CBL Properties, a real estate investment trust, reported its results for the second quarter of 2025. The net income attributable to common shareholders for the quarter was $0.08 per share, down from $0.14 per share in the same period last year. However, the funds from operations (FFO) for the quarter were $1.48 per share, slightly down from $1.51 per share in the prior-year period. Meanwhile, FFO, as adjusted, stood at $1.86 per share for the quarter, showing an increase from $1.73 per share in the same period last year. For the six months ended June 30, 2025, the net income attributable to common shareholders was $0.35 per share, up from $0.14 per share in the same period last year. The FFO for the six months was $2.61 per share, down from $2.72 per share in the prior-year period, while FFO, as adjusted, was $3.37 per share, up from $3.23 per share in the same period last year.
CBL Properties made significant acquisitions during the period, including the purchase of four enclosed regional malls for $178.9 million. This acquisition is expected to be accretive to the company's FFO, as adjusted, and cash flow per share. The company also closed on dispositions generating more than $162.7 million of gross proceeds, including the sale of the Promenade in D'Iberville, MS, for $83.1 million.
The board of directors declared an increase of 12.5% in the regular cash dividend to $0.45 per common share for the quarter ending September 30, 2025. Same-center net operating income (NOI) for the second quarter of 2025 declined by 0.5% compared to the prior-year period, while for the six months ended June 30, 2025, same-center NOI declined by 1.4% compared to the prior-year period.
The portfolio occupancy increased to 88.8% as of June 30, 2025, compared to 88.7% as of June 30, 2024. Additionally, over 1.2 million square feet of leases were executed in the second quarter of 2025, including comparable new and renewal leases of approximately 774,000 square feet signed at a 3.2% increase in average rents versus the prior rents.
The company's CEO, Stephen D. Lebovitz, expressed satisfaction with the recent transactions and emphasized the company's progress in executing its portfolio optimization strategy. He also highlighted the company's commitment to enhancing returns to shareholders through various initiatives, including dividend increases.
The market has reacted to these announcements by moving the company's shares -0.68% to a price of $27.76. If you want to know more, read the company's complete 8-K report here.
