Chattanooga-based shopping center operator CBL & Associates Properties Inc. today reported that second-quarter earnings grew on better across-the-board results and it increased its guidance for the year.
"Our focus for the remainder of the year is to build on these excellent results, accelerate our portfolio transformation strategy and drive additional improvements to our balance sheet," said CBL Chief Executive Officer Stephen Lebovitz in a statement. "Our results for the second quarter were outstanding across the board."
Funds from operations per diluted share, as adjusted, grew 9.3 percent to 59 cents for the second quarter compared with 54 cents a year ago, said the owner of Hamilton Place and Northgate malls in Chattanooga.
Same-center net operating income for the quarter rose 3.4 percent in the company's total portfolio, which was the largest increase for CBL since the end of the recession.
Same-center mall occupancy increased to 91.7 percent as of June 30 compared with 90.2 percent a year earlier.
Guidance for FFO, as adjusted, for the year rose to a range of $2.36 to $2.40 per diluted share.
See more in Friday's Times Free Press.