NYSE : CBL
CBL & Associates Properties, Inc. — Financial statements
Real Estate · REIT - Retail · United States
Last price 50.76 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.57B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 568.56M | 558.99M | 493.88M | 513.96M | 542.25M | 554.17M |
| Property Management Fees | 5.21M | 5.11M | 7.61M | 7.92M | 7.16M | 7.14M |
| Other Revenue | 14.38M | 14.27M | 14.08M | 13.41M | 13.61M | 15.56M |
| Total Revenue | 588.15M | 578.37M | 515.56M | 535.29M | 563.01M | 576.88M |
| Property Expenses | 205.62M | 204.35M | 175.15M | 187.14M | 191.73M | 188.45M |
| Selling, General & Administrative | 66.51M | 69.04M | 67.25M | 64.07M | 67.22M | 52.34M |
| Depreciation & Amortization | 154.29M | 165.16M | 140.59M | 190.50M | 256.31M | 208.08M |
| Other Operating Expenses | -3.00K | 57.00K | 230.00K | 221.00K | 834.00K | 748.00K |
| Total Operating Expenses | 426.43M | 438.61M | 383.22M | 441.93M | 516.09M | 449.61M |
| Operating Income | 161.72M | 139.77M | 132.34M | 93.36M | 46.92M | 127.27M |
| Interest Expense | -170.39M | -175.96M | -154.49M | -172.91M | -217.34M | -267.90M |
| Interest & Investment Income | 13.07M | 13.25M | 15.71M | 13.20M | 4.94M | 2.56M |
| Income (Loss) on Equity Investments | 72.51M | 53.28M | 22.93M | 11.87M | 19.80M | -10.03M |
| EBT Excluding Unusual Items | 76.91M | 30.33M | 16.50M | -54.49M | -145.69M | -148.10M |
| Gain (Loss) on Sale of Investments | -39.00K | |||||
| Gain (Loss) on Sale of Assets | 141.50M | 108.08M | 16.68M | 53.00M | 41.59M | 86.44M |
| Asset Writedown | -1.74M | -3.19M | -1.46M | -252.00K | -146.78M | |
| Total Legal Settlements | 553.00K | 2.31M | 304.00K | 1.05M | ||
| Other Unusual Items | -217.00K | 25.91M | 3.27M | 7.64M | -436.56M | |
| Pretax Income | 216.68M | 135.00M | 58.17M | 4.10M | -96.44M | -643.95M |
| Income Tax Expense | -11.00K | 475.00K | 1.05M | 894.00K | 3.08M | -4.81M |
| Earnings From Continuing Operations | 216.69M | 134.53M | 57.12M | 3.20M | -99.52M | -639.14M |
| Minority Interest in Earnings | 663.00K | 1.44M | 1.85M | 3.34M | 6.03M | 16.97M |
| Net Income | 217.35M | 135.97M | 58.97M | 6.55M | -93.48M | -622.17M |
| Preferred Dividends & Other Adjustments | 3.49M | 2.09M | 1.21M | 1.11M | 2.54M | |
| Net Income to Common | 213.86M | 133.88M | 57.76M | 5.43M | -96.02M | -622.17M |
| Basic Shares Outstanding | 30.23M | 30.34M | 30.91M | 31.30M | 30.05M | 167.11M |
| Diluted Shares Outstanding | 30.88M | 30.84M | 30.96M | 31.30M | 30.05M | 167.11M |
| EPS (Basic) | 7.08 | 4.41 | 1.87 | 0.17 | -3.20 | -3.72 |
| EPS (Diluted) | 6.93 | 4.34 | 1.87 | 0.17 | -3.20 | -3.72 |
| Dividend Per Share | 1.80 | 1.70 | 1.60 | 1.50 | 0.75 | |
| Operating Margin | 27.50% | 24.17% | 25.67% | 17.44% | 8.33% | 22.06% |
