CBL & ASSOCIATES PROPERTIES INC Posts Higher Revenue and Profit Across Both Windows in Interim Filing

Bottom line

- Bottom-line performance improved on a year-over-year basis in each window. Earnings Per Share, Diluted moved higher for the three-month reporting period versus the prior-year comparative quarter and remained in profit territory on both sides. The same profit-to-profit transition is authorized for the six-month year-to-date window. Net Income (Loss) Attributable to Parent likewise rose versus the prior-year comparative in the three-month window and in the six-month window. - Top-line performance strengthened on both the contract-revenue measure and the consolidated revenues line. Revenue from Contract with Customer, Excluding Assessed Tax was higher in the current quarter than the prior-year quarter and higher for the year-to-date period than the prior-year six months. The separate Revenues line is consistent with that direction in both windows.

The interim document is the form-type filing identified by 10-Q under accession 0001193125-26-339651 for 0000910612 / CBL, covering the current fiscal period period-ended-2026-06-30 and prepared as unaudited condensed consolidated financial statements under U.S. GAAP for interim financial information per the SEC rules cited in the basis-of-presentation note. The source scope for this section is the unaudited interim financial information presented in the body of the filing; supporting notes cited here are the summary-of-significant-accounting-policies note, the revenues note, the leases note, the fair-value-measurements note (including the quoted-prices and observable-inputs tiers), the accompanying-notes integral-part statement, the fair-value-measurements-at-reporting-date note, and the segment-and-contract-revenue context note. The other-items section covers legal proceedings, risk-factor updates, unregistered equity sales, defaults upon senior securities, controls and procedures, and quantitative and qualitative market-risk disclosures as enumerated under the six item references in the filing.

The filing evidence does not attribute this change to any single cause.

The interim format indicates that the period's results are not necessarily indicative of the full fiscal year, and management continues to evaluate an expense-disaggregation ASU discussed in the summary-of-significant-accounting-policies note.

None identified within the filing evidence beyond the interim non-indicative caveat.

UNKNOWN: The filing evidence contains no peer or industry comparison. The filing evidence contains no peer or industry comparison.

Financial performance

08 per diluted share USD/SHARES for the three months ended June 30, 2025. The transition is profit to profit in both windows. 35 per diluted share USD/SHARES for the six months ended June 30, 2025.

The transition is profit to profit in both windows. - Net Income (Loss) Attributable to Parent was $46,444,000 USD for the three months ended June 30, 2026, an authorized increase from $2,759,000 USD for the three months ended June 30, 2025. The transition is profit to profit.

- Net Income (Loss) Attributable to Parent was $92,931,000 USD for the six months ended June 30, 2026, an authorized increase from $11,548,000 USD for the six months ended June 30, 2025. The transition is profit to profit. - Revenue from Contract with Customer, Excluding Assessed Tax was $3,965,000 USD for the three months ended June 30, 2026, an authorized increase from $3,862,000 USD for the three months ended June 30, 2025.

- Revenue from Contract with Customer, Excluding Assessed Tax was $8,254,000 USD for the six months ended June 30, 2026, an authorized increase from $7,472,000 USD for the six months ended June 30, 2025. - Revenues (the second revenue line in the filing) was $146,479,000 USD for the three months ended June 30, 2026, an authorized increase from $140,905,000 USD for the three months ended June 30, 2025. - Revenues was $292,447,000 USD for the six months ended June 30, 2026, an authorized increase from $282,673,000 USD for the six months ended June 30, 2025.

- The filing evidence does not attribute this change to any single cause. - Management frames the interim statements as prepared under GAAP for interim financial information, with normal recurring adjustments only, and cautions that the the three months ended June 30, 2026 results are not necessarily indicative of the full-year outcome. The cited note on summary of significant accounting policies flags a recent FASB update on expense disaggregation, effective for fiscal years beginning after a future December cutoff, that the Company is still evaluating.

- The cited fair-value note sorts measurements into three tiers, with Level 1 representing quoted prices in active markets for identical items, Level 2 covering observable but not identical inputs, and Level 3 capturing unobservable inputs requiring considerable assumptions and techniques such as discounted cash flow. The fair value of an item is assigned to the lowest level that is significant. - The cited leases note addresses rental revenue components across both windows, and the cited revenues note breaks out revenue disaggregation for the three- and six-month periods.

The cited note on revenues from contracts with customers describes outstanding performance obligations for noncancelable contracts where fixed operating expense reimbursements will be received. - Management commentary on accounts receivable explains a portfolio-level collectability assessment that considers retailer type, billing disputes, lease negotiation status, executed deferral or abatement agreements, recent rent collection experience, and tenant bankruptcies based on information available at the time of evaluation.

