CBL & ASSOCIATES PROPERTIES Business Summary

CBL & Associates Properties (CBL) is a vertically integrated real estate investment trust (REIT) that generates the vast majority of its revenue through long-term leasing agreements with national and regional retail tenants. Its primary business segments include regional shopping malls, lifestyle centers, outlet centers, and open-air centers, with a strategic focus on transforming traditional retail assets into diversified community hubs. Beyond rental income, the company earns revenue through management and development fees and the opportunistic sale of non-core real estate assets. CBL operates in a highly competitive landscape alongside major retail REITs such as Simon Property Group, The Macerich Company, and SITE Centers; it distinguishes itself by specializing in dominant middle-market properties across the Southeastern and Midwestern United States, currently positioning itself as a value-oriented play focused on balance sheet deleveraging and portfolio densification. The company is led by a seasoned executive team with deep roots in the retail real estate sector, headed by Chief Executive Officer Stephen D. Lebovitz and President Michael I. Lebovitz, both of whom carry forward the legacy of Chairman Emeritus and founder Charles B. Lebovitz. The C-suite is rounded out by Executive Vice President and Chief Financial Officer Benjamin W. Jaenicke, who oversees capital markets and financial strategy, and Executive Vice President and Chief Operating Officer Katie A. Reinsmidt, who manages investment and operational execution. The Board of Directors is chaired by David J. Contis, an industry veteran with prior leadership experience at Simon Property Group and Macerich. Notable institutional backing includes significant positions held by Oaktree Capital Management and The Vanguard Group, reflecting a shareholder base that prioritizes the company’s ongoing operational turnaround and disciplined capital allocation.