• A smaller Simon Property Group.
• Like Macerich, operating and managing regional malls and shopping centers.

• Leasing of Retail Space: Providing commercial space within regional malls and open-air centers to various retail businesses for rent.
• Property Management: Overseeing the daily operations, maintenance, security, and tenant relations for their owned retail properties.
• Property Development and Redevelopment: Engaging in the construction of new retail centers and the significant renovation or expansion of existing properties.

Please note that CBL & Associates Properties (symbol: CBL) is no longer a public company. It delisted from the New York Stock Exchange in late 2020 after emerging from bankruptcy and now operates as a private entity. However, based on its operations when it was a public Real Estate Investment Trust (REIT) owning and managing shopping malls, its major customers were other companies, specifically retail and entertainment tenants.

CBL's primary business involved leasing retail space within its portfolio of shopping centers to a wide array of tenant companies. Therefore, its direct customers were the businesses that leased space, rather than individual consumers. While its tenant base was highly diversified across numerous properties and various retailers, its major customers can be categorized by type. Below are representative examples of public companies that would have typically been tenants in CBL's properties:

• Anchor Department Stores: These larger retailers typically occupy substantial square footage and historically served as key traffic drivers for the entire mall.
  • Macy's (M)
  • Dillard's (DDS)
  • (Note: Other historical anchors like JCPenney and Sears are no longer public or have significantly reduced their footprint.)
• Specialty Retailers: This broad category includes in-line stores selling apparel, accessories, electronics, home goods, health & beauty products, and more. CBL's malls would host numerous such tenants.
  • The Gap, Inc. (GPS)
  • American Eagle Outfitters, Inc. (AEO)
  • Bath & Body Works, Inc. (BBWI)
  • Foot Locker, Inc. (FL)
  • Victoria's Secret & Co. (VSCO)
• Food, Beverage, and Entertainment Operators: Restaurants, food court vendors, cinemas, and other entertainment venues also leased space within CBL properties.
  • Examples are highly varied and include numerous private and smaller regional chains, alongside some larger public restaurant groups. Due to the diverse nature of these tenants, no single or handful of these would typically constitute a "major customer" in the same way an anchor department store might.

It is important to understand that a mall REIT's customer base is highly diversified across hundreds of individual leases, and while some tenants (especially anchors) are larger in terms of space, no single or small group of tenants represents the majority of revenue, unlike a manufacturing company selling to a few large distributors. The examples provided are representative types of companies that would have been CBL's tenants when it was a public company.

Stephen D. Lebovitz, Chief Executive Officer and President

Ben Jaenicke, Executive Vice President – Chief Financial Officer and Treasurer

Charles B. Lebovitz, Chairman Emeritus

Michael I. Lebovitz, Executive Vice President, Development and Administration

Augustus N. Stephas, Executive Vice President and Chief Operating Officer

The key risks to CBL & Associates Properties (CBL) are primarily centered around its highly leveraged financial position, the challenging retail landscape for its mall portfolio, and the inherent illiquidity of its real estate assets.

1. High Debt and Refinancing Risk: CBL carries a substantial debt burden, with its net debt estimated at approximately $2.2 billion as of the third quarter of 2025, accounting for about 70% of its total enterprise value. A significant concern is the $665.8 million secured term loan maturing in November 2026, and the company faces liquidity pressure and refinancing risks related to this obligation. The company emerged from Chapter 11 bankruptcy in November 2021, shedding $1.7 billion in debt, but concerns about its liquidity and ability to meet obligations persisted even shortly after exiting bankruptcy, as indicated by a "going concern" warning in its March 2022 10-K filing.
2. Challenging Retail Environment and Mall Industry Decline: CBL primarily operates "middle-market" or "Class B" malls, which are particularly susceptible to the ongoing shifts in consumer spending habits, increased online competition, and a wave of retailer bankruptcies and store closures. These factors directly impact occupancy rates, rental income, and net operating income (NOI). The company's portfolio quality can make refinancing efforts more challenging, especially during economic downturns, as Class B malls have historically underperformed Class A properties.
3. Illiquidity of Real Estate Investments: The nature of real estate investments, particularly large retail properties like malls, makes them relatively illiquid. This limits CBL's ability to quickly sell off assets in response to adverse economic or market conditions, making it harder to address financial challenges or adapt its portfolio. The pool of prospective buyers for shopping centers is also limited, potentially affecting the timing and price of any dispositions.

