CBL & ASSOCIATES PROPERTIES INC - FORM 8-K - EX-99.3 - SUPPLEMENTAL FINANCIAL AND OPERATING INFORMATION - November 4, 2009

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EX-99.1 - EARNINGS RELEASE - CBL & ASSOCIATES PROPERTIES INCexhibit991.htm
Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2009
 
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)

   
 Three Months Ended
September 30,
  
 Nine Months Ended
September 30,
 
2009
  
2008
    
2009
  
2008
  
 REVENUES:
                  
 Minimum rents
 $           168,765
  
 $           175,796
    
 $           511,193
  
 $           528,270
  
 Percentage rents
                  2,851
  
                  3,260
    
                  9,259
  
                  9,866
  
 Other rents
                  3,382
  
                  4,297
    
                11,804
  
                13,515
  
 Tenant reimbursements
                78,577
  
                84,615
    
              241,756
  
              250,990
  
 Management, development and leasing fees
                  1,312
  
                11,512
    
                  5,392
  
                16,934
  
 Other
                  7,881
  
                  5,925
    
                20,948
  
                19,245
  
 Total revenues
              262,768
  
              285,405
    
              800,352
  
              838,820
  
                   
 EXPENSES:
                  
 Property operating
                40,379
  
                48,488
    
              123,751
  
              140,874
  
 Depreciation and amortization
                71,261
  
                81,962
    
              225,365
  
              230,106
  
 Real estate taxes
                25,812
  
                23,658
    
                74,415
  
                71,735
  
 Maintenance and repairs
                13,219
  
                15,440
    
                42,629
  
                48,359
  
 General and administrative
                  8,808
  
                  9,623
    
                31,180
  
                33,268
  
 Other
                  7,714
  
                  5,150
    
                18,785
  
                18,690
  
 Total expenses
              167,193
  
              184,321
    
              516,125
  
              543,032
  
 Income from operations
                95,575
  
              101,084
    
              284,227
  
              295,788
  
 Interest and other income
                  1,246
  
                  2,225
    
                  4,189
  
                  7,134
  
 Interest expense
              (71,120
 )
              (77,057
 )   
            (215,847
 )
            (233,736
 ) 
 Impairment of investments
                (1,143
 )
                (5,778
 )   
                (8,849
 )
                (5,778
 ) 
 Gain on sales of real estate assets
                  1,535
  
                  4,777
    
                  1,468
  
                12,122
  
 Equity in earnings of unconsolidated affiliates
                     271
  
                     515
    
                  1,867
  
                  1,308
  
 Income tax benefit (provision)
                  1,358
  
                (8,562
 )   
                     603
  
              (12,757
 ) 
 Income from continuing operations
                27,722
  
                17,204
    
                67,658
  
                64,081
  
 Operating income of discontinued operations
                     112
  
                     126
    
                     132
  
                  1,462
  
 Gain (loss) on discontinued operations
                       10
  
                     676
    
                     (62
 )
                  3,788
  
 Net income
                27,844
  
                18,006
    
                67,728
  
                69,331
  
 Net income attributable to noncontrolling interests:
                  
 Operating partnership
                (4,758
 )
                (3,068
 )   
              (11,173
 )
              (15,195
 ) 
 Other consolidated subsidiaries
                (6,497
 )
                (5,498
 )   
              (19,208
 )
              (17,949
 ) 
 Net income attributable to the Company
                16,589
  
                  9,440
    
                37,347
  
                36,187
  
 Preferred dividends
                (5,455
 )
                (5,455
 )   
              (16,364
 )
              (16,364
 ) 
 Net income available to common shareholders
 $             11,134
  
 $               3,985
    
 $             20,983
  
 $             19,823
  
 Basic per share data attributable to common shareholders:
                  
 Income from continuing operations, net of preferred dividends
 $                 0.08
  
 $                 0.05
    
 $                 0.21
  
 $                 0.24
  
 Discontinued operations
                       -
  
                    0.01
    
                    0.01
  
                    0.04
  
 Net income available to common shareholders
 $                 0.08
  
 $                 0.06
    
 $                 0.22
  
 $                 0.28
  
 Weighted average common shares outstanding
              137,860
  
                71,078
    
                97,557
  
                71,044
  
                   
 Diluted per share data attributable to common shareholders:
                  
 Income from continuing operations, net of preferred dividends
 $                 0.08
  
 $                 0.05
    
 $                 0.21
  
 $                 0.24
  
 Discontinued operations
                       -
  
                    0.01
    
                    0.01
  
                    0.04
  
 Net income available to common shareholders
 $                 0.08
  
 $                 0.06
    
 $                 0.22
  
 $                 0.28
  
 Weighted average common and potential dilutive
                  
 common shares outstanding
              137,899
  
                71,215
    
                97,593
  
                71,227
  
                   
 Amounts attributable to common shareholders:
                  
 Income from continuing operations, net of preferred dividends
 $             11,059
  
 $               3,521
    
 $             20,941
  
 $             16,797
  
 Discontinued operations
                       75
  
                     464
    
                       42
  
                  3,026
  
 Net income available to common shareholders
 $             11,134
  
 $               3,985
    
 $             20,983
  
 $             19,823
  

-1-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2009

The Company's calculation of FFO allocable to Company shareholders is as follows (in thousands, except per share data):
 
     
 Three Months Ended
September 30,
  
 Nine Months Ended
September 30,
   
2009
  
2008
    
2009
  
2008
  
                     
Net income available to common shareholders
  
 $           11,134
  
 $               3,985
    
 $           20,983
  
 $                       19,823
  
Noncontrolling interest in earnings of operating partnership
                4,758
  
                  3,068
    
              11,173
  
                          15,195
  
Depreciation and amortization expense of:
                    
      Consolidated properties
  
              71,261
  
                81,962
    
            225,365
  
                        230,106
  
      Unconsolidated affiliates
  
                7,428
  
                  7,741
    
              22,492
  
                          21,112
  
      Discontinued operations
  
                         -
  
                         -
    
                         -
  
                               892
  
      Non-real estate assets
  
                  (241
 )
                   (268
 )   
                  (731
 )
                             (770
 ) 
Noncontrolling interests' share of depreciation and amortization
                  (120
 )
                   (292
 )   
                  (385
 )
                             (943
 ) 
(Gain) loss on discontinued operations
  
                    (10
 )
                   (676
 )   
                      62
  
                          (3,788
 ) 
Income tax provision on disposal of discontinued operations
                         -
  
                     256
    
                         -
  
                            1,439
  
Funds from operations of the operating partnership
  
 $           94,210
  
 $             95,776
    
 $        278,959
  
 $                     283,066
  
                     
Funds from operations per diluted share
  
 $               0.50
  
 $                 0.78
    
 $               1.87
  
 $                           2.30
  
Weighted average common and potential dilutive common shares
     outstanding with operating partnership units fully converted
            189,848
  
              123,188
    
            149,542
  
                        123,200
  
                     
Reconciliation of FFO of the operating partnership
                    
     to FFO allocable to Company shareholders:
                    
Funds from operations of the operating partnership
  
 $           94,210
  
 $             95,776
    
 $        278,959
  
 $                     283,066
  
Percentage allocable to Company shareholders (1)
  
72.63
 %
57.76
 %   
65.25
  %
57.75
 % 
Funds from operations allocable to Company shareholders
 $           68,425
  
 $             55,320
    
 $        182,021
  
 $                     163,471
  
                     
(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 4.
                     
