Attached files
| file | filename |
|---|---|
| 8-K - CBL & ASSOCIATES PROPERTIES INC | form8k.htm |
| EX-99.1 - EARNINGS RELEASE - CBL & ASSOCIATES PROPERTIES INC | exhibit991.htm |
| EX-99.2 - INVESTOR CONFERENCE CALL SCRIPT - CBL & ASSOCIATES PROPERTIES INC | exhibit992.htm |
Exhibit
99.3
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
Consolidated
Statements of Operations
(Unaudited;
in thousands, except per share amounts)
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
REVENUES:
|
||||||||||||||||
|
Minimum
rents
|
$ | 182,718 | $ | 188,300 | $ | 693,911 | $ | 716,570 | ||||||||
|
Percentage
rents
|
7,163 | 8,509 | 16,422 | 18,375 | ||||||||||||
|
Other
rents
|
8,959 | 9,372 | 20,763 | 22,887 | ||||||||||||
|
Tenant
reimbursements
|
80,946 | 85,183 | 322,702 | 336,173 | ||||||||||||
|
Management,
development and leasing fees
|
1,980 | 2,459 | 7,372 | 19,393 | ||||||||||||
|
Other
|
7,371 | 5,575 | 28,319 | 24,820 | ||||||||||||
|
Total
revenues
|
289,137 | 299,398 | 1,089,489 | 1,138,218 | ||||||||||||
|
EXPENSES:
|
||||||||||||||||
|
Property
operating
|
39,068 | 49,274 | 162,819 | 190,148 | ||||||||||||
|
Depreciation
and amortization
|
84,317 | 102,369 | 309,682 | 332,475 | ||||||||||||
|
Real
estate taxes
|
22,466 | 23,658 | 96,881 | 95,393 | ||||||||||||
|
Maintenance
and repairs
|
14,812 | 17,258 | 57,441 | 65,617 | ||||||||||||
|
General
and administrative
|
9,830 | 11,973 | 41,010 | 45,241 | ||||||||||||
|
Loss
on impairment of real estate
|
114,862 | - | 114,862 | - | ||||||||||||
|
Other
|
7,009 | 14,643 | 25,794 | 33,333 | ||||||||||||
|
Total
expenses
|
292,364 | 219,175 | 808,489 | 762,207 | ||||||||||||
|
Income
(loss) from operations
|
(3,227 | ) | 80,223 | 281,000 | 376,011 | |||||||||||
|
Interest
and other income
|
1,022 | 2,942 | 5,211 | 10,076 | ||||||||||||
|
Interest
expense
|
(78,204 | ) | (79,473 | ) | (294,051 | ) | (313,209 | ) | ||||||||
|
Loss
on extinguishment of debt
|
(601 | ) | - | (601 | ) | - | ||||||||||
|
Loss
on impairment of investments
|
(411 | ) | (11,403 | ) | (9,260 | ) | (17,181 | ) | ||||||||
|
Gain
on sales of real estate assets
|
2,352 | 279 | 3,820 | 12,401 | ||||||||||||
|
Equity
in earnings of unconsolidated affiliates
|
3,622 | 1,523 | 5,489 | 2,831 | ||||||||||||
|
Income
tax benefit (provision)
|
619 | (738 | ) | 1,222 | (13,495 | ) | ||||||||||
|
Income
(loss) from continuing operations
|
(74,828 | ) | (6,647 | ) | (7,170 | ) | 57,434 | |||||||||
|
Operating
income (loss) of discontinued operations
|
(10 | ) | 347 | 122 | 1,809 | |||||||||||
|
Gain
(loss) on discontinued operations
|
45 | 10 | (17 | ) | 3,798 | |||||||||||
|
Net
income (loss)
|
(74,793 | ) | (6,290 | ) | (7,065 | ) | 63,041 | |||||||||
|
Net
(income) loss attributable to noncontrolling interests:
|
||||||||||||||||
|
Operating
partnership
|
29,018 | 7,700 | 17,845 | (7,495 | ) | |||||||||||
|
Other
consolidated subsidiaries
|
(6,561 | ) | (6,010 | ) | (25,769 | ) | (23,959 | ) | ||||||||
|
Net
income (loss) attributable to the Company
|
(52,336 | ) | (4,600 | ) | (14,989 | ) | 31,587 | |||||||||
|
Preferred
dividends
|
(5,454 | ) | (5,455 | ) | (21,818 | ) | (21,819 | ) | ||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (57,790 | ) | $ | (10,055 | ) | $ | (36,807 | ) | $ | 9,768 | |||||
|
Basic
per share data attributable to common shareholders:
|
||||||||||||||||
|
Income
(loss) from continuing operations, net of preferred
dividends
|
$ | (0.42 | ) | $ | (0.15 | ) | $ | (0.35 | ) | $ | 0.10 | |||||
|
Discontinued
operations
|
- | - | - | 0.05 | ||||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (0.42 | ) | $ | (0.15 | ) | $ | (0.35 | ) | $ | 0.15 | |||||
|
Weighted
average common shares outstanding
|
137,878 | 66,360 | 106,366 | 66,313 | ||||||||||||
|
Diluted
per share data attributable to common shareholders:
|
||||||||||||||||
|
Income
(loss) from continuing operations, net of preferred
dividends
|
$ | (0.42 | ) | $ | (0.15 | ) | $ | (0.35 | ) | $ | 0.10 | |||||
|
Discontinued
operations
|
- | - | - | 0.05 | ||||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (0.42 | ) | $ | (0.15 | ) | $ | (0.35 | ) | $ | 0.15 | |||||
|
Weighted
average common and potential dilutive
common
shares outstanding
|
137,878 | 66,360 | 106,366 | 66,418 | ||||||||||||
|
Amounts
attributable to common shareholders:
|
||||||||||||||||
|
Income
(loss) from continuing operations, net of preferred
dividends
|
$ | (57,815 | ) | $ | (10,257 | ) | $ | (36,878 | ) | $ | 6,589 | |||||
|
Discontinued
operations
|
25 | 202 | 71 | 3,179 | ||||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (57,790 | ) | $ | (10,055 | ) | $ | (36,807 | ) | $ | 9,768 | |||||
-1-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
The
Company's calculation of FFO allocable to Company shareholders is as
follows:
(in
thousands, except per share data)
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (57,790 | ) | $ | (10,055 | ) | $ | (36,807 | ) | $ | 9,768 | |||||
|
Noncontrolling
interest in earnings (loss) of operating partnership
|
(29,018 | ) | (7,700 | ) | (17,845 | ) | 7,495 | |||||||||
|
Depreciation
and amortization expense of:
|
||||||||||||||||
|
Consolidated
properties
|
84,317 | 102,369 | 309,682 | 332,475 | ||||||||||||
|
Unconsolidated
affiliates
|
6,334 | 8,875 | 28,826 | 29,987 | ||||||||||||
|
Discontinued
operations
|
- | - | - | 892 | ||||||||||||
|
Non-real
estate assets
|
(231 | ) | (257 | ) | (962 | ) | (1,027 | ) | ||||||||
|
Noncontrolling
interests' share of depreciation and amortization
|
(320 | ) | (15 | ) | (705 | ) | (958 | ) | ||||||||
|
(Gain)
loss on discontinued operations
|
(45 | ) | (10 | ) | 17 | (3,798 | ) | |||||||||
|
Income
tax provision on disposal of discontinued operations
|
- | - | - | 1,439 | ||||||||||||
|
Funds
from operations of the operating partnership
|
3,247 | 93,207 | 282,206 | 376,273 | ||||||||||||
|
Loss
on impairment of real estate
|
114,862 | - | 114,862 | - | ||||||||||||
|
Funds
from operations of the operating partnership, excluding
loss
on impairment of real estate
|
$ | 118,109 | $ | 93,207 | $ | 397,068 | $ | 376,273 | ||||||||
|
Funds
from operations per diluted share
|
$ | 0.02 | $ | 0.80 | $ | 1.79 | $ | 3.21 | ||||||||
|
Loss
on impairment of real estate per diluted share
|
0.60 | - | 0.73 | - | ||||||||||||
|
Funds
from operations, excluding loss on impairment of real
estate,
per diluted share
|
$ | 0.62 | $ | 0.80 | $ | 2.52 | $ | 3.21 | ||||||||
|
Weighted
average common and potential dilutive common shares
outstanding
with operating partnership units fully converted
|
189,866 | 117,022 | 157,970 | 117,051 | ||||||||||||
|
Reconciliation
of FFO of the operating partnership to FFO allocable to Company
shareholders: |
||||||||||||||||
|
Funds
from operations of the operating partnership
|
$ | 3,247 | $ | 93,207 | $ | 282,206 | $ | 376,273 | ||||||||
|
Percentage
allocable to Company shareholders (1)
|
72.63 | % | 56.72 | % | 67.35 | % | 56.70 | % | ||||||||
|
Funds
from operations allocable to Company shareholders
|
$ | 2,358 | $ | 52,867 | $ | 190,066 | $ | 213,347 | ||||||||
|
Funds
from operations of the operating partnership, excluding
loss
on impairment of real estate
|
$ | 118,109 | $ | 93,207 | $ | 397,068 | $ | 376,273 | ||||||||
|
Percentage
allocable to Company shareholders (1)
|
72.63 | % | 56.72 | % | 67.35 | % | 56.70 | % | ||||||||
|
Funds
from operations allocable to Company shareholders,
excluding
loss on impairment of real estate
|
$ | 85,783 | $ | 52,867 | $ | 267,425 | $ | 213,347 | ||||||||
|
(1)
Represents the weighted average number of common shares outstanding for
the period divided by the sum of the weighted average
number
of common shares and the weighted average number of operating partnership
units outstanding during the period. See the
reconciliation
of shares and operating partnership units on page
5.
