NYSE$CBL
CBL & Associates Properties Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
CBL Properties reported improved operating performance, driving an increase in full-year NOI guidance.
CBL Properties announced their Q3 2022 results, showing improved operating performance with an increase in occupancy and lease spreads, leading to an increased full-year NOI guidance. The company completed over $1.1 billion in financing activity year-to-date, de-risking the balance sheet and reducing interest costs.
- Ongoing increases in occupancy and improvement in lease spreads drive increased full-year expectations for NOI and narrows the range for FFO. 2022 FFO, as adjusted now expected in the range of $7.40 - $7.67 per diluted share vs. prior guidance of $7.18 - $7.67 per diluted share. 2022 same-center NOI guidance increased by $8.0 million to a range of $424.0 - $438.0 million.
- Portfolio occupancy as of September 30, 2022, was 90.5%. Portfolio occupancy as of September 30, 2022, increased 210-basis points from the prior-year quarter-end and increased 100-basis points from June 30, 2022. Same-center occupancy for malls, lifestyle centers and outlet centers was 89.1% as of September 30, 2022. The quarter-over-quarter improvement in same-center occupancy for malls, lifestyle centers and outlet centers was 240-basis points.
- Third quarter new and renewal comparable space leases for malls, lifestyle centers and outlet centers were signed at 5.2% higher average rents versus the prior leases, marking a notable reversal in trends.
- Same-center tenant sales per square foot for the trailing 12-months ended September 30, 2022, was $440. The year-over-year improvement in tenant sales per square foot was 2.1%.
Headline financials
Revenue & EPS history
CBL & Associates · Revenue · Quarterly
$136M
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
After incorporating results for the third quarter 2022, CBL is providing updated guidance for 2022 for FFO, as adjusted, in the range of $229.0 million - $237.0 million or $7.40 - $7.67 per diluted share. The assumption for same-center NOI for the year increased by $8.0 million at both the high and low end, to the range of $424.0 million to $438.0 million.
Tailwinds
- FFO, as adjusted, in the range of $229 million - $237 million
- FFO, as adjusted, per share $7.40 - $7.67
- Same-Center NOI at $424 million
- Same-Center NOI at $438 million
- The improved expectations are primarily as a result of better than anticipated leasing results and occupancy growth.
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 Q3 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
| 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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