Any change in that assessment is reflected as an adjustment to rental revenues. - The filing evidence contains no peer or industry comparison. - Guidance, forward targets, and management forecasts for upcoming periods are not provided in the filing evidence, so expectations beyond what is already disclosed in the filing cannot be supported here.

Operating drivers and segments

The disaggregated revenue lines disclosed in Note 3 populate two parallel top-line captions across both reporting windows: "Revenue from Contract with Customer, Excluding Assessed Tax" and "Revenues." For the three-month reporting period, $3,965,000 sits above $3,862,000, and for the six-month year-to-date period $8,254,000 sits above $7,472,000. The corresponding "Revenues" caption carries the same direction on both windows, with $146,479,000 higher than $140,905,000 and $292,447,000 higher than $282,673,000. The two captions are stated separately in the cited note rather than netted, so the spread between them is itself a piece of segment evidence — the contracts-with-customers line is a subset, not a duplicate, of total revenues. Note 4 describes the lease-revenue components that feed the broader revenues caption, including fixed and variable lease consideration and lease intangible amortization, while Note 3 covers the contracts-with-customers sub-stream that captures non-lease reimbursements, management fees and other service income. The grouping note in Note 10 states that operating results are reviewed at the consolidated level, with the regional-malls, outlet-centers and lifestyle/open-air-center platforms reported as a single reportable segment together with the Other category that holds the corporate office buildings and certain equity-method investments; segment margin detail at the property level is therefore not separately broken out in the filing.

Management attributes revenue direction to the disaggregation in Note 3 and to the lease components enumerated in Note 4, while framing portfolio activity through the segment descriptions in Note 10. The cited disclosure language frames variable-consideration performance obligations related to tenant sales as constrained, and discusses assessment of operating-lease receivables at the portfolio level using outstanding balances, historical collections and current economic trends. Management also represents that the Operating Partnership accounts for certain equity-method investments, with the two corporate office buildings consolidated inside the Other category rather than as a separate reportable segment.

Cash flow and capital

Reported facts: For the six-month year-to-date period covered by the filing, Net Cash Provided by (Used in) Operating Activities is reported at $133,188,000 USD, against the prior-year comparative of $99,947,000 USD, on a positive base in both windows. Net Cash Provided by (Used in) Investing Activities stands at $51,576,000 USD for the current six-month period and $98,055,000 USD for the prior-year period, both positive. Net Cash Provided by (Used in) Financing Activities is -$135,096,000 USD for the current window and -$147,310,000 USD for the prior window, both negative. Within financing, Payments of Ordinary Dividends, Common Stock were $38,681,000 USD for the current six-month period versus $49,497,000 USD for the prior year, while Payments for Repurchase of Common Stock were $1,336,000 USD versus $0 USD.

The balance sheet snapshot at the balance sheet date of June 30, 2026 shows Cash and Cash Equivalents, at Carrying Value at $101,280,000 USD, Accounts Receivable after Allowance for Credit Loss at $41,833,000 USD, and Accounts Payable and Accrued Liabilities, the balance sheet date item, at $180,968,000 USD.

Management explanations: Management notes that carrying values of cash and cash equivalents, receivables, and accounts payable and accrued liabilities are reasonable fair-value estimates because of the short-term nature of those financial instruments, and that mortgage and other indebtedness fair value is calculated by discounting future cash flows using estimated market rates for similar loans under observable inputs. Long-lived asset recoverability is tested by comparing undiscounted future cash flows over the expected remaining holding period to the carrying amount, using probability-weighted scenarios.

Analyst inference: Operating cash flow is authorized as higher than the prior-year six-month period on a same-sign positive base. Investing cash flow is authorized as lower than the prior-year six-month period, still positive. Financing cash flow is authorized as higher (a smaller outflow, since both windows are negative). Dividend cash outflow is authorized as lower than the prior-year six-month period. Share repurchase cash outflow moved from zero in the prior-year window to a positive amount in the current window.

Counter-evidence: The filing offers no peer or industry cash flow benchmark against which to gauge the operating cash expansion or the shift into repurchases, so the directional calls cannot be triangulated against external comparables.

Unknowns: The filing evidence does not attribute this change to any single cause.

For readers tracking capital return shifts across periods, the same six-month pattern of higher revenue and profit is visible in filings such as REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, which provides a contrasting reference point rather than a direct peer read on this balance sheet.

Peer and historical context

- A meaningful peer or industry comparison against other publicly listed mall and open-air retail REIT operators is not available inside this filing. - The quarter-on-quarter and year-on-year relationships visible here are the only comparison evidence the filing itself offers.

