CBL of Chattanooga raises guidance for year

CBL of Chattanooga raises guidance for year

November 1st, 2011 by Mike Pare in Local - Breaking News

The headquarters of CBL and Associates is located next to Hamilton Place Mall in East Brainerd.

Photo by Tim Barber/Times Free Press.

Shopping center developer CBL & Associates Properties Inc. today raised its outlook for the rest of the year on sustained improvement in leasing spreads and occupancy.

"While we have concerns regarding the broader macroeconomic trends, the sustained improvement in leasing spreads and occupancy confirms our positive outlook and provides the confidence for our raising guidance for the year," said Stephen Lebovitz, the Chattanooga-based company's chief executive.

CBL reported that third quarter funds from operations per diluted share, as adjusted, increased 2.1 percent to 48 cents.

Same-center net operating income improved 4.2 percent for the mall portfolio for the quarter over a year ago, excluding lease termination fees.

The company hiked 2011 FFO guidance to $2.12 to $2.15 per share, which excludes the impact of non-cash impairment charges, net of taxes, and includes the gain on extinguishment of debt.

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