOLIDATED UNENCUMBERED** |  |  |  |  |  |
| **Malls:** |  |  |  |  |  |
| &nbsp;&nbsp;Dakota Square Mall | Minot, ND |  |  |  |  |
| &nbsp;&nbsp;Eastland Mall | Bloomington, IL |  |  |  |  |
| &nbsp;&nbsp;Meridian Mall | Lansing, MI |  |  |  |  |
| &nbsp;&nbsp;Mid Rivers Mall | St. Peters, MO |  |  |  |  |
| &nbsp;&nbsp;Northpark Mall | Joplin, MO |  |  |  |  |
| &nbsp;&nbsp;Old Hickory Mall | Jackson, TN |  |  |  |  |
| &nbsp;&nbsp;Parkway Place | Huntsville, AL |  |  |  |  |
| &nbsp;&nbsp;South County Center | St. Louis, MO |  |  |  |  |
| &nbsp;&nbsp;St. Clair Square | Fairview Heights, IL |  |  |  |  |
| &nbsp;&nbsp;Stroud Mall | Stroudsburg, PA |  |  |  |  |
| &nbsp;&nbsp;York Galleria | York, PA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Malls** |  | $328 | $324 | 75.4% | 79.3% |
| **Outparcels and Other** |  | N/A | N/A | 91.8% | 81.8% |
| **Total Consolidated Unencumbered** |  | $328 | $324 | 76.7% | 79.5% |
| **JOINT VENTURE ASSETS** |  |  |  |  |  |
| **Malls:** |  |  |  |  |  |
| &nbsp;&nbsp;Coastal Grand Mall | Myrtle Beach, SC |  |  |  |  |
| &nbsp;&nbsp;Governor's Square | Clarksville, TN |  |  |  |  |
| &nbsp;&nbsp;Kentucky Oaks Mall | Paducah, KY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Malls** |  | $386 | $388 | 89.1% | 86.5% |
| **Outlet Centers:** |  |  |  |  |  |
| &nbsp;&nbsp;The Outlet Shoppes at Atlanta | Woodstock, GA |  |  |  |  |
| &nbsp;&nbsp;The Outlet Shoppes at El Paso | El Paso, TX |  |  |  |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Sales Per Square Foot for the Trailing Twelve Months Ended** <sup>(1)</sup> | **Sales Per Square Foot for the Trailing Twelve Months Ended** <sup>(1)</sup> | **In-Line Occupancy** <sup>(2)</sup> | **In-Line Occupancy** <sup>(2)</sup> |
|  |  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| &nbsp;&nbsp;The Outlet Shoppes of the Bluegrass | Simpsonville, KY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Outlet Centers** |  | $472 | $489 | 95.4% | 95.0% |
| **Lifestyle Centers:** |  |  |  |  |  |
| &nbsp;&nbsp;Friendly Center and The Shops at Friendly | Greensboro, NC | $595 | $590 | 92.3% | 91.0% |
| **Open-Air Centers:** |  |  |  |  |  |
| &nbsp;&nbsp;Ambassador Town Center | Lafayette, LA |  |  |  |  |
| &nbsp;&nbsp;Coastal Grand Crossing | Myrtle Beach, SC |  |  |  |  |
| &nbsp;&nbsp;Fremaux Town Center | Slidell, LA |  |  |  |  |
| &nbsp;&nbsp;Governor's Square Plaza | Clarksville, TN |  |  |  |  |
| &nbsp;&nbsp;Hammock Landing | West Melbourne, FL |  |  |  |  |
| &nbsp;&nbsp;The Pavilion at Port Orange | Port Orange, FL |  |  |  |  |
| &nbsp;&nbsp;The Shoppes at Eagle Point | Cookeville, TN |  |  |  |  |
| &nbsp;&nbsp;York Town Center | York, PA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Open-Air Centers** |  | N/A | N/A | 93.6% | 93.6% |
| **Total Joint Venture Assets** |  | $473 | $480 | 93.1% | 92.3% |
| **CONSOLIDATED ENCUMBERED ASSETS** |  |  |  |  |  |
| **Malls:** |  |  |  |  |  |
| &nbsp;&nbsp;Arbor Place | Atlanta (Douglasville), GA |  |  |  |  |
| &nbsp;&nbsp;CoolSprings Galleria | Nashville, TN |  |  |  |  |
| &nbsp;&nbsp;Cross Creek Mall | Fayetteville, NC |  |  |  |  |
