CBLAQ - CBL Properties Q1 earnings reflect lower interest expense during Chapter 11

CBL Properties (CBLAQ) Q1 adjusted FFO per share of 34 cents per share increases from 26 cents in the year-ago quarter, mostly because its net interest expense fell as it's not required to make payments on its senior unsecured notes and its secured credit facility while it's in Chapter 11 bankruptcy.Q1 total revenue of $133.2M dropped from $167.6M a year ago; rental revenue of $128.2M fell from $161.2M.Total expenses of $166.2M fell from $262.9M a year ago.Q1 total portfolio same-center net operating income fell 17.2%.Portfolio occupancy was 85.4% at March 31, 2021 vs. 89.5% at March 31, 2020. An estimated 390-basis points of the decline in total mall portfolio occupancy was due to store closures related to tenants in bankruptcy.Same-center mall occupancy was 83.2% at March 31, 2021, a 480-basis point decline from 88.0% a year ago; mall same-center NOI fell 18.3%."Customer traffic is returning to pre-pandemic levels and spending

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CBL Properties Q1 earnings reflect lower interest expense during Chapter 11