Shopping center developer CBL & Associates Properties Inc. today reported that funds from operations was flat in the second quarter over a year ago, though net income grew.
FFO per share, as adjusted, was 55 cents for the second quarter compared with the same figure for the prior-year period.
Net income attributable to common shareholders for the quarter was $26.7 million, or 16 cents per share, compared with $500,000 a year ago.
Average gross rent per square foot for stabilized mall leases signed in the second quarter of 2014 increased 11.7 percent.
CBL Chief Executive Officer Stephen Lebovitz said the Chattanooga-based company remains on track to meet its outlined goals for the year for same-center net operating income growth and other key operating metrics.
"We are also making progress on our asset disposition program with one additional mall under contract and several others under active negotiations," he said in a statement.
See more in Wednesday's Times Free Press.