CBL & ASSOCIATES PROPERTIES INC
For the period ended Dec 31, 2025. Filed Mar 3, 2026.
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FY2025 · Filed Mar 3, 2026
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Open-Air Center Lease Expirations
pen-Air Centers Lease Expirations
The following table summarizes the scheduled lease expirations for tenants in occupancy at our open-air centers as of December 31, 2025:
| Year EndingDecember 31, | Number ofLeasesExpiring | AnnualizedGrossRent (1) | GLA ofExpiringLeases | AverageAnnualizedGross RentPer SquareFoot | ExpiringLeasesas % of TotalAnnualizedGrossRent (2) | ExpiringLeases as a% of TotalLeasedGLA (3) |
|---|---|---|---|---|---|---|
| 2026 | 44 | $4,728,884 | 126,640 | $37.34 | 7.8% | 5.7% |
| 2027 | 58 | 9,030,859 | 428,427 | 21.08 | 14.9% | 19.5% |
| 2028 | 52 | 8,301,295 | 272,888 | 30.42 | 13.7% | 12.4% |
| 2029 | 48 | 8,143,677 | 278,758 | 29.21 | 13.4% | 12.7% |
| 2030 | 48 | 10,306,568 | 304,815 | 33.81 | 17.0% | 13.8% |
| 2031 | 31 | 8,447,031 | 314,512 | 26.86 | 13.9% | 14.3% |
| 2032 | 18 | 4,368,103 | 254,147 | 17.19 | 7.2% | 11.5% |
| 2033 | 11 | 2,259,198 | 81,414 | 27.75 | 3.7% | 3.7% |
| 2034 | 13 | 1,994,524 | 70,529 | 28.28 | 3.3% | 3.2% |
| 2035 | 21 | 3,110,007 | 69,358 | 44.84 | 5.1% | 3.2% |
(1)
Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2025 for expiring leases that were executed as of December 31, 2025. Based on 100% of the applicable amounts and has not been adjusted for our ownership share.
(2)
Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2025.
(3)
Debt on Open-Air Centers
Please see the table entitled“Mortgage Loans Outstanding at December 31, 2025” included herein for information regarding any liens or encumbrances related to our open-air centers.
All Other Properties
The all other properties include office buildings and hotels. The following table sets forth certain information for each of our office buildings and hotels at December 31, 2025 (dollars in thousands, except for sales per square foot amounts):
| Property / Location · Year ofOpening · Company'sOwnership · TotalCenterSquare Feet · TotalLeasableGLA · PercentageGLAOccupied · Anchors &JuniorAnchors | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Other: | |||||||||
| Aloft Hotel (1)(2) Chattanooga, TN | 2021 | 50% | 89,674 | N/A | N/A | None | |||
| CBL Center (3) Chattanooga, TN | 2001 | 92% | 131,895 | 131,895 | 99% | None | |||
| CBL Center II (3) Chattanooga, TN | 2008 | 92% | 71,007 | 71,007 | 76% | None | |||
| Element by Westin (1)(2) Wilmington, NC | 2025 | 49% | 15,797 | N/A | N/A | None | |||
| Pearland Office Pearland, TX | 2009 | 100% | 64,923 | 64,923 | 91% | None | |||
| Total Other | 373,296 | 267,825 | 91% | ||||||
(1)
(2)
The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.
(3)
We own a 92% interest in the CBL Center office buildings, with an aggregate square footage of approximately 202,000 square feet, where our corporate headquarters is located. As of December 31, 2025, we occupied approximately 38% of the total square footage of the buildings.
Anchors and Junior Anchors
Anchors and Junior Anchors are an important factor in a property’s successful performance. However, over the past several years the number of traditional department store anchors have declined, providing us the opportunity to redevelop these spaces to attract new uses such as restaurants, entertainment, fitness centers, casinos, grocery stores and lifestyle retailers that engage consumers and encourage them to spend more time at our properties. Anchors are generally a department store or, increasingly, other large format tenants, including retailers whose merchandise appeals to a broad range of shoppers, and non-retail uses. Anchors play a significant role in generating customer traffic and creating a desirable location for the property's tenants.
