NYSE$CBL
CBL & Associates Properties Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
CBL Properties announced results for the fourth quarter and year ended December 31, 2023.
CBL Properties reported a decline of 1.2% in same-center NOI for Q4 2023, with FFO, as adjusted, per share at $1.94. Portfolio occupancy remained approximately flat at 90.9%. The company initiated 2024 FFO, as adjusted, per share guidance in the range of $6.19 - $6.63 and 2024 same-center NOI guidance in the range of $428 million - $442 million.
- CBL initiates 2024 FFO, as adjusted, per share guidance in the range of $6.19 - $6.63 and 2024 same-center NOI guidance in the range of $428 million - $442 million.
- Same-center NOI declined 1.2% during the fourth quarter 2023 as compared with the prior-year quarter and declined 1.5% in 2023 as compared with the prior year, near the high-end of the previously issued guidance range.
- FFO, as adjusted, per share was $1.94 for the fourth quarter 2023, and $6.66 for the year ended December 31, 2023. FFO, as adjusted, per share was $2.11 for fourth quarter 2022, and $7.88 for the year ended December 31, 2022.
- Portfolio occupancy was 90.9% as of December 31, 2023, approximately flat compared with portfolio occupancy as of December 31, 2022. Same-center occupancy for malls, lifestyle centers and outlet centers was 89.8% as of December 31, 2023, a 20-basis-point increase from 89.6% as of December 31, 2022.
Headline financials
Revenue & EPS history
CBL & Associates · Revenue · Quarterly
$140M
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
Based on Management's expectations for 2024, CBL is initiating the following guidance for FFO, as adjusted, and same-center NOI for full-year 2024. Guidance excludes the impact of any unannounced transactions.
Tailwinds
- Ongoing healthy tenant demand
- Improving specialty leasing income
- Benefit of successful real estate tax appeals
- Contributions from new large space openings, such as Thrill Factory at East Towne Mall
- Replacements for several Bed, Bath & Beyond spaces, such as Crunch Fitness at Coastal Grand and Schuler's Books at Meridian Mall will also positively impact revenues.
Headwinds
- Sales declines in 2023 will put pressure on near-term percentage rent and renewal lease spreads.
- Rising insurance costs will increase operating expenses
- Overall higher interest rates will continue to impact FFO.
- Harford Mall removed from same-center NOI pool
- Lower percentage rent resulting from an anticipated decline in full-year sales.
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 Q4 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% | |
| Q2 2021 | — | — | — | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2010 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q4 2008 | — | — | — | |
| Q4 2010 | — | — | — | |
| Q3 2009 | — | — | — | |
| Q3 2010 | — | — | — | |
| Q2 2010 | — | — | — | |
| Q4 2009 | — | — | — | |
| Q2 2009 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro