CBL & Associates Properties (CBL) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 was $8.4 million, up from a net loss of $0.5 million in Q1 2024, driven by higher rental revenues and gains on real estate sales.

• FFO, as adjusted, per share was $1.50, flat year-over-year, and net income attributable to common shareholders was $0.27 per share, up from a loss of $0.01 per share in Q1 2024.

• Portfolio occupancy increased to 90.4% from 89.4% year-over-year, despite bankruptcy-related store closures.

• Over $73.3 million in asset dispositions completed, including Monroeville Mall and Imperial Valley Mall.

• Board authorized a $25 million share repurchase program and declared a $0.40 per share regular dividend for Q2 2025.

Financial highlights

• Total revenues for Q1 2025 ranged from $141.8 million to $160.0 million, up from $129.1 million–$158.6 million in Q1 2024.

• Same-center NOI decreased 2.3% year-over-year, mainly due to higher operating expenses and prior-year one-time tax savings.

• FFO, as adjusted, was $46.1–$47.3 million, down from $47.3–$49.1 million in Q1 2024.

• Gain on sales of real estate assets was $21.5 million, up from $3.7 million in the prior year.

• Unrestricted cash and marketable securities totaled $276.1 million at quarter-end.

Outlook and guidance

• 2025 FFO, as adjusted, guidance reiterated at $6.98–$7.34 per share.

• Full-year 2025 same-center NOI expected to range from (2.0)% to 0.5%.

• Focus remains on occupancy improvements, tenant diversification, redevelopment, and reducing debt.

• Management maintains guidance despite macroeconomic uncertainty and potential tariff impacts.

• Board authorized a $25 million share repurchase program and declared a $0.40 per share regular dividend for Q2 2025.