Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CBL & ASSOCIATES PROPERTIES INC | form8k.htm |
| EX-99.2 - CONFERENCE CALL SCRIPT - CBL & ASSOCIATES PROPERTIES INC | exhibit992.htm |
| EX-99.3 - SUPPLEMENTAL - CBL & ASSOCIATES PROPERTIES INC | exhibit993.htm |
EXHIBIT
99.1
Investor Contact: Katie
Reinsmidt, Vice President - Corporate Communications and Investor Relations,
423.490.8301, katie_reinsmidt@cblproperties.com
CBL
& ASSOCIATES PROPERTIES REPORTS
FIRST
QUARTER 2010 RESULTS
| ● | Reported FFO per diluted share of $0.49 for the first quarter 2010. | |
| ● | Same-store sales for mall tenants 10,000 square feet or less for stabilized malls for the quarter ended March 31, 2010, increased 4.7%. | |
| ● | Stabilized mall occupancy increased 60 basis points to 89.7% as of March 31, 2010, compared with the prior year period. |
CHATTANOOGA, Tenn. (April 28, 2010) – CBL & Associates Properties, Inc.
(NYSE:CBL) announced results for the first quarter ended March 31,
2010. A description of each non-GAAP financial measure and the
related reconciliation to the comparable GAAP measure is located at the end of
this news release. In accordance with accounting guidance effective
in the fourth quarter 2009 related to the treatment of the stock component of
our dividend paid on April 15, 2009, all previously reported share and per share
amounts that were retroactively adjusted to reflect the common stock and common
units, as applicable, issued as part of that dividend have been
revised. The new guidance requires that the stock component be
treated as a stock issuance. Thus, the Company has reflected the
stock distribution in its share and per share amounts beginning April 15,
2009.
Funds
from Operations (“FFO”) allocable to common shareholders for the first quarter
ended March 31, 2010, was $67,979,000 or $0.49 per diluted share, compared with
$50,195,000, or $0.76 per diluted share for the first quarter ended March 31,
2009. FFO per share for the first quarter 2010 reflects dilution of
$0.31 per fully diluted share as a result of the 66.63 million shares issued in
the June 2009 equity offering and the 6.1 million common shares and units issued
in conjunction with the stock component of the April 15, 2009
dividend.
FFO of
the operating partnership for the first quarter ended March 31, 2010, increased
5.8% to $93,571,000, compared with $88,450,000 for the first quarter ended March
31, 2009. FFO in the current quarter benefited from a reduction in
operating expenses. FFO in the prior year period was negatively
impacted by a $7,706,000 non-cash impairment charge related to the Company’s
investment in a Chinese real estate and development company.
Net
income available to common shareholders for the first quarter ended March 31,
2010, was $10,928,000, or $0.08 per diluted share, compared with net income of
$1,712,000, or $0.03 per diluted share for the prior-year
period. Net income available to common shareholders in the current
quarter benefited from a reduction in operating expenses and depreciation and
amortization expense. Net income available to common shareholders in
the prior year period was impacted by the $4,373,000 (adjusted for
non-controlling interest) non-cash impairment charge related to the Company’s
investment in a Chinese real estate and development company.
-MORE-
CBL
Reports First Quarter Results
Page
2
April 28,
2010
CBL’s
President and Chief Executive Officer, Stephen D. Lebovitz, commented, “We
continued to build on our core leasing and operational strengths during the
first quarter as we position CBL for an improving economic environment. The
strategic decisions to stabilize our occupancy and diversify our tenant base
have already generated positive results with portfolio and mall occupancy levels
increasing from the prior-year period. Other highlights in the first
quarter included more than 1.1 million square feet of completed lease signings,
same-store sales growth of 4.7% and the opening of The Pavilion at Port Orange,
our 415,000-square-foot open-air development, at 92% leased or
committed. These successes continue to underscore the strength of our
company and validate our strategy.
