NYSE$CBL
CBL & Associates Properties Inc · Q4 2024 earnings
Q4 2024 earnings · · Investor relations
Briefing
CBL Properties reported strong results for the fourth quarter and full-year 2024.
CBL Properties announced strong results for the fourth quarter and full-year 2024, with same-center NOI increasing 0.2% over the prior-year period. The company also completed significant financing and transactional activity that strengthened its balance sheet and portfolio, highlighted by the achievement of positive same-center NOI growth.
- CBL closed on the sale of Monroeville Mall in Monroeville, PA, for $34.0 million in January 2025.
- In December 2024, CBL closed on the acquisition of its partner’s 50% joint venture interests in three high-performing centers for a total cash consideration of $22.5 million and assumed its former partner's share of three non-recourse loans, secured individually by each of the assets, totaling $266.7 million.
- Same-center NOI for 2024 increased 0.2% compared with the prior-year period, and FFO, as adjusted, per share increased to $6.69, compared with $6.66 for the prior-year period. CBL reported a decline in same-center NOI of 1.6% for the fourth quarter 2024 compared with the prior-year period, and FFO, as adjusted, per share of $1.92, compared with $1.94 for fourth quarter 2023.
- Nearly 4.5 million square feet of leases were executed in 2024, including nearly 1.4 million executed in the fourth quarter. Fourth quarter 2024 leasing results included comparable leases of approximately 859,000 square feet signed at roughly flat average rents versus the prior leases.
Headline financials
Revenue & EPS history
CBL & Associates · Revenue · Quarterly
$132M
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, CBL is initiating FFO, as adjusted, guidance for 2025 in the range of $6.98 - $7.34 per share. Management anticipates same-center NOI for full-year 2025 in the range of (2.0)% to 0.5%.
Tailwinds
- Net impact from new and renewal leasing activity is expected to contribute positively to same-center NOI.
- Potential for variance in the estimate for uncollectable revenues.
- Continued focus on strategic leasing and redevelopment efforts.
- Pursuing opportunities to utilize portfolio and strong balance sheet position.
- Aiming to generate cash flow improvements and enhanced shareholder returns.
Headwinds
- Uncertainty and certain headwinds remain a factor in 2025.
- Flat to down sales expectations for the year may impact percentage rent.
- Higher breakpoints upon lease renewal and conversion of percentage rent to base rent on renewal can reduce revenue.
- Potential increase in operating expenses.
- Unbudgeted reserve for tenants that may file for bankruptcy/close stores introduces credit loss risk.
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 2024
+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 |
|---|---|---|---|---|
| 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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