| Profit Margin | 36.36% | 23.15% | 11.20% | 1.01% | -17.05% | -107.85% |
| EBITDA | 329.66M | 319.56M | 288.59M | 305.29M | 324.03M | 339.35M |
| EBITDA Margin | 56.05% | 55.25% | 55.98% | 57.03% | 57.55% | 58.83% |
| D&A For Ebitda | 167.94M | 179.79M | 156.26M | 211.93M | 277.11M | 212.08M |
| EBIT | 161.72M | 139.77M | 132.34M | 93.36M | 46.92M | 127.27M |
| EBIT Margin | 27.50% | 24.17% | 25.67% | 17.44% | 8.33% | 22.06% |
| Funds From Operations (FFO) | 273.71M | 208.97M | 198.19M | 211.11M | 178.62M | -237.71M |
| FFO Per Share | 8.81 | 6.74 | 6.40 | 6.59 | 5.78 | |
| Adjusted Funds From Operations (AFFO) | 231.71M | 223.57M | 207.29M | 213.17M | 243.52M | 349.83M |
| AFFO Per Share | 7.47 | 7.21 | 6.69 | 6.66 | 7.88 | |
| FFO Payout Ratio | 13.22% | 25.09% | 25.41% | 55.94% | 13.37% | |
| Effective Tax Rate | 0.35% | 1.81% | 21.82% | |||
| Revenue as Reported | 588.15M | 578.37M | 515.56M | 535.29M | 563.01M | 576.88M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 1.87B | 1.88B | 1.82B | 1.58B | 1.66B | 1.77B |
| Cash & Equivalents | 101.28M | 42.29M | 40.79M | 34.19M | 44.72M | 169.55M |
| Accounts Receivable | 41.83M | 46.49M | 45.59M | 43.44M | 40.62M | 25.19M |
| Other Receivables | 1.69M | 1.56M | 2.36M | 2.75M | 3.88M | 4.79M |
| Investment In Debt and Equity Securities | 201.17M | 293.09M | 243.15M | 262.14M | 292.42M | 150.00M |
| Other Intangible Assets | 240.34M | 232.37M | 311.06M | 278.83M | 421.27M | 619.08M |
| Restricted Cash | 101.34M | 110.67M | 112.94M | 88.89M | 97.23M | 66.64M |
| Other Current Assets | 56.08M | |||||
| Deferred Long-Term Tax Assets | 14.46M | 12.61M | 10.96M | 9.73M | 10.85M | |
| Other Long-Term Assets | 81.70M | 112.00M | 107.20M | 102.60M | 104.39M | 130.76M |
| Total Assets | 2.64B | 2.73B | 2.75B | 2.41B | 2.68B | 2.95B |
| Current Portion of Long-Term Debt | 180.34M | 1.28B | ||||
| Current Portion of Leases | 258.00K | |||||
| Long-Term Debt | 1.69B | 869.65M | 2.21B | 1.89B | 2.00B | 2.21B |
| Long-Term Leases | 12.61M | |||||
| Accounts Payable | 180.97M | 101.14M | 118.23M | 106.08M | 200.31M | 184.40M |
| Other Current Liabilities | 79.64M | 103.42M | 80.41M | 110.62M | 151.87M | |
| Total Liabilities | 2.21B | 2.36B | 2.43B | 2.08B | 2.31B | 2.54B |
| Common Stock | 31.00K | 30.00K | 31.00K | 32.00K | 32.00K | 21.00K |
| Additional Paid-In Capital | 686.16M | 687.42M | 694.57M | 719.12M | 710.50M | 547.73M |
| Distributions in Excess of Earnings | -258.71M | -312.96M | -371.83M | -380.45M | -338.93M | -151.54M |
| Comprehensive Income & Other | -48.00K | 443.00K | 782.00K | 610.00K | -1.05M | -3.00K |
| Total Common Equity | 427.44M | 374.94M | 323.55M | 339.32M | 370.54M | 396.20M |
| Minority Interest | -5.20M | -10.26M | -10.68M | -8.70M | -3.41M | 4.90M |
