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CBL & Associates Properties

NYSE:CBL.PRD
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CBL.PRD
NYSE
$218M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. The last earnings update was 12 days ago. More info.


Add to Portfolio Compare Print
  • CBL & Associates Properties has significant price volatility in the past 3 months.
CBL.PRD Share Price and Events
7 Day Returns
-6.8%
NYSE:CBL.PRD
1.2%
US REITs
1.6%
US Market
1 Year Returns
-46.4%
NYSE:CBL.PRD
15.2%
US REITs
2.6%
US Market
CBL.PRD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CBL & Associates Properties (CBL.PRD) -6.8% 18.7% -30.3% -46.4% -59.3% -61.9%
US REITs 1.2% 2.9% 3.3% 15.2% 13.3% 25.8%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • CBL.PRD underperformed the REITs industry which returned 15.2% over the past year.
  • CBL.PRD underperformed the Market in United States of America which returned 2.6% over the past year.
Price Volatility
CBL.PRD
Industry
5yr Volatility vs Market

CBL.PRD Value

 Is CBL & Associates Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CBL & Associates Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CBL & Associates Properties.

NYSE:CBL.PRD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:CBL.PRD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (1788.08%))
5.712
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (2 * 5.96%)
14.65%

Discounted Cash Flow Calculation for NYSE:CBL.PRD using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for CBL & Associates Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

CBL & Associates Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:CBL.PRD DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 14.65%)
2019 214.91 Analyst x6 187.45
2020 178.40 Analyst x6 135.72
2021 153.48 Analyst x2 101.84
2022 136.64 Est @ -10.97% 79.09
2023 127.27 Est @ -6.86% 64.25
2024 122.20 Est @ -3.98% 53.81
2025 119.80 Est @ -1.97% 46.01
2026 119.13 Est @ -0.56% 39.90
2027 119.64 Est @ 0.43% 34.95
2028 120.97 Est @ 1.12% 30.83
Present value of next 10 years cash flows $773.85
NYSE:CBL.PRD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $120.97 × (1 + 2.73%) ÷ (14.65% – 2.73%)
$1,042.58
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $1,042.58 ÷ (1 + 14.65%)10
$265.69
NYSE:CBL.PRD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $773.85 + $265.69
$1,039.53
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,039.53 / 200.23
$46.3
NYSE:CBL.PRD Discount to Share Price
Calculation Result
Value per share (USD) From above. $409.08
Current discount Discount to share price of $9.72
= -1 x ($9.72 - $409.08) / $409.08
97.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CBL & Associates Properties is available for.
Intrinsic value
>50%
Share price is $9.72 vs Future cash flow value of $409.08
Current Discount Checks
For CBL & Associates Properties to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CBL & Associates Properties's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CBL & Associates Properties's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CBL & Associates Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CBL & Associates Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:CBL.PRD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-0.95
NYSE:CBL Share Price ** NYSE (2019-05-21) in USD $1.1
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.75x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CBL & Associates Properties.

NYSE:CBL.PRD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CBL Share Price ÷ EPS (both in USD)

= 1.1 ÷ -0.95

-1.16x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CBL & Associates Properties is loss making, we can't compare its value to the US REITs industry average.
  • CBL & Associates Properties is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does CBL & Associates Properties's expected growth come at a high price?
Raw Data
NYSE:CBL.PRD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -1.16x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
18.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.58x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for CBL & Associates Properties, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on CBL & Associates Properties's assets?
Raw Data
NYSE:CBL.PRD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $5.19
NYSE:CBL Share Price * NYSE (2019-05-21) in USD $1.1
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
NYSE:CBL.PRD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CBL Share Price ÷ Book Value per Share (both in USD)

= 1.1 ÷ 5.19

0.21x

* Primary Listing of CBL & Associates Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CBL & Associates Properties is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess CBL & Associates Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. CBL & Associates Properties has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CBL.PRD Future Performance

 How is CBL & Associates Properties expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CBL & Associates Properties expected to grow at an attractive rate?
  • Unable to compare CBL & Associates Properties's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
  • Unable to compare CBL & Associates Properties's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.
  • CBL & Associates Properties's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:CBL.PRD Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:CBL.PRD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 18.2%
NYSE:CBL.PRD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -3.7%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:CBL.PRD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:CBL.PRD Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 742 -88 1
2020-12-31 784 -42 2
2019-12-31 782 -34 1
NYSE:CBL.PRD Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 836 335 -163
2018-12-31 859 377 -123
2018-09-30 877 374 -33
2018-06-30 895 405 -22
2018-03-31 909 424 43
2017-12-31 927 430 76
2017-09-30 950 466 108
2017-06-30 977 460 101
2017-03-31 1,003 488 122
2016-12-31 1,028 469 128
2016-09-30 1,047 475 37
2016-06-30 1,058 490 73

