Highlights

  • The REIT shows 230.46% one-year basic EPS growth, P/E of 7.20 and PEG of 0.00.
  • Second quarter net income attributable to common shareholders was $45,358 thousand, against $2,567 thousand.
  • FFO as adjusted was $58,330 thousand, against $57,271 thousand, in the second quarter.
  • Pro rata debt was $2,533.5 million; a $634.0 million term loan was retired.

CBL & Associates Properties (NYSE:CBL) shares were trading at USD 49.60 on October 28, 2026, up 0.16%, alongside one-year basic EPS growth of 230.46%, a trailing twelve-month P/E of 7.20 and an expected-basis PEG of 0.00, the three figures behind its place among undervalued growth stocks. In its latest disclosures, the shopping center REIT entered a $425.0 million non-recourse loan and acquired Gateway Mall in March, then reported second quarter 2026 net income attributable to common shareholders of $45,358 thousand in its August 7 quarterly report.

Based in Chattanooga, Tennessee, and incorporated in Delaware, CBL & Associates Properties describes itself as a self-managed, self-administered, fully integrated real estate investment trust. It owns, develops, acquires, leases, manages and operates regional shopping malls, outlet centers, lifestyle centers, open-air centers, office buildings and other properties in 23 states, primarily in the southeastern and midwestern United States. Its reportable segments are malls, lifestyle centers, outlet centers and open-air centers.

Growth: Second Quarter Earnings, Revenues and Funds From Operations

Net income attributable to common shareholders was $45,358 thousand in the second quarter against $2,567 thousand a year earlier, and $90,761 thousand for the six months against $10,779 thousand. Basic earnings per share were $1.50 against $0.08 for the quarter and $3.01 against $0.35 for the six months, while diluted earnings per share were $1.47 against $0.08 and $2.95 against $0.35.

The company listed equity in earnings $15.9 million higher, gain on sales of real estate assets $12.3 million higher and rental revenues $5.6 million higher among the quarterly changes. For the six months, gain on deconsolidation was $41.3 million higher.

Total revenues were $146,479 thousand against $140,905 thousand. FFO, a non-GAAP measure, allocable to Operating Partnership common unitholders was $59,851 thousand against $45,455 thousand for the quarter. FFO as adjusted was $58,330 thousand against $57,271 thousand, which the company tied primarily to the acquisition of four malls in July 2025 and one mall in March 2026.

Valuation: P/E of 7.20, PEG of 0.00 and Operating Measures

The P/E ratio of 7.20 is measured on trailing twelve-month earnings, and the PEG ratio of 0.00 is on an expected basis. Total shareholders' equity was $427,436 thousand at June 30, 2026, against $374,936 thousand at December 31, 2025.

Same-center NOI, a non-GAAP measure, was $97,653 thousand against $96,217 thousand, up 1.5%. Portfolio occupancy was 90.4% against 88.8%, and same-center sales per square foot for malls, lifestyle centers and outlet centers were $455 against $438 for the trailing twelve months.

Dividends, Refinancings and Liquidity

The company paid regular quarterly dividends of $0.45 per share for the first quarter and $0.625 per share for the second quarter of 2026, plus a special dividend of $0.175 per share in the second quarter. In August 2026 it announced a cash dividend of $0.625 per share for the third quarter.

In March 2026 the company closed the $425.0 million secured mall loan due 2031, with a fixed rate of 7.40%, and a $176.1 million variable-rate loan due 2032 at SOFR plus 410 basis points, and used them with proceeds from U.S. Treasury securities to retire the $634.0 million secured term loan. It financed the Gateway Mall purchase of approximately $43.8 million with a $21.0 million loan at 6.46% and sold Hammock Landing for $78.5 million.

At June 30, 2026, the company held $302.4 million of unrestricted cash and U.S. Treasury securities. Its pro rata share of debt was $2,533.5 million, and the weighted-average remaining term was 3.6 years against 2.6 years at December 31, 2025.

Disclosed Risks and Outlook

The company disclosed several loans in default or receivership. The $48.6 million Jefferson Mall loan entered default in January and the property was placed into receivership in February; The Outlet Shoppes at Gettysburg followed in May. Loans on Parkdale Mall and Parkdale Crossing ($48,285 thousand), Arbor Place ($82,994 thousand) and The Outlet Shoppes at Laredo ($30,680 thousand) matured and are in default; the Laredo loan was extended through November 2026. The company anticipates returning the receivership properties, Parkdale and Arbor Place to lenders.

Debt that has matured or matures during 2026, assuming all extensions are elected, was $441.9 million at its share, including $106.6 million tied to three loans in receivership. Property operating expense was $2.2 million higher for the quarter, and the company cited interest rates, financing availability and tenant bankruptcies among its risk factors.

The filing gives no numerical guidance. The company stated that its strategy is to improve occupancy, drive rent growth, re-tenant former anchor locations, reduce debt and extend maturities.