Chattanooga's CBL earnings up in first quarter

Chattanooga's CBL earnings up in first quarter

April 29th, 2013 by Mike Pare in Local - Breaking News

CBL & Associates Properties Inc. Staff file photo.

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Chattanooga shopping center developer CBL & Associates Properties Inc. today posted higher first quarter earnings on better occupancy and leasing.

CBL reported funds from operations grew 8.2 percent to 53 cents per share for the first quarter compared with 49 cents for the prior-year period.

Portfolio occupancy rose to 92.2 percent from 91.8 percent a year ago, the company reported.

Also, average gross rent per square foot in the first quarter increased 10.8 percent in the period, according to CBL.

"We will look to build on this momentum throughout the year," said Stephen Lebovitz, CBL's president and chief executive officer, in a statement.