CBL & Associates Properties (CBL)
Market Price (5/30/2026): $48.085 | Market Cap: $1.5 BilSector: Financials | Industry: Diversified Capital Markets
CBL & Associates Properties (CBL)
Market Price (5/30/2026): $48.085Market Cap: $1.5 BilSector: FinancialsIndustry: Diversified Capital Markets
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 16%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 19% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47% Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. | Trading close to highsDist 52W High is -0.4%, Dist 3Y High is -0.4% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 124% Stock price has recently run up significantly12M Rtn12 month market price return is 103% 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 16%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. |
| Trading close to highsDist 52W High is -0.4%, Dist 3Y High is -0.4% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 124% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 103% |
| Key risksCBL key risks include [1] its highly leveraged financial position, Show more. |
Qualitative Assessment
AI Analysis | Feedback
CBL & Associates Properties (CBL) stock has gained about 35% since 1/31/2026 because of the following key factors:
1. Strong Financial Performance and Upbeat Guidance. CBL & Associates Properties reported significantly higher net income for the first quarter of 2026, with net income rising to $46.4 million from $8.4 million in the prior-year period, and net income attributable to common shareholders increasing to $45.4 million, or $1.50 basic EPS, from $0.27. This performance was bolstered by a $35.3 million gain on the deconsolidation of Jefferson Mall, lower depreciation and interest expense, and a modest increase in total revenues to $146.0 million from $141.8 million. Same-center Net Operating Income (NOI) also improved by 2.1% year-over-year. Additionally, the company exceeded Q4 2025 earnings expectations, posting an EPS of $1.91 against an anticipated $0.34. Management further enhanced confidence by raising its full-year 2026 guidance for Funds From Operations (FFO), as adjusted, to a range of $7.06–$7.19 per share.
2. Successful Debt Refinancing and Improved Balance Sheet. CBL executed significant debt refinancing initiatives, replacing its existing $634 million secured term loan with over $600 million in new financing. This included a $425 million non-recourse fixed-rate loan and a $176 million floating-rate bank facility. These transactions extended debt maturities, reduced amortization payments, and are projected to generate an estimated $30 million of incremental annual free cash flow, thereby materially strengthening the company's balance sheet and enhancing its liquidity position. In response to these positive developments, S&P Global Ratings upgraded CBL's issuer credit rating to 'B+' from 'B-' with a stable outlook in March 2026, citing reduced near-term default risk and improved credit metrics.
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Stock Movement Drivers
Fundamental Drivers
The 36.5% change in CBL stock from 1/31/2026 to 5/29/2026 was primarily driven by a 32.1% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.23 | 48.09 | 36.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 554 | 583 | 5.2% |
| Net Income Margin (%) | 22.6% | 29.8% | 32.1% |
| P/E Multiple | 8.6 | 8.4 | -2.5% |
| Shares Outstanding (Mil) | 30 | 30 | 0.7% |
| Cumulative Contribution | 36.5% |
Market Drivers
1/31/2026 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CBL | 36.5% | |
| Market (SPY) | 9.6% | 27.2% |
| Sector (XLF) | -3.0% | 23.1% |
Fundamental Drivers
The 67.6% change in CBL stock from 10/31/2025 to 5/29/2026 was primarily driven by a 144.7% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.70 | 48.09 | 67.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 539 | 583 | 8.0% |
| Net Income Margin (%) | 12.2% | 29.8% | 144.7% |
| P/E Multiple | 13.3 | 8.4 | -37.1% |
| Shares Outstanding (Mil) | 30 | 30 | 0.9% |
| Cumulative Contribution | 67.6% |
Market Drivers
10/31/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CBL | 67.6% | |
| Market (SPY) | 11.5% | 19.4% |
| Sector (XLF) | -0.7% | 33.1% |
Fundamental Drivers
The 117.6% change in CBL stock from 4/30/2025 to 5/29/2026 was primarily driven by a 160.6% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.10 | 48.09 | 117.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 516 | 583 | 13.0% |
| Net Income Margin (%) | 11.4% | 29.8% | 160.6% |
| P/E Multiple | 11.3 | 8.4 | -26.1% |
| Shares Outstanding (Mil) | 30 | 30 | 0.0% |
| Cumulative Contribution | 117.6% |
Market Drivers
4/30/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CBL | 117.6% | |
| Market (SPY) | 38.0% | 31.3% |
| Sector (XLF) | 7.4% | 39.3% |
Fundamental Drivers
The 158.5% change in CBL stock from 4/30/2023 to 5/29/2026 was primarily driven by a 550.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302023 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.60 | 48.09 | 158.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 665 | 583 | -12.4% |
| P/S Multiple | 5.5 | 2.5 | -54.7% |
| Shares Outstanding (Mil) | 196 | 30 | 550.9% |
| Cumulative Contribution | 158.5% |
Market Drivers
4/30/2023 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CBL | 158.5% | |
| Market (SPY) | 89.0% | 44.3% |
| Sector (XLF) | 63.2% | 48.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBL Return | 4% | -18% | 13% | 29% | 37% | 33% | 125% |
| Peers Return | 73% | -17% | 20% | 23% | -1% | 19% | 151% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| CBL Win Rate | 100% | 33% | 33% | 58% | 67% | 80% | |
| Peers Win Rate | 77% | 35% | 53% | 68% | 50% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CBL Max Drawdown | - | -34% | -22% | -15% | -29% | -10% | |
| Peers Max Drawdown | -19% | -39% | -24% | -15% | -22% | -8% | |
| 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 5/29/2026 (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.