“We are
also accessing the capital markets on favorable terms with the completion of a
$72 million financing secured by St. Clair Square and commitments or term sheets
for all of our remaining 2010 property-level mortgage
maturities. Additionally, we were pleased to complete our $128
million preferred stock offering. As a result of this offering and
the other deleveraging steps we have taken, we have reduced our debt levels by
over $600 million from the prior year. While there are still challenges to be
faced, we are confident that CBL is poised to benefit from an improving economy
and emerging growth opportunities.”
HIGHLIGHTS
|
§
|
Same-store
sales for mall tenants 10,000 square feet or less for stabilized malls for
the quarter ended March 31, 2010, increased 4.7%. Same-store sales of mall
tenants 10,000 square feet or less for stabilized malls for the rolling
twelve months ended March 31, 2010, declined 3.1% to $316 per square foot
compared with $326 per square foot in the prior-year
period.
|
|
§
|
Same-center
net operating income (“NOI”), excluding lease terminations fees, for the
first quarter ended March 31, 2010, declined 1.0% compared with a decline
of 1.8% for the prior-year period.
|
|
§
|
Consolidated
and unconsolidated variable rate debt of $1,714,957,000 represented 18.9%
of the total market capitalization for the Company and 28.4% of the
Company's share of total consolidated and unconsolidated debt as of March
31, 2010.
|
PORTFOLIO
OCCUPANCY
|
March
31,
|
March
31,
|
|||||||
|
2010
|
2009
|
|||||||
|
Portfolio
occupancy
|
88.8 | % | 88.6 | % | ||||
|
Mall
portfolio
|
89.4 | % | 88.9 | % | ||||
|
Stabilized
malls
|
89.7 | % | 89.1 | % | ||||
|
Non-stabilized
malls
|
76.6 | % | 80.3 | % | ||||
|
Associated
centers
|
89.5 | % | 89.0 | % | ||||
|
Community
centers
|
84.4 | % | 86.5 | % | ||||
FINANCING
ACTIVITY
During
the first quarter, CBL repaid the $38.8 million loan secured by Park Plaza Mall
in Little Rock, AR. Subsequent to the quarter end, CBL repaid the
$9.0 million loan secured by WestGate Crossing in Spartanburg, SC. Both
properties were pledged to the Company’s $560 million credit
facility.
Additionally,
during the first quarter, CBL closed a $72.0 million non-recourse loan secured
by St. Clair Square in Fairview Heights, IL. The new five-year loan
bears a floating interest rate of LIBOR plus 400 basis points. This
loan replaced the existing $57.2 million loan, which was scheduled to mature in
April 2010. Concurrent with the closing, CBL entered into a two-year
LIBOR cap agreement with an associated LIBOR strike rate of 3.0%.
-MORE-
CBL
Reports First Quarter Results
Page
3
April 28,
2010
DEVELOPMENT
On March
10, 2010, CBL celebrated the official Grand Opening for the 415,000-square-foot
phase one of The Pavilion at Port Orange, an open-air development in Port
Orange, FL. The area’s newest and most unique shopping destination
opened more than 92% leased or committed with anchors including Hollywood
Theaters, Belk, HomeGoods, Marshalls, Michaels, PETCO and ULTA.
CAPITAL
MARKETS
During
the first quarter CBL completed an underwritten public offering of 6,300,000
depositary shares, each representing 1/10th of a share of its 7.375% Series D
Cumulative Redeemable Preferred Stock, having a liquidation preference of $25.00
per depositary share. The depositary shares were priced at $20.30 per share
including accrued dividends equating to a yield of 9.08%. The Company used the
net offering proceeds of $123.4 million to reduce outstanding borrowings under
its credit facilities and for general corporate purposes.
Including
the shares issued in this offering the Company now has 13,300,000 depositary
shares outstanding, each representing 1/10th of a share of its 7.375% Series D
Cumulative Redeemable Preferred Stock. The securities are redeemable at
liquidation preference, plus accrued and unpaid dividends, at any time at the
option of the Company. These securities have no stated maturity, sinking fund or
mandatory redemption and are not convertible into any other securities of the
Company.
