Core Insights - NX-1607 is a first-in-class oral inhibitor of CBL-B, demonstrating on-target peripheral immune activation and anti-tumor activity in heavily pretreated patients with advanced solid tumors [1][2][4] - The clinical data presented at ESMO 2025 supports the initiation of expansion cohorts for further evaluation of NX-1607 as a monotherapy or in combination therapies [1][2] Company Overview - Nurix Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on targeted protein degradation medicines, aiming to improve treatment options for cancer and inflammatory diseases [7] - The company is advancing multiple clinical and preclinical programs, including NX-1607 and bexobrutideg, an oral BTK degrader [7] Clinical Data Summary - In a Phase 1a study, 82 patients with various solid tumors were treated with NX-1607 across different dosing regimens, showing dose-dependent exposure and clinical activity [2][3] - The disease control rate (DCR) was reported at 49.3%, with notable reductions in tumor-specific biomarkers such as PSA and CEA [2][3] - The treatment was well-tolerated, with most adverse events being Grade 2 or less, and immune-related adverse events indicating on-target immune activation [3][4] Therapeutic Potential - NX-1607 targets a previously unaddressed pathway in immune regulation, affecting multiple immune cell types, which may enhance its efficacy in treating solid tumors [2][6] - The results are particularly promising for tumor types like micro-satellite stable colorectal cancer and metastatic prostate cancer, where current immunotherapies have shown limited efficacy [4]

Group 1 - The investment approach has received over 500 five-star reviews, indicating high satisfaction among members who are experiencing benefits [1] - The company invests significant resources, over $100,000 annually, into researching profitable real estate investment opportunities [1] - The leader of the investing group High Yield Landlord shares a real-money REIT portfolio and transactions in real-time, providing features like buy/sell alerts and direct access to analysts [2] Group 2 - Jussi Askola, the President of Leonberg Capital, is recognized for his expertise in REIT investing, having authored award-winning academic papers and built relationships with top REIT executives [2] - The investment group offers three distinct portfolios: core, retirement, and international, catering to various investment strategies [2]

Core Viewpoint - CBL & Associates Properties, Inc. has shown resilience in its stock performance despite a decline in net income and some operational challenges, with strategic acquisitions and leasing activities positioning the company for future growth. Financial Performance - In Q2 2025, net income attributable to common shareholders was $0.08 per share, a decrease of 42.9% from $0.14 a year ago [2] - Funds from Operations (FFO) were $1.48 per diluted share, down 1.9% from $1.51 in the prior-year quarter, while adjusted FFO rose 7.5% to $1.86 from $1.73 [2] Revenue and Income Metrics - Same-center total revenues increased by 1.7% to $156 million from $153.4 million, but same-center Net Operating Income (NOI) decreased by 0.5% year over year to $104.9 million from $105.4 million [3] - Same-center NOI from malls fell by 0.6%, outlet centers dropped by 5.2%, and open-air centers declined by 2%, while lifestyle centers saw a 7.2% increase [3] Occupancy and Leasing - Portfolio occupancy rose by 10 basis points year over year to 88.8% as of June 30, 2025 [4] - CBL executed over 1.2 million square feet of leases during the quarter, with new and renewal leases averaging a 3.2% rent increase [5] Management Commentary - CEO Stephen D. Lebovitz highlighted the acquisition of four malls for $178.9 million as a key part of the portfolio optimization strategy [6] - The acquisition is expected to enhance cash flow per share and support a 12.5% dividend increase [7] Operational Challenges - The decline in same-center NOI was mainly due to higher operating expenses and the impact of bankruptcy-related store closures, which affected mall occupancy by nearly 70 basis points [8] - Operating expenses increased by $3.2 million due to higher real estate taxes [9] Guidance and Future Outlook - CBL updated its 2025 FFO, as adjusted, guidance to a range of $6.98–$7.34 per share [10] - Management reaffirmed its same-center NOI growth outlook for the full year to be between a 2% decline and a 0.5% increase [11] Other Developments - CBL has closed on dispositions totaling over $162.7 million year to date, including significant sales of various properties [12] - Financing activities included a new $78 million non-recourse loan, which reduced the interest rate significantly compared to the prior loan [13]

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis of CBL & Associates Properties, Inc [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including balance sheets, income, comprehensive income, equity, and cash flows, with detailed explanatory notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | **ASSETS** | | | | Net investment in real estate assets | $1,794,294 | $1,871,492 | | Cash and cash equivalents | $100,325 | $40,791 | | Restricted cash | $104,171 | $112,938 | | Available-for-sale securities | $187,662 | $243,148 | | Total Assets | $2,603,007 | $2,747,191 | | **LIABILITIES AND EQUITY** | | | | Mortgage and other indebtedness, net | $2,139,776 | $2,212,680 | | Accounts payable and accrued liabilities | $185,718 | $221,647 | | Total Liabilities | $2,325,494 | $2,434,327 | | Total Shareholders' Equity | $289,387 | $323,546 | | Total Equity | $277,513 | $312,864 | - Total assets decreased by approximately **$144 million** from December 31, 2024, to June 30, 2025[12](index=12&type=chunk) - Total liabilities decreased by approximately **$109 million** from December 31, 2024, to June 30, 2025[12](index=12&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section details the company's revenues, expenses, and net income for the three and six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenues | $140,905 | $129,665 | $282,673 | $258,782 | | Total expenses | $(105,359) | $(96,497) | $(226,682) | $(198,753) | | Net income | $2,158 | $4,291 | $10,545 | $3,817 | | Net income attributable to the Company | $2,759 | $4,744 | $11,548 | $4,794 | | Net income attributable to common shareholders | $2,567 | $4,484 | $10,779 | $4,275 | | Basic earnings per share | $0.08 | $0.14 | $0.35 | $0.14 | | Diluted earnings per share | $0.08 | $0.14 | $0.35 | $0.14 | - Total revenues increased by **$11.24 million (8.7%)** for the three months and **$23.89 million (9.2%)** for the six months ended June 30, 2025, compared to prior-year periods[16](index=16&type=chunk) - Net income attributable to common shareholders decreased by **$1.92 million (42.7%)** for the three months