NYSE$CBL

CBL & Associates Properties Inc · Q1 2023 earnings

Q1 2023 earnings · · Investor relations

Briefing

CBL Properties reported results in line with expectations and maintained full-year guidance.

CBL Properties announced first quarter 2023 results, reporting FFO, as adjusted, per share of $1.56 compared to $2.05 for the first quarter 2022. Portfolio occupancy increased to 89.8%. Same-center NOI declined 4.5%.

  • Portfolio occupancy increased 150 basis points to 89.8% as of March 31, 2023, compared with portfolio occupancy of 88.3% as of March 31, 2022. Same-center occupancy for malls, lifestyle centers and outlet centers was 88.0% as of March 31, 2023, a 120-basis-point increase from 86.8% as of March 31, 2022.
  • Nearly 1.3 million square feet of leases were executed in the first quarter, including comparable leases of approximately 737,000 square feet signed at 2.5% higher average rents versus the prior leases.
  • As anticipated, same-center NOI declined 4.5%. Growth in rents during the quarter was offset by a $1.6 million unfavorable variance in uncollectable revenues, a $1.8 million decline in percentage rents and a $3.6 million increase in operating expenses.
  • FFO, as adjusted, per share for the first quarter 2023, was $1.56 compared with $2.05 for the first quarter 2022.

Headline financials

Total Revenue

$136M

Previous: $140M-2.7%
EPS (adj)

$0.06

Previous: -$1.45+104.1%
Portfolio Occupancy

89.8%

No prior period
Capital Expenditures

-$7.54M

Previous: -$5.83M-29.2%
Free Cash Flow

-$5.28M

Previous: -$49.1M+89.2%
Net Income

$2.26M

Previous: -$43.2M+105.2%
Operating Income

$27.7M

Previous: -$37.2M+174.5%
Gross Profit

$100M

Previous: $106M-5.6%
Cash & Equivalents

$22.6M

Previous: $186M-87.9%
Total Assets

$2.52B

Previous: $2.85B-11.7%
Stock-Based Comp

$3.25M

Previous: $2.74M+18.6%

Revenue & EPS history

CBL & Associates · Revenue · Quarterly

$136M

Q1 2023-2.7%vs Q1 2022
Beat estimate in 3 of 6 quarters(50%)
ActualEstimate

Revenue by segment

CBL & Associates · $133M total across 2 segments · Q1 2023

  • Rental Revenues
    $130M-3.7%
  • Mgmt/Dev/Leasing Fees
    $2.43M+37.6%

Forward guidance

CBL maintains 2023 FFO, as adjusted, per share, guidance in the range of $5.85 - $6.47 and 2023 same-center NOI guidance in the range of $418 million - $440 million.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 17 quarterly earnings reports · overlaid with Q1 2023

Historical avgQ1 2023

+0.3%

Avg return

Earnings day

-0.3%

Avg return

5 days after

-1.4%

Avg return

30 days after

50%

9 / 18 earnings

Positive

+7.0%

Q1 2022

Best reaction

-4.7%

Q4 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.1%+4.1%+10.1%
Q4 2025-3.6%+1.6%+1.5%
Q3 2025+4.2%+4.2%+13.6%
Q1 2025+0.1%-2.0%-4.1%
Q4 2024+0.2%+0.2%-14.6%
Q3 2024-0.1%-1.2%+11.6%
Q2 2024+2.1%+3.0%+2.9%
Q1 2024-1.2%-1.1%+1.8%
Q4 2023-4.7%-2.7%-5.6%
Q3 2023+1.5%+6.8%+9.1%
Q2 2023+3.0%+0.8%-1.1%
Q1 2023-1.1%-5.1%+2.0%
Q4 2022-2.6%-4.6%-9.1%
Q3 2022-0.1%-1.7%-13.7%
Q2 2022-0.5%-2.9%-6.4%
Q1 2022+7.0%+2.0%+0.1%
Q4 2021+1.3%-0.9%-10.5%
Q3 2021-1.1%-4.9%-11.9%
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