CBL & ASSOCIATES PROPERTIES INC

CBL & Associates Properties, Inc. operates as a real estate investment trust specializing in the ownership and management of shopping centers and mixed-use properties across the United States. The company's portfolio consists of regional shopping malls, lifestyle centers, and outparcel properties strategically located in secondary and tertiary markets throughout the country.

The company generates revenue primarily through tenant rental income from its diversified tenant base, which includes national retailers, regional chains, and local merchants. CBL's business model centers on acquiring, developing, and managing high-quality retail real estate assets that serve as community gathering places and shopping destinations. The company maintains a significant presence across multiple states, with properties distributed geographically to reduce concentration risk and capitalize on local market opportunities.

CBL's competitive advantages include its experienced management team's expertise in retail real estate operations, its established relationships with major retail tenants, and its ability to identify and develop value-add properties in attractive markets. The company focuses on maintaining strong occupancy rates and maximizing tenant sales productivity, which supports both rental income stability and tenant retention.

The amended and restated credit agreement dated July 29, 2025, reflects CBL's capital structure and financing arrangements. The agreement involves fifty-four borrowing entities organized as limited liability companies across multiple states, with CBL Outparcel HoldCo, LLC serving as the sole member and CBL & Associates Limited Partnership as the sponsor. The financing structure includes both an existing loan facility and a new loan facility, demonstrating the company's ongoing capital management and refinancing activities to support its real estate operations and strategic initiatives.

CBL maintains comprehensive governance structures through its guarantor entities and administrative agent arrangements with CLMG Corp. and Beal Bank USA, ensuring proper oversight of its substantial real estate portfolio and associated financial obligations.