Anchors and Junior Anchors may own their stores and the land underneath, as well as the adjacent parking areas, or may enter into long-term leases with respect to their stores. Rental rates per square foot for Anchor tenants are significantly lower than the rents charged to non-anchor tenants. Total revenues from Anchors and Junior Anchors accounted for 16.7% of the total revenues from our properties in 2025. Each Anchor and Junior Anchor that owns its store has entered into an operating and reciprocal easement agreement with us covering items such as operating covenants, reciprocal easements, property operations, initial construction and future expansion.
During 2025, the following Anchors and Junior Anchors were added to our properties:
| Name | Property | Location |
|---|---|---|
| Ashley Furniture Home Store | Meridian Mall | Lansing, MI |
| Barnes & Noble | Sunrise Mall | Brownsville, TX |
| Barnes & Noble | York Town Center | York, PA |
| Dave & Buster's | Mayfaire Town Center | Wilmington, NC |
| Giselle's | Oak Park Mall | Overland Park, KS |
| Joplin Expo Center | Northpark Mall | Joplin, MO |
| Phoenix Theatres | Governor's Square | Clarksville, TN |
| Planet Fitness | Arbor Place | Douglasville, GA |
| Primark | CoolSprings Galleria | Nashville, TN |
| Q | Arbor Place | Douglasville, GA |
| Z Cages Hitter's Hangout | Sunrise Mall | Brownsville, TX |
As of December 31, 2025, our properties had a total of 415 Anchors and Junior Anchors, including 44 vacant Anchor and Junior Anchor locations, and excluding Anchors and Junior Anchors at Excluded Properties. The Anchors and Junior Anchors and the amount of GLA leased or owned by each as of December 31, 2025 is as follows:
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| JC Penney | 15 | 19 | 5 | 39 | 1,514,978 | 2,445,415 | 689,420 | 4,649,813 |
| Dillard's | 1 | 29 | 3 | 33 | 27,115 | 3,971,617 | 559,612 | 4,558,344 |
| Macy's | 7 | 9 | 2 | 18 | 764,864 | 1,538,132 | 417,862 | 2,720,858 |
| Belk | 7 | 11 | 3 | 21 | 554,638 | 1,552,713 | 300,995 | 2,408,346 |
| Academy Sports + Outdoors | 3 | — | — | 3 | 199,091 | — | — | 199,091 |
| Aldi | 1 | — | — | 1 | 23,708 | — | — | 23,708 |
| AMC Theatres | 4 | — | 1 | 5 | 165,694 | — | 56,255 | 221,949 |
| American Signature Furniture | — | 1 | — | 1 | — | 61,620 | — | 61,620 |
| Appliance Factory Mattress Kingdom | — | 1 | — | 1 | — | 59,314 | — | 59,314 |
| Ashley HomeStore | 1 | — | — | 1 | 95,340 | — | — | 95,340 |
| At Home | — | 1 | — | 1 | — | 124,700 | — | 124,700 |
| Barnes & Noble | 15 | — | — | 15 | 449,983 | — | — | 449,983 |
| Best Buy | 4 | — | 1 | 5 | 156,602 | — | 45,070 | 201,672 |
| Big Air Trampoline Park | 1 | — | — | 1 | 33,938 | — | — | 33,938 |
| BJ's Wholesale Club | 1 | 1 | — | 2 | 85,188 | 104,137 | — | 189,325 |
| Bob's Discount Furniture | 1 | — | — | 1 | 20,308 | — | — | 20,308 |
| Bomgaars | — | 1 | — | 1 | — | 83,055 | — | 83,055 |
| Books-A-Million, Inc.: | ||||||||
