CBL & Associates Properties, Inc. (NYSE:CBL):
- Reported FFO per diluted share of $0.60 for the fourth quarter 2011 and $2.22 for the year ended December 31, 2011.
- Same-center net operating income improved 0.6% for the fourth quarter 2011 and 1.4% for the year ended December 31, 2011, over the prior-year periods, excluding lease termination fees.
- Same-store sales per square foot increased 3.3% for mall tenants 10,000 square feet or less for stabilized malls for the year ended December 31, 2011.
- Portfolio occupancy at December 31, 2011, increased 120 basis points from the prior-year period, to 93.6%.
- Positive average leasing spread of 7.6% during the fourth quarter 2011.
- Reduced total debt by $494 million during the fourth quarter 2011.
CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the fourth quarter and year ended December 31, 2011. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure is located at the end of this news release.
|Three Months Ended December 31,||Year Ended December 31,|
|Funds from Operations (“FFO”) per diluted share||$||0.60||$||0.62||$||2.22||$||2.08|
CBL’s President and Chief Executive Officer Stephen Lebovitz commented, “We are pleased with our excellent results for the fourth quarter including a 120-basis-point increase in portfolio occupancy, positive leasing spreads and same-center NOI growth. We outperformed our previously increased FFO guidance. The capital provided during the quarter from closing the TIAA-CREF joint venture, community center disposition and financings significantly enhances our liquidity position and contributed to the nearly $500 million in debt reduction during the quarter.
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