CBL & Associates Properties is a self-managed REIT that owns and operates a portfolio of retail properties, primarily enclosed regional malls, concentrated in mid-tier markets across the southeastern and midwestern U.S. CBL leases space to retail tenants — ranging from apparel and footwear to entertainment, food, and sporting goods — under long-term leases. No single tenant dominates; the top 25 tenants account for roughly 34% of total revenues. CBL generates revenue through fixed minimum rents (with contractual annual escalators), percentage rents tied to tenant sales above a threshold, and tenant reimbursements for taxes, insurance, and common area maintenance. This reimbursement structure limits CBL's direct exposure to rising property operating costs. CBL also earns ancillary income from temporary leasing, sponsorships, management fees, and outparcel sales. The business is seasonal, with Q4 being the strongest due to holiday shopping. CBL's core NOI drivers are occupancy, rental rates, and reimbursements, all of which depend on tenant health and property competitiveness in local markets. CBL's growth strategy focuses on internal rent growth through lease renewals and escalators, redevelopment of vacant anchor spaces into non-retail uses like fitness, entertainment, and healthcare, and active portfolio management through selective acquisitions and disposals. CBL is also focused on reducing debt and extending maturities to improve free cash flow.