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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)

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


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.

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