CBL & Assoc. Properties (CBL) Reports In-Line Q4 EPS, Miss on Revenues

CBL & Assoc. Properties (NYSE: CBL) reported Q4 EPS of $0.15, in-line with the analyst estimate of $0.15. Revenue for the quarter came in at $235.36 million versus the consensus estimate of $242.18 million.

KEY TAKEAWAYS:

• FFO per diluted share, as adjusted, was $0.56 in the fourth quarter 2017 compared to $0.68 in the prior year period. Major items impacting fourth quarter 2017 FFO, as adjusted, include approximately $0.03 per share of dilution from asset sales, $0.06 lower property net operating income primarily due to retail bankruptcies and $0.04 per share due to lower gains on outparcel sales.
• FFO per diluted share, as adjusted, was $2.08 for 2017, compared with $2.41 in the prior-year period. Major items impacting 2017 FFO, as adjusted, include approximately $0.15 per share of dilution from asset sales, $0.09 per share lower property net operating income primarily due to retail bankruptcies, $0.09 per share higher interest expense and $0.02 per share lower gains on outparcel sales.
• Same-center NOI declined 2.9% for the year ended December 31, 2017, and 6.7% for the fourth quarter 2017, over the prior-year periods.
• Average gross rent per square foot declined 5.4% for stabilized mall leases signed in 2017 over the prior rate.
• Total portfolio occupancy at December 31, 2017 was 93.2%, representing a decline of 160 basis points from the prior year-end.
• Same-center sales per square foot for 2017 were $372, a decline of 1.8% compared with $379 for 2016.
• In 2017, CBL has completed gross asset sales of more than $190 million, including approximately $27 million in outparcel sales.
• In 2017, CBL completed more than $1.1 billion of financing activity.

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

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