CBL & Associates Properties, Inc. (CBL) 10-Year Financial Performance & Capital Metrics

CBL • • REIT / Real Estate

Real EstateRetail REITsRegional Malls & Outlet CentersPremium Regional Malls

AboutHeadquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's portfolio is comprised of 106 properties totaling 65.7 million square feet across 25 states, including 64 high quality enclosed, outlet and open-air retail centers and 8 properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties.Show more

Revenue $516M -3.7%
FFO $215M -1.5%
FFO/Share 6.95 -0.4%
FFO Payout 23.4% -56.7%
FFO per Share 6.95 -0.4%
NOI Margin 66.03% +1.5%
FFO Margin 41.75% +2.3%
ROE 18.33% +876.8%
ROA 2.29% +788.8%
Debt/Assets 80.54% -1.6%
Net Debt/EBITDA 7.53 +18.7%
Book Value/Share 10.10 -4.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FFO growing 47.8% TTM
✓Sustainable FFO payout ratio of 23.4%
✓Momentum leader: RS Rating 81 (top 19%)
✓High NOI margin of 66.0%
✓Healthy dividend yield of 4.4%

✗Weaknesses

✗High debt to equity ratio of 7.1x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-6.96%

5Y-7.68%

3Y-3.68%

TTM5.74%

Profit (Net Income) CAGR

10Y-12.3%

5Y-

3Y-

TTM277.36%

EPS CAGR

10Y4.54%

5Y-

3Y-

TTM287.6%

ROCE

10Y Avg6.34%

5Y Avg4.73%

3Y Avg3.78%

Latest5.58%

Peer Comparison

Premium Regional Malls

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SPGSimon Property Group, Inc.	59.52B	182.31	25.11	5.39%	36.29%	75.1%	5.14%	6.89
CBLCBL & Associates Properties, Inc.	1.14B	37.14	19.86	-3.68%	22.36%	36.35%	17.75%	7.07
SRGSeritage Growth Properties	199.95M	3.55	-1.26	-15.19%	-404.37%	-21.96%		0.59
MACThe Macerich Company	4.69B	18.32	-23.49	3.86%	-37.97%	-15.09%	6.04%	1.78

