CBL & Associates Properties Inc · Q3 2020 earnings

Briefing

Announced results for the third quarter ended September 30, 2020.

CBL Properties reported a net loss attributable to common shareholders of $54.1 million, or $0.28 per diluted share. FFO allocable to common shareholders, as adjusted, was $8.6 million, or $0.04 per diluted share. Total portfolio same-center NOI declined 30.5%. Portfolio occupancy was 86.8%. On November 1, 2020, CBL & Associates Properties, Inc. and certain other related entities filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

• FFO per diluted share, as adjusted, was $0.04 for the third quarter 2020, compared with $0.34 per share for the third quarter 2019.
• Major variances in third quarter 2020 FFO per share, as adjusted, compared with the prior year period included $0.22 per share of lower property NOI, which included $0.07 per share related to rent abatements and $0.07 per share of estimate for uncollectable revenues and write-offs for past due rents related to tenants that are in bankruptcy or struggling financially.
• Total Portfolio same-center NOI declined 30.5% for the three months ended September 30, 2020, as compared with the prior-year periods.
• Portfolio occupancy as of September 30, 2020, was 86.8%, representing a 130-basis point decline sequentially and a 370‑basis point decline compared with 90.5% as of September 30, 2019.

Headline financials

Revenue & EPS history

CBL expects to eliminate more than $1.5 billion of unsecured debt and preferred obligation from its balance sheet; By reducing leverage, lengthening maturities, lowering interest costs and increasing free cash flow, upon emergence, CBL will be in an excellent position to execute on our strategic priorities and pursue future growth opportunities.