                     
 SUPPLEMENTAL FFO INFORMATION:
                    
                     
Lease termination fees
  
 $                742
  
 $               3,338
    
 $             4,413
  
 $                         9,256
  
    Lease termination fees per share
  
$                      -
  
 $                 0.03
    
 $               0.03
  
 $                           0.08
  
                     
Straight-line rental income
  
 $             2,859
  
 $                  899
    
 $             6,160
  
 $                         4,050
  
    Straight-line rental income per share
  
 $               0.02
  
 $                 0.01
    
 $               0.04
  
 $                           0.03
  
                     
Gains on outparcel sales
  
 $             1,766
  
 $               6,695
    
 $             2,345
  
 $                       14,243
  
    Gains on outparcel sales per share
  
 $               0.01
  
 $                 0.05
    
 $               0.02
  
 $                           0.12
  
                     
Amortization of acquired above- and below-market leases
 $             1,372
  
 $               1,677
    
 $             4,452
  
 $                         6,785
  
    Amortization of acquired above- and below-market leases per share
 $               0.01
  
 $                 0.01
    
 $               0.03
  
 $                           0.06
  
                     
Amortization of debt premiums
  
 $             1,615
  
 $               1,982
    
 $             5,357
  
 $                         5,918
  
    Amortization of debt premiums per share
  
 $               0.01
  
 $                 0.02
    
 $               0.04
  
 $                           0.05
  
                     
Income tax benefit (provision)
  
 $             1,358
  
 $             (8,306
 )   
 $                603
  
 $                     (11,318
 ) 
    Income tax provision per share
  
 $               0.01
  
 $               (0.07
 )   
 $                      -
  
 $                         (0.09
 ) 
                     
Impairment of investments
  
 $           (1,143
 )
 $             (5,778
 )   
 $           (8,849
 )
 $                       (5,778
 ) 
    Impairment of  investments per share
  
 $             (0.01
 )
 $               (0.05
 )   
 $             (0.06
 )
 $                         (0.05
 ) 
 
-2-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2009

Same-Center Net Operating Income
(Dollars in thousands)

   
 Three Months Ended
September 30,
  
 Nine Months Ended
September 30,
 
2009
  
2008
    
2009
  
2008
  
                   
Net income attributable to the Company
 $         16,589
  
 $          9,440
    
 $         37,347
  
 $        36,187
  
                   
Adjustments:
                  
Depreciation and amortization
            71,261
  
           81,962
    
          225,365
  
         230,106
  
Depreciation and amortization from unconsolidated affiliates
               7,428
  
             7,741
    
            22,492
  
           21,112
  
Depreciation and amortization from discontinued operations
                      -
  
                   -
    
                      -
  
                892
  
Noncontrolling interests' share of depreciation and amortization in
            
   other consolidated subsidiaries
                (120
 )
              (292
 )   
                (385
 )
              (943
 ) 
Interest expense
            71,120
  
           77,057
    
          215,847
  
         233,736
  
Interest expense from unconsolidated affiliates
               7,398
  
             7,038
    
            22,760
  
           20,872
  
Noncontrolling interests' share of interest expense in
                
   other consolidated subsidiaries
                (233
 )
              (454
 )   
                (695
 )
           (1,357
 ) 
Abandoned projects expense
               1,203
  
                  32
    
               1,346
  
             2,944
  
Gain on sales of real estate assets
             (1,535
 )
           (4,777
 )   
             (1,468
 )
         (12,122
 ) 
Gain on sales of real estate assets of unconsolidated affiliates
                (231
 )
           (2,287
 )   
                (877
 )
           (2,716
 ) 
Impairment of investments
               1,143
  
             5,778
    
               8,849
  
             5,778
  
Noncontrolling interests' share of gain on sales of other
                
   consolidated subsidiaries
                      -
  
                365
    
                      -
  
                595
  
Income tax (benefit) provision
             (1,358
 )
             8,562
    
                (603
 )
           12,757
  
Noncontrolling interests in earnings of operating partnership
               4,758
  
             3,068
    
            11,173
  
           15,195
  
(Gain) loss on discontinued operations
                   (10
 )
              (676
 )   
                    62
  
           (3,788
 ) 
Operating partnership's share of total NOI
          177,413
  
         192,557
    
          541,213
  
         559,248
  
General and administrative expenses
               8,808
  
             9,623
    
            31,180
  
           33,268
  
Management fees and non-property level revenues
             (4,953
 )
         (16,571
 )   
           (15,599
 )
         (30,564
 ) 
Operating partnership's share of property NOI
          181,268
  
         185,609
    
          556,794
  
         561,952
  
NOI of non-comparable centers
             (4,289
 )
           (2,060
 )   
           (11,732
 )
           (7,414
 ) 
Total same-center NOI
 $       176,979
  
 $      183,549
    
 $       545,062
  
 $      554,538
  
Total same-center NOI percentage change
-3.6%
        
-1.7%
      
                   
Total same-center NOI
 $       176,979
  
 $      183,549
  
 
 $       545,062
  
 $      554,538
  
Less lease termination fees
                (742
 )
           (3,338
 )   
             (4,413
 )
           (9,134
 ) 
Total same-center NOI, excluding lease termination fees
 $       176,237
  
 $      180,211
    
 $       540,649
  
 $      545,404
  
                   
Malls
 $       159,535
  
 $      162,425
    
 $       489,995
  
 $      491,611
  
Associated centers
               7,546
  
             8,548
    
            23,498
  
           26,019
  
Community centers
               3,389
  
             4,016
    
            10,283
  
           11,149
  
Other
               5,767
  
             5,222
    
            16,873
  
           16,625
  
Total same-center NOI, excluding lease termination fees
 $       176,237
  
 $      180,211
    
 $       540,649
  
 $      545,404
  
                   
Percentage Change:
                  
Malls
-1.8%
        
-0.3%
      
Associated centers
-11.7%
        
-9.7%
      
Community centers
-15.6%
        
-7.8%
      
Other
10.4%
        
1.5%
      
Total same-center NOI, excluding lease termination fees
-2.2%
        
-0.9%
      
 
-3-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2009

Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)

         
September 30, 2009
  
         
Fixed Rate
      
Variable Rate
  
Total
  
Consolidated debt
        
 $     4,521,262
    
 $     1,157,299
    
 $     5,678,561
  
Noncontrolling interests' share of consolidated debt
    
            (23,370
 )  
                  (928
 )  
            (24,298
 )
Company's share of unconsolidated affiliates' debt
      
            405,597
    
            193,711
    
            599,308
  
Company's share of consolidated and unconsolidated debt
    
 $     4,903,489
    
 $     1,350,082
    
 $     6,253,571
  
Weighted average interest rate
        
5.84
 %  
1.91
 %  
4.99
 %
                         
         
September 30, 2008
  
         
Fixed Rate
      
Variable Rate
  
Total
  
Consolidated debt
        
 $        4,499,557
    
 $        1,524,192
    
 $        6,023,749
  
Noncontrolling interests' share of consolidated debt
    
              (23,743
 )   
                   (919
 )   
              (24,662
 ) 
Company's share of unconsolidated affiliates' debt
      
