CBL & Associates Properties Inc. (CBL, Financial) filed Quarterly Report for the period ended 2011-09-30.
Cbl & Associates Properties Inc. has a market cap of $2.26 billion; its shares were traded at around $15.21 with a P/E ratio of 7.1 and P/S ratio of 2.1. The dividend yield of Cbl & Associates Properties Inc. stocks is 5.5%.
General and administrative expenses decreased $0.4 million primarily as a result of decreases of $0.6 million in legal and consulting expenses, and $0.2 million in travel expenses, partially offset by increases of $0.3 million in insurance expenses. As a percentage of revenues, general and administrative expenses were 3.7% and 4.0% for the third quarters of 2011 and 2010, respectively.
Total revenues increased $21.2 million for the nine months ended September 30, 2011 compared to the prior year period. Rental revenues and tenant reimbursements increased by $16.5 million due to an increase of $13.6 million from the Comparable Properties and an increase of $2.9 million from the New Properties. The increase in revenues of the Comparable Properties was driven by a $12.2 million increase in base rents. Base rents have increased as a result of overall improvement in leasing spreads, higher occupancy levels and the purchase of Parkway Place in October 2010.
General and administrative expenses increased $1.2 million primarily as a result of increases of $0.8 million in legal and consulting fees, $0.5 million in insurance expenses and $0.4 million in payroll and related expenses, partially offset by a $0.4 million decrease in state tax expense. As a percentage of revenues, general and administrative expenses were 4.1% for the nine months ended September 30, 2011 and 2010.
Traffic and sales have steadily increased despite uncertainty about economic conditions. Back-to-school results were solid and we anticipate similar positive trends for the holiday season. Mall store sales for our portfolio increased 3.0% in the third quarter of 2011 and 3.5% for the nine months ended September 30, 2011 as compared to the respective prior year periods. Mall store sales for the trailing twelve months ended September 30, 2011 on a comparable per square foot basis were $329 per square foot compared with $319 per square foot in the prior year period, an increase of 3.2%.
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Cbl & Associates Properties Inc. has a market cap of $2.26 billion; its shares were traded at around $15.21 with a P/E ratio of 7.1 and P/S ratio of 2.1. The dividend yield of Cbl & Associates Properties Inc. stocks is 5.5%.
Highlight of Business Operations:
Total revenues increased $9.3 million for the three months ended September 30, 2011 compared to the prior year period. Rental revenues and tenant reimbursements increased by $7.7 million due to an increase of $5.6 million from the Comparable Properties and an increase of $2.1 million from the New Properties. The increase in revenues of the Comparable Properties was driven by a $4.8 million increase in base rents. Base rents have increased as a result of overall improvement in leasing spreads and higher occupancy levels, in addition to the purchase of Parkway Place in October 2010.General and administrative expenses decreased $0.4 million primarily as a result of decreases of $0.6 million in legal and consulting expenses, and $0.2 million in travel expenses, partially offset by increases of $0.3 million in insurance expenses. As a percentage of revenues, general and administrative expenses were 3.7% and 4.0% for the third quarters of 2011 and 2010, respectively.
Total revenues increased $21.2 million for the nine months ended September 30, 2011 compared to the prior year period. Rental revenues and tenant reimbursements increased by $16.5 million due to an increase of $13.6 million from the Comparable Properties and an increase of $2.9 million from the New Properties. The increase in revenues of the Comparable Properties was driven by a $12.2 million increase in base rents. Base rents have increased as a result of overall improvement in leasing spreads, higher occupancy levels and the purchase of Parkway Place in October 2010.
General and administrative expenses increased $1.2 million primarily as a result of increases of $0.8 million in legal and consulting fees, $0.5 million in insurance expenses and $0.4 million in payroll and related expenses, partially offset by a $0.4 million decrease in state tax expense. As a percentage of revenues, general and administrative expenses were 4.1% for the nine months ended September 30, 2011 and 2010.
Traffic and sales have steadily increased despite uncertainty about economic conditions. Back-to-school results were solid and we anticipate similar positive trends for the holiday season. Mall store sales for our portfolio increased 3.0% in the third quarter of 2011 and 3.5% for the nine months ended September 30, 2011 as compared to the respective prior year periods. Mall store sales for the trailing twelve months ended September 30, 2011 on a comparable per square foot basis were $329 per square foot compared with $319 per square foot in the prior year period, an increase of 3.2%.
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