CBL - CBL Properties 'successfully' emerges from Chapter 11 after improving Q3
CBL & Associates Properties (NYSE:CBL) "successfully" completes Chapter 11 reorganization as the company now has an improved capital structure, greater financial flexibility and a lowered cost of capital, according to its third-quarter earnings report. Shares of CBL rise 1.4% in pre-market trading. Q3 adjusted funds from operations of 47 cents per diluted share jumps from just four cents in the year-ago quarter. Following emergence from Bankruptcy on Nov. 1 of this year, and $60M redemption of 10% notes, on a consolidated basis, the company has approximately $260M available in unrestricted cash and marketable securities. Q3 total mall portfolio occupancy of 86.3% edges higher from 85.0% in Q3 of last year. Q3 rental revenues of $145.54M increases from $124.1M in Q3 2020. Total revenues of $150.4M in Q3 vs. $129.9M in the same period a year ago. Loss of impairment of $63.2M soars from just $46K in Q3 2020. Straight-line rental income adjustment
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CBL Properties 'successfully' emerges from Chapter 11 after improving Q3