              408,719
    
              121,952
    
              530,671
  
Company's share of consolidated and unconsolidated debt
    
 $        4,884,533
    
 $        1,645,225
    
 $        6,529,758
  
Weighted average interest rate
        
5.79
 %   
4.32
 %   
5.42
 % 
                         
                         
Debt-To-Total-Market Capitalization Ratio as of September 30, 2009
              
(In thousands, except stock price)
                        
         
Shares Outstanding
Stock Price (1)
Value
  
Common stock and operating partnership units
        
              189,825
   
 $                 9.70
   
 $        1,841,303
 
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
                    
2,131,303
 
Company's share of total debt
                    
6,253,571
 
Total market capitalization
                    
 $        8,384,874
 
Debt-to-total-market capitalization ratio
                    
74.6
 % 
                         
(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on September 30, 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
    
 Nine Months Ended
  
   
 September 30,
    
 September 30,
  
2009:
  
Basic
    
Diluted
    
Basic
    
Diluted
  
Weighted average shares - EPS
  
         137,860
    
            137,899
    
              97,557
    
              97,593
  
Weighted average operating partnership units
  
           51,948
    
              51,949
    
              51,949
    
              51,949
  
Weighted average shares- FFO
  
         189,808
    
            189,848
    
            149,506
    
            149,542
  
                         
2008:
                        
Weighted average shares - EPS
  
             71,078
    
                71,215
    
                71,044
    
                71,227
  
Weighted average operating partnership units
  
             51,976
    
                51,973
    
                51,975
    
                51,973
  
Weighted average shares- FFO
  
           123,054
    
              123,188
    
              123,019
    
              123,200
  
                         
                         
Dividend Payout Ratio
  
 Three Months Ended
    
 Nine Months Ended
  
   
 September 30,
    
 September 30,
  
   
2009
    
2008
    
2009
    
2008
  
Weighted average dividend per share
  
 $        0.10370
    
 $           0.55047
    
 $           0.63661
    
 $           0.16514
  
FFO per diluted, fully converted share
  
 $               0.50
    
 $                 0.78
    
 $                  1.87
    
 $                 2.30
  
Dividend payout ratio
  
20.7
 %  
70.6
 %   
34.0
 %  
7.2
 % 
 
-4-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2009
 
Consolidated Balance Sheets
(Unaudited,  in thousands except share data)

 
September 30,
2009
  
December 31,
2008
  
 ASSETS
       
 Real estate assets:
       
 Land
 $                    936,617
 
 $                902,504
 
 Buildings and improvements
                    7,584,632
 
                7,503,334
 
 
                    8,521,249
 
                8,405,838
 
 Accumulated depreciation
                   (1,499,619
 )
              (1,310,173
 ) 
 
                    7,021,630
 
                7,095,665
 
 Developments in progress
                       246,191
 
                   225,815
 
 Net investment in real estate assets
                    7,267,821
 
                7,321,480
 
 Cash and cash equivalents
                         63,502
 
                     51,227
 
 Cash in escrow
                                   -
 
                       2,700
 
 Receivables:
       
 Tenant, net of allowance
                         73,833
 
                     74,402
 
 Other
                         11,088
 
                     12,145
 
 Mortgage and other notes receivable
                         41,962
 
                     58,961
 
 Investments in unconsolidated affiliates
                       193,655
 
                   207,618
 
 Intangible lease assets and other assets
                       281,823
 
                   305,802
 
 
 $                 7,933,684
 
 $             8,034,335
 
         
 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
     
 Mortgage and other notes payable
 $                 5,678,561
 
 $             6,095,676
 
 Accounts payable and accrued liabilities
                       288,206
 
                   329,991
 
 Total liabilities
                    5,966,767
 
                6,425,667
 
 Commitments and contingencies
       
 Redeemable noncontrolling interests:  
        
 Redeemable noncontrolling partnership interests  
                         96,120
 
                     18,393
 
 Redeemable noncontrolling preferred joint venture interest
                       421,514
 
                   421,279
 
 Total redeemable noncontrolling interests
                       517,634
 
                   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,
   137,876,744 and 66,394,844 issued and outstanding in 2009 and
   2008, respectively
                           1,379
 
                          664
 
 Additional paid-in capital
                    1,409,580
 
                   993,941
 
 Accumulated other comprehensive loss
                          (2,386
 )
                   (12,786
 ) 
 Accumulated deficit
                      (218,954
 )
                 (193,307
 ) 
Total shareholders' equity
                    1,189,631
 
                   788,524
 
 Noncontrolling interests
                       259,652
 
                   380,472
 
 Total equity
                    1,449,283
 
                1,168,996
 
 
 $                 7,933,684
 
 $             8,034,335
 
 
-5-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 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
September 30,
  
 Nine Months Ended
September 30,
 
2009
  
2008
    
2009
  
2008
  
EBITDA:
                  
Net income attributable to the Company
 $     16,589
  
 $         9,440
    
 $     37,347
  
 $       36,187
  
                   
Adjustments:
                  
Depreciation and amortization
        71,261
  
          81,962
    
      225,365
  
        230,106
  
Depreciation and amortization from unconsolidated affiliates
          7,428
  
            7,741
    
        22,492
  
          21,112
  
Depreciation and amortization from discontinued operations
                 -
  
                 -
    
                 -
  
               892
  
Noncontrolling interests' share of depreciation and amortization in
      
   other consolidated subsidiaries
            (120
 )
             (292
 )   
            (385
 )
             (943
 ) 
Interest expense
        71,120
  
          77,057
    
      215,847
  
        233,736
  
Interest expense from unconsolidated affiliates
          7,398
  
            7,038
    
        22,760
  
          20,872
  
Noncontrolling interests' share of interest expense in
            
   other consolidated subsidiaries
            (233
 )
             (454
 )   
            (695
 )
          (1,357
 ) 
Income and other taxes
            (815
 )
            2,981
    
          1,482
  
            6,299
  
                   
Impairment of investments
          1,143
  
            5,778
    
          8,849
  
            5,778
  
Abandoned projects
          1,203
  
                 32
    
          1,346
  
            2,944
  
Noncontrolling interests in earnings of operating partnership
          4,758
  
            3,068
    
        11,173
  
          15,195
  
(Gain) loss on discontinued operations
              (10
 )
             (676
 )   
                62
  
          (3,788
 ) 
Company's share of total EBITDA
 $  179,722
  
 $     193,675
    
 $  545,643
  
 $     567,033
  
                   
                   
Interest Expense:
                  
Interest expense
 $     71,120
  
 $       77,057
    
 $  215,847
  
 $     233,736
  
Interest expense from unconsolidated affiliates
          7,398
  
            7,038
    
        22,760
  
          20,872
  
Noncontrolling interests' share of interest expense in
            
   other consolidated subsidiaries
            (233
 )
             (454
 )   
            (695
 )
          (1,357
 ) 
Company's share of total interest expense
 $     78,285
  
 $       83,641
    
 $  237,912
  
 $     253,251
  
                   
Ratio of EBITDA to Interest Expense
             2.30
  
              2.32
    
             2.29
  
              2.24
  
                   
                   
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
      
(In thousands)
                  