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.06B	1.03B	927.25M	858.56M	768.7M	575.86M	576.88M	563.01M	535.29M	515.56M
Revenue Growth %	-0.01%	-0.03%	-0.1%	-0.07%	-0.1%	-0.25%	0%	-0.02%	-0.05%	-0.04%
Property Operating Expenses	283.35M	281.46M	260.55M	252.61M	230.65M	187.88M	188.45M	191.73M	187.14M	175.15M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	494.09M	493.17M	434.14M	61.51M	538.04M	269.41M	52.34M	324.36M	254.79M	208.07M
G&A Expenses	62.12M	63.33M	58.47M	61.51M	64.18M	53.42M	52.34M	67.22M	64.07M	67.25M
EBITDA+	708.07M	1.03B	850.67M	502.05M	420.12M	333.6M	548.18M	324.03M	305.29M	288.59M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	297.58M	657.81M	618.11M	600.31M	552.58M	215.03M	212.08M	277.11M	211.93M	156.26M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	410.49M	370.45M	232.56M	-98.26M	-132.46M	118.57M	336.09M	46.92M	93.36M	132.34M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	0	206.26M	200.66M	0	217.34M	172.91M	154.49M
Interest Coverage	-	-	-	-	-0.64x	0.59x	-	0.22x	0.54x	0.86x
Non-Operating Income	-132.9M	-116.82M	-76.58M	-258.25M	147.85M	236.6M	208.83M	-73.98M	-83.65M	-80.32M
Pretax Income+	246.19M	130.05M	139.29M	-143.15M	-128.57M	-318.69M	-643.95M	-96.44M	4.1M	58.17M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-2.94M	2.06M	-1.93M	-570.61M	3.15M	16.84M	-4.81M	3.08M	894K	1.05M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	103.37M	127.99M	120.94M	-78.57M	-108.78M	-295.08M	-622.17M	-93.48M	6.55M	58.97M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.53%	0.24%	-0.06%	-1.65%	-0.38%	-1.71%	-1.11%	0.85%	1.07%	8.01%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.22%	0.96%	-0.06%	-0.29%	-0.15%	-1.18%	-4.12%	1.45%	0.19%	-0.01%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.40	0.88	0.52	-0.83	-0.78	-1.76	-29.95	-3.20	0.17	1.87
EPS Growth %	-0.67%	1.2%	-0.41%	-2.6%	0.06%	-1.26%	-16.02%	0.89%	1.05%	10%
EPS (Basic)	0.40	0.88	0.52	-0.83	-0.78	-1.76	-29.95	-3.20	0.17	1.87
Diluted Shares Outstanding	170.5M	170.84M	171.07M	172.49M	173.44M	190.28M	167.11M	30.05M	31.3M	30.96M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	6.48B	757.31M	667.72M	664.09M	4.62B	4.44B	2.95B	2.68B	2.41B	2.75B
Asset Growth %	-0.02%	-0.88%	-0.12%	-0.01%	5.96%	-0.04%	-0.34%	-0.09%	-0.1%	0.14%
Real Estate & Other Assets+	36.66M	-5.96B	-5.58B	-5.2B	63.73M	43.32M	1.77B	1.66B	1.58B	1.82B
PP&E (Net)	5.86B	5.51B	5.16B	4.75B	4.07B	3.62B	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	187.28M	177.1M	162.82M	145.6M	147.13M	232.57M	583.82M	650.13M	431.41M	500.9M
Cash & Equivalents	36.89M	18.95M	32.63M	25.14M	32.82M	61.78M	169.55M	44.72M	34.19M	40.79M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	63.1M	63.47M	46.64M	42.67M	39.06M	67.14M	0	97.23M	88.89M	169.01M
Intangible Assets	80.6M	64.71M	66.79M	48.66M	38.34M	34.42M	489.39M	286.83M	315.93M	347.41M
Total Liabilities	5.06B	1.71M	1.71M	1.73M	3.76B	3.91B	2.54B	2.31B	2.08B	2.43B
Total Debt+	4.71B	64.87M	53.33M	81.47M	3.53B	3.74B	2.36B	2.11B	1.97B	2.21B
Net Debt	4.67B	45.92M	20.7M	56.33M	3.5B	3.68B	2.19B	2.07B	1.94B	2.17B
Long-Term Debt	4.71B	0	0	0	3.53B	3.74B	2.21B	2B	1.89B	2.21B
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	25K	25K	25K	3.84M	3.33M	151.87M	110.62M	80.41M	0
Total Current Liabilities+	344.43M	280.5M	228.65M	261.93M	227.47M	170.06M	184.4M	200.31M	186.49M	221.65M
Accounts Payable	254.66M	199.21M	166.79M	187.51M	218.97M	164.01M	0	0	0	0
Deferred Revenue	-595.81M	-8.37B	-7.96B	-7.61B	0	0	0	0	0	0
Other Liabilities	0	0	0	0	0	0	0	0	-80.41M	0
Total Equity+	1.42B	10.58B	9.92B	9.37B	864.02M	534.03M	401.1M	367.13M	330.62M	312.86M
Equity Growth %	-0.1%	6.42%	-0.06%	-0.06%	-0.91%	-0.38%	-0.25%	-0.08%	-0.1%	-0.05%
Shareholders Equity	1.28B	6.1B	5.7B	5.34B	806.31M	531.84M	396.2M	370.54M	339.32M	323.55M
Minority Interest	139.96M	4.47B	4.22B	4.03B	57.71M	2.19M	4.9M	-3.41M	-8.7M	-10.68M
Common Stock	1.71M	1.71M	1.71M	1.73M	1.74M	1.97M	21K	32K	32K	31K
Additional Paid-in Capital	1.97B	1.97B	1.97B	1.97B	1.97B	1.99B	547.73M	710.5M	719.13M	694.57M
Retained Earnings	-689.03M	1.23B	1.14B	964.14M	0	0	-151.54M	-338.93M	-380.45M	-371.83M
Preferred Stock	25K	0	0	0	25K	25K	0	0	0	0
Return on Assets (ROA)	0.02%	0.04%	0.17%	-0.12%	-0.04%	-0.07%	-0.17%	-0.03%	0%	0.02%
Return on Equity (ROE)	0.07%	0.02%	0.01%	-0.01%	-0.02%	-0.42%	-1.33%	-0.24%	0.02%	0.18%
Debt / Assets	0.73%	0.09%	0.08%	0.12%	0.76%	0.84%	0.8%	0.79%	0.82%	0.81%
Debt / Equity	3.31x	0.01x	0.01x	0.01x	4.09x	7.00x	5.89x	5.75x	5.96x	7.07x
Net Debt / EBITDA	6.60x	0.04x	0.02x	0.11x	8.33x	11.02x	4.00x	6.38x	6.34x	7.53x
Book Value per Share	8.36	61.92	58.01	54.34	4.98	2.81	2.40	12.22	10.56	10.10

