CBL & Associates Properties Inc · Q1 2022 earnings

Briefing

Reported strong property performance leading to outstanding first quarter 2022 results and increased full year guidance.

CBL Properties reported strong first quarter results with an increase in total portfolio same-center NOI of 10.7%. The company increased its full year 2022 same-center NOI guidance to $416 - $430 million and FFO, as adjusted, per share guidance to a range of $7.18 -$7.67 per diluted share.

• Increases in percentage rent and operating expense controls contributed to an increase in total portfolio same-center NOI of 10.7% for the three months ended March 31, 2022, compared with the prior year period.
• First quarter outperformance and revised outlook contribute to full year 2022 same-center NOI guidance increasing to $416 - $430 million from prior guidance of $400 - $413 million and FFO, as adjusted, per share guidance increasing to a range of $7.18 -$7.67 per diluted share compared with prior guidance of $7.00 - $7.50 per diluted share.
• Portfolio occupancy as of March 31, 2022, was 88.3%, representing a 290-basis point improvement compared with 85.4% as of March 31, 2021. Same-center occupancy for malls, lifestyle centers and outlet centers was 86.5% as of March 31, 2022, representing a 330-basis point improvement compared with 83.2% as of March 31, 2021.
• Same-center sales per square foot for the trailing 12-months ended March 31, 2022, increased 12.6% as compared to the trailing 12-months (excluding 2020) ended March 31, 2021. Same-center sales per square foot for the first quarter 2022 increased 0.9% as compared with the first quarter 2021.

Headline financials

Revenue & EPS history

After incorporating results for the first quarter 2022 and Management’s revised full year outlook, CBL is providing updated guidance for 2022 FFO, as adjusted, in the range of $222 million - $237 million or $7.18 - $7.67 per diluted share, which assumes same-center NOI in the range of $416.0 million to $430.0 million.