CBL & Associates Properties Inc. posted higher funds from operations in the third quarter as sales, occupancy and rental spreads rose in the period over a year ago.
“Strong performance from our portfolio of market dominant malls led to another solid quarter,” said Stephen Lebovitz, CBL’s president and chief executive officer, in a statement.
CBL reported that funds from operations was $84.9 million in the quarter. FFO per share grew 12.5 percent in the quarter to 54 cents compared to 48 cents a year ago.
Same-store sales increased 4.2 percent to $344 per square foot for mall tenants 10,000 square feet or less for malls for the rolling twelve months ended September 30, the Chattanooga-based company reported.
Average gross rent for stabilized mall leases signed in the third quarter increased 9.2 percent over the prior gross rent per square foot, the company said.
See Wednesday’s Times Free Press for full story.
Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...