CBL & Associates Properties Inc. reported lower funds from operations in the first quarter as the shopping center firm continues to face the ongoing fallout of retail bankruptcies and store closings.
CBL’s results in the first three months of the year fell short analysts’ forecast for the period as net losses widened from a year ago.
The Chattanooga-based development and retailing landlord said Tuesday its adjusted funds from operations totaled $52.4 million, or 30 cents per share, in the first three months of 2019. In the same period a year earlier, CBL had funds from operations of $72.2 million, or 42 cents per share.
The company reported a first quarter net loss of $50.2 million, or 29 cents per share, in 2019, compared with a net loss of $10.3 million, or 6 cents per share, for the first quarter 2018. Losses in the first quarter of this year were impacted by $88.15 million of litigation settlement expenses.
Despite the higher losses, chief executive of CBL Properties Stephen Lebovitz said the company is still on-track to achieve results within our full-year guidance range,” which the company estimates will be in the $1.41 to $1.46 per share range for funds from operation for all of 2019.