CBL Properties (NYSE:CBL), a real estate investment trust focused on open-air lifestyle centers, malls, and outlet centers, reported financial and operational results for the fourth quarter and full year ended December 31, 2025.
During the fourth quarter, same-center net operating income (NOI) increased 3.3% compared with the prior-year period.
Funds From Operations (FFO), as adjusted, per share was $2.25, compared with $1.92 per share in Q4 2024.
For the full year, same-center NOI grew 0.5% compared with the prior year.
Adjusted FFO per share was $7.21, near the high end of the company's guidance range.
Additionally, same-center occupancy for malls, lifestyle centers, and outlet centers was 88.6%, flat year-over-year.
Meanwhile, portfolio occupancy declined 30 basis points to 90.0% as of December 31, 2025, from 90.3% a year earlier, impacted by bankruptcy-related closures (including Forever21, JoAnn, Claire's, and Party City) representing approximately 107,000 square feet, which negatively affected mall occupancy by nearly 75 basis points.
Leasing activity also remained solid, with more than 4 million square feet of leases executed during the year, including 2.4 million square feet of comparable new and renewal leases signed at a 2.6% increase in average rents versus prior rents.