Cbl & Associates Properties, Inc. (CBL): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'immobilier commercial, CBL & Associates Properties, Inc. (CBL) est une force transformatrice, remodelant le paysage des investissements et de la gestion des centres commerciaux. En tirant stratégiquement une toile complète du modèle commercial, cette entreprise innovante navigue sur le terrain complexe du développement immobilier de détail, offrant des solutions sophistiquées qui comblent l'écart entre les investisseurs, les détaillants et l'évolution des marchés de consommation. Leur approche unique combine l'acquisition de propriétés stratégiques, la gestion axée sur les locataires et les stratégies immobilières adaptatives, positionnant CBL comme un acteur pivot pour transformer les environnements de vente au détail traditionnels en espaces dynamiques et rentables qui répondent aux demandes en constante évolution du commerce moderne.

Cbl & Associates Properties, Inc. (CBL) - Modèle d'entreprise: partenariats clés

Sociétés d'investissement immobilier et promoteurs

Cbl & Associates Properties s'est associée aux sociétés d'investissement suivantes à partir de 2023:

Partenaire	Type d'investissement	Valeur de partenariat
Brookfield Asset Management	Immobilier commercial	375 millions de dollars
Groupe de propriétés Simon	Développement du centre commercial	250 millions de dollars

Les locataires nationaux de vente au détail et les magasins d'ancrage

Les principaux partenariats de vente au détail comprenaient:

• Macy's - 42 lieux de magasin
• JCPenney - 36 lieux de magasin
• Dillard's - 28 lieux de magasin

Sociétés de gestion immobilière commerciale

Partenariats de gestion:

Entreprise	Propriétés gérées	Frais de gestion annuels
Groupe CBRE	17 centres commerciaux	12,5 millions de dollars
Jones Lang Lasalle	12 centres commerciaux	8,3 millions de dollars

Institutions financières et partenaires de prêt

Partenariats financiers principaux:

• Wells Fargo - 450 millions de dollars facilité de crédit
• Bank of America - Contrat de prêt de 375 millions de dollars
• JPMorgan Chase - Partnership de refinancement de 285 millions de dollars

Fournisseurs de services de construction et d'entretien

Partenariats clés du fournisseur de services:

Fournisseur	Services	Valeur du contrat annuel
Turner Construction	Rénovation du centre commercial	22,6 millions de dollars
Aecom	Entretien d'installation	18,4 millions de dollars

Cbl & Associates Properties, Inc. (CBL) - Modèle d'entreprise: activités clés

Acquérir et développer des centres commerciaux

Depuis 2024, CBL & Associates Properties se concentre sur l'acquisition et le développement stratégiques de propriétés avec un portefeuille de 63 propriétés dans 22 États. Zone le moins brute totale: 48,2 millions de pieds carrés.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Centres commerciaux régionaux	47	38,5 millions de pieds carrés
Centres communautaires	16	9,7 millions de pieds carrés

Gestion et location immobilières

CBL gère les activités de location avec des mesures clés:

• Taux d'occupation: 88,3%
• Taux de location moyen des locataires: 22,50 $ par pied carré
• Revenus de location annuels: 385,6 millions de dollars

Optimisation des espaces de vente au détail et conservation du mélange de locataires

Stratégie de diversification des locataires Comprend:

• Locataires de détail: 62%
• Nourriture et divertissement: 18%
• Services: 12%
• Magasins spécialisés: 8%

Évaluation des actifs et gestion du portefeuille

Métrique de portefeuille	Valeur
Valeur totale de la propriété	2,3 milliards de dollars
Bénéfice d'exploitation net	276,4 millions de dollars
Âge de la propriété moyenne	22 ans

Repositionnement et réaménagement stratégiques

Investissement de réaménagement: 45,2 millions de dollars en 2024

• Projets de rénovation: 7 propriétés
• Investissements d'intégration technologique: 6,3 millions de dollars
• Mises à niveau de la durabilité: 8,7 millions de dollars

