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Sep 30, 2023
CBL & Associates Q3 2023 Earnings Report
Reported strong Q3 2023 results driven by same-center NOI increase and occupancy gains.
Key Takeaways
CBL Properties announced solid results for the third quarter ended September 30, 2023, with same-center NOI increasing by 0.4% and portfolio occupancy rising by 30 basis points to 90.8%. The company anticipates achieving full-year results near the mid-point of its 2023 FFO, as adjusted, per share, and same-center NOI guidance ranges.
The limited guaranty provided by the Operating Partnership on the Secured Term Loan had been eliminated and the loan became fully non-recourse.
Same-center NOI increased 0.4% during the third quarter 2023 as compared with the prior-year quarter.
FFO, as adjusted, per share was $1.60 for the third quarter 2023.
Portfolio occupancy increased 30 basis points to 90.8% as of September 30, 2023, compared with portfolio occupancy of 90.5% as of September 30, 2022.
Forward Guidance
CBL anticipates achieving full-year results near the mid-point of the FFO, as adjusted and same-center NOI guidance ranges.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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