CBL & Associates Q1 2023 Earnings Report
Key Takeaways
CBL Properties announced first quarter 2023 results, reporting FFO, as adjusted, per share of $1.56 compared to $2.05 for the first quarter 2022. Portfolio occupancy increased to 89.8%. Same-center NOI declined 4.5%.
Portfolio occupancy increased 150 basis points to 89.8% as of March 31, 2023, compared with portfolio occupancy of 88.3% as of March 31, 2022. Same-center occupancy for malls, lifestyle centers and outlet centers was 88.0% as of March 31, 2023, a 120-basis-point increase from 86.8% as of March 31, 2022.
Nearly 1.3 million square feet of leases were executed in the first quarter, including comparable leases of approximately 737,000 square feet signed at 2.5% higher average rents versus the prior leases.
As anticipated, same-center NOI declined 4.5%. Growth in rents during the quarter was offset by a $1.6 million unfavorable variance in uncollectable revenues, a $1.8 million decline in percentage rents and a $3.6 million increase in operating expenses.
FFO, as adjusted, per share for the first quarter 2023, was $1.56 compared with $2.05 for the first quarter 2022.
CBL & Associates
CBL & Associates
CBL & Associates Revenue by Segment
Forward Guidance
CBL maintains 2023 FFO, as adjusted, per share, guidance in the range of $5.85 - $6.47 and 2023 same-center NOI guidance in the range of $418 million - $440 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income