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CBL & Associates Properties is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • CBL & Associates Properties's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:CBL.PRD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from CBL & Associates Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CBL.PRD Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 -0.11 -0.08 -0.14 2.00
2019-12-31 -0.04 -0.04 -0.05 3.00
NYSE:CBL.PRD Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -0.95
2018-12-31 -0.72
2018-09-30 -0.19
2018-06-30 -0.13
2018-03-31 0.25
2017-12-31 0.44
2017-09-30 0.63
2017-06-30 0.59
2017-03-31 0.71
2016-12-31 0.75
2016-09-30 0.22
2016-06-30 0.43

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if CBL & Associates Properties will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
X
Future performance checks
We assess CBL & Associates Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CBL & Associates Properties has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CBL.PRD Past Performance

  How has CBL & Associates Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CBL & Associates Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CBL & Associates Properties does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare CBL & Associates Properties's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare CBL & Associates Properties's 1-year growth to the US REITs industry average as it is not currently profitable.
Earnings and Revenue History
CBL & Associates Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CBL & Associates Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CBL.PRD Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 836.39 -163.34 65.21
2018-12-31 858.56 -123.46 61.51
2018-09-30 877.03 -32.69 60.88
2018-06-30 894.80 -22.36 58.38
2018-03-31 909.44 42.84 60.63
2017-12-31 927.25 76.05 58.36
2017-09-30 950.39 108.41 59.28
2017-06-30 977.46 100.51 58.35
2017-03-31 1,003.19 122.03 59.09
2016-12-31 1,028.26 127.99 58.51
2016-09-30 1,047.39 36.90 60.24
2016-06-30 1,058.31 73.41 60.61
2016-03-31 1,053.93 52.39 60.35
2015-12-31 1,055.02 58.48 62.12
2015-09-30 1,064.70 156.85 57.93
2015-06-30 1,064.02 168.54 54.41
2015-03-31 1,073.78 164.56 49.53
2014-12-31 1,060.74 174.20 50.27
2014-09-30 1,073.25 107.85 47.99
2014-06-30 1,070.20 100.97 48.68
2014-03-31 1,068.17 72.80 50.22
2013-12-31 1,065.24 45.26 48.87
2013-09-30 1,052.33 95.44 51.75
2013-06-30 1,044.04 85.44 51.76
2013-03-31 1,024.52 99.23 50.88
2012-12-31 1,011.16 95.62 51.25
2012-09-30 996.93 118.96 47.58
2012-06-30 1,014.57 70.43 47.50

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if CBL & Associates Properties has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • CBL & Associates Properties used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • It is difficult to establish if CBL & Associates Properties improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess CBL & Associates Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CBL & Associates Properties has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CBL.PRD Health

 How is CBL & Associates Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CBL & Associates Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CBL & Associates Properties's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • CBL & Associates Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CBL & Associates Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CBL & Associates Properties Company Filings, last reported 1 month ago.

NYSE:CBL.PRD Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 961.49 3,902.57 21.06
2018-12-31 1,035.74 4,043.18 25.14
2018-09-30 1,127.72 4,115.81 20.70
2018-06-30 1,185.15 4,172.35 23.43
2018-03-31 1,262.46 4,207.69 23.35
2017-12-31 1,245.31 4,230.85 32.63
2017-09-30 1,257.53 4,216.18 31.35
2017-06-30 1,314.35 4,249.44 29.62
2017-03-31 1,329.92 4,522.48 27.55
2016-12-31 1,358.85 4,465.29 18.95
2016-09-30 1,339.41 4,531.27 24.47
2016-06-30 1,417.20 4,540.48 21.14
2016-03-31 1,400.75 4,683.49 25.03
2015-12-31 1,424.93 4,711.06 36.89
2015-09-30 1,519.05 4,822.44 32.44
2015-06-30 1,540.76 4,835.63 30.60
2015-03-31 1,558.91 4,671.58 37.98
2014-12-31 1,587.49 4,685.56 37.94
2014-09-30 1,573.91 4,714.06 45.07
2014-06-30 1,575.41 4,814.04 63.48
2014-03-31 1,598.11 4,803.42 56.19
2013-12-31 1,594.57 4,861.53 65.50
2013-09-30 1,650.71 4,872.13 74.59
2013-06-30 2,084.85 4,626.92 64.43
2013-03-31 2,006.61 4,686.05 66.58
2012-12-31 1,985.18 4,751.49 78.25
2012-09-30 1,851.00 4,707.70 66.35
2012-06-30 1,896.93 4,699.29 71.54
  • CBL & Associates Properties's level of debt (405.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (300.6% vs 405.9% today).
  • Debt is not well covered by operating cash flow (8.6%, less than 20% of total debt).
  • CBL & Associates Properties is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess CBL & Associates Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CBL & Associates Properties has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CBL.PRD Dividends

