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 also be available for replay on the Internet through a link on our website at cblproperties.com.
Stephen LebovitzThank you, Katie. We are pleased to report another strong quarter headlined by very positive operational results at our portfolio of market-dominant properties. FFO per share increased 6% to $0.53 beating the most recent consensus estimate of $0.49 per share. Same-center NOI grew by 2.7%, occupancy increased to 180-basis point and leasing spreads by 10.2%. As a result, we have raised our guidance for the year for same-center NOI growth to 1% to 2%, and FFO to a range of $2.00 to $2.10 per share. Our improved performance reflects the more robust retail demand we are experiencing in our portfolio. Sales growth year-to-date has been encouraging as well at 4.3%. This coupled with improved occupancy allows us to generate higher rents and better lease terms in retailer negotiations and improve the productivity of our portfolio going forward. We spent a lot of time this quarter meeting with our retail partners. The ICSC RECon in Las Vegas this May, was up roughly 10% in attendance, and we experienced a similar increase in a number of meetings at our booth. Overall, our meetings were positive and we were able to effectively follow-up on pending deals with our own leasing conference in June, which we call connection. Approximately 145 retailers attendant connection here in Chattanooga, which is the best turnout in 16 years that we have held this conference.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV