CBL & Associates Properties (CBL)

What Moves the Stock

1. 01Same-store NOI growth and occupancy rate trends across the portfolio (currently estimated 88-92% occupancy)
2. 02Tenant bankruptcy announcements or lease restructurings (particularly department store anchors like Macy's, Dillard's, JCPenney)
3. 03Asset disposition announcements and capital recycling into higher-quality properties or debt reduction
4. 04Redevelopment pipeline progress, particularly mixed-use conversions adding residential, entertainment, or healthcare components
5. 05Dividend policy changes or special distributions given the post-bankruptcy capital structure reset
6. 06Base rent from anchor and inline tenants (~70-75% of revenue)
7. 07Percentage rent tied to tenant sales performance (~5-8% of revenue)
8. 08Common area maintenance (CAM) and operating expense recoveries (~15-20% of revenue)

CBL Chart

My Notes

• value - The stock attracts deep value investors and distressed/special situations funds betting on post-bankruptcy recovery…
• Rising interest rates negatively impact CBL through multiple channels: (1) higher refinancing costs on the $3.2B+ debt load (Debt/Equity…
• Watch on earnings: RSXFS (Retail Sales ex Auto) as a proxy for consumer spending health in CBL's tenant categories, UMCSENT (Consumer Sentiment) as a leading indicator of discretionary spending and mall traffic trends, FEDFUNDS and GS10 (interest rates) for refinancing cost projections and REIT valuation multiples.