 What is CBL & Associates Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
27.27%
Current annual income from CBL & Associates Properties dividends. Estimated to be 16.71% next year.
If you bought $2,000 of CBL & Associates Properties shares you are expected to receive $545 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CBL & Associates Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • CBL & Associates Properties's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:CBL.PRD Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:CBL.PRD Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.24 1.00
2022-12-31 0.23 1.00
2021-12-31 0.15 5.00
2020-12-31 0.22 9.00
2019-12-31 0.14 5.00
NYSE:CBL.PRD Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-25 0.300 20.751
2019-02-08 0.300 13.457
2018-11-09 0.300 12.628
2018-10-30 0.300 9.483
2018-08-24 0.800 20.332
2018-05-31 0.800 15.296
2018-02-22 0.800 18.119
2017-11-02 0.800 14.565
2017-08-24 1.060 12.721
2017-06-02 1.060 12.538
2017-02-24 1.060 11.832
2016-11-03 1.060 9.535
2016-08-24 1.060 8.616
2016-06-02 1.060 9.839
2016-02-26 1.060 9.228
2015-11-13 1.060 9.083
2015-08-25 1.060 7.316
2015-05-28 1.060 6.443
2015-02-26 1.060 5.597
2014-11-13 1.060 5.322
2014-08-28 0.980 5.340
2014-05-30 0.980 5.142
2014-02-26 0.980 5.475
2013-11-25 0.980 5.552
2013-08-30 0.920 4.763
2013-05-31 0.920 4.211
2013-02-26 0.920 3.847
2012-11-28 0.880 4.045
2012-08-30 0.880 4.020
2012-06-01 0.880 4.525
2012-02-24 0.880 4.816
2011-11-30 0.840 5.148
2011-08-31 0.840 6.244
2011-06-01 0.840 4.990
2011-02-28 0.840 4.702
2010-12-01 0.800 4.572
2010-08-31 0.800 5.433
2010-06-02 0.800 6.143
2010-02-22 0.800 5.659
2009-12-02 0.200 1.969
2009-09-01 0.200 2.183
2009-06-01 0.440 7.261

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of CBL & Associates Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (1492.5x coverage).
X
Income/ dividend checks
We assess CBL & Associates Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CBL & Associates Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CBL & Associates Properties has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CBL.PRD Management

 What is the CEO of CBL & Associates Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Stephen Lebovitz
COMPENSATION $3,472,388
AGE 57
TENURE AS CEO 9.3 years
CEO Bio

Mr. Stephen D. Lebovitz serves as the Chief Executive Officer of CBL Holdings I, Inc and President of CBL Holdings I, Inc. Mr. Lebovitz has been the Chief Executive Officer of CBL & Associates Properties, Inc. since January 1, 2010 and was its President from February 1999 until June 25, 2018. He serves as the Divisional Vice President of International Council of Shopping Centers, Inc. He served as Treasurer of CBL & Associates Properties Inc and its Secretary from February 1999 to January 1, 2010. He served as the Secretary at CBL & Associates Properties Inc. from February 1999 to January 1, 2010. He served in different roles at CBL & Associates Properties Inc., including Executive Vice President of Development & Acquisitions, Executive Vice President of Development, Senior Vice President of New England Office, Senior Vice President of Community Center Development and Treasurer. He joined CBL's Predecessor in 1988. Prior to joining CBL's Predecessor, he was affiliated with Goldman, Sachs & Co. from 1984 to 1986. He served as the President at the Boston Jewish Family and Children's Service. He also serves as an Active Member of the National Association of Real Estate Investment Trusts and the Urban Land Institute. He served as the Chairman of International Council Of Shopping Centers, Inc. and also serves as its Trustee. He has been a Director of CBL & Associates Properties, Inc. since November 1993. He serves as a Director of Cbl Holdings I, Inc. He served as a Director of Real Estate Roundtable, The until July 1, 2016. He served as a Member of the Board of Directors of the Combined Jewish Philanthropic, Boston, Massachusetts and a Member of the Board of Directors of the Children's Hospital Trust, Boston, Massachusetts. Mr. Lebovitz holds a Master of Business Administration degree from Harvard University and a Bachelor's degree in Political Science from Stanford University.

