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 did not meet Wall Street expectations.
The Chattanooga, Tennessee-based real estate investment trust said it had funds from operations of $68.5 million, or 34 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 35 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 $35.4 million, or 20 cents per share.
The owner and operator of retail properties posted revenue of $193.4 million in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $188.7 million.
In the final minutes of trading on Wednesday, the company’s shares hit $1.05. A year ago, they were trading at $5.45.