CBL & Associates Properties (CBL)
Market Price (10/15/2026): $47.73 | Market Cap: $1.4 BilSector: Real Estate | Industry: Retail REITs
CBL & Associates Properties (CBL)
Market Price (10/15/2026): $47.73Market Cap: $1.4 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 20% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 48% Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 120% Key risksCBL key risks include [1] its highly leveraged financial position, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 20% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 48% |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 120% |
| Key risksCBL key risks include [1] its highly leveraged financial position, Show more. |
Qualitative Assessment
AI Analysis | Feedback
CBL & Associates Properties (CBL) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Broad Retail REIT Sector Decline Led by Macroeconomic Pressures. The retail REIT sector experienced a significant downturn during fiscal Q3 2026, with total returns falling 10.53%. This decline was part of a broader trend where public equity REITs reverted, giving up their lead over the market as rising interest rates deterred investors.
2. Rising Interest Rates and "Higher-for-Longer" Expectations. The persistent rise in interest rates and Treasury bond yields in fiscal Q3 2026 created a challenging environment for REITs. Investors became concerned about increased debt refinancing costs and rising capitalization rates, making the "higher-for-longer yield environment" a significant headwind for income-generating assets like CBL.
Show more
CBL & Associates Properties (CBL) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Broad Retail REIT Sector Decline Led by Macroeconomic Pressures. The retail REIT sector experienced a significant downturn during fiscal Q3 2026, with total returns falling 10.53%. This decline was part of a broader trend where public equity REITs reverted, giving up their lead over the market as rising interest rates deterred investors.
2. Rising Interest Rates and "Higher-for-Longer" Expectations. The persistent rise in interest rates and Treasury bond yields in fiscal Q3 2026 created a challenging environment for REITs. Investors became concerned about increased debt refinancing costs and rising capitalization rates, making the "higher-for-longer yield environment" a significant headwind for income-generating assets like CBL.
3. Strong Q2 2026 Performance Insufficient to Offset Sector Weakness. Despite CBL Properties reporting strong results for fiscal Q2 2026, including higher occupancy, positive lease spreads, and an increase in full-year FFO and same-center NOI guidance, the company's stock was unable to fully decouple from the broader retail REIT sector's decline. Although CBL shares initially gained 4.1% the day following its Q2 2026 earnings announcement on August 6, 2026, the stock subsequently drifted lower over the following weeks, reflecting the overriding macroeconomic sentiment.
Show less
Stock Movement Drivers
Fundamental Drivers
The -8.8% change in CBL stock from 6/30/2026 to 10/14/2026 was primarily driven by a -27.1% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.48 | 47.85 | -8.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 583 | 588 | 1.0% |
| Net Income Margin (%) | 29.8% | 37.0% | 24.0% |
| P/E Multiple | 9.1 | 6.7 | -27.1% |
| Shares Outstanding (Mil) | 30 | 30 | -0.1% |
| Cumulative Contribution | -8.8% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| CBL | -8.8% | |
| Market (SPY) | 3.1% | -2.4% |
| Sector (XLRE) | -5.8% | 20.8% |
Fundamental Drivers
The 28.1% change in CBL stock from 3/31/2026 to 10/14/2026 was primarily driven by a 57.2% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.36 | 47.85 | 28.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 578 | 588 | 1.7% |
| Net Income Margin (%) | 23.5% | 37.0% | 57.2% |
| P/E Multiple | 8.3 | 6.7 | -19.5% |
| Shares Outstanding (Mil) | 30 | 30 | -0.4% |
| Cumulative Contribution | 28.1% |
Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| CBL | 28.1% | |
| Market (SPY) | 18.6% | 0.4% |
| Sector (XLRE) | 2.5% | 29.7% |
Fundamental Drivers
The 65.2% change in CBL stock from 9/30/2025 to 10/14/2026 was primarily driven by a 203.3% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.97 | 47.85 | 65.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 539 | 588 | 9.0% |
| Net Income Margin (%) | 12.2% | 37.0% | 203.3% |
| P/E Multiple | 13.4 | 6.7 | -50.4% |
| Shares Outstanding (Mil) | 30 | 30 | 0.8% |
| Cumulative Contribution | 65.2% |
Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| CBL | 65.2% | |
