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CBL & ASSOCIATES PROPERTIES INC

SIC 6798 · Real Estate Investment Trusts
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$CBL

CBL & ASSOCIATES PROPERTIES INC

CIK:0000910612|SEC Filings
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUES:        
Rental revenues $ 142,014 $ 136,453 $ 283,387 $ 273,813
Management, development and leasing fees 1,159 1,357 2,768 2,674
Other 3,306 3,095 6,292 6,186
Total revenues [1],[2] 146,479 140,905 292,447 282,673
EXPENSES:        
Property operating (25,797) (23,583) (54,030) (49,461)
Depreciation and amortization (36,283) (39,702) (74,381) (85,243)
Real estate taxes (14,055) (15,027) (28,121) (30,758)
Maintenance and repairs (10,841) (10,372) (23,174) (23,838)
General and administrative (14,782) (15,188) (33,369) (35,895)
Loss on impairment 0 (1,457) 0 (1,457)
Other   (30) 30 (30)
Total expenses (101,758) (105,359) (213,045) (226,682)
OTHER INCOME (EXPENSES):        
Interest and other income 3,089 3,164 6,449 6,632
Interest expense (42,716) (43,959) (82,615) (88,184)
Loss on extinguishment of debt     (0) (217)
Gain on consolidation/deconsolidation 5,925   41,259 0
Gain on sales of real estate assets 13,633 1,339 15,035 22,871
Income tax (provision) benefit (642) (369) 588 102
Equity in earnings of unconsolidated affiliates 22,311 6,437 32,588 13,350
Total other income (expenses), net 1,600 (33,388) 13,304 (45,446)
Net income 46,321 2,158 92,706 10,545
Net income (loss) attributable to common shareholders        
Operating Partnership (8) (2) (16) (8)
Other consolidated subsidiaries 131 603 241 1,011
Net income attributable to the Company 46,444 2,759 92,931 11,548
Earnings allocable to unvested restricted stock (1,086) (192) (2,170) (769)
Net income attributable to common shareholders $ 45,358 $ 2,567 $ 90,761 $ 10,779
Basic and diluted per share data attributable to common shareholders:        
Basic earnings per share $ 1.5 $ 0.08 $ 3.01 $ 0.35
Diluted earnings per share [3] $ 1.47 $ 0.08 $ 2.95 $ 0.35
Weighted-average basic shares 30,221 30,456 30,203 30,438
Weighted-average diluted shares [3] 30,936 30,742 30,808 30,726
[1] Management, development and leasing fees earned by the Management Company are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source.
[2] Sales taxes are excluded from revenues.
[3] For the three months ended June 30, 2026, the computation of diluted EPS includes contingently issuable shares related to PSUs that are calculated under the treasury stock method. For the three months ended June 30, 2026, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three months ended June 30, 2026, had the anti-dilutive
unvested restricted stock awards been dilutive, the denominator for diluted EPS would have been 31,436, including 501 contingently issuable shares related to unvested restricted stock awards. For the six months ended June 30, 2026, the computation of diluted EPS includes contingently issuable shares related to PSUs and unvested restricted stock awards that are calculated under the treasury stock method. For the six months ended June 30, 2026, the computation of diluted EPS does not include contingently issuable shares related to certain unvested restricted stock awards due to their anti-dilutive nature. For the six months ended June 30, 2026, had the anti-dilutive unvested restricted stock awards been dilutive, the denominator for diluted EPS would have been 31,279, including 470 contingently issuable shares related to unvested restricted stock awards. For the three and six months ended June 30, 2025, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2025, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2025, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,833 and 30,828, respectively, including 91 and 102 contingently issuable shares related to unvested restricted stock awards, respectively.