   
 Three Months Ended
September 30,
  
 Nine Months Ended
September 30,
 
2009
  
2008
    
2009
  
2008
  
                   
Company's share of total EBITDA
 $  179,722
  
 $     193,675
    
 $  545,643
  
 $     567,033
  
Interest expense
      (71,120
 )
        (77,057
 )   
    (215,847
 )
      (233,736
 ) 
Noncontrolling interests' share of interest expense in other
     consolidated subsidiaries
              233
  
               454
    
              695
  
            1,357
  
Income and other taxes
              815
  
          (2,981
 )   
         (1,482
 )
          (6,299
 ) 
Amortization of deferred financing costs and non-real estate
     depreciation included in operating expense
          2,610
  
            2,609
    
          7,041
  
            7,020
  
Amortization of debt premiums
         (1,615
 )
          (1,982
 )   
         (5,357
 )
          (5,918
 ) 
Amortization of above- and below- market leases
         (1,399
 )
          (1,788
 )   
         (4,511
 )
          (6,896
 ) 
Depreciation and interest expense from unconsolidated affiliates
      (14,826
 )
        (14,779
 )   
      (45,252
 )
        (41,984
 ) 
Noncontrolling interests' share of depreciation and amortization
     in other consolidated subsidiaries
              120
  
               292
    
              385
  
               943
  
Noncontrolling interest in earnings of other consolidated subsidiaries
          6,497
  
            5,498
    
        19,208
  
          17,949
  
Realized foreign currency loss
                   -
  
                   -
    
                76
  
                   -
  
Gains on outparcel sales
         (1,535
 )
          (4,777
 )   
         (1,468
 )
        (12,122
 ) 
Income tax benefit from stock options
                   -
  
            3,736
    
                   -
  
            7,472
  
Equity in earnings of unconsolidated affiliates
            (271
 )
             (515
 )   
         (1,867
 )
          (1,308
 ) 
Distributions from unconsolidated affiliates
          2,155
  
            3,961
    
          8,175
  
          10,904
  
Share-based compensation expense
              488
  
            1,301
    
          2,363
  
            4,028
  
Changes in operating assets and liabilities
         (3,172
 )
          15,955
    
         (9,955
 )
            5,656
  
Cash flows provided by operating activities
 $     98,702
  
 $     123,602
    
 $  297,847
  
 $     314,099
  
 
-6-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2009
 
Schedule of Mortgage and Other Notes Payable as of September 30, 2009
(Dollars in thousands)

   
 
 
 
    
Balance
  
Location
Property
Original
Maturity
Date
Optional
Extended
Maturity
Date
Interest
Rate
Balance
  
Fixed
  
Variable
  
                     
Operating Properties:
                  
Stillwater, OK
Lakeview Pointe
Nov-09
Nov-10
1.28%
 $                        15,600
  
 $                                 -
  
 $                        15,600
  
Cincinnati, OH
Eastgate Mall
Dec-09
-
4.55%
                           52,506
 (a)
                           52,506
 
                                       -
 
Fairview Heights, IL
St. Clair Square
Apr-10
-
7.50%
                            58,021
 
                            58,021
 
                                       -
 
Little Rock, AR
Park Plaza Mall
May-10
-
8.69%
                           38,998
 
                           38,998
 
                                       -
 
Spartanburg, SC
WestGate Crossing
Jul-10
-
8.42%
                             9,059
 
                             9,059
 
                                       -
 
Pearland, TX
Pearland Office
Jul-10
Jul-12
1.45%
                             7,562
 (b)
                                       -
 
                             7,562
 
Pearland, TX
Pearland Town Center
Jul-10
Jul-12
1.45%
                         126,586
 (b)
                                       -
 
                         126,586
 
Burnsville, MN
Burnsville Center
Aug-10
-
8.00%
                           62,007
 
                           62,007
 
                                       -
 
Roanoke, VA
Valley View Mall
Sep-10
-
8.61%
                             41,261
 
                             41,261
 
                                       -
 
Beaumont, TX
Parkdale Crossing
Sep-10
-
5.01%
                             7,735
 
                             7,735
 
                                       -
 
Beaumont, TX
Parkdale Mall
Sep-10
-
5.01%
                           48,992
 
                           48,992
 
                                       -
 
Burlington, NC
Alamance Crossing
Sep-10
Sep-11
1.51%
                           62,363
 
                                       -
 
                           62,363
 
Nashville, TN
CoolSprings Galleria
Sep-10
-
6.22%
                          121,846
 
                          121,846
 
                                       -
 
Lansing, MI
Meridian Mall
Nov-10
Nov-11
5.18%
                           40,000
 (c)
                           40,000
     
Stroud, PA
Stroud Mall
Dec-10
-
8.42%
                           29,903
 
                           29,903
 
                                       -
 
Wausau, WI
Wausau Center
Dec-10
-
6.70%
                             11,346
 
                             11,346
 
                                       -
 
York, PA
York Galleria
Dec-10
-
8.34%
                            47,771
 
                            47,771
 
                                       -
 
Statesboro, GA
Statesboro Crossing
Feb-11
Feb-13
1.25%
                            15,848
 
                                       -
 
                            15,848
 
St. Louis, MO
West County Center - restaurant village
Mar-11
Mar-13
1.25%
                           26,430
 
                                       -
 
                           26,430
 
Lexington, KY
Fayette Mall
Jul-11
-
7.00%
                           87,420
 
                           87,420
 
                                       -
 
St. Louis, MO
Mid Rivers Mall
Jul-11
-
7.24%
                           78,748
 
                           78,748
 
                                       -
 
Panama City, FL
Panama City Mall
Aug-11
-
7.30%
                           37,297
 
                           37,297
 
                                       -
 
Chattanooga, TN
CBL Center II
Aug-11
-
4.50%
                             11,599
 
                                       -
 
                             11,599
 
Asheville,  NC
Asheville Mall
Sep-11
-
6.98%
                           63,739
 
                           63,739
 
                                       -
 
Nashville, TN
Rivergate Mall
Sep-11
Sep-13
5.85%
                           87,500
 (d)
                           87,500
     
Milford, CT
Milford Marketplace
Jan-12
Jan-13
3.76%
                             17,150
 
                                       -
 
                             17,150
 
Ft. Smith, AR
Massard Crossing
Feb-12
-
7.54%
                             5,522
 
                             5,522
 
                                       -
 
Vicksburg, MS
Pemberton Plaza
Feb-12
-
7.54%
                              1,887
 
                              1,887
 
                                       -
 
Houston, TX
Willowbrook Plaza
Feb-12
-
7.54%
                           28,257
 
                           28,257
 
                                       -
 
High Point, NC
Oak Hollow Mall
Feb-12
-
4.50%
                           37,708
 
                           37,708
 
                                       -
 
Fayetteville, NC
Cross Creek Mall
Apr-12
-
7.40%
                            59,313
 
                            59,313
 
                                       -
 
Colonial Heights, VA
Southpark Mall
May-12
-
7.00%
                           33,484
 
                           33,484
 
                                       -
 
Douglasville, GA
Arbor Place
Jul-12
-
6.51%
                           69,632
 
                           69,632
 
                                       -
 
Saginaw, MI
Fashion Square
Jul-12
-
6.51%
                            53,314
 
                            53,314
 
                                       -
 
Louisville, KY
Jefferson Mall
Jul-12
-
6.51%
                           38,789
 
                           38,789
 
                                       -
 
North Charleston, SC
Northwoods Mall
Jul-12
-
6.51%
                           55,535
 
