CBL Properties announced on March 5, 2026 that it had completed the purchase of Gateway Mall in Lincoln, Nebraska, for $43.5 million. The transaction was financed with a $21.0 million non‑recourse, five‑year loan from Symetra Life Insurance Company at a fixed interest rate of 6.46%.
Gateway Mall covers approximately 843,000 square feet and serves a trade area of more than 1.3 million residents. The center maintains a 95 %+ occupancy of small‑shop tenants and is anchored by Dillard’s, JCPenney, and Tesla, among other retailers. The mall is the sole enclosed shopping center in the Lincoln market, giving it a dominant position.
The acquisition is described as a capital‑light deal, meaning CBL leveraged debt to acquire the asset while keeping equity exposure low. CEO Stephen D. Lebovitz said, "Gateway Mall is a high‑performing, well‑located asset in a dynamic and growing market. This acquisition was accomplished at attractive pricing and aligns with our strategy to pursue high‑yield enclosed mall opportunities where our operating expertise and capital discipline can drive long‑term value." The move expands CBL’s portfolio of high‑yield enclosed malls and reinforces its focus on portfolio optimization.
In a related transaction, CBL has entered into a firm contract to sell an open‑air center at an approximate 8 % capitalization rate, with net proceeds of $25 million after debt repayment. The sale is expected to close in April 2026 and will provide additional cash that can be deployed into new acquisitions or returned to shareholders. The combined transactions demonstrate CBL’s ongoing focus on recycling capital from stabilized assets into new investments that are accretive to its cash‑flow yield and support long‑term growth.
The acquisition comes after a strong Q4 2025 earnings report in which CBL reported diluted EPS of $1.56, beating analyst estimates of $0.34 by a wide margin, and a full‑year 2025 diluted EPS of $4.34, up from $1.87 the year before. Adjusted FFO per share for Q4 2025 was $2.25, higher than the $1.92 reported a year earlier, and the company reaffirmed its 2025 FFO guidance of $6.98–$7.34 per share while issuing 2026 guidance of $6.74–$7.06 per share. These results underscore CBL’s strong operating performance and provide a solid foundation for the new acquisition.
Investors responded positively to the announcement, reflecting confidence in CBL’s strategy to acquire high‑yield enclosed malls and recycle capital from non‑core assets.
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