This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CBL & Associates Properties Reports Fourth Quarter 2012 Results

CBL & Associates Properties, Inc. (NYSE:CBL):

  • FFO per diluted share, as adjusted, increased 5.9% to $2.17 for 2012, compared with $2.05 for the prior-year period.
  • Same-center NOI, excluding lease termination fees, increased 2.2% in the fourth quarter 2012 and 2.0% for 2012 over the comparable prior-year periods.
  • Portfolio occupancy at December 31, 2012, increased 100 basis points to 94.6% from 93.6% for the prior-year period.
  • Average gross rent per square foot for stabilized mall leases signed in 2012 increased 8.4% over the prior gross rent per square foot.
  • Same-store sales increased 3.6% to $346 per square foot for mall tenants 10,000 square feet or less for stabilized malls for the year ended December 31, 2012.

CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the fourth quarter and year ended December 31, 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 December 31,

Year Ended

December 31,

2012 (1)

  2011

2012 (1)

   

2011 (1)

Funds from Operations (“FFO”) per diluted share

$

0.86 $ 0.60 $ 2.41 $ 2.22
FFO per diluted share, as adjusted $ 0.62 $ 0.60 $ 2.17 $ 2.05
 

(1)

FFO, as adjusted, for the three months and year ended December 31, 2012, excludes the $0.24 per share gain on investment. See ACQUISITIONS, for more information. FFO, as adjusted, for the year ended December 31, 2011, excludes the gain on extinguishment of debt of $0.17 per share recorded in the first quarter 2011.

 

“We continue to enjoy the benefits of our market-dominant mall portfolio, an expanding pipeline of new growth opportunities and an enhanced capital structure,” said Stephen Lebovitz, CBL’s president and chief executive officer. “With NOI at the top end of our guidance, FFO growth well above our expectations and occupancy up across the board, we are executing well in all areas of the company. The acquisitions of Kirkwood Mall (Bismarck, ND) and the remaining joint venture interest in Imperial Valley Mall (El Centro, CA) in December demonstrate our ability to source attractive off-market opportunities. The recent announcements to expand Cross Creek Mall (Fayetteville, NC) and develop Fremaux Town Center (Slidell, LA) should further accelerate the growth we anticipate in 2013 and beyond.

1 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,090.19 +3.56 0.02%
S&P 500 1,988.97 +1.96 0.10%
NASDAQ 4,470.6670 -3.03 -0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs