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PRESS RELEASE CBL Properties Reports Results For First Quarter 2021 05/18/2021 CHATTANOOGA , Tenn .-- ( BUSINESS WIRE ) -- CBL Properties ( OTCMKTS : CBLAQ ) announced results for the first quarter ended March 31 , 2021. A description of each supplemental non - GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release . Net loss attributable to common shareholders per diluted share Funds from Operations ( " FFO " ) per diluted share FFO , as adjusted , per diluted share ( 1 ) Three Months Ended March 31 , 2021 2020 % ( 0.14 ) $ ( 0.75 ) 81.3 % $ 0.45 $ 0.25 80.0 % 0.34 $ 0.26 30.8 % ( 1 ) For a reconciliation of FFO to FFO , as adjusted , for the periods presented , please refer to the footnotes to the Company's reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 7 of this news release . KEY TAKEAWAYS : • FFO , as adjusted , per diluted share , was $ 0.34 for the first quarter 2021 , compared with $ 0.26 per share for the first quarter 2020. The increase in FFO , as adjusted , per diluted share , as compared with the prior year period is principally a result of the decline in net interest expense of $ 0.11 per share during the quarter , primarily due to the post - petition interest expense payments that are not required to be made on the senior unsecured notes and secured credit facility subsequent to the Company's bankruptcy filing on November 1 , 2020 . • Other major variances in the first quarter 2021 FFO , as adjusted , per diluted share , compared with the prior year period included $ 0.13 per share of lower property NOI , which included $ 0.04 per share related to the estimate for uncollectable revenues , rent abatements and write - offs for past due rents related to tenants that are in bankruptcy or struggling financially . G & A expense during the first quarter 2021 was approximately $ 0.03 lower , due to cost saving initiatives put in place earlier in 2020 . • Sales for the first quarter 2021 increased 12.5 % as compared with the first quarter 2019 . • Total Portfolio same - center NOI declined 17.2 % for the three months ended March 31 , 2021 .