| Market (SPY) | 16.5% | 9.7% |
| Sector (XLRE) | 1.1% | 31.7% |
Fundamental Drivers
The 180.7% change in CBL stock from 9/30/2023 to 10/14/2026 was primarily driven by a 154.3% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.04 | 47.85 | 180.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 552 | 588 | 6.5% |
| P/S Multiple | 1.0 | 2.5 | 154.3% |
| Shares Outstanding (Mil) | 31 | 30 | 3.6% |
| Cumulative Contribution | 180.7% |
Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| CBL | 180.7% | |
| Market (SPY) | 86.2% | 38.2% |
| Sector (XLRE) | 33.8% | 48.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBL Return | 4% | -18% | 13% | 29% | 37% | 35% | 130% |
| Peers Return | 73% | -17% | 20% | 23% | -1% | 13% | 139% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| CBL Win Rate | 100% | 33% | 33% | 58% | 67% | 60% | |
| Peers Win Rate | 77% | 35% | 53% | 68% | 50% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CBL Max Drawdown | - | -34% | -22% | -15% | -29% | -19% | |
| Peers Max Drawdown | -19% | -39% | -24% | -15% | -22% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SPG, KIM, BRX, MAC, REG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
| Event | CBL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.9% | -18.8% |
| % Gain to Breakeven | 36.8% | 23.1% |
| Time to Breakeven | 127 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.9% | -6.7% |
| % Gain to Breakeven | 18.9% | 7.1% |
| Time to Breakeven | 224 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.0% | -24.5% |
| % Gain to Breakeven | 37.1% | 32.4% |
| Time to Breakeven | 79 days | 427 days |
In The Past
CBL & Associates Properties's stock fell -26.9% during the 2025 US Tariff Shock. Such a loss loss requires a 36.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | CBL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.9% | -18.8% |
| % Gain to Breakeven | 36.8% | 23.1% |
| Time to Breakeven | 127 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.0% | -24.5% |
| % Gain to Breakeven | 37.1% | 32.4% |
| Time to Breakeven | 79 days | 427 days |
In The Past
CBL & Associates Properties's stock fell -26.9% during the 2025 US Tariff Shock. Such a loss loss requires a 36.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CBL & Associates Properties (CBL)
CBL & Associates Properties (CBL) is a Real Estate Investment Trust (REIT) that specializes in owning and managing a substantial portfolio of commercial properties throughout the United States. Headquartered in Chattanooga, TN, the company focuses on acquiring, developing, and operating market-dominant retail centers, strategically positioning itself in dynamic and growing communities.
The company's core business involves providing and leasing commercial space within its extensive portfolio. This portfolio comprises 106 properties, encompassing 65.7 million square feet across 25 states. The majority of these assets are high-quality enclosed malls, outlet centers, and open-air retail developments. Beyond its owned properties, CBL also leverages its real estate expertise by managing an additional 8 properties for third parties.
CBL's primary customers are various retail businesses that lease space in its centers to operate their stores, as well as the third-party property owners for whom it provides management services. The company's strategy involves active property management, aggressive leasing efforts, and profitable reinvestment in its assets to ensure its properties remain competitive and attractive for both tenants and the consumers who frequent them, solidifying its market presence across its operating states.
AI Analysis | Feedback
Analogy 1: CBL is like a Marriott for retail stores. They own and manage a national portfolio of over 100 shopping malls and retail centers across 25 states, essentially acting as the landlord for thousands of shops and restaurants.
Analogy 2: Think of CBL as the Amazon of physical shopping malls. They own and operate a vast network of retail centers throughout the country, similar to how Amazon has a vast network of fulfillment centers, but tailored for in-person shopping experiences.
Analogy 3: CBL is a major shopping mall owner and operator, similar to Simon Property Group, managing a diverse portfolio of over 100 retail properties across 25 states.
AI Analysis | Feedback
-
Retail Property Leasing
Providing commercial real estate space, primarily within enclosed, outlet, and open-air retail centers, for businesses to operate. -
Third-Party Property Management
Offering management services for retail properties owned by other entities.
