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CBL & Associates Properties Reports Second Quarter 2013 Results

CBL & Associates Properties, Inc. (NYSE:CBL):
  • FFO per diluted share, as adjusted, increased 3.8% to $0.55 for the second quarter of 2013, compared with $0.53 for the prior-year period.
  • Same-center NOI increased 1.8% in the second quarter 2013 over the prior-year period, excluding lease termination fees and a one-time bankruptcy settlement included in the prior-year period.
  • Portfolio occupancy at June 30, 2013, increased 70 basis points to 93.0% from 92.3% for the prior-year period.
  • Average gross rent per square foot for stabilized mall leases signed in the second quarter of 2013 increased 12.1% over the prior gross rent per square foot.
  • Same-store sales increased 3.2% to $356 per square foot for mall tenants 10,000 square feet or less for stabilized malls for the rolling twelve months ended June 30, 2013, compared with the prior-year period.

CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the second quarter ended June 30, 2013. 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,
2013   2012 2013   2012
Funds from Operations (“FFO”) per diluted share $0.51   $0.53

$1.04
  $1.02
FFO, as adjusted, per diluted share $0.55 $0.53 $1.08 $1.02
 

“Favorable operating trends within our portfolio continued this quarter and have our Company well positioned for a strong second half of the year,” commented Stephen Lebovitz, CBL’s president and chief executive officer. “Occupancy, leasing and FFO performance were healthy, with positive NOI growth in-line with our guidance. At 97% leased and committed, the recent grand opening of The Outlet Shoppes at Atlanta was a huge success, attracting overflowing crowds. This quarter's announcement of the acquisition of the Sears stores for redevelopment at two of our most productive malls and the commencement of construction of The Outlet Shoppes at Louisville are exciting growth opportunities as we look ahead to next year.

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