Exhibit 99.1

Earnings Release and

Supplemental Financial and Operating Information

For the Three Months and Year Ended

December 31, 2024

Earnings Release and Supplemental Financial and Operating Information

Table of Contents

Contact: Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, [email protected]

CBL PROPERTIES REPORTS STRONG RESULTS FOR FOURTH QUARTER AND FULL-YEAR 2024

Same-center NOI in 2024 increased 0.2% over the prior-year period

CHATTANOOGA, Tenn. (February 14, 2025) – CBL Properties (NYSE: CBL) announced results for the fourth quarter and year ended December 31, 2024. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.

KEY TAKEAWAYS:

"2024 was an outstanding year for CBL," said CBL's chief executive officer, Stephen D. Lebovitz. "Financial results were strong, highlighted by the achievement of positive same-center NOI growth. We also completed significant financing and transactional activity that strengthened both our balance sheet and portfolio. Same-center NOI growth for the year benefited from overall positive rent spreads and new leasing activity as well as lower operating expenses and tax savings, partially offset by an unfavorable variance in uncollectable revenues and declines in percentage rent.

"Leasing volumes were healthy in 2024, with 1.4 million square feet of new and renewal leases signed in the fourth quarter, bringing the full year total to nearly 4.5 million square feet. Comparable shop leases were signed at positive lease spreads of 5.8% for both new and renewal leases. We added exciting new brands and restaurants to our properties, signing new deals in the fourth quarter with Kendra Scott, J. Crew Factory, Barnes & Noble, Drybar, and Cooper's Hawk Winery & Restaurant. Our leasing efforts through the year resulted in a 100 bps increase in occupancy sequentially and a narrowing of the decline from the prior-year period to 60 basis points. We are focused on making additional progress in occupancy in 2025. Sales improved over the course of the year with the holiday sales season driving a 1% increase in the fourth quarter.

"In 2024, we were active on the transaction front, generating $85 million in proceeds from asset sales. In late December, we were excited to complete the acquisition of our joint venture partner's interest in three of our top properties, which paves the way to unlock future value creation opportunities. We are pursuing numerous growth opportunities at these high-performing properties and will now benefit 100% from the results of these efforts.

"We made tremendous improvements to our balance sheet during the fourth quarter with more than $500 million in financing activity completed. In concert with the acquisition noted above, we completed the extension of the non-recourse loans secured by West County Center, (to December 2026, at the existing interest rate) and Oak Park Mall, (to October 2030, at a 5% fixed interest rate). We also closed on two favorable new non-recourse loans secured by our open-air center in Melbourne, FL and our outlet center in Louisville, KY.

"With more than $37 million in share repurchase activity completed, we are actively pursuing opportunities to return capital to shareholders. We increased our regular dividend rate at the start of 2024, and now our Board has approved our regular quarterly dividend as well as a significant special dividend totaling $1.20 per share, to be paid in all cash.

"While uncertainty and certain headwinds remain a factor in 2025, we are focused on driving additional operational improvements across our portfolio through strategic leasing and redevelopment efforts. We will continue to pursue opportunities to utilize our portfolio and strong balance sheet position to generate cash flow improvements and enhanced shareholder returns. We are excited to hit the ground running this year and build off the strong momentum created in 2024."

Same-center Net Operating Income (“NOI”) (1):

Same-center NOI for the fourth quarter 2024 declined $2.0 million. Fourth quarter 2024 results were impacted by a $0.6 million decline in percentage rents. Total operating expense declined $0.8 million, primarily driven by lower thirdparty contract expense and lower maintenance and repair projects expense as compared with the prior period. The estimate for uncollectable revenues unfavorably impacted the quarter by approximately $1.3 million.

Same-center NOI for the twelve months ended December 31, 2024 increased $1.1 million. Results included real estate and other tax expense savings and improved operating expenses from lower third-party contract expense. Percentage rents in 2024 were $2.3 million lower. The estimate for uncollectable revenues unfavorably impacted 2024 by $2.5 million.

PORTFOLIO OPERATIONAL RESULTS

Occupancy(1):

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:

Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less:

DIVIDEND

On February 12, 2025, CBL announced that its Board of Directors declared a regular cash dividend of $0.40 per common share for the quarter ending March 31, 2025. The dividend, which equates to an annual dividend payment of $1.60 per common share, is payable on March 31, 2025, to shareholders of record as of March 13, 2025.

CBL’s Board of Directors also declared a special cash dividend of $0.80 per common share. The special dividend is required to remain in compliance with U.S. federal income tax rules for real estate investment trusts (“REITs”). The special dividend is payable on March 31, 2025, to shareholders of record as of March 13, 2025.

FINANCING ACTIVITY

During the fourth quarter 2024, CBL completed approximately $513.7 million in financing activity.

