CBL Properties Q1 FFO misses, revenue beats; forecast reaffirmed

|About: CBL & Associates Properties... (CBL)|By:, SA News Editor

CBL Properties (NYSE:CBL) Q1 adjusted FFO per share of 30 cents misses the average analyst estimate of 34 cents and declines from 42 cents in the year-ago period.

Q1 total revenue of $198.0M exceeds the $197.2M consensus estimate; declines from $212.7M a year ago.

CBL -1.0% in after-hours trading.

Q1 total portfolio same-center NOI fell 5.3%.

Portfolio occupancy increased 20 basis points to 91.3% at March 31, 2019 vs. 91.1% at March 31, 2018.

Sees achieving 2019 adjusted FFO per share within its previously issued guidance of $1.41-$1.46.

Guidance includes a reserve of $5.0M-$15.0M for potential future unbudgeted loss in rent from tenant bankruptcies, store closures, or lease modifications.

CBL currently expects to use about $6M-$8M of the reserve.

Conference call on May 1 at 11:00 AM ET.

Previously: CBL & Associates Properties misses by $0.04, beats on revenue (April 30)

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This was corrected on 05/01/2019 at 07:48 AM. Corrects headline and second bullet to reflect that FFO misses, revenue beats consensus estimates.