CBL
CBL & Associates Properties, Inc.
$31.64
0.17
(0.54%)
| Exchange: | NYSE |
| Market Cap: | 972.907M |
| Shares Outstanding: | 30.749M |
| Sector: | Real Estate | |||||
| Industry: | REIT – Retail | |||||
| CEO: | Mr. Stephen D. Lebovitz | |||||
| Full Time Employees: | 396 | |||||
| Address: |
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| Website: | https://www.cblproperties.com |
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 106 properties totaling 65.7 million square feet across 25 states, including 64 high quality enclosed, outlet and open-air retail centers and 8 properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties.
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Revenue Segmentation
EPS
Earnings Call
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Income Statement
(* All numbers are in thousands)
| Fiscal Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,060,739 | 1,055,018 | 1,028,257 | 927,252 | 858,557 | 768,696 | 575,861 | 576,875 | 563,011 | 535,285.999 |
| Cost Of Revenue | 293,897 | 283,345 | 281,456 | 260,553 | 252,612 | 108,905 | 84,061 | 396,524 | 92,126 | 187,139 |
| Gross Profit | 766,842 | 771,673 | 746,801 | 666,699 | 605,945 | 659,791 | 491,800 | 180,351 | 470,885 | 348,146.999 |
| Research And Development Expenses | 0 | 0 | 0.070 | 0.150 | -0.130 | -0.170 | -0.580 | -1.100 | -0.210 | 0 |
| General And Administrative Expenses | 50,271 | 62,118 | 63,332 | 58,466 | 61,506 | 64,181 | 53,425 | 52,335 | 67,215 | 64,066 |
| Selling And Marketing Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling General And Administrative Expenses | 50,271 | 62,118 | 63,332 | 58,466 | 61,506 | 64,181 | 53,425 | 52,335 | 67,215 | 64,066 |
| Other Expenses | 341,428 | 431,971 | 429,841 | 375,671 | -373,708 | 379,584 | 319,801 | -761,193 | 356,748 | 0 |
| Operating Expenses | 391,699 | 494,089 | 493,173 | 434,137 | 61,506 | 443,765 | 373,226 | 767,041.999 | 423,963 | 64,066 |
| Cost And Expenses | 685,596 | 777,434 | 774,629 | 694,690 | 314,118 | 552,670 | 457,287 | 449,607 | 516,089 | 251,205 |
| Interest Income | 2,764 | 6,396 | 265,338 | 4,938 | 13,199 | |||||
| Interest Expense | 206,261 | 200,663 | 267,903 | 217,342 | 172,905 | |||||
| Depreciation And Amortization | 291,641 | 297,582 | 657,807 | 618,109 | 600,306 | 552,579 | 480,217 | 208,078 | 516,089 | 190,505 |
| EBITDA | 684,778 | 683,484 | 663,143 | 608,233 | 543,652 | 473,863 | 310,674 | 339,351 | 327,966 | 283,860 |
| Operating Income | 375,143 | 277,584 | 253,628 | 232,562 | -98,256 | 225,539 | 110,690 | 127,268 | 71,656 | 284,080.999 |
| Total Other Income Expenses Net | -117,665 | -155,628 | -102,038 | -93,272 | -143,147.280 | -354,107 | -429,383 | -761,193 | -168,092 | -291,847.999 |
| income Before Tax | 199,865 | 65,709 | 151,590 | 90,633 | -143,148 | -128,568 | -318,693 | -633,925 | -96,436 | -7,767 |
| Income Tax Expense | -4,499 | -2,941 | 2,063 | 1,933 | -570,610 | 3,153 | 16,836 | -4,807 | 3,079 | 894 |
| Net Income | 204,364 | 68,650 | 149,527 | 88,700 | -143,148 | -131,721 | -335,529 | -622,172 | -99,515 | 6,546 |
| Eps | 1.200 | 0.400 | 0.880 | 0.520 | -0.830 | -0.760 | -1.760 | -29.950 | -3.310 | 0.170 |
| Eps Diluted | 1.200 | 0.400 | 0.880 | 0.520 | -0.830 | -0.760 | -1.760 | -29.950 | -3.310 | 0.170 |
| Weighted Average Shares Outstanding | 170,247 | 170,476 | 170,762 | 171,070 | 172,486 | 173,445 | 190,277 | 20,774.716 | 30,046 | 31,303 |
