CBL & Associates Properties (CBL) Q4 2023 earnings summary

Executive summary

• 2023 adjusted FFO per diluted share was $6.66; same-center NOI declined 1.5% YoY, near the high end of prior guidance.

• Leasing volume reached nearly 4.4 million sq. ft. for the year, while portfolio occupancy was 90.9% at Dec. 31, 2023.

Financial highlights

• Q4 revenue was $139,709 thousand vs. $149,611 thousand YoY; FY revenue was $535,286 thousand vs. $563,011 thousand.

• Net income attributable to common shareholders was $11,537 thousand in Q4 vs. $811 thousand; FY income was $5,433 thousand vs. a $96,019 thousand loss.

• Adjusted FFO per diluted share was $1.94 in Q4 vs. $2.11 YoY and $6.66 for FY 2023 vs. $7.88 in FY 2022.

Outlook and guidance

• 2024 adjusted FFO guidance is $6.19–$6.63 per diluted share; same-center NOI guidance is $428–$442 million, or -1.9% to +1.3%.

• Guidance assumes healthy tenant demand, improving specialty leasing income and tax appeal benefits, offset by lower percentage rent, higher insurance costs and interest rates.

• Estimated 2024 maintenance capital and tenant allowances are $40–$55 million; development and redevelopment expenditures $10–$15 million; principal amortization $70–$80 million.