but increased by **$6.50 million (152.1%)** for the six months ended June 30, 2025[16](index=16&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the company's comprehensive income, including net income and other comprehensive income/loss, for the periods ended June 30, 2025 and 2024 Condensed Consolidated Statements of Comprehensive Income (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $2,158 | $4,291 | $10,545 | $3,817 | | Total other comprehensive (loss) income | $(319) | $(83) | $(794) | $33 | | Comprehensive income | $1,839 | $4,208 | $9,751 | $3,850 | | Comprehensive income attributable to the Company | $2,440 | $4,661 | $10,754 | $4,827 | | Comprehensive income attributable to common shareholders | $2,248 | $4,401 | $9,985 | $4,308 | - Total other comprehensive loss significantly increased for both the three and six months ended June 30, 2025, driven by unrealized losses on interest rate swaps and available-for-sale securities[18](index=18&type=chunk) [Condensed Consolidated Statements of Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) This section outlines changes in the company's total shareholders' equity and total equity for the period ended June 30, 2025 Condensed Consolidated Statements of Equity (in thousands) | Metric | December 31, 2024 | June 30, 2025 | | :----------------------------------- | :---------------- | :------------ | | Total Shareholders' Equity | $323,546 | $289,387 | | Total Equity | $312,864 | $277,513 | - Total shareholders' equity decreased from **$323.55 million** at December 31, 2024, to **$289.39 million** at June 30, 2025, primarily due to dividends and other comprehensive losses[21](index=21&type=chunk) - Dividends declared for common stock totaled **$37.12 million** for the six months ended June 30, 2025, up from **$25.54 million** in the prior-year period[21](index=21&type=chunk)[24](index=24&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the company's cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $99,947 | $94,964 | | Net cash provided by investing activities | $98,055 | $12,882 | | Net cash used in financing activities | $(147,310) | $(89,684) | | Net change in cash, cash equivalents and restricted cash | $50,692 | $18,162 | | Cash, cash equivalents and restricted cash, end of period | $204,496 | $141,238 | - Net cash provided by investing activities significantly increased by **$85.17 million** for the six months ended June 30, 2025, driven by higher proceeds from real estate sales and security redemptions[24](index=24&type=chunk)[185](index=185&type=chunk) - Net cash used in financing activities increased by **$57.63 million** for the six months ended June 30, 2025, primarily due to increased debt principal payments and a special dividend[24](index=24&type=chunk)[186](index=186&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes on the company's organization, accounting policies, revenue, leases, fair value, acquisitions, dispositions, affiliates, debt, segments, EPS, contingencies, share-based compensation, and subsequent events [Note 1 – Organization and Basis of Presentation](index=9&type=section&id=Note%201%20%E2%80%93%20Organization%20and%20Basis%20of%20Presentation) CBL & Associates Properties, Inc. operates as a self-managed REIT, focusing on retail properties across 20 states, primarily through its Operating Partnership - CBL & Associates Properties, Inc. operates as a self-managed REIT, focusing on various retail and other property types[26](index=26&type=chunk) Property Portfolio as of June 30, 2025 | Property Type | Consolidated Properties | Unconsolidated Properties | Total | | :-------------- | :---------------------- | :------------------------ | :---- | | Malls | 40 | 3 | 43 | | Outlet Centers | 2 | 3 | 5 | | Lifestyle Centers | 3 | 1 | 4 | | Open-Air Centers | 19 | 8 | 27 | | Other | 3 | 1 | 4 | | **Total** | **67** | **16** | **83** | [Note 2 – Summary of Significant Accounting Policies](index=9&type=section&id=Note%202%20%E2%80%93%20Summary%20of%20Significant%20Accounting%20Policies) This section outlines the company's significant accounting policies, including GAAP compliance, evaluation of new accounting standards, and accounts receivable collectability assessment - The company is evaluating a new FASB ASU on 'Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures,' effective for fiscal years beginning after December 15, 2026[33](index=33&type=chunk) - Accounts receivable collectability is assessed based on individual lease disputes, negotiation status, rent collection experience, tenant bankruptcies, and portfolio-level analysis[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) [Note 3 – Revenues](index=10&type=section&id=Note%203%20%E2%80%93%20Revenues) This section details the company's total revenues, disaggregated by source, and outlines outstanding performance obligations for fixed operating expense reimbursements Revenues Disaggregated by Source (in thousands) | Revenue Source | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Rental revenues | $136,453 | $124,071 | $273,813 | $248,098 | | Operating expense reimbursements | $1,747 | $1,960 | $3,689 | $4,220 | | Management, development and leasing fees | $1,357 | $1,817 | $2,674 | $3,722 | | Marketing revenues | $758 | $563 | $1,109 | $967 | | Other revenues | $590 | $1,254 | $1,388 | $1,775 | | **Total revenues** | **$140,905** | **$129,665** | **$282,673** | **$258,782** | - Outstanding performance obligations for fixed operating expense reimbursements total **$97.77 million**, with **$19.75 million** expected within 5 years, **$44.13 million** within 5-20 years, and **$33.88 million** over 20 years[41](index=41&type=chunk) [Note 4 – Leases](index=11&type=section&id=Note%204%20%E2%80%93%20Leases) This section details the components of rental revenues, distinguishing between fixed and variable lease payments, and outlines undiscounted future fixed lease payments Components of Rental Revenues (in thousands) | Component | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Fixed lease payments | $107,552 | $97,833 | $225,073 | $196,137 | | Variable lease payments | $28,901 | $26,238 | $48,740 | $51,961 | | **Total rental revenues** | **$136,453** | **$124,071** | **$273,813** | **$248,098** | Undiscounted Future Fixed Lease Payments (in thousands) | Year Ending December 31, | Amount | | :----------------------- | :----- | | 2025 (July 1 - Dec 31) | $219,671 | | 2026 | $364,731 | | 2027 | $281,851 | | 2028 | $210,024 | | 2029 | $152,873 | | 2030 | $100,193 | | Thereafter | $295,090 | | **Total** | **$1,624,433** | [Note 5 – Fair Value Measurements](index=11&type=section&id=Note%205%20%E2%80%93%20Fair%20Value%20Measurements) This section categorizes financial assets and liabilities into a fair value hierarchy and details fair value measurements for debt, interest rate swaps, and