CBL & Associates Properties, Inc. (CBL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de bienes raíces comerciales, CBL & Associates Properties, Inc. (CBL) se erige como una fuerza transformadora, remodelando el paisaje de las inversiones y la gestión del centro comercial. Al aprovechar estratégicamente un lienzo de modelo comercial integral, esta empresa innovadora navega por el complejo terreno del desarrollo de la propiedad minorista, ofreciendo soluciones sofisticadas que unen la brecha entre inversores, minoristas y mercados de consumo en evolución. Su enfoque único combina la adquisición de propiedades estratégicas, la gestión centrada en los inquilinos y las estrategias de bienes raíces adaptativas, posicionando a CBL como un jugador fundamental en la transformación de entornos minoristas tradicionales en espacios dinámicos y rentables que satisfacen las demandas siempre cambiantes del comercio moderno.

CBL & Associates Properties, Inc. (CBL) - Modelo de negocio: asociaciones clave

Empresas de inversión inmobiliaria y desarrolladores

CBL & Associates Properties se asoció con las siguientes empresas de inversión a partir de 2023:

Pareja	Tipo de inversión	Valor de asociación
Brookfield Asset Management	Inmobiliario comercial	$ 375 millones
Grupo de propiedades Simon	Desarrollo del centro comercial	$ 250 millones

Inquilinos minoristas nacionales y tiendas de anclaje

Las asociaciones minoristas clave incluyen:

• Macy's - 42 ubicaciones de tiendas
• JCPenney - 36 ubicaciones de las tiendas
• Dillard's - 28 ubicaciones de tiendas

Empresas de administración de propiedades comerciales

Asociaciones de gestión:

Compañía	Propiedades administradas	Tarifas de gestión anuales
Grupo CBRE	17 centros comerciales	$ 12.5 millones
Jones Lang LaSalle	12 centros comerciales	$ 8.3 millones

Instituciones financieras y socios de préstamo

Asociaciones financieras principales:

• Wells Fargo - Facilidad de crédito de $ 450 millones
• Bank of America - Acuerdo de préstamo de $ 375 millones
• JPMorgan Chase - Asociación de refinanciación de $ 285 millones

Proveedores de servicios de construcción y mantenimiento

Asociaciones de proveedor de servicios clave:

Proveedor	Servicios	Valor anual del contrato
Construcción de Turner	Renovación del centro comercial	$ 22.6 millones
Aecom	Mantenimiento de la instalación	$ 18.4 millones

CBL & Associates Properties, Inc. (CBL) - Modelo de negocio: actividades clave

Adquirir y desarrollar centros comerciales

A partir de 2024, CBL & Associates Properties se centra en la adquisición y desarrollo de propiedades estratégicas con una cartera de 63 propiedades en 22 estados. Área gruesa total, 48.2 millones de pies cuadrados.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Centros comerciales regionales	47	38.5 millones de pies cuadrados
Centros comunitarios	16	9.7 millones de pies cuadrados

Gestión de propiedades y arrendamiento

CBL administra actividades de arrendamiento con métricas clave:

• Tasa de ocupación: 88.3%
• Tasa promedio de alquiler de inquilinos: $ 22.50 por pie cuadrado
• Ingresos anuales de arrendamiento: $ 385.6 millones

Optimización de espacio minorista y curación de mezcla de inquilinos

Estrategia de diversificación de inquilinos Incluye:

• Inquilinos minoristas: 62%
• Comida y entretenimiento: 18%
• Servicios: 12%
• Tiendas especializadas: 8%

Valoración de activos y gestión de cartera

Métrico de cartera	Valor
Valor de propiedad total	$ 2.3 mil millones
Ingresos operativos netos	$ 276.4 millones
Edad de propiedad promedio	22 años

Reposicionamiento y remodelación de propiedades estratégicas

Inversión de reurbanización: $ 45.2 millones en 2024

• Proyectos de renovación: 7 propiedades
• Inversiones de integración tecnológica: $ 6.3 millones
• Actualizaciones de sostenibilidad: $ 8.7 millones