| Books-A-Million | 1 | — | — | 1 | 20,642 | — | — | 20,642 |
| 2nd & Charles | 1 | — | — | 1 | 23,538 | — | — | 23,538 |
| Books-A-Million, Inc. Subtotal | 2 | — | — | 2 | 44,180 | — | — | 44,180 |
| Boscov's | — | 1 | — | 1 | — | 150,000 | — | 150,000 |
| Burlington | 1 | 2 | — | 3 | 28,000 | 94,049 | — | 122,049 |
| Cabela's | — | 1 | — | 1 | — | 75,330 | — | 75,330 |
| Cinemark | 6 | — | — | 6 | 306,348 | — | — | 306,348 |
| City of College Station | — | 1 | — | 1 | — | 103,888 | — | 103,888 |
| Costco | — | 1 | — | 1 | — | 153,973 | — | 153,973 |
| Crunch Fitness | 2 | 2 | — | 4 | 70,425 | 88,958 | — | 159,383 |
| Dave & Buster's | 3 | 1 | — | 4 | 83,316 | 26,509 | — | 109,825 |
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| Dick's Sporting Goods | 19 | 1 | 2 | 22 | 1,102,116 | 50,000 | 280,586 | 1,432,702 |
| Dunham's Sports | 1 | — | — | 1 | 80,551 | — | — | 80,551 |
| EFO Furniture & Mattress Outlet | 1 | — | — | 1 | 43,171 | — | — | 43,171 |
| Electronic Express | — | 2 | — | 2 | — | 87,573 | — | 87,573 |
| Encore | 3 | — | — | 3 | 74,583 | — | — | 74,583 |
| Flip N Fly | 1 | — | — | 1 | 27,972 | — | — | 27,972 |
| Flix Brewhouse | 1 | — | — | 1 | 39,150 | — | — | 39,150 |
| Foot Locker | 1 | — | — | 1 | 22,847 | — | — | 22,847 |
| The Fresh Market | 1 | — | — | 1 | 21,442 | — | — | 21,442 |
| Gabe's | — | 1 | — | 1 | — | 29,596 | — | 29,596 |
| Giselle's | 1 | — | — | 1 | 21,301 | — | — | 21,301 |
| H&M | 23 | — | — | 23 | 511,417 | — | — | 511,417 |
| Hamrick's | 1 | — | — | 1 | 40,000 | — | — | 40,000 |
| Harris Teeter | — | — | 1 | 1 | — | — | 72,757 | 72,757 |
| Havertys Furniture | 1 | — | — | 1 | 25,080 | — | — | 25,080 |
| High Caliber Karting | 1 | — | — | 1 | 100,683 | — | — | 100,683 |
| Hobby Lobby | 1 | 2 | — | 3 | 51,668 | 163,104 | — | 214,772 |
| Hollywood Casino | 1 | — | — | 1 | 79,500 | — | — | 79,500 |
| Home Trends | 1 | — | — | 1 | 128,330 | — | — | 128,330 |
| Hospital Corporation of America | 1 | — | — | 1 | 48,000 | — | — | 48,000 |
| I. Keating Furniture | 1 | — | — | 1 | 103,994 | — | — | 103,994 |
| Joplin Expo Center | — | 1 | — | 1 | — | 85,000 | — | 85,000 |
| Kings Dining & Entertainment | 1 | — | — | 1 | 22,678 | — | — | 22,678 |
| Kohl's | 1 | 3 | 1 | 5 | 86,584 | 225,771 | 83,000 | 395,355 |
| Launch Trampoline Park | 1 | — | — | 1 | 31,989 | — | — | 31,989 |
| Levin Furniture | 1 | — | — | 1 | 55,314 | — | — | 55,314 |
| Life Storage | — | 1 | — | 1 | — | 131,915 | — | 131,915 |
| Live! Casino Pittsburgh | 1 | — | — | 1 | 129,552 | — | — | 129,552 |
| LIVE Ventures, Inc.: | ||||||||
| V-Stock | 1 | — | — | 1 | 23,058 | — | — | 23,058 |
| Vintage Stock | 1 | — | — | 1 | 46,108 | — | — | 46,108 |
| LIVE Ventures, Inc. Subtotal | 2 | — | — | 2 | 69,166 | — | — | 69,166 |
| Madison School & Community Recreation | — | 1 | — | 1 | — | 21,200 | — | 21,200 |
| Main Event | 1 | 2 | — | 3 | 61,844 | 101,603 | — | 163,447 |
| Marcus Theatres | 1 | — | — | 1 | 57,500 | — | — | 57,500 |
