CBL & Associates Properties, Inc.
- Open
- 54.83
- Day high
- 55.19
- Day low
- 54.00
- Prev close
- 54.69
- Volume
- 26K
- Mkt cap
- $1.6B
- P/E (TTM)
- 7.8
- EPS (TTM)
- $7.05
- P/B
- 3.9
- P/S
- 2.8
- Yield
- 3.93%
- Per share
- $2.15
- ▼Insiders net selling -$1.8M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
CBL & Associates Properties, Inc. (CBL) is a Real Estate company listed on NYSE. The stock is up 71% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
CBL & Associates Properties, Inc. (CBL) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CBL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | — | $1.47 | — | $142M | -3.0% |
| May 8, 2026 | — | $1.48 | — | $146M | — |
| Feb 13, 2026 | $0.34 | $1.56 | +358.8% | $156M | +11.7% |
| Nov 6, 2025 | $0.14 | $2.38 | +1600.0% | $139M | +3.9% |
| Aug 6, 2025 | $0.14 | $0.08 | -42.9% | $141M | +5.2% |
| Feb 14, 2025 | $0.36 | $1.22 | +238.9% | $132M | +2.9% |
| Aug 9, 2024 | — | $0.14 | — | $130M | — |
| May 10, 2024 | — | $-0.01 | — | $129M | — |
| Nov 9, 2023 | $-0.73 | $0.41 | +156.2% | $129M | -0.5% |
| Feb 21, 2023 | — | $0.03 | — | $150M | — |
| Nov 14, 2022 | — | $-0.47 | — | $136M | — |
| Aug 15, 2022 | — | $-1.34 | — | $137M | — |
CBL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | Reinsmidt Kathryn A.officer: EVP - Chief Operating Officer | Sell | 17,515 | $57.10 |
| Jun 22, 2026 | Grody Howard B.officer: Exec VP-Leasing | Sell | 4,728 | $48.06 |
| Jun 22, 2026 | Grody Howard B.officer: Exec VP-Leasing | Sell | 1,000 | $47.92 |
| Jun 9, 2026 | Fields David Michaeldirector | Sell | 3,592 | $47.97 |
| Jun 3, 2026 | Jaenicke Benjamin Wofficer: EVP - Chief Financial Officer | Sell | 5,974 | $48.45 |
| Jun 3, 2026 | Jaenicke Benjamin Wofficer: EVP - Chief Financial Officer | Sell | 526 | $48.56 |
| May 26, 2026 | CANYON CAPITAL ADVISORS LLCother: Member of 10% owner group | Sell | 1,050,000 | $46.44 |
| May 18, 2026 | Cobb Andrew Franklinofficer: Exec VP-Accounting | Sell | 8,099 | $45.80 |
| May 18, 2026 | Cobb Andrew Franklinofficer: Exec VP-Accounting | Sell | 51 | $46.31 |
| Feb 18, 2026 | Cobb Andrew Franklinofficer: Exec VP-Accounting | Tax | 409 | $35.59 |
| Feb 18, 2026 | Cobb Andrew Franklinofficer: Exec VP-Accounting | Tax | 471 | $36.13 |
| Feb 18, 2026 | LEBOVITZ MICHAEL Iofficer: President | Tax | 1,515 | $36.13 |
| Feb 18, 2026 | Khalili Josephofficer: EVP Financial Planning & Anlys | Tax | 216 | $35.59 |
| Feb 18, 2026 | Khalili Josephofficer: EVP Financial Planning & Anlys | Tax | 188 | $36.13 |
| Feb 18, 2026 | Reinsmidt Kathryn A.officer: EVP - Chief Operating Officer | Tax | 1,146 | $35.59 |
Source: CBL SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full CBL insider & 13F page →CBL & Associates Properties, Inc. company profile
Overview
CBL & Associates Properties, Inc. (NYSE:CBL) is a real estate investment trust (REIT) headquartered in Chattanooga, Tennessee, that owns and operates a portfolio of retail properties across the United States. The company emerged from bankruptcy in November 2021 as a restructured entity, having previously been founded in 1978. CBL specializes in owning and managing market-dominant retail properties located in dynamic and growing communities, focusing on enclosed malls, outlet centers, and open-air retail developments.