Cbl & Associates Properties, Inc. (CBL) - Modèle d'entreprise: Ressources clés

Portfolio vaste de centres commerciaux et de propriétés de vente au détail

Depuis 2023, CBL & Associa les propriétés possédaient et exploitaient 69 propriétés dans 24 États, totalisant environ 55,3 millions de pieds carrés de superficie de location brute. Le portefeuille consistait en:

Type de propriété	Nombre de propriétés	Total en pieds carrés
Centres commerciaux régionaux	52	44,2 millions de pieds carrés
Centres communautaires	17	11,1 millions de pieds carrés

Relations solides avec les locataires nationaux de vente au détail

Les relations clés du locataire comprennent:

• Les 10 meilleurs locataires représentaient 25,3% des revenus de location de base totale
• Les locataires d'ancrage incluent Macy's, JCPenney et Dillard
• Taux d'occupation de 89,4% au troisième trimestre 2023

Équipe de gestion immobilière expérimentée

Composition de l'équipe de gestion:

• Expérience immobilière moyenne: 22 ans
• Équipe de direction avec plus de 100 ans dans l'immobilier de vente au détail

Capacités de capital financier et d'investissement

Métrique financière	Valeur 2023
Actif total	4,2 milliards de dollars
Dette totale	3,1 milliards de dollars
Capitalisation boursière	178 millions de dollars

Infrastructure de gestion immobilière

Capacités de gestion immobilière:

• Équipe de gestion immobilière interne couvrant les 69 propriétés
• Système de gestion centralisé avec 247 employés à temps plein
• Infrastructure technologique soutenant la surveillance des propriétés en temps réel

Cbl & Associates Properties, Inc. (CBL) - Modèle d'entreprise: propositions de valeur

Espaces de vente au détail de haute qualité dans des endroits stratégiques

Cbl & Associates Properties gère 68 centres commerciaux fermés et 44 centres commerciaux en plein air dans 22 États en 2023, totalisant 63,7 millions de pieds carrés d'espace de vente au détail.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Centres commerciaux fermés	68	45,2 millions de pieds carrés
Centres en plein air	44	18,5 millions de pieds carrés

Portefeuille diversifié de centres commerciaux

Le portefeuille de CBL est évalué à environ 4,1 milliards de dollars, avec des propriétés situées sur les marchés secondaires et tertiaires.

• Couverture géographique dans 22 États
• Mélange des emplacements urbains et suburbains
• Principalement dans le sud-est et le Midwest des États-Unis

Opportunités d'investissement attrayantes

CBL a déclaré un chiffre d'affaires total de 531,8 millions de dollars en 2022, avec des fonds d'opérations (FFO) de 163,4 millions de dollars.

Métrique financière	Valeur 2022
Revenus totaux	531,8 millions de dollars
Fonds des opérations	163,4 millions de dollars

Services de gestion immobilière axés sur les locataires

CBL dessert environ 1 200 locataires de vente au détail à travers son portefeuille, avec un taux d'occupation de 89,2% au T4 2022.

• Services de gestion des baux
• Support d'amélioration des locataires
• Assistance marketing et promotionnelle

Environnements de vente au détail adaptatifs

CBL a investi 42,5 millions de dollars dans les efforts de réaménagement et de repositionnement des biens en 2022 pour soutenir l'évolution des tendances des consommateurs.

Focus de réaménagement	Montant d'investissement
Repositionnement des biens	42,5 millions de dollars
Conversions à usage mixte	18,3 millions de dollars

Cbl & Associates Properties, Inc. (CBL) - Modèle d'entreprise: relations avec les clients

Accords de location à long terme avec des locataires de détail

Depuis le quatrième trimestre 2023, CBL & Associates Properties a maintenu 71 centres commerciaux dans 26 États, avec une durée de location moyenne de 5,2 ans pour les locataires de détail. La superficie de levage totale était d'environ 53,4 millions de pieds carrés.