| Shareholders' Equity | 422.24M | 364.67M | 312.86M | 330.62M | 367.13M | 401.10M |
| Total Liabilities & Equity | 2.64B | 2.73B | 2.75B | 2.41B | 2.68B | 2.95B |
| Total Debt | 2.03B | 2.18B | 2.21B | 1.89B | 2.00B | 2.21B |
| Net Cash (Debt) | -1.93B | -2.14B | -2.17B | -1.85B | -1.96B | -2.04B |
| Net Cash Per Share | -62.58 | -69.43 | -70.15 | -59.25 | -65.08 | -12.20 |
| Filing Date Shares Outstanding | 30.94M | 30.98M | 30.94M | 32.27M | 32.06M | 31.81M |
| Total Common Shares Outstanding | 30.94M | 30.32M | 30.71M | 31.98M | 31.78M | 20.77M |
| Book Value Per Share | 13.81 | 12.37 | 10.54 | 10.61 | 11.66 | 19.07 |
| Tangible Book Value | 187.09M | 142.57M | 12.48M | 60.49M | -50.73M | -222.88M |
| Tangible Book Value Per Share | 6.05 | 4.70 | 0.41 | 1.89 | -1.60 | -10.73 |
| Land | 601.55M | 601.55M | 588.15M | 585.19M | 596.72M | 599.28M |
| Buildings | 1.65B | 1.62B | 1.51B | 1.22B | 1.20B | 1.17B |
| Construction In Progress | 9.44M | 10.53M | 5.82M | 8.90M | 5.58M | 16.66M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 217.35M | 135.97M | 58.97M | 6.55M | -93.48M | -639.14M |
| Depreciation & Amortization | 167.94M | 179.79M | 156.26M | 211.93M | 277.11M | 212.08M |
| Other Amortization | 25.72M | 29.47M | 10.48M | 23.82M | 117.49M | 176.32M |
| Gain (Loss) on Sale of Assets | -141.50M | -108.08M | -16.68M | -53.00M | -41.59M | -86.44M |
| Gain (Loss) on Sale of Investments | 39.00K | |||||
| Asset Writedown | 1.74M | 3.22M | 1.69M | 39.00K | 1.09M | 147.53M |
| Restructuring Activities | 256.43M | |||||
| Stock-Based Compensation | 13.33M | 16.75M | 14.93M | 12.98M | 11.88M | 1.47M |
| Income (Loss) on Equity Investments | -15.53M | -8.93M | -2.27M | 6.57M | 4.11M | 28.63M |
| Change in Accounts Receivable | -10.24M | -1.89M | -2.38M | -3.75M | -10.49M | 21.13M |
| Change in Accounts Payable | 8.65M | -6.30M | -8.51M | -16.79M | -40.16M | 49.20M |
| Change in Other Net Operating Assets | 11.24M | 7.78M | 14.98M | 1.25M | -355.00K | 1.49M |
| Other Operating Activities | -464.00K | -1.13M | -29.41M | -7.72M | -12.94M | -11.29M |
| Operating Cash Flow | 282.92M | 249.68M | 202.22M | 183.52M | 208.23M | 164.11M |
| Acquisition of Real Estate Assets | -276.51M | -237.76M | -36.19M | -42.86M | -44.83M | -31.62M |
| Sale of Real Estate Assets | 111.64M | 168.86M | 79.45M | 9.81M | 9.63M | 33.27M |
| Net Sale / Acq. of Real Estate Assets | -164.87M | -68.90M | 43.25M | -33.05M | -35.20M | 1.64M |
| Cash Acquisition | 9.84M | |||||
| Investment in Marketable & Equity Securities | 3.93M | -44.28M | 14.37M | 37.13M | -118.07M | 109.74M |
| Other Investing Activities | -651.00K | -1.93M | -2.46M | -2.38M | -3.42M | -2.91M |
| Investing Cash Flow | -161.59M | -115.11M | 65.01M | 1.70M | -156.69M | 108.48M |