| &nbsp;&nbsp;Fayette Mall | Lexington, KY |  |  |  |  |
| &nbsp;&nbsp;Hamilton Place | Chattanooga, TN |  |  |  |  |
| &nbsp;&nbsp;Jefferson Mall | Louisville, KY |  |  |  |  |
| &nbsp;&nbsp;Northwoods Mall | North Charleston, SC |  |  |  |  |
| &nbsp;&nbsp;Oak Park Mall | Overland Park, KS |  |  |  |  |
| &nbsp;&nbsp;Parkdale Mall | Beaumont, TX |  |  |  |  |
| &nbsp;&nbsp;Volusia Mall | Daytona Beach, FL |  |  |  |  |
| &nbsp;&nbsp;West County Center | Des Peres, MO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Malls** |  | $503 | $496 | 90.4% | 92.0% |
| **Outlet Centers:** |  |  |  |  |  |
| &nbsp;&nbsp;The Outlet Shoppes at Gettysburg | Gettysburg, PA |  |  |  |  |
| &nbsp;&nbsp;The Outlet Shoppes at Laredo | Laredo, TX |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Outlet Centers** |  | $277 | $292 | 82.5% | 80.9% |
| **Open-Air Centers:** |  |  |  |  |  |
| &nbsp;&nbsp;Alamance Crossing West | Burlington, NC |  |  |  |  |
| &nbsp;&nbsp;CoolSprings Crossing | Nashville, TN |  |  |  |  |
| &nbsp;&nbsp;Courtyard at Hickory Hollow | Nashville, TN |  |  |  |  |
| &nbsp;&nbsp;Frontier Square | Cheyenne, WY |  |  |  |  |
| &nbsp;&nbsp;Gunbarrel Pointe | Chattanooga, TN |  |  |  |  |
| &nbsp;&nbsp;Hamilton Corner | Chattanooga, TN |  |  |  |  |
| &nbsp;&nbsp;Hamilton Crossing | Chattanooga, TN |  |  |  |  |
| &nbsp;&nbsp;Harford Annex | Bel Air, MD |  |  |  |  |
| &nbsp;&nbsp;The Landing at Arbor Place | Atlanta (Douglasville), GA |  |  |  |  |
| &nbsp;&nbsp;Parkdale Crossing | Beaumont, TX |  |  |  |  |
| &nbsp;&nbsp;The Plaza at Fayette | Lexington, KY |  |  |  |  |
| &nbsp;&nbsp;The Shoppes at Hamilton Place | Chattanooga, TN |  |  |  |  |
| &nbsp;&nbsp;The Shoppes at St. Clair Square | Fairview Heights, IL |  |  |  |  |
| &nbsp;&nbsp;Sunrise Commons | Brownsville, TX |  |  |  |  |
| &nbsp;&nbsp;The Terrace | Chattanooga, TN |  |  |  |  |
| &nbsp;&nbsp;West Towne Crossing | Madison, WI |  |  |  |  |
| &nbsp;&nbsp;WestGate Crossing | Spartanburg, SC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Open-Air Centers** |  | N/A | N/A | 92.5% | 94.3% |
| **Outparcels** |  | N/A | N/A | 97.6% | 99.1% |
| **Total Consolidated Encumbered Assets** |  | $479 | $473 | 90.6% | 91.9% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Sales Per Square Foot for the Trailing Twelve Months Ended** <sup>(1)</sup> | **Sales Per Square Foot for the Trailing Twelve Months Ended** <sup>(1)</sup> | **In-Line Occupancy** <sup>(2)</sup> | **In-Line Occupancy** <sup>(2)</sup> |
|  |  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Total Same-Center Portfolio** |  | $**427** | $**423** | **88.8%** | **89.6%** |
| **EXCLUDED PROPERTIES** |  |  |  |  |  |
| &nbsp;&nbsp;Brookfield Square | Brookfield, WI |  |  |  |  |
| &nbsp;&nbsp;Harford Mall | Bel Air, MD |  |  |  |  |
| &nbsp;&nbsp;Laurel Park Place | Livonia, MI |  |  |  |  |
| &nbsp;&nbsp;The Promenade | D'Iberville, MS |  |  |  |  |
| &nbsp;&nbsp;Southpark Mall | Colonial Heights, VA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Excluded Properties** |  | **N/A** | **N/A** | **N/A** | **N/A** |

