CBL & Associates Q1 2024 Earnings Report
Key Takeaways
CBL Properties reported a solid start to 2024, marked by a 3.6% increase in same-center NOI and strong leasing volumes, reflecting improvements in the portfolio's fundamentals and the realization of real estate tax reductions.
CBL reported an increase in same-center NOI of 3.6% for first quarter 2024 compared with the prior-year period, and FFO, as adjusted, per share of $1.50, compared with $1.56 for first quarter 2023.
Over 1.1 million square feet of leases were executed in first quarter 2024. First quarter 2024 leasing results included comparable leases of approximately 775,000 square feet signed at a 10.2% increase in average rents versus the prior leases.
Portfolio occupancy was 89.4% as of March 31, 2024, a 50 basis point decline compared with portfolio occupancy of 89.9% as of March 31, 2023. Same-center occupancy for malls, lifestyle centers and outlet centers was 87.7% as of March 31, 2024, a 50-basis-point decline from 88.2% as of March 31, 2023.
Same-center tenant sales per square foot for the first quarter 2024 increased 0.2%, a reversal of previous sales trends.
CBL & Associates
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CBL & Associates Revenue by Segment
Forward Guidance
CBL is reiterating the following guidance for FFO, as adjusted, and same-center NOI for full-year 2024. Per share amounts have been adjusted to reflect the impact of year-to-date share repurchase activity. Guidance excludes the impact of any unannounced transactions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income