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	515.82M	447.71M	377.19M	234.99M	273.41M	-69.37M	38.77M	208.23M	183.52M	202.22M
Operating CF Growth %	0.1%	-0.13%	-0.16%	-0.38%	0.16%	-1.25%	1.56%	4.37%	-0.12%	0.1%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	71.14M	172.44M	126.12M	-78.57M	-131.72M	-404.09M	-622.17M	-99.52M	3.2M	57.12M
Depreciation & Amortization	-297.58M	292.69M	299.09M	285.4M	255.94M	215.03M	208.08M	277.11M	211.93M	156.26M
Stock-Based Compensation	5.22M	5.71M	5.79M	5.39M	4.78M	0	0	11.88M	12.98M	14.93M
Other Non-Cash Items	127.62M	583.05M	548.36M	571.23M	112.4M	169.41M	381.05M	68.63M	-24.02M	-28.53M
Working Capital Changes	3.99M	-9.73M	-2.43M	14.54M	29.34M	-49.72M	71.82M	-51.01M	-19.3M	4.1M
Cash from Investing+	-280.23M	-97.92M	-94.4M	-52.4M	24.59M	-290.33M	87.33M	-156.69M	1.7M	65.01M
Acquisitions (Net)	-192M	-513K	-393K	7.34M	-5.79M	692K	298K	-3.27M	-10.93M	-9.49M
Purchase of Investments	-426.37M	-291.21M	-306.39M	-145.55M	-5.79M	-299.66M	-1.27B	-741.04M	-312.78M	-360.82M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-1.49M	9.99M	-75.81M	3.19M	11.81M	988K	1.06M	-13.07M	-30.13M	55.71M
Cash from Financing+	-236.64M	-484.56M	-351.09M	-367.77M	-296.45M	209M	-158.41M	-145.8M	-204.09M	-236.5M
Dividends Paid	-225.55M	-225.85M	-226.17M	-182.71M	-59.63M	0	0	-23.87M	-118.09M	-50.36M
Common Dividends	-225.55M	-225.85M	-226.17M	-182.71M	-25.96M	0	0	-23.87M	-118.09M	-50.36M
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K
Share Repurchases	0	0	-390K	-289K	0	0	0	0	-1.11M	-36.46M
Other Financing	-54.29M	-47.55M	-68.1M	-34.96M	-29.88M	-999K	-365K	-22.75M	-5.89M	-3.43M
Net Change in Cash+	33.64M	-52.63M	13.68M	-7.49M	1.55M	28.96M	107.77M	-94.25M	-18.87M	30.73M
Exchange Rate Effect	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0	0
Cash at Beginning	37.94M	71.58M	18.95M	32.63M	57.51M	32.82M	61.78M	236.2M	141.95M	123.08M
Cash at End	71.58M	18.95M	32.63M	25.14M	59.06M	61.78M	169.55M	141.95M	123.08M	153.8M
Free Cash Flow+	504.29M	440.66M	360.57M	228.14M	279.19M	-69.37M	38.77M	208.23M	183.52M	202.22M
FCF Growth %	1.44%	-0.13%	-0.18%	-0.37%	0.22%	-1.25%	1.56%	4.37%	-0.12%	0.1%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.35	4.6	4.32	3.02	2.56	-0.42	-2.45	6.11	6.98	6.95
FFO Payout Ratio	56.25%	28.74%	30.6%	35.02%	5.85%	0%	0%	13%	54.05%	23.4%
NOI Margin	73.14%	72.63%	71.9%	70.58%	69.99%	67.37%	67.33%	65.95%	65.04%	66.03%
Net Debt / EBITDA	6.60x	0.04x	0.02x	0.11x	8.33x	11.02x	4.00x	6.38x	6.34x	7.53x
Debt / Assets	72.69%	8.57%	7.99%	12.27%	76.39%	84.16%	80.13%	78.81%	81.85%	80.54%
Interest Coverage	-	-	-	-	-0.64x	0.59x	-	0.22x	0.54x	0.86x
Book Value / Share	8.36	61.92	58.01	54.34	4.98	2.81	2.4	12.22	10.56	10.1
