CBL & Associates Properties, Inc.

Worth knowing

• Buybacks largely absorbed by stock pay. Stock-based pay expense $45M vs $56M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −2.6% from December 2022 to August 2026.

  Over three fiscal years CBL & Associates Properties recorded $45M of stock-based pay expense and spent $56M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−2.6%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years CBL & Associates Properties recorded $45M of stock-based pay expense and spent $56M repurchasing shares. The share count barely moved (−2.6%), so much of the repurchasing offset new employee shares rather than shrinking the count.

• Much more borrowing than peers. Debt is 4.8× equity vs a peer median of 0.8×.Debt is 4.8× equity vs peers 0.8×.

  Debt is 4.8× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 4.8× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

• Profit is backed by cash. Free cash flow is 133% of reported profit.

  CBL & Associates Properties's free cash flow is 133% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

• More volatile share price. Beta 1.41: tends to move more than the market.

  CBL & Associates Properties's shares have swung more with the market than most peers' (beta 1.41, above the market's 1.0).