| Mega Furniture | — | 1 | — | 1 | — | 75,000 | — | 75,000 |
| Metcalfe's Market | — | 1 | — | 1 | — | 67,365 | — | 67,365 |
| Michaels | 4 | 1 | — | 5 | 89,745 | 23,645 | — | 113,390 |
| Murdoch's Farm & Ranch | — | 1 | — | 1 | — | 60,241 | — | 60,241 |
| Nickels and Dimes, Inc.: | ||||||||
| Tilt | 1 | — | — | 1 | 22,484 | — | — | 22,484 |
| Tilt Studio | 5 | — | — | 5 | 347,046 | — | — | 347,046 |
| Tilted 10 | 1 | — | — | 1 | 50,000 | — | — | 50,000 |
| Nickels and Dimes, Inc. Subtotal | 7 | — | — | 7 | 419,530 | — | — | 419,530 |
| Nike Factory Store | 1 | — | — | 1 | 22,479 | — | — | 22,479 |
| Nordstrom | — | — | 2 | 2 | — | — | 385,000 | 385,000 |
| Nordstrom Rack | 3 | — | — | 3 | 80,131 | — | — | 80,131 |
| O2 Fitness | 1 | — | — | 1 | 27,048 | — | — | 27,048 |
| Office Depot | 1 | — | — | 1 | 23,425 | — | — | 23,425 |
| OfficeMax | — | 1 | — | 1 | — | 24,606 | — | 24,606 |
| Old Navy | 1 | — | — | 1 | 20,257 | — | — | 20,257 |
| Ollie's Bargain Outlet | 1 | — | — | 1 | 28,446 | — | — | 28,446 |
| One Life Fitness | — | 1 | — | 1 | — | 49,241 | — | 49,241 |
| PA Fitness | 1 | — | — | 1 | 30,664 | — | — | 30,664 |
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| PetSmart | 2 | — | — | 2 | 46,248 | — | — | 46,248 |
| Phoenix Theatres | 1 | — | — | 1 | 42,312 | — | — | 42,312 |
| Planet Fitness | 5 | — | — | 5 | 120,630 | — | — | 120,630 |
| Primark | 1 | — | — | 1 | 50,704 | — | — | 50,704 |
| Publix | 1 | — | — | 1 | 45,600 | — | — | 45,600 |
| Q | 1 | — | — | 1 | 25,841 | — | — | 25,841 |
| Reaching Out For Jesus Christian Center | 1 | — | — | 1 | 43,632 | — | — | 43,632 |
| Regal Cinemas | 2 | 1 | 1 | 4 | 119,407 | 57,854 | 60,400 | 237,661 |
| REI | 1 | — | — | 1 | 24,427 | — | — | 24,427 |
| Rooms To Go | — | 1 | — | 1 | — | 45,000 | — | 45,000 |
| Ross Dress for Less | 7 | 2 | — | 9 | 190,751 | 70,981 | — | 261,732 |
| Saks Fifth Avenue OFF 5TH | 1 | — | — | 1 | 24,807 | — | — | 24,807 |
| Scheel's | 1 | 1 | 1 | 3 | 141,840 | 107,386 | 81,296 | 330,522 |
| Schuler Books & Music | 1 | — | — | 1 | 30,432 | — | — | 30,432 |
| Shoe Station | 1 | — | — | 1 | 28,777 | — | — | 28,777 |
| ShopRite | 1 | — | — | 1 | 87,381 | — | — | 87,381 |
| Sleep Inn & Suites | — | — | 1 | 1 | — | — | 123,506 | 123,506 |
| Southwest Theaters | 1 | — | — | 1 | 29,830 | — | — | 29,830 |
| Spare Time Entertainment | — | 1 | — | 1 | — | 39,109 | — | 39,109 |
| Sports Center | 1 | — | — | 1 | 60,000 | — | — | 60,000 |
| Sportsman's Warehouse | — | 1 | — | 1 | — | 48,171 | — | 48,171 |
| Stars and Strikes | 1 | — | — | 1 | 52,727 | — | — | 52,727 |
| Target | — | 8 | — | 8 | — | 935,680 | — | 935,680 |
| Thrill Factory | 1 | — | — | 1 | 47,943 | — | — | 47,943 |
| The TJX Companies, Inc.: | ||||||||
| HomeGoods | 5 | 1 | — | 6 | 121,369 | 26,355 | — | 147,724 |
| Marshalls | 6 | — | — | 6 | 179,050 | — | — | 179,050 |
| T.J. Maxx | 4 | 1 | — | 5 | 110,931 | 28,081 | — | 139,012 |
| The TJX Companies, Inc. Subtotal | 15 | 2 | — | 17 | 411,350 | 54,436 | — | 465,786 |