CBL & Associates Properties, Inc. (CBL) - Modelo de negocio: recursos clave

Extensa cartera de centros comerciales y propiedades minoristas

A partir de 2023, CBL & Associates Properties poseía y operaba 69 propiedades en 24 estados, por un total de aproximadamente 55.3 millones de pies cuadrados de área gruesa porjes. La cartera consistió en:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Centros comerciales regionales	52	44.2 millones de pies cuadrados
Centros comunitarios	17	11.1 millones de pies cuadrados

Relaciones fuertes con inquilinos minoristas nacionales

Las relaciones clave del inquilino incluyen:

• Los 10 inquilinos principales representaban el 25.3% de los ingresos por alquiler de base total
• Los inquilinos presentadores incluyen Macy's, Jcpenney y Dillard's
• Tasa de ocupación del 89.4% a partir del tercer trimestre de 2023

Equipo experimentado de gestión de bienes raíces

Composición del equipo de gestión:

• Experiencia inmobiliaria promedio: 22 años
• Equipo ejecutivo con más de 100 años en bienes raíces minoristas

Capacidades de capital financiero y de inversión

Métrica financiera	Valor 2023
Activos totales	$ 4.2 mil millones
Deuda total	$ 3.1 mil millones
Capitalización de mercado	$ 178 millones

Infraestructura integral de gestión de propiedades

Capacidades de administración de propiedades:

• Equipo interno de administración de propiedades que cubre las 69 propiedades
• Sistema de gestión centralizado con 247 empleados a tiempo completo
• Infraestructura tecnológica que respalda el monitoreo de propiedades en tiempo real

CBL & Associates Properties, Inc. (CBL) - Modelo de negocio: propuestas de valor

Espacios minoristas de alta calidad en ubicaciones estratégicas

CBL & Associates Properties administra 68 centros comerciales cerrados y 44 centros comerciales al aire libre en 22 estados a partir de 2023, por un total de 63.7 millones de pies cuadrados de espacio minorista.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Centros comerciales	68	45.2 millones de pies cuadrados
Centros al aire libre	44	18.5 millones de pies cuadrados

Diversas cartera de centros comerciales

La cartera de CBL está valorada en aproximadamente $ 4.1 mil millones, con propiedades ubicadas en mercados secundarios y terciarios.

• Cobertura geográfica en 22 estados
• Mezcla de ubicaciones urbanas y suburbanas
• Predominantemente en el sureste y medio oeste de los Estados Unidos

Oportunidades de inversión atractivas

CBL reportó ingresos totales de $ 531.8 millones en 2022, con fondos de operaciones (FFO) de $ 163.4 millones.

Métrica financiera	Valor 2022
Ingresos totales	$ 531.8 millones
Fondos de las operaciones	$ 163.4 millones

Servicios de administración de propiedades centrados en el inquilino

CBL atiende a aproximadamente 1,200 inquilinos minoristas en su cartera, con una tasa de ocupación del 89.2% a partir del cuarto trimestre de 2022.

• Servicios de gestión de arrendamiento
• Apoyo a la mejora del inquilino
• Asistencia de marketing y promoción

Entornos minoristas adaptativos

CBL ha invertido $ 42.5 millones en reurbanización de propiedades y esfuerzos de reposicionamiento en 2022 para apoyar las tendencias de los consumidores en evolución.

Enfoque de reurbanización	Monto de la inversión
Reposicionamiento de la propiedad	$ 42.5 millones
Conversiones de uso mixto	$ 18.3 millones

CBL & Associates Properties, Inc. (CBL) - Modelo de negocio: relaciones con los clientes

Acuerdos de arrendamiento a largo plazo con inquilinos minoristas

A partir del cuarto trimestre de 2023, CBL & Associates Properties mantuvo 71 centros comerciales en 26 estados, con un plazo de arrendamiento promedio de 5.2 años para los inquilinos minoristas. El área total de lesbral era de aproximadamente 53.4 millones de pies cuadrados.

Métrico de arrendamiento	Valor
Duración promedio de arrendamiento	5.2 años
Área total leable	53.4 millones de pies cuadrados
Número de centros comerciales	71
Estados con propiedades	26

Soporte personalizado de administración de propiedades

CBL ofrece equipos dedicados de administración de propiedades para cada centro comercial, con un promedio de 3-4 gerentes profesionales por propiedad.