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| 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)
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.
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-
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)
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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.
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```htmlKey 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.
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The accelerated and evolving dominance of e-commerce and online shopping, which continuously shifts consumer behavior away from traditional brick-and-mortar retail, leading to increased store closures, tenant bankruptcies, declining foot traffic, and reduced demand for physical retail space.AI Analysis | Feedback
The addressable market for CBL & Associates Properties, which owns and manages retail properties, can be estimated based on the U.S. retail commercial real estate market. The total transaction volume for the U.S. commercial real estate market was projected to be USD 322 billion in 2024 and USD 387 billion in 2025. The retail sector accounted for a 27% share of the sales volume across the major commercial real estate sectors in 2024. Based on these figures, the addressable market for retail properties in the U.S. can be estimated as follows:- 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
CBL & Associates Properties (symbol: CBL) is expected to drive future revenue growth over the next 2-3 years through the following key strategies: *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>Latest Trefis Analyses
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| 04302026 | EEFT | Euronet Worldwide | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04242026 | HOMB | Home BancShares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.5% | 1.5% | 0.0% |
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 7.1% | 7.1% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 3.9% | 3.9% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -4.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 39.33 |
| Mkt Cap | 11.8 |
| Rev LTM | 1,487 |
| Op Inc LTM | 555 |
| FCF LTM | 741 |
| FCF 3Y Avg | 700 |
| CFO LTM | 741 |
| CFO 3Y Avg | 700 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.2% |
| Rev Chg 3Y Avg | 6.5% |
| Rev Chg Q | 4.6% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 9.1% |
| Op Inc Chg 3Y Avg | 7.4% |
| Op Mgn LTM | 35.5% |
| Op Mgn 3Y Avg | 34.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 49.7% |
| CFO/Rev 3Y Avg | 49.1% |
| FCF/Rev LTM | 48.2% |
| FCF/Rev 3Y Avg | 49.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.8 |
| P/S | 7.1 |
| P/Op Inc | 21.5 |
| P/EBIT | 16.1 |
| P/E | 17.7 |
| P/CFO | 15.1 |
| Total Yield | 8.1% |
| Dividend Yield | 3.5% |
| FCF Yield 3Y Avg | 7.1% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.4% |
| 3M Rtn | 2.7% |
| 6M Rtn | 19.5% |
| 12M Rtn | 28.3% |
| 3Y Rtn | 104.3% |
| 1M Excs Rtn | -3.8% |
| 3M Excs Rtn | -7.5% |
| 6M Excs Rtn | 7.5% |
| 12M Excs Rtn | 1.6% |
| 3Y Excs Rtn | 18.6% |
Price Behavior
| Market Price | $48.09 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 11/02/2021 | |
| Distance from 52W High | -0.4% | |
| 50 Days | 200 Days | |
| DMA Price | $43.33 | $35.57 |
| DMA Trend | up | up |
| Distance from DMA | 11.0% | 35.2% |
| 3M | 1YR | |
| Volatility | 27.8% | 26.5% |
| Downside Capture | 34.97 | 12.96 |
| Upside Capture | 117.00 | 92.95 |
| Correlation (SPY) | 37.3% | 25.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.08 | 0.66 | 0.50 | 0.38 | 0.67 | 0.74 |
| Up Beta | -0.37 | -0.24 | -0.17 | -0.22 | 0.76 | 0.64 |
| Down Beta | 0.28 | 1.04 | 0.47 | 0.22 | 0.70 | 0.95 |
| Up Capture | 112% | 146% | 141% | 127% | 95% | 55% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 24 | 37 | 72 | 141 | 390 |
| Down Capture | -67% | 46% | 15% | 15% | 27% | 82% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 18 | 26 | 52 | 108 | 349 |
[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 | 106.6% | 26.5% | 2.70 | - |
| Sector ETF (XLF) | 3.5% | 14.4% | 0.02 | 35.0% |
| Equity (SPY) | 30.3% | 11.8% | 1.94 | 24.8% |
