Cbl & Associates Properties, Inc. · NYSE:CBL
Cbl & Associates Properties — Investor Presentation (February 2025)
19 slides from Cbl & Associates Properties's investor presentation, February 2025
Slide 1: Investor Presentation Q4 2024
INVEST OR PRESENTATION | Q4 2024 CBL PROPERTIES
Slide 2: Dominant Assets in Dynamic Markets
DOMINANT ASSETS IN DYNAMIC MARKETS CBL is More than Malls… Our Portfolio 12% Open Air/Power Centers 88 Total Properties 43 Malls INVESTOR PRESENTATION | FEBRUARY 2025 DOMINANT 5% Outparcels ASSETS IN 26 Open-air Centers DYNAMIC MARKETS 8% Lifestyle Centers 5 Outlet Centers 5 Lifestyle Centers 5% Out
Slide 3: Achievements Since 2021 Emergence
Achievements Since 2021 Emergence ~ $300M $9.25 $7.25 per share ~$1.20 per share per share Growth in Equity Mkt Cap Cash Balance ~$230M Dividends Paid to $294M at Emergence vs. $284M @ ~$37M, Returned to Shareholders $600M -> $900M (1) YE ‘24 Shareholders (2) through Stock Buybacks ~$275M 99% ~$205M
Slide 4: 2024 Achievements
2024 Achievements 26.4% $85M $2.40 ~$163M Per Share 2025 Regular 2025 Est. Cash Flow 2024 Total Return to in gross sales proceeds before amortization Shareholders generated in 2024 Annual Dividend and Special Dividend (1) and dividends (2) $284M $72M 6.3X 18% 12/31/24 Cash in gross sales proceeds 20
Slide 5: Strategic Pillars
CBL PROPERTIES Strategic Pillars Our five pillars reduce risk, improve performance and create value for shareholders in the near and long-term. Improving Cash Attractive Value Leverage Operating Prudent Capital Protect and Improve Flow Yield through Proposition Expertise to Generate Allocation Balan
Slide 6: Improving Cash Flow Yield through Portfolio Optimization
STRATEGIC FOCUS AREAS Improving Cash Flow Yield through Portfolio Optimization 2024 – YTD 2025 CBL evaluates and Disposed of four malls pursues acquisition and related centers and other investment raising gross proceeds opportunities that are of $137.25M. cash flow accretive. Selectively Selling low
Slide 7: Portfolio Optimization Activity
RECENT TRANSACTIONS Portfolio Optimization Activity Acquisitions: CBL acquired its partner’s 50% interest in three of its top centers in Oak Park Mall, Kansas City, KS December 2024. Transaction benefits: • Immediately accretive to cash flow • Near-term value creating opportunities • 100% of value p
Slide 8: CBL Value Proposition
CBL Value Proposition Significant In-Place Valuation 01 Cash Flow 02 03 Capital Generation Upside Structure $163.5M of stable With a well • 99% non-recourse cash flows before positioned balance debt with low principal amortization sheet and significant l e v e r a g e o f 6 . 3 x (3) provides 18% ca
Slide 9: Illustrative 2025 Discretionary Cash Flow
Illustrative 2025 at Midpoint of Discretionary 2/14/25 Guidance (1) 2025 SC NOI $432.5 million Cash Flow 2025 FFO, as adjusted $218.5 million • Significant amortization of loans secured by high quality properties accrues to equity. Less: Est. Capex/TA $47.5 million • ~$90M annual amortization provid
Slide 10: Significant Cash Flow Generation
CBL VALUE PROPOSITION Significant Cash Flow Generation CBL YIELDS AT VARIOUS PRICES MAJOR SECTOR AVERAGES $30.00 $32.50 $35.00 $37.50 $40.00 Mall Open Air Office MF Industrial Hotel 1.2 30% 1 25% 26% 0.8 20% 24% 2025E 22% 20% 19% 18% 0.6 15% FFO Yield 0.4 11% 11% 10% Average 8% 8% 0.2 7% 5% 6% 6% 0