OUTLOOK
AND GUIDANCE
Based on
today's outlook, the Company's first quarter results and capital markets
activity, the Company is maintaining 2010 FFO guidance of $1.82 - $1.90 per
share. The full year guidance assumes $3.0 million to $5.0 million of
outparcel sales and same-center NOI growth in the range of (1.5%) to (3.5%),
excluding the impact of lease termination fees from both applicable
periods. The guidance excludes the impact of any future unannounced
acquisitions or dispositions. The Company expects to update its
annual guidance after each quarter's results.
|
Low
|
High
|
|||||||
|
Expected
diluted earnings per common share
|
$ | 0.18 | 0.26 | |||||
|
Adjust
to fully converted shares from common shares
|
(0.05 | ) | (0.07 | ) | ||||
|
Expected
earnings per diluted, fully converted common share
|
0.13 | 0.19 | ||||||
|
Add:
depreciation and amortization
|
1.64 | 1.64 | ||||||
|
Add:
noncontrolling interest in earnings of Operating
Partnership
|
0.05 | 0.07 | ||||||
|
Expected
FFO per diluted, fully converted common share
|
$ | 1.82 | $ | 1.90 | ||||
INVESTOR
CONFERENCE CALL AND SIMULCAST
CBL &
Associates Properties, Inc. will conduct a conference call at 11:00 a.m. EDT on
Thursday, April 29, 2010, to discuss its first quarter results. The
number to call for this interactive teleconference is
(212) 231-2900. A seven-day replay of the conference call will
be available by dialing (402) 977-9140 and entering the passcode
21463727. A transcript of the Company's prepared remarks will be
furnished on a Form 8-K following the conference call.
To
receive the CBL & Associates Properties, Inc., first quarter earnings
release and supplemental information please visit our website at cblproperties.com or
contact Investor Relations at 423-490-8312.
The
Company will also provide an online web simulcast and rebroadcast of its 2010
first quarter earnings release conference call. The live broadcast of
the quarterly conference call will be available online at cblproperties.com on
Thursday, April 29, 2010, beginning at 11:00 a.m. EDT. The online
replay will follow shortly after the call and continue through May 6,
2010.
CBL is
one of the largest and most active owners and developers of malls and shopping
centers in the United States. CBL owns, holds interests in or manages 162
properties, including 86 regional malls/open-air centers. The properties are
located in 27 states and total 85.9 million square feet including 2.2 million
square feet of non-owned shopping centers managed for third parties.
Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham),
MA, Dallas (Irving), TX, and St. Louis, MO. Additional information
can be found at cblproperties.com.
-MORE-
CBL
Reports First Quarter Results
Page
4
April 28,
2010
NON-GAAP
FINANCIAL MEASURES
Funds
From Operations
FFO is a
widely used measure of the operating performance of real estate companies that
supplements net income determined in accordance with GAAP. The National
Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net
income (computed in accordance with GAAP) excluding gains or losses on sales of
operating properties, plus depreciation and amortization, and after adjustments
for unconsolidated partnerships and joint ventures and noncontrolling interests.
Adjustments for unconsolidated partnerships and joint ventures and
noncontrolling interests are calculated on the same basis. The Company defines
FFO allocable to its common shareholders as defined above by NAREIT less
dividends on preferred stock. The Company’s method of calculating FFO allocable
to its common shareholders may be different from methods used by other REITs
and, accordingly, may not be comparable to such other REITs.
The
Company believes that FFO provides an additional indicator of the operating
performance of its properties without giving effect to real estate depreciation
and amortization, which assumes the value of real estate assets declines
predictably over time. Since values of well-maintained real estate assets have
historically risen with market conditions, the Company believes that FFO
enhances investors’ understanding of its operating performance. The use of FFO
as an indicator of financial performance is influenced not only by the
operations of the Company’s properties and interest rates, but also by its
capital structure.
The
Company presents both FFO of its operating partnership and FFO allocable to its
common shareholders, as it believes that both are useful performance
measures. The Company believes FFO of its operating partnership is a
useful performance measure since it conducts substantially all of its business
through its operating partnership and, therefore, it reflects the performance of
the properties in absolute terms regardless of the ratio of ownership interests
of the Company’s common shareholders and the noncontrolling interest in the
operating partnership. The Company believes FFO allocable to its
common shareholders is a useful performance measure because it is the
performance measure that is most directly comparable to net income available to
its common shareholders.
