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Dec 31, 2021
CBL & Associates Q4 2021 Earnings Report
Announced results demonstrating strong recovery and ongoing momentum in operational improvements.
Key Takeaways
CBL Properties reported mixed results for Q4 2021. While FFO, as adjusted, increased, net loss attributable to common shareholders also increased. Occupancy and same-center NOI showed positive trends, indicating operational improvements.
The Company had $319.5 million of unrestricted cash and marketable securities as of December 31, 2021.
Total portfolio same-center Net Operating Income (NOI) increased 5.3% for the three months ended December 31, 2021, compared with the prior year period.
Same-center sales per square foot for the fourth quarter ended December 31, 2021, increased 13.0% as compared with the fourth quarter ended December 31, 2019.
Portfolio occupancy as of December 31, 2021, was 89.3%, representing a 90-basis point improvement from the sequential quarter and a 180-basis point improvement compared with December 31, 2020.
CBL & Associates
CBL & Associates
CBL & Associates Revenue by Segment
Revenue by Segment
Rental revenues Revenue
CapyFin.comManagement, development and leasing fees Revenue
CapyFin.comOther revenues Revenue
CapyFin.com Forward Guidance
CBL is providing guidance for 2022 FFO, as adjusted, in the range of $216.5 million - $231.8 million or $7.00 - $7.50 per diluted share, which assumes same-center NOI in the range of $400.0 million to $413.0 million.
Positive Outlook
- New rent from stores that opened in 2021 or expected to open in 2022
- Contractual rent increases
- Variable rent
- Parkdale Mall and Crossing, The Outlet Shoppes at Laredo and The Outlet Shoppes at Gettysburg return to the same-center pool for full-year 2022.
- The modified loan will have a non-recourse principal balance of $21.0 million ($10.5 million at CBL’s share).
Challenges Ahead
- Extraordinary factors which impacted 2021 results
- Lower percentage rents and short-term income
- Increases in expenses, driven by inflationary pressure and wage growth
- Completion of certain maintenance and repair projects that were previously delayed
- Overall uncertainty surrounding headwinds facing the U.S. economy.
Revenue & Expenses
Visualization of income flow from segment revenue to net income