CBL & Associates Q4 2020 Earnings Report
Key Takeaways
CBL Properties reported a net loss of $63.0 million, or $0.32 per diluted share, for Q4 2020. FFO per diluted share, as adjusted, was $0.37, the same as Q4 2019. Portfolio occupancy was 87.5%, a 70-basis point improvement from the sequential quarter.
CBL entered into a First Amended and Restated Restructuring Support Agreement, paving the way for a fully consensual comprehensive restructuring.
In 2020, over 1.4 million square feet of new retail, dining and other uses have opened across CBL’s portfolio, furthering the transformation of CBL’s properties into a portfolio of market-dominant suburban town centers.
FFO per diluted share, as adjusted, was $0.37 for the fourth quarter 2020, compared with $0.37 per share for the fourth quarter 2019.
Total Portfolio same-center NOI declined 14.9% for the three months ended December 31, 2020, as compared with the respective prior-year periods.
CBL & Associates
CBL & Associates
Forward Guidance
CBL is not providing guidance for 2021 anticipated net income and FFO per share at this time.