| Long-Term Debt Issued | 188.00M | 425.00M | 50.04M | |||
| Long-Term Debt Repaid | -219.30M | -146.26M | -79.00M | -524.17M | -205.97M | |
| Net Debt Issued (Repaid) | -4.51M | -31.30M | -146.26M | -79.00M | -99.17M | -155.93M |
| Repurchase of Common Stock | -26.31M | -23.88M | -39.49M | -4.29M | -1.74M | -11.00K |
| Common Dividends Paid | -36.19M | -52.42M | -50.36M | -47.88M | -23.87M | |
| Total Dividends Paid | -36.19M | -52.42M | -50.36M | -47.88M | -23.87M | |
| Other Financing Activities | -26.10M | -3.14M | -400.00K | -2.70M | -21.01M | -2.17M |
| Net Cash Flow | -1.88M | -852.00K | 30.73M | -18.87M | -94.25M | 114.48M |
| Levered Free Cash Flow | 226.26M | 220.63M | 120.96M | 81.23M | 229.52M | 542.35M |
| Unlevered Free Cash Flow | 307.03M | 301.13M | 207.04M | 165.47M | 247.87M | 533.48M |
| Cash Interest Paid | 134.37M | 136.11M | 131.33M | 136.15M | 124.15M | 54.77M |
| Change in Working Capital | 9.65M | -413.00K | 4.10M | -19.30M | -51.01M | 71.82M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.56B | 1.14B | 904.34M | 781.47M | 734.73M | 623.64M |
| Enterprise Value | 3.49B | 3.25B | 2.60B | 2.64B | 2.66B | 3.93B |
| Last Close Price | 50.41 | 35.54 | 25.90 | 20.15 | 17.84 | 21.75 |
| Price/FFO Ratio | 5.96 | 5.27 | 4.05 | 3.06 | 3.09 | |
| Price/AFFO Ratio | 7.03 | 4.93 | 3.87 | 3.03 | 2.26 | |
| PE Ratio | 7.28 | 8.48 | 15.66 | 143.84 | ||
| PS Ratio | 2.65 | 1.96 | 1.75 | 1.46 | 1.30 | 1.08 |
| PB Ratio | 3.65 | 3.11 | 2.89 | 2.36 | 2.00 | 1.55 |
| P/OCF Ratio | 5.51 | 4.55 | 4.47 | 4.26 | 3.53 | 3.80 |
| EV/Sales Ratio | 5.94 | 5.62 | 5.05 | 4.93 | 4.72 | 6.80 |
| EV/EBITDA Ratio | 10.60 | 10.18 | 9.02 | 8.64 | 8.21 | 11.57 |
| EV/EBIT Ratio | 21.60 | 23.27 | 19.68 | 28.26 | 56.69 | 30.85 |
| Debt / Equity Ratio | 4.82 | 5.99 | 7.07 | 5.71 | 5.45 | 5.51 |
| Debt / EBITDA Ratio | 6.17 | 6.83 | 7.67 | 6.19 | 6.17 | 6.51 |
| Net Debt / Equity Ratio | 4.58 | 5.87 | 6.94 | 5.61 | 5.33 | 5.08 |
| Net Debt / EBITDA Ratio | 5.86 | 6.70 | 7.53 | 6.08 | 6.04 | 6.01 |
| Asset Turnover | 0.22 | 0.21 | 0.20 | 0.21 | 0.20 | 0.16 |
| Quick Ratio | 0.28 | 0.06 | 0.40 | 0.43 | 0.29 | 0.59 |
| Current Ratio | 0.47 | 0.14 | 1.16 | 0.91 | 0.60 | 0.79 |
| Return on Equity (ROE) | 61.93% | 39.71% | 17.75% | 0.92% | -25.91% | -136.70% |
| Return on Assets (ROA) | 3.86% | 3.19% | 3.21% | 2.30% | 1.04% | 2.15% |
| Return on Invested Capital (ROIC) | 6.57% | 5.49% | 5.48% | 3.18% | 1.89% | 3.70% |
| Earnings Yield | 13.75% | 11.98% | 6.52% | 0.84% | -12.72% | -99.76% |
| Dividend Yield | 5.31% | 4.54% | 5.43% | 6.14% | 3.24% | |
| Payout Ratio | 36.08% | 38.56% | 85.39% | 731.37% | ||
| Buyback Yield / Dilution | -0.76% | 0.39% | 1.09% | -4.18% | 82.02% | 12.17% |
| Total Shareholder Return | 4.55% | 4.93% | 6.52% | 1.95% | 85.27% | 12.17% |