CBL & Associates Properties Inc. today reported higher third-quarter profit as the company's focus on upgrading tenant merchandising mix and redeveloping underperforming locations has improved its growth rate.
The Chattanooga-based shopping center developer and operator said that adjusted funds from operations of $93 million increased 5.8 percent to 55 cents per share in the third quarter over a year ago.
Net income attributable to common shareholders for the quarter was $38.1 million, or 22 cents per share, compared with $23.1 million, or 14 cents per share, a year ago.
CBL Chief Executive Officer Stephen Lebovitz said officials are pleased with the acceleration of same-center net operating income growth and lease spread results in the third quarter.
"Year-to-date same-center NOI growth is above the top end of our guidance range providing further confirmation of our operating expertise," he said in a statement.
See more in Thursday's Times Free Press.