Shopping center developer CBL & Associates Properties Inc. raised its outlook for the rest of the year on sustained improvement in leasing spreads and occupancy.
“While we have concerns regarding the broader macroeconomic trends, the sustained improvement in leasing spreads and occupancy confirms our positive outlook and provides the confidence for our raising guidance for the year,” said Stephen Lebovitz, the Chattanooga-based company’s chief executive officer.
CBL shares closed Tuesday at $14.71, down 4.3 percent, 67 cents per share, on the New York Stock Exchange.
The company hiked 2011 funds from operations guidance to $2.12 to $2.15 per share, which excludes the impact of non-cash impairment charges, net of taxes, and includes gain from repaid debt.
CBL reported after the stock market’s close that third-quarter FFO rose 2.1 percent from the year-ago level to $91.1 million, or 48 cents per share.