Chattanooga-based CBL sees higher earnings

Chattanooga-based CBL sees higher earnings

July 31st, 2013 by Staff Report in Local - Breaking News

CBL & Associates Properties Inc. today reported higher second-quarter earnings as occupancy continued to grow at its shopping center portfolio.

Portfolio occupancy increased to 93 percent from 92.3 percent for the prior-year period.

Also, average gross rent per square foot for stabilized mall leases rose in the quarter, and same store sales jumped 3.2 percent for mall tenants of 10,000 square feet or less.

"Favorable operating trends within our portfolio continued this quarter and have our company well positioned for a strong second half of the year," said Stephen Lebovitz, CBL's president and chief executive officer. "Occupancy, leasing and funds from operations performance were healthy, with positive net operating income growth in-line with our guidance."

FFO allocable to common shareholders, as adjusted, for the second quarter was $90.8 million, or 55 cents per diluted share, compared with $79.9 million, or 53 cents per diluted share, for the second quarter of 2012.