CBL Chief Executive Officer Stephen Lebovitz stands in his office overlooking Hamilton Place Mall2013 OUTLOOK
CBL & Associates Properties Inc. provided 2013 FFO guidance of $2.18 to $2.26 per share.
Shopping center operator CBL & Associates Properties Inc. on Tuesday posted increased profit for the quarter and year as rents and occupancy improved in 2012.
“We continue to enjoy the benefits of our market-dominant mall portfolio,” said Stephen Lebovitz, the company’s chief executive, in a statement.
Funds from operations, as adjusted for acquisitions, rose in the fourth quarter to 62 cents per share from 60 cents per share year ago. CBL, which owns or manages 163 properties nationally including Hamilton Place mall and Northgate Mall in Chattanooga, grew same-center net operating income by 2.2 percent in the fourth quarter, excluding lease termination fees.
Michael Niemira, chief economist for the International Council of Shopping Centers, said that in the face of online competition and closings among some retailers, CBL and other like businesses need to know their markets and options.