CBL Properties Posts Q2 2025 FFO at $1.86 per Share, Acquires 4 Malls for $178.9M, Increases Dividend by 12.5%

CBL Properties reported Q2 2025 FFO, as adjusted, of $1.86 per share, up from $1.73 in Q2 2024. The company acquired four malls for $178.9 million and increased its quarterly dividend by 12.5% to $0.45 per share. Portfolio occupancy as of June 30, 2025, increased slightly to 88.8% from 88.7% a year prior. CBL's full-year FFO, as adjusted, guidance is between $6.98 and $7.34 per share for 2025.

CBL Properties (NYSE: CBL) reported its second-quarter 2025 results, showing a Funds from Operations ("FFO") per share of $1.86, an increase from $1.73 in the same period last year. The company also announced a 12.5% increase in its quarterly dividend to $0.45 per share, reflecting strong financial performance and shareholder returns.

The quarterly results were driven by several key factors. CBL Properties acquired four enclosed regional malls for a total of $178.9 million, reinforcing its position in dynamic and growing middle markets. The acquisition was accretive to FFO, as adjusted, and cash flow per share. Additionally, the company reported strong leasing activity, with over 1.2 million square feet of leases executed in the second quarter, including new and renewal leases signed at an average rent increase of 3.2% compared to the prior period.

Portfolio occupancy as of June 30, 2025, increased slightly to 88.8% from 88.7% a year prior. The company also reported a 3.5% increase in same-center tenant sales per square foot during the quarter, contributing to overall revenue growth. For the six months ended June 30, 2025, FFO, as adjusted, per share was $3.37, compared to $3.23 for the same period in 2024.

CBL Properties' full-year FFO, as adjusted, guidance for 2025 is between $6.98 and $7.34 per share. The company's balance sheet also showed improvements, with the announcement of a new $78.0 million non-recourse CMBS loan secured by Cross Creek Mall in Fayetteville, NC, and the expansion of its existing non-recourse loan with Beal Bank to include the acquisition properties.

The company's CEO, Stephen D. Lebovitz, stated, "We have been extremely active closing a number of successful transactions over the past few months. The recent four-mall acquisition represents significant progress in the execution of CBL’s portfolio optimization strategy."

References:
[1] https://seekingalpha.com/news/4479762-cbl-properties-ffo-of-1_86-misses-by-0_01-revenue-of-140_9m-beats-by-6_9m
[2] https://www.businesswire.com/news/home/20250806298054/en/CBL-Properties-Reports-Results-for-Second-Quarter-2025