                           55,535
 
                                       -
 
Jackson, TN
Old Hickory Mall
Jul-12
-
6.51%
                           30,758
 
                           30,758
 
                                       -
 
Asheboro, NC
Randolph Mall
Jul-12
-
6.50%
                              13,411
 
                              13,411
 
                                       -
 
Racine, WI
Regency Mall
Jul-12
-
6.51%
                            30,416
 
                            30,416
 
                                       -
 
Douglasville, GA
The Landing At Arbor Place
Jul-12
-
6.51%
                             7,860
 
                             7,860
 
                                       -
 
Spartanburg, SC
WestGate Mall
Jul-12
-
6.50%
                            48,178
 
                            48,178
 
                                       -
 
Chattanooga, TN
CBL Center
Aug-12
-
6.25%
                            13,483
 
                            13,483
 
                                       -
 
Livonia, MI
Laurel Park Place
Dec-12
-
8.50%
                            47,441
 
                            47,441
 
                                       -
 
Monroeville, PA
Monroeville Mall
Jan-13
-
5.73%
                          118,282
 
                          118,282
 
                                       -
 
Greensburg, PA
Westmoreland Mall
Mar-13
-
5.05%
                            71,952
 
                            71,952
 
                                       -
 
St. Louis, MO
West County Center
Apr-13
-
5.19%
                         153,000
 
                         153,000
 
                                       -
 
Columbia, SC
Columbia Place
Sep-13
-
5.45%
                           29,468
 
                           29,468
 
                                       -
 
St. Louis, MO
South County Center
Oct-13
-
4.96%
                           77,853
 
                           77,853
 
                                       -
 
Joplin, MO
Northpark Mall
Mar-14
-
5.75%
                           37,350
 
                           37,350
 
                                       -
 
Laredo, TX
Mall del Norte
Dec-14
-
5.04%
                          113,400
 
                          113,400
 
                                       -
 
Rockford, IL
CherryVale Mall
Oct-15
-
5.00%
                            88,150
 
                            88,150
 
                                       -
 
Brookfield, IL
Brookfield Square
Nov-15
-
5.08%
                           98,696
 
                           98,696
 
                                       -
 
 
-7-
 
 
 
 
 
              Balance   
Location Property 
Original
Maturity
Date 
Optional
Extended
Maturity
Date 
Interest
Rate
 Balance    Fixed    Variable  
                     
Madison, WI
East Towne Mall
Nov-15
-
5.00%
                            75,137
 
                            75,137
 
                                       -
 
Madison, WI
West Towne Mall
Nov-15
-
5.00%
                           106,131
 
                           106,131
 
                                       -
 
Bloomington, IL
Eastland Mall
Dec-15
-
5.85%
                           59,400
 
                           59,400
 
                                       -
 
Decatur, IL
Hickory Point Mall
Dec-15
-
5.85%
                            31,446
 
                            31,446
 
                                       -
 
Overland Park, KS
Oak Park Mall
Dec-15
-
5.85%
                        275,700
 
                        275,700
 
                                       -
 
Janesville, WI
Janesville Mall
Apr-16
-
8.38%
                             9,375
 
                             9,375
 
                                       -
 
Akron, OH
Chapel Hill Mall
Aug-16
-
6.10%
                           73,947
 
                           73,947
 
                                       -
 
Chesapeake, VA
Greenbrier Mall
Aug-16
-
5.91%
                             81,514
 
                             81,514
 
                                       -
 
Chattanooga, TN
Hamilton Place
Aug-16
-
5.86%
                           112,162
 
                           112,162
 
                                       -
 
Midland, MI
Midland Mall
Aug-16
-
6.10%
                           36,493
 
                           36,493
 
                                       -
 
St. Louis, MO
Chesterfield Mall
Sep-16
-
5.74%
                         140,000
 
                         140,000
 
                                       -
 
Southaven, MS
Southaven Towne Center
Jan-17
-
5.50%
                           44,269
 
                           44,269
 
                                       -
 
Cary, NC
Cary Towne Center
Mar-17
-
8.50%
                            71,202
 
                            71,202
 
                                       -
 
Charleston, SC
Citadel Mall
Apr-17
-
5.68%
                           72,733
 
                           72,733
 
                                       -
 
Chattanooga, TN
Hamilton Corner
Apr-17
-
5.67%
                            16,480
 
                            16,480
 
                                       -
 
Layton, UT
Layton Hills Mall
Apr-17
-
5.66%
                         103,960
 
                         103,960
 
                                       -
 
Lafayette, LA
Mall of Acadiana
Apr-17
-
5.67%
                         145,453
 
                         145,453
 
                                       -
 
Lexington, KY
The Plaza at Fayette Mall
Apr-17
-
5.67%
                           42,940
 
                           42,940
 
                                       -
 
Fairview Heights, IL
The Shoppes at St. Clair Square
Apr-17
-
5.67%
                             21,761
 
                             21,761
 
                                       -
 
Cincinnati, OH
Eastgate Crossing
May-17
-
5.66%
                             16,190
 
                             16,190
 
                                       -
 
Nashville, TN
Courtyard at Hickory Hollow
Oct-18
-
6.00%
                              1,863
 
                              1,863
 
                                       -
 
Winston-Salem, NC
Hanes Mall
Oct-18
-
6.99%
                         162,474
 
                         162,474
 
                                       -
 
Nashville, TN
Hickory Hollow Mall
Oct-18
-
6.00%
                           32,244
 
                           32,244
 
                                       -
 
Terre Haute, IN
Honey Creek Mall
Jul-19
-
8.00%
                           33,486
 
                           33,486
 
                                       -
 
Daytona Beach, FL
Volusia Mall
Jul-19
-
8.00%
                           57,603
 
                           57,603
 
                                       -
 
 
SUBTOTAL
      
 $                 4,394,389
  
 $                     4,111,251
  
 $                     283,138
  
Weighted average interest rate
      
5.72%
  
6.00%
  
1.69%
  
                     
Debt Premiums (Discounts):  (e)
                  
                     
Little Rock, AR
Park Plaza Mall
May-10
-
8.69%
 $                             733
  
 $                             733
  
 $                                 -
  
Roanoke, VA
Valley View Mall
Sep-10
-
8.61%
                              1,403
 
                              1,403
 
                                       -
 
St. Louis, MO
Mid Rivers Mall
Jul-11
-
7.24%
                             2,329
 
                             2,329
 
                                       -
 
Fayetteville, NC
Cross Creek Mall
Apr-12
-
7.40%
                             3,366
 
                             3,366
 
                                       -
 
Colonial Heights, VA
Southpark Mall
May-12
-
7.00%
                              1,522
 
                              1,522
 
                                       -
 
Livonia, MI
Laurel Park Place
Dec-12
-
8.50%
                              4,691
 
                              4,691
 
                                       -
 
Monroeville, PA
Monroeville Mall
Jan-13
-
5.73%
                              1,478
 
                              1,478
 
                                       -
 
St. Louis, MO
West County Center
Apr-13
-
5.19%
                           (2,873)
  
