Updated! CBL & Associates Properties: Q4 2009 + Post Call
CBL & Associates Properties Q4 earnings results beat analysts expectations at
RBC Capital Markets. The steps taken to delever its balance sheet and accumulate credit facilities and cash on hand positions the REIT well for future acquisition opportunities. CBL's rating is sector perform with above average risk.
| |
Q4, 2009 |
Q4, 2008 |
| Reported FFO |
$0.02/share |
$0.80/share |
| Operating FFO |
$0.62/share |
$0.86/share |
| Cash NOI growth |
9.5% |
9.6% |
| Occupancy |
90.4% |
92.3% |
The strong Q4 results of CBL show a turning point for the REIT. However, analysts at RBC are still concerned about the negative leasing spreads. RBC anticiaptes there will be no new equity issuance or joint ventures to raise capital and express confidence in the management's ability to navigate the recovery successfully. RBC have changed its rating to sector perform with above average risk.
For 2010:
| |
Revised RBC Outlook |
| Reporting FFO |
$1.90/share |
| Operating FFO |
$1.87/share |
| Price target |
$10.19/share |
| Occupancy |
91.5% |
The Q4, 2009 earnings call can be accessed here:
CBL & Associates PropertiesDisclosure: This article is based on a recent report prepared by analysts for RBC Capital Markets. A member company or one of its affiliates managed or co-managed a public offering of securities for CBL & Associates Properties and received compensation from CBL & Associates Properties for investment banking activities over the past 12 months. RBC Capital Markets Corp. makes a market in the securities of CBL & Associates Properties and may act as principal with regard to sales.