available-for-sale securities - The estimated fair value of mortgage and other indebtedness was **$2.04 billion** as of June 30, 2025, calculated using Level 2 inputs[46](index=46&type=chunk) Fair Value of Interest Rate Swap (in thousands) | Asset | Fair Value at June 30, 2025 | Level 1 | Level 2 | Level 3 | | :-------------- | :-------------------------- | :------ | :------ | :------ | | Interest rate swap | $90 | — | $90 | — | Available-for-Sale U.S. Treasury Securities (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--------------------- | :------------ | :---------------- | | Amortized cost | $187,764 | $242,881 | | Total unrealized (loss) gain | $(102) | $267 | | Fair value | $187,662 | $243,148 | - The Company recorded an impairment loss of **$1.46 million** during the three and six months ended June 30, 2025, related to the sale of 840 Greenbrier Circle[53](index=53&type=chunk) [Note 6 – Acquisitions](index=13&type=section&id=Note%206%20-%20Acquisitions) This section details the acquisition of four Macy's stores in January 2025 and the subsequent WPG acquisition of four enclosed malls in July 2025 - In January 2025, the Company acquired four Macy's stores for **$6.16 million** for future redevelopment[56](index=56&type=chunk) - Subsequent to June 30, 2025, the Company acquired four enclosed malls (Ashland Town Center, Mesa Mall, Paddock Mall, and Southgate Mall) for **$178.9 million** in the 'WPG acquisition'[56](index=56&type=chunk)[123](index=123&type=chunk) [Note 7 – Dispositions and Held-for-Sale](index=13&type=section&id=Note%207%20%E2%80%93%20Dispositions%20and%20Held-for-Sale) This section outlines gains from real estate sales, including Imperial Valley Mall and Monroeville Mall, and the classification and subsequent sale of The Promenade D'Iberville - During the three months ended June 30, 2025, the Company realized a gain of **$1.34 million** primarily from the sale of an outparcel[58](index=58&type=chunk) - For the six months ended June 30, 2025, the Company realized a gain of **$22.87 million** from sales, with gross proceeds of **$77.1 million** used for debt reduction[58](index=58&type=chunk) Property Classified as Held-for-Sale (June 30, 2025) | Property | Location | Property Type | Total Assets | Total Liabilities | | :-------------------------- | :--------------- | :-------------------- | :----------- | :---------------- | | The Promenade D'Iberville | D'Iberville, MS | Open Air/Power Center | $33,134 | $2,413 | - Subsequent to June 30, 2025, The Promenade was sold for **$83.1 million**, with proceeds funding the WPG acquisition[58](index=58&type=chunk)[122](index=122&type=chunk) [Note 8 – Unconsolidated Affiliates and Noncontrolling Interests](index=15&type=section&id=Note%208%20%E2%80%93%20Unconsolidated%20Affiliates%20and%20Noncontrolling%20Interests) This section details the company's investments in unconsolidated affiliates, accounted for using the equity method, and significant activities related to these entities - As of June 30, 2025, the Company had investments in **23 unconsolidated affiliates**, accounted for using the equity method due to substantive participating rights of other partners[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - In March 2025, the Company transferred Alamance Crossing mall to the mortgage holder, satisfying **$41.12 million** in non-recourse debt[65](index=65&type=chunk) Condensed Combined Financial Statements - Unconsolidated Affiliates (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Total assets | $867,879 | $896,682 | | Total liabilities | $758,217 | $816,789 | | Total owners' equity | $109,662 | $79,893 | | Total revenues (3 months ended June 30) | $43,636 | $63,875 | | Net income (3 months ended June 30) | $9,556 | $28,328 | | Total revenues (6 months ended June 30) | $88,838 | $127,872 | | Net income (6 months ended June 30) | $52,546 | $34,592 | [Note 9 – Mortgage and Other Indebtedness, Net](index=17&type=section&id=Note%209%20%E2%80%93%20Mortgage%20and%20Other%20Indebtedness,%20Net) This section details the company's consolidated debt, including fixed and variable-rate components, weighted-average interest rates, and significant loan activities and extensions Mortgage and Other Indebtedness, Net (in thousands) | Debt Type | June 30, 2025 Amount | June 30, 2025 Weighted Average Interest Rate | December 31, 2024 Amount | December 31, 2024 Weighted Average Interest Rate | | :----------------------------------- | :------------------- | :--------------------------------------- | :------------------- | :--------------------------------------- | | Fixed-rate debt | $1,374,192 | 5.01% | $1,403,798 | 5.02% | | Variable-rate debt | $864,270 | 7.43% | $928,106 | 7.67% | | Total fixed-rate and variable-rate debt | $2,238,462 | 5.95% | $2,331,904 | 6.07% | | Unamortized deferred financing costs | $(6,619) | | $(8,688) | | | Debt discounts | $(92,067) | | $(110,536) | | | **Total mortgage and other indebtedness, net** | **$2,139,776** | | **$2,212,680** | | - In February 2025, proceeds from the sale of Imperial Valley Mall were used to pay down the secured term loan by **$41.12 million**[82](index=82&type=chunk) - Subsequent to June 30, 2025, a new **$78.0 million**, five-year non-recourse loan for Cross Creek Mall was closed at a fixed interest rate of **6.856%**[83](index=83&type=chunk)[121](index=121&type=chunk) - The Company uses interest rate swaps to hedge variable cash flows, with a notional amount of **$32.0 million** related to the open-air centers and outparcels loan, fixing the interest rate at **7.3975%**[79](index=79&type=chunk)[91](index=91&type=chunk) [Note 10 – Segment Information](index=19&type=section&id=Note%2010%20%E2%80%93%20Segment%20Information) This section presents the company's reportable segments (malls, lifestyle, outlet, and open-air centers) and their performance, evaluated based on Net Operating Income (NOI) - The Company's reportable segments include malls, lifestyle centers, outlet centers, and open-air centers, with performance evaluated based on Net Operating Income (NOI)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) Segment Net Operating Income (NOI) (in thousands) | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Malls | $73,113 | $78,403 | $141,588 | $156,231 | | Outlet Centers | $5,124 | $5,259 | $10,641 | $10,805 | | Lifestyle Centers | $9,042 | $8,399 | $17,387 | $16,960 | | Open-Air Centers | $14,675 | $15,531 | $28,765 | $30,487 | | Total Reportable Segments NOI | $101,954 | $107,592 | $198,381 | $214,483 | | All Other segment net operating income | $9,054 | $11,582 | $18,532 | $22,103 | [Note 11 – Earnings Per Share](index=21&type=section&id=Note%2011%20%E2%80%93%20Earnings%20Per%20Share) This section details the calculation of basic and diluted earnings per share (EPS) using the two-class method, including the impact of