CBL: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}CHATTANOOGA, Tenn. (AP) _ CBL & Associates Properties Inc. (CBL) on Monday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Chattanooga, Tennessee, said it had funds from operations of $79.2 million, or 40 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 41 cents per share.
{{#rendered}} {{/rendered}}Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $12.6 million, or 7 cents per share.
The owner and operator of retail properties posted revenue of $206.9 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $207.3 million.
{{#rendered}} {{/rendered}}CBL expects full-year funds from operations in the range of $1.70 to $1.80 per share.
In the final minutes of trading on Monday, the company's shares hit $3.55. A year ago, they were trading at $7.97.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on CBL at https://www.zacks.com/ap/CBL