CBL & Associates Properties Inc. today posted flat profits for the first quarter, reporting that results were in line with its expectations and encouraging given increased store closings and bankruptcies as well as the harsh winter season.
Funds from operations per diluted share, as adjusted, was 52 cents for the first quarter compared with 53 cents for the prior-year period.
“Looking forward, we expect the stronger sales gains reported by retailers in April to continue and offset the sluggish sales results in the first quarter,” said CBL Chief Executive Stephen Lebovitz.
Mall same-center net operating income increased 1.6 percent in the quarter, while average gross rent per square foot for stabilized mall leases signed in the quarter grew 9.5 percent in the period, the Chattanooga-based shopping center developer reported.
Total portfolio occupancy increased to 92.5 percent and same-center stabilized mall portfolio occupancy grew to 92.2 percent in the first quarter over a year ago, CBL said after the markets closed.
See more in Tuesday’s Times Free Press.