CBL - CBL Properties sees lower percentage rents rising costs in 2022

CBL Properties (NYSE:CBL) is guiding for lower percentage rents and short-term income in 2022, along with higher expenses from inflationary pressures, said CEO Stephen Lebovitz in his company's Q4 earnings report.  Lebovitz also pointed to wage growth and the completion of certain maintenance projects that were previously delayed as additional factors driving higher costs.  "Our guidance for 2022 also reflects overall uncertainty surrounding headwinds facing the U.S. economy," Lebovitz added. "Despite these impacts, we expect strong levels of leasing activity in 2022 and a renewed focus on our redevelopment program to position us for growth in 2023 and beyond.” The company sees 2022 funds from operation of $216.5M-2131.8M, which assumes same-center net operating income of $400.0M-413.0M. This compares with FFO, allocable to operating partnership common unitholders, of $349.8M in 2021.  Meanwhile, its total portfolio occupancy of 89.3% at the end of Dec. 2021 rose from 87.5% in the same year-ago period. Same-center net

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CBL Properties sees lower percentage rents, rising costs in 2022