Form 4: CBL & Associates COO Sells Shares for Tax Obligations

CBL & Associates Properties Inc.'s EVP and Chief Operating Officer, Kathryn A. Reinsmidt, disposed of 4,919 shares of common stock to cover tax withholding obligations.

Summary

• Kathryn A. Reinsmidt, EVP Chief Operating Officer of CBL & Associates Properties Inc. (CBL), reported a transaction involving the company's common stock.
• On December 17, 2025, Reinsmidt disposed of 4,919 shares of CBL common stock.
• The disposition was made to the issuer at a price of $37.365 per share, likely to satisfy tax withholding obligations related to equity awards.
• Following this transaction, Reinsmidt beneficially owns 97,101 shares of CBL common stock directly.
• A Replacement Limited Power of Attorney, effective May 1, 2025, was executed by executive officers, including Reinsmidt.
• This Replacement LPOA revokes prior appointments and designates Jeffery V. Curry, Andrew F Cobb, and James (Tripp) Wingo II as attorneys-in-fact for executive officers to prepare and file SEC Forms 3, 4, and 5.

Sentiment

Score: 6

Explanation: The transaction is a non-discretionary sale for tax purposes, which is a neutral event. The update to the power of attorney is a routine corporate governance matter. No significant positive or negative implications for the company's outlook are present.

Positives

• The transaction is a routine disposition for tax withholding, not a discretionary sale, which typically indicates continued confidence in the company's long-term prospects by the executive.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction. It solely reports an insider transaction and an update to a power of attorney.

Management Comments

• The undersigned individuals had each executed a limited power of attorney prior to the date hereof (the Initial LPOAs) and each of the undersigned had appointed Jeffery V. Curry, Chief Legal Officer of CBL & Associates Properties, Inc., and J. Tyler Overley, Vice President-Accounting and Assistant Controller of the Company, or any of them signing singly, and with full power of substitution, as each of the undersigned's true and lawful attorney-in-fact for the limited purposes stated therein.
• Each of the undersigned individuals do now, by his/her execution below, hereby revoke the Initial LPOA as to his/her prior appointments as of this 1st day of May, 2025 and a copy of said revocation has been delivered to the foregoing attorneys-in-fact.
• Each of the undersigned individuals hereby designates and appoints Jeffery V. Curry, Chief Legal the Company, Andrew F Cobb, Executive Vice PresidentAccounting of the Company and James (Tripp) Wingo II, Vice President-Accounting of the Company or any of them signing singly, and with full power of substitution, as his/her true and lawful attorney-in-fact for the limited purposes stated herein.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, specifically a non-discretionary sale for tax purposes. Such transactions are common across all industries when executives receive equity compensation and need to cover tax liabilities. It does not provide specific insights into broader industry trends or competitive positioning for the real estate sector.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders: Minimal direct impact as this is a routine, non-discretionary insider transaction for tax purposes.
• Management: Ensures compliance with SEC reporting requirements through updated power of attorney arrangements.

Next Steps

• Continued filing of Forms 3, 4, and 5 by executive officers as required by Section 16(a) of the Securities Exchange Act of 1934, facilitated by the updated Limited Power of Attorney.

Key Dates

Recommendation

The filing details a routine, non-discretionary sale of shares by an executive to cover tax obligations, which is a neutral event and does not reflect a change in the executive's confidence in the company. The update to the power of attorney is an administrative corporate governance matter. Neither event provides new information that would warrant a change in investment recommendation based solely on this filing.

Keywords

CBL & Associates Properties Inc., CBL, Form 4, Insider Transaction, Stock Sale, Tax Withholding, Kathryn A. Reinsmidt, Executive Officer, Common Stock, SEC Filing, Corporate Governance, Power of Attorney