CBL & Associates Has Rise In Funds From Operations

Monday, April 28, 2014

CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the first quarter ended March 31, including a rise in funds from operations from 53 cents to 73 cents.

Officials average gross rent per square foot for stabilized mall leases signed in the first quarter of 2014 increased 9.5% over the prior gross rent per square foot.

Total portfolio occupancy increased 30 basis points to 92.5% and same-center stabilized mall portfolio occupancy increased 10 basis points to 92.2% in the first quarter of 2014 over the prior-year period.

CBL’s President and Chief Executive Officer Stephen Lebovitz commented, “Results for 2014’s first quarter were in-line with our expectations and encouraging given the impact from increased store closings and bankruptcies as well as the harsh winter season. Looking forward, we expect the stronger sales gains reported by retailers in April to continue and offset the sluggish sales results in the first quarter. We are on pace to deliver 2014 same-center NOI and FFO goals that we recently outlined in our special update call earlier this month. As we stated, our priorities include executing both our near-term operational initiatives for 2014 and our longer-term strategic objectives to position CBL for a higher sustainable growth rate.”

FFO allocable to common shareholders, as adjusted, for the first quarter of 2014 was $87.7 million, or $0.52 per diluted share, compared with $85.9 million, or $0.53 per diluted share, for the first quarter of 2013. FFO of the operating partnership for the first quarter of 2014 was $102.9 million compared with $101.6 million, for the first quarter of 2013. FFO per share declined from the prior-year period primarily as a result of dilution from the equity raised through the Company’s At-The-Market (“ATM”) program in the second quarter 2013 and the sale of assets in the third quarter 2013.

Net income attributable to common shareholders for the first quarter of 2014 was $44.1 million, or $0.26 per diluted share, compared with net income of $19.1 million, or $0.12 per diluted share for the first quarter of 2013.

 


FSG Bank Presents On Point A Check For $1,000

FSG Bank presented On Point with a check for $1,000 recently from funds raised during the organization’s “Change for Change” coin drive. Supporters made donations in coin canisters at FSG locations in Chattanooga during the spring. The funds will help support On Point’s mission and programs of local youth development. (click for more)

Attorney General Announces Settlement Allowing Dollar Tree To Acquire Family Dollar

Tennessee Attorney General Herbert H. Slatery III announced Thursday the merger of two large national chains of deep discount stores, Dollar Tree, headquartered in Chesapeake, Va. and Family Dollar, headquartered in Matthews, NC. As part of the agreement, Dollar Tree will be required to divest hundreds of Family Dollar stores nationwide, including stores in Memphis and Nashville. ... (click for more)

Muslim Advocacy Group Questions House Arrest For Signal Mountain Man Charged In Threats Against Muslim Village In New York

The Council on American-Islamic Relations (CAIR), the nation's largest Muslim civil rights and advocacy organization, on Saturday questioned the release of a Signal Mountain man who admitted to planning what it called "a Charleston-style terror attack" on a Muslim community in New York. CAIR also called for stepped up protection for the community targeted in the plot. Judge ... (click for more)

Plumbers Bring Complaints To WWTA; Told New Contracts Are Ready

Several plumbers on Thursday brought complaints to a committee of the Hamilton County Water and Wastewater Treatment Authority (WWTA) and got little response other than being told that new contracts are ready. Kay Keefe of Keefe Plumbing said the small number of plumbing companies still participating in the program to repair leaky lines to homes, have long been operating without ... (click for more)

Could The Marriage Decision Spark A New Independence Day?

I confess that this year I am having a hard time with the idea of celebrating the 4th of July Independence Day. It is not because I am not thankful to God for what was done on that day, what it represents, and the blessings I’ve experienced that flow from it. On the other hand, I want to think that maybe this year’s celebration will mark a period in our history in which a new movement ... (click for more)

Roy Exum: Dr. Tydings Is A Winner

One week from tomorrow the most important educator in the future of our community will start work as the new president of Chattanooga State. While I am normally cynical of beard-strokers and foundation-hungry dreamers who have little or no concept of the real world, I am convinced Flora Tydings will become the best thing to happen in our community in years. A grandmother with ... (click for more)