---

(1)Represents same-center sales per square foot for tenants 10,000 square feet or less for malls, outlet centers and lifestyle centers. Sales are reported on a whole property basis. Sales for unencumbered portions or outparcels of a property with reporting tenants under 10,000 square feet are reflected with the sales of the main property.

(2)Includes occupancy metrics for stores with gross leasable area under 20,000 square feet for unencumbered portions or outparcels of a property.

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Operating Metrics - Six Months Ended June 30, 2025 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2025 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2025 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2025 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2025 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2025 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2025 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2025 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2025 at CBL Share** |
| *(Dollars in thousands)* |  |  |  |  |  |  |  |  |
|  | **NOI** | **Capital<br>Expenditures** | **Redevelopment** | **Unleveraged<br>Cash Flow** | **Interest Expense** | **Non-Cash<br>Interest Expense** <sup>(1)</sup> | **Amortization** | **Cash Flow** |
| **TERM LOAN ASSETS (HOLDCO I)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malls | $46759 | $(4213) | $- | $42546 | $- | $- | $- | $42546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Centers | 11470 | (4357) | - | 7113 | - | - | - | 7113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-Air Centers | 1333 | - | - | 1333 | - | - | - | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outparcels | 160 | - | - | 160 | - | - | - | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 438 | - | - | 438 | - | - | - | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan Debt Service | - | - | - | - | (24901) | 200 | (18567) | (43268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Term Loan Assets (HoldCo I)** | **60160** | **(8570)** | **-** | **51590** | **(24901)** | **200** | **(18567)** | **8322** |
| **CONSOLIDATED UNENCUMBERED** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malls | 19432 | (3092) | - | 16340 | - | - | - | 16340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outlet Centers | (17) | - | - | (17) | - | - | - | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outparcels | 385 | - | - | 385 | - | - | - | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1033 | (178) | - | 855 | - | - | - | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consolidated Unencumbered** | **20833** | **(3270)** | **-** | **17563** | **-** | **-** | **-** | **17563** |
| **JOINT VENTURE ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malls | 7675 | (2116) | - | 5559 | (1777) | 697 | (2363) | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outlet Centers | 8874 | (314) | - | 8560 | (3967) | 71 | (573) | 4091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Centers | 6253 | (265) | (984) | 5004 | (2419) | 83 | (558) | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-Air Centers | 10121 | (667) | - | 9454 | (5603) | 165 | (3236) | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outparcels | 240 | - | - | 240 | - | - | - | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 350 | (13) | - | 337 | (263) | - | (1629) | (1555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Joint Venture Assets** | **33513** | **(3375)** | **(984)** | **29154** | **(14029)** | **1016** | **(8359)** | **7782** |
| **CONSOLIDATED ENCUMBERED ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malls | 67081 | (7701) | - | 59380 | (43977) | 17716 | (24408) | 8711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outlet Centers | 1643 | (74) | - | 1569 | (1908) | 852 | (546) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-Air Centers | 13352 | (1139) | - | 12213 | (8088) | 527 | - | 4652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outparcels | 8414 | (83) | - | 8331 | (6257) | 474 | - | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consolidated Encumbered Assets** | **90490** | **(8997)** | **-** | **81493** | **(60230)** | **19569** | **(24954)** | **15878** |
| **Total Same-Center** | $**204996** | $**(24212)** | $**(984)** | $**179800** | $**(99160)** | $**20785** | $**(51880)** | $**49545** |

---

(1)Non-cash interest expense consists of the accretion of debt discounts, amortization of deferred financing costs and default interest.