In December 2024, CBL completed the extension of the $251.4 million non-recourse loan secured by Oak Park Mall in Kansas City, KS. The maturity was extended to October 2030. The fixed interest rate will increase to 5% beginning in October 2025. CBL also exercised a two-year extension of the $144.7 million loan secured by West County Center in St. Louis, MO. The maturity was extended to December 2026. CBL closed on an extension of the $6.6 million loan ($3.3 million at CBL's share) secured by Coastal Grand-Dick's Sporting Goods in Myrtle Beach, SC. The loan now matures in November 2025, with an option to extend the maturity to May 2026.

In November, CBL and its 50% joint venture partner took advantage of improved financing terms and closed on new non-recourse ten-year loans totaling $45.0 million, secured by Hammock Landing in West Melbourne, FL. The loans bear a fixed interest rate of 5.86% and replace two existing partially guaranteed loans totaling $44.5 million, which bore a floating interest rate (8.2% as of September 30, 2024). The loans had a maturity of February 2025.

In October, CBL and its joint venture partner closed on a new $66.0 million loan secured by The Outlet Shoppes of the Bluegrass. The new non-recourse loan bears a fixed interest rate of 6.84% and matures in November 2034. Proceeds were used to retire the $61.6 million existing loan that was set to mature in December 2024.

CBL and its 50% joint venture partner are continuing discussions, which began in August, with the lender regarding a loan modification/extension of the $98.8 million in loans secured by Coastal Grand Mall and Coastal Grand Crossing in Myrtle Beach, SC.

In July 2024, CBL and its 50% joint venture partner closed on a new $14.5 million five-year loan secured by the Aloft Hotel at Hamilton Place in Chattanooga, TN. The loan bears a fixed interest rate of 7.2% and is non-recourse to CBL and replaced the existing $16.0 million loan that was set to mature in November 2024.

In May 2024, CBL transferred the title to Westgate Mall in Spartanburg, SC, to the mortgage holder in satisfaction of the $28.7 million non-recourse loan secured by the property.

In February 2024, CBL retired the $15.3 million recourse loan secured by Brookfield Square Anchor Redevelopment in Brookfield, WI.

CBL is cooperating with the foreclosure or conveyance of Alamance Crossing East in Burlington, NC, ($41.1 million).

ACQUISITION ACTIVITY

In December 2024, CBL closed on the acquisition of its partner’s 50% joint venture interests in three high-performing centers, CoolSprings Galleria in Nashville, TN, Oak Park Mall in Kansas City, KS, and West County Center in St. Louis, MO. The interests were acquired for a total cash consideration of $22.5 million. CBL also assumed its former partner's share of three non-recourse loans, secured individually by each of the assets, totaling $266.7 million.

DISPOSITION ACTIVITY

In January 2025, CBL completed the sale of Monroeville Mall and Annex in Monroeville PA, for $34.0 million.

In 2024, CBL completed more than $85.0 million in disposition activity, at CBL's share. Major transactions included the sale of Layton Hills Mall in Layton, UT, in August for $37.125 million. In September, CBL closed on the sale of Layton Hills Convenience Center, Layton Hills Plaza and nine related outparcels in Layton (Salt Lake City), UT, to an unaffiliated third party for $28.5 million, all cash.

During the fourth quarter, CBL completed the sale of three outparcels, generating aggregate proceeds at its share of $10.8 million.

DEVELOPMENT AND REDEVELOPMENT ACTIVITY

Detailed project information is available in CBL’s Financial Supplement for Q4 2024, which can be found in the Invest – Financial Reports section of CBL’s website at cblproperties.com

OUTLOOK AND GUIDANCE

Based on Management's expectations, CBL is initiating FFO, as adjusted, guidance for 2025 in the range of $6.98 - $7.34 per share. Management anticipates same-center NOI for full-year 2025 in the range of (2.0)% to 0.5%.

2024 vs. 2025 Same-center NOI guidance bridge:

Reconciliation of GAAP Earnings Per Share to 2025 FFO, as Adjusted, Per Share:

2025 Estimate of Capital Items (in millions):

(1) Excludes amounts related to properties which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements as further described on page 18 of the Financial Supplement.

ABOUT CBL PROPERTIES

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 89 properties totaling 56.2 million square feet across 21 states, including 54 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

NON-GAAP FINANCIAL MEASURES

Funds From Operations

FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure.

The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership.

In the reconciliation of net income (loss) attributable to the Company’s common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.

FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity.

The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release for a description of these adjustments.

Same-center Net Operating Income

NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).

The Company computes NOI based on the Operating Partnership’s pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies.

Since NOI includes only those revenues and expenses related to the operations of the Company’s shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company’s results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release.

Pro Rata Share of Debt

The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s condensed consolidated balance sheet is located at the end of this earnings release.

Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the “Management's Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

The Company's reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:

(in thousands, except per share data)

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Same-center Net Operating Income

(Dollars in thousands)