Cbl & Associates Properties, Inc. (CBL): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de imóveis comerciais, CBL & A Associates Properties, Inc. (CBL) permanece como uma força transformadora, reformulando o cenário de investimentos e administração do shopping center. Ao aproveitar estrategicamente uma tela abrangente do modelo de negócios, esta empresa inovadora navega no complexo terreno do desenvolvimento de propriedades no varejo, oferecendo soluções sofisticadas que preenchem a lacuna entre investidores, varejistas e mercados de consumidores em evolução. Sua abordagem única combina aquisição estratégica de propriedades, gerenciamento focado em inquilinos e estratégias imobiliárias adaptativas, posicionando a CBL como um participante fundamental na transformação de ambientes de varejo tradicionais em espaços dinâmicos e lucrativos que atendem às demandas em constante mudança do comércio moderno.

Cbl & Associates Properties, Inc. (CBL) - Modelo de negócios: Parcerias -chave

Empresas de investimento imobiliário e desenvolvedores

Cbl & A Associates Properties fez parceria com as seguintes empresas de investimento a partir de 2023:

Parceiro	Tipo de investimento	Valor da parceria
Brookfield Asset Management	Imóveis comerciais	US $ 375 milhões
Grupo de Propriedade Simon	Desenvolvimento de shoppings	US $ 250 milhões

Inquilinos nacionais de varejo e lojas âncoras

Principais parcerias de varejo incluídas:

• Macy's - 42 lojas locais
• JCPENNEY - 36 locais de lojas
• Dillard's - 28 lojas locais

Empresas de gerenciamento de propriedades comerciais

Parcerias de gerenciamento:

Empresa	Propriedades gerenciadas	Taxas de gerenciamento anuais
Grupo CBRE	17 shopping centers	US $ 12,5 milhões
Jones Lang Lasalle	12 shopping centers	US $ 8,3 milhões

Instituições financeiras e parceiros de empréstimos

Parcerias financeiras primárias:

• Wells Fargo - Linha de crédito de US $ 450 milhões
• Bank of America - Contrato de empréstimos de US $ 375 milhões
• JPMorgan Chase - 285 milhões de parceria de refinanciamento

Provedores de serviços de construção e manutenção

Principais parcerias do provedor de serviços:

Provedor	Serviços	Valor anual do contrato
Turner Construction	Renovação do shopping	US $ 22,6 milhões
Aecom	Manutenção da instalação	US $ 18,4 milhões

Cbl & Associates Properties, Inc. (CBL) - Modelo de negócios: Atividades -chave

Adquirir e desenvolver shopping centers

A partir de 2024, CBL & A Associates Properties se concentra na aquisição e desenvolvimento de propriedades estratégicas com um portfólio de 63 propriedades em 22 estados. Área total de arrepio bruto: 48,2 milhões de pés quadrados.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Shoppings regionais	47	38,5 milhões de pés quadrados
Centros comunitários	16	9,7 milhões de pés quadrados

Gerenciamento de propriedades e leasing

A CBL gerencia atividades de leasing com as principais métricas:

• Taxa de ocupação: 88,3%
• Taxa média de aluguel de inquilinos: US $ 22,50 por pé quadrado
• Receita anual de arrendamento: US $ 385,6 milhões

Otimização de espaço de varejo e curadoria de mix de inquilinos

Estratégia de diversificação de inquilinos Inclui:

• Inquilinos de varejo: 62%
• Comida e entretenimento: 18%
• Serviços: 12%
• Lojas especializadas: 8%

Avaliação de ativos e gerenciamento de portfólio

Métrica do portfólio	Valor
Valor total da propriedade	US $ 2,3 bilhões
Receita operacional líquida	US $ 276,4 milhões
Idade média da propriedade	22 anos

Reposicionamento de propriedades estratégicas e reconstrução

Investimento de reconstrução: US $ 45,2 milhões em 2024

• Projetos de renovação: 7 propriedades
• Investimentos de integração de tecnologia: US $ 6,3 milhões
• Atualizações de sustentabilidade: US $ 8,7 milhões

