CBL - CBL Q3 adjusted FFO revenue slide as pandemic hits rent collections

CBL Properties (CBL) (CBLAQ), which filed for Chapter 11 bankruptcy at the beginning of the month, saw Q3 adjusted FFO per share shrink to 4 cents sank from 34 cents in the year-ago quarter, as the REIT's business was hurt by rent abatements and uncollectable revenue from tenants unable to pay rent as a result of the COVID-19 pandemic.Q3 total portfolio same-center net operating income dropped 30.5% Y/Y.Q3 revenue of $129.9M declined from $187.3M a year ago.Still, the company is seeing improvements from earlier in the pandemic."We’ve experienced a significant improvement in collections as these tenants pay past due rents. April’s collection rate improved from 27% to over 76% and May improved from 33% to 68%. We expect this trend to continue as we move later in the year and into 2021, and certain deferred rents begin coming due," said CEO Stephen Lebovitz.October rents are over 100% of billed rents,

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CBL Q3 adjusted FFO, revenue slide as pandemic hits rent collections