Loading…
Owns and operates enclosed malls and open-air centers mainly in secondary and tertiary US markets.
Owns and operates enclosed malls and open-air centers mainly in secondary and tertiary US markets.
Earns rent from retail tenants, mostly fixed base rent plus a share of sales above set levels, and recovers property running costs from them. It emerged from Chapter 11 bankruptcy in late 2021 with its debt cut, and has since sold some of its weaker properties.
Moat: none. Secondary-market malls face structural retail decline with limited pricing power over tenants.
Headquarters: Chattanooga, Tennessee, US · Founded: 1978 · Employees: 500
Size CBL & Associates Properties (CBL) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $1.46B, the 2007th largest of 3,117 United States companies the cockpit tracks. Shares closed at $47.32 on 6 Nov 2026.
Performance Over six months the shares fell 0.1%, against -5.5% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +3.3%); the operating margin is 27.5% (peer median 52.3%).
Valuation It trades at 3.43× book value against a peer median of 0.95× (most expensive of 21).
Price implies The share price implies a return on equity of about 33.7%; CBL & Associates Properties delivers 60.6%, so the price asks less than the business earns today.
Backlog Backlog (remaining performance obligations) was $108M at 30 Jun 2026, up 10% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Short interest Short interest is 3.5% of the free float (15 Oct 2026).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $588M | $578M | $516M | $535M | $563M |
| Revenue growth | — | +12% | -4% | -5% | — |
| Gross profit | $228M | $209M | $200M | $158M | $115M |
| EBITDA | $316M | $305M | $273M | $284M | $303M |
| Net income | $217M | $136M | $59.0M | $6.55M | -$93.5M |
| Free cash flow | $305M | $261M | $207M | $189M | $234M |
| Capital expenditure | $2.23M | $2.30M | $2.46M | $2.66M | $4.24M |
| Total debt | $2.03B | $2.25B | $2.31B | $1.97B | $2.11B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| CBL & Associates Properties CBL | $1.46B | 0% | +9% | 61% | 3.43× | 33.7% |
| Simon Property SPG | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% |
| Macerich MAC | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CBL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | +0.5% | 6th lowest of 21 |
| 6-month return | -0.1% | -5.5% | 5th highest of 20 |
| Return on equity | 60.6% | 5.8% | highest of 19 |
| Price / book | 3.43× | 0.95× | most expensive of 21 |
| Trailing P/E | 6.9× | 17.8× | 3rd cheapest of 16 |
| ROE the price implies | 33.7% | 6.6% | most demanding of 21 |
| ROE delivered | 60.6% | 6.2% | highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| CBL & Associates Properties CBL | United States | $1.46B | 0% | +9% | 61% | 3.43× | 33.7% | 60.6% |
| Empire State Realty OP LP Series ES ESBA | United States | $1.46B | -6% | +2% | 5% | 0.84× | 10.8% | n/a |
| Ellington Financial EFC | United States | $1.45B | -17% | +30% | 12% | 0.82× | 8.6% | 12.3% |
| Ingenia Communities INA.AX | Australia | $1.48B | +36% | +8% | 11% | 1.22× | 12.4% | 11.2% |
| Centurion Accommodation REIT 8C8U.SI | Singapore | $1.45B | -3% | -69% | 1% | 1.22× | 6.0% | n/a |
| MORI TRUST REIT.Inc 8961.T | Japan | $1.48B | -13% | -14% | 6% | 1.00× | 5.2% | 5.6% |
| LaSalle LOGIPORT REIT 3466.T | Japan | $1.45B | -10% | +71% | 6% | 1.19× | 4.8% | 6.2% |
| Emperador Properties SOCIMI YEPSA.MC | Spain | $1.44B | +14% | +7% | -2% | 2.84× | 10.5% | n/a |
| Lendlease Global Commercial REIT JYEU.SI | Singapore | $1.44B | -3% | +4% | 5% | 0.78× | 4.4% | 5.1% |
| OUE Real Estate Investment Trust TS0U.SI | Singapore | $1.50B | -5% | +7% | 1% | 0.62× | 4.4% | 1.1% |
| Killam Apartment REIT KMP-UN.TO | Canada | $1.51B | -3% | +5% | 0% | 0.68× | 6.6% | 0.3% |
| Innovative Industrial Properties IIPR | United States | $1.51B | -4% | -4% | 7% | 0.89× | 10.8% | 7.4% |
| CNAMC China Resources Commercial Asset Closed Infrastructure Real Estate Investment Trust 180601.SZ | China | $1.41B | -6% | n/a | n/a | 1.51× | 4.4% | n/a |
| Japan Logistics Fund 8967.T | Japan | $1.52B | -8% | +3% | 9% | 1.70× | 6.6% | 9.4% |
| Supermarket Income REIT SUPR.L | United Kingdom | $1.54B | +4% | -7% | 8% | 0.94× | 9.1% | 7.8% |
| Mori Hills Reit Investment 3234.T | Japan | $1.36B | -14% | -1% | 6% | 1.07× | 4.5% | 5.9% |
| AEON REIT Investment 3292.T | Japan | $1.36B | -19% | +1% | 5% | 0.89× | 4.1% | 5.3% |
| Comforia Residential REIT 3282.T | Japan | $1.36B | -20% | +17% | 6% | 1.27× | 5.1% | 6.3% |
| Global Net Lease GNL | United States | $1.58B | -26% | -30% | -1% | 0.96× | 9.9% | -1.0% |
| Charter Hall Retail REIT CQR.AX | Australia | $1.59B | +6% | +31% | 14% | 0.78× | 8.7% | 13.9% |
| Blackstone Digital Infrastructure Trust BXDC | United States | $1.61B | n/a | n/a | n/a | 0.83× | 7.3% | n/a |
CBL & Associates Properties reported $108M of remaining performance obligations at 30 Jun 2026, up 10% from a year earlier and down 0% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.