                           (2,873)
  
                                       -
 
St. Louis, MO
South County Center
Oct-13
-
4.96%
                            (1,467)
  
                            (1,467)
  
                                       -
 
Joplin, MO
Northpark Mall
Mar-14
-
5.75%
                                 342
 
                                 342
 
                                       -
 
St. Louis, MO
Chesterfield Mall
Sep-16
-
5.74%
                            (1,864)
  
                            (1,864)
  
                                       -
 
 
SUBTOTAL
      
 $                         9,660
  
 $                         9,660
  
 $                                   -
  
Weighted average interest rate
      
4.74%
  
4.74%
  
                                       -
  
                     
Total Loans On Operating Properties And Debt Premiums (Discounts)
 $                 4,404,049
  
 $                    4,120,911
  
 $                     283,138
  
Weighted average interest rate
      
5.72%
  
6.00%
  
1.69%
  
                     
Construction Loans:
                  
                     
D'lberville, MS
The Promenade
Dec-10
Dec-11
2.14%
 $                       79,085
 (f)
 $                                 -
  
 $                       79,085
  
Pittsburgh,  PA
Settler's Ridge
Jun-11
Dec-12
3.25%
                            31,532
 
                                       -
 
                            31,532
 
                     
 
SUBTOTAL
      
 $                       110,617
  
 $                                 -
  
 $                       110,617
  
 
 
-8-
 
 
 
 
               Balance  
Location  Property 
Original
Maturity
Date 
Optional
Extended
Maturity
Date 
Interest
Rate 
 Balance     Fixed    Variable  
                     
Credit Facilities:
                  
Unsecured credit facility, $560,000 capacity
Aug-10
Aug-11
1.17%
 $                    200,000
 
 $                                   -
 
 $                    200,000
 
Secured credit facilities:
                  
   $525,000 capacity
Feb-12
Feb-13
4.02%
                        483,850
 (g)
                        400,000
  
                           83,850
  
   $105,000 capacity
Jun-11
-
4.50%
                             5,000
  
                                       -
  
                             5,000
  
   $20,000 capacity
Mar-10
-
1.06%
                           20,000
  
                                       -
  
                           20,000
  
   $17,200 capacity
Apr-10
-
1.06%
                            17,200
  
                                       -
  
                            17,200
  
      Total secured facilities
    
4.14%
                        526,050
  
                        400,000
  
                         126,050
  
Unsecured term facilities:
                  
   General
Apr-11
Apr-13
1.85%
                        228,000
 
                                       -
 
                        228,000
 
   Starmount
Nov-10
Nov-12
1.35%
                        209,494
 
                                       -
 
                        209,494
 
      Total term facilities
    
1.61%
                        437,494
 
                                       -
 
                        437,494
 
 
SUBTOTAL
    
1.15%
 $                   1,163,544
  
 $                    400,000
  
 $                    763,544
  
                     
Other
      
 $                              351
  
 $                              351
  
 $                                 -
  
                     
Total Consolidated Debt
      
 $       5,678,561
  
 $       4,521,262
  
 $        1,157,299
  
Weighted average interest rate
      
5.03%
  
5.86%
  
1.80%
  
                     
Plus CBL's Share Of Unconsolidated Affiliates' Debt:
    
 
          
Ft. Myers, FL
Gulf Coast Town Center Phase III
Apr-10
Apr-12
1.74%
 $                          11,561
 
 $                                   -
 
 $                          11,561
 
Huntsville, AL
Parkway Place
Jun-10
Jun-10
1.26%
                           25,946
 
                                       -
 
                           25,946
 
Lee's Summit, MO
Summit Fair
Jun-10
-
5.30%
                            17,370
 (h)
                                       -
 
                            17,370
 
Del Rio, TX
Plaza del Sol
Aug-10
-
9.15%
                                 353
 
                                 353
 
                                       -
 
West Melbourne, FL
Hammock Landing
Aug-10
Aug-13
4.50%
                           43,357
 
                                       -
 
                           43,357
 
West Melbourne, FL
Hammock Landing
Aug-10
Aug-11
2.24%
                             3,640
 
                                       -
 
                             3,640
 
Port Orange, FL
The Pavilion at Port Orange
Jun-11
Jun-13
1.50%
                            63,125
 
                                       -
 
                            63,125
 
Port Orange, FL
The Pavilion at Port Orange Phase II
Jun-11
Jun-12
3.25%
                             8,300
 
                                       -
 
                             8,300
 
York, PA
York Town Center
Oct-11
-
1.51%
                            20,412
 
                                       -
 
                            20,412
 
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%
                           44,460
 
                           44,460
 
                                       -
 
El Centro, CA
Imperial Valley Mall
Sep-15
-
4.99%
                           33,754
 
                           33,754
 
                                       -
 
Raleigh, NC
Triangle Town Center
Dec-15
-
5.74%
                           97,344
 
                           97,344
 
                                       -
 
Greensboro, NC
Renaissance Center Phase I
Jul-16
-
5.61%
                            17,853
 
                            17,853
 
                                       -
 
Clarksville, TN
Governor's Square Mall
Sep-16
-
8.23%
                             12,531
 
                             12,531
 
                                       -
 
Paducah, KY
Kentucky Oaks Mall
Jan-17
-
5.27%
                            13,857
 
                            13,857
 
                                       -
 
Greensboro, NC
Shops at Friendly Center
Jan-17
-
5.90%
                              21,711
 
                              21,711
 
                                       -
 
Harrisburg, PA
High Pointe Commons
May-17
-
5.74%
                              7,501
 
                              7,501
 
                                       -
 
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%
                              2,981
 
                              2,981
 
                                       -
 
 
SUBTOTAL
      
 $                    599,308
  
 $                    405,597
  
 $                       193,711
  
                     
Less Noncontrolling Interests' Share Of Consolidated Debt:
Noncontrolling Interest %
            
Chattanooga, TN
CBL Center
8.00%
  
6.25%
 $                        (1,079)
  
 $                        (1,079)
  
 $                                   -
  
Chattanooga, TN
CBL Center II
8.00%
  
4.50%
                               (928)
  
                                       -
  
                               (928)
  
Chattanooga, TN
Hamilton Corner
10.00%
  
5.67%
                            (1,648)
  
                            (1,648)
  
                                       -
  
Chattanooga, TN
Hamilton Place
10.00%
  
5.86%
                            (11,216)
  
                            (11,216)
  
                                       -
  
High Point, NC
Oak Hollow Mall
25.00%
  
4.50%
                           (9,427)
  
                           (9,427)
  
                                       -
  
 
SUBTOTAL
      
 $                     (24,298)
  
 $                     (23,370)
  
 $                           (928)
  
                     
Company's Share Of Consolidated And Unconsolidated Debt
 $       6,253,571
  
 $       4,903,489
  
 $       1,350,082
  
Weighted average interest rate
    
4.99%
  
5.84%
  
1.91%
  
 
 
-9-
 
 
 
 
                 
               Balance  
Location Property 
Original
Maturity
Date 
Optional
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
1.74%
 $                          11,561
  
 $                                   -
  
 $                          11,561
  
Huntsville, AL
Parkway Place
Jun-10
Jun-10
1.26%
                            51,892
  
