CBL & Associates Properties' CEO Discusses Q1 2012 Results - Earnings Call Transcript
Similar to The Outlet Shoppes at Oklahoma City, this project will be developed in 75:25 joint venture with the Horizon Group with an initial unleveraged yield above 10%. We are also pursuing plans to add a second phase to our project at Oklahoma City. Sales for this project during the $400 per square foot range, and it continues to exceed our financial projections. Phase II will encompass approximately 30,000 square feet that will be under construction shortly.
Other important sources of growth are expansions and redevelopments to our existing centers. We recently celebrated openings for several major boxes within the CBL portfolio. In Maryville, Tennessee at our Foothills Mall, we opened a new Carmike 12-screen during the first quarter. The theater filled the former second (Inaudible) location in the mall, which closed so they can consolidate their operations into and renovate their other location at the mall.
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