Business
CBL operates in the retail real estate sector as a Real Estate Investment Trust (REIT), which is a company that owns, operates, or finances income-producing real estate. REITs are required by law to distribute at least 90% of their taxable income to shareholders as dividends, making them popular income-generating investments. The retail REIT subsector specifically focuses on properties where retailers lease space to sell goods and services to consumers. The company's portfolio consists of 106 properties totaling 65.7 million square feet across 25 states. This includes 64 retail centers that CBL owns and operates directly, plus 8 additional properties that it manages for third-party owners. The portfolio is comprised of three main property types: enclosed malls (traditional indoor shopping centers with department stores as anchors), outlet centers (collections of brand-name manufacturer and designer outlet stores), and open-air retail centers (outdoor shopping centers that may include lifestyle centers, power centers, and strip centers). CBL positions itself as focusing on "market-dominant" properties, meaning shopping centers that hold leading market positions in their respective trade areas. The company's strategy centers on properties located in what it describes as dynamic and growing communities, typically targeting markets with favorable demographic trends and economic growth prospects.
Competitive moat
CBL's competitive moat is relatively weak compared to other real estate sectors, reflecting the broader challenges facing retail real estate. The company's primary defensive characteristics stem from its focus on market-dominant properties in growing communities, which can provide some protection against competition by making it difficult for new retail developments to achieve similar market penetration. Properties with strong anchor tenants and high foot traffic can create network effects where the presence of multiple retailers attracts more shoppers, benefiting all tenants. However, the retail REIT sector faces significant structural headwinds that limit moat strength. The secular shift toward e-commerce continues to pressure physical retail, reducing demand for retail space and limiting landlords' pricing power. Many retail properties are easily replicable - new shopping centers can be developed by competitors if market conditions justify the investment. CBL also faces competition not just from other retail landlords but from alternative retail formats, including online marketplaces, direct-to-consumer brands, and experiential retail concepts. The company's emergence from bankruptcy in 2021 indicates past financial distress, suggesting its properties and market positions were insufficient to weather previous economic challenges. While the restructuring eliminated significant debt, it also demonstrates the vulnerability of the business model to economic downturns and changing consumer behavior. CBL's moat is primarily dependent on the irreplaceable nature of prime retail locations and the high switching costs for established retailers, but these advantages are being eroded by the ongoing digital transformation of commerce.
Risks & safety
CBL's margin of safety appears moderate but improving following its 2021 bankruptcy restructuring, though the company still carries meaningful financial risks. • Debt levels: Debt-to-equity ratio of 6.84x as of Q4 2024 remains high, indicating significant leverage, though this has improved from 2022-2023 levels • Cash position: $40.8 million in cash and short-term investments provides limited liquidity cushion relative to the company's size and debt obligations • Cash generation: Strong free cash flow of $202 million in 2024 demonstrates the portfolio's ability to generate cash, supporting debt service and operations • Current ratio: 2.26x indicates adequate short-term liquidity to meet current obligations • Valuation metrics: EV/EBITDA of 8.4x and P/E ratio of 15.4x suggest reasonable valuation relative to earnings, though retail REITs often trade at discounts due to sector challenges • Solvency risk: While the 2021 bankruptcy restructuring reset the capital structure, the high debt levels and cyclical nature of retail real estate maintain elevated financial risk • Dividend sustainability: As a REIT, dividend payments are required but depend on maintaining adequate funds from operations and cash flow generation
Recent development
CBL's recent strategic development has been dominated by its emergence from Chapter 11 bankruptcy in November 2021, which represented a fundamental restructuring of the company. The bankruptcy process eliminated approximately $900 million in debt and reset the company's capital structure, allowing it to emerge as a more financially stable entity. This restructuring was necessitated by the financial pressures created by declining mall traffic, the impact of COVID-19 on retail operations, and the secular shift toward e-commerce. Since emerging from bankruptcy, CBL has focused on portfolio optimization and active asset management. The company has been working to improve occupancy rates across its properties through aggressive leasing efforts, targeting both traditional retailers and non-traditional tenants such as medical facilities, fitness centers, and entertainment venues. This diversification strategy aims to reduce dependence on traditional retail tenants and create more stable revenue streams. The company has also emphasized strategic reinvestment in its properties to enhance their competitiveness and appeal to both tenants and consumers. This includes renovations, redevelopments, and repositioning of certain properties to better align with current market demands. CBL has been particularly focused on transforming enclosed malls into mixed-use developments where possible, incorporating residential, office, and experiential components alongside retail. Recent financial performance shows signs of stabilization, with the company achieving positive net income in 2024 after years of losses. Revenue has remained relatively stable in the $515-535 million range, while the company has worked to improve operational efficiency and reduce costs. The focus has shifted toward maintaining and improving the performance of its core portfolio rather than aggressive expansion.
CBL company profile · for informational purposes only — not investment advice.
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