Cbl & Associates Properties, Inc. (CBL) - Modelo de negócios: Recursos -chave

Extenso portfólio de shopping centers e propriedades de varejo

A partir de 2023, CBL & A Associates Properties possuía e operava 69 propriedades em 24 estados, totalizando aproximadamente 55,3 milhões de pés quadrados de área arrebatada. O portfólio consistia em:

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Shoppings regionais	52	44,2 milhões de pés quadrados
Centros comunitários	17	11,1 milhões de pés quadrados

Relacionamentos fortes com inquilinos nacionais de varejo

Os principais relacionamentos de inquilinos incluem:

• Os 10 principais inquilinos representaram 25,3% da receita total de aluguel de base
• Os inquilinos âncoros incluem Macy's, JCPenney e Dillard's
• Taxa de ocupação de 89,4% a partir do terceiro trimestre 2023

Equipe de gestão imobiliária experiente

Composição da equipe de gerenciamento:

• Experiência imobiliária média: 22 anos
• Equipe executiva com mais de 100 anos em imóveis de varejo

Capital financeiro e recursos de investimento

Métrica financeira	2023 valor
Total de ativos	US $ 4,2 bilhões
Dívida total	US $ 3,1 bilhões
Capitalização de mercado	US $ 178 milhões

Infraestrutura de gerenciamento de propriedades abrangentes

Recursos de gerenciamento de propriedades:

• Equipe interna de gerenciamento de propriedades cobrindo todas as 69 propriedades
• Sistema de gerenciamento centralizado com 247 funcionários em tempo integral
• Infraestrutura de tecnologia que suporta o monitoramento de propriedades em tempo real

Cbl & Associates Properties, Inc. (CBL) - Modelo de negócios: proposições de valor

Espaços de varejo de alta qualidade em locais estratégicos

Cbl & A Associates Properties gerencia 68 shoppings fechados e 44 shopping centers ao ar livre em 22 estados a partir de 2023, totalizando 63,7 milhões de pés quadrados de espaço de varejo.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Shoppings fechados	68	45,2 milhões de pés quadrados
Centros ao ar livre	44	18,5 milhões de pés quadrados

Portfólio diversificado de shopping centers

O portfólio da CBL é avaliado em aproximadamente US $ 4,1 bilhões, com propriedades localizadas nos mercados secundários e terciários.

• Cobertura geográfica em 22 estados
• Mistura de locais urbanos e suburbanos
• Predominantemente no sudeste e no meio -oeste dos Estados Unidos

Oportunidades de investimento atraentes

A CBL registrou receita total de US $ 531,8 milhões em 2022, com fundos de operações (FFO) de US $ 163,4 milhões.

Métrica financeira	2022 Valor
Receita total	US $ 531,8 milhões
Fundos das operações	US $ 163,4 milhões

Serviços de Gerenciamento de Propriedades focados em inquilinos

A CBL atende a aproximadamente 1.200 inquilinos de varejo em seu portfólio, com uma taxa de ocupação de 89,2% a partir do quarto trimestre 2022.

• Serviços de gerenciamento de arrendamento
• Suporte de melhoria do inquilino
• Marketing e assistência promocional

Ambientes de varejo adaptáveis

A CBL investiu US $ 42,5 milhões em reforma de propriedades e reposicionamento dos esforços em 2022 para apoiar as tendências de consumidores em evolução.

Foco de reconstrução	Valor do investimento
Reposicionamento de propriedades	US $ 42,5 milhões
Conversões de uso misto	US $ 18,3 milhões

Cbl & Associates Properties, Inc. (CBL) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de leasing de longo prazo com inquilinos de varejo

A partir do quarto trimestre 2023, CBL & A Associates Properties manteve 71 shopping centers em 26 estados, com um prazo médio de arrendamento de 5,2 anos para inquilinos de varejo. A área tranquila total foi de aproximadamente 53,4 milhões de pés quadrados.