participating securities - EPS is calculated under the two-class method, considering unvested restricted stock awards as participating securities[106](index=106&type=chunk) Basic and Diluted EPS (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income attributable to common shareholders | $2,567 | $4,484 | $10,779 | $4,275 | | Weighted-average basic shares outstanding | 30,456 | 31,150 | 30,438 | 31,348 | | Basic earnings per share | $0.08 | $0.14 | $0.35 | $0.14 | | Weighted-average diluted shares outstanding | 30,742 | 31,156 | 30,726 | 31,351 | | Diluted earnings per share | $0.08 | $0.14 | $0.35 | $0.14 | [Note 12 – Contingencies](index=23&type=section&id=Note%2012%20%E2%80%93%20Contingencies) This section addresses the company's litigation, environmental contingencies, and guarantees of unconsolidated affiliates' debt, including recorded liabilities - The Company records litigation liabilities when an unfavorable outcome is probable and estimable, with current matters not expected to have a material adverse effect[110](index=110&type=chunk) - Environmental contingencies are reasonably possible but not material, with a master insurance policy providing coverage up to **$40.0 million**[111](index=111&type=chunk) Operating Partnership's Guarantees of Unconsolidated Affiliates' Debt (in thousands) | Unconsolidated Affiliate | Company's Ownership Interest | Outstanding Balance | Percentage Guaranteed by the Operating Partnership | Maximum Guaranteed Amount | Maturity Date | Obligation recorded to reflect guaranty (June 30, 2025) | | :----------------------- | :--------------------------- | :------------------ | :----------------------------------------------- | :------------------------ | :------------ | :------------------------------------------------------ | | Port Orange I, LLC | 50% | $41,574 | 50% | $20,787 | Feb-2026 | $208 | | Ambassador Infrastructure, LLC | 65% | $2,797 | 100% | $2,797 | Mar-2027 | $28 | | **Total guaranty liability** | | | | | | **$236** | [Note 13 – Share-Based Compensation](index=24&type=section&id=Note%2013%20%E2%80%93%20Share-Based%20Compensation) This section details share-based compensation expense for restricted stock awards and Performance Stock Units (PSUs), including unrecognized compensation costs and recognition periods - Share-based compensation expense for restricted stock awards was **$4.40 million** for the six months ended June 30, 2025, compared to **$4.08 million** for the same period in 2024[114](index=114&type=chunk) - As of June 30, 2025, **$8.91 million** of unrecognized compensation cost for unvested restricted stock awards is expected to be recognized over a weighted-average period of **1.6 years**[114](index=114&type=chunk) - Unrecognized compensation expense for Performance Stock Units (PSUs) was **$11.25 million** as of June 30, 2025, expected to be recognized over a weighted-average period of **2.3 years**[116](index=116&type=chunk) [Note 14 – Noncash Investing and Financing Activities](index=25&type=section&id=Note%2014%20%E2%80%93%20Noncash%20Investing%20and%20Financing%20Activities) This section details noncash investing and financing activities, primarily additions to real estate assets that were accrued but not yet paid Noncash Investing and Financing Activities (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :----------------------------- | :----------------------------- | | Additions to real estate assets accrued but not yet paid | $11,792 | $10,339 | [Note 15 – Subsequent Events](index=25&type=section&id=Note%2015%20%E2%80%93%20Subsequent%20Events) This section outlines significant events occurring after June 30, 2025, including acquisitions, dispositions, loan modifications, and a dividend increase - In July 2025, a new **$78.0 million**, five-year non-recourse loan for Cross Creek Mall was closed at a fixed interest rate of **6.856%**[121](index=121&type=chunk) - The Promenade was sold for **$83.1 million** in July 2025, with proceeds funding the WPG acquisition[122](index=122&type=chunk) - The WPG acquisition of four enclosed malls for **$178.9 million** was completed in July 2025[123](index=123&type=chunk) - The existing **$332.96 million** open-air centers and outparcels loan was modified and extended, increasing its principal balance by **$110.0 million** to **$442.96 million** and extending maturity through October 2030[123](index=123&type=chunk) - The board authorized a **12.5% increase** in the regular common dividend to an annualized rate of **$1.80 per share** for Q3 2025, supported by incremental cash flow from the WPG acquisition[124](index=124&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, operational results, strategic initiatives, liquidity, and capital resources [Executive Overview](index=28&type=section&id=Executive%20Overview) This section outlines the company's strategic focus on improving occupancy, driving rent growth, diversifying property offerings, and recent balance sheet progress - The company's strategy focuses on improving occupancy, driving rent growth, and diversifying property offerings to include various retail and non-retail uses[132](index=132&type=chunk) - The **$178.9 million** WPG acquisition of four enclosed malls in July 2025 is a significant portfolio optimization step, utilizing non-core asset sale proceeds for stable market-dominant malls[132](index=132&type=chunk) - The board authorized a **12.5% increase** in the regular common dividend to an annualized rate of **$1.80 per share**, supported by incremental cash flow from the WPG acquisition[133](index=133&type=chunk)[124](index=124&type=chunk) - Recent balance sheet progress includes a new **$78.0 million** non-recourse loan for Cross Creek Mall at **6.856%** fixed interest and an expansion/extension of the open-air centers and outparcels loan[134](index=134&type=chunk)[123](index=123&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, detailing changes in revenues, expenses, and net income for the three and six months ended June 30, 2025 and 2024 - Properties consolidated in December 2024 include CoolSprings Galleria, Oak Park Mall, and West County Center[139](index=139&type=chunk) - Properties acquired in July 2025 (WPG acquisition) include Ashland Town Center, Mesa Mall, Paddock Mall, and Southgate Mall[139](index=139&type=chunk) - Significant dispositions since the prior-year period include Monroeville Mall, Annex at Monroeville, Imperial Valley Mall, 840 Greenbrier Circle, and The Promenade (sold July 2025)[142](index=142&type=chunk) - Non-core properties as of June 30, 2025, include Brookfield Square, Harford Mall, Laurel Park Place, Southpark Mall, and The Promenade[143](index=143&type=chunk) [Comparison of the Three Months Ended June 30, 2025 to the Three Months Ended June 30, 2024](index=31&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20June%2030,%202025%20to%20the%20Three%20Months%20Ended%20June%2030,%202024) This