Chattanooga-based shopping center operator CBL Properties Wednesday reported lower funds from operations in the second quarter compared to a year ago as it works to redevelop its portfolio.
FFO per diluted share, as adjusted, was 46 cents for the quarter compared with 50 cents per share a year ago, according to the company.
Still, CBL beat analyst expectations as Zacks projected the company would earn 42 cents in the quarter.
The company reported after the stock market's close that total portfolio same-center net operating income declined 6.9 percent for the second quarter.
Portfolio occupancy was 91.1 percent as of June 30 compared with 91.6 percent a year ago, the company reported.
Stephen Lebovitz, CBL's chief executive officer, said in a statement that the company is diversifying its tenant mix with more than 60 percent of new leases executed year-to-date representing non-apparel uses.
"In addition, we are replacing former anchors with dynamic, new uses which will generate higher levels of traffic and sales," he said.
See more later at timesfreepress.com or in Thursday's Times Free Press.