CBL & Associates Properties Reports Third Quarter 2011 Results.

Extract

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CBL & Associates Properties Reports Third Quarter 2011 Results.

CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE:CBL):

* FFO per diluted share, as adjusted, increased 2.1% to $0.48 for the third quarter 2011.

* Same-center net operating income improved 4.2% for the mall portfolio for the third quarter 2011 over the prior-year period, excluding lease termination fees.

* Same-store sales per square foot increased 3.5% for mall tenants 10,000 square feet or less for stabilized malls for the nine months ended September 30, 2011.

* Portfolio occupancy at September 30, 2011, increased 30 basis points from the prior-year period.

* Positive leasing spread of 8.2% during the third quarter 2011 over prior gross rents.

* FFO and same-center NOI guidance raised.

CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the third quarter ended September 30, 2011. 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 Month Ended September 30,

Nine Months Ended September 30,

2011

2010

2011

2010

Funds from Operations ("FFO") per diluted share

$0.21

$0.47

$1.33

$1.32

FFO per diluted share, as adjusted

$0.48

$0.47

$1.46

$1.46

CBL's President and Chief Executive Officer Stephen Lebovitz commented, "The improved same-center NOI growth and strong FFO performance validates the stability and long-term viability of our portfolio of market-dominant malls as well as the commitment to successful execution throughout the company. While we have concerns regarding the broader macroeconomic trends, the sust...

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