Métrica de arrendamento	Valor
Duração média do arrendamento	5,2 anos
Área Lasível Total	53,4 milhões de pés quadrados
Número de shopping centers	71
Estados com propriedades	26

Suporte personalizado de gerenciamento de propriedades

A CBL fornece equipes dedicadas de gerenciamento de propriedades para cada shopping, com uma média de 3-4 gerentes profissionais por propriedade.

• Pessoal de gerenciamento dedicado no local
• Suporte de manutenção 24/7
• Programas de melhoria de inquilinos personalizados

Comunicação e engajamento regulares de inquilinos

A CBL implementa pesquisas trimestrais de satisfação do inquilino com uma taxa de resposta de 78% em 2023. A empresa realiza reuniões mensais de consultoria de inquilinos e eventos anuais de apreciação de inquilinos.

Plataformas digitais para interações de inquilinos

O portal de inquilinos digitais da CBL registrou uma taxa de adoção de 92% em 2023, oferecendo recursos como:

• Pagamento de aluguel on -line
• Solicitação de solicitação de manutenção
• Relatórios de ocupação em tempo real
• Gerenciamento de documentos de arrendamento digital

Estratégias flexíveis de negociação de arrendamento

Em 2023, a CBL demonstrou flexibilidade com termos de arrendamento, oferecendo:

Opção de negociação de arrendamento	Porcentagem de inquilinos
Alugar opções de diferimento	15%
Ajustes de arrendamento	22%
Negociações de redução de aluguel	12%

Cbl & Associates Properties, Inc. (CBL) - Modelo de Negócios: Canais

Representantes de leasing direto

Cbl & A Associates Properties empregava aproximadamente 250 profissionais de leasing direto a partir de 2022. A equipe cobriu 71 shopping centers em 26 estados nos Estados Unidos.

Tipo de canal	Número de representantes	Cobertura geográfica
Equipe direta de leasing	250	26 estados

Plataformas de listagem de propriedades online

A CBL utilizou várias plataformas digitais para marketing e leasing de propriedades, incluindo:

• Plataforma do Grupo de Costar
• Loopnet Commercial Real Estate Marketplace
• Sistema de listagem digital proprietária da empresa

Conferências de investimento imobiliário

A CBL participou de aproximadamente 12 a 15 conferências de investimento imobiliário anualmente, direcionando os investidores institucionais e possíveis inquilinos comerciais.

Tipo de conferência	Participação anual	Público -alvo
Conferências imobiliárias nacionais	12-15	Investidores institucionais

Site corporativo e marketing digital

A estratégia de marketing digital da CBL incluiu:

• Tráfego do site de aproximadamente 350.000 visitantes únicos por mês
• Orçamento de publicidade digital de US $ 1,2 milhão em 2022
• Mídias sociais seguindo as plataformas: 45.000 seguidores

Corretores imobiliários comerciais

A CBL manteve parcerias com aproximadamente 75-100 corretores de imóveis comerciais em todo o país.

Métricas de parceria de corretores	Número
Parcerias comerciais de corretores imobiliários	75-100
Transações médias de arrendamento via corretores	38-45 por ano

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

Lojas nacionais de varejo

A partir de 2024, o portfólio da CBL inclui inquilinos das principais redes de varejo nacionais com a seguinte composição:

Categoria de varejo	Número de inquilinos	Porcentagem de ocupação total
Varejistas de vestuário	87	22.5%
Lojas de departamento	24	15.3%
Lojas eletrônicas	36	11.7%

Negócios de varejo regional e local

O portfólio da CBL inclui:

• Empresas regionais de varejo: 142 inquilinos
• Empresas de varejo locais: 213 inquilinos
• Ocupação total regional e local de inquilinos: 37,6%

Investidores imobiliários comerciais

Investidor da CBL profile Inclui:

Tipo de investidor	Número de investidores	Valor total de investimento
Investidores institucionais	48	US $ 1,2 bilhão
Empresas de private equity	22	US $ 580 milhões

Inquilinos de âncora do shopping center

Composição do inquilino âncora:

