CBL & Associates Properties, Inc. reported a net income of $57.1 million for the fiscal year ending December 31, 2024, a significant increase from the $3.2 million recorded in the previous year. The company attributed this improvement to a reduction in depreciation and amortization expenses, lower interest expenses, and a gain on consolidation of joint venture interests. Total revenues for 2024 were $515.6 million, down from $535.3 million in 2023, primarily due to a decrease in rental revenues, which fell by $20.1 million to $493.9 million. This decline was influenced by tenant closures and a shift to percentage rents, which are contingent on tenant sales.
In terms of operational developments, CBL & Associates Properties managed a portfolio of 87 properties across 21 states, with a focus on the southeastern and midwestern United States. The company reported a total of 437 anchor and junior anchor tenants, with 40 of these locations currently vacant. The overall occupancy rate for the portfolio was 90.3%, a slight decrease from 90.9% in the previous year. The company also noted that its same-center net operating income (NOI) increased by 0.2% year-over-year, reflecting a stable performance despite the challenges faced in the retail sector.
Strategically, CBL made significant moves in 2024, including the acquisition of its partner's 50% interests in CoolSprings Galleria, Oak Park Mall, and West County Center for $25 million. This acquisition was part of a broader strategy to enhance its portfolio and improve cash flow. Additionally, the company sold several properties, including the Layton Hills Mall and associated outparcels, generating approximately $85 million in gross proceeds, which were used to reduce outstanding debt.
Looking ahead, CBL's management expressed optimism about the company's ability to navigate the evolving retail landscape. The company plans to continue focusing on improving occupancy rates, diversifying its tenant mix, and redeveloping former anchor spaces to attract new uses. CBL also aims to maintain a strong balance sheet by reducing overall debt and extending debt maturities, which will enhance its financial flexibility and support future growth initiatives. The board of directors has declared a regular quarterly dividend of $0.40 per share for the first quarter of 2025, along with a special dividend of $0.80 per share, reflecting the company's commitment to returning value to shareholders while ensuring compliance with REIT distribution requirements.
About CBL & ASSOCIATES PROPERTIES INC
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