CBL Properties delivered strong third quarter 2026 results, characterized by significant growth in same-center Net Operating Income (NOI) and a substantial increase in full-year FFO guidance. The company benefited from high leasing demand, signing over 930,000 square feet of leases during the period, while successfully completing major debt refinancings that improved annual free cash flow.
Key Highlights
- Same-center NOI increased 3.8% compared to the prior-year period, driven by embedded rent increases and improved occupancy.
- Portfolio occupancy reached 91.5%, representing a 130-basis-point increase year-over-year and 110 basis points sequentially.
- Management raised full-year 2026 adjusted FFO guidance to $7.34 - $7.44 per share, up from the previous range of $7.15 - $7.25.
- Comparable lease spreads averaged a 6.8% increase, with new leases significantly outperforming prior rents by 34%.
- The Board authorized a new $25.0 million common stock repurchase program and approved a $0.625 per share quarterly dividend.