Katie Reinsmidt – Vice President, Corporate Communications and Investor Relations
This conference call contains forward-looking statements within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties. Future events and actual results, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. We direct you to the company’s various filings with the Securities and Exchange Commission, including without limitation, the company’s most recent Annual Report on Form 10-K.
During our discussion today, references made to per share amounts are based upon a fully diluted converted share basis. During this call, the company may discuss non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each non-GAAP financial measure to the comparable GAAP financial measure will be included in the earnings release that is furnished on Form 8-K along with the transcript of today’s comments and additional supplemental schedules.
This call will also be available for replay on the Internet through a link on our website at cblproperties.com.Stephen Lebovitz – President and Chief Executive Officer Thank you, Katie. Over the past few months, we have seen a disconnect in the public markets valuation of our stock compared with the strength of the fundamentals in our business. While we experienced positive movement over the past two weeks, our current stock price still undervalues our company. It does not reflect the positive results that we have seen in our operations nor the tremendous improvement in our balance sheet. At the end of the quarter, we had over $1 billion of availability on our credit facilities and cash on hand. In October, we closed a TIAA-CREF joint venture further reducing our debt by $486 million. Portfolio performance metrics have been steadily improving with NOI in the third quarter increasing more than 2% for the portfolio and more than 4% for the malls. We are having ongoing success in negotiating positive leasing spreads, up 8% in the quarter.