AI Analysis | Feedback
CBL Properties primarily sells to other companies, specifically retail businesses that lease space in its portfolio of shopping centers. While the provided background does not list specific major customer names, CBL's tenants typically include a diversified mix of national and regional retailers, department stores, specialty stores, and restaurants. Based on the description of CBL's portfolio as high quality enclosed, outlet, and open-air retail centers, its major customers would be large, established retail chains.
Examples of types of companies that are likely major tenants and customers for CBL Properties include:
- Macy's, Inc. (M)
- Dillard's, Inc. (DDS)
- The TJX Companies, Inc. (TJX)
- The Gap, Inc. (GPS)
- Bath & Body Works, Inc. (BBWI)
AI Analysis | Feedback
AI Analysis | Feedback
Stephen D. Lebovitz Chief Executive Officer
Stephen D. Lebovitz has served as Chief Executive Officer of CBL Properties since January 1, 2010. He has been on CBL's Board of Directors since the completion of its initial public offering in November 1993. Lebovitz joined CBL in 1988, establishing its New England office, and has held various positions including head of development and acquisitions. Before joining CBL's predecessor, he worked as a financial analyst with Goldman, Sachs & Co. from 1984 to 1986. His father, Charles B. Lebovitz, was a co-founder of CBL & Associates Properties. Stephen Lebovitz served as Chairman of the International Council of Shopping Centers (ICSC) from May 2015 through May 2016.
Ben Jaenicke Executive Vice President – Chief Financial Officer and Treasurer
Ben Jaenicke has served as Executive Vice President – Chief Financial Officer and Treasurer since January 2023, having joined CBL in 2022 as Executive Vice President – Finance. Prior to CBL, he spent over a decade in real estate investment banking with Wells Fargo and its predecessor firm Eastdil Secured. In this role, he advised clients on strategic and capital planning, including M&A transactions, recapitalizations, and capital markets executions. Before his time at Wells Fargo/Eastdil, Jaenicke worked at PricewaterhouseCoopers, where he performed audits and other accounting services for public REIT clients.
Katie Reinsmidt Executive Vice President – Chief Operating Officer
Katie Reinsmidt was promoted to Executive Vice President – Chief Operating Officer in May 2023. She previously served as Executive Vice President – Chief Investment Officer since February 2017. Reinsmidt joined CBL in 2004 as Director – Investor Relations and progressed through various roles within the organization. Before joining CBL, she worked as an associate analyst at A.G. Edwards & Sons, where she provided research coverage for retail, healthcare, and lodging REITs.
Michael Lebovitz President
Michael Lebovitz has served as President of CBL since June 2018, having been promoted from Executive Vice President – Development Administration. He initially joined CBL in 1988 as a project manager. Prior to his time at CBL, Michael Lebovitz was affiliated with Goldman, Sachs & Co. from 1986-1988.
Jeffery V. Curry Chief Legal Officer and Secretary
Jeffery V. Curry serves as Chief Legal Officer and Secretary, overseeing all of CBL's legal services, including real estate, corporate, securities, and tax matters. He joined CBL in April 2012, having previously served as an external legal advisor to the company since 1986. In 2006, he became a partner in the national law firm Husch Blackwell LLP, counsel to CBL, after relocating from a firm that previously provided legal services to the company.
AI Analysis | Feedback
Key Business Risks for CBL & Associates Properties (CBL)
- High Debt Levels and Refinancing Risk: CBL & Associates Properties faces significant risk due to its substantial debt burden and the challenges associated with refinancing upcoming maturities. The company's capital structure is described as debt-heavy, making it dependent on market conditions and interest rates. For instance, a secured term loan with an outstanding balance of $665.8 million was due in November 2026, posing a material refinancing risk. Sustained high interest rates could increase borrowing costs, adversely affecting cash flows and profitability. The company's elevated leverage and shorter weighted average debt profile compared to peers contribute to this risk.
