CBL Properties (NYSE:CBL) today announced that its Board of Directors has approved a special cash dividend of $0.175 per common share for the first quarter of 2026. The special dividend is in addition to the previously declared $0.45 per share dividend announced on February 11, 2026, resulting in a total first‑quarter dividend of $0.625 per share, a 39% increase. The special dividend will be paid on April 17, 2026, to shareholders of record as of April 10, 2026.

The special dividend represents an increase in the Company's dividend for the first quarter and is expected to be incorporated into the ongoing regular quarterly dividend beginning in the second quarter, subject to Board approval. The new quarterly dividend equates to an annualized rate of $2.50 per common share.

"With the more than $30 million improvement in free cash flow generated by our recent term‑loan refinancing, we are pleased to significantly increase our regular dividend," said Stephen D. Lebovitz, CBL's CEO. "As this clearly demonstrates, we are committed to returning capital to shareholders while also retaining more than $10 million of free cash flow annually to invest in the growth of our business. This action reflects both the strengthening cash‑flow profile of our portfolio and our confidence in the opportunities ahead."

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 55.6 million square feet across 23 states, including 56 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 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.

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.

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Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com

CBL Properties Declares Q1 2026 Special Dividend; Annualized Regular Dividend Increases 39% to $2.50 Per Share