CBL & Associates Properties, Inc. is a self-managed, self-administered real estate investment trust (REIT) focused on the ownership, development, and management of retail real estate properties across the United States. Headquartered in Chattanooga, Tennessee, the company operates a diverse portfolio of market-dominant properties, primarily located in the Southeastern and Midwestern regions.
CBL's business model centers on generating rental income through the leasing of retail space to a wide variety of tenants, including national and regional retailers, entertainment venues, and dining establishments. The company's portfolio encompasses enclosed regional malls, outlet centers, lifestyle retail centers, and open-air community centers. Revenue is primarily derived from base rent, percentage rent based on tenant sales, and tenant reimbursements for operating expenses.
The company actively manages its portfolio through strategic redevelopment, aggressive leasing, and property optimization, often repurposing traditional anchor department store spaces into mixed-use, entertainment, or non-traditional retail uses to drive foot traffic. Following a financial restructuring and emergence from Chapter 11 bankruptcy in 2021, CBL has focused on maintaining a flexible balance sheet and reinvesting in its highest-performing assets. Its competitive position is supported by its focus on middle-market communities where its properties often serve as the primary retail and entertainment hubs for the surrounding areas.
