CBL & Associates Properties, Inc. (CBL), a real estate firm, Monday reported higher earnings for the fourth quarter compared to the same period last year. However, funds from operations and revenue decreased.
Further, the company provided guidance for fiscal 2024.
Earnings increased to $11.54 million or $0.37 per share from $811 million or $0.03 per share in the last year.
Funds from operations decreased to $1.80 per share from $1.99 per share in the previous year.
Excluding items, funds from operation were $1.94 per share compared with $2.11 per share in the prior year.
Revenues declined to $139.70 million from $149.61 million over a year ago.
Looking forward to the full year, the company expects adjusted funds from operations between $196 million and $210 million or $6.19 per share and $6.63 per share.
Additionally, the company declared a dividend of $0.40 per share, higher by 6.7 percent, payable on March 29 to shareholders on record March 15. The dividend brings the annual dividend to $1.60 per share.
On Friday, CBL shares closed at $24.01, up 2.78% on the New York Stock Exchange.
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