CBL & Associates Properties (CBL) Q4 2024 earnings summary

Executive summary

• 2024 saw strong financial results, with same-center NOI up 0.2% year-over-year and FFO, as adjusted, per share rising to $6.69 from $6.66.

• Leasing activity was robust, with nearly 4.5 million square feet leased in 2024 and a 100 bps sequential occupancy increase in Q4.

• Major transactions included the acquisition of JV interests in three high-performing centers and over $85 million in asset sales.

• Portfolio occupancy was 90.3% at year-end, with a 1% increase in same-center tenant sales per square foot in Q4.

• The Board declared a regular $0.40 and a special $0.80 per share dividend for Q1 2025.

Financial highlights

• Net income attributable to common shareholders was $57.8 million for 2024, up from $5.4 million in 2023.

• FFO, as adjusted, per diluted share was $6.69 for 2024, compared to $6.66 in 2023.

• Same-center NOI for 2024 was $455.6 million, a 0.2% increase year-over-year; Q4 same-center NOI declined 1.6% year-over-year.

• Total revenues for 2024 were $675.5 million, down from $681.4 million in 2023.

• Unrestricted cash and marketable securities totaled $283.9 million at year-end.

Outlook and guidance

• 2025 FFO, as adjusted, guidance is $6.98–$7.34 per share; same-center NOI expected to range from (2.0)% to 0.5%.

• Management anticipates net positive impact from new leasing, but expects higher operating expenses and potential credit losses.

• Estimated 2025 maintenance capital/tenant allowances: $40–$55 million; development/redevelopment: $5–$10 million.