- Challenges in the Retail Industry and E-commerce Competition: As a retail REIT focused on malls and open-air centers, CBL is highly exposed to the ongoing volatility and structural changes within the retail sector. The continuous growth of e-commerce poses a significant threat, potentially leading to reduced demand for physical retail spaces, higher vacancy rates, and downward pressure on rental income. The company's reliance on retail tenants makes it vulnerable to store closures, bankruptcies, and consolidations within the industry, which can directly impact tenant stability and rental income. Many of CBL's properties are in the "Class B and C" categories, which struggle more to compete with higher-tier malls.
- Economic Downturn and Consumer Spending: CBL's business is susceptible to broader economic conditions, including fluctuations in U.S. GDP growth and consumer spending patterns. An economic slowdown could lead to increased tenant bankruptcies and a decline in occupancy rates, particularly affecting CBL's portfolio, which includes discretionary retail. Inflation also impacts the company's financial condition by increasing operating expenses and borrowing costs, further exacerbating financial pressures.
AI Analysis | Feedback
AI Analysis | Feedback
- For 2024, the retail commercial real estate market size was approximately USD 86.94 billion (27% of USD 322 billion).
- For 2025, assuming a similar share, the retail commercial real estate market size is approximately USD 104.49 billion (27% of USD 387 billion).
AI Analysis | Feedback
Strategic Acquisitions and Portfolio Optimization
CBL's revenue growth in 2025 was significantly driven by consolidation and the acquisition of four enclosed malls. The company actively optimizes its portfolio by acquiring new properties and disposing of non-core assets to enhance cash-flow yield. *Redevelopment and Re-tenanting Initiatives
The company is focused on redeveloping and re-tenanting its properties, including converting anchor spaces into mixed-use formats such as dining, entertainment, and residential options. This strategy aims to enhance property appeal, attract a wider tenant base, and increase foot traffic, which is expected to lead to higher rental rates and occupancy levels. *Strong Leasing Activity and Rental Rate Growth on New Leases
CBL demonstrated solid leasing momentum in 2025, executing over 4 million square feet of leases. Notably, new leases are generating meaningful rent premiums, with new mall leases experiencing a nearly 15% increase in spreads during the fourth quarter of 2025 compared to expiring rents. *Maintaining and Improving Occupancy Rates
Effective property management and redevelopment strategies are critical for CBL to maintain high occupancy rates, which directly contribute to revenue. Historically, operational improvements have led to increases in same-center Net Operating Income (NOI) driven by occupancy gains.AI Analysis | Feedback
<h2>CBL & Associates Properties Capital Allocation Decisions (Last 3-5 Years)</h2>
<h3>Share Repurchases</h3>
<ul>
<li>CBL repurchased $12.5 million of its common stock in a privately negotiated block trade during 2024.</li>
<li>A stock repurchase program is scheduled to end on May 1, 2026.</li>
</ul>
<h3>Outbound Investments</h3>
<ul>
<li>In 2025, CBL acquired four enclosed regional malls (Ashland Town Center, Mesa Mall, Paddock Mall, and Southgate Mall) for approximately $178.9 million.</li>
