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CBL - CBL Preferreds - On Track For Outsized Returns
CBL & Associates Properties Inc.
CBL Properties (CBL) reported results for Q3 2019. Some key takeaways include:
Portfolio sales improved by 3.2% to $383 PSF. In other words, tenants are selling and things are certainly not falling off a cliff.
Continued progress on anchor redevelopments, including 27 former anchor spaces committed, under construction or with replacements already open.
FFO per diluted share, as adjusted, was $0.34 for Q3 2019, compared with $0.40 for Q4 2018, impacted by $0.02 dilution from asset sales and $0.04 of lower property NOI. We are approaching stabilization mode in terms of NOI declines.