                                       -
  
                            51,892
  
Lee's Summit, MO
Summit Fair
Jun-10
-
5.30%
                           64,332
 
                                       -
 
                           64,332
 
Del Rio, TX
Plaza del Sol
Aug-10
-
9.15%
                                 697
  
                                 697
  
                                       -
  
West Melbourne, FL
Hammock Landing
Aug-10
Aug-13
4.50%
                           43,357
  
                                       -
  
                           43,357
  
West Melbourne, FL
Hammock Landing
Aug-10
Aug-11
2.24%
                             3,640
  
                                       -
  
                             3,640
  
Port Orange, FL
The Pavilion at Port Orange
Jun-11
Jun-13
1.50%
                            63,125
  
                                       -
  
                            63,125
  
Port Orange, FL
The Pavilion at Port Orange Phase II
Jun-11
Jun-12
3.25%
                             8,300
  
                                       -
  
                             8,300
  
York, PA
York Town Center
Oct-11
-
1.51%
                           40,824
  
                                       -
  
                           40,824
  
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%
                           88,920
 (i)
                           88,920
  
                                       -
  
El Centro, CA
Imperial Valley Mall
Sep-15
-
4.99%
                           56,256
  
                           56,256
  
                                       -
  
Raleigh, NC
Triangle Town Center
Dec-15
-
5.74%
                         194,687
  
                         194,687
  
                                       -
  
Greensboro, NC
Renaissance Center Phase I
Jul-16
-
5.61%
                           35,706
  
                           35,706
  
                                       -
  
Clarksville, TN
Governor's Square Mall
Sep-16
-
8.23%
                           26,382
  
                           26,382
  
                                       -
  
Paducah, KY
Kentucky Oaks Mall
Jan-17
-
5.27%
                            27,714
  
                            27,714
  
                                       -
  
Greensboro, NC
Shops at Friendly Center
Jan-17
-
5.90%
                           43,422
  
                           43,422
  
                                       -
  
Harrisburg, PA
High Pointe Commons
May-17
-
5.74%
                            15,002
  
                            15,002
  
                                       -
  
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%
                              5,961
  
                              5,961
  
                                       -
  
         
 $                  1,088,278
  
 $                     801,247
  
 $                     287,031
  
Weighted average interest rate
    
4.87%
  
5.59%
  
2.83%
  
 
 
(a)
Represents a first mortgage securing the property.  In addition to the first mortgage, there is also a $7,750 B-note that is held by the Company.
 
(b)
In January 2009, the Company 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.
 
(c)
The Company has entered into an interest rate swap on a notional amount of $40,000 related to Meridian Mall to effectively fix the interest rate on that variable-rate loan.  Therefore, this amount is currently reflected as having a fixed rate.
 
(d)
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.
 
(e)
The weighted average interest rates used for debt premiums(discounts) reflects the market interest rate in effect as of the assumption of the related debt.
 
(f)
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 $66,495 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.
 
(g)
The Company has entered into interest rate swaps on a total notional amount of $400,000 related to its largest secured credit facility to effectively fix the interest rate on that portion of the credit line.  Therefore, this amount is currently reflected as having a fixed rate.
 
(h)
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.
 
(i)
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.

-10-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2009

Schedule of Maturities of Mortgage and Other Notes Payable Based on Outstanding Balances as of September 30, 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
Minority Interests' Share of Consolidated Debt
CBL's Share of Consolidated and Unconsolidated Debt
% of Total
                       
2009
  
 $                   52,506
 
 $                                     -
 
 $                                 -
   
 $                       52,506
 
0.84%
2010
  
                    529,739
  
                             43,669
      -    
                        573,408
 
9.17%
2011
  
                     665,251
  
                             24,052
  
                             (928
 )   
                        688,375
 
11.01%
2012
  
                     950,162
  
                               19,861
  
                        (10,506
 )   
                         959,517
 
15.34%
2013
  
                  1,309,332
  
                           164,334
  
                                     -
   
                      1,473,666
 
23.57%
2014
  
                     150,750
  
                             44,460
  
                                     -
   
                          195,210
 
3.12%
2015
  
                      735,011
  
                            131,098
  
                                     -
   
                         866,109
 
13.85%
2016
  
                     453,491
  
                             30,384
  
                          (11,216
 )   
                        472,659
 
7.56%
2017
  
                    534,988
 
                            141,450
 
                          (1,648
 )   
                        674,790
 
10.79%
2018
  
                      196,581
  
                                         -
  
                                     -
   
                          196,581
 
3.14%
2019
  
                        91,089
  
                                         -
  
                                     -
   
                            91,089
 
1.46%
Face Amount of Debt
  
                 5,668,900
  
                          599,308
  
                       (24,298
 )   
                      6,243,910
  
99.85%
Net Premiums on Debt
  
                         9,660
  
                                         -
  
                                     -
   
                             9,660
 
0.15%
Total
  
 $             5,678,560
  
 $                      599,308
  
 $                   (24,298
 )   
 $                 6,253,570
  
100.00%
                       
Based on Original Maturity Dates as of September 30, 2009:
          
                       
Year
  
Consolidated Debt
CBL's Share of Unconsolidated Affiliates' Debt
Minority Interests' Share of Consolidated Debt
CBL's Share of Consolidated and Unconsolidated Debt
% of Total
                       
2009
  
 $                    68,106
 
 $                                     -
 
 $                                 -
   
 $                        68,106
 
1.09%
2010
  
                  1,239,229
  
                           102,227
  
                                     -
   
                       1,341,456
 
21.45%
2011
  
                      673,113
  
                              91,837
  
                             (928
 )   
                        764,022
 
12.22%
2012
  
                  1,075,988
  
                                         -
  
                        (10,506
 )   
                      1,065,482
 
17.04%
2013
  
                    450,555
  
                             57,852
  
                                     -
   
                        508,407
 
8.13%
2014
  
                     150,750
  
                             44,460
  
                                     -
   
                          195,210
 
3.12%
2015
  
                      735,011
  
                            131,098
  
                                     -
   
                         866,109
 
13.85%
2016
  
                     453,491
  
                             30,384
  
                          (11,216
 )   
                        472,659
 
7.56%
2017
  
                    534,988
 
                            141,450
 
                          (1,648
 )   
                        674,790
 
10.79%
2018
  
                      196,581
  
                                         -
  
                                     -
   
                          196,581
 
3.14%
2019
  
                        91,089
  
                                         -
  
                                     -
   
                            91,089
 
1.46%
Face Amount of Debt
  
                  5,668,901
  
                          599,308
  
                       (24,298
 )   
                       6,243,911
  
99.85%
Net Premiums on Debt
  
                         9,660
  
                                         -
  
                                     -
   
                             9,660
 
0.15%
Total
  
 $              5,678,561
  
 $                      599,308
  
 $                   (24,298
 )   
 $                  6,253,571
  
100.00%
                       
                       
Debt Covenant Compliance Ratios as of September 30, 2009
          
                       
Unsecured Line of Credit
Required
  
Actual
  
In Compliance
        
Debt to Gross Asset Value
<65%
  
55%
  
Yes
          
Interest Coverage Ratio*
 >1.75x
  
2.32x
  
Yes
          
Debt Service Coverage Ratio*
 >1.50x
  
1.88x
  
Yes
          
                       
* Based on rolling twelve months
                  
 

