CBL & Associates: An Attractive Buy Before Fed Rate Cuts [Seeking Alpha]
CBL & Associates Properties, Inc. (CBL)
Last cbl & associates properties, inc. earnings: 2/6 04:15 pm
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US:NYSE Investor Relations:
cblproperties.com
Company Research
Source: Seeking Alpha
AFFO was down 15.5% in 2023, with a 3.8% decrease to about $6.41/share projected in 2024. CBL's debt-heavy capital structure poses a risk, but expected FED interest rate cuts in 2024-2026 will benefit the company. Same-store sales of -4.4% in 2023 and occupancy of just 90.9% are key operational issues facing the company. The implied cap rate of about 14.3% provides a significant margin of safety; hence, I reckon the shares are a buy. Introduction CBL & Associates ( NYSE: CBL ) recently reported its Q4 2023 results, which I will discuss below. I will also flag the company's capitalization rate, which I estimate at 14.3%, and some risks related to the investment case. In a nutshell, I think that the shares are a buy as CBL is set to benefit from FED interest rate cuts on its floating rate debt. Company Overview You can access CBL quarterly results here . The company derived 69% of its 2023 net operating income (NOI) from enclosed malls, with the remaining 31% coming prima
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CBL
News
- CBL Properties and MINISO Partner to Expand Its U.S. Presence to Thirteen CBL MallsBusiness Wire
- CBL Properties Partners With Adeptmind to Launch “Inventory Insider”Business Wire
- CBL Properties Reports Results for Fourth Quarter and Full-Year 2023Business Wire
- CBL Properties Announced 6.7% Increase in Quarterly DividendBusiness Wire
CBL
Sec Filings
- 4/26/24 - Form 4
- 4/22/24 - Form DEF
- 3/25/24 - Form 4
- CBL's page on the SEC website