In the quarter ended December 31, 2025, CBL reported net income attributable to common shareholders of $48.3 million, a 29.7% year-over-year increase, on revenues of $156.4 million, up 18.8%. For the full year, net income jumped 131.8% to $133.9 million and revenues rose 12.2% to $578.4 million, while adjusted FFO per share increased 7.8% to $7.21.

Same-center net operating income grew 3.3% in Q4 and 0.5% for 2025, led by a 16.3% gain at lifestyle centers; malls increased 2.2%, open-air centers 2.1%, and outlet centers declined 0.3%. Same-center tenant sales per square foot rose 3.7% in Q4 and 2.8% for the year to $437.

Portfolio occupancy stood at 90.0% at year-end, with same-center occupancy flat at 88.6%. During 2025, CBL executed over 4 million square feet of leases with a 2.6% average rent uplift, and in Q4 signed 1.3 million square feet despite a 2.9% comparable rent decline on renewals.

CBL generated ~$240 million in dispositions and acquired four regional malls for $178.9 million, ending the year with $335.4 million of unrestricted cash. Management refinanced $121 million of non-recourse debt, repurchased $18 million of shares and issued 2026 FFO guidance of $6.74–$7.06 per share with same-center NOI expected between –1.2% and +1.1%.