CBL & Associates Properties, Inc., a prominent real estate firm, announced on Monday an increase in its fourth-quarter earnings compared to the same timeframe last year. However, it also revealed a decrease in revenue and fund operations.
The company also offered its fiscal outlook for 2024. They reported an earnings increase to $11.54 million, or $0.37 per share. This is a significant rise from the previous year's $811 million or $0.03 per share.
Despite the earnings increase, there was a drop observed in funds from operations. These decreased to $1.80 per share, down from $1.99 in the preceding year. After removing specific items, the funds from operation stood at $1.94 per share. This also shows a decline when compared to the $2.11 per share of the preceding year.
The company's revenues also saw a decrease, falling to $139.70 million from the previous figure of $149.61 million.
For the upcoming full year, CBL forecasts adjusted fund operations to range between $196 million and $210 million, or $6.19 to $6.63 per share.
CBL also announced a dividend hike of 6.7 percent, bringing the payout to $.40 per share. This dividend is payable on March 29 to shareholders who are on record as of March 15. This rate raises the annual dividend of the company to $1.60 per share.
As of Friday, CBL shares were trading at $24.01 on the New York Stock Exchange, marking a 2.78% increase.
