CBL & Associates Properties

What CBL & Associates Properties does

CBL & Associates Properties is a publicly traded, vertically integrated real estate investment trust (NYSE: CBL) that acquires, owns, develops, and manages a portfolio of 89 retail properties totaling approximately 55.4 million square feet across 23 U.S. states. Founded in 1979 and converted to a REIT in 1993, the company is headquartered in Chattanooga, Tennessee, and operates with a self-managed structure through 477 employees. Its portfolio comprises three core product categories: regional enclosed malls (55 properties including malls, outlets, and lifestyle centers such as The Outlet Shoppes branded centers), open-air shopping centers (30 properties serving everyday retail needs), and mixed-use redevelopment initiatives that integrate residential, entertainment, and dining components onto underutilized land parcels.

The company's underlying technology platform is a commercial real estate ownership and management operation rather than a software product. CBL runs an internal leasing team that directly negotiates multi-year contracts with national and regional retailers, including enterprise tenants such as H&M, The Cheesecake Factory, DICK'S Sporting Goods, Von Maur, Boscov's, ShopRite, Hollywood Casino, and Live! Casino. Mixed-use redevelopment is executed through development partnerships — notably with Greystar (361-unit multifamily at CoolSprings Galleria) and SJC Ventures (Harford Mall) — converting non-income-producing parcels into residential density that drives mall foot traffic. The company maintains ESG reporting infrastructure (TCFD-aligned climate disclosures, Human Rights Policy, Vendor Code of Conduct) but no proprietary AI/ML or software-as-a-service products.

CBL generates revenue primarily through recurring rental income from retail tenant leases across its enclosed mall, outlet, lifestyle, and open-air portfolios, with secondary revenue from one-time property dispositions as part of its capital recycling strategy. Lease pricing is negotiated individually based on square footage, anchor versus inline positioning, lease term, and tenant credit, with multi-year contract cadence and rates not publicly disclosed. The company completed approximately $240.7 million in gross disposition proceeds during 2025 to fund capital recycling into high-yield enclosed mall acquisitions, reporting full-year 2025 FFO of $7.21 per share (vs. $6.69 in 2024) on revenue of approximately $578 million. Following a 2021 Chapter 11 reorganization that deleveraged the balance sheet by more than $1.6 billion, CBL is repositioned with extended debt maturities to 2031 and a 39% increase in annualized dividend to $2.50 per share.

Name

CBL & Associates Properties

Legal name

CBL & Associates Properties, Inc.

Website

https://cblproperties.com

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

251–500 employees

Short description

CBL & Associates Properties is a publicly traded REIT (NYSE: CBL) that owns and manages 89 retail properties totaling 55.4 million square feet across 23 U.S. states, specializing in middle-market enclosed malls, outlet centers, lifestyle centers, and mixed-use redevelopment serving national and regional retailers.

Ownership category

akta.pro rank

Product category

Shopping Center REIT

NAICS

Other Financial Vehicles (52599), Other Activities Related to Real Estate (531390)

SIC

Real Estate Investment Trusts (6798), Real Estate (6500)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Enclosed mall properties
• Outlet shopping centers
• Lifestyle retail centers
• Commercial real estate leasing
• Mixed-use redevelopment

Headquarters

HQ city

Chattanooga

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Rental Income from Retail Tenants: CBL generates the majority of revenue through rental income from retailers leasing space in its malls, outlet centers, and lifestyle retail properties across 23 states.
2. Property Dispositions: Capital recycling strategy through sale of properties including Hammock Landing ($78.5M), open-air centers, and land parcels. Proceeds fund acquisitions and debt reduction.
3. Capital Recycling and Asset Rotation: Strategic acquisition of enclosed malls (Gateway Mall for $43.5M) funded through dispositions of open-air centers, maintaining portfolio balance and optimizing returns.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

CBL & Associates Properties is a self-managed, self-administered real estate investment trust (REIT) that owns, operates, and leases 89 retail properties totaling approximately 55.4 million square feet across 23 states. The portfolio includes enclosed regional malls, outlet centers, lifestyle retail centers, and open-air shopping centers, with a strategic emphasis on middle-market communities, capital recycling through property acquisitions and dispositions, and mixed-use redevelopment that adds residential, entertainment, and dining components to mall campuses.