• Personal de gestión dedicado en el sitio
• Soporte de mantenimiento 24/7
• Programas de mejora de inquilinos personalizados

Comunicación y compromiso de inquilinos regulares

CBL implementa encuestas trimestrales de satisfacción de los inquilinos con una tasa de respuesta del 78% en 2023. La compañía realiza reuniones de asesoramiento de inquilinos mensuales y eventos anuales de apreciación de inquilinos.

Plataformas digitales para interacciones de inquilinos

El portal de inquilinos digitales de CBL reportó una tasa de adopción del inquilino del 92% en 2023, ofreciendo características como:

• Pago de alquiler en línea
• Envíos de solicitudes de mantenimiento
• Informes de ocupación en tiempo real
• Gestión de documentos de arrendamiento digital

Estrategias de negociación de arrendamiento flexible

En 2023, CBL demostró flexibilidad con términos de arrendamiento, ofreciendo:

Opción de negociación de arrendamiento	Porcentaje de inquilinos
Opciones de aplazamiento de alquiler	15%
Ajustes de término de arrendamiento	22%
Negociaciones de reducción de alquileres	12%

CBL & Associates Properties, Inc. (CBL) - Modelo de negocio: canales

Representantes de arrendamiento directo

CBL & Associates Properties empleó aproximadamente 250 profesionales de arrendamiento directo a partir de 2022. El equipo cubrió 71 centros comerciales en 26 estados en los Estados Unidos.

Tipo de canal	Número de representantes	Cobertura geográfica
Equipo de arrendamiento directo	250	26 estados

Plataformas de listado de propiedades en línea

CBL utilizó múltiples plataformas digitales para marketing y arrendamiento de propiedades, que incluyen:

• Plataforma de grupo de costo
• Mercado inmobiliario comercial de Loopnet
• Sistema de listado digital patentado de la empresa

Conferencias de inversión inmobiliaria

CBL participó en aproximadamente 12-15 conferencias de inversión inmobiliaria anualmente, dirigidas a inversores institucionales e inquilinos comerciales potenciales.

Tipo de conferencia	Participación anual	Público objetivo
Conferencias de bienes raíces nacionales	12-15	Inversores institucionales

Sitio web corporativo y marketing digital

La estrategia de marketing digital de CBL incluyó:

• Tráfico del sitio web de aproximadamente 350,000 visitantes únicos por mes
• Presupuesto de publicidad digital de $ 1.2 millones en 2022
• A continuación en las redes sociales en todas las plataformas: 45,000 seguidores

Corredores de bienes raíces comerciales

CBL mantuvo asociaciones con aproximadamente 75-100 firmas de corretaje de bienes raíces comerciales en todo el país.

Métricas de asociación de corredores	Número
Asociaciones de corredor de bienes raíces comerciales	75-100
Transacciones de arrendamiento promedio a través de corredores	38-45 por año

CBL & Associates Properties, Inc. (CBL) - Modelo de negocio: segmentos de clientes

Cadenas de tiendas minoristas nacionales

A partir de 2024, la cartera de CBL incluye inquilinos de las principales cadenas minoristas nacionales con la siguiente composición:

Categoría minorista	Número de inquilinos	Porcentaje de ocupación total
Minoristas de ropa	87	22.5%
Grandes almacenes	24	15.3%
Tiendas de electrónica	36	11.7%

Empresas minoristas regionales y locales

La cartera de CBL incluye:

• Negocios minoristas regionales: 142 inquilinos
• Negocios minoristas locales: 213 inquilinos
• Ocupación total de inquilinos regionales y locales: 37.6%

Inversores inmobiliarios comerciales

Inversor de CBL profile Incluye:

Tipo de inversor	Número de inversores	Valor de inversión total
Inversores institucionales	48	$ 1.2 mil millones
Empresas de capital privado	22	$ 580 millones

Inquilinos de anclaje del centro comercial

Ancla Composición del inquilino:

• Inquilinos de anclaje total: 62
• Duración de arrendamiento de inquilinos de anclaje promedio: 10.5 años
• Tasa de ocupación del inquilino de anclaje: 94.3%

Empresas minoristas pequeñas a medianas

Desglose de inquilinos minoristas pequeños y medianos:

Tamaño de la empresa	Número de inquilinos	Espacio total arrendado
Pequeñas empresas	276	185,000 pies cuadrados
Empresas medianas	189	265,000 pies cuadrados

CBL & Associates Properties, Inc. (CBL) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

En 2023, CBL & Associates Properties informó costos totales de adquisición de propiedades de $ 0, ya que la compañía había reducido significativamente sus actividades de expansión de la propiedad debido a desafíos financieros.

