CBL & Associates Properties Inc · Q1 2024 earnings

Briefing

Reported strong results with same-center NOI increased and leasing volumes remained strong.

CBL Properties reported a solid start to 2024, marked by a 3.6% increase in same-center NOI and strong leasing volumes, reflecting improvements in the portfolio's fundamentals and the realization of real estate tax reductions.

• CBL reported an increase in same-center NOI of 3.6% for first quarter 2024 compared with the prior-year period, and FFO, as adjusted, per share of $1.50, compared with $1.56 for first quarter 2023.
• Over 1.1 million square feet of leases were executed in first quarter 2024. First quarter 2024 leasing results included comparable leases of approximately 775,000 square feet signed at a 10.2% increase in average rents versus the prior leases.
• Portfolio occupancy was 89.4% as of March 31, 2024, a 50 basis point decline compared with portfolio occupancy of 89.9% as of March 31, 2023. Same-center occupancy for malls, lifestyle centers and outlet centers was 87.7% as of March 31, 2024, a 50-basis-point decline from 88.2% as of March 31, 2023.
• Same-center tenant sales per square foot for the first quarter 2024 increased 0.2%, a reversal of previous sales trends.

Headline financials

Revenue & EPS history

CBL is reiterating the following guidance for FFO, as adjusted, and same-center NOI for full-year 2024. Per share amounts have been adjusted to reflect the impact of year-to-date share repurchase activity. Guidance excludes the impact of any unannounced transactions.