CBL: 4Q Earnings Snapshot
CHATTANOOGA, Tenn. (AP) _ CBL & Associates Properties Inc. (CBL) on Thursday reported a key measure of profitability in its fourth quarter. The results met Wall Street expectations.
The Chattanooga, Tennessee-based real estate investment trust said it had funds from operations of $89.4 million, or 45 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 45 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 $67 million, or 39 cents per share.
The owner and operator of retail properties posted revenue of $216.9 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $214.9 million.
For the year, the company reported funds from operations of $345.1 million, or $1.73 per share. Revenue was reported as $858.6 million.
CBL expects full-year funds from operations in the range of $1.41 to $1.46 per share.
In the final minutes of trading on Thursday, the company’s shares hit $2.27. A year ago, they were trading at $5.21.