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.


Small Businessperson 2018 Bedwell Nominations Due March 30

Do you know a successful, small businessperson whom deserves recognition?  Now is the time to nominate such a business leader. The 2018 Mel Bedwell Award luncheon sponsored by Pinnacle Financial Partners, slated for Wednesday, May 16, at the Museum Center at 5ive Points, will recognize the 25th Small Businessperson of the year recipient. The annual awards luncheon will ... (click for more)

Chattanooga Chamber Calendar Of Events March 19-23

March 19, Ribbon Cutting for Chattanooga Sports Chiropractic Institute, PLLC 11:30 a.m. to Noon Chattanooga Sports Chiropractic Institute, PLLC: 1200 Mountain Creek Rd., Ste. 430   March 20, Reality Check at Red Bank High School 7:30 to 11 a.m. Red Bank High School: 640 Morrison Springs Rd . Reality Check teaches ninth graders ... (click for more)

Young Boy Struck By Car On South Beech Street; Hit And Run Driver Sought

A young boy was hit by a car on South Beech Street on Saturday. He was taken to the hospital, where he was listed in stable condition. Police said the car left the scene. Officers were looking for two men in a red or orange Dodge Challenger. (click for more)

Clark D. Nolan, Accused Of Imprisoning And Assaulting Wife, Found Competent To Stand Trial

A Graysville, Tn., man who allegedly strangled, assaulted and threatened to kill his wife while holding her prisoner in their home is competent to stand trial, according to two forensic evaluators. Psychologist Robert W. Brown Jr. and forensic coordinator Todd Wiggins reported to Sequatchie County General Sessions Court that they evaluated Clark Dean Nolan on charges of aggravated ... (click for more)

Why Are Pictures Of Our President And Vice President Not Hanging At Our Federal Courthouse?

I would like to know why the pictures of our President and Vice President have not been hung in our Federal Courthouse. They have been approved by the White House. Every time I call they tell me they are on order. Tommy Fryar (click for more)

Roy Exum: The Saturday Funnies

As your dress in your best green outfit today so you can join in the Saint Patrick’s Day revelry, here’s a conversation that was overhead at an Irish pub in Killarney. Finnegan is sitting in his favorite corner, using some of the proceeds after selling his friend Michael a donkey. Suddenly Michael bolts in the door and yells, “Hey, Finnegan, that donkey you sold me went and died.' ... (click for more)