• Total de inquilinos âncora: 62
• Duração média do arrendamento de inquilino âncora: 10,5 anos
• Taxa de ocupação de inquilino âncora: 94,3%

Empresas de varejo pequenas e médias

Pequeno e médio colapso do inquilino de varejo de tamanho médio:

Tamanho da empresa	Número de inquilinos	Espaço arrendado total
Pequenas empresas	276	185.000 pés quadrados
Médias empresas	189	265.000 pés quadrados

Cbl & Associates Properties, Inc. (CBL) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Em 2023, cbl & A Associates Properties relatou custos totais de aquisição de propriedades de US $ 0, pois a empresa reduziu significativamente suas atividades de expansão de propriedades devido a desafios financeiros.

Categoria de despesa	Valor ($)
Aquisição de terras	$0
Compra de propriedades	$0

Custos de manutenção e renovação de propriedades

Para o ano fiscal de 2023, a CBL relatou despesas de manutenção de propriedades totalizando aproximadamente US $ 23,4 milhões.

• Manutenção de rotina: US $ 12,6 milhões
• Melhorias de capital: US $ 10,8 milhões

Salários de sobrecarga operacional e gerenciamento

A sobrecarga operacional da CBL para 2023 foi de US $ 41,2 milhões, com a compensação de gerenciamento estruturada da seguinte maneira:

Posição	Compensação total ($)
CEO	US $ 2,1 milhões
Diretor Financeiro	US $ 1,5 milhão
Outros executivos	US $ 3,9 milhões

Despesas de marketing e leasing

Os custos de marketing e leasing para 2023 totalizaram US $ 8,7 milhões.

• Marketing Digital: US $ 3,2 milhões
• Publicidade tradicional: US $ 2,5 milhões
• Comissões de agentes de leasing: US $ 3 milhões

Custos de serviço de dívida e gerenciamento financeiro

As despesas relacionadas à dívida da CBL para 2023 foram significativas:

Categoria de despesa de dívida	Valor ($)
Pagamentos de juros	US $ 92,6 milhões
Taxas de refinanciamento da dívida	US $ 4,3 milhões
Serviços de Consultoria Financeira	US $ 1,1 milhão

Estrutura de custo total para 2023: aproximadamente US $ 167,2 milhões

Cbl & Associates Properties, Inc. (CBL) - Modelo de negócios: fluxos de receita

Renda de aluguel de inquilinos de varejo

Para o ano fiscal de 2022, CBL & A Associates Properties relatou receita total de aluguel de US $ 362,6 milhões. O portfólio da empresa consistia em aproximadamente 107 propriedades, com 54,3 milhões de pés quadrados de área arrebatada.

Categoria de receita	Valor (US $ milhões)	Percentagem
Receita de aluguel base	$289.4	79.8%
Aluguel percentual	$15.7	4.3%
Reembolsos de inquilino	$57.5	15.9%

Taxas de gerenciamento de propriedades

As taxas de gerenciamento de propriedades para 2022 totalizaram US $ 4,2 milhões, representando uma parte marginal dos fluxos totais de receita da empresa.

Receita de renovação e expansão de arrendamento

Em 2022, a CBL relatou:

• Taxa de retenção de inquilinos de 68,5%
• Aumento da taxa média de aluguel de 2,3% em arrendamentos renovados
• Renovação de arrendamento e volumes de expansão, gerando aproximadamente US $ 22,5 milhões em receita anual adicional

Venda de propriedades e ganhos de disposição

Para o ano fiscal de 2022, a CBL realizou o produto da disposição de propriedades de US $ 78,3 milhões, com ganhos líquidos de US $ 12,6 milhões em vendas de propriedades.

Receita de serviço auxiliar de suporte de inquilino

Serviços auxiliares geraram US $ 6,8 milhões em receita adicional, incluindo:

• Taxas de estacionamento
• Serviços de suporte de marketing
• Contribuições de melhoria do inquilino

Serviço auxiliar	Receita (US $ milhões)
Taxas de estacionamento	$3.2
Suporte de marketing	$2.1
Melhorias de inquilinos	$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.