CBL & Associates Properties, Inc. (NYSE:CBL):
- Full-year 2012 FFO per share guidance increased.
- FFO per diluted share increased 6.0% to $0.53 for the second quarter 2012, compared with the prior-year period.
- Same-store sales increased 4.0% to $341 per square foot for mall tenants 10,000 square feet or less for stabilized malls for the rolling twelve months ended June 30, 2012.
- Portfolio occupancy at June 30, 2012, increased 170 basis points to 92.3%, from the prior-year period.
- Same-center NOI, excluding lease termination fees, increased 2.7% in the second quarter 2012, over the prior-year period.
- Average gross rent for stabilized mall leases signed in the second quarter 2012 increased 10.2% over the prior gross rent per square foot.
CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the second quarter ended June 30, 2012. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure is located at the end of this news release.
|Three Months Ended June 30,||Six Months Ended June 30,|
|Funds from Operations (“FFO”) per diluted share||$||0.53||$||0.50||$||1.02||$||0.97|
|(1) FFO for the six months ended June 30, 2011 excludes the gain on extinguishment of debt of $0.17 per share recorded in the first quarter 2011.|
“This was a strong quarter for CBL in all respects, and we exceeded expectations in all of our primary metrics,” said Stephen Lebovitz, CBL’s president and chief executive officer. “Occupancy improved year-over-year and, sequentially, rental spreads were up nicely on both new and renewal leasing and sales in the mall portfolio continued their positive trend. We enter the second half of the year with a more positive outlook. The NOI and FFO growth we generated in the quarter has enabled us to raise our full year 2012 guidance, while the significant refinancing activity has addressed almost all of our 2012 maturities and provided significant excess loan proceeds.
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