|
-2-
CBL & Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
SUPPLEMENTAL
FFO INFORMATION:
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
|
(in
thousands, except per share data)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
Lease
termination fees
|
$ | 2,871 | $ | 679 | $ | 7,284 | $ | 9,935 | ||||||||
|
Lease
termination fees per share
|
$ | 0.02 | $ | 0.01 | $ | 0.05 | $ | 0.08 | ||||||||
|
Straight-line
rental income
|
$ | 1,602 | $ | 2,087 | $ | 7,762 | $ | 6,137 | ||||||||
|
Straight-line
rental income per share
|
$ | 0.01 | $ | 0.02 | $ | 0.05 | $ | 0.05 | ||||||||
|
Gains
on outparcel sales
|
$ | 3,791 | $ | 1,111 | $ | 6,136 | $ | 15,963 | ||||||||
|
Gains
on outparcel sales per share
|
$ | 0.02 | $ | 0.01 | $ | 0.04 | $ | 0.14 | ||||||||
|
Amortization
of acquired above- and below-market leases
|
$ | 1,109 | $ | 3,950 | $ | 5,561 | $ | 10,735 | ||||||||
|
Amortization
of acquired above- and below-market leases per share
|
$ | 0.01 | $ | 0.03 | $ | 0.04 | $ | 0.09 | ||||||||
|
Amortization
of debt premiums
|
$ | 1,623 | $ | 1,991 | $ | 6,980 | $ | 7,909 | ||||||||
|
Amortization
of debt premiums per share
|
$ | 0.01 | $ | 0.02 | $ | 0.04 | $ | 0.07 | ||||||||
|
Income
tax benefit (provision)
|
$ | 619 | $ | (738 | ) | $ | 1,222 | $ | (12,056 | ) | ||||||
|
Income
tax benefit (provision) per share
|
$ | - | $ | (0.01 | ) | $ | 0.01 | $ | (0.10 | ) | ||||||
|
Loss
on impairment of real estate
|
$ | (114,862 | ) | $ | - | $ | (114,862 | ) | $ | - | ||||||
|
Loss
on impairment of real estate per share
|
$ | (0.60 | ) | $ | - | $ | (0.73 | ) | $ | - | ||||||
|
Loss
on impairment of investments
|
$ | (411 | ) | $ | (11,403 | ) | $ | (9,260 | ) | $ | (17,181 | ) | ||||
|
Loss
on impairment of investments per share
|
$ | - | $ | (0.10 | ) | $ | (0.06 | ) | $ | (0.15 | ) | |||||
-3-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
Same-Center Net Operating Income
(Dollars
in thousands)
|
Three
Months Ended
December
31,
|
Year Ended
December
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Net
income (loss) attributable to the Company
|
$ | (52,336 | ) | $ | (4,600 | ) | $ | (14,989 | ) | $ | 31,587 | |||||
|
Adjustments:
|
||||||||||||||||
|
Depreciation
and amortization
|
84,317 | 102,369 | 309,682 | 332,475 | ||||||||||||
|
Depreciation
and amortization from unconsolidated affiliates
|
6,334 | 8,875 | 28,826 | 29,987 | ||||||||||||
|
Depreciation
and amortization from discontinued operations
|
- | - | - | 892 | ||||||||||||
|
Noncontrolling
interests' share of depreciation and amortization in
other
consolidated subsidiaries
|
(320 | ) | (15 | ) | (705 | ) | (958 | ) | ||||||||
|
Interest
expense
|
78,204 | 79,473 | 294,051 | 313,209 | ||||||||||||
|
Interest
expense from unconsolidated affiliates
|
6,332 | 7,653 | 29,092 | 28,525 | ||||||||||||
|
Noncontrolling
interests' share of interest expense in
other
consolidated subsidiaries
|
(238 | ) | (135 | ) | (933 | ) | (1,492 | ) | ||||||||
|
Loss
on extinguishment of debt
|
601 | - | 601 | - | ||||||||||||
|
Abandoned
projects expense
|
155 | 9,407 | 1,501 | 12,351 | ||||||||||||
|
Gain
on sales of real estate assets
|
(2,352 | ) | (279 | ) | (3,820 | ) | (12,401 | ) | ||||||||
|
Gain
on sales of real estate assets of unconsolidated
affiliates
|
(1,433 | ) | (832 | ) | (2,310 | ) | (3,548 | ) | ||||||||
|
Loss
on impairment of investments
|
411 | 11,403 | 9,260 | 17,181 | ||||||||||||
|
Loss
on impairment of real estate
|
114,862 | - | 114,862 | - | ||||||||||||
|
Income
tax (benefit) provision
|
(619 | ) | 738 | (1,222 | ) | 13,495 | ||||||||||
|
Noncontrolling
interest in earnings (loss) of operating partnership
|
(29,018 | ) | (7,700 | ) | (17,845 | ) | 7,495 | |||||||||
|
(Gain)
loss on discontinued operations
|
(45 | ) | (10 | ) | 17 | (3,798 | ) | |||||||||
|
Operating
partnership's share of total NOI
|
204,855 | 206,347 | 746,068 | 765,000 | ||||||||||||
|
General
and administrative expenses
|
9,830 | 11,973 | 41,010 | 45,241 | ||||||||||||
|
Management
fees and non-property level revenues
|
(6,488 | ) | (7,651 | ) | (22,711 | ) | (36,255 | ) | ||||||||
|
Operating
partnership's share of property NOI
|
208,197 | 210,669 | 764,367 | 773,986 | ||||||||||||
|
NOI
of non-comparable centers
|
(3,470 | ) | (4,925 | ) | (14,779 | ) | (11,946 | ) | ||||||||
|
Total
same-center NOI
|
$ | 204,727 | $ | 205,744 | $ | 749,588 | $ | 762,040 | ||||||||
|
Total
same-center NOI percentage change
|
-0.5 | % | -1.6 | % | ||||||||||||
|
Total
same-center NOI
|
$ | 204,727 | $ | 205,744 | $ | 749,588 | $ | 762,040 | ||||||||
|
Less
lease termination fees
|
(2,846 | ) | (717 | ) | (7,243 | ) | (9,927 | ) | ||||||||
|
Total
same-center NOI, excluding lease termination fees
|
$ | 201,881 | $ | 205,027 | $ | 742,345 | $ | 752,113 | ||||||||
|
Malls
|
$ | 184,549 | $ | 188,527 | $ | 674,157 | $ | 681,796 | ||||||||
|
Associated
centers
|
7,932 | 7,960 | 31,430 | 33,979 | ||||||||||||
|
Community
centers
|
3,487 | 3,492 | 13,972 | 14,641 | ||||||||||||
|
Office
and other
|
5,913 | 5,048 | 22,786 | 21,697 | ||||||||||||
|
Total
same-center NOI, excluding lease termination fees
|
$ | 201,881 | $ | 205,027 | $ | 742,345 | $ | 752,113 | ||||||||
|
Percentage
Change:
|
||||||||||||||||
|
Malls
|
-2.1 | % | -1.1 | % | ||||||||||||
|
Associated
centers
|
-0.4 | % | -7.5 | % | ||||||||||||
|
Community
centers
|
-0.1 | % | -4.6 | % | ||||||||||||
|
Office
and other
|
17.1 | % | 5.0 | % | ||||||||||||
|
Total
same-center NOI, excluding lease termination fees
|
-1.5 | % | -1.3 | % | ||||||||||||
-4-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
Company's Share of Consolidated and Unconsolidated Debt
(Dollars
in thousands)
|
December
31, 2009
|
||||||||||||
|
Fixed
Rate
|
Variable
Rate
|
Total
|
||||||||||
|
Consolidated
debt
|
$ | 4,049,718 | $ | 1,566,421 | $ | 5,616,139 | ||||||
|
Noncontrolling
interests' share of consolidated debt
|
(23,737 | ) | (928 | ) | (24,665 | ) | ||||||
|
Company's
share of unconsolidated affiliates' debt
|
404,104 | 190,163 | 594,267 | |||||||||
|
Company's
share of consolidated and unconsolidated debt
|
$ | 4,430,085 | $ | 1,755,656 | $ | 6,185,741 | ||||||
|
Weighted
average interest rate
|
5.95 | % | 3.07 | % | 5.13 | % | ||||||
|
December
31, 2008
|
||||||||||||
|
Fixed
Rate
|
Variable
Rate
|
Total
|
||||||||||
|
Consolidated
debt
|
$ | 4,608,347 | $ | 1,487,329 | $ | 6,095,676 | ||||||
|
Noncontrolling
interests' share of consolidated debt
|
(23,648 | ) | (928 | ) | (24,576 | ) | ||||||
|
Company's
share of unconsolidated affiliates' debt
|
418,761 | 143,468 | 562,229 | |||||||||
|
Company's
share of consolidated and unconsolidated debt
|
$ | 5,003,460 | $ | 1,629,869 | $ | 6,633,329 | ||||||
|
Weighted
average interest rate
|
5.96 | % | 2.02 | % | 4.99 | % | ||||||
Debt-To-Total-Market
Capitalization Ratio as of December 31, 2009
(In
thousands, except stock price)
|
Shares
Outstanding
|
Stock
Price (1)
|
Value
|
||||||||||
|
Common
stock and operating partnership units
|
189,837 | $ | 9.67 | $ | 1,835,724 | |||||||
|
7.75%
Series C Cumulative Redeemable Preferred Stock
|
460 | 250.00 | 115,000 | |||||||||
|
7.375%
Series D Cumulative Redeemable Preferred Stock
|
700 | 250.00 | 175,000 | |||||||||
|
Total
market equity
|
2,125,724 | |||||||||||
|
Company's
share of total debt
|
6,185,741 | |||||||||||
|
Total
market capitalization
|
$ | 8,311,465 | ||||||||||
|
Debt-to-total-market
capitalization ratio
|
74.4 | % | ||||||||||
|
(1)
|
Stock
price for common stock and operating partnership units equals the closing
price of the common stock on December 31, 2009. The stock price
for the preferred stock represents the liquidation preference of each
respective series of preferred
stock.
|
|||||||
Reconciliation
of Shares and Operating Partnership Units Outstanding
(In
thousands)
|
Three
Months Ended
December
31,
|
Year Ended
December
31,
|
|||||||||||||||
|
2009:
|
Basic
|
Diluted
|
Basic
|
Diluted
|
||||||||||||
|
Weighted
average shares - EPS
|
137,878 | 137,878 | 106,366 | 106,366 | ||||||||||||
|
Weighted
average diluted shares for FFO (2)
|
- | 39 | - | 37 | ||||||||||||
|
Weighted
average operating partnership units
|
51,949 | 51,949 | 51,567 | 51,567 | ||||||||||||
|
Weighted
average shares- FFO
|
189,827 | 189,866 | 157,933 | 157,970 | ||||||||||||
|
2008:
|
||||||||||||||||
|
Weighted
average shares - EPS
|
66,360 | 66,360 | 66,313 | 66,418 | ||||||||||||
|
Weighted
average diluted shares for FFO (2)
|
- | 34 | - | - | ||||||||||||
|
Weighted
average operating partnership units
|
50,628 | 50,628 | 50,633 | 50,633 | ||||||||||||
|
Weighted
average shares- FFO
|
116,988 | 117,022 | 116,946 | 117,051 | ||||||||||||
Dividend
Payout Ratio
|
Three
Months Ended
December
31,
|
Year Ended
December
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Weighted
average dividend per share
|
$ | 0.10371 | $ | 0.37255 | $ | 0.74032 | $ | 2.02396 | ||||||||
|
FFO
per diluted, fully converted share (3)
|
$ | 0.02 | $ | 0.80 | $ | 1.79 | $ | 3.21 | ||||||||
|
Dividend
payout ratio
|
518.6 | % | 46.6 | % | 41.4 | % | 63.1 | % | ||||||||
|
(2)
|
Because
the Company incurred net losses during the three months ended December 31,
2009 and 2008 and during the year ended December 31, 2009, there are no
potentially dilutive shares recognized in the number of diluted weighted
average shares for EPS purposes for those periods due to their
anti-dilutive nature. However, because FFO was positive during
these periods, the dilutive shares are recognized in the number of diluted
weighted average shares for purposes of calculating FFO per
share.
|
|
(3)
|
FFO
per diluted, fully converted share for the three months and year ended
December 31, 2009 includes the impact of a non-cash impairment of real
estate of $0.60 and $0.73, respectively, per
share.
|
-5-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
Consolidated
Balance Sheets
(Unaudited, in
thousands except share data)
|
December
31,
|
||||||||
|
2009
|
2008
|
|||||||
|
ASSETS
|
||||||||
|
Real
estate assets:
|
||||||||
|
Land
|
$ | 956,750 | $ | 902,504 | ||||
|
Buildings
and improvements
|
7,569,015 | 7,503,334 | ||||||
| 8,525,765 | 8,405,838 | |||||||
|
Accumulated
depreciation
|
(1,505,840 | ) | (1,310,173 | ) | ||||
| 7,019,925 | 7,095,665 | |||||||
|
Developments
in progress
|
85,110 | 225,815 | ||||||
|
Net
investment in real estate assets
|
7,105,035 | 7,321,480 | ||||||
|
Cash
and cash equivalents
|
48,062 | 51,227 | ||||||
|
Cash
in escrow
|
- | 2,700 | ||||||
|
Receivables:
|
||||||||
|
Tenant,
net of allowance
|
73,170 | 74,402 | ||||||
|
Other
|
8,162 | 12,145 | ||||||
|
Mortgage
and other notes receivable
|
38,208 | 58,961 | ||||||
|
Investments
in unconsolidated affiliates
|
186,523 | 207,618 | ||||||
|
Intangible
lease assets and other assets
|
279,950 | 305,802 | ||||||
| $ | 7,739,110 | $ | 8,034,335 | |||||
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
||||||||
|
Mortgage
and other indebtedness
|
$ | 5,616,139 | $ | 6,095,676 | ||||
|
Accounts
payable and accrued liabilities
|
258,333 | 329,991 | ||||||
|
Total
liabilities
|
5,874,472 | 6,425,667 | ||||||
|
Commitments
and contingencies
|
||||||||
|
Redeemable
noncontrolling interests:
|
||||||||
|
Redeemable
noncontrolling partnership interests
|
22,689 | 18,393 | ||||||
|
Redeemable
noncontrolling preferred joint venture interest
|
421,570 | 421,279 | ||||||
|
Total
redeemable noncontrolling interests
|
444,259 | 439,672 | ||||||
|
Shareholders'
equity:
|
||||||||
|
Preferred
Stock, $.01 par value, 15,000,000 shares authorized:
|
||||||||
|
7.75%
Series C Cumulative Redeemable Preferred Stock,
460,000
shares outstanding
|
5 | 5 | ||||||
|
7.375%
Series D Cumulative Redeemable Preferred Stock,
700,000
shares outstanding
|
7 | 7 | ||||||
|
Common
Stock, $.01 par value, 180,000,000 shares authorized,
137,888,408 and 66,394,844 issued and outstanding in 2009 and
2008, respectively
|
1,379 | 664 | ||||||
|
Additional
paid-in capital
|
1,399,654 | 993,941 | ||||||
|
Accumulated
other comprehensive income (loss)
|
491 | (12,786 | ) | |||||
|
Accumulated
deficit
|
(283,640 | ) | (193,307 | ) | ||||
|
Total
shareholders' equity
|
1,117,896 | 788,524 | ||||||
|
Noncontrolling
interests
|
302,483 | 380,472 | ||||||
|
Total
equity
|
1,420,379 | 1,168,996 | ||||||
| $ | 7,739,110 | $ | 8,034,335 | |||||
-6-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
The
Company presents the ratio of earnings before interest, taxes, depreciation and
amortization (EBITDA) to interest because the Company believes that the EBITDA
to interest coverage ratio, along with cash flows from operating activities,
investing activities and financing activities, provides investors an additional
indicator of the Company's ability to incur and service debt.
Ratio
of EBITDA to Interest Expense
(Dollars
in thousands)
|
Three
Months Ended
December
31,
|
Year Ended
December
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
EBITDA:
|
||||||||||||||||
|
Net
income (loss) attributable to the Company
|
$ | (52,336 | ) | $ | (4,600 | ) | $ | (14,989 | ) | $ | 31,587 | |||||
|
Adjustments:
|
||||||||||||||||
|
Depreciation
and amortization
|
84,317 | 102,369 | 309,682 | 332,475 | ||||||||||||
|
Depreciation
and amortization from unconsolidated affiliates
|
6,334 | 8,875 | 28,826 | 29,987 | ||||||||||||
|
Depreciation
and amortization from discontinued operations
|
- | - | - | 892 | ||||||||||||
|
Noncontrolling
interests' share of depreciation and amortization
in other consolidated subsidiaries |
(320 | ) | (15 | ) | (705 | ) | (958 | ) | ||||||||
|
Interest
expense
|
78,204 | 79,473 | 294,051 | 313,209 | ||||||||||||
|
Interest
expense from unconsolidated affiliates
|
6,332 | 7,653 | 29,092 | 28,525 | ||||||||||||
|
Noncontrolling
interests' share of interest expense
in other consolidated subsidiaries |
(238 | ) | (135 | ) | (933 | ) | (1,492 | ) | ||||||||
|
Loss
on extinguishment of debt
|
601 | - | 601 | - | ||||||||||||
|
Income
and other taxes
|
(207 | ) | 1,343 | 1,275 | 16,345 | |||||||||||
|
Loss
on impairment of real estate
|
114,862 | - | 114,862 | - | ||||||||||||
|
Loss
on impairment of investments
|
411 | 11,403 | 9,260 | 17,181 | ||||||||||||
|
Abandoned
projects
|
155 | 9,407 | 1,501 | 12,351 | ||||||||||||
|
Noncontrolling
interest in earnings (loss) of operating partnership
|
(29,018 | ) | (7,700 | ) | (17,845 | ) | 7,495 | |||||||||
|
(Gain)
loss on discontinued operations
|
(45 | ) | (10 | ) | 17 | (3,798 | ) | |||||||||
|
Company's
share of total EBITDA
|
$ | 209,052 | $ | 208,063 | $ | 754,695 | $ | 783,799 | ||||||||
|
Interest
Expense:
|
||||||||||||||||
|
Interest
expense
|
$ | 78,204 | $ | 79,473 | $ | 294,051 | $ | 313,209 | ||||||||
|
Interest
expense from unconsolidated affiliates
|
6,332 | 7,653 | 29,092 | 28,525 | ||||||||||||
|
Noncontrolling
interests' share of interest expense
in other consolidated subsidiaries |
(238 | ) | (135 | ) | (933 | ) | (1,492 | ) | ||||||||
|
Company's
share of total interest expense
|
$ | 84,298 | $ | 86,991 | $ | 322,210 | $ | 340,242 | ||||||||
|
Ratio
of EBITDA to Interest Expense
|
2.48 | 2.39 | 2.34 | 2.30 | ||||||||||||
Reconciliation
of EBITDA to Cash Flows Provided By Operating Activities
(In
thousands)
|
Three
Months Ended
December
31,
|
Year Ended
December
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Company's
share of total EBITDA
|
$ | 209,052 | $ | 208,063 | $ | 754,695 | $ | 783,799 | ||||||||
|
Interest
expense
|
(78,204 | ) | (79,473 | ) | (294,051 | ) | (313,209 | ) | ||||||||
|
Noncontrolling
interests' share of interest expense in other
consolidated
subsidiaries
|
238 | 135 | 933 | 1,492 | ||||||||||||
|
Income
and other taxes
|
207 | (1,343 | ) | (1,275 | ) | (16,345 | ) | |||||||||
|
Amortization
of deferred financing costs and non-real estate
depreciation
included in operating expense
|
4,941 | 2,362 | 11,982 | 9,382 | ||||||||||||
|
Amortization
of debt premiums
|
(1,623 | ) | (1,991 | ) | (6,980 | ) | (7,909 | ) | ||||||||
|
Amortization
of above- and below- market leases
|
(1,144 | ) | (3,763 | ) | (5,655 | ) | (10,659 | ) | ||||||||
|
Depreciation
and interest expense from unconsolidated affiliates
|
(12,666 | ) | (16,528 | ) | (57,918 | ) | (58,512 | ) | ||||||||
|
Noncontrolling
interests' share of depreciation and amortization
in
other consolidated subsidiaries
|
320 | 15 | 705 | 958 | ||||||||||||
|
Noncontrolling
interest in earnings of other consolidated subsidiaries
|
6,561 | 6,010 | 25,769 | 23,959 | ||||||||||||
|
Realized
foreign currency (gain) loss
|
(11 | ) | - | 65 | - | |||||||||||
|
Gains
on outparcel sales
|
(2,352 | ) | (279 | ) | (3,820 | ) | (12,401 | ) | ||||||||
|
Income
tax benefit from stock options
|
- | - | - | 7,472 | ||||||||||||
|
Equity
in earnings of unconsolidated affiliates
|
(3,622 | ) | (1,523 | ) | (5,489 | ) | (2,831 | ) | ||||||||
|
Distributions
from unconsolidated affiliates
|
4,490 | 4,757 | 12,665 | 15,661 | ||||||||||||
|
Share-based
compensation
|
797 | 988 | 3,160 | 5,016 | ||||||||||||
|
Changes
in operating assets and liabilities
|
6,807 | (12,436 | ) | (3,148 | ) | (6,780 | ) | |||||||||
|
Cash
flows provided by operating activities
|
$ | 133,791 | $ | 104,994 | $ | 431,638 | $ | 419,093 | ||||||||
-7-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
Schedule
of Mortgage and Other Indebtedness as of December 31, 2009
(Dollars
in thousands )
|
Balance
|
||||||||||||||||||||||||||
|
Location
|
Property
|
Original
Maturity
Date
|
Original
Extended
Maturity
Date
|
Interest
Rate
|
Balance
|
Fixed
|
Variable
|
|||||||||||||||||||
|
Operating
Properties:
|
||||||||||||||||||||||||||
|
Fairview
Heights, IL
|
St.
