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:
| Low | High | |||||||||||
| 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 | ||||||||
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For earnings history and earnings-related data on CBL & Assoc. Properties (CBL) click here.