Accelerated Obsolescence of Traditional Enclosed Regional Malls: The core emerging threat to CBL & Associates Properties is the deepening and accelerating structural decline of the traditional enclosed regional mall format. This trend is driven by two main factors:

• Persistent E-commerce Expansion: The sustained growth of online shopping continues to erode demand for physical retail space, particularly among department stores and apparel retailers that traditionally anchored malls. This leads to ongoing tenant bankruptcies, store closures, and difficulty in re-leasing large spaces, mirroring how Netflix undermined Blockbuster's physical rental model.

• Shifting Consumer Preferences: Modern consumers increasingly favor alternative retail formats such as open-air lifestyle centers, mixed-use developments, and experience-driven destinations that offer greater convenience and integrated entertainment. These formats actively draw tenants and foot traffic away from older, enclosed malls, similar to how Uber offered a more preferred and convenient alternative to traditional taxicabs.

The addressable market for CBL & Associates Properties (CBL) primarily encompasses the retail commercial real estate sector, specifically shopping mall management and the ownership, development, acquisition, leasing, and operation of regional shopping malls, open-air centers, outlet centers, lifestyle centers, and mixed-use developments. CBL's operations are concentrated in the Southeastern and Midwestern United States.

The estimated addressable market size for shopping mall management in the U.S. is approximately $24.7 billion in 2025. This market has experienced a compound annual growth rate (CAGR) of 1.0% over the past five years.

CBL & Associates Properties (CBL) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on optimizing its retail real estate portfolio and enhancing property performance. Key drivers include:

• Improving Occupancy and Driving Rent Growth: CBL is focused on increasing the occupancy rates across its properties and achieving higher rental revenues. The company's third-quarter 2025 results highlighted a 90-basis point increase in occupancy to 90.2% and robust leasing spreads of 17.1% across all property types. This indicates successful strategies in attracting and retaining tenants, which directly translates to increased rental income.
• Strategic Acquisitions and Redevelopments with Portfolio Diversification: The company is actively acquiring new properties and redeveloping existing ones to enhance portfolio quality and broaden its tenant base. For instance, in July 2025, CBL acquired four enclosed malls as part of its strategy to invest in higher cash flow yielding opportunities. Furthermore, CBL is transforming its property offerings to include a diverse mix of retail, service, dining, entertainment, and other non-retail uses, alongside re-tenanting former anchor locations and diversifying in-line tenancy.
• Strong Tenant Sales and Recovery in Consumer Spending: Growth in tenant sales is a significant indicator of the health and attractiveness of CBL's properties, which in turn supports rental revenue growth. Tenant sales increased by 4.8% year-over-year in Q3 2025, demonstrating the resilience of consumer demand and the strength of the company's portfolio. The ongoing recovery of the retail sector post-pandemic is expected to further boost consumer spending and foot traffic in CBL's malls and lifestyle centers.
• Capital Recycling and Asset Portfolio Optimization: CBL's strategic capital recycling program involves divesting non-core assets and reinvesting in higher-yielding opportunities. This proficiency in optimizing its portfolio through asset sales, such as the disposition of Fremaux Town Center, enhances overall portfolio quality and financial flexibility, contributing to a stronger and more efficient revenue-generating asset base.

Share Repurchases

• On November 5, 2025, CBL Properties authorized a new stock repurchase program of up to $25 million, which supersedes a previous program. This program is authorized to repurchase shares through November 5, 2026.
• Under the prior program, authorized on May 1, 2025, CBL repurchased 248,590 shares for $7.3 million.

Share Issuance

• Following its emergence from Chapter 11 bankruptcy in November 2021, former secured lenders received approximately 63% of the equity, and former unsecured noteholders received approximately 27% in exchange for the cancellation of debt as part of a debt-for-equity swap.
• Shares were also acquired on November 1, 2021, under the company's Chapter 11 reorganization, in exchange for old common stock, and via equity awards under the 2021 Equity Incentive Plan.

Inbound Investments

• CBL emerged from Chapter 11 bankruptcy protection in November 2021, which resulted in a reduction of its debt load by approximately $1.7 billion and preferred stock obligations by over $450 million.

Outbound Investments

• In July 2025, CBL acquired four enclosed regional malls from Washington Prime Group for $178.9 million. These acquisitions include Ashland Town Center, Mesa Mall, Paddock Mall, and Southgate Mall.
• In December 2024, CBL acquired its former partner's interest in three malls (CoolSprings Galleria, Oak Park Mall, and West County Center) for a cash consideration of $22.5 million, while also assuming $266.7 million in non-recourse loans associated with these properties.
• As part of a portfolio optimization strategy, CBL has been selling non-core assets, generating over $238.0 million in gross proceeds year-to-date through September 30, 2025.