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Operating Metrics - Six Months Ended June 30, 2024 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2024 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2024 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2024 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2024 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2024 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2024 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2024 at CBL Share** | **Operating Metrics - Six Months Ended June 30, 2024 at CBL Share** |
| *(Dollars in thousands)* |  |  |  |  |  |  |  |  |
|  | **NOI** | **Capital<br>Expenditures** | **Redevelopment** | **Unleveraged<br>Cash Flow** | **Interest Expense** | **Non-Cash<br>Interest Expense** <sup>(1)</sup> | **Amortization** | **Cash Flow** |
| **TERM LOAN ASSETS (HOLDCO I)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malls | $48187 | $(2283) | $- | $45904 | $- | $- | $- | $45904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Centers | 11329 | (1231) | - | 10098 | - | - | - | 10098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-Air Centers | 1338 | (35) | - | 1303 | - | - | - | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outparcels | 130 | - | - | 130 | - | - | - | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 551 | (25) | - | 526 | - | - | - | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan Debt Service | - | - | - | - | (33027) | 200 | (12323) | (45150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Term Loan Assets (HoldCo I)** | **61535** | **(3574)** | **-** | **57961** | **(33027)** | **200** | **(12323)** | **12811** |
| **CONSOLIDATED UNENCUMBERED** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malls <sup>(2)</sup> | 21429 | (2756) | - | 18673 | (136) | - | (150) | 18387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outlet Centers | (14) | - | - | (14) | - | - | - | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outparcels | 204 | (76) | - | 128 | - | - | - | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1032 | (553) | - | 479 | - | - | - | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consolidated Unencumbered** | **22651** | **(3385)** | **-** | **19266** | **(136)** | **-** | **(150)** | **18980** |
| **JOINT VENTURE ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malls | 8021 | (353) | - | 7668 | (1096) | 28 | (781) | 5819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outlet Centers | 8945 | (950) | - | 7995 | (3339) | 72 | (975) | 3753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Centers | 5944 | (1088) | - | 4856 | (2465) | 83 | (512) | 1962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-Air Centers | 9912 | (275) | - | 9637 | (6269) | 159 | (2756) | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outparcels | 124 | - | - | 124 | - | - | - | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 323 | (14) | - | 309 | (324) | - | (2213) | (2228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Joint Venture Assets** | **33269** | **(2680)** | **-** | **30589** | **(13493)** | **342** | **(7237)** | **10201** |
| **CONSOLIDATED ENCUMBERED ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malls | 66380 | (8679) | (17) | 57684 | (36659) | 9020 | (23773) | 6272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outlet Centers | 2004 | (39) | - | 1965 | (1888) | 677 | (579) | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-Air Centers | 13733 | (165) | - | 13568 | (8614) | 527 | - | 5481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outparcels | 8318 | (346) | - | 7972 | (6779) | 474 | - | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consolidated Encumbered Assets** | **90435** | **(9229)** | **(17)** | **81189** | **(53940)** | **10698** | **(24352)** | **13595** |
| **Total Same-Center** | $**207890** | $**(18868)** | $**(17)** | $**189005** | $**(100596)** | $**11240** | $**(44062)** | $**55587** |

---

(1)Non-cash interest expense consists of the accretion of debt discounts and amortization of deferred financing costs.

(2)In February 2024, the loan secured by Brookfield Square Anchor Redevelopment was paid off.