Revenue Growth	-0.54%	-2.54%	-9.82%	-7.41%	-10.47%	-25.09%	0.18%	-2.4%	-4.92%	-3.68%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024
Operating Expense Reimbursements	-	-	-	-	-	-	9.03M	7.87M	7.39M	7.96M
Operating Expense Reimbursements Growth	-	-	-	-	-	-	-	-12.76%	-6.07%	7.69%
Management Developmentand Leasing Fees	-	-	-	-	-	9.35M	6.8M	7.16M	7.92M	7.61M
Management Developmentand Leasing Fees Growth	-	-	-	-	-	-	-27.27%	5.26%	10.60%	-3.89%
Product and Service, Other	-	-	-	-	4.18M	-	-	2.91M	2.45M	3.11M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-15.92%	27.02%
Marketing	-	-	-	-	-	6.06M	2.72M	2.82M	3.57M	3M
Marketing Growth	-	-	-	-	-	-	-55.17%	3.79%	26.53%	-15.90%
Product And Service Other	-	-	-	-	-	6.63M	3.26M	-	-	-
Product And Service Other Growth	-	-	-	-	-	-	-50.86%	-	-	-
Management, Development and Leasing Fees	-	-	-	-	10.54M	-	-	-	-	-
Management, Development and Leasing Fees Growth	-	-	-	-	-	-	-	-	-	-
Malls	933.74M	944.55M	928.21M	847.98M	-	-	-	-	-	-
Malls Growth	-	1.16%	-1.73%	-8.64%	-	-	-	-	-	-
Associated Centers	41.53M	40.39M	39.26M	79.27M	-	-	-	-	-	-
Associated Centers Growth	-	-2.73%	-2.81%	101.92%	-	-	-	-	-	-
All Other	66.88M	50.13M	43.39M	-	-	-	-	-	-	-
All Other Growth	-	-25.04%	-13.44%	-	-	-	-	-	-	-
Community Centers	18.6M	19.94M	17.39M	-	-	-	-	-	-	-
Community Centers Growth	-	7.23%	-12.79%	-	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024
All Other	66.88M	50.13M	43.39M	-	-	69M	55.22M	78M	77.27M	36.52M
All Other Growth	-	-25.04%	-13.44%	-	-	-	-19.97%	41.25%	-0.94%	-52.74%

Frequently Asked Questions

Valuation & Price

CBL & Associates Properties, Inc. (CBL) has a price-to-earnings (P/E) ratio of 19.9x. This is roughly in line with market averages.

Growth & Financials

CBL & Associates Properties, Inc. (CBL) reported $553.6M in revenue for fiscal year 2024. This represents a 48% decrease from $1.07B in 2011.

CBL & Associates Properties, Inc. (CBL) saw revenue decline by 3.7% over the past year.

Yes, CBL & Associates Properties, Inc. (CBL) is profitable, generating $123.8M in net income for fiscal year 2024 (11.4% net margin).

Dividend & Returns

Yes, CBL & Associates Properties, Inc. (CBL) pays a dividend with a yield of 4.38%. This makes it attractive for income-focused investors.

CBL & Associates Properties, Inc. (CBL) has a return on equity (ROE) of 18.3%. This is reasonable for most industries.

Industry Metrics

CBL & Associates Properties, Inc. (CBL) generated Funds From Operations (FFO) of $296.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

CBL & Associates Properties, Inc. (CBL) offers a 4.38% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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