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Sep 30, 2025
CBL & Associates Q3 2025 Earnings Report
CBL & Associates reported a significant rise in Q3 2025 net income, supported by higher rental revenues and gains on asset sales and deconsolidation.
Key Takeaways
CBL & Associates delivered a strong Q3 2025 with a major increase in net income and EPS, driven by improved rental revenues, property acquisitions, and substantial gains from asset sales and deconsolidation of Southpark Mall.
Net income rose to $75.1 million from $15.8 million in Q3 2024.
EPS increased to $2.44, reflecting higher profitability and reduced share count.
Gains of $51.2 million were recorded from the sale of The Promenade and other assets.
A $33.9 million gain was recognized from the deconsolidation of Southpark Mall.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CBL remains focused on executing its strategy to drive occupancy and revenue through re-tenanting, acquisitions, and capital improvements while managing debt maturities.
Positive Outlook
- Strong net income and EPS growth driven by asset gains
- Same-center NOI growth of 1.1%
- Solid occupancy across the portfolio at 90.2%
- Strategic acquisitions of four malls completed in July
- Debt reduction efforts through asset sales and refinancing
Challenges Ahead
- Increased interest expense due to debt refinancing and acquisitions
- Decline in earnings from unconsolidated affiliates
- Depreciation and amortization rose due to asset additions
- Real estate taxes and maintenance expenses increased
Historical Earnings Impact
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Avg. Return Before/After Earnings
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