In the
reconciliation of net income available to the Company's common shareholders to
FFO allocable to its common shareholders, located at the end of this earnings
release, the Company makes an adjustment to add back noncontrolling interest in
earnings of its operating partnership in order to arrive at FFO of its operating
partnership. The Company then applies a percentage to FFO of its
operating partnership to arrive at FFO allocable to its common shareholders. The
percentage is computed by taking the weighted average number of common shares
outstanding for the period and dividing it by the sum of the weighted average
number of common shares and the weighted average number of operating partnership
units outstanding during the period.
FFO does
not represent cash flows from operations as defined by accounting principles
generally accepted in the United States, is not necessarily indicative of cash
available to fund all cash flow needs and should not be considered as an
alternative to net income for purposes of evaluating the Company’s operating
performance or to cash flow as a measure of liquidity.
Same-Center
Net Operating Income
NOI is a
supplemental measure of the operating performance of the Company's shopping
centers. The Company defines NOI as operating revenues (rental
revenues, tenant reimbursements and other income) less property operating
expenses (property operating, real estate taxes and maintenance and
repairs).
Similar
to FFO, the Company computes NOI based on its pro rata share of both
consolidated and unconsolidated properties. The Company's definition
of NOI may be different than that used by other companies and, accordingly, the
Company's NOI may not be comparable to that of other companies. A
reconciliation of same-center NOI to net income is located at the end of this
earnings release.
-MORE-
CBL
Reports First Quarter Results
Page
5
April 28,
2010
Since NOI
includes only those revenues and expenses related to the operations of its
shopping center properties, the Company believes that same-center NOI provides a
measure that reflects trends in occupancy rates, rental rates and operating
costs and the impact of those trends on the Company's results of operations.
Additionally, there are instances when tenants terminate their leases prior to
the scheduled expiration date and pay the Company one-time, lump-sum termination
fees. These one-time lease termination fees may distort same-center NOI trends
and may result in same-center NOI that is not indicative of the ongoing
operations of the Company's shopping center properties. Therefore, the Company
believes that presenting same-center NOI, excluding lease termination fees, is
useful to investors.
Pro
Rata Share of Debt
The Company presents debt based on its
pro rata ownership share (including the Company's pro rata share of
unconsolidated affiliates and excluding noncontrolling interests' share of
consolidated properties) because it believes this provides investors a clearer
understanding of the Company's total debt obligations which affect the Company's
liquidity. A reconciliation of the Company's pro rata share of debt
to the amount of debt on the Company's consolidated balance sheet is located at
the end of this earnings release.
Information
included herein contains "forward-looking statements" within the meaning of the
federal securities laws. Such statements are inherently subject to
risks and uncertainties, many of which cannot be predicted with accuracy and
some of which might not even be anticipated. Future events and actual
events, financial and otherwise, may differ materially from the events and
results discussed in the forward-looking statements. The reader is
directed to the Company's various filings with the Securities and Exchange
Commission, including without limitation the Company's Annual Report on Form
10-K for the year ended December 31, 2009 and the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" included therein, for
a discussion of such risks and uncertainties.