Categoría de gastos	Monto ($)
Adquisición de tierras	$0
Compra de propiedades	$0

Costos de mantenimiento y renovación de la propiedad

Para el año fiscal 2023, CBL informó que los gastos de mantenimiento de la propiedad por un total de aproximadamente $ 23.4 millones.

• Mantenimiento de rutina: $ 12.6 millones
• Mejoras de capital: $ 10.8 millones

Salarios operativos de gestión y gastos de gestión

La sobrecarga operativa de CBL para 2023 fue de $ 41.2 millones, con compensación de gestión estructurada de la siguiente manera:

Posición	Compensación total ($)
CEO	$ 2.1 millones
director de Finanzas	$ 1.5 millones
Otros ejecutivos	$ 3.9 millones

Gastos de marketing y arrendamiento

Los costos de marketing y arrendamiento para 2023 totalizaron $ 8.7 millones.

• Marketing digital: $ 3.2 millones
• Publicidad tradicional: $ 2.5 millones
• Comisiones de agentes de arrendamiento: $ 3 millones

Servicio de deuda y costos de gestión financiera

Los gastos relacionados con la deuda de CBL para 2023 fueron significativos:

Categoría de gastos de deuda	Monto ($)
Pagos de intereses	$ 92.6 millones
Tarifas de refinanciación de deuda	$ 4.3 millones
Servicios de asesoramiento financiero	$ 1.1 millones

Estructura de costos totales para 2023: aproximadamente $ 167.2 millones

CBL & Associates Properties, Inc. (CBL) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de inquilinos minoristas

Para el año fiscal 2022, CBL & Associates Properties informó ingresos por alquiler totales de $ 362.6 millones. La cartera de la compañía consistió en aproximadamente 107 propiedades con 54.3 millones de pies cuadrados de área gruesa leable.

Categoría de ingresos	Cantidad ($ millones)	Porcentaje
Ingresos de alquiler base	$289.4	79.8%
Porcentaje de alquiler	$15.7	4.3%
Reembolsos del inquilino	$57.5	15.9%

Tarifas de administración de propiedades

Las tarifas de administración de propiedades para 2022 totalizaron $ 4.2 millones, lo que representa una parte marginal de las fuentes de ingresos totales de la compañía.

Renovación de arrendamiento y ingresos por expansión

En 2022, CBL informó:

• Tasa de retención de inquilinos del 68.5%
• Aumento promedio de la tasa de alquiler del 2.3% en arrendamientos renovados
• Volúmenes de renovación y expansión de arrendamiento que generan aproximadamente $ 22.5 millones en ingresos anuales adicionales

Venta de propiedad y ganancias de disposición

Para el año fiscal 2022, CBL realizó el ingreso de la disposición de la propiedad de $ 78.3 millones, con ganancias netas de $ 12.6 millones de las ventas de propiedades.

Ingresos del servicio auxiliar del apoyo del inquilino

Los servicios auxiliares generaron $ 6.8 millones en ingresos adicionales, que incluyen:

• Tarifas de estacionamiento
• Servicios de soporte de marketing
• Contribuciones de mejora del inquilino

Servicio auxiliar	Ingresos ($ millones)
Tarifas de estacionamiento	$3.2
Soporte de marketing	$2.1
Mejoras del inquilino	$1.5

CBL & Associates Properties, Inc. (CBL) - Canvas Business Model: Value Propositions

You're looking at the core value CBL & Associates Properties, Inc. (CBL) delivers to its stakeholders as of late 2025. It's not just about leasing space anymore; it's about creating destinations.

Transforming Traditional Malls into Mixed-Use Community Hubs

CBL & Associates Properties, Inc. is actively repositioning its assets away from being solely enclosed retail centers. The vision you're seeing is the transformation into suburban town centers that blend retail with other high-demand uses. This strategy is evident in recent project completions and ongoing development plans.