Slide 11: Illustrative Net Asset Value
Current discount to estimated Net Asset Value (provides significant upside opportunity (1) Illustrative Illustrative Illustrative 2024 Cap Rate Range Asset Value at 12/31/2024 Equity Value at (2) CBL VALUE PROPOSITION $ in millions except per share values NOI High Low Midpoint Debt Midpoint Illustra
Slide 12: Future NAV Accretion Optionality
CBL VALUE PROPOSITION Future NAV Accretion Optionality $3,000,000 $2,679(1) • CBL owns and manages 12 assets where Non-Recourse Outparcel/Open- $2,500,000 Air Loan (Pro Forma Balance), cash flows are restricted by the lender $332,962 Recourse Loans, $26,610 • The 12 assets generated $84.3M of CBL’s
Slide 13: CBL Capital Structure Provides Value Drivers Beyond NAV Approach
CBL VALUE PROPOSITION CBL Capital Structure Provides Value Drivers Beyond NAV Approach Low Levered, Flexible Balance Sheet $66mm of Unencumbered 2024 NOI $283.9mm of Cash Provides Balance Sheet Flexibility ~99% Non-Recourse Property Debt Limits Capital Outlays for Upcoming Maturities Limited Near-Te
Slide 14: Leveraging Operational Expertise to Stabilize NOI
STRATEGIC FOCUS AREAS Leveraging Operational Expertise to Stabilize NOI Portfolio Occupancy NOI Growth Cash Balance Portfolio occupancy increased 100 Same-Center NOI grew 20 basis Cash balance of $284 million INVESTOR PRESENTATION | FEBRUARY 2025 bps sequentially to 90.3% as of points in 2024 12/31/
Slide 15: Operational Performance
4TH QUARTER 2024 Operational Performance 184 bps impact on mall occupancy in Q4 from tenant BK-related store closures 50% 50% 50% 25% 75% 25% 75% 25% 75% 0% 100% 0% 100% 0% 100% 88.7% 95.6% 90.3% TOTAL MALLS, TOTAL OPEN-AIR TOTAL PORTFOLIO LIFESTYLE, OUTLET CENTERS Occupancy as of 12/31/24 : 88.7% O
Slide 16: Improving Operational Performance
FY 2024 Improving Operational Performance Leasing volumes remain strong with total SF executed exceeding pre -pandemic levels. Executed Leases 2024 2023 2022 2021 2020 Total SF Leased 4.48M 4.4M 4.1M 3.2M 2.7M Comp SF Leased 2.69M 2.7M 2.1M 1.8M 1.6M Avg. Portfolio Comp 5.8% 0.0% (5.2)% (11.2)% (13.
Slide 17: Prudent Capital Allocation Supports Commitment to Maximizing Returns to Shareholders
STRATEGIC FOCUS AREAS Prudent Capital Allocation Supports Commitment to Maximizing Returns to Shareholders Minimize non-accretive capital spend, prioritize Ongoing Focus on Disciplined Capital Spending investment in higher return assets Balance sheet impact / risk, strategic benefits and NAV Focus o
Slide 18: Protecting and Strengthening CBL's Balance Sheet
STRATEGIC FOCUS AREAS Protecting and Strengthening CBL’s Balance Sheet $3,500 $3,174 Significant Debt Reduction ~ $495 million debt reduction since emergence with $3,000 $545 $2,679(1) additional deleveraging underway including ~$90M of natural amortization annually. $2,500 $675 $880 Non-Recourse Ba
Slide 19: Safe Harbor Statement
Safe Harbor Statement While the information contained in this presentation is provided in good faith, neither CBL & Associates Properties Inc. (together with its subsidiaries and affiliates, “CBL”, of the “Company”) nor any of its advisers, representatives, officers, agents or employees makes any re
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