-MORE-
CBL Reports First Quarter Results
Page 6
April 28, 2010
|
Three Months Ended
March 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
REVENUES:
|
||||||||
|
Minimum
rents
|
$ | 168,821 | $ | 171,937 | ||||
|
Percentage
rents
|
4,013 | 4,804 | ||||||
|
Other
rents
|
4,576 | 4,280 | ||||||
|
Tenant
reimbursements
|
79,823 | 81,484 | ||||||
|
Management,
development and leasing fees
|
1,706 | 2,465 | ||||||
|
Other
|
7,237 | 6,090 | ||||||
|
Total
revenues
|
266,176 | 271,060 | ||||||
|
EXPENSES:
|
||||||||
|
Property
operating
|
38,897 | 44,017 | ||||||
|
Depreciation
and amortization
|
72,012 | 78,311 | ||||||
|
Real
estate taxes
|
24,992 | 24,154 | ||||||
|
Maintenance
and repairs
|
16,184 | 15,994 | ||||||
|
General
and administrative
|
11,074 | 11,479 | ||||||
|
Other
|
6,701 | 5,157 | ||||||
|
Total
expenses
|
169,860 | 179,112 | ||||||
|
Income
from operations
|
96,316 | 91,948 | ||||||
|
Interest
and other income
|
1,051 | 1,581 | ||||||
|
Interest
expense
|
(73,460 | ) | (71,885 | ) | ||||
|
Loss
on impairment of investment
|
- | (7,706 | ) | |||||
|
Gain
(loss) on sales of real estate assets
|
866 | (139 | ) | |||||
|
Equity
in earnings of unconsolidated affiliates
|
539 | 1,534 | ||||||
|
Income
tax benefit (provision)
|
1,877 | (603 | ) | |||||
|
Income
from continuing operations
|
27,189 | 14,730 | ||||||
|
Operating
income (loss) of discontinued operations
|
14 | (66 | ) | |||||
|
Loss
on discontinued operations
|
- | (60 | ) | |||||
|
Net
income
|
27,203 | 14,604 | ||||||
|
Net
income attributable to noncontrolling interests in:
|
||||||||
|
Operating
partnership
|
(4,110 | ) | (1,306 | ) | ||||
|
Other
consolidated subsidiaries
|
(6,137 | ) | (6,131 | ) | ||||
|
Net
income attributable to the Company
|
16,956 | 7,167 | ||||||
|
Preferred
dividends
|
(6,028 | ) | (5,455 | ) | ||||
|
Net
income available to common shareholders
|
$ | 10,928 | $ | 1,712 | ||||
|
Basic
earnings per share available to common shareholders:
|
||||||||
|
Income
from continuing operations, net of preferred dividends
|
$ | 0.08 | $ | 0.03 | ||||
|
Discontinued
operations
|
- | - | ||||||
|
Net
income available to common shareholders
|
$ | 0.08 | $ | 0.03 | ||||
|
Weighted
average common shares outstanding
|
137,967 | 66,407 | ||||||
|
Diluted
earnings per share available to common shareholders:
|
||||||||
|
Income
from continuing operations, net of preferred dividends
|
$ | 0.08 | $ | 0.03 | ||||
|
Discontinued
operations
|
- | - | ||||||
|
Net
income available to common shareholders
|
$ | 0.08 | $ | 0.03 | ||||
|
Weighted
average common and potential dilutive common shares
outstanding
|
138,006 | 66,439 | ||||||
|
Amounts
available to common shareholders:
|
||||||||
|
Income
from continuing operations, net of preferred dividends
|
$ | 10,918 | $ | 1,784 | ||||
|
Discontinued
operations
|
10 | (72 | ) | |||||
|
Net
income available to common shareholders
|
$ | 10,928 | $ | 1,712 | ||||
-MORE-
CBL
Reports First Quarter Results
Page 7
April 28, 2010
The
Company's calculation of FFO allocable to its shareholders is as
follows:
(in
thousands, except per share data)
|
Three Months Ended
March 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
Net
income available to common shareholders
|
$ | 10,928 | $ | 1,712 | ||||
|
Noncontrolling
interest in earnings of operating partnership
|
4,110 | 1,306 | ||||||
|
Depreciation
and amortization expense of:
|
||||||||
|
Consolidated
properties
|
72,012 | 78,311 | ||||||
|
Unconsolidated
affiliates
|
6,885 | 7,509 | ||||||
|
Non-real
estate assets
|
(219 | ) | (247 | ) | ||||
|
Noncontrolling
interests' share of depreciation and amortization
|
(145 | ) | (201 | ) | ||||
|
Loss
on discontinued operations
|
- | 60 | ||||||
|
Funds
from operations of the operating partnership
|
$ | 93,571 | $ | 88,450 | ||||
|
Funds
from operations per diluted share
|
$ | 0.49 | $ | 0.76 | ||||
|
Weighted
average common and potential dilutive common
shares outstanding with operating partnership
units fully converted |
189,955 | 117,050 | ||||||
|
Reconciliation
of FFO of the operating partnership
to FFO allocable
to common shareholders:
|
||||||||
|
Funds
from operations of the operating partnership
|
$ | 93,571 | $ | 88,450 | ||||
|
Percentage
allocable to common shareholders (1)
|
72.65 | % | 56.75 | % | ||||
|
Funds
from operations allocable to common shareholders
|
$ | 67,979 | $ | 50,195 | ||||
| (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 outstanding on page 9.