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

---

| | | |
|:---|:---|:---|
| **CBL & Associates HoldCo I, LLC - Consolidated Balance Sheet** | **CBL & Associates HoldCo I, LLC - Consolidated Balance Sheet** | **CBL & Associates HoldCo I, LLC - Consolidated Balance Sheet** |
| **(unaudited, in thousands)** | **(unaudited, in thousands)** | **(unaudited, in thousands)** |
|  | **June 30, <br>2025** | **December 31, <br>2024** |
| **ASSETS** |  |  |
| Real estate assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $**154508** | $154508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | **391359** | 384269 |
|  | **545867** | 538777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | **(116009)** | (104111) |
|  | **429858** | 434666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Held for sale | **—** | 17562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Developments in progress | **355** | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in real estate assets | **430213** | 452377 |
| Cash | **21605** | 31708 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant | **18083** | 22234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **287** | 353 |
| In-place leases, net | **26437** | 32377 |
| Above market leases, net | **18119** | 22743 |
| Other assets | **7400** | 5893 |
|  | $**522144** | $567685 |
| **LIABILITIES AND EQUITY** |  |  |
| Senior secured term loan, net of deferred financing costs | $**665679** | $725163 |
| Below market leases, net | **12965** | 15245 |
| Accounts payable and accrued liabilities | **32594** | 39396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **711238** | 779804 |
| Owner's deficit | **(189094)** | (212119) |
|  | $**522144** | $567685 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CBL & Associates HoldCo I, LLC - Consolidated Income Statement** | **CBL & Associates HoldCo I, LLC - Consolidated Income Statement** | **CBL & Associates HoldCo I, LLC - Consolidated Income Statement** |  |  |
| **(unaudited, in thousands)** | **(unaudited, in thousands)** | **(unaudited, in thousands)** |  |  |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $**44968** | $48197 | $**89688** | $96890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **1093** | 1381 | **2211** | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **46061** | 49578 | **91899** | 99703 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating | **(7635)** | (8192) | **(16339)** | (17237) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **(9787)** | (13453) | **(19703)** | (27144) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | **(4307)** | (4509) | **(8971)** | (9310) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maintenance and repairs | **(3929)** | (4042) | **(8445)** | (7852) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | **(2250)** | (2250) | **(4500)** | (4500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **(27908)** | (32446) | **(57958)** | (66043) |
| **Other income (expenses):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | **8** | 179 | **201** | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **(12242)** | (16421) | **(24901)** | (33027) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of real estate assets | **84** |  | **21193** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses, net | **(12150)** | (16242) | **(3507)** | (32602) |
| **Net income** | $**6003** | $890 | $**30434** | $1058 |
| **Modified Cash NOI** <sup>(1)</sup> | $**31307** | $34098 | $**61109** | $69168 |
| **Interest Coverage Ratio** <sup>(2)</sup> |  |  | **2.4x** | 2.2x |

---

(1)Modified Cash NOI is calculated in accordance with the terms of the exit credit agreement and is not comparable to the Company's definition of NOI, presented on page 7, that is used for NOI and same-center NOI metrics.

(2)The Interest Coverage Ratio represents Modified Cash NOI divided by Facility Interest Expense, as defined in the exit credit agreement.

