This conference call contains forward-looking statements within the meaning of 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 on 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 a transcript of today’s comments and additional supplemental schedules.
This call will be available for replay on the Internet through a link on our website at cblproperties.com.
Stephen D. Lebovitz
Thank you, Katie. We’re pleased that 2012 has started out so well for CBL. Our results for the first quarter show continued progress in driving growth in our core portfolio. Occupancy increased 150 basis points in this time last year. Sales growth was particularly strong with a comp store increase of just under 6%. Lease spreads increased over 7% and same-center NOI grew by 1.5%.
We’re also laying the ground work for future growth at CBL sourcing attractive new investments to add value to our portfolio. Over the past year, we have made meaningful progress building our presence in the outlet industry, with two ground-up development projects, and our recent investment in two operating outlet centers. In aggregate, outlets comprise a small percentage of our revenues, but we are encouraged by the potential we see in that area.