|
|
SUPPLEMENTAL
FFO INFORMATION:
|
||||||||
|
Lease
termination fees
|
$ | 531 | $ | 2,543 | ||||
|
Lease
termination fees per share
|
$ | - | $ | 0.02 | ||||
|
Straight-line
rental income
|
$ | 1,316 | $ | 1,731 | ||||
|
Straight-line
rental income per share
|
$ | 0.01 | $ | 0.01 | ||||
|
Gains
on outparcel sales
|
$ | 816 | $ | 425 | ||||
|
Gains
on outparcel sales per share
|
$ | - | $ | - | ||||
|
Amortization
of acquired above- and below-market leases
|
$ | 838 | $ | 1,548 | ||||
|
Amortization
of acquired above- and below-market leases per share
|
$ | - | $ | 0.01 | ||||
|
Amortization
of debt premiums
|
$ | 1,662 | $ | 2,035 | ||||
|
Amortization
of debt premiums per share
|
$ | 0.01 | $ | 0.02 | ||||
|
Income
tax benefit (provision)
|
$ | 1,877 | $ | (603 | ) | |||
|
Income
tax benefit (provision) per share
|
$ | 0.01 | $ | (0.01 | ) | |||
|
Abandoned
projects expense
|
$ | 99 | $ | 76 | ||||
|
Abandoned
projects expense per share
|
$ | - | $ | - | ||||
|
Loss
on impairment of investment
|
$ | - | $ | (7,706 | ) | |||
|
Loss
on impairment of investment per share
|
$ | - | $ | (0.07 | ) | |||
-MORE-
CBL Reports First Quarter Results
Page 8
April 28, 2010
Same-Center
Net Operating Income
(Dollars
in thousands)
|
Three
Months Ended
March
31,
|
||||||||
|
2010
|
2009
|
|||||||
|
Net
income attributable to the Company
|
$ | 16,956 | $ | 7,167 | ||||
|
Adjustments:
|
||||||||
|
Depreciation
and amortization
|
72,012 | 78,311 | ||||||
|
Depreciation
and amortization from unconsolidated affiliates
|
6,885 | 7,509 | ||||||
|
Noncontrolling
interests' share of depreciation and amortization in other
consolidated subsidiaries
|
(145 | ) | (201 | ) | ||||
|
Interest
expense
|
73,460 | 71,885 | ||||||
|
Interest
expense from unconsolidated affiliates
|
7,228 | 7,865 | ||||||
|
Noncontrolling
interests' share of interest expense in other consolidated
subsidiaries
|
(234 | ) | (273 | ) | ||||
|
Abandoned
projects expense
|
99 | 76 | ||||||
|
(Gain)
loss on sales of real estate assets
|
(866 | ) | 139 | |||||
|
(Gain)
loss on sales of real estate assets of unconsolidated
affiliates
|
50 | (564 | ) | |||||
|
Loss
on impairment of investment
|
- | 7,706 | ||||||
|
Income
tax (benefit) provision
|
(1,877 | ) | 603 | |||||
|
Net
income attributable to noncontrolling interest in earnings of
operating partnership
|
4,110 | 1,306 | ||||||
|
Loss
on discontinued operations
|
- | 60 | ||||||
|
Operating
partnership's share of total NOI
|
177,678 | 181,589 | ||||||
|
General
and administrative expenses
|
11,074 | 11,479 | ||||||
|
Management
fees and non-property level revenues
|
(6,746 | ) | (8,277 | ) | ||||
|
Operating
partnership's share of property NOI
|
182,006 | 184,791 | ||||||
|
Non-comparable
NOI
|
(1,501 | ) | (547 | ) | ||||
|
Total
same-center NOI
|
$ | 180,505 | $ | 184,244 | ||||
|
Total
same-center NOI percentage change
|
-2.0 | % | ||||||
|
Total
same-center NOI
|
$ | 180,505 | $ | 184,244 | ||||