section compares the company's financial performance for the three months ended June 30, 2025, to the prior-year period, highlighting changes in revenues, expenses, and interest - Total revenues increased by **$11.24 million**, with rental revenues up **$12.38 million**, primarily due to **$21.0 million** from property consolidations[144](index=144&type=chunk) - Total operating expenses increased by **$8.86 million**, driven by a **$7.7 million** increase in property operating expenses and a **$13.2 million** increase in depreciation and amortization from December 2024 consolidations[145](index=145&type=chunk)[146](index=146&type=chunk) - Interest expense increased by **$4.6 million**, mainly due to higher debt discounts and interest from consolidated properties, partially offset by lower secured term loan interest[148](index=148&type=chunk) [Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024](index=32&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended%20June%2030,%202025%20to%20the%20Six%20Months%20Ended%20June%2030,%202024) This section compares the company's financial performance for the six months ended June 30, 2025, to the prior-year period, detailing changes in revenues, expenses, interest, and real estate gains - Total revenues increased by **$23.89 million**, with rental revenues up **$25.72 million**, primarily due to **$41.8 million** from property consolidations[150](index=150&type=chunk) - Total operating expenses increased by **$27.93 million**, with property operating expenses up **$18.08 million** and depreciation/amortization up **$8.54 million**, mainly from consolidations[151](index=151&type=chunk)[152](index=152&type=chunk) - Interest expense increased by **$9.0 million**, primarily due to higher debt discounts and interest from December 2024 consolidations[153](index=153&type=chunk)[154](index=154&type=chunk) - A **$22.9 million** gain on real estate asset sales was recognized, significantly higher than the **$3.7 million** gain in the prior-year period[155](index=155&type=chunk) [Non-GAAP Measure - Same-center Net Operating Income](index=33&type=section&id=Non-GAAP%20Measure%20-%20Same-center%20Net%20Operating%20Income) This section defines and presents Same-center Net Operating Income (NOI), a non-GAAP measure, and analyzes its changes for the three and six months ended June 30, 2025 - Same-center NOI is a non-GAAP measure reflecting trends in occupancy, rental rates, sales, and operating costs, excluding specific adjustments like lease termination income[158](index=158&type=chunk) - Properties under major redevelopment, repositioning, or debt restructuring are excluded from the same-center pool[159](index=159&type=chunk) Same-center NOI (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total same-center NOI | $104,869 | $105,409 | $204,996 | $207,890 | | % Change | -0.5% | | -1.4% | | - The decrease in same-center NOI was primarily due to a **$3.2 million** increase in operating expenses for the three-month period and a **$6.9 million** increase for the six-month period[163](index=163&type=chunk)[164](index=164&type=chunk) [Operational Review](index=34&type=section&id=Operational%20Review) This section reviews key operational metrics, including seasonality, revenue sources by property type, tenant sales, occupancy rates, leasing activity, and average annual base rents - The shopping center business is seasonal, with highest sales and percentage rents typically occurring in the fourth quarter due to the holiday season[165](index=165&type=chunk) Revenue Sources by Property Type (Six Months Ended June 30) | Property Type | 2025 | 2024 | | :------------------ | :----- | :----- | | Malls | 71.0% | 71.8% | | Outlet Centers | 5.3% | 5.0% | | Lifestyle Centers | 7.6% | 7.1% | | Open-Air Centers | 11.1% | 10.7% | | All Other Properties | 5.0% | 5.4% | - Same-center tenant sales per square foot for malls, lifestyle, and outlet centers increased by **1.4%** to **$423** for the trailing twelve months ended June 30, 2025[167](index=167&type=chunk) Portfolio Occupancy as of June 30 | Metric | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Total portfolio | 88.8% | 88.7% | | Total same-center malls, lifestyle centers and outlet centers | 87.3% | 87.2% | | Open-air centers | 93.6% | 94.9% | - Total leased square footage was **1,217,257** for the three months and **1,794,182** for the six months ended June 30, 2025[169](index=169&type=chunk) - Average annual base rents per square foot for the total portfolio increased to **$26.70** for the six months ended June 30, 2025, from **$26.01** in the prior-year period[170](index=170&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's liquidity position, including cash and securities, total debt, significant acquisitions and dispositions, and dividend payments - As of June 30, 2025, the company had **$288.0 million** in unrestricted cash and U.S. Treasury securities, and **$76.0 million** in restricted cash[175](index=175&type=chunk) - Total pro rata share of debt, excluding unamortized deferred financing costs and debt discounts, was **$2.60 billion** at June 30, 2025[175](index=175&type=chunk) - In January 2025, four Macy's stores were acquired for **$6.2 million**, and the **$178.9 million** WPG acquisition of four enclosed malls closed subsequent to June 30, 2025[178](index=178&type=chunk) - Sales of Monroeville Mall, Annex at Monroeville, and Imperial Valley Mall generated proceeds used for debt paydown; The Promenade was sold for **$83.1 million** in July 2025[179](index=179&type=chunk) - Common stock dividends of **$0.40 per share** were paid in Q1 and Q2 2025, plus a special cash dividend of **$0.80 per share** in Q1 2025; a **12.5% increase** was authorized post-period[181](index=181&type=chunk) [Cash Flows - Operating, Investing and Financing Activities](index=38&type=section&id=Cash%20Flows%20-%20Operating,%20Investing%20and%20Financing%20Activities) This section analyzes the company's cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Net Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :----------------------------------- | :----------------------------- | :----------------------------- | :----- | | Net cash provided by operating activities | $99,947 | $94,964 | $4,983 | | Net cash provided by investing activities | $98,055 | $12,882 | $85,173 | | Net cash used in financing activities | $(147,310) | $(89,684) | $(57,626) | | Net cash flows | $50,692 | $18,162 | $32,530 | - Cash provided by operating activities increased primarily due to the consolidation of CoolSprings Galleria, Oak Park Mall, and West County Center in December 2024[184](index=184&type=chunk) - Cash provided by investing activities significantly increased due to property sales and higher net redemptions of U.S. Treasury