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CBL & Assoc. Properties (CBL) Tops Q1 EPS by 2c

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April 27, 2016 5:11 PM EDT

CBL & Assoc. Properties (NYSE: CBL) reported Q1 EPS of $0.56, $0.02 better than the analyst estimate of $0.54. Revenue for the quarter came in at $263.1 million versus the consensus estimate of $259.94 million.

OUTLOOK AND GUIDANCE

Based on first quarter results and its current outlook, the Company is reiterating 2016 guidance for FFO, as adjusted, in the range of $2.32 - $2.38 per diluted share. CBL anticipates achieving same-center NOI growth in the range of 0.5% - 2.0% in 2016.

The guidance also assumes the following:

  • $3.0 million to $5.0 million of outparcel sales;
  • 25-75 basis point increase in total portfolio occupancy as well as stabilized mall occupancy throughout 2016;
  • G&A, net of litigation expense, of $58 million to $60 million; and
  • No unannounced capital markets activity.
Low High
Expected diluted earnings per common share $0.77 $0.83
Adjust to fully converted shares from common shares (0.11) (0.12)
Expected earnings per diluted, fully converted common share 0.66 0.71
Add: depreciation and amortization 1.57 1.57
Add: Loss on impairment 0.10 0.10
Add: noncontrolling interest in earnings of Operating Partnership 0.11 0.12
Expected FFO per diluted, fully converted common share 2.44 2.50
Adjustment for sale of unconsolidated affiliate (0.13) (0.13)
Adjustment for litigation settlement, net of related expenses 0.01 0.01
Expected adjusted FFO per diluted, fully converted common share $2.32 $2.38

For earnings history and earnings-related data on CBL & Assoc. Properties (CBL) click here.


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