|
Less
lease termination fees
|
(531 | ) | (2,472 | ) | ||||
|
Total
same-center NOI, excluding lease termination fees
|
$ | 179,974 | $ | 181,772 | ||||
|
Malls
|
$ | 162,934 | $ | 164,290 | ||||
|
Associated
centers
|
7,795 | 7,821 | ||||||
|
Community
centers
|
4,115 | 4,277 | ||||||
|
Office
and other
|
5,130 | 5,384 | ||||||
|
Total
same-center NOI, excluding lease termination fees
|
$ | 179,974 | $ | 181,772 | ||||
|
Percentage
Change:
|
||||||||
|
Malls
|
-0.8 | % | ||||||
|
Associated
centers
|
-0.3 | % | ||||||
|
Community
centers
|
-3.8 | % | ||||||
|
Office
and other
|
-4.7 | % | ||||||
|
Total
same-center NOI, excluding lease termination fees
|
-1.0 | % | ||||||
-MORE-
CBL
Reports First Quare Results
Page 9
April 28, 2010
Company's
Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
|
March
31, 2010
|
||||||||||||
|
Fixed
Rate
|
Variable
Rate
|
Total
|
||||||||||
|
Consolidated
debt
|
$ | 3,934,296 | $ | 1,524,281 | $ | 5,458,577 | ||||||
|
Noncontrolling
interests' share of consolidated debt
|
(23,731 | ) | (928 | ) | (24,659 | ) | ||||||
|
Company's
share of unconsolidated affiliates' debt
|
402,570 | 191,604 | 594,174 | |||||||||
|
Company's
share of consolidated and unconsolidated debt
|
$ | 4,313,135 | $ | 1,714,957 | $ | 6,028,092 | ||||||
|
Weighted
average interest rate
|
5.94 | % | 2.89 | % | 5.07 | % | ||||||
|
March
31, 2009
|
||||||||||||
|
Fixed
Rate
|
Variable
Rate
|
Total
|
||||||||||
|
Consolidated
debt
|
$ | 4,580,821 | $ | 1,514,076 | $ | 6,094,897 | ||||||
|
Noncontrolling
interests' share of consolidated debt
|
(23,477 | ) | (928 | ) | (24,405 | ) | ||||||
|
Company's
share of unconsolidated affiliates' debt
|
408,342 | 166,754 | 575,096 | |||||||||
|
Company's
share of consolidated and unconsolidated debt
|
$ | 4,965,686 | $ | 1,679,902 | $ | 6,645,588 | ||||||
|
Weighted
average interest rate
|
5.95 | % | 1.78 | % | 4.90 | % | ||||||
Debt-To-Total-Market
Capitalization Ratio as of March 31, 2010
(In
thousands, except stock price)
|
Shares
Outstanding
|
Stock
Price (1)
|
Value
|
||||||||||
|
Common
stock and operating partnership units
|
189,965 | $ | 13.70 | $ | 2,602,521 | |||||||
|
7.75%
Series C Cumulative Redeemable Preferred Stock
|
460 | 250.00 | 115,000 | |||||||||
|
7.375%
Series D Cumulative Redeemable Preferred Stock
|
1,330 | 250.00 | 332,500 | |||||||||
|
Total
market equity
|
3,050,021 | |||||||||||
|
Company's
share of total debt
|
6,028,092 | |||||||||||
|
Total
market capitalization
|
$ | 9,078,113 | ||||||||||
|
Debt-to-total-market
capitalization ratio
|
66.4 | % | ||||||||||
| (1) |
Stock
price for common stock and operating partnership units equals the closing
price of the common stock on March 31, 2010. 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 March
31, |
||||||||
|
2010:
|
Basic
|
Diluted
|
||||||
|
Weighted
average shares - EPS
|
137,967 | 138,006 | ||||||
|
Weighted
average operating partnership units