securities[185](index=185&type=chunk) - Cash used in financing activities increased due to higher principal payments on mortgage and other indebtedness and a special dividend payment in Q1 2025[186](index=186&type=chunk) [Debt](index=40&type=section&id=Debt) This section details the company's total pro rata share of outstanding debt, including fixed and variable-rate components, weighted-average interest rates, and recent loan activities Total Pro Rata Share of Debt (in thousands) | Debt Type | June 30, 2025 Total | December 31, 2024 Total | | :----------------------------------- | :------------------ | :-------------------- | | Fixed-rate debt | $1,716,125 | $1,793,467 | | Variable-rate debt | $882,739 | $943,692 | | **Total fixed-rate and variable-rate debt** | **$2,598,864** | **$2,737,159** | | Weighted Average Interest Rate | 5.93% | 6.03% | - As of June 30, 2025, **$2.58 billion** of outstanding debt was non-recourse, and **$23.6 million** was recourse[187](index=187&type=chunk) - The weighted-average remaining term of total consolidated and unconsolidated debt was **2.0 years** at June 30, 2025, down from **2.4 years** at December 31, 2024[191](index=191&type=chunk) - Variable-rate debt represented **34.0%** of the total pro rata debt at June 30, 2025[192](index=192&type=chunk) [Equity](index=41&type=section&id=Equity) This section details common stock dividends paid and the board's authorization for a dividend increase, emphasizing future dividend considerations - Common stock dividends of **$0.40 per share** were paid in Q1 and Q2 2025, and a special dividend of **$0.80 per share** was paid in Q1 2025 to ensure REIT status[194](index=194&type=chunk) - Subsequent to June 30, 2025, the board authorized a **12.5% increase** in the regular common dividend to an annualized rate of **$1.80 per share** for the quarter ending September 30, 2025[195](index=195&type=chunk) [Capital Expenditures](index=41&type=section&id=Capital%20Expenditures) This section details total capital expenditures, excluding developments, redevelopments, and expansions, for the three and six months ended June 30, 2025 Capital Expenditures (in thousands) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Tenant allowances | $3,327 | $4,070 | $9,870 | $6,052 | | Total maintenance capital expenditures | $8,723 | $6,347 | $14,911 | $11,764 | | Capitalized overhead | $214 | $429 | $594 | $481 | | Capitalized interest | $137 | $139 | $250 | $273 | | **Total capital expenditures** | **$12,401** | **$10,985** | **$25,625** | **$18,570** | - Total capital expenditures for the six months ended June 30, 2025, increased by **$7.06 million** compared to the prior-year period[196](index=196&type=chunk) [Developments](index=42&type=section&id=Developments) This section outlines properties under development, including project costs, costs to date, expected opening dates, and unleveraged yields Properties Under Development at June 30, 2025 (in thousands) | Property | Location | CBL Ownership Interest | Total Project Cost | Cost to Date | Expected Opening Date | Unleverage Yield | | :-------------------------------- | :--------------- | :--------------------- | :----------------- | :----------- | :-------------------- | :--------------- | | Mayfaire Town Center - hotel development | Wilmington, NC | 49% | $15,435 | $15,955 | Summer '25 | 11.0% | | Friendly Center - Cooper's Hawk | Greensboro, NC | 50% | $2,551 | $503 | Summer '25 | 10.2% | | Friendly Center - North Italia | Greensboro, NC | 50% | $2,550 | $504 | Winter '25 | 8.1% | | **Total Properties Under Development** | | | **$20,536** | **$16,962** | | | [Off-Balance Sheet Arrangements](index=42&type=section&id=Off-Balance%20Sheet%20Arrangements) This section describes the company's ownership interests in unconsolidated affiliates and the rationale for joint ventures and debt guarantees - The Company has ownership interests in **23 unconsolidated affiliates**, accounted for using the equity method[201](index=201&type=chunk) - Joint ventures are formed to leverage third-party expertise, capitalize on property value, or develop non-retail uses on available land[204](index=204&type=chunk) - The Operating Partnership may guarantee joint venture debt to achieve lower funding costs, often receiving a fee or increased ownership from the joint venture partner[202](index=202&type=chunk) [Critical Accounting Policies](index=43&type=section&id=Critical%20Accounting%20Policies) This section highlights the use of estimates and assumptions in financial statement preparation and confirms no material changes to critical accounting policies - Financial statement preparation requires management to make estimates and assumptions that affect the financial statements and disclosures[205](index=205&type=chunk) - There have been no material changes to the critical accounting policies and estimates during the six months ended June 30, 2025[206](index=206&type=chunk) [Non-GAAP Measure - Funds from Operations](index=43&type=section&id=Non-GAAP%20Measure%20-%20Funds%20from%20Operations) This section defines Funds from Operations (FFO) as a non-GAAP measure, explains its calculation, and analyzes changes in FFO allocable to Operating Partnership common unitholders - FFO is a non-GAAP measure supplementing net income by excluding gains/losses on depreciable property sales, impairment losses, and adding back depreciation and amortization[207](index=207&type=chunk) - FFO allocable to Operating Partnership common unitholders reflects property performance regardless of common shareholders' and noncontrolling interests' ownership[209](index=209&type=chunk) FFO Allocable to Operating Partnership Common Unitholders, as Adjusted (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | FFO allocable to Operating Partnership common unitholders | $45,455 | $47,155 | $80,298 | $85,313 | | FFO allocable to Operating Partnership common unitholders, as adjusted | $57,271 | $54,004 | $103,435 | $101,321 | - The increase in FFO, as adjusted, was primarily driven by the consolidation of CoolSprings Galleria, Oak Park Mall, and West County Center, partially offset by property sales[216](index=216&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's exposure to market risks, primarily interest rate risk, and the impact of interest rate changes on annual interest expense and debt fair value - The Company uses interest rate swaps to manage its interest rate risk[219](index=219&type=chunk) - A **0.5%** increase or decrease in interest rates on variable-rate debt would impact annual interest expense by approximately **$4.4 million**[219](index=219&type=chunk) - A **0.5%** increase in interest rates would decrease debt fair value by approximately **$14.9 million**, while a **0.5%** decrease would increase it by approximately **$15.3 million**[220](index=220&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and procedures and reports no material changes in internal control over financial reporting - The Company's disclosure controls and procedures were evaluated and concluded to be effective as of June 30, 2025[221](index=221&type=chunk) - There have been no material changes in the Company's internal control over financial reporting during the most recent fiscal quarter[222](index=222&type=chunk) [PART II – OTHER INFORMATION](index=39&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates information on legal proceedings by reference from Note 12 of the condensed consolidated financial statements - Information on legal proceedings is incorporated by reference from Note 12 of the condensed consolidated financial statements[223](index=223&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item1A.