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CBL & Associates Properties Executive Compensation (FY25)

CBL · Chattanooga, TN · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 26, 2026
238 figures on this page: 227 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Stephen Lebovitz, Director, Chief Executive Officer, received $4,604,645 in total compensation for fiscal 2025, and Lebovitz's total was 4.9% higher than the $4,391,267 reported for fiscal 2024. The disclosed chief executive pay ratio for fiscal 2025 is 64:1, against median employee compensation of $71,397. For fiscal 2025, shareholders backed the say-on-pay proposal with 98.5% of votes cast for or against in favor at the meeting held May 21, 2026. The disclosed peer group includes Acadia Realty Trust, AH Realty Trust, Inc., CTO Realty Growth, Inc., InvenTrust Properties Corp. and Kite Realty Group Trust, among others.
Chief executive, fiscal 2025
◇
Stephen Lebovitz
Latest say-on-pay support
=
May 21, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Stephen Lebovitz: $4,391,267 → $4,604,645 (4.9% higher)
Say-on-pay support: 99.1% → 98.5% (0.6 points lower)
CEO pay ratio: 57:1 → 64:1 (12.3% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is CBL & Associates Properties' chief executive and what were they paid?
Stephen Lebovitz, Director, Chief Executive Officer, received $4,604,645 in total compensation for fiscal 2025. Lebovitz's total was 4.9% higher than the $4,391,267 reported for fiscal 2024.
What was CBL & Associates Properties' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 98.5% of votes cast for or against in favor at the meeting held May 21, 2026.
Which companies are in CBL & Associates Properties' peer group?
The disclosed peer group includes Acadia Realty Trust, AH Realty Trust, Inc., CTO Realty Growth, Inc., InvenTrust Properties Corp. and Kite Realty Group Trust, among others.
What is CBL & Associates Properties' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 64:1, against median employee compensation of $71,397.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Lebovitz
Director Chief Executive Officer
◇◇◇—◇—◇◇
Michael Lebovitz
President
◇◇◇—◇—◇— not reconciled
Katie Reinsmidt
Executive Vice President & Chief Investment Officer
◇◇◇—◇—◇◇
Jeffery Curry
Chief Legal Officer and Secretary
◇◇◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Lebovitz
Director, Chief Executive Officer
◇◇◇—◇—◇◇
Benjamin Jaenicke
Executive Vice President – Chief Financial Officer and Treasurer
◇◇◇—◇—◇◇
Michael Lebovitz
President
◇◇◇—◇—◇◇
Katie Reinsmidt
Executive Vice President – Chief Operating Officer
◇◇◇—◇—◇◇
Jeffery Curry
Chief Legal Officer and Secretary
◇◇◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Lebovitz
Director, Chief Executive Officer
◇◇◇—◇—◇◇
Benjamin Jaenicke
Executive Vice President – Chief Financial Officer and Treasurer
◇◇◇—◇—◇◇
Michael Lebovitz
President
◇◇◇—◇—◇◇
Katie Reinsmidt
Executive Vice President – Chief Operating Officer
◇◇◇—◇—◇◇
Jeffery Curry
Chief Legal Officer and Secretary
◇◇◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Lebovitz
Director, Chief Executive Officer
◇◇◇—◇—◇◇
Benjamin Jaenicke
Executive Vice President – Chief Financial Officer and Treasurer
◇◇◇—◇—◇◇
Michael Lebovitz
President
◇◇◇—◇—◇◇
Katie Reinsmidt
Executive Vice President – Chief Operating Officer
◇◇◇—◇—◇◇
Jeffery Curry
Chief Legal Officer and Secretary
◇◇◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Benjamin W. JaenickeRSU◇——◇——◇
Benjamin W. JaenickePSU◇—◇———◇
Jeffery V. CurryRSU◇——◇——◇
Jeffery V. CurryPSU◇—◇———◇
Katie A. ReinsmidtRSU◇——◇——◇
Katie A. ReinsmidtPSU◇—◇———◇
Michael I. LebovitzPSU◇—◇———◇
Michael I. LebovitzRSU◇——◇——◇
Stephen D. LebovitzPSU◇—◇———◇
Stephen D. LebovitzRSU◇——◇——◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Katie ReinsmidtRSU◇◇——
PSU◇◇——
Stephen LebovitzPSU◇◇——
RSU◇◇——
Michael LebovitzRSU◇◇——
PSU◇◇——
Jeffery CurryPSU◇◇——
RSU◇◇——
Benjamin JaenickePSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David J. Contis
Board chair
◇◇————◇
Marjorie L. Bowen
◇◇————◇
Robert G. Gifford
◇◇————◇
David M. Fields
◇◇————◇
Michael A. Torres
◇◇————◇
Jeffrey A. Kivitz
◇◇————◇
Stephen D. Lebovitz served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as Restricted Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Acadia Realty Trust AKR
  • AH Realty Trust, Inc. AHRT
  • CTO Realty Growth, Inc. CTO
  • InvenTrust Properties Corp. IVT
  • Kite Realty Group Trust KRG
  • Phillips Edison & Company PECO
  • Retail Opportunity Investments Corp. ROIC
  • SITE Centers Corp. SITC
  • Tanger Inc. SKT
  • The Macerich Company MAC
  • Urban Edge Properties UE

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 21, 2026=◇◇◇
2024May 22, 2025=◇◇◇
2023May 22, 2024=◇◇◇
2022May 24, 2023=◇◇◇
2021May 26, 2022=◇◇◇
2020May 25, 2021=◇◇◇
2019May 7, 2020=◇◇◇
2018May 9, 2019=◇◇◇
2017May 14, 2018=◇◇◇
2016May 8, 2017=◇◇◇
2015May 2, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact CBL & Associates Properties disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where CBL & Associates Properties sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
238 figures on this page: 227 cited to the filing that reported them, 11 calculated from figures it prints.
227 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-238623
  2. 0001193125-26-170410
    025 Outstanding Equity Awards at Fiscal Year-End · 2025 Director Compensation Table · 2025 Grants of Plan-Based Awards · CEO Pay Ratio · and 2 more sections
  3. 0000950170-25-077457
  4. 0000950170-25-056489
    Summary Compensation Table
  5. 0000950170-24-063953
  6. 0000950170-24-046205
    Summary Compensation Table
  7. 0000950170-23-025148
  8. 0000950170-23-013971
    Summary Compensation Table
  9. 0001564590-22-021623
  10. 0001564590-21-030331
  11. 0001564590-20-024909
  12. 0000910612-19-000052
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0000910612-18-000042
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0000910612-17-000037
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0000910612-16-000115
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Velarion, “CBL & Associates Properties executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CBL (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers CBL & Associates Properties discloses

The companies named in CBL's own disclosed peer group.

Acadia Realty TrustAH Realty Trust, Inc.CTO Realty Growth, Inc.InvenTrust Properties Corp.Kite Realty Group TrustPhillips Edison & CompanySITE Centers Corp.Tanger Inc.The Macerich CompanyUrban Edge Properties

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy