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Dec 31, 2025
CBL & Associates Q4 2025 Earnings Report
CBL Properties reported strong fourth quarter 2025 results with higher net income, improved FFO as adjusted, and same-center NOI growth.
Key Takeaways
For Q4 2025, CBL generated total revenues of 156420000 and net income attributable to common shareholders of 48262000, with diluted EPS of 1.56 and FFO, as adjusted, per share of 2.25, driven by 3.3% same-center NOI growth.
Total revenues increased to 156420000 from 131690000 year-over-year.
Net income attributable to common shareholders rose to 48262000, with diluted EPS of 1.56.
FFO, as adjusted, per diluted share was 2.25 compared to 1.92 in the prior-year quarter.
Same-center NOI grew 3.3% and portfolio occupancy was 90.0% at quarter-end.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, CBL expects FFO, as adjusted, per share between 6.74 and 7.06 and same-center NOI change between -1.2% and 1.1%.
Positive Outlook
- 2026 FFO, as adjusted, guidance range of 6.74 to 7.06 per share.
- Projected 2026 same-center NOI up to 405600000 at the high end.
- Expected net income between 23600000 and 33600000.
- Continued focus on balance sheet improvement and portfolio optimization.
- Ongoing leasing activity expected to support rent growth.
Challenges Ahead
- 2026 same-center NOI could decline by up to 1.2%.
- Operating expense pressures anticipated in 2026.
- Potential credit losses from tenant bankruptcies.
- Uncollectable revenue variance expected to impact NOI.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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