|
51,949 | 51,949 | ||||||
|
Weighted
average shares- FFO
|
189,916 | 189,955 | ||||||
|
2009:
|
||||||||
|
Weighted
average shares - EPS
|
66,407 | 66,439 | ||||||
|
Weighted
average operating partnership units
|
50,611 | 50,611 | ||||||
|
Weighted
average shares- FFO
|
117,018 | 117,050 | ||||||
|
Dividend
Payout Ratio
|
|
Three
Months Ended March
31, |
||||||||
|
2010
|
2009
|
|||||||
|
Weighted
average cash dividend per share
|
$ | 0.23106 | $ | 0.21763 | ||||
|
FFO
per diluted, fully converted share
|
$ | 0.49 | $ | 0.76 | ||||
|
Dividend
payout ratio
|
47.2 | % | 28.6 | % | ||||
-MORE-
CBL Reports First Quarter Results
Page 10
April 28, 2010
Consolidated
Balance Sheets
(Unaudited;
in thousands, except share data)
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
ASSETS
|
||||||||
|
Real
estate assets:
|
||||||||
|
Land
|
$ | 946,570 | $ | 946,750 | ||||
|
Buildings
and improvements
|
7,576,916 | 7,569,015 | ||||||
| 8,523,486 | 8,515,765 | |||||||
|
Less
accumulated depreciation
|
(1,568,868 | ) | (1,505,840 | ) | ||||
| 6,954,618 | 7,009,925 | |||||||
|
Developments
in progress
|
91,321 | 85,110 | ||||||
|
Net
investment in real estate assets
|
7,045,939 | 7,095,035 | ||||||
|
Cash
and cash equivalents
|
50,215 | 48,062 | ||||||
|
Receivables:
|
||||||||
|
Tenant,
net of allowance
|
66,783 | 73,170 | ||||||
|
Other
|
8,668 | 8,162 | ||||||
|
Mortgage
and other notes receivable
|
39,051 | 38,208 | ||||||
|
Investments
in unconsolidated affiliates
|
186,628 | 186,523 | ||||||
|
Intangible
lease assets and other assets
|
270,656 | 279,950 | ||||||
| $ | 7,667,940 | $ | 7,729,110 | |||||
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
||||||||
|
Mortgage
and other indebtedness
|
$ | 5,458,577 | $ | 5,616,139 | ||||
|
Accounts
payable and accrued liabilities
|
248,323 | 248,333 | ||||||
|
Total
liabilities
|
5,706,900 | 5,864,472 | ||||||
|
Commitments
and contingencies
|
||||||||
|
Redeemable
noncontrolling interests:
|
||||||||
|
Redeemable
noncontrolling partnership interests
|
28,520 | 22,689 | ||||||
|
Redeemable
noncontrolling preferred joint venture interest
|
421,506 | 421,570 | ||||||
|
Total
redeemable noncontrolling interests
|
450,026 | 444,259 | ||||||
|
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,
1,330,000
and 700,000 shares outstanding in 2010 and
2009,
respectively
|
13 | 7 | ||||||
|
Common
Stock, $.01 par value, 350,000,000 shares authorized,
138,016,637
and 137,888,408 issued and outstanding in 2010
and
2009, respectively
|
1,380 | 1,379 | ||||||
|
Additional
paid-in capital
|
1,512,607 | 1,399,654 | ||||||
|
Accumulated
other comprehensive income
|
2,665 | 491 | ||||||
|
Accumulated
deficit
|
(300,314 | ) | (283,640 | ) | ||||
|
Total
shareholders' equity
|
1,216,356 | 1,117,896 | ||||||
|
Noncontrolling
interests
|
294,658 | 302,483 | ||||||
|
Total
equity
|
1,511,014 | 1,420,379 | ||||||
| $ | 7,667,940 | $ | 7,729,110 | |||||
-END-