Here are some concrete examples of this transformation in action:

• Celebrated the grand opening of a joint venture-owned hotel, Element by Westin, in Q3 2025.
• Acquired four dominant enclosed regional malls in July 2025 to bolster the core portfolio.
• Pursuing the addition of uses like dining, entertainment, fitness, service, medical, multi-family, and office space.

Market-Dominant Retail Locations in Middle-Market, Growing Communities

The company's strategy centers on owning the most important retail property in its specific markets, which are often middle-market areas showing demographic growth. This focus on market dominance is a key differentiator, especially as they deploy capital from dispositions into higher-quality assets.

The portfolio strength, as of the end of Q3 2025, is reflected in these operational metrics:

Metric	Value (as of Q3 2025)	Context
Total Portfolio Occupancy	90.2%	Up 0.9% Year-over-Year
Mall Occupancy	87.6%	Up from 86.4% a year earlier
Lifestyle Center Occupancy	93.3%	Up from 91.2% a year earlier
Open-Air Center Occupancy	95.3%	Essentially flat versus prior year

Higher Tenant Sales Growth, Up 4.8% Year-over-Year in Q3 2025

A critical measure of the underlying health of the tenant base is sales performance, and CBL & Associates Properties, Inc. saw a strong rebound in this area through the third quarter of 2025. This metric directly supports the stability of rental income.

Here's the quick math on tenant sales performance:

Time Period	Tenant Sales Growth (Y/Y)	Tenant Sales Per Square Foot (12-Month Trailing)
Q3 2025	4.8%	$432
Trailing 12 Months (ended Sept 30, 2025)	1.6%	Up from prior period

Still, you need to keep an eye on the near-term volatility; tenant sales only grew $\text{3.5%}$ Y/Y in Q2 2025, so the Q3 number represents an acceleration.

Diversified Tenancy Mix, Reducing Reliance on Apparel Retailers

The leasing activity in Q3 2025 shows tenants are willing to commit to higher rents, which is a strong indicator of the perceived value of the space and a move toward a more resilient mix. The focus is on re-tenanting former anchor spaces and diversifying in-line tenants.

Leasing spreads demonstrate this pricing power and the success of securing tenants across various categories:

• Comparable new and renewal lease spreads: 17.1% across all property types.
• New comparable lease spreads achieved: More than 70% increase versus prior rents.
• Renewal leases signed: Nearly a 10% increase compared with expiring rents.

Stable, Predictable Cash Flow Generation for Shareholders (REIT Structure)

As a REIT, the value proposition for shareholders hinges on consistent cash flow, which CBL & Associates Properties, Inc. measures through Funds From Operations (FFO), as adjusted. Management is projecting growth into 2026, which supports the current dividend policy.

Here are the key cash flow and distribution metrics as of late 2025:

Metric	Value	Period/Context
FFO, as Adjusted, Per Share	$1.55	Q3 2025
FFO, as Adjusted, Per Share	$4.94	Nine Months Ended September 30, 2025
2025 Expected AFFO Guidance Range	$6.98 - $7.34 per share	Full Year 2025
2026 AFFO Outlook	$7.70 per share	Projected
Current Regular Dividend	$0.45 per common share	Quarterly
Implied Payout Ratio	Circa 25%	Relative to 2025 expected AFFO
Unrestricted Cash & Marketable Securities	$313.0 million	As of September 30, 2025

To be fair, S&P Global Ratings projected adjusted cash funds from operations of about $\text{$125 million}$ over the next 12 months, factoring in uses like debt amortization and capital expenditures. Finance: draft 13-week cash view by Friday.

CBL & Associates Properties, Inc. (CBL) - Canvas Business Model: Customer Relationships

You're looking at how CBL & Associates Properties, Inc. (CBL) actively manages the relationship with its tenants as of late 2025. It's not just about collecting rent; it's about making sure the businesses inside their properties thrive, which directly impacts CBL's own performance.

The commitment to tenant success starts with dedicated leasing professionals. While I don't have a specific headcount for those dedicated professionals, the results show their efforts are paying off in lease renewals and new agreements. This team is focused on re-tenanting former anchor locations and diversifying the in-line tenancy across the portfolio. This strategic approach is key to maintaining the health of the centers.

