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Jun 30, 2022
CBL & Associates Q2 2022 Earnings Report
Reported strong results driven by increases in occupancy and same-center NOI, with strategic financing activities enhancing financial flexibility.
Key Takeaways
CBL Properties reported a net loss attributable to common shareholders of $41.6 million for Q2 2022. However, the company saw a 1.6% increase in same-center NOI and portfolio occupancy improved to 89.5%. CBL also completed over $663 million in financing activity, including the redemption of 10% Senior Secured Notes, and declared a $0.25 per share cash dividend.
Portfolio occupancy increased, contributing to a 1.6% rise in total portfolio same-center NOI for the three months ended June 30, 2022.
Maintained full-year 2022 same-center NOI guidance in the range of $416.0 - $430.0 million and FFO, as adjusted, per share guidance in the range of $7.18 - $7.67 per diluted share.
Portfolio occupancy as of June 30, 2022, was 89.5%, a 120-basis point sequential improvement from March 31, 2022, and a 250-basis point improvement compared with June 30, 2021.
FFO, as adjusted, allocable to Operating Partnership common unitholders, for the three months ended June 30, 2022, was $59.9 million.
CBL & Associates
CBL & Associates
Forward Guidance
CBL is maintaining its 2022 FFO, as adjusted, guidance in the range of $222.0 million - $237.0 million, or $7.18 - $7.67 per diluted share. Same-center NOI guidance for the year was adjusted to exclude approximately $4.0 million of NOI related to Alamance Crossing East but was fully offset by improved portfolio leasing expectations, resulting in same-center NOI guidance remaining in the range of $416.0 million to $430.0 million.
Positive Outlook
- Maintaining FFO, as adjusted, guidance in the range of $222.0 million - $237.0 million.
- Maintaining FFO, as adjusted, per share guidance in the range of $7.18 - $7.67 per diluted share.
- Same-center NOI guidance remains in the range of $416.0 million to $430.0 million.
- Weighted Average Common Shares Outstanding: 30.9 million
- Estimated Deferred Maintenance/Tenant Allowances: $35 million - $45 million
Challenges Ahead
- 2022 Change in Same-Center NOI: (5.2)% - (1.2)%
- 2022 Estimated Development/Redevelopment Expenditures: $20 million - $30 million
- 2022 Estimated Principal Amortization (Including Est. Term Loan ECF): $105 million - $120 million
- Total Estimate: $160 million - $195 million
- Expected diluted earnings per common share $(6.02) - $(5.53)