CBL

CBL & Associates Properties

Real estate · fiscal year ending 2025-12-31

Through the investors’ lenses

0 of 3 cleared2 of 5 criteria

Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.

Warren Buffett 2/3

Measure	CBL	Checked against
Owner earnings	$115.14m	positive	✓
Return on equity	36.3%	US median 2.8%	✓
Debt to equity	5.80x	US median 0.57x	✗
Operating margin	—	US median 3.1%	—

Passes 2 of 3. These are the measures Warren Buffett published, applied to CBL & Associates Properties’s own figures — their criteria, not their view of this company. What he looks at, and why →

Benjamin Graham 0/1

Measure	CBL	Checked against
Current ratio	—	2.00x published	—
Long-term debt to working capital	—	1.00x published	—
Positive earnings, ten years running	3 yrs	10 published	✗

Passes 0 of 1. These are the measures Benjamin Graham published, applied to CBL & Associates Properties’s own figures — their criteria, not their view of this company. What he looks at, and why →

Peter Lynch 0/1

Measure	CBL	Checked against
Debt to equity	5.80x	US median 0.57x	✗
Net margin	—	US median 2.0%	—

Passes 0 of 1. These are the measures Peter Lynch published, applied to CBL & Associates Properties’s own figures — their criteria, not their view of this company. What he looks at, and why →

Basis	Payout	Why
GAAP earnings	57.6%	why Depressed by depreciation on buildings that are not losing value.
Operating cash flow	30.9%	why Before capital spending.
Free cash flow	121.0%	why Counts property acquisitions as though they were maintenance.
Funds from operations	25.6%	why The industry's basis — adds that depreciation back.

Spread between highest and lowest: 95.4 percentage points. Same filings, different denominators.

Coverage rating 65 / 100 — Adequate. ? Peer standing 47/50Direction 18/30Stability 0/20

Funds from operations payout, last 6 years

Fiscal year	Payout
2025-12-31	25.6%
2024-12-31	25.2%
2023-12-31	61.5%
2022-12-31	15.2%
2012-12-31	6.8%
2011-12-31	35.6%

94% of the 47 real estate here pay out more — comfortable for the sector.

The arithmetic

GAAP earnings — dividends declared per share $2.50 ÷ diluted EPS $4.34
Operating cash flow — dividends paid $77.1m ÷ operating cash flow $250m
Free cash flow — dividends paid $77.1m ÷ (operating cash flow $250m − capex $186m)
Funds from operations — dividends declared per share $2.50 ÷ derived FFO $9.76 per share

- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares

- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly

Where the figures came from

10-K filed 2026-03-03 · accession 0001193125-26-087049

Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.

Caveats on this company

ebitda built from net income (no operating income reported)
DPS derived from dividends paid ($2.50); no per-share tag filed
FFO derived (NAREIT approximation)

Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.

What the funds from operations payout ratio measures, and where every company here sits on it.

Also on: rated adequate · when it files.

Who else looks like this

Every figure above is computed from CBL & Associates Properties’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules four investors published — free, and nothing you screen leaves your browser.

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