CBL & Associates Q2 2024 Earnings Report
Key Takeaways
CBL Properties reported a 1.5% increase in same-center NOI and strong leasing activity for the second quarter of 2024. The company executed over 1.0 million square feet of leases and closed on the sale of Layton Hill Malls for $37.125 million.
CBL reported an increase in same-center NOI of 1.5% for second quarter 2024 compared with the prior-year period, and FFO, as adjusted, per share of $1.73, compared with $1.56 for second quarter 2023.
Over 1.0 million square feet of leases were executed in second quarter 2024, including comparable leases of approximately 694,000 square feet signed at an 8.8% increase in average rents versus the prior leases including a 6.2% increase in renewal leases signed for malls, lifestyle centers and outlet centers.
Portfolio occupancy was 88.7% as of June 30, 2024, a 110 basis-point-decline compared with portfolio occupancy of 89.8% as of June 30, 2023.
Same-center tenant sales per square foot for the second quarter 2024 were essentially flat as compared with the prior-year period.
CBL & Associates
CBL & Associates
CBL & Associates Revenue by Segment
Forward Guidance
CBL is reiterating its full-year 2024 FFO, as adjusted, guidance and anticipates same-center NOI for full-year 2024 in the range of (1.2)% to 1.4%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income