CBL Properties Reports 3.6% Increase in Same-Center NOI

CBL Properties (NYSE: CBL) has reported its financial results for the first quarter ended March 31, 2024. The company's same-center net operating income (NOI) increased by 3.6% compared to the prior-year period. The company reported a net loss attributable to common shareholders of $(0.01) per share for the quarter, compared to earnings of $0.06 per share for the same period in 2023.

The company's Funds from Operations (FFO) for the first quarter of 2024 were $1.21 per share, down from $1.86 per share in the first quarter of 2023. Adjusted FFO (FFO, as adjusted) for the first quarter of 2024 was $1.50 per share, compared to $1.56 per share for the same period in 2023.

CBL Properties executed over 1.1 million square feet of leases in the first quarter of 2024. The leasing results included approximately 775,000 square feet of comparable leases signed at a 10.2% increase in average rents compared to the prior leases.

The company's portfolio occupancy was 89.4% as of March 31, 2024, representing a 50 basis point decline compared to the same period in 2023. Same-center tenant sales per square foot for the first quarter of 2024 increased by 0.2%, while same-center tenant sales per square foot for the 12 months ended March 31, 2024, declined by 3.7% to $417 compared to $433 for the prior period.

As of March 31, 2024, CBL Properties had $295.3 million of unrestricted cash and marketable securities. The company completed more than $9.1 million in share repurchases year-to-date and declared a cash dividend of $0.40 per common share for the quarter ending June 30, 2024.

CBL's board of directors authorized a stock repurchase program for the company to buy up to $25.0 million of its common stock, and the company has repurchased 452,910 shares at an average price of $22.54 per share under the program, including 400,944 shares repurchased year-to-date at an average price of $22.70 per share.

For the full-year 2024, CBL Properties is reiterating its guidance for adjusted FFO per share in the range of $6.24 to $6.69 and same-center NOI in the range of $428.0 million to $442.0 million.

CBL Properties owns and manages a national portfolio of market-dominant properties totaling more than 58.5 million square feet across 22 states.

The company's chief executive officer, Stephen D. Lebovitz, expressed satisfaction with the 3.6% growth in same-center NOI for the quarter and emphasized the company's focus on capitalizing on tenant demand to generate occupancy growth across its portfolio.

For more detailed financial information, interested parties can refer to CBL's financial supplement for Q1 2024, available on the company's website. Today the company's shares have moved -0.2% to a price of $22.13. If you want to know more, read the company's complete 8-K report here.

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