------

---

| | | |
|:---|:---|:---|
| **CBL & Associates HoldCo I, LLC - Consolidated Statement of Cash Flows** | **CBL & Associates HoldCo I, LLC - Consolidated Statement of Cash Flows** | **CBL & Associates HoldCo I, LLC - Consolidated Statement of Cash Flows** |
| **(unaudited, in thousands)** | **(unaudited, in thousands)** | **(unaudited, in thousands)** |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net income | $**30434** | $1058 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **19703** | 27144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amortization of deferred financing costs and debt discounts | **200** | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amortization of intangible lease assets and liabilities | **2435** | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of real estate assets | **(21193)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimate of uncollectable revenues | **842** | (1281) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant and other receivables | **4012** | 3311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | **(1003)** | (633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(4325)** | (4364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | **31105** | 28308 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to real estate assets | **(10573)** | (4877) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of real estate assets | **36710** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in other assets | **(331)** | (289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | **25806** | (5166) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on mortgage and other indebtedness | **(59683)** | (12323) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions to member | **4706** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to member | **(12141)** | (16457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | **(67118)** | (28780) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | **(10207)** | (5638) |
| CASH AND CASH EQUIVALENTS, beginning of period | **31812** | 35741 |
| CASH AND CASH EQUIVALENTS, end of period | $**21605** | $30103 |
| Reconciliation from consolidated statement of cash flows to consolidated balance sheets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**21605** | $27897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | **—** | 2206 |
| CASH AND CASH EQUIVALENTS, end of period | $**21605** | $30103 |

---

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Type** | **Square<br>Feet** | **Prior Gross<br>Rent PSF** | **New Initial<br>Gross Rent<br>PSF** | **% Change<br>Initial** | **New Average<br>Gross Rent<br>PSF** | **% Change<br>Average** |
| **Three Months Ended June 30, 2025:** |  |  |  |  |  |  |
| **All Property Types** <sup>(1)</sup> | **773583** | $**38.00** | $**37.99** | **(0.0)%** | $**39.22** | **3.2%** |
| Malls, Lifestyle Centers & Outlet Centers <sup>(2)</sup> | 747306 | 38.45 | 38.37 | (0.2)% | 39.60 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases <sup>(2)</sup> | 80257 | 32.80 | 42.32 | 29.0% | 45.76 | 39.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal leases <sup>(2)</sup> | 667049 | 39.13 | 37.90 | (3.1)% | 38.86 | (0.7)% |
| Open Air Centers | 11077 | 31.51 | 35.27 | 11.9% | 38.38 | 21.8% |
| **Six Months Ended June 30, 2025:** |  |  |  |  |  |  |
| **All Property Types** <sup>(1)</sup> | **1246509** | $**40.17** | $**39.27** | **(2.2)%** | $**40.53** | **0.9%** |
| Malls, Lifestyle Centers & Outlet Centers <sup>(2)</sup> | 1191568 | 40.81 | 39.80 | (2.5)% | 41.07 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases <sup>(2)</sup> | 134793 | 39.45 | 46.95 | 19.0% | 51.45 | 30.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal leases <sup>(2)</sup> | 1056775 | 40.98 | 38.89 | (5.1)% | 39.75 | (3.0)% |
| Open Air Centers | 39741 | 26.21 | 28.18 | 7.5% | 29.62 | 13.0% |

---

(1)Includes malls, lifestyle centers, outlet centers, open-air centers and other.

(2)The change is primarily driven by malls.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Leasing Activity:** |  | **Average Annual Base Rents Per Square Foot** <sup>(1)</sup> **By Property Type For Small Shop Space Less Than 10,000 Square Feet:** | **Average Annual Base Rents Per Square Foot** <sup>(1)</sup> **By Property Type For Small Shop Space Less Than 10,000 Square Feet:** | **Average Annual Base Rents Per Square Foot** <sup>(1)</sup> **By Property Type For Small Shop Space Less Than 10,000 Square Feet:** |
|  | **Square Feet** |  |  |  |
| **Three Months Ended June 30, 2025:** |  |  |  |  |
| Operating portfolio: |  |  | **As of June 30,** | **As of June 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | 211811 |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal leases | 999388 | Same-center Malls, Lifestyle & Outlet Centers | $**31.67** | $31.84 |
| Development portfolio: |  | Total Malls | **31.75** | 31.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | 6058 | Total Lifestyle Centers | **32.68** | 31.20 |
| Total leased | 1217257 | Total Outlet Centers | **30.35** | 29.09 |
|  |  | Total Malls, Lifestyle & Outlet Centers | **31.67** | 31.16 |
| **Six Months Ended June 30, 2025:** |  | Open-Air Centers | **16.16** | 15.52 |
| Operating portfolio: |  | Other | **21.75** | 20.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | 323605 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal leases | 1464519 |  |  |  |
| Development portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | 6058 |  |  |  |
| Total leased | 1794182 |  |  |  |

---

(1)Average annual base rents per square foot are based on contractual rents in effect as of June 30, 2025, including the impact of any rent concessions. Average base rents for open-air centers and office buildings include all leased space, regardless of size.

