CBL Q3 Earnings Increase, But FFO Declines

(RTTNews) - CBL & Associates Properties, Inc. (CBL), a real estate firm, reported Monday that net income attributable to common shareholders for the third quarter increased to $15.87 million or $0.52 per share from $12.96 million or $0.41 per share in the prior-year quarter.

Funds from operations or FFO for the quarter decreased to $1.28 per share from $1.93 per share in the previous year.

Excluding items, adjusted FFO was $1.54 per share, compared to $1.60 per share in the prior year.

Total revenues for the quarter declined to $125.09 million from $129.35 million in the same quarter last year.

Looking ahead to fiscal 2024, the company now expects earnings in a range of $6.34 to $6.80 per share and adjusted FFO in a range of $0.59 to $1.05 per share.

Previously, the company expected earnings in the range of $6.28 to $6.72 per share and adjusted FFO in the range of $0.08 to $0.52 per share.

On Thursday, CBL announced that its Board of Directors had approved an accelerated record and payment date for the cash dividend of $0.40 per common share for the quarter ending December 31, 2024, payable on December 11, 2024, to shareholders of record as of November 25, 2024.

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