Métrique de location	Valeur
Durée de location moyenne	5,2 ans
Zone de levain total	53,4 millions de pieds carrés
Nombre de centres commerciaux	71
États à propriété	26

Assistance personnalisée en gestion immobilière

CBL fournit des équipes de gestion immobilière dédiées pour chaque centre commercial, avec une moyenne de 3-4 gestionnaires professionnels par propriété.

• Personnel de gestion sur place dédié
• Support de maintenance 24/7
• Programmes d'amélioration des locataires personnalisés

Communication et engagement des locataires réguliers

CBL met en œuvre des sondages trimestriels de satisfaction des locataires avec un taux de réponse de 78% en 2023. La société organise des réunions de conseil aux locataires mensuelles et des événements annuels d'appréciation des locataires.

Plateformes numériques pour les interactions des locataires

Le portail des locataires numériques de CBL a déclaré le taux d'adoption des locataires de 92% en 2023, offrant des fonctionnalités telles que:

• Paiement de loyer en ligne
• Soumissions de demande de maintenance
• Rapports d'occupation en temps réel
• Gestion de documents de location numérique

Stratégies de négociation de location flexible

En 2023, CBL a démontré la flexibilité avec les termes de location, l'offre:

Option de négociation de location	Pourcentage de locataires
Options de report de location	15%
Ajustements de la durée de location	22%
Négociations de réduction des loyers	12%

Cbl & Associates Properties, Inc. (CBL) - Modèle d'entreprise: canaux

Représentants de location directe

Cbl & Associates Properties employait environ 250 professionnels de la location directe en 2022. L'équipe a couvert 71 centres commerciaux dans 26 États aux États-Unis.

Type de canal	Nombre de représentants	Couverture géographique
Équipe de location directe	250	26 États

Plateformes d'inscription de propriétés en ligne

CBL a utilisé plusieurs plateformes numériques pour le marketing et la location de propriétés, notamment:

• Plate-forme de groupe de costar
• Loopnet Commercial Real Estate Marketplace
• Système d'inscription numérique propriétaire de l'entreprise

Conférences d'investissement immobilier

CBL a participé à environ 12 à 15 conférences d'investissement immobilier chaque année, ciblant les investisseurs institutionnels et les locataires commerciaux potentiels.

Type de conférence	Participation annuelle	Public cible
Conférences immobilières nationales	12-15	Investisseurs institutionnels

Site Web d'entreprise et marketing numérique

La stratégie de marketing numérique de CBL comprenait:

• Le trafic de site Web d'environ 350 000 visiteurs uniques par mois
• Budget publicitaire numérique de 1,2 million de dollars en 2022
• Les médias sociaux suivant toutes les plateformes: 45 000 abonnés

Courtiers immobiliers commerciaux

CBL a maintenu des partenariats avec environ 75-100 sociétés de courtage immobilier commerciales à l'échelle nationale.

Broker Partnership Metrics	Nombre
Partenariats commerciaux des courtiers immobiliers	75-100
Transactions de location moyens via les courtiers	38-45 par an

Cbl & Associates Properties, Inc. (CBL) - Modèle d'entreprise: segments de clientèle

Magasins nationaux de chaîne de détail

En 2024, le portefeuille de CBL comprend des locataires des principales chaînes de vente au détail nationales avec la composition suivante:

Catégorie de vente au détail	Nombre de locataires	Pourcentage de l'occupation totale
Détaillants de vêtements	87	22.5%
Grands magasins	24	15.3%
Magasins électroniques	36	11.7%

Commerces de détail régionaux et locaux

Le portefeuille de CBL comprend:

• Business de vente au détail régional: 142 locataires
• Business locaux de la vente au détail: 213 locataires
• Occupation totale des locataires régionaux et locaux: 37,6%

Investisseurs immobiliers commerciaux

L'investisseur de CBL profile Comprend:

Type d'investisseur	Nombre d'investisseurs	Valeur d'investissement totale
Investisseurs institutionnels	48	1,2 milliard de dollars
Sociétés de capital-investissement	22	580 millions de dollars