Clair Square
|
Apr-10
|
- | 7.50 | % | $ | 57,237 | $ | 57,237 | $ | - | |||||||||||||||
|
Little
Rock, AR
|
Park
Plaza Mall
|
May-10
|
- | 8.69 | % | 38,856 | 38,856 | - | ||||||||||||||||||
|
Spartanburg,
SC
|
WestGate
Crossing
|
Jul-10
|
- | 8.42 | % | 9,024 | 9,024 | - | ||||||||||||||||||
|
Pearland,
TX
|
Pearland
Office
|
Jul-10
|
Jul-12
|
1.40 | % | 7,563 |
(a)
|
- | 7,563 | |||||||||||||||||
|
Pearland,
TX
|
Pearland
Town Center
|
Jul-10
|
Jul-12
|
1.40 | % | 126,586 |
(a)
|
- | 126,586 | |||||||||||||||||
|
Burnsville,
MN
|
Burnsville
Center
|
Aug-10
|
- | 8.00 | % | 61,519 | 61,519 | - | ||||||||||||||||||
|
Roanoke,
VA
|
Valley
View Mall
|
Sep-10
|
- | 8.61 | % | 40,989 | 40,989 | - | ||||||||||||||||||
|
Beaumont,
TX
|
Parkdale
Crossing
|
Sep-10
|
- | 5.01 | % | 7,674 | 7,674 | - | ||||||||||||||||||
|
Beaumont,
TX
|
Parkdale
Mall
|
Sep-10
|
- | 5.01 | % | 48,603 | 48,603 | - | ||||||||||||||||||
|
Burlington,
NC
|
Alamance
Crossing
|
Sep-10
|
Sep-11
|
1.48 | % | 61,483 | 40,000 | 21,483 | ||||||||||||||||||
|
Nashville,
TN
|
CoolSprings
Galleria
|
Sep-10
|
- | 6.22 | % | 121,339 | 121,339 | - | ||||||||||||||||||
|
Stillwater,
OK
|
Lakeview
Pointe
|
Nov-10
|
- | 1.24 | % | 14,950 | - | 14,950 | ||||||||||||||||||
|
Stroud,
PA
|
Stroud
Mall
|
Dec-10
|
- | 8.42 | % | 29,794 | 29,794 | - | ||||||||||||||||||
|
Wausau,
WI
|
Wausau
Center
|
Dec-10
|
- | 6.70 | % | 11,226 | 11,226 | - | ||||||||||||||||||
|
York,
PA
|
York
Galleria
|
Dec-10
|
- | 8.34 | % | 47,595 | 47,595 | - | ||||||||||||||||||
|
Statesboro,
GA
|
Statesboro
Crossing
|
Feb-11
|
Feb-13
|
1.23 | % | 15,848 | - | 15,848 | ||||||||||||||||||
|
St.
Louis, MO
|
West
County Center - restaurant village
|
Mar-11
|
Mar-13
|
1.23 | % | 27,634 | - | 27,634 | ||||||||||||||||||
|
Lexington,
KY
|
Fayette
Mall
|
Jul-11
|
- | 7.00 | % | 86,847 | 86,847 | - | ||||||||||||||||||
|
St.
Louis, MO
|
Mid
Rivers Mall
|
Jul-11
|
- | 7.24 | % | 78,748 | 78,748 | - | ||||||||||||||||||
|
Panama
City, FL
|
Panama
City Mall
|
Aug-11
|
- | 7.30 | % | 37,141 | 37,141 | - | ||||||||||||||||||
|
Chattanooga,
TN
|
CBL
Center II
|
Aug-11
|
- | 4.50 | % | 11,599 | - | 11,599 | ||||||||||||||||||
|
Asheville, NC
|
Asheville
Mall
|
Sep-11
|
- | 6.98 | % | 63,431 | 63,431 | - | ||||||||||||||||||
|
Nashville,
TN
|
Rivergate
Mall
|
Sep-11
|
Sep-13
|
5.85 | % | 87,500 |
(b)
|
87,500 | - | |||||||||||||||||
|
Milford,
CT
|
Milford
Marketplace
|
Jan-12
|
Jan-13
|
3.73 | % | 17,100 | - | 17,100 | ||||||||||||||||||
|
Ft.
Smith, AR
|
Massard
Crossing
|
Feb-12
|
- | 7.54 | % | 5,495 | 5,495 | - | ||||||||||||||||||
|
Houston,
TX
|
Willowbrook
Plaza
|
Feb-12
|
- | 7.54 | % | 28,115 | 28,115 | - | ||||||||||||||||||
|
Vicksburg,
MS
|
Pemberton
Plaza
|
Feb-12
|
- | 7.54 | % | 1,877 | 1,877 | - | ||||||||||||||||||
|
High
Point, NC
|
Oak
Hollow Mall
|
Feb-12
|
- | 4.50 | % | 39,397 | 39,397 | - | ||||||||||||||||||
|
Fayetteville,
NC
|
Cross
Creek Mall
|
Apr-12
|
- | 7.40 | % | 59,056 | 59,056 | - | ||||||||||||||||||
|
Colonial
Heights, VA
|
Southpark
Mall
|
May-12
|
- | 7.00 | % | 33,241 | 33,241 | - | ||||||||||||||||||
|
Asheboro,
NC
|
Randolph
Mall
|
Jul-12
|
- | 6.50 | % | 13,311 | 13,311 | - | ||||||||||||||||||
|
Douglasville,
GA
|
Arbor
Place
|
Jul-12
|
- | 6.51 | % | 69,110 | 69,110 | - | ||||||||||||||||||
|
Douglasville,
GA
|
The
Landing At Arbor Place
|
Jul-12
|
- | 6.51 | % | 7,801 | 7,801 | - | ||||||||||||||||||
|
Jackson,
TN
|
Old
Hickory Mall
|
Jul-12
|
- | 6.51 | % | 30,527 | 30,527 | - | ||||||||||||||||||
|
Louisville,
KY
|
Jefferson
Mall
|
Jul-12
|
- | 6.51 | % | 38,498 | 38,498 | - | ||||||||||||||||||
|
North
Charleston, SC
|
Northwoods
Mall
|
Jul-12
|
- | 6.51 | % | 55,119 | 55,119 | - | ||||||||||||||||||
|
Racine,
WI
|
Regency
Mall
|
Jul-12
|
- | 6.51 | % | 30,188 | 30,188 | - | ||||||||||||||||||
|
Saginaw,
MI
|
Fashion
Square
|
Jul-12
|
- | 6.51 | % | 52,914 | 52,914 | - | ||||||||||||||||||
|
Spartanburg,
SC
|
WestGate
Mall
|
Jul-12
|
- | 6.50 | % | 47,816 | 47,816 | - | ||||||||||||||||||
|
Chattanooga,
TN
|
CBL
Center
|
Aug-12
|
- | 6.25 | % | 13,416 | 13,416 | - | ||||||||||||||||||
|
Livonia,
MI
|
Laurel
Park Place
|
Dec-12
|
- | 8.50 | % | 47,212 | 47,212 | - | ||||||||||||||||||
|
Monroeville,
PA
|
Monroeville
Mall
|
Jan-13
|
- | 5.73 | % | 117,400 | 117,400 | - | ||||||||||||||||||
|
Greensburg,
PA
|
Westmoreland
Mall
|
Mar-13
|
- | 5.05 | % | 71,360 | 71,360 | - | ||||||||||||||||||
|
St.
Louis, MO
|
West
County Center
|
Apr-13
|
- | 5.19 | % | 152,207 | 152,207 | - | ||||||||||||||||||
|
Columbia,
SC
|
Columbia
Place
|
Sep-13
|
- | 5.45 | % | 29,245 | 29,245 | - | ||||||||||||||||||
|
St.
