Shopping center developer CBL & Associates Properties Inc. on Thursday reported lower second quarter earnings on the sale of assets and abandoned project expenses.
The Chattanooga company reported funds from operations of 50 cents per diluted share, as adjusted, in the quarter. That’s down from 59 cents in the same period a year ago.
However, CBL reported net income of 18 cents per diluted share, beating the consensus analyst estimate of 12 cents.
CBL Chief Executive Stephen Lebovitz said the second- quarter results were in line with expectations taking into account “the difficult retail environment.” Still, Lebovitz termed the results “disappointing.”
“Our priority through the remainder of the year is maintaining and improving occupancy and income as we focus on reinventing our market dominant properties,” he said in a statement.