-11-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 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)
              558,877
  
 $         36.75
  
 $             30.99
  
-15.7%
  
 $        32.06
  
-12.8%
Stabilized malls
  
              479,891
  
39.32
  
33.00
  
-16.1%
  
34.19
  
-13.0%
  New leases
  
              187,933
  
45.93
  
37.35
  
-18.7%
  
39.51
  
-14.0%
  Renewal leases
  
              291,958
  
 $          35.07
  
 $              30.20
  
-13.9%
  
 $         30.77
  
-12.3%
                         
Year to Date:
                        
All Property Types (1)
           1,671,754
  
 $         38.51
  
 $             33.56
  
-12.9%
  
 $        34.54
  
-10.3%
Stabilized malls
  
           1,483,090
  
40.71
  
35.45
  
-12.9%
  
36.50
  
-10.3%
  New leases
  
              441,562
  
44.66
  
38.92
  
-12.9%
  
41.47
  
-7.1%
  Renewal leases
  
           1,041,528
  
 $          39.04
  
 $              33.98
  
-13.0%
  
 $         34.39
  
-11.9%
                         
                         
Total Leasing Activity
                    
                         
   
Square
Feet
                    
                         
Quarter:
                        
Total Leased
  
           1,347,314
                    
Operating Portfolio
           1,257,453
                    
Development Portfolio
                89,861
                    
                         
Year to Date:
                        
Total Leased
  
           3,729,521
                    
Operating Portfolio
           3,468,725
                    
Development Portfolio
              260,796
                    
                         
                         
Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 10,000 Square Feet
                         
   
As of September 30,
                
   
2009
  
2008
                
Stabilized malls
  
 $               29.04
  
 $           29.00
                
Non-stabilized malls
                  26.04
  
            25.10
                
Associated centers
  
                  11.74
  
            11.67
                
Community centers
                  14.83
  
            14.91
                
Other
  
                  19.11
  
            17.53
                
                         
                         
(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.
 

-12-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2009
 
Top 25 Tenants Based on Percentage of Total Revenues as of September 30, 2009

 
Tenant
  
Number of
Stores
  
Square Feet
  
Percentage of Total
Annualized
Revenues
1
Limited Brands, LLC
  
160
  
803,213
  
3.00%
2
Foot Locker, Inc.
  
181
  
685,554
  
2.45%
3
The Gap Inc.
  
94
  
985,080
  
2.23%
4
Abercrombie & Fitch, Co.
  
98
  
659,673
  
2.20%
5
AE Outfitters Retail Company
  
86
  
501,338
  
2.07%
6
Signet Group plc  (1)
  
119
  
211,312
  
1.81%
7
Luxottica Group, S.P.A.  (2)
  
150
  
327,870
  
1.55%
8
Zale Corporation
  
140
  
145,438
  
1.46%
9
Genesco Inc.  (3)
  
186
  
259,645
  
1.45%
10
Express Fashions
  
49
  
404,982
  
1.30%
11
Dick's Sporting Goods, Inc.
  
17
  
1,024,973
  
1.30%
12
JC Penney Co. Inc.  (4)
  
79
  
8,614,704
  
1.28%
13
New York & Company, Inc.
  
58
  
412,948
  
1.20%
14
Finish Line, Inc.
  
73
  
376,481
  
1.19%
15
The Regis Corporation
  
211
  
249,741
  
1.18%
16
Charlotte Russe Holding, Inc.
  
52
  
360,274
  
1.15%
17
Aeropostale, Inc.
  
76
  
260,117
  
0.98%
18
The Buckle, Inc.
  
50
  
247,907
  
0.92%
19
Christopher & Banks, Inc.
  
87
  
297,010
  
0.91%
20
Pacific Sunwear of California
  
68
  
249,090
  
0.89%
21
Barnes & Noble Inc.
  
22
  
684,553
  
0.85%
22
The Children's Place Retail Stores, Inc.
  
54
  
227,571
  
0.83%
23
Charming Shoppes, Inc.  (5)
  
51
  
290,878
  
0.83%
24
Claire's Stores, Inc.
  
116
  
135,315
  
0.80%
25
Sun Capital Partners, Inc.  (6)
  
56
  
774,929
  
0.78%
     
2,333
  
19,190,596
  
34.61%
               
(1)
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.
(2)
Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut and Pearl Vision.
    
(3)
Genesco Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat Zone and Cap Factory stores.
(4)
JC Penney Co. Inc. owns 30 of these stores.
            
(5)
Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine's.
    
(6)
Sun Capital Partners, Inc. operaties Fazoli's, Anchor Blue, Gordman's, The Limited, Smoky Bones, and Shopko Stores.
 

-13-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2009
 
Capital Expenditures for the Three Months and Nine Months Ended September 30, 2009
(In thousands)

             
Three Months
  
Nine Months
                   
Tenant allowances
          
 $           14,498
  
 $         32,376
                   
Renovations
          
                     59
  
                 441
                   
Deferred maintenance:
              
    Parking lot and parking lot lighting
      
                1,592
  
              2,153
    Roof repairs and replacements
        
                   125
  
              2,108
    Other capital expenditures
        
                1,618
  
              3,543
    Total deferred maintenance expenditures
      
                3,335
  
              7,804
                   
Total capital expenditures
        
 $           17,892
  
 $         40,621
 

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,
          
                      -
  
                 911
             
 $             1,549
  
 $           3,315


-14-
 
 
 

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2009

Properties Opened through September 30, 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 (d)
  
Kansas City, KS
  
                34,000
  
            9,619
  
         11,493
  
Spring-09
    
7.9%
                           
Redevelopments:
                          
West County Center - restaurant village
  
St. Louis, MO
  
90,620
  
          34,149
  
         26,612
  
Spring-09
    
9.9%
                           
Community/Open-Air Centers:
                          
Hammock Landing (Phase I and Phase 1A) (b)
West Melbourne, FL
              470,042
  
          36,757
  
         37,624
  
Spring-09/Fall-10
7.9%
Summit Fair (e)
  
Lee's Summit, MO
  
              483,172
  
          22,000
  
         22,000
  
Summer-09/Summer-10
9.0%
                           
       
           1,117,834
  
 $     114,209
  
 $    105,766
          
                           
                           
Properties Under Development at September 30, 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:
                          
Settlers Ridge (Phase I) (d)
  
Robinson Township, PA
              401,022
  
        109,111
  
         83,543
  
Fall-09
    
6.0%
The Pavilion at Port Orange (Phase I and Phase 1A) (b)
Port Orange, FL
  
              483,942
  
          66,870
  
         96,171
  
Fall-09/Summer-10
7.8%
The Promenade (c)
  
D'Iberville, MS
  
              651,262
  
          82,568
  
         71,609
  
Fall-09
    
7.6%
       
           1,536,226
  
 $     258,549
  
 $    251,323
          
 

(a)
Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees.
(b)
50/50 Joint Venture.  Costs to date may be gross of applicable reimbursements.
(c)
The Promenade is a 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.
(d)
Costs to date may be gross of applicable reimbursements.
(e)
CBL's interest represents cost of the land underlying the project for which they will receive ground rent and a percentage of the operating cash flows.
*
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.
 
-15-

 






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