Hamilton Place Mall is owned by CBL & Associates Properties Inc.FFO as adjusted was 71 cents per share in the quarter compared to 67 cents a year ago, the company reported. Analysts estimated the company would earn 66 cents in the most recent quarter.
For the year, FFO as adjusted was $2.32 per share, up from $2.28 a share a year ago.
CBL's stock closed Wednesday at $10.83 per share, up 28 cents, or 2.65 percent on the New York Stock Exchange.
Stephen Lebovitz, CBL's chief executive, said the real estate investment trust's operating expertise and the strong positioning of its portfolio of market-dominant shopping centers was clearly demonstrated in 2015.
"Despite this year's many challenges, we generated solid FFO and NOI growth, healthy lease spreads, steady sales improvement and year-end portfolio occupancy of 93.6 percent," he said in a statement after the close of the markets.
CBL, the owner of both Hamilton Place mall and Northgate Mall in Chattanooga, said same-center net operating income grew 2 percent in the quarter and 0.7 percent for the year ending Dec. 31, 2015.
Adjusted FFO per share was up 6 percent in the quarter and 1.8 percent in the year, the company said.
Also, average gross rent per square foot rose 6.5 percent for stabilized mall leases signed in the fourth quarter of 2015.
At the same time, same-center sales per square foot were up 3.9 percent last year to $374 per square foot.
Lebovitz said CBL used equity proceeds from more than $150 million of dispositions last year to reduce leverage and invest in value-added development and redevelopment projects.
Major dispositions announced in the fourth quarter included the sale of Mayfaire Community Center in Wilmington, N.C., for $56.3 million to Principal Real Estate Investors.
CBL also sold Waynesville Commons, a 128,000-square-foot community center in Waynesville, N.C., for $14.5 million to an affiliate of Yale Realty Services Corp.
Additionally, CBL and a 50/50 joint venture partner have agreed to sell Renaissance Center, a 363,000-square-foot community shopping center in Durham, N.C., for $129.2 million.
"Given the current economic and retail climate, we remain cautious but are confident that we are well-positioned to further advance our portfolio and balance sheet strategies this year," Lebovitz said.
For 2016, CBL projects FFO to come in at between $2.32 to $2.38 per share assuming net operating income growth of 0.5 percent to 2 percent.
CBL owns, holds interests in or manages 146 properties, including 90 regional malls or open-air centers in 30 states.
Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318.