| Weighted Average Shares Outstanding Diluted | 170,247 | 170,499 | 170,836 | 171,070 | 172,486 | 173,445 | 190,277 | 20,774.716 | 30,046 | 31,303 |
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
Balance Sheet
(* All numbers are in thousands)
| Fiscal Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash And Cash Equivalents | 37,938 | 36,892 | 18,951 | 32,627 | 25,138 | 32,816 | 61,781 | 169,554 | 44,718 | 123,076 |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 233,071 | 149,996 | 292,422 | 97,231 |
| Cash And Short Term Investments | 37,938 | 36,892 | 18,951 | 32,627 | 25,138 | 32,816 | 294,852 | 319,550 | 337,140 | 123,076 |
| Net Receivables | 81,338 | 87,286 | 94,676 | 83,552 | 77,788 | 75,252 | 109,613 | 648,974 | 463,258 | 43,436 |
| Inventory | 1 | -36,196 | -6,064,201 | 1 | 1 | -4,598,741 | 171,394 | 199,537 | 1 | 0 |
| Other Current Assets | 73,240 | 63,104 | 63,469 | 46,643 | 42,673 | 39,059 | 0 | 0 | 0 | 91,640 |
| Total Current Assets | 192,516 | 187,282 | 177,096 | 162,822 | 145,599 | 147,127 | 414,505 | 968,524 | 800,398 | 169,264 |
| Property Plant Equipment Net | 5,947,175 | 5,857,953 | 5,514,678 | 5,156,835 | 4,754,555 | 3,804 | 3,303 | 2,970 | 1,663,987 | 0 |
| Goodwill | 0 | 0 | -58,868 | -59,670 | -28,522 | -175,904 | 0 | 0 | 0 | 0 |
| Intangible Assets | 82,720 | 80,601 | 64,709 | 66,790 | 48,655 | 38,335 | 132,189 | 104,685 | 136,563 | 278,827 |
| Goodwill And Intangible Assets | 82,720 | 80,601 | 5,841 | 7,120 | 20,133 | 38,335 | 132,189 | 104,685 | 136,563 | 278,827 |
| Long Term Investments | 301,961 | 311,067 | 266,872 | 249,192 | 283,553 | 307,354 | 279,355 | 103,655 | 77,295 | 338,600 |
| Tax Assets | 0 | 6,431 | 6,104,640 | 5,704,808 | 5,340,853 | 15,117 | -3,303 | 10,853 | 9,726 | 0 |
| Other Non Current Assets | 74,800 | 36,657 | -5,964,487 | -5,575,969 | -5,203,840 | 4,110,609 | 3,617,691 | 1,755,292 | -9,726 | 1,619,214 |
| Total Non Current Assets | 6,406,656 | 6,292,709 | 5,927,544 | 5,541,986 | 5,195,254 | 4,475,219 | 4,029,235 | 1,977,455 | 1,877,845 | 2,236,641 |
| Other Assets | 0 | 0 | -5,347,326 | -5,037,088 | -4,676,760 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 6,599,172 | 6,479,991 | 757,314 | 667,720 | 664,093 | 4,622,346 | 4,443,740 | 2,945,979 | 2,678,243 | 2,405,905 |
| Account Payables | 240,631 | 254,656 | 199,205 | 166,787 | 187,514 | 218,967 | 164,006 | 184,404 | 200,312 | 106,077 |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | 222,353 | 0 | 0 | 0 | 0 |
| Tax Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | -595,810 | -8,372,479 | -7,960,757 | -7,609,781 | -222,353 | -164,006 | -572,084 | -522,007 | 0 |
| Other Current Liabilities | 85,495 | 89,778 | 81,293 | 61,863 | 74,419 | -213,851 | 6,051 | 151,871 | 110,616 | 80,408 |
| Total Current Liabilities | 326,126 | 344,434 | 280,498 | 228,650 | 261,933 | 227,469 | 843,262 | 184,404 | 200,312 | 186,485 |
| Long Term Debt | 4,685,559 | 4,710,628 | 0 | 0 | 0 | 3,530,852 | 3,742,372 | 2,360,475 | 2,110,802 | 1,969,211 |
| Deferred Revenue Non Current | 0 | 251,810 | 4,745,792 | 4,459,495 | 4,305,113 | 3,758,321 | 3,909,708 | 2,544,879 | 2,311,114 | 0 |
| Deferred Tax Liabilities Non Current | 0 | 672 | 26,980 | 20,234 | 13,573 | 8,502 | 78,498 | 316,600 | 110,616 | 0 |
| Other Non Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | -2,721 | -151,871 | -110,616 | -80,408 |
