CBL & Associates Properties Inc. lowered its 2007 funds from operations forecast for the second time in about three months Tuesday on a write-down, delayed fee income and other items.
The real estate investment trust, which develops shopping centers now expects full-year FFO between $3.09 and $3.11 per share, down from its November forecast of $3.35 to $3.41 per share.
Analysts polled by Thomson Financial predict 2007 FFO of $3.35 per share.
FFO, which the real estate industry uses to gauge operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.
CBL said it will report an $18.5 million write-down related to a drop in real estate securities fair value during the fourth quarter. The company has also decided to delay recording $7 million in fee income from a Centro Properties Group affiliate and expects FFO to be hurt by about 5 cents per share due to other non-operating items.
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