Active, direct property management and operational support is evident in the portfolio's recent metrics. The focus is clearly on driving operational improvements, which you can see reflected in the occupancy gains and tenant sales growth. For example, the company celebrated the grand opening of a new joint venture-owned hotel, Element by Westin, at Mayfaire Town Center in Wilmington, NC, which joined nine other new store openings at that center to-date in 2025. This shows direct involvement in enhancing the property offering.

Negotiating new leases is a major highlight, showing strong pricing power in the current market. Leasing spreads remain very robust, hitting 17.1% across all property types in Q3 2025. Here's a quick look at the leasing performance from that quarter:

Leasing Metric	Q3 2025 Data
Overall Comparable Leasing Spreads	17.1% increase in average rents
New Comparable Lease Spreads	More than 70% increase
Renewal Leases Signed Increase	Nearly 10% increase compared with expiring rents
Total Leases Executed (Sq. Ft.)	Over 972,000 square feet

The success in leasing is paired with strong tenant performance, which is the ultimate proof of good customer relationships and effective marketing. Tenant sales increased 4.8% Year-over-Year in Q3 2025. This positive momentum is what drives the overall portfolio health. The strategy includes marketing promotions and social media campaigns designed to drive shopper traffic to the centers.

The overall portfolio occupancy reflects the success of these relationship-focused operational efforts. If onboarding takes 14+ days, churn risk rises, but CBL is clearly moving tenants in effectively. Check out the occupancy snapshot as of September 30, 2025:

• Total Portfolio Occupancy: 90.2% (up 90 basis points Y/Y)
• Mall Same-Center Occupancy: 88.4% (up 40 basis points)
• Lifestyle Center Occupancy: 93.3% (up from 91.2%)
• Outlet Center Occupancy: 92% (up from 91.6%)
• Open-Air Center Occupancy: 95.3% (nearly flat vs. 95.4% Y/Y)

The same-center tenant sales per square foot for the trailing 12 months ended September 30, 2025, landed at $432, showing a 1.6% increase over the prior period. This sustained sales growth is defintely a key indicator of a healthy tenant base.

Finance: draft 13-week cash view by Friday.

CBL & Associates Properties, Inc. (CBL) - Canvas Business Model: Channels

You're looking at how CBL & Associates Properties, Inc. (CBL) gets its value proposition-quality retail space-out to its customers and stakeholders. It's a mix of direct sales efforts and the physical assets themselves.

Direct leasing team for new and renewal tenant contracts.

The leasing team is your primary interface for securing the core revenue stream from retail tenants. They manage the direct negotiation for both new occupants and existing tenant renewals across the portfolio. This team is clearly driving value, as evidenced by the recent leasing spreads. For instance, in the third quarter of 2025, over 972,000 square feet of leases were executed. Specifically, comparable new and renewal leases signed in Q3 2025 achieved a 17.1% increase in average rents compared to the prior rents. To give you a sense of the pipeline strength, new leases signed in the first quarter of 2025 saw an average rent increase of 21% versus prior rents. This direct channel is clearly translating asset performance into higher contractual income.

Physical properties: regional malls, open-air, and lifestyle centers.

The properties themselves are the most tangible channel, serving as the marketplace for tenants to reach consumers. As of September 30, 2025, CBL's owned and managed portfolio consisted of 88 properties totaling 53.9 million square feet across 22 states. The mix is weighted toward enclosed centers, but the open-air component is significant, too. Here's a quick breakdown of the physical asset base reported in late 2025:

Property Type Category	Count (as of Q3 2025)	Occupancy Rate (Same-Center, Q3 2025)
Total Owned and Managed Portfolio	88 properties	90.2% (Portfolio Occupancy)
Enclosed Malls, Outlet Centers, Lifestyle Centers	55	88.4% (Same-Center Malls/Lifestyle/Outlet)
Open-Air Centers and Other Assets	More than 25	N/A

The overall portfolio occupancy hit 90.2% as of September 30, 2025, showing improvement year-over-year.

Corporate website and investor relations for financial stakeholders.

