CBL: 2Q Earnings Snapshot
CHATTANOOGA, Tenn. (AP) _ CBL & Associates Properties Inc. (CBL) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Chattanooga, Tennessee-based real estate investment trust said it had funds from operations of $80.2 million, or 46 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 42 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $35 million, or 20 cents per share.
The owner and operator of retail properties posted revenue of $214.6 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $204.9 million.
CBL expects full-year funds from operations in the range of $1.70 to $1.80 per share.
The company’s shares have declined slightly more than 1 percent since the beginning of the year. The stock has declined 37 percent in the last 12 months.