%20Risk%20Factors) This section updates risk factors, highlighting the potential adverse impact of international trade disputes, including tariffs, on the company's business - International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact the company's business[225](index=225&type=chunk) - Tariffs could increase costs for tenants selling imported goods, potentially weakening real estate demand if costs cannot be passed to customers[225](index=225&type=chunk) - Trade disputes could also lead to inflationary pressures on redevelopment project materials and disrupt global supply chains[225](index=225&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - This item is not applicable[226](index=226&type=chunk) [Item 3. Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - This item is not applicable[227](index=227&type=chunk) [Item 4. Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - This item is not applicable[228](index=228&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) This section confirms that no directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter - None of the company's directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025[229](index=229&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO and XBRL documents - Exhibits include certifications by the CEO and CFO and various XBRL taxonomy extension documents[231](index=231&type=chunk) [SIGNATURES](index=41&type=section&id=SIGNATURES) The report is duly signed on behalf of CBL & Associates Properties, Inc. by Benjamin W. Jaenicke, Executive Vice President, Chief Financial Officer, and Treasurer, as of August 6, 2025 - The report was signed by Benjamin W. Jaenicke, Executive Vice President, Chief Financial Officer and Treasurer, on August 6, 2025[235](index=235&type=chunk)

Acquisitions and Dispositions - CBL acquired four regional malls for $178.9 million, increasing its loan with Beal Bank USA to $443.0 million and extending the maturity by seven years[8]. - Year-to-date, CBL generated over $162.7 million from asset dispositions, including the sale of The Promenade for $83.1 million at an 8.5% cap rate[8]. - CBL closed the acquisition of four regional malls for $178.9 million, enhancing its position in growing middle markets[27]. - CBL completed the acquisition of four enclosed malls for $178,900, increasing the principal balance of an existing loan to $442,956 and extending its maturity to October 2030[5]. Financial Performance - Same-center NOI for Q2 2025 declined 0.5% year-over-year, while FFO, as adjusted, per share increased to $1.86 from $1.73[8]. - Total revenues for the six months ended June 30, 2025, were $311.7 million, compared to $307.6 million in the prior year[17]. - Total same-center NOI for the six months ended June 30, 2025, declined 1.4% year-over-year, impacted by increased operating expenses[17]. - CBL's updated FFO guidance for 2025 is projected between $6.98 and $7.34 per share, reflecting the impact of recent acquisitions and asset sales[32]. - Same-center NOI for full-year 2025 is expected to range from (2.0)% to 0.5%[32]. - Total revenues for Q2 2025 reached $140,905, a 8.5% increase from $129,665 in Q2 2024[51]. - Rental revenues increased to $136,453 in Q2 2025, up 9.4% from $124,071 in Q2 2024[51]. - Net income attributable to common shareholders was $2,567 for Q2 2025, a decrease of 42.5% compared to $4,484 in Q2 2024[51]. - FFO (Funds From Operations) allocable to Operating Partnership common unitholders was $45,455 for Q2 2025, down 3.6% from $47,155 in Q2 2024[53]. - Basic earnings per share for Q2 2025 was $0.08, compared to $0.14 in Q2 2024, reflecting a 42.9% decline[51]. Occupancy and Leasing - Portfolio occupancy increased to 88.8% as of June 30, 2025, compared to 88.7% in the prior year, despite bankruptcy-related closures impacting occupancy[8]. - Over 1.2 million square feet of leases were executed in Q2 2025, with new comparable leases signed at a 39% increase in average rents[14]. - Same-center tenant sales per square foot increased by 3.5% in Q2 2025, with total sales per square foot for the trailing twelve months at $427, up 0.8%[14]. - New leases for the six months ended June 30, 2025, totaled 323,605 square feet, while renewal leases amounted to 1,464,519 square feet[4]. Debt and Interest Expenses - CBL closed a $78.0 million non-recourse loan at a fixed interest rate of 6.856%, improving from a previous rate of 8.19%[22]. - The existing loan was modified to $443.0 million, extending maturity to October 2030 with a fixed interest rate of 7.70% for the initial term[28]. - The company's share of consolidated debt as of June 30, 2025, was $2,238,460,000, with a weighted-average interest rate of 5.93%[63]. - Interest expense rose to $43,959 in Q2 2025, compared to $39,407 in Q2 2024, marking an increase of 13.0%[51]. - The total debt as of June 30, 2025, is $2,238,462, with a weighted average interest rate of 5.93%[8]. Cash Flow and Capital Expenditures - Cash flows provided by operating activities for the first half of 2025 were $99.9 million, compared to $95.0 million in the same period of 2024, indicating a 5% increase[75]. - Total capital expenditures for the six months ended June 30, 2025, were $24.781 million, compared to $17.816 million for the same period in 2024, reflecting a 39.0% increase[129]. - Cash and cash equivalents increased to $100,325,000 as of June 30, 2025, compared to $40,791,000 at the end of 2024, reflecting a 146.5% increase[67]. Shareholder Returns - CBL's Board declared a 12.5% increase in the quarterly cash dividend to $0.45 per share, equating to an annualized rate of $1.80[21]. Future Outlook - The company anticipates higher variable interest expenses due to fewer expected Fed rate cuts[32]. - The estimated maintenance capital and tenant allowances for 2025 are projected between $40.0 million and $55.0 million[37]. - The company plans to continue focusing on enhancing its asset portfolio through strategic redevelopment and potential acquisitions in the upcoming quarters[101][104].