<li>These acquisitions were funded using cash from asset sales and a modification of an existing non-recourse loan.</li>
<li>The company generated approximately $240 million in disposition proceeds during 2025, which were redeployed into these acquisitions.</li>
</ul>
<h3>Capital Expenditures</h3>
<ul>
<li>For 2026, estimated maintenance capital and tenant allowances are projected to be between $50 million and $55 million.</li>
<li>Estimated development and redevelopment expenditures for 2026 are anticipated to be between $15 million and $20 million.</li>
<li>CBL's capital expenditures are focused on profitable reinvestment in its properties, including expansions and renovations, and strengthening its portfolio through active management and aggressive leasing.</li>
</ul>Peer Outperformance in Retail REITs
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 16.9% | 57.5% | 58.1% | WELL 211% · CTRE 125% · OHI 120% |
| Retail REITs ← | 22 | 10.1% | 36.1% | 25.3% | SKT 152% · SPG 91% · MAC 59% |
| Other Specialized REITs | 11 | 8.2% | 24.5% | 19.2% | IRM 220% · OUT 59% · LAMR 59% |
| Real Estate Development | 6 | -13.7% | 17.9% | 11.3% | JOE 58% |
| Hotel & Resort REITs | 16 | 48.4% | 42.3% | 5.4% | HST 83% · RHP 75% · DRH 69% |
| Industrial REITs | 11 | 12.2% | 30.6% | -1.3% | EGP 29% · FR 24% · PLD 16% |
| Diversified REITs | 13 | 10.3% | 36.3% | -13.9% | WPC 12% · EPRT 10% · LXP 8% |
| Single-Family Residential REITs | 4 | -3.0% | -1.2% | -19.8% | AMH -10% · ELS -19% · INVH -21% |
| Multi-Family Residential REITs | 13 | -2.9% | 6.2% | -24.0% | ESS -2% · VMRK -11% · IRT -16% |
| Office REITs | 18 | -9.1% | 26.4% | -34.6% | CDP 48% · HIW -8% · SLG -9% |
| Real Estate Services | 24 | -23.2% | -18.7% | -37.6% | CBRE 32% · JLL 16% · NMRK -15% |
| Telecom Tower REITs | 3 | -0.9% | -1.1% | -39.5% | AMT -20% · SBAC -39% · CCI -40% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 37.44 |
| Mkt Cap | 10.7 |
| Rev LTM | 1,494 |
| Op Inc LTM | 557 |
| FCF LTM | 752 |
| FCF 3Y Avg | 707 |
| CFO LTM | 752 |
| CFO 3Y Avg | 707 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.8% |
| Rev Chg 3Y Avg | 6.4% |
| Rev Chg Q | 4.6% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 10.1% |
| Op Inc Chg 3Y Avg | 7.7% |
| Op Mgn LTM | 35.9% |
| Op Mgn 3Y Avg | 34.7% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 50.3% |
| CFO/Rev 3Y Avg | 49.7% |
| FCF/Rev LTM | 48.5% |
| FCF/Rev 3Y Avg | 49.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Malls | 478 | 446 | 468 | 496 |
| Open-Air Centers | 65 | 70 | 69 | 67 |
| Lifestyle Centers | 51 | 50 | 51 | 54 |
| Outlet Centers | 35 | 35 | 33 | 30 |
| All Other | 32 | 37 | 35 | 36 |
| Consolidation Adjustments | -83 | -122 | -120 | -121 |
| Total | 578 | 516 | 535 | 563 |
| $ Mil | 2023 | 2022 | 2020 |
|---|---|---|---|
| Malls | 1,547 | 1,696 | 3,703 |
| All Other | 859 | 982 | 741 |
| Total | 2,406 | 2,678 | 4,444 |
Price Behavior
| Market Price | $47.85 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 11/02/2021 | |
| Distance from 52W High | -19.4% | |
| 50 Days | 200 Days | |
| DMA Price | $53.69 | $45.45 |
| DMA Trend | down | up |
| Distance from DMA | -10.9% | 5.3% |
| 3M | 1YR | |
| Volatility | 29.2% | 28.7% |
| Downside Capture | 58.36 | -1.21 |
| Upside Capture | -5.39 | 66.73 |
| Correlation (S&P 500) | -6.3% | 6.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.35 | -0.02 | 0.06 | 0.05 | 0.25 | 0.66 |