CEO Compensation
  • Stephen's compensation has increased whilst company is loss making.
  • Stephen's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the CBL & Associates Properties management team in years:

4.5
Average Tenure
57
Average Age
  • The tenure for the CBL & Associates Properties management team is about average.
Management Team

Stephen Lebovitz

TITLE
CEO & Director
COMPENSATION
$3M
AGE
57
TENURE
9.3 yrs

Michael Lebovitz

TITLE
President
COMPENSATION
$1M
AGE
54
TENURE
0.9 yrs

Farzana Mitchell

TITLE
Executive VP
COMPENSATION
$1M
AGE
66
TENURE
6.7 yrs

Jeff Curry

TITLE
Chief Legal Officer & Secretary
COMPENSATION
$729K
AGE
57
TENURE
7.1 yrs

Mike Harrison

TITLE
Executive Vice President of Operations
AGE
49

Katie Reinsmidt

TITLE
Executive VP & Chief Investment Officer
AGE
39
TENURE
2.3 yrs

J. Overley

TITLE
VP of Accounting & Assistant Controller

Joseph Khalili

TITLE
Vice President of Financial Operations & Administration
TENURE
0.3 yrs

Ben Landress

TITLE
Executive VP of Management & Compliance Officer
AGE
90

Stacey Keating

TITLE
Director of Public Relations & Corporate Communications
Board of Directors Tenure

Average tenure and age of the CBL & Associates Properties board of directors in years:

5.8
Average Tenure
63
Average Age
  • The tenure for the CBL & Associates Properties board of directors is about average.
Board of Directors

Charles Lebovitz

TITLE
Chairman of the Board
COMPENSATION
$3M
AGE
81
TENURE
25.5 yrs

Stephen Lebovitz

TITLE
CEO & Director
COMPENSATION
$3M
AGE
57
TENURE
25.5 yrs

Matt Dominski

TITLE
Lead Director
COMPENSATION
$205K
AGE
63
TENURE
5.3 yrs

Kathleen Nelson

TITLE
Director
COMPENSATION
$175K
AGE
72
TENURE
10 yrs

A. Chapman

TITLE
Director
COMPENSATION
$180K
AGE
71
TENURE
5.8 yrs

John Griffith

TITLE
Director
COMPENSATION
$170K
AGE
56
TENURE
4.3 yrs

Richard Lieb

TITLE
Director
COMPENSATION
$175K
AGE
58
TENURE
3.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess CBL & Associates Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CBL & Associates Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CBL.PRD News

Simply Wall St News

CBL.PRD Company Info

Description

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 114 properties totaling 71.1 million square feet across 26 states, including 71 high-quality enclosed, outlet and open-air retail centers and 11 properties managed for third parties. CBL continuously strengthens its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties.

Details
Name: CBL & Associates Properties, Inc
CBL.PRD
Exchange: NYSE
Founded: 1978
$218,254,694
$190,823,205
200,233,665
Website: http://www.cblproperties.com
Address: CBL & Associates Properties, Inc
CBL Center,
2030 Hamilton Place Boulevard,
Chattanooga,
Tennessee, 37421,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CBL Common Stock New York Stock Exchange US USD 28. Oct 1993
DB CAZ Common Stock Deutsche Boerse AG DE EUR 28. Oct 1993
LSE 0HQK Common Stock London Stock Exchange GB USD 28. Oct 1993
NYSE CBL.PRD PFD 1/10 SER D New York Stock Exchange US USD 09. Dec 2004
NYSE CBL.PRE DEP 1/10TH PFD New York Stock Exchange US USD 01. Oct 2012
Number of employees
Current staff
Staff numbers
580
CBL & Associates Properties employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 05:48
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/19
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.