CBL & Associates Properties, Inc. reported a net income of $0.08 per share for Q2 2025, a 42.9% decline from $0.14 the previous year. Funds from Operations (FFO) decreased by 1.9% to $1.48 per diluted share, but adjusted FFO increased by 7.5% to $1.86. The company’s same-center revenues rose 1.7% to $156 million, while same-center Net Operating Income (NOI) slipped 0.5% to $104.9 million, with mixed performance across segments.
As of June 30, 2025, portfolio occupancy increased to 88.8%, with 1.2 million square feet of leases executed in the quarter. The average rent for new leases jumped by 39.5%, although renewals saw a 0.7% decline. CBL updated its 2025 FFO guidance to between $6.98 and $7.34 per share, following the acquisition of four malls for $178.9 million and continued sales of non-core assets totaling over $162.7 million year-to-date.
The company faces headwinds from higher operating expenses and store closures due to bankruptcies, impacting mall occupancy by 70 basis points. Despite challenges, management noted strong leasing demand and tenant sales growth, projecting same-center NOI growth of up to 0.5% for the year.
