Core Insights - CBL & Associates Properties, Inc. (CBL) reported a significant increase in earnings for Q3 2025, with diluted EPS rising to $2.38 from $0.52 a year earlier, driven by gains on property sales and deconsolidation [2][10] - The stock has outperformed the S&P 500 Index, gaining 4.3% since the earnings report, and 13.3% over the past month [1] Financial Performance - Total revenues increased by 11.3% to $139.3 million from $125.1 million year-over-year, with rental revenues up 12.3% to $134.8 million [2] - Funds from operations (FFO) per diluted share rose 69.5% to $2.17, while adjusted FFO increased slightly by 0.6% to $1.55 [2] Operating Metrics - Same-center net operating income (NOI) grew by 1.1% year-over-year, with lifestyle centers showing a 15.2% increase [3] - Total portfolio occupancy improved to 90.2%, up from 89.3% a year earlier, with malls at 87.6% leased [4] Leasing Activity - CBL executed over 972,000 square feet of leases in the quarter, achieving a 17.1% average rent increase [5] - Same-center tenant sales per square foot increased by approximately 4.8% year-over-year [5] Management Commentary - Management described the quarter as "excellent," highlighting growth in same-center NOI, higher occupancy, and robust lease spreads [6] - The company is diversifying its tenant mix towards lifestyle and experiential offerings [6] Balance Sheet Management - CBL extended its non-recourse term loan, pushing out a major maturity cluster, and secured a new $43 million loan at a lower interest rate [7] - The company reported a $51.2 million gain on real estate asset sales, significantly contributing to the increase in net income [10] Outlook and Guidance - CBL reaffirmed its full-year 2025 FFO guidance at $6.98–$7.34 per share, with expectations for same-center NOI to range from a 2% decline to 0.5% growth [11] - Estimated capital needs for 2025 are projected at $137.5 million–$167.5 million [12] Transaction Activity - CBL generated over $238 million from property dispositions in 2025, including significant sales of various properties [13] - The company acquired four regional malls for $178.9 million, expanding its portfolio [14] Stock Buyback and Liquidity - CBL has repurchased approximately $7.3 million of stock and has a new $25 million buyback authorization in place [15] - The company maintained liquidity with $313 million in unrestricted cash and marketable securities at quarter-end [15]

Tanger (SKT) 2025 Conference Summary Company Overview - Tanger is a retail-focused Real Estate Investment Trust (REIT) with 44 years of history, 32 years listed on NYSE, and a significant presence in the outlet sector with 37 outlets in the U.S. and 2 in Canada [3][4] - The company has expanded into the open-air lifestyle business with three centers located in Huntsville, Alabama, Little Rock, Arkansas, and Cleveland, Ohio [4] Financial Highlights - Tanger has an equity value of approximately $4 billion and an enterprise value of $5.7 billion, with a low leverage ratio of about 5x debt to EBITDA [4] - The company has delivered same-center Net Operating Income (NOI) growth of approximately 5% over the last four years, with guidance for 2025 set at 2% to 4% [7] - Funds From Operations (FFO) growth guidance for 2025 is between 4% to 8%, which would be the highest in the retail sector [7] - A recent dividend increase of 6.5% aligns with free cash flow, maintaining a low payout ratio of 60% compared to the sector average of 75% [7] Growth Strategy - The growth strategy is based on three pillars: internal growth through remerchandising, intensifying existing real estate, and external growth through acquisitions [5][6] - Over the last 18 months, Tanger has invested approximately $650 million into five new assets, including a new outlet center in Nashville, Tennessee [6] Retail Environment Insights - Retailers are optimistic despite concerns about tariffs, with over 90% indicating a focus on supply chain diversity post-COVID [10][11] - The outlet business is evolving, with retailers using it to clear excess inventory and as a utility for brand exposure [14][31] - The company sees a shift in consumer behavior, with local customers becoming increasingly important due to remote work trends [17] Customer Experience and Remerchandising - Tanger has adapted its centers to enhance customer experience by adding food and beverage options, entertainment venues, and experiential retail [18][22] - The Nashville center exemplifies this shift, featuring a community gathering space and a mix of local food and beverage options [21] Tenant Management and Leasing Strategy - The company is proactive in managing its tenant portfolio, replacing underperforming tenants like Forever 21 with brands that align with current consumer trends [26] - Food and beverage now represent 7.5% of the shopping center area, indicating a strategic pivot towards diverse tenant categories [25] Market Position and Competitive Advantage - Tanger's open-air format allows for lower operational costs compared to traditional malls, with a CapEx load of about 15% of NOI, significantly lower than other retail formats [30][32] - The company benefits from a lack of new retail development in the U.S., making existing spaces more valuable [24][42] Acquisition Strategy and Financial Capacity - Recent acquisitions have yielded initial returns of 8% to 8.5%, with a focus on properties that can enhance the overall portfolio [42] - Tanger has a low leverage ratio and significant forward equity capacity, allowing for continued investment in unique acquisition opportunities [43] Conclusion - Tanger is well-positioned in the retail real estate market, leveraging its unique outlet format, proactive tenant management, and strategic growth initiatives to drive value for shareholders [39][43]

Management Presentation APRIL 30, 2025 Tanger Outlets Phoenix Safe Harbor Statements Certain statements made in this presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 199 ...