| Up Beta | -1.07 | -0.87 | -1.54 | -0.61 | -0.36 | 0.55 |
| Down Beta | 1.81 | 0.51 | 0.56 | 0.02 | 0.35 | 0.92 |
| Up Capture | 27% | -8% | 46% | 60% | 69% | 49% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 21 | 36 | 74 | 145 | 403 |
| Down Capture | 55% | 75% | 47% | -21% | 5% | 70% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 20 | 27 | 51 | 105 | 335 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBL | |
|---|---|---|---|---|
| CBL | 75.0% | 28.7% | 1.94 | - |
| Sector ETF (XLRE) | 4.1% | 14.2% | 0.05 | 30.3% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | 6.9% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | -9.4% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | -23.6% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 33.9% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | -4.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBL | |
|---|---|---|---|---|
| CBL | 18.0% | 31.6% | 0.57 | - |
| Sector ETF (XLRE) | 1.6% | 19.1% | -0.02 | 47.7% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 42.6% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | 0.1% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 4.6% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 50.7% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 20.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBL | |
|---|---|---|---|---|
| CBL | 8.6% | 31.6% | 0.57 | - |
| Sector ETF (XLRE) | 6.3% | 20.4% | 0.26 | 47.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 42.6% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 0.1% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 4.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 50.7% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 20.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | 4.1% | 6.0% | 1.2% |
| 5/8/2026 | 7.7% | 5.2% | 9.2% |
| 2/13/2026 | -3.6% | 5.1% | 4.0% |
| 11/7/2025 | -2.2% | -1.1% | 11.0% |
| 8/6/2025 | 0.0% | 6.2% | 12.8% |
| 5/5/2025 | -1.4% | -0.6% | 1.6% |
| 2/14/2025 | 3.4% | -2.0% | -10.4% |
| 11/12/2024 | -1.0% | 2.4% | 13.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 11 |
| # Negative | 11 | 12 | 9 |
| Median Positive | 1.9% | 5.2% | 4.0% |
| Median Negative | -1.4% | -2.3% | -6.9% |
| Max Positive | 7.7% | 6.2% | 13.9% |
| Max Negative | -5.5% | -4.3% | -13.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | 4.1% | 6.0% | 1.2% |
| 5/8/2026 | 7.7% | 5.2% | 9.2% |
| 2/13/2026 | -3.6% | 5.1% | 4.0% |
| 11/7/2025 | -2.2% | -1.1% | 11.0% |
| 8/6/2025 | 0.0% | 6.2% | 12.8% |
| 5/5/2025 | -1.4% | -0.6% | 1.6% |
| 2/14/2025 | 3.4% | -2.0% | -10.4% |
| 11/12/2024 | -1.0% | 2.4% | 13.9% |
| 8/9/2024 | 0.7% | 2.6% | 1.6% |
| 5/10/2024 | -0.1% | -0.6% | 1.5% |
| 2/12/2024 | 0.4% | -2.7% | -5.3% |
| 11/9/2023 | 1.9% | 5.7% | 10.7% |
| 8/9/2023 | 3.2% | -1.7% | -1.0% |
| 5/10/2023 | -0.7% | -3.1% | 2.4% |
| 2/21/2023 | -2.4% | -4.0% | -3.7% |
| 11/15/2022 | -3.6% | -0.4% | -6.9% |
| 8/16/2022 | -0.6% | -4.3% | -5.8% |
| 5/17/2022 | -5.5% | 0.8% | -8.2% |
| 4/1/2022 | 0.9% | -3.2% | -13.9% |
| 11/16/2021 | -1.0% | -3.8% | -11.9% |
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 11 |
| # Negative | 11 | 12 | 9 |
| Median Positive | 1.9% | 5.2% | 4.0% |
| Median Negative | -1.4% | -2.3% | -6.9% |
| Max Positive | 7.7% | 6.2% | 13.9% |
| Max Negative | -5.5% | -4.3% | -13.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 12/31/2019 | 03/31/2022 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