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet**

**For the Six Months Ended June 30, 2025 Based on Commencement Date**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number<br>of<br>Leases** | **Square<br>Feet** | **Term<br>(in<br>years)** | **Initial<br>Rent<br>PSF** | **Average<br>Rent<br>PSF** | **Expiring<br>Rent<br>PSF** | **Initial Rent<br>Spread** | **Initial Rent<br>Spread** | **Average Rent<br>Spread** | **Average Rent<br>Spread** |
| **Commencement 2025:** |  |  |  |  |  |  |  |  |  |  |
| New | 65 | 181755 | 7.05 | $45.76 | $50.61 | $34.79 | $10.97 | 31.5% | $15.82 | 45.5% |
| Renewal | 475 | 1541875 | 2.86 | 36.00 | 36.77 | 37.43 | (1.43) | (3.8)% | (0.66) | (1.8)% |
| **Commencement 2025 Total** | **540** | **1723630** | **3.37** | **37.03** | **38.23** | **37.15** | **(0.12)** | **(0.3)%** | **1.08** | **2.9%** |
| **Commencement 2026:** |  |  |  |  |  |  |  |  |  |  |
| New | 11 | 25135 | 8.67 | 57.50 | 63.56 | 51.61 | 5.89 | 11.4% | 11.95 | 23.2% |
| Renewal | 84 | 354271 | 3.16 | 38.87 | 39.86 | 38.84 | 0.03 | 0.1% | 1.02 | 2.6% |
| **Commencement 2026 Total** | **95** | **379406** | **3.80** | **40.10** | **41.43** | **39.68** | **0.42** | **1.1%** | **1.75** | **4.4%** |
| **Total 2025/2026** | **635** | **2103036** | **3.43** | $**37.58** | $**38.81** | $**37.61** | $**(0.03)** | **(0.1)%** | $**1.20** | **3.2%** |

---

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**Top 25 Tenants Based On Percentage Of Total Annualized Revenues**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tenant** | **Number of<br>Stores** | **Square<br>Feet** | **Percentage<br>of Total<br>Revenues** <sup>(1)</sup> |
| 1 | Victoria's Secrets & Co. | 44 | 362467 | 2.69% |
| 2 | Signet Group, PLC <sup>(2)</sup> | 98 | 150407 | 2.64% |
| 3 | American Eagle Outfitters, Inc. | 55 | 334374 | 2.50% |
| 4 | Dick's Sporting Goods, Inc. <sup>(3)</sup> | 22 | 1434202 | 2.31% |
| 5 | Pentland Group <sup>(4)</sup> | 56 | 326731 | 2.27% |
| 6 | Foot Locker, Inc. | 57 | 288241 | 2.19% |
| 7 | Bath & Body Works, Inc. | 51 | 213859 | 1.85% |
| 8 | Knitwell Group | 81 | 363596 | 1.54% |
| 9 | Genesco Inc. <sup>(5)</sup> | 68 | 137001 | 1.52% |
| 10 | The Gap Inc. | 40 | 488744 | 1.24% |
| 11 | Luxottica Group S.P.A. <sup>(6)</sup> | 69 | 150256 | 1.24% |
| 12 | The Buckle, Inc. | 32 | 168079 | 1.24% |
| 13 | Catalyst Brands | 65 | 2852021 | 1.22% |
| 14 | Sycamore Partners | 87 | 214957 | 1.02% |
| 15 | Abercrombie & Fitch, Co. | 26 | 177910 | 1.00% |
| 16 | H & M Hennes & Mauritz AB | 33 | 698954 | 0.96% |
| 17 | The TJX Companies, Inc. <sup>(7)</sup> | 18 | 514607 | 0.95% |
| 18 | Barnes & Noble, Inc.. | 16 | 412017 | 0.93% |
| 19 | Cinemark Corp. | 6 | 326130 | 0.90% |
| 20 | Spencer Spirit Holdings, Inc. | 41 | 97527 | 0.84% |
| 21 | Ulta Salon, Cosmetics & Fragrance, Inc. | 22 | 227981 | 0.79% |
| 22 | Claire's Stores, Inc. | 58 | 73526 | 0.79% |
| 23 | Shoe Show, Inc. | 26 | 330293 | 0.78% |
| 24 | GoTo Foods | 56 | 38391 | 0.74% |
| 25 | Darden Restaurants, Inc. | 34 | 232771 | 0.69% |
|  |  | **1161** | **10615042** | **34.84%** |