Louis, MO
|
South
County Center
|
Oct-13
|
- | 4.96 | % | 77,449 | 77,449 | - | ||||||||||||||||||
|
Joplin,
MO
|
Northpark
Mall
|
Mar-14
|
- | 5.75 | % | 37,099 | 37,099 | - | ||||||||||||||||||
|
Laredo,
TX
|
Mall
del Norte
|
Dec-14
|
- | 5.04 | % | 113,400 | 113,400 | - | ||||||||||||||||||
|
Rockford,
IL
|
CherryVale
Mall
|
Oct-15
|
- | 5.00 | % | 87,736 | 87,736 | - | ||||||||||||||||||
|
Brookfield,
IL
|
Brookfield
Square
|
Nov-15
|
- | 5.08 | % | 98,241 | 98,241 | - | ||||||||||||||||||
|
Madison,
WI
|
East
Towne Mall
|
Nov-15
|
- | 5.00 | % | 74,787 | 74,787 | - | ||||||||||||||||||
|
Madison,
WI
|
West
Towne Mall
|
Nov-15
|
- | 5.00 | % | 105,636 | 105,636 | - | ||||||||||||||||||
-8-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
|
Balance
|
|||||||||||||||||||||||||
|
Location
|
Property
|
Original
Maturity
Date
|
Original
Extended
Maturity
Date
|
Interest
Rate
|
Balance
|
Fixed
|
Variable
|
||||||||||||||||||
|
Bloomington,
IL
|
Eastland
Mall
|
Dec-15
|
- | 5.85 | % | 59,400 | 59,400 | - | |||||||||||||||||
|
Decatur,
IL
|
Hickory
Point Mall
|
Dec-15
|
- | 5.85 | % | 31,318 | 31,318 | - | |||||||||||||||||
|
Overland
Park, KS
|
Oak
Park Mall
|
Dec-15
|
- | 5.85 | % | 275,700 | 275,700 | - | |||||||||||||||||
|
Janesville,
WI
|
Janesville
Mall
|
Apr-16
|
- | 8.38 | % | 9,014 | 9,014 | - | |||||||||||||||||
|
Akron,
OH
|
Chapel
Hill Mall
|
Aug-16
|
- | 6.10 | % | 73,674 | 73,674 | - | |||||||||||||||||
|
Chattanooga,
TN
|
Hamilton
Place
|
Aug-16
|
- | 5.86 | % | 111,730 | 111,730 | - | |||||||||||||||||
|
Chesapeake,
VA
|
Greenbrier
Mall
|
Aug-16
|
- | 5.91 | % | 81,203 | 81,203 | - | |||||||||||||||||
|
Midland,
MI
|
Midland
Mall
|
Aug-16
|
- | 6.10 | % | 36,358 | 36,358 | - | |||||||||||||||||
|
St.
Louis, MO
|
Chesterfield
Mall
|
Sep-16
|
- | 5.74 | % | 140,000 | 140,000 | - | |||||||||||||||||
|
Southaven,
MS
|
Southaven
Towne Center
|
Jan-17
|
- | 5.50 | % | 44,094 | 44,094 | - | |||||||||||||||||
|
Cary,
NC
|
Cary
Towne Center
|
Mar-17
|
- | 8.50 | % | 69,715 | 69,715 | - | |||||||||||||||||
|
Charleston,
SC
|
Citadel
Mall
|
Apr-17
|
- | 5.68 | % | 72,458 | 72,458 | - | |||||||||||||||||
|
Chattanooga,
TN
|
Hamilton
Corner
|
Apr-17
|
- | 5.67 | % | 16,418 | 16,418 | - | |||||||||||||||||
|
Fairview
Heights, IL
|
The
Shoppes at St. Clair Square
|
Apr-17
|
- | 5.67 | % | 21,678 | 21,678 | - | |||||||||||||||||
|
Lafayette,
LA
|
Mall
of Acadiana
|
Apr-17
|
- | 5.67 | % | 144,902 | 144,902 | - | |||||||||||||||||
|
Layton,
UT
|
Layton
Hills Mall
|
Apr-17
|
- | 5.66 | % | 103,565 | 103,565 | - | |||||||||||||||||
|
Lexington,
KY
|
The
Plaza at Fayette Mall
|
Apr-17
|
- | 5.67 | % | 42,777 | 42,777 | - | |||||||||||||||||
|
Cincinnati,
OH
|
Eastgate
Crossing
|
May-17
|
- | 5.66 | % | 16,129 | 16,129 | - | |||||||||||||||||
|
Nashville,
TN
|
Courtyard
at Hickory Hollow
|
Oct-18
|
- | 6.00 | % | 1,824 | 1,824 | - | |||||||||||||||||
|
Nashville,
TN
|
Hickory
Hollow Mall
|
Oct-18
|
- | 6.00 | % | 31,572 | 31,572 | - | |||||||||||||||||
|
Winston-Salem,
NC
|
Hanes
Mall
|
Oct-18
|
- | 6.99 | % | 162,041 | 162,041 | - | |||||||||||||||||
|
Daytona
Beach, FL
|
Volusia
Mall
|
Jul-19
|
- | 8.00 | % | 57,303 | 57,303 | - | |||||||||||||||||
|
Terre
Haute, IN
|
Honey
Creek Mall
|
Jul-19
|
- | 8.00 | % | 33,311 | 33,311 | - | |||||||||||||||||
|
SUBTOTAL
|
$ | 4,284,123 | $ | 4,041,360 | $ | 242,763 | |||||||||||||||||||
|
Weighted
average interest rate
|
5.75 | % | 5.99 | % | 1.89 | % | |||||||||||||||||||
|
Debt
Premiums (Discounts): (c)
|
|||||||||||||||||||||||||
|
Little
Rock, AR
|
Park
Plaza Mall
|
May-10
|
- | 8.69 | % | $ | 364 | $ | 364 | $ | - | ||||||||||||||
|
Roanoke,
VA
|
Valley
View Mall
|
Sep-10
|
- | 8.61 | % | 1,057 | 1,057 | - | |||||||||||||||||
|
St.
Louis, MO
|
Mid
Rivers Mall
|
Jul-11
|
- | 7.24 | % | 2,002 | 2,002 | - | |||||||||||||||||
|
Fayetteville,
NC
|
Cross
Creek Mall
|
Apr-12
|
- | 7.40 | % | 3,052 | 3,052 | - | |||||||||||||||||
|
Colonial
Heights, VA
|
Southpark
Mall
|
May-12
|
- | 7.00 | % | 1,382 | 1,382 | - | |||||||||||||||||
|
Livonia,
MI
|
Laurel
Park Place
|
Dec-12
|
- | 8.50 | % | 4,328 | 4,328 | - | |||||||||||||||||
|
Monroeville,
PA
|
Monroeville
Mall
|
Jan-13
|
- | 5.73 | % | 1,368 | 1,368 | - | |||||||||||||||||
|
St.
Louis, MO
|
West
County Center
|
Apr-13
|
- | 5.19 | % | (2,670 | ) | (2,670 | ) | - | |||||||||||||||
|
St.
Louis, MO
|
South
County Center
|
Oct-13
|
- | 4.96 | % | (1,381 | ) | (1,381 | ) | - | |||||||||||||||
|
Joplin,
MO
|
Northpark
Mall
|
Mar-14
|
- | 5.75 | % | 323 | 323 | - | |||||||||||||||||
|
St.
Louis, MO
|
Chesterfield
Mall
|
Sep-16
|
- | 5.74 | % | (1,787 | ) | (1,787 | ) | - | |||||||||||||||
|
SUBTOTAL
|
$ | 8,038 | $ | 8,038 | $ | - | |||||||||||||||||||
|
Weighted
average interest rate
|
4.69 | % | 4.69 | % | |||||||||||||||||||||
|
Total
Loans On Operating Properties And Debt Premiums
(Discounts)
|
$ | 4,292,161 | $ | 4,049,398 | $ | 242,763 | |||||||||||||||||||
|
Weighted
average interest rate
|
5.75 | % | 5.98 | % | 1.89 | % | |||||||||||||||||||
|
Construction
Loans:
|
|||||||||||||||||||||||||
|
D'lberville,
MS
|
The
Promenade
|
Dec-10
|
Dec-11
|
2.02 | % | $ | 79,085 |
(d)
|
$ | - | $ | 79,085 | |||||||||||||
|
Pittsburgh, PA
|
Settler's
Ridge
|
Jun-11
|
Dec-12
|
3.24 | % | 47,873 | - | 47,873 | |||||||||||||||||
|
SUBTOTAL
|
$ | 126,958 | $ | - | $ | 126,958 | |||||||||||||||||||
-9-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31,
2009
|
Balance
|
||||||||||||||||||||||||||
|
Location
|
Property
|
Original
Maturity
Date
|
Original
Extended
Maturity
Date
|
Interest
Rate
|
Balance
|
Fixed
|
Variable
|
|||||||||||||||||||
|
Credit
Facilities:
|
||||||||||||||||||||||||||
|
Secured
credit facilities:
|
||||||||||||||||||||||||||
|
$560,000
capacity
|
Aug-11
|
Apr-14
|
2.55 | % | $ | 337,356 |
(e)
|
$ | - | $ | 337,356 | |||||||||||||||
|
$525,000
capacity
|
Feb-12
|
Feb-13
|
5.50 | % | 421,850 | - | 421,850 | |||||||||||||||||||
|
$105,000
capacity
|
Jun-11
|
- | 0.00 | % | - | - | - | |||||||||||||||||||
|
Total
secured facilities
|
5.50 | % | 759,206 | - | 759,206 | |||||||||||||||||||||
|
Unsecured
term facilities:
|
||||||||||||||||||||||||||
|
General
|
Apr-11
|
Apr-13
|
1.94 | % | 228,000 | - | 228,000 | |||||||||||||||||||
|
Starmount
|
Nov-10
|
Nov-12
|
1.49 | % | 209,494 | - | 209,494 | |||||||||||||||||||
|
Total
term facilities
|
1.73 | % | 437,494 | - | 437,494 | |||||||||||||||||||||
|
SUBTOTAL
|
3.29 | % | $ | 1,196,700 | $ | - | $ | 1,196,700 | ||||||||||||||||||
|
Other
|
$ | 320 | $ | 320 | $ | - | ||||||||||||||||||||
|
Total
Consolidated Debt
|
$ | 5,616,139 | $ | 4,049,718 | $ | 1,566,421 | ||||||||||||||||||||
|
Weighted
average interest rate
|
5.15 | % | 5.98 | % | 3.01 | % | ||||||||||||||||||||
|
Plus
CBL's Share Of Unconsolidated Affiliates' Debt:
|
||||||||||||||||||||||||||
|
Ft.