| Total Non Current Liabilities | 4,685,559 | 4,710,628 | 4,465,294 | 4,230,845 | 4,043,180 | 3,530,852 | 3,066,446 | 2,360,475 | 2,110,802 | 1,888,803 |
| Other Liabilities | 0 | 0 | -4,744,084 | -4,457,784 | -4,303,386 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 3,837 | 6,051 | 0 | 0 | 80,408 |
| Total Liabilities | 5,011,685 | 5,055,062 | 1,708 | 1,711 | 1,727 | 3,758,321 | 3,909,708 | 2,544,879 | 2,311,114 | 2,075,288 |
| Preferred Stock | 25 | 25 | 0 | 0 | 0 | 25 | 25 | 0 | 0 | 0 |
| Common Stock | 1,703 | 1,705 | 1,708 | 1,711 | 1,727 | 1,741 | 1,966 | 21 | 32 | 32 |
| Retained Earnings | -566,785 | -689,028 | 1,228,714 | 1,140,004 | 964,137 | -1,161,351 | -1,456,435 | -151,545 | -338,934 | -380,446 |
| Accumulated Other Comprehensive Income Loss | -553,374 | 1,972,038 | 1,358,848 | 1,245,313 | 1,035,740 | -1,161,351 | 18 | -3 | -1,054 | 610 |
| Other Total Stockholders Equity | 1,391,413 | 1,281,305 | 2,711,162 | 2,810,831 | 2,974,200 | 804,546 | 1,986,269 | 547,726 | 710,497 | 719,125 |
| Total Stockholders Equity | 1,406,552 | 1,284,970 | 6,104,640 | 5,704,808 | 5,340,853 | 806,312 | 531,843 | 396,199 | 370,541 | 339,321 |
| Total Equity | 1,587,487 | 1,424,929 | 10,577,963 | 9,923,260 | 9,372,468 | 864,025 | 534,032 | 401,100 | 367,129 | 330,617 |
| Total Liabilities And Stockholders Equity | 6,599,172 | 6,479,991 | 4,492,274 | 4,251,078.999 | 4,056,753 | 4,622,346 | 4,443,740 | 2,945,979 | 2,678,243 | 2,405,905 |
| Minority Interest | 180,935 | 139,959 | 4,473,323 | 4,218,452 | 4,031,615 | 57,713 | 2,189 | 4,901 | -3,412 | -8,704 |
| Total Liabilities And Total Equity | 6,599,172 | 6,479,991 | 4,492,274 | 4,251,078.999 | 4,056,753 | 4,622,346 | 4,443,740 | 2,945,979 | 2,678,243 | 2,405,905 |
| Total Investments | 301,961 | 311,067 | 266,872 | 249,192 | 283,553 | 307,354 | 512,426 | 253,651 | 369,717 | 435,831 |
| Total Debt | 4,685,559 | 4,710,628 | 64,873.999 | 53,331 | 81,469 | 3,535,517 | 3,742,372 | 2,360,475 | 2,110,802 | 1,969,211 |
| Net Debt | 4,647,621 | 4,673,736 | 45,922.999 | 20,704 | 56,331 | 3,502,701 | 3,680,591 | 2,190,921 | 2,066,084 | 1,846,135 |
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
Cash Flow Statement
(* All numbers are in thousands)
| Fiscal Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 219,150 | 71,139 | 172,439 | 126,120 | -78,568 | -131,721 | -335,529 | -622,172 | -99,515 | 6,546 |
| Depreciation And Amortization | 291,641 | -297,582 | 292,693 | 299,090 | 285,401 | 255,937 | 214,456 | 208,078 | 277,108 | 190,505 |
| Deferred Income Tax | 1,329 | -153 | -907 | 4,526 | -2,905 | 2,668 | 14,558 | -10,853 | 1,128 | -1,283 |
| Stock Based Compensation | 3,979 | 5,218 | 5,714 | 5,792 | 5,386 | 4,783 | 5,819 | 1,477 | 11,885 | 12,982 |
| Change In Working Capital | -2,952 | 3,986 | -9,735 | -2,433 | 14,536 | 29,339 | -49,722 | 71,819 | -51,006 | -19,296 |
| Accounts Receivables | -4,053 | -5,455 | -7,979 | -3,941 | 1,379 | -10,885 | -75,109 | 21,133 | -10,494 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | -40,287 | -35,457 | 0 | 0 | 0 |
| Accounts Payables | -19,529 | 7,638 | 2,630 | 8,167.999 | 11,814 | 40,287 | 35,457 | 49,198 | -40,157 | -16,791 |
| Other Working Capital | 1,101 | 1,803 | -4,386 | -6,660 | 1,343 | 40,224 | 25,387 | 1,488 | -355 | -2,505 |
| Other Non Cash Items | -43,757 | 127,624 | 583,053 | 548,364 | 571,230 | 112,402 | 283,783 | 726,874 | 68,634 | -5,938 |
