CBL Properties Posts $2.25 Q4 Adjusted FFO, 3.3% Quarterly NOI Growth
CBL Properties reported Q4 adjusted FFO of $2.25 per share and full-year adjusted FFO of $7.21, both at the high end of 2025 guidance. Same-center NOI rose 3.3% in Q4 and 0.5% year-over-year, occupancy held at 90.0% despite 107,000 sq ft of closures, and disposition proceeds totaled $240.7 million.
1. Strong Fourth Quarter and Full-Year Financial Performance
CBL Properties delivered Q4 net income of $1.56 per share and full-year net income of $4.34 per share. Adjusted FFO reached $2.25 per share in Q4 and $7.21 per share for 2025, both near the high end of the company’s guidance range.
2. Operating Metrics and Occupancy
Same-center NOI grew 3.3% in Q4 and 0.5% for the full year. Portfolio occupancy remained at 90.0% as of December 31, 2025, despite approximately 107,000 square feet of bankrupt tenant closures, while same-center tenant sales per square foot rose 3.7% in Q4 and 2.8% for the year to $437.
3. Leasing Activity and Rent Spreads
During 2025, CBL executed over 4.0 million square feet of leases, including 2.4 million square feet of comparable new and renewal leases signed at a 2.6% increase in average rents. In Q4 alone, 1.3 million square feet of leases were signed, with renewals down 5.3% and new lease spreads up nearly 15%.
4. Balance Sheet Improvements and Capital Transactions
As of December 31, 2025, CBL held $335.4 million of unrestricted cash and marketable securities. The company closed dispositions generating $240.7 million in proceeds, which funded acquisitions of four enclosed malls at mid-teens cap rates and refinanced key loans, including a $78 million non-recourse loan on Cross Creek Mall.