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Chattanooga mall owner CBL reports better than expected third quarter performance

Staff File Photo by Matt Hamilton / Visitors enter the Hamilton Place Mall on Friday. Shoppers took advantage of the first day of tax-free shopping at Hamilton Place Mall on Friday, July 30, 2021.
Staff File Photo by Matt Hamilton / Visitors enter the Hamilton Place Mall on Friday. Shoppers took advantage of the first day of tax-free shopping at Hamilton Place Mall on Friday, July 30, 2021. Staff File Photo by Matt Hamilton / Visitors enter the Hamilton Place Mall on Friday. Shoppers took advantage of the first day of tax-free shopping at Hamilton Place Mall on Friday, July 30, 2021.

By Staff Report 4 min read

Chattanooga-based CBL Properties on Tuesday reported that third-quarter performance of its portfolio of malls and shopping centers was better than expected as it cited healthy traffic and sales growth.

The company, which exited bankruptcy protection on Nov. 1, posted funds from operations as adjusted of 47 cents per diluted share for the third quarter compared to 4 cents per diluted share in the same quarter last year.

The increase over a year ago is principally a result of a 21 cent per diluted share lower net interest expense and an 18 cent per diluted share positive variance in the estimate for uncollectable revenues, rent abatements and write-offs for past-due rents, the company reported.

(READ MORE: Chattanooga-based mall operator CBL says business is up as it eyes Nov. 1 bankruptcy exit; promotes key personnel)

The company reported that the positive variance in the estimate for uncollectable revenues, abatements and write-offs for past-due rents was primarily a result of the tenant accommodations that were made in the prior-year period due to the impact of the pandemic.