CBLCBL & Associates Properties, Inc.
CBL & Associates Properties, Inc. (CBL) owns and operates retail and mixed-use properties, including malls and lifestyle centers, primarily in the U.S. The next catalyst is Nov 8, 2026 — Q3 2026 Earnings Release, which will test the company’s ability to deliver strong FFO guidance and operational performance amid a challenging retail environment.
- Revenue fell 12.5% YoY to $16.12M, while net income surged to $171.12M, driven by strong leasing and asset management.
- Net margin (TTM) hit 1,061.3%, reflecting heavy leverage and high interest income.
- Debt-to-equity stands at 5.80x, highlighting the company’s reliance on debt to fund growth and operations.
The Read
CBL's stock historically showed a median absolute move of ~3%.
The schedule
- Sun8Nov
The earnings release will test whether CBL can maintain its guidance and stabilize cash flow, especially with rising interest rates impacting the REIT sector. This differs from the last print where the focus was on macroeconomic headwinds.
- Tue9Feb
This report will test the company's ability to deliver on its full-year guidance and manage its debt load amid a challenging interest rate environment. The focus will be on FFO and net income, which are critical for REITs.
- Thu15Apr
The update will test the company's ability to manage lease expirations and refinancing risks, which could impact cash flow and balance sheet stability. This is a critical test for long-term financial health.
- Fri7May
The Q1 2027 report will test the company's ability to sustain its performance and manage its balance sheet in a rising rate environment. This will be a critical test for long-term stability and cash flow generation.
- Mon9Aug
This report will test the company's ability to deliver on its long-term growth strategy and maintain its financial flexibility. The focus will be on revenue growth and cost management in a challenging macroeconomic environment.
Past
- Wed16Sep
Actual outcome: Bull · $54.31 at outcome
The stock rose 2.4% following the FOMC meeting, reflecting positive market sentiment toward the Federal Reserve's rate policy direction. The outcome aligned with the bull target as investors interpreted the policy update as supportive for highly leveraged REITs like CBL, despite the stock closing slightly below the bull target. The price movement was driven by expectations of stable macroeconomic conditions and continued support for the sector.
The Federal Reserve's rate policy update anchors off our $54.00 base price, representing a critical macro milestone for highly leveraged REITs like CBL.
- Sun9Aug
Actual outcome: Mixed · $56.91 at outcome
CBL reported Q2 2026 earnings that exactly met expectations with an EPS of $1.50, alongside the declaration of a regular quarterly cash dividend of $0.625 per share. Despite management citing 'strong results,' the lack of an earnings beat or significant upward revision to FFO guidance failed to provide a clear directional catalyst, resulting in a mixed price reaction that drifted slightly lower but held well above the bear floor.
CBL is scheduled to report Q2 2026 earnings from a base price of $58.71, with investors scrutinizing FFO guidance amid a high 97.8% 52-week high proximity.
- Fri8May
Actual outcome: Mixed · $46.42 at outcome
CBL reported Q1 EPS of $1.50, exactly matching consensus estimates, which failed to clear the high expectations for a stock priced for perfection. However, the announcement of a 39% increase to the regular quarterly dividend and a favorable mall refinancing provided strong fundamental support, resulting in a mixed outcome where the stock initially pulled back but remained well above bear targets.
- Wed18Mar
Actual outcome: Bull · $42.68 at outcome
CBL successfully mitigated its primary interest rate risk by completing over $600 million in landmark financing transactions, fully refinancing its $634 million secured term loan. This crucial debt restructuring alleviated bear case concerns regarding the REIT's high debt load amid a challenging macro environment and inflation fears. Consequently, the stock rallied well past the bull target by early April as the market rewarded the significantly improved balance sheet stability.
- Tue3Mar
Actual outcome: Bull · $38.23 at outcome
CBL met EPS expectations exactly at $1.60 and announced the strategic acquisition of Gateway Mall alongside the sale of an open-air center. This capital recycling and focus on accretively growing its mall portfolio resonated positively with investors, driving the stock toward the bull target despite broader macroeconomic headwinds.
