NYSE$CBL

CBL & Associates Properties Inc · Q1 2024 earnings

Q1 2024 earnings · · Investor relations

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

Total Revenue

$129M

Previous: $136M-5.3%
EPS

-$0.01

Previous: $0.06-116.7%
Portfolio Occupancy

89.4%

Previous: 89.8%-0.4%
Same-Center Occupancy

88.3%

No prior period
Capital Expenditures

-$6.07M

Previous: -$7.54M+19.5%
Free Cash Flow

-$6.02M

Previous: -$5.28M-14.0%
Net Income

$50K

Previous: $2.26M-97.8%
Operating Income

$34.4M

Previous: $27.7M+24.2%
Gross Profit

$95.4M

Previous: $100M-4.9%
Cash & Equivalents

$60.3M

Previous: $22.6M+167.4%
Total Assets

$2.34B

Previous: $2.52B-6.8%
Stock-Based Comp

$3.68M

Previous: $3.25M+13.1%

Revenue & EPS history

CBL & Associates · Revenue · Quarterly

$129M

Q1 2024-5.3%vs Q1 2023
Beat estimate in 4 of 7 quarters(57%)
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 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.

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 2024

Historical avgQ1 2024

+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
Q2 2025———
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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