CBL & Assoc. Properties (CBL) Tops Q1 EPS by 2c
CBL & Assoc. Properties (NYSE: CBL) reported Q1 EPS of $0.56, $0.02 better than the analyst estimate of $0.54. Revenue for the quarter came in at $263.1 million versus the consensus estimate of $259.94 million.
OUTLOOK AND GUIDANCE
Based on first quarter results and its current outlook, the Company is reiterating 2016 guidance for FFO, as adjusted, in the range of $2.32 - $2.38 per diluted share. CBL anticipates achieving same-center NOI growth in the range of 0.5% - 2.0% in 2016.
The guidance also assumes the following:
|Expected diluted earnings per common share||$||0.77||$||0.83|
|Adjust to fully converted shares from common shares||(0.11||)||(0.12||)|
|Expected earnings per diluted, fully converted common share||0.66||0.71|
|Add: depreciation and amortization||1.57||1.57|
|Add: Loss on impairment||0.10||0.10|
|Add: noncontrolling interest in earnings of Operating Partnership||0.11||0.12|
|Expected FFO per diluted, fully converted common share||2.44||2.50|
|Adjustment for sale of unconsolidated affiliate||(0.13||)||(0.13||)|
|Adjustment for litigation settlement, net of related expenses||0.01||0.01|
|Expected adjusted FFO per diluted, fully converted common share||$||2.32||$||2.38|
For earnings history and earnings-related data on CBL & Assoc. Properties (CBL) click here.