CBL & Associates Properties, Inc. (CBL)
NYSEReal EstateReit - RetailSnapshot 2026-09-04
$54.98+0.11%
Close 2026-09-04 · 1-day change
NYSEReal EstateReit - RetailSnapshot 2026-09-04
Intact: The reason to own it still holds.
CBL is growing net income from $2.8M to $46.5M in one year. It cut debt by $33M to improve cash flow. Same-center NOI is stabilizing, with guidance up to 1.25% growth. The stock trades cheap with a PE of 9.24 versus peers at 13.22.
CBL still faces challenges stabilizing mall income. Debt remains high despite cuts. Cash flow yield is negative at -0.14. The retail REIT sector faces headwinds that could hurt results.
The price is about 28% below our fair value near $73. Analysts expect 6.5% revenue growth. Our view agrees the stock is cheap but cautious on growth.
Breaks if: debt reduction stalls or reverses next year
Continue efforts to refinance existing debt and reduce overall debt levels to improve liquidity.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a durable compounder with a focus on real estate. The current thesis state is intact, supported by recent strong financial performance despite a challenging sector backdrop.
The market currently prices CBL as cheap compared to its peers, reflecting a negative expectations gap. There is a low fragility tier, indicating that the stock is not overly sensitive to immediate changes.
Fundamentals are likely to remain stable, with management focusing on maintaining same-center net operating income (NOI) and improving cash flow through debt refinancing. Recent financial performance has been strong, although there is a moderate risk due to the sector's headwinds.
The thesis hinges on management's ability to maintain operational momentum and the potential for favorable macroeconomic conditions, such as interest rate cuts. Additionally, the performance of sector bellwethers will be crucial for CBL's trajectory.
The most important moves since the prior daily snapshot.
Our read on the company is unchanged since the prior snapshot.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: net income falls below $30 million next year
Focus on sustaining positive net income growth through operational improvements.
Breaks if: same-center NOI growth falls below -0.5% in 2026
Over the next 1 to 3 years, CBL's performance will depend on management execution and external economic factors. Not investment advice.