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Chattanooga-based CBL earnings fall in quarter, but beat estimate

Staff photo by C.B. Schmelter / CBL Project Manager Josh Harmon walks through an unleased space during a tour of the newly renovated spaces at Hamilton Place Mall on Tuesday, Jan. 14, 2020 in Chattanooga, Tenn. Anchoring the renovated spaces are Dick's Sporting Goods and Dave & Buster's. The Dick's Sporting Goods and Dave & Buster's are both scheduled to open in March. Staff photo by C.B. Schmelter / CBL Project Manager Josh Harmon walks through an unleased space during a tour of the newly renovated spaces at Hamilton Place Mall on Tuesday, Jan. 14, 2020 in Chattanooga, Tenn. Anchoring the renovated spaces are Dick's Sporting Goods and Dave & Buster's. The Dick's Sporting Goods and Dave & Buster's are both scheduled to open in March.

By Mike Pare, compiler February 6, 2020 3 min read

CBL Properties on Thursday reported funds from operations per share fell 12.4% in the fourth quarter over the prior year, though the results beat the consensus analyst estimate by 3 cents per share.

The Chattanooga-based shopping center developer that owns Hamilton Place and Northgate malls reported that the funds from operations, as adjusted, totaled 37 cents per share in the fourth quarter, off 17.1%, from a year earlier. The company said its properties faced challenges due to the struggles of retailers adapting to consumer preferences.

For the year, funds from operations were $1.40 per share, down 17.7%, from a year ago, the company reported.

Stephen D. Lebovitz, CBL’s chief executive officer, said 2019 results and 2020 guidance reflect the significant impact of retailer bankruptcies and store closings on revenues and occupancy.

(MORE: CBL says it will take steps to remain listed on New York Stock Exchange)