CBL & Associates Properties, Inc. (CBL)

In the past six months, CBL's stock has outperformed the Zacks REIT and Equity Trust - Retail industry. Key events impacting CBL's stock price include a new stock repurchase program, refinancing activities to strengthen the balance sheet, dividend announcements, solid Q3 2025 results, and the impact of Fed rate cuts expected to boost quarterly AFFO.

The shopping center business, which forms the core of CBL's operations, is seasonal. Tenants typically achieve their highest sales levels during the fourth quarter due to the holiday season, resulting in higher percentage rent income and temporary rents, leading to the highest occupancy levels and revenues during this period each year.

CBL & Associates Properties, Inc. is a real estate investment trust (REIT) that specializes in the ownership, management, and development of shopping centers and malls. The company invests in, owns, and manages a national portfolio of market-dominant properties, including high-quality enclosed malls, outlet centers, lifestyle retail centers, and open-air centers. CBL is also focusing on mixed-use developments and aims to strengthen its portfolio through active management, aggressive leasing, and profitable reinvestment.

CBL & Associates Properties, Inc. owns and manages approximately 88 to 94 properties totaling 53.9 to 59.5 million square feet across 22 states. Its operations are primarily concentrated in the Southeastern and Midwestern United States, with Chattanooga, Tennessee, being its largest market.

In the past year, CBL's brand reputation has been impacted by concerns regarding its debt profile and refinancing risks. S&P Global Ratings downgraded CBL & Associates Properties Inc. and later revised its outlook to negative, reflecting liquidity pressure and refinancing risks associated with its secured term loan due in November 2026. The company's asset recycling strategy was also viewed negatively.

Approximately 66.09% to 83.55% of CBL's stock is owned by institutional investors, while insiders hold around 3.40% to 3.42%, and public companies and individual investors own about 10.95% to 30.50%. Major institutional shareholders include Canyon Capital Advisors LLC, Oaktree Capital Management LP, Vanguard Group Inc, BlackRock, Inc., Taconic Capital Advisors LP, State Street Corp, Geode Capital Management, Llc, and Strategic Value Partners LLC.