NYSE$CBL
CBL & Associates Properties Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Results for the second quarter of 2023 were reported, demonstrating portfolio strength and leading to an increase in the low-end of full-year guidance.
CBL Properties announced its second quarter 2023 results, highlighting strong leasing activity and occupancy growth. The company raised the low end of its full-year FFO, as adjusted, per share and same-center NOI guidance ranges. Same-center NOI declined slightly compared to the prior-year quarter, and same-center tenant sales per square foot also decreased.
- Over 875,000 square feet of leases were executed in the second quarter, including comparable leases of approximately 411,000 square feet signed at 9.1% higher average rents versus the prior leases.
- Portfolio occupancy increased 20 basis points to 89.7% as of June 30, 2023, compared with portfolio occupancy of 89.5% as of June 30, 2022. Same-center occupancy for malls, lifestyle centers and outlet centers was 88.5% as of June 30, 2023, a 50-basis-point increase from 88.0% as of June 30, 2022.
- Same-center NOI declined 0.8% during the second quarter 2023 as compared with the prior-year quarter near the high end of the full-year guidance range.
- FFO, as adjusted, per share for the second quarter 2023, was $1.56, in-line with expectations. FFO, as adjusted, per share was $1.88 for the second quarter 2022.
Headline financials
Revenue & EPS history
CBL & Associates · Revenue · Quarterly
$130M
Revenue by segment
CBL & Associates · $133M total across 2 segments · Q1 2023
- Rental Revenues$130M-3.7%98.2%
- Mgmt/Dev/Leasing Fees$2.43M+37.6%1.8%
Forward guidance
CBL is providing guidance for FFO, as adjusted, and same-center NOI for full-year 2023, excluding the impact of any unannounced transactions.
Tailwinds
- 2023 FFO, as adjusted: $193 million - $208 million
- 2023 FFO, as adjusted, per share: $6.00 - $6.47
- Weighted Average Common Shares Outstanding: 32.1 million
- 2023 Same-Center NOI: $423 million - $440 million
- 2023 Change in Same-Center NOI: -4.5% - -0.7%
Headwinds
- Expected diluted earnings per common share: $(1.95) - $(1.48)
- 2023 Estimated maintenance capital/tenant allowances: $40 million - $55 million
- 2023 Estimated development/redevelopment expenditures: $15 million - $22 million
- 2023 Estimated principal amortization (including est. term loan ECF): $75 million - $85 million
- Total Estimate: $130 million - $162 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 Q2 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
| Quarter | Report date | Reaction (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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