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CBL & Associates Properties' CEO Discusses Q2 2011 Results - Earnings Call Transcript

Renewal leasing spreads were also positive, up 3% over the prior rents. Short-term deals of three years or less also significantly declined during the quarter to 38% compared with 55% for the first quarter and 60% for the fourth quarter.

In total, we signed approximately 1.7 million square feet of leases during the second quarter, a 36% increase over the prior year period. This included approximately 700,000 square feet of new leases and 1 million square feet of renewal leases.

In addition to rent growth, we have also achieved impressive occupancy gains. Portfolio occupancy improved to 100 basis points from the prior year to 90.6% from 89.6%. Stabilized mall occupancy improved 40 basis points to 90.5%. We anticipate occupancy to end the year 75 to 100 basis points higher than the prior year end.

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