AlphaMadera

CBL CBL & Associates Properties, Inc.

$48.51

Real Estate Investment Trust 85%

P/FFO × Retail REIT Multiple

Strong · Conviction

Undervalued

Trading 67.6% below fair value

You pay $48.51

Bear $120.34

Fair $149.77

Bull $179.20

Bear $120.34 +148.1% $10.20 FFO × 16x

Fair $149.77 +208.7% $10.20 FFO × 20x

Bull $179.20 +269.4% $10.20 FFO × 23x

Adjust Assumptions

P/FFO Multiple

19.5x

FFO per Share

10.2$

Key Value Driver

FFO/share ($10.20) × retail P/FFO multiple

Terminal Value % of EV

Implied Market Multiple 4.8x

Market is pricing in (growth)

Summary

At $10.20 FFO/share with a 20x retail REIT multiple, the base-case value is $149.77 per share. Dividend yield: 3.9%. DDM cross-check: $34.94.

Warnings

⚠ Standard profit figures are misleading for real estate companies — large non-cash accounting charges make profits look artificially low. Dividend yield and funds from operations are better measures.

ℹ Dividend-based valuation: $34.94 (77% below our primary estimate). Large gaps suggest the dividend may not fully reflect the company's value.

Key Risks

P/E and EV/EBITDA are structurally wrong for REITs — use P/FFO and NAV
Interest rate sensitivity: REIT multiples compress when rates rise
FFO approximation (NI + D&A) may include gains on property sales — verify