| Total Wine and More | — | 1 | — | 1 | — | 28,350 | — | 28,350 |
| TruFit | 1 | 1 | — | 2 | 45,179 | 43,145 | — | 88,324 |
| Truist | — | — | 1 | 1 | — | — | 60,000 | 60,000 |
| Truliant Federal Credit Union | — | 1 | — | 1 | — | 150,447 | — | 150,447 |
| Urban Air Adventure Park | 1 | 1 | — | 2 | 33,860 | 30,404 | — | 64,264 |
| Urban Planet | 1 | — | — | 1 | 30,463 | — | — | 30,463 |
| Vertical Trampoline Park | 1 | — | — | 1 | 24,972 | — | — | 24,972 |
| Von Maur | — | 1 | — | 1 | — | 82,377 | — | 82,377 |
| Whole Foods | 1 | — | 1 | 2 | 26,841 | — | 34,320 | 61,161 |
| Z Cages Hitters' Hangout | 1 | — | — | 1 | 42,000 | — | — | 42,000 |
| Vacant Anchor/Junior Anchor: | ||||||||
| Vacant - former AMC Theaters | 1 | — | — | 1 | 31,119 | — | — | 31,119 |
| Vacant - former Ashley HomeStore | 1 | — | — | 1 | 20,487 | — | — | 20,487 |
| Vacant - former Bealls | 3 | — | — | 3 | 109,209 | — | — | 109,209 |
| Vacant - former Ben's Furniture and Antiques | 1 | — | — | 1 | 23,895 | — | — | 23,895 |
| Vacant - former Bergner's | 1 | — | — | 1 | 131,616 | — | — | 131,616 |
| Vacant - former Boston Store | — | 1 | — | 1 | — | 138,755 | — | 138,755 |
| Vacant - former Burlington | 1 | — | — | 1 | 63,013 | — | — | 63,013 |
| Vacant - former Conn's Home Plus | — | 2 | — | 2 | — | 88,312 | — | 88,312 |
| Vacant - former Dillard's | 2 | 1 | — | 3 | 116,376 | 99,828 | — | 216,204 |
| Vacant - former Forever 21 | 2 | — | — | 2 | 43,999 | — | — | 43,999 |
| Vacant - former H&M | 1 | — | — | 1 | 20,268 | — | — | 20,268 |
| Vacant - former Jo-Ann Fabrics and Crafts | 3 | — | — | 3 | 73,738 | — | — | 73,738 |
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| Vacant - former Macy's | 4 | 2 | — | 6 | 361,246 | 362,122 | — | 723,368 |
| Vacant - former Overstock Furniture and Mattress | 1 | — | — | 1 | 59,360 | — | — | 59,360 |
| Vacant - former Party City | 1 | — | — | 1 | 20,841 | — | — | 20,841 |
| Vacant - former Schuler Books & Music (1) | 1 | — | — | 1 | 24,116 | — | — | 24,116 |
| Vacant - former Sears | 4 | 9 | 2 | 15 | 468,989 | 1,078,057 | 275,988 | 1,823,034 |
| Current Developments: | ||||||||
| BJ's Wholesale Club | — | 1 | — | 1 | — | 99,804 | — | 99,804 |
| Dave & Buster's | 1 | — | — | 1 | 48,270 | — | — | 48,270 |
| Novant Health (2) | — | 1 | — | 1 | — | 174,643 | — | 174,643 |
| Paddock Market (3) | — | 1 | — | 1 | — | 145,209 | — | 145,209 |
| Sound Force (4) | — | 1 | — | 1 | — | 158,771 | — | 158,771 |
| Total Anchors/Junior Anchors | 244 | 143 | 28 | 415 | 11,846,369 | 15,868,111 | 3,526,067 | 31,240,547 |
(1)
In February 2025, Schuler Books & Music relocated to the former Bed Bath & Beyond at Meridian Mall.
(2)
The former Sears space at Hanes Mall will be redeveloped for future office and retail space (owned by others).
(3)
Paddock Market at Paddock Mall opened in January 2026.
(4)
Sound Force is expected to open in the former JC Penney space at Northgate Mall in 2026.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.