Reported facts (drawn from the filing's condensed consolidated statements and segment notes, with all numbers replaced by catalog placeholders): - Revenue from Contract with Customer, Excluding Assessed Tax was $3,965,000 USD for the three months ended June 30, 2026 versus $3,862,000 USD for the three months ended June 30, 2025. - Revenue from Contract with Customer, Excluding Assessed Tax was $8,254,000 USD for the six months ended June 30, 2026 versus $7,472,000 USD for the six months ended June 30, 2025. - Revenues was $146,479,000 USD for the three months ended June 30, 2026 versus $140,905,000 USD for the three months ended June 30, 2025. - Revenues was $292,447,000 USD for the six months ended June 30, 2026 versus $282,673,000 USD for the six months ended June 30, 2025. - Net Income (Loss) Attributable to Parent was $46,444,000 USD for the three months ended June 30, 2026 versus $2,759,000 USD for the three months ended June 30, 2025. - Net Income (Loss) Attributable to Parent was $92,931,000 USD for the six months ended June 30, 2026 versus $11,548,000 USD for the six months ended June 30, 2025. - Net Cash Provided by (Used in) Operating Activities was $133,188,000 USD for the six months ended June 30, 2026 versus $99,947,000 USD for the six months ended June 30, 2025.

Year-on-year direction set by the machine (each is the only change statement permitted for the labeled measure): - Revenue from Contract with Customer, Excluding Assessed Tax: higher than the prior period on both the three-month and the six-month windows; Revenues (the broader line, which includes the contractual revenue above plus other operating components detailed in the cited lease and revenue notes): also higher than the prior period on both windows. - Net Income (Loss) Attributable to Parent: higher than the prior period on both windows, remaining a profit in both the current and prior periods. - Net Cash Provided by (Used in) Operating Activities: higher than the prior period on the six-month basis, remaining positive in both periods. - The filing evidence does not attribute this change to any single cause.

Internal comparison across the two windows of the same filing: - The three-month results are naturally a subset of the six-month year-to-date results; that relationship is structural rather than directional and is not itself evidence of acceleration or deceleration. - No other historical window (for example, a full prior fiscal year, or sequential quarter-on-quarter within the current fiscal year) is supplied inside this filing, so any comparison outside the two reported periods cannot be supported by the cited evidence.

Peer comparison (readers often want this for a retail REIT): - The filing does not name or include numbers for any peer REIT, retail REIT index, mall-operator cohort, or industry aggregate. - The filing evidence contains no peer or industry comparison.

Scenario analysis

- Anchored on the year-to-date and three-month reported figures in the filing, the central case is a continuation of the current trajectory: Revenue from Contract with Customer, Excluding Assessed Tax at $8,254,000 USD for the six months ended June 30, 2026 and at $3,965,000 USD for the three months ended June 30, 2026, with the prior-year comparables at $7,472,000 USD and $3,862,000 USD respectively. The broader Revenues line tracks that pattern at $292,447,000 USD and $146,479,000 USD versus the prior-year $282,673,000 USD and $140,905,000 USD. - Bottom-line anchor: Net Income (Loss) Attributable to Parent at $92,931,000 USD for the six months ended June 30, 2026 and at $46,444,000 USD for the three months ended June 30, 2026, compared with $11,548,000 USD and $2,759,000 USD for the prior-year windows, with the section's authorized relations confirming both revenue lines and net income moving higher on the year-over-year comparison. - Under this case, the joint venture at the cited note keeps funding lease and acquisition activity without recourse to the seller, and the level categorization of impaired long-lived assets under Level 3 in the cited note stays consistent with this quarter's reported figures.

- Same reported-to-expected construction method. - The optimistic case flows from the same starting point — Revenue from Contract with Customer, Excluding Assessed Tax at $8,254,000 USD for the six months ended June 30, 2026 and at $3,965,000 USD for the three months ended June 30, 2026, with Revenues at $292,447,000 USD and $146,479,000 USD — but assumes the upward year-over-year direction on each authorized comparison extends further into the second half on the back of the recent acquisition recorded under the cited note. - Net Income (Loss) Attributable to Parent at $92,931,000 USD for the six months ended June 30, 2026 and at $46,444,000 USD for the three months ended June 30, 2026 also extends the upward transition documented in the authorized comparisons, with the higher fair-value tier classification under Level 3 of the cited note remaining stable and no further nonrecurring impairment appearing in Note 5. - Counter-evidence keeping this from being a high-confidence call: the same Greenbrier Circle sale that produced the current period impairment confirms the short-term risk that long-lived asset values can move adversely; the qualitative inputs behind the Level 3 classification — net operating income, occupancy, sales levels, and tenant mix — would all need to inflect positively.

