CBLMEDIUM SIGNALFINANCIAL10-K

CBL expanded its geographic footprint and strengthened its financial position with improved revenue growth and operating cash flow generation.

The company expanded from 21 to 22 states while achieving solid revenue growth and notably stronger operating cash flow performance. The significant reduction in interest expense alongside improved cash generation suggests better capital management and potentially more favorable financing conditions for this REIT.

Comparing 2026-03-03 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

CBL demonstrated solid operational improvement with revenue growing 12.2% to $578.4M and operating cash flow expanding meaningfully to $249.7M. Interest expense declined substantially by 20.4% to $172.9M, indicating improved debt management or refinancing benefits. The company modestly reduced share buyback activity while stockholders' equity grew 15.9%, reflecting a more conservative capital allocation approach and stronger balance sheet foundation.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-50.5%
$36.5M$18.1M

Buyback activity reduced 50.5% — capital being redeployed elsewhere or cash conservation underway.

Operating Cash Flow
Cash Flow
+23.5%
$202.2M$249.7M

Operating cash flow grew 23.5% — strong conversion of earnings to cash, healthy business fundamentals.

Interest Expense
P&L
-20.4%
$217.3M$172.9M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Stockholders Equity
Balance Sheet
+15.9%
$323.5M$374.9M

Equity base grew 15.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+12.2%
$515.6M$578.4M

Revenue growing 12.2% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-03-03
PRIOR — 2025-03-03
ADDED
Management s Discussion and Analysis of Financial Condition and Results of Operations 46 7A.
At December 31, 2025, our properties are located in 22 states, but are primarily in the southeastern and midwestern United States.
2 Significant Markets and Tenants Top Five Markets Our top five markets, based on the percentage of our share of total revenues attributable to each such market, were as follows for the year ended December 31, 2025: Market Percentage of Total Revenues (1) Chattanooga, TN 6.7 % St.
Louis, MO 6.5 % Nashville, TN 5.0 % Lexington, KY 4.3 % Kansas City, KS 4.2 % (1) Includes the Company s proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.
Top 25 Tenants Our top 25 tenants based on percentage of total revenues were as follows for the year ended December 31, 2025: Tenant Number of Stores Square Feet Percentage of Total Revenues (1) 1 Victoria's Secret Co.
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REMOVED
Management s Discussion and Analysis of Financial Condition and Results of Operations 45 7A.
At December 31, 2024, our properties are located in 21 states, but are primarily in the southeastern and midwestern United States.
2 Significant Markets and Tenants Top Five Markets Our top five markets, based on percentage of total revenues, were as follows for the year ended December 31, 2024: Market Percentage of Total Revenues (1) Chattanooga, TN 6.8 % St.
Louis, MO 4.4 % Lexington, KY 4.3 % Laredo, TX 4.0 % Fayetteville, NC 3.6 % (1) Includes the Company s proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.
Top 25 Tenants Our top 25 tenants based on percentage of total revenues were as follows for the year ended December 31, 2024: Tenant Number of Stores Square Feet Percentage of Total Revenues (1) 1 Signet Group, PLC (2) 107 163,523 2.72 % 2 Victoria's Secret Co.
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