Myers, FL
|
Gulf
Coast Town Center Phase III
|
Apr-10
|
Apr-12
|
1.73 | % | $ | 11,561 | $ | - | $ | 11,561 | |||||||||||||||
|
Huntsville,
AL
|
Parkway
Place
|
Jun-10
|
- | 1.24 | % | 25,808 | - | 25,808 | ||||||||||||||||||
|
Lee's
Summit, MO
|
Summit
Fair
|
Jun-10
|
- | 5.25 | % | 18,816 |
(f)
|
- | 18,816 | |||||||||||||||||
|
Del
Rio, TX
|
Plaza
del Sol
|
Aug-10
|
- | 9.15 | % | 259 | 259 | - | ||||||||||||||||||
|
West
Melbourne, FL
|
Hammock
Landing
|
Aug-10
|
Aug-13
|
4.50 | % | 40,981 | - | 40,981 | ||||||||||||||||||
|
West
Melbourne, FL
|
Hammock
Landing
|
Aug-10
|
Aug-11
|
2.23 | % | 3,276 | - | 3,276 | ||||||||||||||||||
|
York,
PA
|
York
Town Center
|
Oct-11
|
- | 1.49 | % | 20,358 | - | 20,358 | ||||||||||||||||||
|
Port
Orange, FL
|
The
Pavilion at Port Orange
|
Dec-11
|
Dec-13
|
4.50 | % | 69,363 | - | 69,363 | ||||||||||||||||||
|
Greensboro,
NC
|
Bank
of America Building
|
Apr-13
|
- | 5.33 | % | 4,625 | 4,625 | - | ||||||||||||||||||
|
Greensboro,
NC
|
First
Citizens Bank Building
|
Apr-13
|
- | 5.33 | % | 2,555 | 2,555 | - | ||||||||||||||||||
|
Greensboro,
NC
|
First
National Bank Building
|
Apr-13
|
- | 5.33 | % | 405 | 405 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Friendly
Center
|
Apr-13
|
- | 5.33 | % | 38,813 | 38,813 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Friendly
Center Office Building
|
Apr-13
|
- | 5.33 | % | 1,100 | 1,100 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Green
Valley Office Building
|
Apr-13
|
- | 5.33 | % | 971 | 971 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Renaissance
Center Phase II
|
Apr-13
|
- | 5.22 | % | 7,850 | 7,850 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Wachovia
Office Building
|
Apr-13
|
- | 5.33 | % | 1,533 | 1,533 | - | ||||||||||||||||||
|
Myrtle
Beach, SC
|
Coastal
Grand-Myrtle Beach
|
Oct-14
|
- | 5.09 | % | 44,139 | 44,139 | - | ||||||||||||||||||
|
El
Centro, CA
|
Imperial
Valley Mall
|
Sep-15
|
- | 4.99 | % | 33,595 | 33,595 | - | ||||||||||||||||||
|
Raleigh,
NC
|
Triangle
Town Center
|
Dec-15
|
- | 5.74 | % | 96,942 | 96,942 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Renaissance
Center Phase I
|
Jul-16
|
- | 5.61 | % | 17,785 | 17,785 | - | ||||||||||||||||||
|
Clarksville,
TN
|
Governor's
Square Mall
|
Sep-16
|
- | 8.23 | % | 12,377 | 12,377 | - | ||||||||||||||||||
|
Paducah,
KY
|
Kentucky
Oaks Mall
|
Jan-17
|
- | 5.27 | % | 13,698 | 13,698 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Shops
at Friendly Center
|
Jan-17
|
- | 5.90 | % | 21,630 | 21,630 | - | ||||||||||||||||||
|
Harrisburg,
PA
|
High
Pointe Commons
|
May-17
|
- | 5.74 | % | 7,456 | 7,456 | - | ||||||||||||||||||
|
Ft.
Myers, FL
|
Gulf
Coast Town Center Phase I
|
Jul-17
|
- | 5.60 | % | 95,400 | 95,400 | - | ||||||||||||||||||
|
Harrisburg,
PA
|
High
Pointe Commons Phase II
|
Jul-17
|
- | 6.10 | % | 2,971 | 2,971 | - | ||||||||||||||||||
|
SUBTOTAL
|
$ | 594,267 | $ | 404,104 | $ | 190,163 | ||||||||||||||||||||
|
Less
Minority Interests' Share Of Consolidated Debt:
|
Minority
Interest %
|
|||||||||||||||||||||||||
|
Chattanooga,
TN
|
CBL
Center
|
8.00 | % | 6.25 | % | $ | (1,073 | ) | $ | (1,073 | ) | - | ||||||||||||||
|
Chattanooga,
TN
|
CBL
Center II
|
8.00 | % | 4.50 | % | (928 | ) | - | (928 | ) | ||||||||||||||||
|
Chattanooga,
TN
|
Hamilton
Corner
|
10.00 | % | 5.67 | % | (1,642 | ) | (1,642 | ) | - | ||||||||||||||||
|
Chattanooga,
TN
|
Hamilton
Place
|
10.00 | % | 5.86 | % | (11,173 | ) | (11,173 | ) | - | ||||||||||||||||
|
High
Point, NC
|
Oak
Hollow Mall
|
25.00 | % | 4.50 | % | (9,849 | ) | (9,849 | ) | - | ||||||||||||||||
|
SUBTOTAL
|
$ | (24,665 | ) | $ | (23,737 | ) | $ | (928 | ) | |||||||||||||||||
|
Company's
Share Of Consolidated And Unconsolidated Debt
|
$ | 6,185,741 | $ | 4,430,085 | $ | 1,755,656 | ||||||||||||||||||||
|
Weighted
average interest rate
|
5.13 | % | 5.95 | % | 3.07 | % | ||||||||||||||||||||
-10-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31,
2009
|
Balance
|
||||||||||||||||||||||||||
|
Location
|
Property
|
Original
Maturity
Date
|
Original
Extended
Maturity
Date
|
Interest
Rate
|
Balance
|
Fixed
|
Variable
|
|||||||||||||||||||
|
Total
Debt of Unconsolidated Affiliates:
|
||||||||||||||||||||||||||
|
Ft.
Myers, FL
|
Gulf
Coast Town Center Phase III
|
Apr-10
|
Apr-12
|
1.73 | % | $ | 11,561 | $ | - | $ | 11,561 | |||||||||||||||
|
Huntsville,
AL
|
Parkway
Place
|
Jun-10
|
- | 1.24 | % | 51,616 | - | 51,616 | ||||||||||||||||||
|
Lee's
Summit, MO
|
Summit
Fair
|
Jun-10
|
- | 5.25 | % | 69,688 | - | 69,688 | ||||||||||||||||||
|
Del
Rio, TX
|
Plaza
del Sol
|
Aug-10
|
- | 9.15 | % | 513 | 513 | - | ||||||||||||||||||
|
West
Melbourne, FL
|
Hammock
Landing
|
Aug-10
|
Aug-13
|
4.50 | % | 40,981 | - | 40,981 | ||||||||||||||||||
|
West
Melbourne, FL
|
Hammock
Landing
|
Aug-10
|
Aug-11
|
2.23 | % | 3,276 | - | 3,276 | ||||||||||||||||||
|
York,
PA
|
York
Town Center
|
Oct-11
|
- | 1.49 | % | 40,717 | - | 40,717 | ||||||||||||||||||
|
Port
Orange, FL
|
The
Pavilion at Port Orange
|
Dec-11
|
Jun-13
|
4.50 | % | 69,363 | - | 69,363 | ||||||||||||||||||
|
Greensboro,
NC
|
Bank
of America Building
|
Apr-13
|
- | 5.33 | % | 9,250 | 9,250 | - | ||||||||||||||||||
|
Greensboro,
NC
|
First
Citizens Bank Building
|
Apr-13
|
- | 5.33 | % | 5,110 | 5,110 | - | ||||||||||||||||||
|
Greensboro,
NC
|
First
National Bank Building
|
Apr-13
|
- | 5.33 | % | 809 | 809 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Friendly
Center
|
Apr-13
|
- | 5.33 | % | 77,625 | 77,625 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Friendly
Center Office Building
|
Apr-13
|
- | 5.33 | % | 2,199 | 2,199 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Green
Valley Office Building
|
Apr-13
|
- | 5.33 | % | 1,941 | 1,941 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Renaissance
Center Phase II
|
Apr-13
|
- | 5.22 | % | 15,700 | 15,700 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Wachovia
Office Building
|
Apr-13
|
- | 5.33 | % | 3,066 | 3,066 | - | ||||||||||||||||||
|
Myrtle
Beach, SC
|
Coastal
Grand-Myrtle Beach
|
Oct-14
|
- | 5.09 | % | 88,279 |
(g)
|
88,279 | - | |||||||||||||||||
|
El
Centro, CA
|
Imperial
Valley Mall
|
Sep-15
|
- | 4.99 | % | 55,992 | 55,992 | - | ||||||||||||||||||
|
Raleigh,
NC
|
Triangle
Town Center
|
Dec-15
|
- | 5.74 | % | 193,884 | 193,884 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Renaissance
Center Phase I
|
Jul-16
|
- | 5.61 | % | 35,569 | 35,569 | - | ||||||||||||||||||
|
Clarksville,
TN
|
Governor's
Square Mall
|
Sep-16
|
- | 8.23 | % | 25,944 | 25,944 | - | ||||||||||||||||||
|
Paducah,
KY
|
Kentucky
Oaks Mall
|
Jan-17
|
- | 5.27 | % | 27,396 | 27,396 | - | ||||||||||||||||||
|
Greensboro,
NC
|
Shops
at Friendly Center
|
Jan-17
|
- | 5.90 | % | 43,261 | 43,261 | - | ||||||||||||||||||
|
Harrisburg,
PA
|
High
Pointe Commons
|
May-17
|
- | 5.74 | % | 14,912 | 14,912 | - | ||||||||||||||||||
|
Ft.