- The pessimistic case starts from the same reported figures — top-line at $8,254,000 USD and $3,965,000 USD (or the broader Revenues line at $292,447,000 USD and $146,479,000 USD) and bottom-line at $92,931,000 USD and $46,444,000 USD — and assumes the year-over-year direction on those authorized comparisons flatlines or reverses in the next windows. - A re-rating of long-lived assets under Level 3 in the cited note, on weaker net operating income, occupancy, or sales levels for the cited property, would translate the direction-neutral starting point into reported net income contraction; the impairment precedent from the Greenbrier Circle sale in Note 5 of the filing is the cited evidence that such an adjustment is a current-period possibility rather than a remote tail. - Counter-evidence limiting the downside: the authorized year-over-year direction for Revenue from Contract with Customer, Excluding Assessed Tax, Revenues, and Net Income (Loss) Attributable to Parent is upward on both windows, and the prior-year comparables at $11,548,000 USD and $2,759,000 USD sit at a positive earnings base that would need to be breached for the case to play out. - The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Risks and what to watch

- Reported facts: The three-month and six-month year-to-date periods, compared with the corresponding prior-year windows, show higher Revenue from Contract with Customer, Excluding Assessed Tax on both windows and higher Revenues on both windows, alongside higher Net Income (Loss) Attributable to Parent on both windows — sitting on top of higher Earnings Per Share, Diluted on both windows and higher Net Cash Provided by (Used in) Operating Activities for the half-year window. The half-year window also shows lower Payments of Ordinary Dividends, Common Stock and a positive Payments for Repurchase of Common Stock versus a prior-period zero. Authoritative magnitudes for $46,444,000, $92,931,000, $3,965,000, $8,254,000, $146,479,000 and $292,447,000, plus the prior-year comparatives $2,759,000, $11,548,000, $3,862,000, $7,472,000, $140,905,000 and $282,673,000, frame the reported trajectory across the three months ended June 30, 2026, the six months ended June 30, 2026 and their prior-year analogs. - Management explanations: Note 5 frames long-lived asset valuations as dependent on significant unobservable estimates and assumptions — market conditions, property age and condition, tenant mix, the terminal capitalization rate used in undiscounted and discounted cash flow models, and the discount rate used in the discounted cash flow model. The filing classifies those long-lived assets under Level 3, with Level 3 inputs drawn primarily from sales and market data, independent valuations and discounted cash flow models. Acknowledged uncertainty extends to acquisitions, where purchase-price allocations rely on relative fair values assisted by a third-party valuation specialist, with the most subjective and judgmental assumptions highlighted as projected cash flows, capitalization and discount rates, and with appraisal support across the cost approach, the sales comparison approach and the income capitalization approach. - Counter-evidence: During the three and six months ended the second quarter cut-off, the company sold the cited Greenbrier Circle asset for less than its carrying value and recorded an impairment in that window — a realized write-down that runs against the broader year-over-year improvement narrative and signals that individual assets can still crystallize losses even when the consolidated top line and bottom line improve. - Analyst inference: Readers should weigh the year-over-year gains against the recurring use of Level 3 inputs for long-lived asset measurement, together with the unobservable purchase-price allocation inputs disclosed at Note 2 and the segment and customer-disaggregation framing in Note 10; because those inputs are unobservable, valuation movements can amplify or dampen reported results independent of operating performance. - Unknowns: The filing does not disclose a peer or industry comparison set, so relative performance against mall REIT operators cannot be read from this evidence — The filing evidence contains no peer or industry comparison.. Detailed attribution for the period-over-period moves is not given, so the drivers behind the revenue and net income improvements cannot be confirmed from the document — The filing evidence does not attribute this change to any single cause.. - Metrics to watch next period: Revenue from Contract with Customer, Excluding Assessed Tax and Revenues on both the three-month and six-month windows; Net Income (Loss) Attributable to Parent on both windows; Earnings Per Share, Diluted on both windows; Net Cash Provided by (Used in) Operating Activities alongside the related investing and financing flows on the half-year window; the Payments for Repurchase of Common Stock and Payments of Ordinary Dividends, Common Stock lines. Also monitor the disclosures tied to Item 1, Item 3 and Item 4 in the next periodic filing under 0001193125-26-339651 by CBL & ASSOCIATES PROPERTIES INC (CBL), where any market-risk, litigation or controls items not in this report would surface. - Cross-reference: For a contrasting interim portrait where the bottom line lost ground even as revenue rose, see Lizely Finance Earnings Analysis — Veru Inc. (VERU) Interim Filing: Losses Persist With Mixed Year-over-Year Direction.

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