Exhibit 99.1

Earnings Release and

Supplemental Financial and Operating Information

For the Three Months Ended

March 31, 2025

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 RESULTS FOR FIRST QUARTER 2025

CHATTANOOGA, Tenn. (May 5, 2025) – CBL Properties (NYSE: CBL) announced results for the first quarter ended March 31, 2025. 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:

"CBL is off to a solid start in 2025 with first quarter results in-line with expectations and previously issued guidance," said CBL's chief executive officer, Stephen D. Lebovitz. "Financial results reflected the anticipated decline in same-center NOI as we faced a difficult comparable period in the prior year that included one-time tax savings and lower operating expense related to timing of maintenance and repairs.

"While absolute leasing volumes in the first quarter moderated from the record volumes signed during the prior-year period, the resilience of our portfolio was demonstrated with the signing of a number of new in-demand tenants. These additions included Fabletics, LEGO, James Avery Artisan Jewelry, Hey Dude, Miss A, and nostalgic restaurant concept, Ford's Garage. New comparable shop leases were signed at positive lease spreads of more than 21% while renewal leases were signed at a 6.5% decline. The strong prior-year new leasing volumes contributed to a 100-basis point increase in portfolio occupancy compared with the prior-year period, including a 40-basis point increase in same-center malls, outlet and lifestyle centers. This new leasing activity more than offset the negative impact of several first quarter Forever21 and Party City closures. We anticipate additional Forever21 closures to occur in the second quarter but have already made significant progress in lining up strong backfills for the impacted locations to minimize downtime and bring new higher rents online.

"We continue to focus on actively pursuing opportunities to return capital to shareholders, which was demonstrated with the Board's authorization of a new $25 million stock repurchase program as well as the regular quarterly cash dividend and the special cash dividend paid in March. The stock repurchase program provides us with a powerful tool to allocate capital to capture significant discounts in our stock's valuation.

"We have actively worked to improve the strength and flexibility of our balance sheet over the past several years. As a result, today we enjoy a balance sheet comprised almost exclusively of non-recourse mortgage debt, with significant amortization reducing leverage further. Additionally, our maturity schedule continues to improve with the recent achievement of the extension test to extend our term loan maturity as well as the recent extensions of four property-specific loans.

"Last quarter, we noted that uncertainty would be a factor impacting 2025, and this has proven to be even more prescient than we expected. While it is difficult to project the impact the changes in tariffs will have on our tenants and customers, the majority of our leases are long-term and are diversified across higher credit tenants, which serves to mitigate the short-term impact. As such, we are maintaining our current guidance range and will keep our focus on the areas we can influence, including operating the portfolio efficiently, driving occupancy and revenues and allocating capital prudently."

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

Same-center NOI for the first quarter 2025 declined $2.4 million. First quarter 2025 results were impacted by a $0.7 million decline in percentage rents. Total operating expense increased $3.8 million, primarily driven by one-time real estate and franchise tax refunds received in the prior-year period and timing of certain maintenance and repair expense. The estimate for uncollectable revenues favorably impacted the quarter by approximately $0.7 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 May 1, 2025, CBL announced that its Board of Directors declared a regular cash dividend of $0.40 per common share for the quarter ending June 30, 2025. The dividend is payable on June 30, 2025, to shareholders of record as of June, 13, 2025. The regular dividend equates to an annual dividend payment of $1.60 per common share. CBL also paid a special dividend of $0.80 per share on March 31, 2025.

FINANCING ACTIVITY

In February 2025, CBL and its joint venture partner exercised the one-year extension option on the loan secured by the Pavilion at Port Orange in Port Orange, FL, which extends the maturity date through February 2026.

In March, CBL and its joint venture partner closed on a modification of the $28.8 million loan (at 100%) secured by York Town Center in York, PA, to extend the maturity to September 2025. Additionally, the loan secured by Cross Creek Mall in Fayetteville, NC, was modified for an extended maturity date of August 2025.

Additionally in March, the conveyance of Alamance Crossing East, in Burlington, NC, was completed in satisfaction of the outstanding $41.1 million non-recourse loan.

In April 2025, CBL exercised the one-year extension option on the loan secured by Fayette Mall in Lexington, KY.

On April 30, 2025, CBL announced that the principal balance of CBL's non-recourse term loan has been reduced to $668.3 million, successfully meeting the extension test to secure a one-year extension. The loan’s maturity will automatically extend from November 2025 to November 2026.

Additionally, based on current projections, CBL anticipates meeting the second required extension test, which requires a principal balance of $615 million, in 2026 through natural amortization, enabling another one-year extension to November 2027.

DISPOSITION ACTIVITY

During Q1 2025, CBL closed on dispositions generating more than $73.3 million of gross proceeds including the sale of Monroeville Mall and Annex in Monroeville PA, for $34.0 million in January and the $38.1 million sale of Imperial Valley Mall in El Centro, CA, in February. CBL also completed the sale of one outparcel, generating aggregate proceeds at CBL's share of $1.2 million.

STOCK REPURCHASE PROGRAM

On May 1, 2025, CBL announced that its Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock.

The Company plans to repurchase shares from time to time on the open market, in privately negotiated transactions or otherwise, depending on market prices and other conditions and all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements.

The size and timing of any purchases will depend on a number of factors, including share price, general business and market conditions, and other factors. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. Purchases may be made through the program by May 1, 2026.

DEVELOPMENT AND REDEVELOPMENT ACTIVITY

Detailed project information is available in CBL’s Financial Supplement for Q1 2025, 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 reiterating 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%.

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 17 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 88 properties totaling 55.4 million square feet across 20 states, including 52 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 (loss) 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)

Same-center Net Operating Income

(Dollars in thousands)

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Balance Sheets

(Unaudited; in thousands, except share data)

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Condensed Combined Financial Statements - Unconsolidated Affiliates

(Unaudited; in thousands)