CBL & Associates Properties Inc · Q2 2022 earnings

Briefing

Reported strong results driven by increases in occupancy and same-center NOI, with strategic financing activities enhancing financial flexibility.

CBL Properties reported a net loss attributable to common shareholders of $41.6 million for Q2 2022. However, the company saw a 1.6% increase in same-center NOI and portfolio occupancy improved to 89.5%. CBL also completed over $663 million in financing activity, including the redemption of 10% Senior Secured Notes, and declared a $0.25 per share cash dividend.

• Portfolio occupancy increased, contributing to a 1.6% rise in total portfolio same-center NOI for the three months ended June 30, 2022.
• Maintained full-year 2022 same-center NOI guidance in the range of $416.0 - $430.0 million and FFO, as adjusted, per share guidance in the range of $7.18 - $7.67 per diluted share.
• Portfolio occupancy as of June 30, 2022, was 89.5%, a 120-basis point sequential improvement from March 31, 2022, and a 250-basis point improvement compared with June 30, 2021.
• FFO, as adjusted, allocable to Operating Partnership common unitholders, for the three months ended June 30, 2022, was $59.9 million.

Headline financials

Revenue & EPS history

CBL is maintaining its 2022 FFO, as adjusted, guidance in the range of $222.0 million - $237.0 million, or $7.18 - $7.67 per diluted share. Same-center NOI guidance for the year was adjusted to exclude approximately $4.0 million of NOI related to Alamance Crossing East but was fully offset by improved portfolio leasing expectations, resulting in same-center NOI guidance remaining in the range of $416.0 million to $430.0 million.