---

(1)Includes the Company's proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.

(2)Signet Group, PLC. operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Ultra Diamonds, Rogers Jewelers, Zales, Peoples, Banter by Piercing Pagoda and Piercing Pagoda.

(3)Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream. Includes a former Sears lease acquired by Dick's Sporting Goods, Inc. for future redevelopment.

(4)Pentland Group is formerly known as Finish Line, Inc. and operates Finish Line, JD Sports and Shoe Palace.

(5)Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse.

(6)Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut.

(7)The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post.

**Capital Expenditures**

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Tenant allowances <sup>(1)</sup> | $**3327** | $4070 | $**9870** | $6052 |
| Maintenance capital expenditures: <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;Parking lot and parking lot lighting | **2059** | 1005 | **3056** | 1285 |
| &nbsp;&nbsp;Roof replacements | **1604** | 1041 | **2880** | 1989 |
| &nbsp;&nbsp;Other capital expenditures | **5060** | 4301 | **8975** | 8490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total maintenance capital expenditures | **8723** | 6347 | **14911** | 11764 |
| Total capital expenditures | $**12050** | $10417 | $**24781** | $17816 |

---

(1)Tenant allowances, sometimes made to third-generation tenants, are recovered through minimum rents from the tenants over the term of the lease.

(2)The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as maintenance capital expenditures.

------

**CBL & Associates Properties, Inc.**

**Supplemental Financial and Operating Information**

**Properties Under Development at June 30, 2025**

(Dollars in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **CBL's Share of** | **CBL's Share of** | **CBL's Share of** |  |  |
| **Property** | **Location** | **CBL<br>Ownership<br>Interest** | **Total<br>Project<br>Square Feet** | **Total<br>Cost** <sup>(1)</sup> | **Cost to<br>Date** <sup>(2)</sup> | **2025<br>Cost** | **Expected Opening<br>Date** | **Initial<br>Unleveraged<br>Yield** |
| **Outparcel Development:** |  |  |  |  |  |  |  |  |
| Mayfaire Town Center - hotel development | Wilmington, NC | 49% | **83021** | $**15435** | $**15955** | $**4102** | Summer '25 | 11.0% |
| **Redevelopments:** |  |  |  |  |  |  |  |  |
| Friendly Center - Cooper's Hawk | Greensboro, NC | 50% | **10600** | **2551** | **503** | **480** | Summer '25 | 10.2% |
| Friendly Center - North Italia | Greensboro, NC | 50% | **6000** | **2550** | **504** | **504** | Winter '25 | 8.1% |
| **Total Redevelopments** |  |  | **16600** | **5101** | **1007** | **984** |  |  |
| **Total Properties Under Development** |  |  | **99621** | $**20536** | $**16962** | $**5086** |  |  |

---

(1)Total Cost is presented net of reimbursements to be received.

(2)Cost to Date does not reflect reimbursements until they are received.

------