Product overview

CBL & Associates Properties operates as a vertically-integrated real estate investment trust (REIT) managing a portfolio of 89 retail properties totaling approximately 55.4 million square feet across 23 states. The company's core offerings include regional enclosed malls, outlet centers, lifestyle retail centers, and open-air shopping centers, primarily located in middle-market communities. CBL's portfolio strategy encompasses traditional mall operations supplemented by mixed-use redevelopment initiatives adding residential components, entertainment venues such as casinos and theaters, and specialty leasing programs. The company positions itself as redefining the mall experience by combining retail, dining, entertainment, and other mixed uses.

Differentiator

Problem solved

Functional benefit

Products and services

• Regional Malls

Quantifiable outcome

• 90.5% occupancy rate maintained across portfolio
• +4 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and major.

• GreystarcoreStrategic or Co-development Partner · 18 June 2026Greystar is developing a 361-unit upscale multi-family community with 15,000 sq ft of ground-floor retail at CoolSprings Galleria in Franklin, Tennessee. CBL sold a 5.35-acre parcel to enable this mixed-use development, enhancing the mall campus.
• SJC VenturesmajorStrategic or Co-development Partner · 5 June 2026SJC Ventures acquired a 10.468-acre parcel at Harford Mall in Bel Air, Maryland including the former Macy's site for mixed-use redevelopment. This advances CBL's broader mixed-use redevelopment strategy.
• Washington Prime GroupcoreStrategic or Co-development Partner · 5 March 2026CBL acquired Gateway Mall in Lincoln, Nebraska from Washington Prime Group for $43.5 million. Previously acquired four malls from Washington Prime Group in 2025 for $178.9 million as part of strategic portfolio optimization.
• Horizon Group PropertiescoreStrategic or Co-development Partner · 1 January 2011CBL entered the outlet space through a joint-venture partnership with Horizon Group Properties to develop The Outlet Shoppes at Oklahoma City.

Scale indicators11 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Simon Property Group: The largest publicly traded US REIT specializing in enclosed malls, outlet centers, and lifestyle properties. Directly comparable to CBL in mall ownership and mixed-use strategy, but operates primarily A-tier properties and has stronger credit metrics post-COVID.
• Macerich: A pure-play mall REIT operating approximately 50 high-quality regional malls across the US. Directly comparable to CBL in mall focus, tenant base (national retailers), and mixed-use redevelopment approach, with similar middle-market exposure.
• Federal Realty Investment Trust: A REIT specializing in open-air shopping centers and mixed-use properties in dense coastal markets. Explicitly mentioned in CBL's third-party comparisons (revenue of $1.28B vs CBL's $578M); serves as a quality benchmark for retail REIT performance.
• Kimco Realty: The largest publicly traded owner of open-air shopping centers in North America. Comparable to CBL in retail leasing expertise and tenant relationships, though Kimco focuses exclusively on grocery-anchored open-air centers rather than enclosed malls.
• Tanger Inc. A REIT specializing in outlet shopping centers. Comparable to CBL through its outlet center portfolio (CBL operates The Outlet Shoppes), with similar tenant mix of brand-name retailers and discount-focused consumers.
• Phillips Edison & Company: A REIT focused on necessity-based neighborhood and community shopping centers. Comparable to CBL in retail leasing operations and middle-market tenant base, though with greater concentration in grocery-anchored daily-needs retail.
• Kite Realty Group Trust: A retail REIT owning open-air shopping centers in growth markets. Comparable to CBL in retail leasing expertise and mixed-use repositioning strategy, with similar focus on high-quality grocery-anchored and lifestyle centers.
• Regency Centers: A national REIT owning grocery-anchored shopping centers in affluent suburban markets. Comparable to CBL in retail leasing and tenant relationship management, with superior demographic focus in primary trade areas.

Broad incumbents

• Unibail-Rodamco-Westfield: A global owner and operator of flagship shopping destinations with significant US presence through Westfield. Comparable to CBL in mall ownership and experiential retailing strategy, but with international diversification and focus on premium flagship destinations.
• Brookfield Property Partners: A globally diversified real estate owner-operator with significant US retail and mall exposure. Comparable to CBL in mall ownership and mixed-use strategy, but with broader asset class diversification across office, multifamily, and logistics.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cblmalls
• LinkedInlinkedin.com/company/43831

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds7 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CBL & Associates Properties