CBL & Associates Properties(CBL) - 2024 Q3 - Quarterly Results

Financial Performance - Same-center NOI for the nine months ended September 30, 2024, increased by 1% compared to the prior-year period, while for the third quarter 2024, it declined by 2% year-over-year [4]. - FFO, as adjusted, per share for the nine months ended September 30, 2024, was $4.77, up from$4.72 in the prior-year period; for the third quarter 2024, it was $1.54, down from$1.60 in the prior-year period [4]. - Total revenues for the three months ended September 30, 2024, were $125.089 million, a decrease of 3.3$129.351 million in 2023 [6]. - Net income attributable to common shareholders for the three months ended September 30, 2024, was $15.865 million, up 22.0$12.957 million in 2023 [31]. - Basic earnings per share for the three months ended September 30, 2024, increased to $0.52 from$0.41 in 2023, representing a 26.8% growth [32]. - Total revenues for the nine months ended September 30, 2024, were $147.347 million, a decrease of 3.9$151.940 million for the same period in 2023 [64]. - The company reported a net income of $12.268 million for the nine months ended September 30, 2024, compared to a net loss of$11.333 million for the same period in 2023 [64]. Occupancy and Leasing Activity - Portfolio occupancy was 89.3% as of September 30, 2024, a decrease of 150 basis points from 90.8% as of September 30, 2023 [11]. - Over 880,000 square feet of leases were executed in the third quarter 2024, with a 9.5% increase in average rents for comparable leases [4]. - Total leasing activity for the three months ended September 30, 2024, showed an increase in average gross rent per square foot for all property types to $42.86, a 9.5$44.40 per square foot [65]. - The total number of leases commenced in 2024 reached 661, covering 1,548,000 square feet, with an average initial rent of $35.86 per square foot [66]. Debt and Financing - CBL reduced its debt by more than$188 million from the prior year period, including refinancing loans to achieve significant interest savings [6]. - CBL closed new non-recourse loans totaling $45.0 million at a fixed interest rate of 5.86$2,486,512,000, with a weighted-average interest rate of 6.45% [36]. - Total consolidated debt amounts to $1,812,862,000, with a weighted-average interest rate of 7.01$61,059 for the three months ended September 30, 2024, an increase from $49,919 in 2023 [46]. - The company reported total capital expenditures of$17.303 million for the three months ended September 30, 2024, compared to $13.630 million in the same period of 2023 [69]. - Cash and cash equivalents increased to$65,113,000 as of September 30, 2024, compared to $34,188,000 as of December 31, 2023, an increase of about 90.5$196.0 million and $210.0 million, with a per share estimate of$6.34 to $6.80 [20]. - Future outlook remains cautiously optimistic with ongoing strategies for asset management and potential acquisitions in targeted markets [57]. - The company plans to expand its market presence with developments such as the Hammock Landing Phase I and II, totaling$22,586,000 and $5,242,000 respectively, both at an interest rate of 8.20$418 [4]. - Total sales per square foot for malls increased to $548 for the twelve months ended September 30, 2024, compared to$545 for the same period in 2023, reflecting a growth of 0.4% [57]. - Total sales per square foot for outlet centers decreased to $475 for the twelve months ended September 30, 2024, down from$497 in 2023, representing a decline of 4.4% [57]. Dividend and Shareholder Returns - The Board of Directors declared a cash dividend of $0.40 per common share for the quarter ending December 31, 2024, equating to an annual dividend of$1.60 per share [5]. - CBL completed the repurchase of 500,000 shares for $12.525 million in October 2024, and a total of 1,074,826 shares were repurchased at an average price of$23.539 per share [5].