| 03/31/2019 | 05/10/2019 | 10-Q |
| 12/31/2018 | 03/01/2019 | 10-K |
| 09/30/2018 | 11/09/2018 | 10-Q |
| 06/30/2018 | 08/09/2018 | 10-Q |
| 03/31/2018 | 05/10/2018 | 10-Q |
| 12/31/2017 | 03/01/2018 | 10-K |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO, as adjusted, per share | Reported | 7.15 | 7.2 | 7.25 | 1.1% | Raised | Guidance: 7.13 for 2026 | |
| 2026 Same-Center NOI | Reported | 389.20 Mil | 392.10 Mil | 395.00 Mil | -2.8% | Lowered | Guidance: 403.50 Mil for 2026 | |
| 2026 Same-Center NOI Change | Reported | 0 | 0.01 | 0.02 | 0.4% | Raised | Guidance: 0 for 2026 | |
| 2026 Estimated maintenance capital/tenant allowances | Reported | 55.00 Mil | 60.00 Mil | 65.00 Mil | 4.3% | Raised | Guidance: 57.50 Mil for 2026 | |
| 2026 Estimated development/redevelopment expenditures | Reported | 5.00 Mil | 7.50 Mil | 10.00 Mil | -40.0% | Lowered | Guidance: 12.50 Mil for 2026 | |
| 2026 Estimated principal amortization | Reported | 58.00 Mil | 60.50 Mil | 63.00 Mil | 0.0% | Affirmed | Guidance: 60.50 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/8/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO, as adjusted | Reported | 219.00 Mil | 221.00 Mil | 223.00 Mil | 2.7% | Raised | Guidance: 215.20 Mil for 2026 | |
| 2026 FFO, as adjusted, per share | Reported | 7.06 | 7.13 | 7.19 | 3.3% | Raised | Guidance: 6.9 for 2026 | |
| 2026 Same-Center NOI | Reported | 401.00 Mil | 403.50 Mil | 406.00 Mil | 0.6% | Raised | Guidance: 400.95 Mil for 2026 | |
| 2026 Change in same-center NOI | Reported | -0.01 | 0 | 0.01 | 0.4% | Raised | Guidance: 0 for 2026 | |
| 2026 Estimated maintenance capital/tenant allowances | Reported | 55.00 Mil | 57.50 Mil | 60.00 Mil | 9.5% | Raised | Guidance: 52.50 Mil for 2026 | |
| 2026 Estimated development/redevelopment expenditures | Reported | 10.00 Mil | 12.50 Mil | 15.00 Mil | -28.6% | Lowered | Guidance: 17.50 Mil for 2026 | |
| 2026 Estimated principal amortization | Reported | 58.00 Mil | 60.50 Mil | 63.00 Mil | -34.6% | Lowered | Guidance: 92.50 Mil for 2026 | |
| 2026 Net Income | Reported | 71.10 Mil | 73.10 Mil | 75.10 Mil | 155.6% | Raised | Guidance: 28.60 Mil for 2026 | |
Q4 2025 Earnings Reported 2/13/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO, as adjusted | Reported | 210.20 Mil | 215.20 Mil | 220.20 Mil | -1.5% | Lowered | Guidance: 218.50 Mil for 2025 | |
| 2026 FFO, as adjusted, per share | Reported | 6.74 | 6.9 | 7.06 | -3.6% | Lowered | Guidance: 7.16 for 2025 | |
| 2026 Same-Center NOI | Reported | 396.30 Mil | 400.95 Mil | 405.60 Mil | -3.5% | Lowered | Guidance: 415.35 Mil for 2025 | |
| 2026 Same-Center NOI Growth | Reported | -1.2% | -0.05% | 1.1% | 0.7% | Raised | Guidance: -0.75% for 2025 | |
| 2026 Maintenance capital/tenant allowances | Reported | 50.00 Mil | 52.50 Mil | 55.00 Mil | 10.5% | Raised | Guidance: 47.50 Mil for 2025 | |
| 2026 Development/redevelopment expenditures | Reported | 15.00 Mil | 17.50 Mil | 20.00 Mil | 75.0% | Raised | Guidance: 10.00 Mil for 2025 | |
| 2026 Principal amortization | Reported | 90.00 Mil | 92.50 Mil | 95.00 Mil | -2.6% | Lowered | Guidance: 95.00 Mil for 2025 | |
| 2026 Net Income | Reported | 23.60 Mil | 28.60 Mil | 33.60 Mil | -73.2% | Lowered | Guidance: 106.90 Mil for 2025 | |
Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 FFO, as adjusted | Reported | 213.00 Mil | 218.50 Mil | 224.00 Mil | 0 | Affirmed | Guidance: 218.50 Mil for 2025 | |
