Refinancing of Secured Term Loan Expected to Drive More than $30 Million Improvement in Free Cash Flow

CBL Properties (NYSE: CBL) today announced that it has successfully refinanced its existing $634 million term loan through two complementary transactions. Today, CBL closed on a $425 million non-recourse financing secured by a pool of primarily mall properties. In addition, CBL anticipates closing shortly on a $176 million floating-rate bank loan primarily secured by a pool of strong open-air lifestyle centers. The new $425 million financing represents the first enclosed regional mall execution of its kind completed in the sector in many years, signaling renewed capital‑markets confidence in quality market-dominant enclosed malls. Although the final maturity of the original term loan was November 2027, refinancing early enables the Company to secure more favorable amortization structures, increasing estimated annual free cash flow by more than $30 million.

“This transformative financing strengthens our balance sheet, reduces overall debt by $33 million, extends our maturity profile, and provides meaningful flexibility as we execute our long‑term strategy,” said Ben Jaenicke, EVP – Chief Financial Officer. “The strong lender response and favorable terms reflect increasing confidence in our portfolio and our disciplined operating strategy. With a significantly improved free cash flow profile due to the more conventional amortization structure under the new loans, CBL is well‑positioned to pursue value‑enhancing investments and deliver additional returns to shareholders.”

The Company obtained $425 million of non‑recourse financing with a five‑year term maturing in 2031 and a fixed rate of 7.40%. The loan is secured by a pool of primarily mall properties that previously served as collateral for the term loan including: Cherryvale Mall (Rockford, IL), Frontier Mall (Cheyenne, WY), Hanes Mall (Winston-Salem, NC), Kirkwood Mall (Bismarck, ND), Mall Del Norte (Laredo, TX), Post Oak Mall (College Station, TX), Richland Mall (Waco, TX), Sunrise Mall (Brownsville, TX), Turtle Creek Mall (Hattiesburg, MS), Valley View Mall (Roanoke, VA), West Towne Mall (Madison, WI), and Westmoreland Mall and Westmoreland Crossing (Greensburg, PA). Northgate Mall (Chattanooga, TN), will be unencumbered through the refinancing, providing flexibility for future redevelopment.

The Company also anticipates closing shortly on a $176 million floating‑rate, non‑recourse loan secured by Mayfaire Town Center (Wilmington, NC), Pearland Town Center (Pearland, TX), Southaven Town Center (Southaven, MS) and East Towne Mall (Madison, WI). The properties also previously served as collateral for the term loan. The facility carries a five‑year term with two one‑year extension options and is interest‑only with an interest rate of SOFR + 410 basis points.

After incorporating the impact of these transactions, the Company is revising its full‑year 2026 amortization guidance to a range of $58–$63 million.

About CBL Properties

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 88 properties totaling 55.6 million square feet across 23 states, including 56 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.

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