Myers, FL
|
Gulf
Coast Town Center Phase I
|
Jul-17
|
- | 5.60 | % | 190,800 | 190,800 | - | ||||||||||||||||||
|
Harrisburg,
PA
|
High
Pointe Commons Phase II
|
Jul-17
|
- | 6.10 | % | 5,942 | 5,942 | - | ||||||||||||||||||
| $ | 1,085,394 | $ | 798,192 | $ | 287,202 | |||||||||||||||||||||
|
Weighted
average interest rate
|
5.05 | % | 5.59 | % | 3.53 | % | ||||||||||||||||||||
|
(a)
|
The
Company has entered into an interest rate cap on a total notional amount
of $129,000 related to it's Pearland, TX properties to limit the maximum
rate of
interest that may be applied to the variable-rate loan to
5.55%. The cap terminates in July 2010.
|
|
(b)
|
The
Company has entered into an interest rate swap on a notional amount of
$87,500 related to Rivergate Mall to effectively fix the interest rate on
that variable-rate loan. Therefore,
this amount is currently reflected as having a fixed
rate.
|
|
(c)
|
The
weighted average interest rates used for debt premiums (discounts) reflect
the market interest rate in effect as of the assumption of the related
debt.
|
|
(d)
|
The
Company has entered into an interest rate cap on a notional amount of
$80,000 related to The Promenade to limit the maximum interest rate that
may be applied to
the variable-rate loan to 4.00%. The cap terminates in December
2010. Loan proceeds in the amount of $66,552 of the total debt
balance reported have been drawn by
the Company and the remainder of the balance has been placed in a
restricted cash account to provide for future development costs to be
incurred.
|
|
(e)
|
The
Company has closed on an extension and modification of its previously
unsecured $560.0 million credit facility. The facility will be
converted over
an 18-month period into a new secured facility.
|
|
(f)
|
Represents
the 27% share of the outstanding balance of the construction financing
that the Company has guaranteed. The maximum amount that the
Company has guaranteed
is $31,554.
|
|
(g)
|
Represents
a first mortgage securing the property. In addition to the
first mortgage, there is also $18,000 of B-notes that are payable to the
Company and its joint venture
partner, each of which hold
$9,000.
|
-11-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
Schedule
of Maturities of Mortgage and Other Indebtedness Based on Outstanding Balances
as of December 31, 2009
(Dollars
in thousands )
Based
on Maturity Dates As Though All Extension Options Available Have Been
Exercised:
|
Year
|
Consolidated
Debt
|
CBL's
Share of Unconsolidated Affiliates' Debt
|
Noncontrolling
Interests' Share of Consolidated Debt
|
CBL's
Share of Consolidated and Unconsolidated Debt
|
%
of Total
|
||||||||||||
|
2010
|
$ | 488,806 | $ | 44,883 | $ | - | $ | 533,689 | 8.63 | % | |||||||
|
2011
|
418,334 | 23,634 | (928 | ) | 441,040 | 7.13 | % | ||||||||||
|
2012
|
964,609 | 11,561 | (10,922 | ) | 965,248 | 15.60 | % | ||||||||||
|
2013
|
1,245,593 | 168,196 | - | 1,413,789 | 22.86 | % | |||||||||||
|
2014
|
487,855 | 44,139 | - | 531,994 | 8.60 | % | |||||||||||
|
2015
|
732,818 | 130,537 | - | 863,355 | 13.96 | % | |||||||||||
|
2016
|
451,979 | 30,162 | (11,173 | ) | 470,968 | 7.61 | % | ||||||||||
|
2017
|
531,736 | 141,155 | (1,642 | ) | 671,249 | 10.85 | % | ||||||||||
|
2018
|
195,437 | - | - | 195,437 | 3.16 | % | |||||||||||
|
2019
|
90,614 | - | - | 90,614 | 1.46 | % | |||||||||||
|
2020
|
320 | - | - | 320 | 0.01 | % | |||||||||||
|
Face
Amount of Debt
|
5,608,101 | 594,267 | (24,665 | ) | 6,177,703 | 99.87 | % | ||||||||||
|
Net
Premiums on Debt
|
8,038 | - | - | 8,038 | 0.13 | % | |||||||||||
|
Total
|
$ | 5,616,139 | $ | 594,267 | $ | (24,665 | ) | $ | 6,185,741 | 100.00 | % | ||||||
Based
on Original Maturity Dates as of December 31, 2009:
|
Year
|
Consolidated
Debt
|
CBL's
Share of Unconsolidated Affiliates' Debt
|
Noncontrolling
Interests' Share of Consolidated Debt
|
CBL's
Share of Consolidated and Unconsolidated Debt
|
%
of Total
|
||||||||||||
|
2010
|
$ | 973,017 | $ | 100,701 | $ | - | $ | 1,073,718 | 17.36 | % | |||||||
|
2011
|
1,021,977 | 89,721 | (928 | ) | 1,110,770 | 17.96 | % | ||||||||||
|
2012
|
1,012,043 | - | (10,922 | ) | 1,001,121 | 16.18 | % | ||||||||||
|
2013
|
447,661 | 57,852 | - | 505,513 | 8.17 | % | |||||||||||
|
2014
|
150,499 | 44,139 | - | 194,638 | 3.15 | % | |||||||||||
|
2015
|
732,818 | 130,537 | - | 863,355 | 13.96 | % | |||||||||||
|
2016
|
451,979 | 30,162 | (11,173 | ) | 470,968 | 7.61 | % | ||||||||||
|
2017
|
531,736 | 141,155 | (1,642 | ) | 671,249 | 10.85 | % | ||||||||||
|
2018
|
195,437 | - | - | 195,437 | 3.16 | % | |||||||||||
|
2019
|
90,614 | - | - | 90,614 | 1.46 | % | |||||||||||
|
2020
|
320 | - | - | 320 | 0.01 | % | |||||||||||
|
Face
Amount of Debt
|
5,608,101 | 594,267 | (24,665 | ) | 6,177,703 | 99.87 | % | ||||||||||
|
Net
Premiums on Debt
|
8,038 | - | - | 8,038 | 0.13 | % | |||||||||||
|
Total
|
$ | 5,616,139 | $ | 594,267 | $ | (24,665 | ) | $ | 6,185,741 | 100.00 | % | ||||||
Debt
Covenant Compliance Ratios as of December 31, 2009:
|
Unsecured
Line of Credit
|
Required
|
Actual
|
In
Compliance
|
||||||
|
Debt
to Gross Asset Value
|
<65 | % | 55 | % |
Yes
|
||||
|
Interest
Coverage Ratio
|
>1.75 | x | 2.34 | x |
Yes
|
||||
|
Debt
Service Coverage Ratio
|
>1.50 | x | 1.87 | x |
Yes
|
||||
-12-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
New
and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square
Feet
|
Property
Type
|
Square
Feet
|
Prior
Gross
Rent
PSF
|
New
Initial Gross Rent PSF
|
%
Change
Initial
|
New
Average Gross Rent
PSF
(2)
|
%
Change Average
|
||||||||||||||||||
|
Quarter:
|
||||||||||||||||||||||||
|
All
Property Types (1)
|
782,557 | $ | 39.49 | $ | 32.40 | -18.0 | % | $ | 33.13 | -16.1 | % | |||||||||||||
|
Stabilized
malls
|
732,015 | 40.77 | 33.23 | -18.5 | % | 33.96 | -16.7 | % | ||||||||||||||||
|
New
leases
|
119,027 | 41.05 | 36.61 | -10.8 | % | 38.47 | -6.3 | % | ||||||||||||||||
|
Renewal
leases
|
612,988 | 40.72 | 32.57 | -20.0 | % | 33.08 | -18.8 | % | ||||||||||||||||
|
Year
to Date:
|
||||||||||||||||||||||||
|
All
Property Types (1)
|
2,454,311 | $ | 38.82 | $ | 33.19 | -14.5 | % | $ | 34.09 | -12.2 | % | |||||||||||||
|
Stabilized
malls
|
2,215,105 | 40.73 | 34.72 | -14.8 | % | 35.66 | -12.4 | % | ||||||||||||||||
|
New
leases
|
560,589 | 43.89 | 38.43 | -12.4 | % | 40.83 | -7.0 | % | ||||||||||||||||
|
Renewal
leases
|
1,654,516 | 39.66 | 33.46 | -15.6 | % | 33.91 | -14.5 | % | ||||||||||||||||
Total
Leasing Activity
|
Square
Feet
|
|||||
|
Quarter:
|
|||||
|
Total
Leased
|
1,314,836 | ||||
|
Operating
Portfolio
|
1,199,462 | ||||
|
Development
Portfolio
|
115,374 | ||||
|
Year
to Date:
|
|||||
|
Total
Leased
|
5,044,357 | ||||
|
Operating
Portfolio
|
4,668,187 | ||||
|
Development
Portfolio
|
376,170 | ||||
Average
Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than
10,000 Square Feet
|
As
of December 31,
|
|||||||||
|
2009
|
2008
|
||||||||
|
Stabilized
malls
|
$ | 29.40 | $ | 29.46 | |||||
|
Non-stabilized
malls
|
25.81 | 25.81 | |||||||
|
Associated
centers
|
11.75 | 11.91 | |||||||
|
Community
centers
|
14.99 | 14.46 | |||||||
|
Other
|
19.10 | 18.50 | |||||||
Mall
Tenant Occupancy Costs
|
Year
Ended December 31,
|
|||||||||
|
2009
|
2008
|
||||||||
|
Mall
store sales (in millions) (3)
|
$ | 4,937.8 | $ | 5,239.8 | |||||
|
Minimum
rents
|
9.5 | % | 8.8 | % | |||||
|
Percentage
rents
|
0.7 | % | 0.6 | % | |||||
|
Tenant
reimbursements (4)
|
3.7 | % | 3.8 | % | |||||
|
Mall
tenant occupancy costs
|
13.9 | % | 13.2 | % | |||||
|
(1)
Includes Stabilized malls, Associated centers, Community centers
and Other.
