CBL & Associates Properties Inc
NYSE:CBL
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CBL & Associates Properties Inc
CBL & Associates Properties, Inc. is a real estate investment trust, which owns and operates retail properties. The company is headquartered in Chattanooga, Tennessee and currently employs 400 full-time employees. The firm owns, develops, acquires, leases, manages and operates regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers and office properties. The company owns and manages a portfolio of properties located in growing communities. CBL’s portfolio is comprised of approximately 99 properties totaling 63.0 million square feet, including 61 enclosed outlet and open-air retail centers and five properties managed for third parties. The firm's properties are located in over 24 states, which are primarily in the southeastern and midwestern United States. CBL conducts substantially all its business through CBL & Associates Limited Partnership (the Operating Partnership), which is a variable interest entity. Its properties include EastGate Mall, Parkdale Mall & Crossing, Hamilton Crossing & Expansion and Park Plaza.
CBL & Associates Properties, Inc. is a real estate investment trust, which owns and operates retail properties. The company is headquartered in Chattanooga, Tennessee and currently employs 400 full-time employees. The firm owns, develops, acquires, leases, manages and operates regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers and office properties. The company owns and manages a portfolio of properties located in growing communities. CBL’s portfolio is comprised of approximately 99 properties totaling 63.0 million square feet, including 61 enclosed outlet and open-air retail centers and five properties managed for third parties. The firm's properties are located in over 24 states, which are primarily in the southeastern and midwestern United States. CBL conducts substantially all its business through CBL & Associates Limited Partnership (the Operating Partnership), which is a variable interest entity. Its properties include EastGate Mall, Parkdale Mall & Crossing, Hamilton Crossing & Expansion and Park Plaza.
Results at High End: CBL finished 2019 with financial results at the top end of its guidance, despite ongoing industry challenges.
NOI & FFO Decline: Same-center NOI declined 6.5% for the year and 9.1% in Q4; full-year adjusted FFO fell to $1.36 per share from $1.73.
Redevelopment Progress: Two-thirds of over 40 closed anchor spaces have been replaced with non-traditional, traffic-driving tenants.
Leasing Shifts: 76% of new leasing in 2019 was with non-apparel tenants, such as entertainment, fitness, restaurants, and medical uses.
Dividend Suspension: Common and preferred dividends were suspended to preserve cash for CapEx, debt amortization, and redevelopment.
Debt Reduction: Total debt was reduced by $409 million during the year, with further efforts planned for 2020 and 2021.
2020 Outlook: Guidance for 2020 adjusted FFO is $1.03-$1.13 per share, assuming an 8-9.5% decline in same-center NOI due to continued retail fallout.
Occupancy Pressures: Mall occupancy at year-end was 89.8%, up sequentially but down from last year due to bankruptcies and closures.
