NYSE$CBL

CBL & Associates Properties Inc · Q2 2022 earnings

Q2 2022 earnings · · Investor relations

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

Total Revenue

$137M

Previous: $137M+0.3%
EPS (adj)

-$1.34

Previous: -$0.18-644.4%
Portfolio Occupancy

89.5%

Previous: 87.0%+2.9%
Capital Expenditures

-$7.72M

Previous: -$12.3M+37.2%
Free Cash Flow

-$49.1M

Previous: -$21.2M-132.0%
Net Income

-$41.4M

Previous: -$8.88M-366.0%
Operating Income

-$44.7M

Previous: -$14.5M-208.8%
Gross Profit

$105M

Previous: $108M-2.5%
Cash & Equivalents

$177M

Previous: $144M+23.1%
Total Assets

$2.77B

Previous: $4.26B-34.9%
Stock-Based Comp

$2.82M

Previous: $344K+719.2%

Revenue & EPS history

CBL & Associates · Revenue · Quarterly

$137M

Q2 2022+0.3%vs Q2 2021
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 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.

Tailwinds

  • Maintaining FFO, as adjusted, guidance in the range of $222.0 million - $237.0 million.
  • Maintaining FFO, as adjusted, per share guidance in the range of $7.18 - $7.67 per diluted share.
  • Same-center NOI guidance remains in the range of $416.0 million to $430.0 million.
  • Weighted Average Common Shares Outstanding: 30.9 million
  • Estimated Deferred Maintenance/Tenant Allowances: $35 million - $45 million

Headwinds

  • 2022 Change in Same-Center NOI: (5.2)% - (1.2)%
  • 2022 Estimated Development/Redevelopment Expenditures: $20 million - $30 million
  • 2022 Estimated Principal Amortization (Including Est. Term Loan ECF): $105 million - $120 million
  • Total Estimate: $160 million - $195 million
  • Expected diluted earnings per common share $(6.02) - $(5.53)

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 Q2 2022

Historical avgQ2 2022

+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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