# EDGAR Filing Document

**Accession Number:** 0001203062
**File Stem:** 0001193125-25-288312
**Filing Date:** 2025-11
**Character Count:** 11042
**Document Hash:** 0524244219f7a80d204e51eeb864e21b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-288312.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001193125-25-288312

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251117

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** TORRES MICHAEL A
- **CENTRAL INDEX KEY:** 0001203062

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12494
- **FILM NUMBER:** 251500162

**MAIL ADDRESS:**
- **STREET 1:** MANUFACTURED HOME COMMUNTIES INC
- **STREET 2:** 2 N RIVERSIDE PLZ #8
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
**ISSUER**: 

**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

**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

## Ex-24.Docx

**MICHAEL A. TORRES**

**REPLACEMENT LIMITED POWER OF ATTORNEY**

The undersigned individual had executed a limited power of attorney dated June 20, 2023 (the "Initial LPOA") and appointed each of Jeffery V. Curry, Chief Legal Officer of CBL & Associates Properties, Inc., a Delaware corporation (the "Company"), and J. Tyler Overley, Vice President-Accounting and Assistant Controller of the Company, or any of them signing singly, and with full power of substitution, as the undersigned's true and lawful attorney-in-fact for the limited purposes stated therein. The undersigned individual does now, by the undersigned's execution below, hereby revoke the Initial LPOA as of this 1<sup>st</sup> day of May, 2025 and a copy of said revocation has been delivered to the foregoing attorneys-in-fact.

Know all by these presents, that the undersigned individual has executed this Replacement Limited Power of Attorney dated May 1, 2025 (the "Replacement LPOA") and that the undersigned individual hereby designates and appoints each of Jeffery V. Curry, Chief Legal the Company, Andrew F Cobb, Executive Vice President–Accounting of the Company and James (Tripp) Wingo III, Vice President-Accounting of the Company or any of them signing singly, and with full power of substitution, as the undersigned's true and lawful attorney-in-fact for the limited purposes stated herein as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to prepare, execute in the undersigned's name and on the undersigned's behalf, and submit to the U.S. Securities and Exchange Commission (the "SEC") a Form ID, including amendments thereto, and any other documents necessary or appropriate to obtain codes and passwords enabling the undersigned to make electronic filings with the SEC of reports required by Section 16(a) of the Securities Exchange Act of 1934 or any rule or regulation of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to execute for and on behalf of the undersigned, in the undersigned's capacity as a member of the Board of Directors of the Company, Forms 3, 4, and 5 in accordance with Section 16(a) of the Securities Exchange Act of 1934 and the rules thereunder, and any other forms or reports the undersigned may be required to file in connection with the undersigned's ownership, acquisition, or disposition of securities of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form 3, 4, or 5, or other form or report required by the SEC and any stock exchange or similar authority, and timely file such form or report with the SEC and any stock exchange or similar authority.

As to the undersigned, this Replacement LPOA shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, and 5 with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.

The authorities granted by the undersigned hereunder are specifically limited to the matters set forth herein and no further authority is being granted by the undersigned in this instrument other than as stated herein.

------

The undersigned further acknowledges and agrees that the undersigned may execute this instrument and deliver same by facsimile or electronic mail (e-mail), including, but not limited to, as an attachment in portable document format (PDF), which shall be effective as original signature pages for all purposes. The words "execution," "signed," "signature," and words of like import in this instrument or in any other certificate, agreement or document related to this instrument, may include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf", "tif" or "jpg") and other electronic signatures (including, without limitation, DocuSign and AdobeSign or similar execution systems). The undersigned acknowledges and agrees that the use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law.

IN WITNESS WHEREOF, the undersigned has caused this Replacement Limited Power of Attorney to be executed to be effective as of this 1<sup>st</sup> day of May, 2025.

<u>/s/ Michael A. Torres</u> 

Michael A. Torres

------

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>TORRES MICHAEL A<br><sub>(Last) (First) (Middle)</sub><br>C/O CBL PROPERTIES<br>2030 HAMILTON PLC BLVD, CBL CTR, STE 500<br><sub>(Street)</sub><br>CHATTANOOGA, TN 37421<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>CBL & ASSOCIATES PROPERTIES INC [ CBL ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-11-17 |  | P |  | 1500 | A | $31.75 | 1500 | I | By trust<sup>(1)</sup> |
| Common Stock | 2025-11-17 |  | P |  | 2500 | A | $31.90 | 4000 | I | By trust<sup>(1)</sup> |
| Common Stock |  |  |  |  |  |  |  | 9232 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) These shares are held in a charitable remainder trust of which the reporting person is the sole non-charitable beneficiary. The reporting person disclaims beneficial ownership of the shares except to the extent of his pecuniary interest therein.

**Signature:** /s/ Jeffery V. Curry, attorney-in-fact for Michael A. Torres  
**Date:** 2025-11-19

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**