| Net Cash Provided By Operating Activities | 468,061 | 515,822 | 447,715 | 377,188 | 234,990 | 273,408 | 133,365 | 38,774 | 208,234 | 183,516 |
| Investments In Property Plant And Equipment | -261,111 | -11,534 | -7,054 | -16,617.999 | -6,853 | 5,786 | -1,263 | -4,823 | -4,238 | 0 |
| Acquisitions Net | -225,494 | -192,000 | -512.999 | -393 | 7,342 | -5,786 | -11,024 | 298 | -3,269 | 0 |
| Purchases Of Investments | -34,063 | -426,365 | -291,207 | -306,391 | -145,547 | -5,786 | -235,182 | -1,270,481 | -741,042 | -312,782 |
| Sales Maturities Of Investments | 15,877 | 159,159 | 200,857 | 229,005 | 89,465 | 18,563 | 8,912 | 1,361,271 | 600,697 | 355,543 |
| Other Investing Activites | -234,855 | -1,486 | 9,988 | -75,812 | 3,189 | 11,809 | -41,840 | 1,064 | -8,833 | -41,060 |
| Net Cash Used For Investing Activites | -234,855 | -280,226 | -97,917 | -94,397 | -52,404 | 24,586 | -280,397 | 87,329 | -156,685 | 1,701 |
| Debt Repayment | 11,281 | 43,202 | -211,675 | -56,815 | -149,824 | -206,981 | 210,588 | -158,043 | -99,171 | -79,000 |
| Common Stock Issued | 175 | 188 | 179 | 0 | 0 | 40 | 5 | 0 | 0 | 0 |
| Common Stock Repurchased | 0 | 0 | 0 | -390 | -289 | 0 | 0 | -11 | -1,740 | -1,109 |
| Dividends Paid | -211,697 | -225,554 | -225,852 | -226,173 | -182,705 | -59,628 | 0 | 0 | -23,873 | -118,093 |
| Other Financing Activites | -60,351.999 | -54,290 | -47,547 | -68,104 | -34,957 | -29,879 | -897 | -354 | -21,014 | -5,888 |
| Net Cash Used Provided By Financing Activities | -260,767.999 | -236,642 | -484,561 | -351,089 | -367,775 | -296,448 | 209,696 | -158,408 | -145,798 | -204,090 |
| Effect Of Forex Changes On Cash | 1,070,753 | 1,555,903 | 1,241,857 | 1,294,977 | 672,879 | 0 | 0 | 147,032 | 0 | 0 |
| Net Change In Cash | -27,562 | 33,638 | -52,625 | 13,676 | -7,489 | 1,546 | 62,664 | 107,773 | -94,249 | -18,873 |
| Cash At End Of Period | 37,938 | 71,576 | 18,951 | 32,627 | 25,138 | 59,058 | 121,722 | 169,554 | 141,949 | 123,076 |
| Cash At Beginning Of Period | 65,500 | 37,938 | 71,576 | 18,951 | 32,627 | 57,512 | 59,058 | 61,781 | 236,198 | 141,949 |
| Operating Cash Flow | 468,061 | 515,822 | 447,715 | 377,188 | 234,990 | 273,408 | 133,365 | 38,774 | 208,234 | 183,516 |
| Capital Expenditure | -261,111 | -11,534 | -7,054 | -16,617.999 | -6,853 | 5,786 | -1,263 | -4,823 | -4,238 | 0 |
| Free Cash Flow | 206,950 | 504,288 | 440,661 | 360,570.001 | 228,137 | 279,194 | 132,102 | 33,951 | 203,996 | 183,516 |
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
Analyst Estimates
(* All numbers are in thousands)
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| Revenue (TTM) : | P/S (TTM) : | 1.85 | ||
| Net Income (TTM) : | P/E (TTM) : | 29.5 | ||
| Enterprise Value (TTM) : | 2.678B | EV/FCF (TTM) : | 13.05 | |
| Dividend Yield (TTM) : | 0.06 | Payout Ratio (TTM) : | 1.53 | |
| ROE (TTM) : | 0.1 | ROIC (TTM) : | 0.11 | |
| SG&A/Revenue (TTM) : | 0.12 | R&D/Revenue (TTM) : | 0 | |
| Net Debt (TTM) : | 535.286M | Debt/Equity (TTM) | 5.76 | P/B (TTM) : | 3.14 | Current Ratio (TTM) : | 2.44 |
CBL
Trading Metrics:
| Open: | 31.52 | Previous Close: | 31.47 | |
| Day Low: | 31.51 | Day High: | 32.1 | |
| Year Low: | 20.97 | Year High: | 32.1 | |
| Price Avg 50: | 27.09 | Price Avg 200: | 24.43 | |
| Volume: | 77089 | Average Volume: | 186365 |
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