CBL Properties Reports Results for First Quarter 2020 and Provides Further COVID-19 Update
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UPDATE: CBL & Assoc. Properties (CBL) reports Q1 FFO of $0.26, estimates collection rate for the month of May in the range of 25-30%
May 26, 2020 4:18 PM EDT(Updated - May 26, 2020 4:30 PM EDT)
CBL & Assoc. Properties (NYSE: CBL) reported Q1 FFO of $0.26, versus $30.00 reported last year. Revenue for the quarter came in at $167.6 million, versus $198.03 million reported last year.
While first quarter results were largely as anticipated, the COVID-19 pandemic significantly shifted our expectations for the remainder of the year, said Stephen D. Lebovitz, Chief Executive Officer. The majority of the properties in our portfolio closed during March due to government mandates. As of May 25th, 66 of 68 CBL owned or managed malls have re-opened, subject to certain health and safety... More
