CBLCBL & ASSOCIATES PROPERTIES INC
Real Estate Investment Trusts
- Revenue
- $16M
- 13% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.6B
- Employees
- —
- Net debt / EBITDA
- —
- $1.9B net debt
- AI in 10-K
- 2.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo184% of net incomeCash flow under 80% of net income
- Dilutive SBCYes103% of revenueOver 10% of revenue
- Payouts exceed cash flowNo38% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo2.5 per 10K words · 63rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$123M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $18M | $19M | $19M | $16M | 13% |
| Net income | −$93M | $7M | $59M | $136M | 131% |
| Operating cash flow | $208M | $184M | $202M | $250M | 23% |
| Stock-based comp | $12M | $13M | $15M | $17M | 12% |
| Buybacks | — | $1M | $36M | $18M | 50% |
| Dividends | $24M | $118M | $50M | $77M | 53% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 8, 2026 | CANYON CAPITAL ADVISORS LLC | SCHEDULE 13D/A | 19.7% | Passive |
| Aug 28, 2026 | Amster Howard | SCHEDULE 13D/A | 7.8% | Passive |
| May 26, 2026 | CANYON CAPITAL ADVISORS LLC | SCHEDULE 13D/A | 47.8% | Passive |
| Oct 22, 2024 | Amster Howard | SC 13D/A | 8.8% | Passive |
| Oct 16, 2024 | CANYON CAPITAL ADVISORS LLC | SC 13D/A | 27.5% | Passive |
| Oct 1, 2024 | Strategic Value Partners, LLC | SC 13D/A | 4.9% | Active |
| Sep 20, 2024 | Strategic Value Partners, LLC | SC 13D/A | 6.3% | Active |
| Sep 4, 2024 | Strategic Value Partners, LLC | SC 13D/A | 7.6% | Active |
| Aug 26, 2024 | Strategic Value Partners, LLC | SC 13D/A | 9.0% | Active |
| Mar 14, 2023 | Amster Howard | SC 13D | 7.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $127K · 2
- Open-market sells, 12 mo
- $123M · 16
- Net
- −$123M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $10M | 170 | 96 |
| FY2024 | $4M | $9M | 124 | 9387 |
| FY2023 | $5M | $6M | 96 | 89 |
| FY2022 | $11M | $8M | 85 | 80 |
| FY2021 | $10M | $11M | 104 | 107 |