For financial stakeholders-the analysts, lenders, and shareholders-the primary channels are the official corporate disclosures and the investor relations section of the website. You can find the official information at cblproperties.com. The company's trailing twelve-month revenue as of September 30, 2025, was reported at $554M. Furthermore, the liquidity channel for immediate financial needs shows unrestricted cash and marketable securities at $313.0 million at the end of Q3 2025. The corporate headquarters, where these communications originate, is located at 2030 Hamilton Place Boulevard; CBL Center, Suite 500; Chattanooga, TN 37421; United States.

Digital platforms and social media for consumer engagement.

To drive foot traffic and maintain brand relevance with the end consumer, CBL uses digital channels. The corporate website, cblproperties.com, serves as a hub for property directories and consumer information. Additionally, the company utilizes platforms referred to as CBL Social to provide engagement opportunities and interconnectivity, often through team-based events.

• Use of cblproperties.com for property lookups.
• Engagement via CBL Social platforms.
• Focus on sustainability reporting, including 2025 goals to capture and recycle up to 6,000 tons of waste across the portfolio.

CBL & Associates Properties, Inc. (CBL) - Canvas Business Model: Customer Segments

National and regional in-line retail tenants represent a core segment, as CBL & Associates Properties, Inc. (CBL) derives sales predominantly from leasing arrangements with these retail operators. The strength of this segment is reflected in recent leasing activity; comparable new and renewal leases executed in the third quarter of 2025 saw an average rent increase of 17.1% over prior rents. Specifically, new comparable leases were signed at an increase of more than 70% in average rents, while renewal leases were signed at nearly a 10% increase compared with expiring rents. For the twelve months ended September 30, 2025, same-center tenant sales per square foot reached $432, which was an increase of 1.6% year-over-year. For the third quarter of 2025 alone, same-center tenant sales per square foot increased approximately 4.8% compared with the prior-year period.

The overall portfolio health, which directly impacts the attractiveness to these tenants, shows a total portfolio occupancy of 90.2% as of September 30, 2025. CBL & Associates Properties, Inc. (CBL) owns and manages a national portfolio comprised of 108 properties totaling 68.2 million square feet across 26 states, including 68 high-quality enclosed, outlet, and open-air retail centers, plus 9 properties managed for third parties.

Property Type	Portfolio Occupancy (as of 9/30/2025)	Same-Center Occupancy (as of 9/30/2025)
Malls	87.6%	88.4%
Lifestyle Centers	93.3%	88.4%
Outlet Centers	92%	88.4%
Open-Air Centers	95.3%	N/A (Occupancy is % of GLA)

Anchor and Junior Anchor tenants, generally department stores or other large format retailers, are an important factor in property performance, though rental rates for these tenants are significantly lower than for non-anchor tenants. Total revenues from Anchors and Junior Anchors accounted for 18.1% of the total revenues from CBL & Associates Properties, Inc. (CBL)'s properties in 2022. CBL & Associates Properties, Inc. (CBL) is executing a strategy to re-tenant former anchor locations to diversify tenancy.

Non-retail tenants are an increasing focus for CBL & Associates Properties, Inc. (CBL) as part of its strategy to transform property offerings. This segment includes uses designed to engage consumers and encourage longer stays at the properties. The company is actively working to attract new uses such as:

• Restaurants
• Entertainment venues
• Fitness centers
• Grocery stores
• Lifestyle retailers

Shoppers and consumers are concentrated in the dynamic and growing communities where CBL & Associates Properties, Inc. (CBL)'s market-dominant properties are located. The company's portfolio is located primarily in the southeastern and midwestern United States. The resilience of this consumer base is suggested by the 4.8% year-over-year increase in same-center tenant sales per square foot for the third quarter of 2025.

CBL & Associates Properties, Inc. (CBL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive CBL & Associates Properties, Inc.'s operations, which are heavily weighted toward debt service and property upkeep. For a real estate investment trust (REIT), these fixed and semi-fixed costs dictate the necessary revenue base to maintain profitability and service obligations. Honestly, the interest expense is the first thing that jumps out at you.