| 2025 FFO, as adjusted, per share | Reported | 6.98 | 7.16 | 7.34 | 0 | Affirmed | Guidance: 7.16 for 2025 | |
| 2025 Same-Center NOI | Reported | 410.10 Mil | 415.35 Mil | 420.60 Mil | -1.0% | Lowered | Guidance: 419.75 Mil for 2025 | |
| 2025 Change in same-center NOI | Reported | -0.02 | -0.01 | 0.01 | 0 | Affirmed | Guidance: -0.01 for 2025 | |
| 2025 Estimated maintenance capital/tenant allowances | Reported | 40.00 Mil | 47.50 Mil | 55.00 Mil | ||||
| 2025 Estimated development/redevelopment expenditures | Reported | 7.50 Mil | 10.00 Mil | 12.50 Mil | ||||
| 2025 Estimated principal amortization | Reported | 90.00 Mil | 95.00 Mil | 100.00 Mil | ||||
| 2025 Net Income | Reported | 101.40 Mil | 106.90 Mil | 112.40 Mil | 429.2% | Raised | Guidance: 20.20 Mil for 2025 | |
Insider Activity
Updated 10/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cope, Jennifer | EVP Ops Services & Risk Mgmt | Direct | Sell | 9252026 | 52.00 | 6,763 | 351,684 | 1,248,497 | Form |
| 2 | Khalili, Joseph | EVP Financial Planning & Anlys | Direct | Sell | 9232026 | 54.21 | 6,763 | 366,653 | 1,298,329 | Form |
| 3 | Lebovitz, Stephen D | CEO | Direct | Sell | 9172026 | 52.83 | 50,000 | 2,641,425 | 26,785,054 | Form |
| 4 | Curry, Jeffery V | Chief Legal Officer & Sec. | Direct | Sell | 9082026 | 55.10 | 681 | 37,523 | 7,979,530 | Form |
| 5 | Reinsmidt, Kathryn A | EVP - Chief Operating Officer | Direct | Sell | 8202026 | 57.10 | 17,515 | 1,000,142 | 7,910,854 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cope, Jennifer | EVP Ops Services & Risk Mgmt | Direct | Sell | 9252026 | 52.00 | 6,763 | 351,684 | 1,248,497 | Form |
| 2 | Khalili, Joseph | EVP Financial Planning & Anlys | Direct | Sell | 9232026 | 54.21 | 6,763 | 366,653 | 1,298,329 | Form |
| 3 | Lebovitz, Stephen D | CEO | Direct | Sell | 9172026 | 52.83 | 50,000 | 2,641,425 | 26,785,054 | Form |
| 4 | Curry, Jeffery V | Chief Legal Officer & Sec. | Direct | Sell | 9082026 | 55.10 | 681 | 37,523 | 7,979,530 | Form |
| 5 | Reinsmidt, Kathryn A | EVP - Chief Operating Officer | Direct | Sell | 8202026 | 57.10 | 17,515 | 1,000,142 | 7,910,854 | Form |
| 6 | Grody, Howard B | Exec VP-Leasing | Direct | Sell | 6222026 | 48.03 | 5,728 | 275,138 | 3,665,516 | Form |
| 7 | Fields, David Michael | Direct | Sell | 6092026 | 47.97 | 3,592 | 172,308 | 888,500 | Form | |
| 8 | Jaenicke, Benjamin W | EVP - Chief Financial Officer | Direct | Sell | 6032026 | 48.46 | 6,500 | 314,985 | 6,329,125 | Form |
| 9 | Canyon, Capital Advisors Llc | See footnotes | Sell | 5262026 | 46.44 | 1,050,000 | 48,762,000 | 344,412,693 | Form | |
| 10 | Cobb, Andrew Franklin | Exec VP-Accounting | Direct | Sell | 5182026 | 45.81 | 8,150 | 373,333 | 2,731,150 | Form |
| 11 | Curry, Jeffery V | Chief Legal Officer & Sec. | Direct | Sell | 12042025 | 33.33 | 5,000 | 166,650 | 3,253,075 | Form |
| 12 | Torres, Michael A | trust | Buy | 11192025 | 31.84 | 4,000 | 127,375 | 127,375 | Form | |
| 13 | Cobb, Andrew Franklin | Exec VP-Accounting | Direct | Sell | 10142025 | 28.39 | 7,368 | 209,207 | 1,122,641 | Form |
| 14 | Fields, David Michael | Direct | Sell | 10012025 | 30.22 | 1,623 | 49,047 | 567,169 | Form |
Investor Activity (13F)
Updated Oct 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Retail REITs Resources |
| ICSC |
| Shopping Center Business |
| Chain Store Age - Real Estate |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.