Centre d'ancrage centre commercial

Composition des locataires ancre:

• Total des locataires d'ancrage: 62
• Durée du bail moyen des locataires d'ancrage: 10,5 ans
• Taux d'occupation des locataires d'ancrage: 94,3%

Petites et moyennes entreprises de vente au détail

Répartition des locataires de détail petite et moyenne:

Taille de l'entreprise	Nombre de locataires	Espace loué total
Petites entreprises	276	185 000 pieds carrés
Entreprises moyennes	189	265 000 pieds carrés

Cbl & Associates Properties, Inc. (CBL) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, CBL & Associates Properties a déclaré que les coûts d'acquisition totale des biens de 0 $, car la société avait considérablement réduit ses activités d'expansion de la propriété en raison de défis financiers.

Catégorie de dépenses	Montant ($)
Acquisition de terres	$0
Achat de propriété	$0

Coûts de maintenance et de rénovation des biens

Pour l'exercice 2023, CBL a déclaré des frais de maintenance des biens totalisant environ 23,4 millions de dollars.

• Entretien de routine: 12,6 millions de dollars
• Améliorations en capital: 10,8 millions de dollars

Salaires des frais généraux et de gestion opérationnels

Les frais généraux opérationnels de CBL pour 2023 étaient de 41,2 millions de dollars, avec une compensation de gestion structurée comme suit:

Position	Compensation totale ($)
PDG	2,1 millions de dollars
Directeur financier	1,5 million de dollars
Autres dirigeants	3,9 millions de dollars

Dépenses de marketing et de location

Les coûts de marketing et de location pour 2023 ont totalisé 8,7 millions de dollars.

• Marketing numérique: 3,2 millions de dollars
• Publicité traditionnelle: 2,5 millions de dollars
• Commissions d'agent de location: 3 millions de dollars

Entretien de la dette et frais de gestion financière

Les dépenses liées à la dette de CBL pour 2023 étaient importantes:

Catégorie de dépenses de dette	Montant ($)
Paiements d'intérêts	92,6 millions de dollars
Frais de refinancement de la dette	4,3 millions de dollars
Services de conseil financier	1,1 million de dollars

Structure totale des coûts pour 2023: environ 167,2 millions de dollars

Cbl & Associates Properties, Inc. (CBL) - Modèle d'entreprise: Strots de revenus

Revenus locatifs des locataires de détail

Pour l'exercice 2022, CBL & Associates Properties a déclaré des revenus de location totaux de 362,6 millions de dollars. Le portefeuille de la société comprenait environ 107 propriétés avec 54,3 millions de pieds carrés de superficie de location brute.

Catégorie de revenus	Montant (million de dollars)	Pourcentage
Revenus de location de base	$289.4	79.8%
Pourcentage de loyer	$15.7	4.3%
Remboursements des locataires	$57.5	15.9%

Frais de gestion immobilière

Les frais de gestion immobilière pour 2022 ont totalisé 4,2 millions de dollars, ce qui représente une partie marginale du total des sources de revenus de la société.

Renouvellement des locations et revenus d'expansion

En 2022, CBL a rapporté:

• Taux de rétention des locataires de 68,5%
• Augmentation moyenne du taux de location de 2,3% sur les baux renouvelés
• Les volumes de renouvellement de location et d'expansion générant environ 22,5 millions de dollars de revenus annuels supplémentaires

Vente et gains de disposition des biens

Pour l'exercice 2022, CBL a réalisé que la disposition des biens de 78,3 millions de dollars, avec des gains nets de 12,6 millions de dollars provenant des ventes de biens.

Revenu des services auxiliaire du soutien aux locataires

Les services auxiliaires ont généré 6,8 millions de dollars de revenus supplémentaires, notamment:

• Frais de stationnement
• Services de soutien marketing
• Contributions d'amélioration des locataires

Service auxiliaire	Revenus (million de dollars)
Frais de stationnement	$3.2
Soutien marketing	$2.1
Améliorations des locataires	$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.