Significant interest expense is a major component, totaling \$88.184 million in the first half (1H) of 2025. This figure reflects the cost of carrying the company's substantial debt load, even as management works to extend maturities and reduce floating-rate exposure. To be fair, a portion of the debt is floating rate, meaning interest costs are sensitive to Federal Reserve policy, though CBL is positioned to benefit from expected rate cuts later in 2025 and into 2026.

The costs associated with keeping the physical assets running-the property operating expenses-are broken down into several key areas. For the first quarter of 2025, we see the following figures (in thousands of U.S. Dollars):

• Property operating expenses (utilities, insurance, etc.): \$25,878
• Real estate taxes: \$15,731
• Maintenance and repairs: \$13,466

These day-to-day costs are essential for maintaining the Net Operating Income (NOI) that flows up to the company. Here's a quick look at how some of the major non-operating expenses stack up based on Q1 2025 reporting (in thousands):

Cost Category	Q1 2025 Amount (in thousands)	Notes
Interest Expense (1H 2025)	88,184 (Total for 1H)	As provided for the first half of 2025.
General and Administrative (Q1 2025)	20,707	Includes compensation and other overhead.
Property Operating Expenses (Q1 2025 Total)	55,075	Sum of Property operating, Real estate taxes, and Maintenance/repairs for Q1 2025.

For ongoing asset quality, CBL budgets for capital expenditures for maintenance and tenant allowances. The 2025 estimate sits in a range, showing management's planned investment to keep the portfolio competitive and satisfy leasing requirements. The estimated range for 2025 is between \$40.0 million and \$55.0 million.

Finally, a critical cash outflow is debt principal amortization payments. CBL is actively managing its debt structure, with projections for annual principal amortization payments estimated to be about \$100 million per year. The 2025 estimate specifically targets principal amortization, including the estimated term loan Early Cash Flow (ECF), in the range of \$90.0 million to \$100.0 million. Finance: draft 13-week cash view by Friday.

CBL & Associates Properties, Inc. (CBL) - Canvas Business Model: Revenue Streams

You're looking at the core ways CBL & Associates Properties, Inc. brings in cash, which is pretty standard for a retail Real Estate Investment Trust (REIT), but with some big one-time boosts lately. For the third quarter of 2025, CBL & Associates Properties, Inc. reported total revenues climbing to $139.3 million.

The bulk of that comes from the properties themselves. Rental revenues for Q3 2025 were $134.79 million, which is a healthy increase of about 12% compared to the year-ago quarter. This rental income is the engine, covering the day-to-day operations.

Here's a quick look at the key revenue numbers we have for Q3 2025:

Revenue Component	Q3 2025 Amount (Millions USD)
Total Revenues	$139.3
Rental Revenues	$134.79
Gain on Sale of Properties (Partial Q3)	$51.23
Gain on Deconsolidation (Partial Q3)	$33.85

The rental revenue stream is made up of a few things. You definitely see fixed minimum rental revenues from retail leases making up the base. Then, you have the percentage rents based on tenant sales volumes. Tenant sales were up 4.8% year-over-year in Q3 2025, which is a good sign for that variable component of rent.

Also critical for the REIT model are the tenant reimbursements. These cover the operational pass-through costs, specifically tenant reimbursements for common area maintenance (CAM), taxes, and insurance. While the exact dollar amount for these reimbursements isn't broken out separately in the top-line revenue figures, they are embedded within the overall revenue structure and help keep the net operating income (NOI) healthy. Same-center NOI actually grew 1.1% year-over-year for Q3 2025.

To be fair, GAAP earnings were significantly boosted by non-operating items, which is where you see the big asset sales. Year to date in 2025, CBL & Associates Properties, Inc. generated gross proceeds from dispositions totaling more than $238 million. This activity, which included sales like The Promenade for $83.1 million in July, contributes to the gains from strategic sales of real estate assets. For instance, the Q3 net income jump to $75.1 million was mainly due to these gains on deconsolidation and sales of real estate assets.

The revenue streams CBL & Associates Properties, Inc. relies on include:

• Fixed minimum rental revenues from retail leases.
• Percentage rents based on tenant sales volumes.
• Tenant reimbursements for common area maintenance (CAM), taxes, and insurance.
• Gains from strategic sales of real estate assets, with YTD 2025 gross proceeds from dispositions exceeding $238 million.

Finance: draft 13-week cash view by Friday.