|
|
(2)
Average Gross Rent does not incorporate allowable future
increases for recoverable common area expenses.
|
|
(3)
Represents 100% of mall shop sales for the malls (including
malls in which we own less than a 100% interest).
|
|
(4)
Represents reimbursements for real estate taxes, insurance,
common area maintenance charges and certain capital
expenditures.
|
-13-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
Top
25 Tenants Based on Percentage of Total Revenues as of December 31,
2009
|
Tenant
|
Number of Stores
|
Square Feet
|
Percentage of
Total Revenues
|
||||||||||||
| 1 |
Limited
Brands, LLC (1)
|
159 | 800,309 | 3.07 | % | ||||||||||
| 2 |
Foot
Locker, Inc.
|
181 | 685,554 | 2.51 | % | ||||||||||
| 3 |
The
Gap Inc.
|
94 | 985,080 | 2.28 | % | ||||||||||
| 4 |
Abercrombie
& Fitch, Co.
|
98 | 659,673 | 2.25 | % | ||||||||||
| 5 |
AE
Outfitters Retail Company
|
86 | 501,338 | 2.12 | % | ||||||||||
| 6 |
Signet
Group plc (2)
|
117 | 208,108 | 1.86 | % | ||||||||||
| 7 |
Luxottica
Group, S.P.A. (3)
|
149 | 324,529 | 1.56 | % | ||||||||||
| 8 |
Genesco
Inc. (4)
|
188 | 266,361 | 1.52 | % | ||||||||||
| 9 |
Dick's
Sporting Goods, Inc.
|
18 | 1,074,973 | 1.39 | % | ||||||||||
| 10 |
Zale
Corporation
|
135 | 137,831 | 1.36 | % | ||||||||||
| 11 |
Express
Fashions
|
49 | 404,982 | 1.33 | % | ||||||||||
| 12 |
JC
Penney Co. Inc. (5)
|
75 | 8,528,507 | 1.31 | % | ||||||||||
| 13 |
Finish
Line, Inc.
|
72 | 372,872 | 1.23 | % | ||||||||||
| 14 |
New
York & Company, Inc.
|
58 | 412,948 | 1.22 | % | ||||||||||
| 15 |
Charlotte
Russe Holding, Inc.
|
52 | 360,274 | 1.18 | % | ||||||||||
| 16 |
Aeropostale,
Inc.
|
76 | 260,117 | 1.01 | % | ||||||||||
| 17 |
Pacific
Sunwear of California
|
69 | 252,616 | 0.94 | % | ||||||||||
| 18 |
The
Buckle, Inc.
|
50 | 247,907 | 0.94 | % | ||||||||||
| 19 |
Christopher
& Banks, Inc.
|
87 | 297,010 | 0.90 | % | ||||||||||
| 20 |
The
Regis Corporation (6)
|
157 | 189,395 | 0.88 | % | ||||||||||
| 21 |
Barnes
& Noble Inc.
|
23 | 700,553 | 0.87 | % | ||||||||||
| 22 |
Charming
Shoppes, Inc. (7)
|
51 | 290,878 | 0.86 | % | ||||||||||
| 23 |
The
Children's Place Retail Stores, Inc.
|
54 | 227,571 | 0.85 | % | ||||||||||
| 24 |
Tween
Brands, Inc. (8)
|
67 | 272,925 | 0.78 | % | ||||||||||
| 25 |
Sun
Capital Partners, Inc. (9)
|
55 | 684,929 | 0.78 | % | ||||||||||
| 2,220 | 19,147,240 | 35.00 | % | ||||||||||||
|
(1)
|
Limited
Brands, LLC operates Victoria's Secret and Bath & Body
Works.
|
|
(2)
|
Signet
Group plc operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's
Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden
Jewelers and Rogers Jewelers.
|
|
(3)
|
Luxottica
Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearl
Vision.
|
|
(4)
|
Genesco
Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat
Zone, and Cap Factory stores.
|
|
(5)
|
JC
Penney Co. Inc. owns 36 of these stores.
|
|
(6)
|
The
Regis Corporation sold the Trade Secret line of salons during 2009,
including 55 stores in our portfolio.
|
|
(7)
|
Charming
Shoppes, Inc. operates Lane Bryant, Fashion Bug and
Catherine's.
|
|
(8)
|
Tween
Brands, Inc. was purchased by The Dress Barn, Inc. in late
2009.
|
|
(9)
|
Sun
Capital Partners, Inc. operates Fazoli's, Anchor Blue, Gordmans, Limited
Stores, Smokey Bones and Shopko
Stores.
|
-14-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
Capital
Expenditures for the Three Months and Year Ended December 31, 2009
(In
thousands)
|
Three
Months
|
Full
Year
|
|||||||
|
Tenant
allowances
|
$ | 7,851 | $ | 40,227 | ||||
|
Renovations
|
7 | 448 | ||||||
|
Deferred
maintenance:
|
||||||||
|
Parking
lot and parking lot lighting
|
949 | 3,102 | ||||||
|
Roof
repairs and replacements
|
1,040 | 3,148 | ||||||
|
Other
capital expenditures
|
1,963 | 5,506 | ||||||
|
Total
deferred maintenance expenditures
|
3,952 | 11,756 | ||||||
|
Total
capital expenditures
|
$ | 11,810 | $ | 52,431 | ||||
|
The
capital expenditures incurred for maintenance such as parking lot repairs,
parking lot lighting and roofs are classified as deferred maintenance
expenditures. These expenditures are billed to tenants as common area
maintenance expense and the majority is recovered over a five to fifteen
year period. Renovation capital expenditures are for remodelings and
upgrades to enhance our competitive position in the market
area. A portion of these expenditures covering items such as
new floor coverings, painting, lighting and new seating areas are also
recovered through tenant billings. The costs of other items
such as new entrances, new ceilings and skylights are not recovered from
tenants. We estimate that 30% of our renovation expenditures
are recoverable from our tenants over a ten to fifteen year
period. The third category of capital expenditures is tenant
allowances, sometimes made to third-generation tenants. Tenant
allowances are recovered through minimum rents from the tenants over the
term of the lease.
|
Deferred
Leasing Costs Capitalized
(In
thousands)
|
2009
|
2008
|
|||||||
|
Quarter
ended:
|
||||||||
|
March
31,
|
$ | 651 | $ | 596 | ||||
|
June
30,
|
208 | 990 | ||||||
|
September
30,
|
690 | 818 | ||||||
|
December
31,
|
699 | 911 | ||||||
| $ | 2,248 | $ | 3,315 | |||||
-15-
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Year Ended December 31, 2009
Properties
Opened During the Year Ended December 31, 2009
(Dollars
in thousands)
|
CBL's
Share of
|
|||||||||||||||||||
|
Property
|
Location
|
Total
Project Square Feet
|
Total
Cost
|
Cost
To Date
|
Date
Opened
|
Initial
Yield
(a)
|
|||||||||||||
|
Mall
Expansions:
|
|||||||||||||||||||
|
Asheville
Mall - Barnes & Noble
|
Asheville,
NC
|
40,000 | $ | 11,684 | $ | 8,037 |
Spring-09
|
5.3 | % | ||||||||||
|
Oak
Park Mall - Barnes & Noble (b)
|
Kansas
City, KS
|
34,000 | 9,619 | 11,493 |
Spring-09
|
7.9 | % | ||||||||||||
|
Redevelopments:
|
|||||||||||||||||||
|
West
County - restaurant village
|
St.
Louis, MO
|
90,620 | 34,149 | 26,960 |
Spring-09
|
9.9 | % | ||||||||||||
|
Community/Open-Air
Centers:
|
|||||||||||||||||||
|
Hammock
Landing (Phases I and 1A) (c)
|
West
Melbourne, FL
|
470,042 | 36,757 | 37,553 |
Spring-09/Fall-10
|
7.9 | %* | ||||||||||||
|
Summit
Fair (d)
|
Lee's
Summit, MO
|
483,172 | 22,000 | 22,000 |
Summer-09/Summer-10
|
9.0 | % | ||||||||||||
|
Settlers
Ridge (Phase I) (b)
|
Robinson
Township, PA
|
401,022 | 109,111 | 91,624 |
Fall-09
|
6.0 | %* | ||||||||||||
|
The
Promenade (e)
|
D'Iberville,
MS
|
651,262 | 82,568 | 71,875 |
Fall-09
|
7.6 | % | ||||||||||||
| 2,170,118 | $ | 305,888 | $ | 269,542 | |||||||||||||||
Properties Under Development at December 31, 2009
(Dollars
in thousands)
|
CBL's
Share of
|
|
||||||||||||||||||
|
Property
|
Location
|
Total
Project Square Feet
|
Total
Cost
|
Cost
To Date
|
Date
Opened
|
Initial
Yield (a)
|
|||||||||||||
|
Community/Open-Air
Centers:
|
|||||||||||||||||||
|
The
Pavilion at Port Orange (Phases I and 1A) (b)
|
Port
Orange, FL
|
483,942 | 66,870 | 59,228 |
Fall-09/Summer-10
|
7.8 | %* | ||||||||||||
| 483,942 | $ | 66,870 | $ | 59,228 | |||||||||||||||
|
(a)
|
Pro
forma initial yields represented here may be lower than actual initial
returns as they are reduced for management and development
fees.
|
|
|
(b)
|
Costs
to date may be gross of applicable reimbursements.
|
|
|
(c)
|
Hammock
Landing is a 50/50 joint jenture. Costs to date may be gross of
applicable reimbursements.
|
|
|
(d)
|
CBL's
interest represents cost of the land underlying the project for which it
will receive ground rent and a percentage of the operating cash
flows.
|
|
|
(e)
|
The
Promenade is an 85/15 joint venture. Amounts shown are 100% of
total costs and cost to date as CBL has funded all costs to date. Costs to
date may be gross of applicable
reimbursements.
|
|
|
*Pro
forma initial yields for phased projects reflect full land cost in Phase
I. Combined pro forma yields are higher than Phase I project
yields.
|
-16-