Exclusive: Mall owner CBL Properties is buying four middle-market malls, the latest sign that the mall sector’s recovery is extending beyond luxury and high-end properties https://t.co/tr6adDKUAS ...

Core Viewpoint - CBL International Limited has announced a share repurchase program, reflecting the Board's confidence in the company's long-term potential and commitment to delivering value to shareholders [1][3]. Financial Performance - For FY2024, CBL reported consolidated revenue of $592.52 million, a 35.9% increase from $435.90 million in 2023, driven by a 38.1% increase in sales volume [3]. Strategic Focus - The company aims to expand its market presence, particularly in biofuels, and enhance its global supply network while driving operational efficiency and sustainable growth [4]. - CBL's strategic initiatives include the expansion of ports, diversification of its client base, and commitment to sustainable practices to position itself for growth as market conditions improve [5]. Company Overview - CBL International Limited, established in 2015, is a marine fuel logistics company based in the Asia Pacific region, providing vessel refueling solutions across over 60 major ports [6].

Group 1 - The investment group High Yield Landlord, led by Jussi Askola, provides real-time insights into a REIT portfolio, including buy/sell alerts and direct access to analysts [2] - Jussi Askola is the President of Leonberg Capital, which specializes in consulting hedge funds, family offices, and private equity firms on REIT investing [2] - The group has received over 500 five-star reviews, indicating high satisfaction among its members [1] Group 2 - The company invests significant resources, over $100,000 annually, into researching profitable investment opportunities, particularly in real estate [1] - The investment strategies offered are designed to maximize returns for members at a fraction of the typical cost [1]

Core Insights - CBL International Limited has officially renamed its Singapore-based subsidiary from Majestic Energy (Singapore) Pte Ltd to Banle International (Singapore) Pte Ltd to enhance its regional growth strategy and commitment to the Singapore market [1][2]. Company Developments - The renaming reflects the Group's strategic expansion into sustainable fuels, aligning with the global maritime industry's transition towards greener energy solutions [2][5]. - CBL's revenue in Singapore increased by 102% year-over-year in 2024 compared to 2023, indicating strong growth in the region [4]. - The company launched its first biofuel supply services in Singapore in March 2025, with subsequent expansions planned for Malaysia, Hong Kong, and various ports in China [4]. Industry Trends - Singapore remains the world's largest bunkering hub, with annual sales close to 55 million metric tons in 2024, a 6% increase from 2023 [3]. - Demand for sustainable fuels, including biofuels, LNG, and methanol, is rising, with biofuel sales in the first four months of 2025 already surpassing 50% of the total volume recorded in 2024 [3]. - CBL's biofuel sales volumes surged over 600% year-over-year in 2024, supported by strengthened supplier relationships and reliable supply chains [4]. Strategic Positioning - CBL differentiates itself in Singapore's competitive bunkering sector through agile operations and a customer-centric approach, enabling it to capture new opportunities in both traditional and emerging fuel segments [5]. - The company is well-positioned to grow alongside Singapore's vision of becoming a leader in sustainable maritime solutions, supported by a robust regulatory environment and strong government backing [6].

Core Viewpoint - Zacks Investment Research has initiated coverage of CBL & Associates Properties, Inc. with a "Neutral" recommendation, reflecting a mixed outlook for the company amid industry challenges [1] Company Overview - CBL is a self-managed, integrated REIT based in Chattanooga, TN, focusing on the ownership, development, acquisition, leasing, management, and operation of regional shopping malls and commercial properties [2] - As of December 31, 2024, CBL owned interests in 87 properties, including 45 malls, 27 open-air centers, five outlet centers, five lifestyle centers, and five other properties across 21 states, primarily in the southeastern and midwestern United States [2] Financial Performance - In Q1 2025, CBL signed leases for 575,000 square feet, achieving an average rent uplift of 21.5%, with occupancy improving to 90.4% [3] - The company reported a stable quarterly adjusted FFO of $1.50 per share and reaffirmed full-year guidance of $6.98–$7.34 per share, indicating earnings visibility [3] - CBL reduced its net debt by $60 million year over year, with total net debt at $2.15 billion as of March 2025 [4] - The maturity of its secured term loan has been extended to November 2026, with potential for further extension through 2027 [4] Growth Drivers - Strategic asset sales in Q1 2025 totaled $73.3 million, including properties like Monroeville Mall and Imperial Valley Mall, resulting in $21.5 million in gains while reducing debt [5] - The stock offers an annualized dividend yield of 12.5% to 13.3%, supported by 18.28% dividend growth, appealing to income-focused investors [5] Market Positioning - CBL's stock has outperformed industry peers and the broader market over the past year, currently trading at low valuation multiples relative to industry standards [7] - The stock reflects investor caution regarding refinancing risk, tenant pressures, and sector headwinds, but this discount may present upside for value-focused investors seeking high yield and turnaround potential [7]