CBL & Associates Properties, Inc. reported fourth‑quarter and full‑year 2025 results that showed a 27% increase in net income to $1.56 million, up from $1.22 million in the same period a year earlier. Funds from Operations (FFO) for the quarter were $1.91 million, down from $2.42 million year‑ago, while FFO as adjusted rose to $2.25 million from $1.92 million, reflecting the impact of one‑time items and non‑cash adjustments.
Same‑center Net Operating Income (NOI) grew 3.3% in the quarter and 0.5% for the year, while portfolio occupancy fell to 90.0% as of December 31, 2025, from 90.3% a year earlier. The slight decline in occupancy is attributed to bankruptcy‑related store closures that reduced the number of active tenants in the company’s mall portfolio.
The company declared a regular cash dividend of $0.45 per share for the quarter ending March 31, 2026, payable on March 31, 2026 to shareholders of record as of March 17, 2026. This dividend is consistent with the $0.45 per share declared in November 2025 for the quarter ending December 31, 2025, and contributes to a total return of 34% to shareholders for 2025, including $2.50 per share in total dividends.
CEO Stephen D. Lebovitz highlighted that 2025 was an “exceptional year” for CBL, noting strong operating performance and meaningful progress on key strategic priorities. He also emphasized the company’s portfolio performance, citing fourth‑quarter same‑center NOI growth of 3.3% and full‑year growth of 50 basis points, at the high‑end of the guidance range. The company has issued 2026 guidance for FFO as adjusted in the range of $6.74 to $7.06 per share, reflecting confidence in lower interest rates and continued portfolio rotation.
The decline in absolute FFO is largely attributable to one‑time charges, while the rise in adjusted FFO indicates that core operating cash generation remains robust. The occupancy dip, driven by store closures, signals a short‑term headwind but is expected to be mitigated as the company continues to optimize its mall portfolio. Overall, the results demonstrate operational momentum and a commitment to returning capital to shareholders while positioning the company for future growth.
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