| Gold (GLD) | 37.5% | 26.7% | 1.17 | -13.6% |
| Commodities (DBC) | 39.6% | 18.8% | 1.63 | -16.8% |
| Real Estate (VNQ) | 12.5% | 13.1% | 0.64 | 43.4% |
| Bitcoin (BTCUSD) | -31.8% | 41.6% | -0.81 | 6.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBL | |
|---|---|---|---|---|
| CBL | 17.6% | 31.7% | 0.60 | - |
| Sector ETF (XLF) | 8.4% | 18.6% | 0.34 | 45.7% |
| Equity (SPY) | 14.3% | 17.0% | 0.66 | 45.8% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 0.5% |
| Commodities (DBC) | 10.2% | 19.4% | 0.41 | 7.1% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 51.8% |
| Bitcoin (BTCUSD) | 14.6% | 54.6% | 0.46 | 22.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBL | |
|---|---|---|---|---|
| CBL | 8.4% | 31.7% | 0.60 | - |
| Sector ETF (XLF) | 12.8% | 22.1% | 0.53 | 45.7% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 45.8% |
| Gold (GLD) | 13.3% | 16.0% | 0.69 | 0.5% |
| Commodities (DBC) | 7.3% | 17.9% | 0.33 | 7.1% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 51.8% |
| Bitcoin (BTCUSD) | 67.0% | 66.9% | 1.06 | 22.7% |
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Returns Analyses
Earnings Returns History
Updated N/A/N/A/N/A| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/8/2026 | 7.7% | 5.2% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 9 |
| # Negative | 11 | 12 | 9 |
| Median Positive | 1.4% | 5.1% | 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 |
|---|---|---|
| 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 |
Recent Forward Guidance
Updated 5/28/2026Latest: Q1 2026 Earnings Reported 5/8/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income | 71.10 Mil | 73.10 Mil | 75.10 Mil | 155.6% | Raised | Guidance: 28.60 Mil for 2026 | |
| 2026 FFO, as adjusted | 219.00 Mil | 221.00 Mil | 223.00 Mil | 2.7% | Raised | Guidance: 215.20 Mil for 2026 | |
| 2026 FFO, as adjusted, per share | 7.06 | 7.12 | 7.19 | 3.3% | Raised | Guidance: 6.9 for 2026 | |
| 2026 Same-Center NOI | 401.00 Mil | 403.50 Mil | 406.00 Mil | 0.6% | Raised | Guidance: 400.95 Mil for 2026 | |
| 2026 Change in same-center NOI | -0.01 | 0 | 0.01 | 0.4% | Raised | Guidance: -0 for 2026 | |
| 2026 Maintenance capital/tenant allowances | 55.00 Mil | 57.50 Mil | 60.00 Mil | 9.5% | Raised | Guidance: 52.50 Mil for 2026 | |
| 2026 Development/redevelopment expenditures | 10.00 Mil | 12.50 Mil | 15.00 Mil | -28.6% | Lowered | Guidance: 17.50 Mil for 2026 | |
| 2026 Principal amortization | 58.00 Mil | 60.50 Mil | 63.00 Mil | -34.6% | Lowered | Guidance: 92.50 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income | 23.60 Mil | 28.60 Mil | 33.60 Mil | -73.2% | Lower New | Actual: 106.90 Mil for 2025 | |
| 2026 FFO, as adjusted | 210.20 Mil | 215.20 Mil | 220.20 Mil | -1.5% | Lower New | Actual: 218.50 Mil for 2025 | |
| 2026 FFO, as adjusted, per share | 6.74 | 6.9 | 7.06 | -3.6% | Lower New | Actual: 7.16 for 2025 | |
| 2026 Same-Center NOI | 396.30 Mil | 400.95 Mil | 405.60 Mil | -3.5% | Lower New | Actual: 415.35 Mil for 2025 | |
| 2026 Same-Center NOI Growth | -1.2% | -0.05% | 1.1% | -93.3% | 0.7% | Higher New | Actual: -0.75% for 2025 |
| 2026 Maintenance capital/tenant allowances | 50.00 Mil | 52.50 Mil | 55.00 Mil | 10.5% | Higher New | Actual: 47.50 Mil for 2025 | |
| 2026 Development/redevelopment expenditures | 15.00 Mil | 17.50 Mil | 20.00 Mil | 75.0% | Higher New | Actual: 10.00 Mil for 2025 | |
| 2026 Principal amortization | 90.00 Mil | 92.50 Mil | 95.00 Mil | -2.6% | Lower New | Actual: 95.00 Mil for 2025 | |
Insider Activity
Updated 5/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Canyon, Capital Advisors Llc | See footnotes | Sell | 5262026 | 46.44 | 1,050,000 | 48,762,000 | 344,412,693 | Form | |
| 2 | Cobb, Andrew Franklin | Exec VP-Accounting | Direct | Sell | 5182026 | 45.81 | 8,150 | 373,333 | 2,731,150 | Form |
| 3 | Curry, Jeffery V | Chief Legal Officer & Sec. | Direct | Sell | 12042025 | 33.33 | 5,000 | 166,650 | 3,253,075 | Form |
| 4 | Torres, Michael A | trust | Buy | 11192025 | 31.84 | 4,000 | 127,375 | 127,375 | Form | |
| 5 | Cobb, Andrew Franklin | Exec VP-Accounting | Direct | Sell | 10142025 | 28.39 | 7,368 | 209,207 | 1,122,641 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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