Rendering from February 2011 of new look at Hamilton Place mall’s food court.CBL & Associates Properties Inc. on Tuesday posted fourth-quarter earnings that beat analysts’ estimates, citing better operating results and a stronger balance sheet.
“As we move forward in 2011, we are more positive in our outlook,” said Stephen Lebovitz, chief executive of the Chattanooga-based shopping center developer and operator.
If losses on real estate impairments are included in each quarter, CBL earned $75.4 million, or 54 cents per share, in the most recent period. A year ago, CBL posted a gain of $2.3 million, or 2 cents a share.
The consensus analyst estimate was that the real estate investment trust would earn 50 cents in the most recent quarter.
Excluding impairments, CBL posted funds from operations of $86.3 million, or 62 cents per share, in the fourth quarter.