CBL & Associates CEO Lebovitz Sells 50,000 Shares for $2.6 Million

Lawrence Rothman, CFA, The Motley Fool

Fri, September 18, 2026 at 12:32 AM GMT+3 3 min read

CBL +0.87%

Stephen D. Lebovitz, CEO of CBL & Associates Properties, Inc. (NYSE:CBL), reported a sale of 50,000 shares of common stock on Sept. 16, according to a recent SEC Form 4 filing.

Transaction summary

Transaction value based on SEC Form 4 weighted average sale price ($52.83); post-transaction value based on Sept. 16 market close ($53.06).

Key questions

What was the execution context for the share disposal?
The shares were sold in multiple transactions at prices. At a weighted average execution of $52.83 per share, that was slightly below the $53.06 market close on the transaction date.
How does this move impact the CEO's total beneficial interest?
Stephen D. Lebovitz remains a substantial equity holder in CBL & Associates Properties with a post-transaction interest of 507,341 shares.

Company Overview

Company Snapshot

CBL & Associates Properties operates as a real estate investment trust (REIT). It has a national portfolio of 88 retail properties comprising 55.6 million square feet.

CBL & Associates Properties owns and operates a diversified portfolio of retail real estate assets, generating revenue through tenant leasing, property management fees, and ancillary services across enclosed malls, outlet centers, lifestyle retail centers, and open-air shopping facilities.
The company operates as a REIT that acquires, develops, and actively manages market-dominant retail properties, deriving income from long-term tenant leases and maintaining operational control over its portfolio to optimize asset performance.
CBL serves national and regional retail tenants, including anchor department stores, specialty retailers, and lifestyle brands, targeting properties located in dynamic and growing communities across 23 states.

What this transaction means for investors

A sale by a key insider, particularly the CEO, will likely raise eyebrows among investors. However, Lebovitz still owns a substantial number of shares. His roughly $27 million stake translates into about a 1.7% ownership interest.

Investors can also understand the executive pocketing a profit, given the sharp rise in the stock price. This year, through Sept. 17, the REITs' shares returned 49.3%, including dividends. That dwarfed the S&P 500 index's 11.3% total return.

Still, Lebovitz's share sales come after CBL reported just a modest bump in second-quarter adjusted funds from operations (FFO). That's a key metric for REITs since it measures distributable cash flow. Its second-quarter adjusted FFO per share grew just 1.7% year over year to $1.89.

While I wouldn't automatically hit the sell button, investors would be wise to monitor insider selling activity to see if it becomes widespread. You should also examine the next quarterly results, which the company has scheduled for release in early November.

Source: SEC Form 4 filing for CBL | Filed: Sept. 17

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Lawrence Rothman, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

CBL & Associates CEO Lebovitz Sells 50,000 Shares for $2.6 Million was originally published by The Motley Fool