Form 4: CBL Director Acquires Shares, Updates Power of Attorney

CBL & Associates Properties Director David J. Contis acquired 3,346 shares of common stock and updated his limited power of attorney.

Summary

• Director David J. Contis acquired 3,346 shares of CBL & Associates Properties Inc. common stock on December 15, 2025.
• The shares were acquired at a price of $37.365 per share as a grant of restricted common stock under the 2021 Equity Incentive Plan.
• Following this transaction, Contis beneficially owns 67,170 shares of common stock directly.
• Contis revoked his previous Limited Power of Attorney (LPOA) dated September 21, 2021, and executed a new Replacement LPOA effective May 1, 2025.
• The Replacement LPOA designates Jeffery V. Curry (Chief Legal Officer), Andrew F Cobb (Executive Vice President-Accounting), and James (Tripp) Wingo III (Vice President-Accounting) as attorneys-in-fact for SEC filings.

Sentiment

Score: 6

Explanation: The acquisition of shares by a director is generally seen as a positive signal of confidence in the company's future. The power of attorney update is a routine corporate governance matter, contributing to a slightly positive overall sentiment.

Positives

• Director Contis acquired 3,346 shares of common stock, which can be viewed as an alignment of interests with shareholders.
• The acquisition was part of an equity incentive plan, suggesting a commitment to long-term performance and retention of key personnel.

Risks

• The filing itself does not detail specific operational or financial risks for CBL & Associates Properties Inc. It reports an insider transaction and a corporate governance update.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding the company's future performance, financial results, or strategic direction. It solely reports a past insider transaction and a change in a power of attorney.

Management Comments

• The Form 4 was signed by Jeffery V. Curry, attorney-in-fact for David J. Contis.
• The Replacement Limited Power of Attorney states that David J. Contis executed the document to designate new attorneys-in-fact for SEC filings.

Industry Context

This filing details an individual director's stock acquisition and a corporate governance update. It does not provide information directly related to broader industry trends or competitive landscape, beyond indicating a director's continued equity stake in CBL & Associates Properties Inc., a real estate company.

Comparison to Industry Standards

• This filing reports an individual director's restricted stock grant and an update to a power of attorney, not company-wide financial or operational results. Therefore, a direct comparison to industry-specific financial benchmarks, competitor projects, or global results is not applicable.

Management Changes

Corporate Governance

Related Party Transactions

• Grant of 3,346 shares of restricted Common Stock to Director David J. Contis under the 2021 Equity Incentive Plan.
• Execution of a Replacement Limited Power of Attorney by Director David J. Contis, designating company officers as attorneys-in-fact for SEC filings.

Stakeholder Impact

• Shareholders: The director's acquisition of shares may be viewed positively as an alignment of interests. The updated power of attorney ensures continued compliance with SEC reporting requirements.
• Management/Employees: The designated attorneys-in-fact (company officers) will continue to assist the director with SEC filings, ensuring smooth regulatory compliance.

Key Dates

Recommendation

The filing details a director's acquisition of shares as part of an equity incentive plan and an update to a power of attorney for SEC filings. While insider buying can be a positive signal, the quantity of shares is not exceptionally large relative to the company's market capitalization, and the transaction is part of a compensation plan rather than an open market purchase. The power of attorney update is a procedural governance matter. Therefore, this information alone does not warrant a change from a 'hold' position, as it does not significantly alter the fundamental investment thesis for CBL.

Keywords

CBL & Associates Properties, CBL, Form 4, insider transaction, stock acquisition, director compensation, equity incentive plan, power of attorney, restricted stock