Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CBL & ASSOCIATES PROPERTIES INC | form8k.htm |
| EX-99.2 - INVESTOR CONFERENCE CALL SCRIPT - CBL & ASSOCIATES PROPERTIES INC | exhibit992.htm |
| EX-99.1 - EARNINGS RELEASE - CBL & ASSOCIATES PROPERTIES INC | exhibit991.htm |
Exhibit
99.3
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
Consolidated
Statements of Operations
(Unaudited;
in thousands, except per share amounts)
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
REVENUES:
|
||||||||||||||||
|
Minimum
rents
|
$ | 170,239 | $ | 170,491 | $ | 339,060 | $ | 342,428 | ||||||||
|
Percentage
rents
|
2,127 | 1,604 | 6,140 | 6,408 | ||||||||||||
|
Other
rents
|
4,598 | 4,142 | 9,174 | 8,422 | ||||||||||||
|
Tenant
reimbursements
|
76,347 | 81,695 | 156,170 | 163,179 | ||||||||||||
|
Management,
development and leasing fees
|
1,601 | 1,615 | 3,307 | 4,080 | ||||||||||||
|
Other
|
7,234 | 6,977 | 14,471 | 13,067 | ||||||||||||
|
Total
revenues
|
262,146 | 266,524 | 528,322 | 537,584 | ||||||||||||
|
EXPENSES:
|
||||||||||||||||
|
Property
operating
|
37,514 | 39,355 | 76,411 | 83,372 | ||||||||||||
|
Depreciation
and amortization
|
70,652 | 75,793 | 142,664 | 154,104 | ||||||||||||
|
Real
estate taxes
|
24,866 | 24,449 | 49,858 | 48,603 | ||||||||||||
|
Maintenance
and repairs
|
13,561 | 13,416 | 29,745 | 29,410 | ||||||||||||
|
General
and administrative
|
10,321 | 10,893 | 21,395 | 22,372 | ||||||||||||
|
Loss
on impairment of real estate
|
25,435 | - | 25,435 | - | ||||||||||||
|
Other
|
6,415 | 5,914 | 13,116 | 11,071 | ||||||||||||
|
Total
expenses
|
188,764 | 169,820 | 358,624 | 348,932 | ||||||||||||
|
Income
from operations
|
73,382 | 96,704 | 169,698 | 188,652 | ||||||||||||
|
Interest
and other income
|
948 | 1,362 | 1,999 | 2,943 | ||||||||||||
|
Interest
expense
|
(73,341 | ) | (72,842 | ) | (146,801 | ) | (144,727 | ) | ||||||||
|
Loss
on impairment of investment
|
- | - | - | (7,706 | ) | |||||||||||
|
Gain
(loss) on sales of real estate assets
|
1,149 | 72 | 2,015 | (67 | ) | |||||||||||
|
Equity
in earnings of unconsolidated affiliates
|
409 | 62 | 948 | 1,596 | ||||||||||||
|
Income
tax benefit (provision)
|
1,911 | (152 | ) | 3,788 | (755 | ) | ||||||||||
|
Income
from continuing operations
|
4,458 | 25,206 | 31,647 | 39,936 | ||||||||||||
|
Operating
income of discontinued operations
|
59 | 86 | 73 | 20 | ||||||||||||
|
Loss
on discontinued operations
|
- | (12 | ) | - | (72 | ) | ||||||||||
|
Net
income
|
4,517 | 25,280 | 31,720 | 39,884 | ||||||||||||
|
Net
(income) loss attributable to noncontrolling interests in:
|
||||||||||||||||
|
Operating
partnership
|
2,723 | (5,109 | ) | (1,387 | ) | (6,415 | ) | |||||||||
|
Other
consolidated subsidiaries
|
(6,124 | ) | (6,580 | ) | (12,261 | ) | (12,711 | ) | ||||||||
|
Net
income attributable to the Company
|
1,116 | 13,591 | 18,072 | 20,758 | ||||||||||||
|
Preferred
dividends
|
(8,358 | ) | (5,454 | ) | (14,386 | ) | (10,909 | ) | ||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (7,242 | ) | $ | 8,137 | $ | 3,686 | $ | 9,849 | |||||||
|
Basic
per share data attributable to common shareholders:
|
||||||||||||||||
|
Income
(loss) from continuing operations, net of preferred
dividends
|
$ | (0.05 | ) | $ | 0.10 | $ | 0.03 | $ | 0.13 | |||||||
|
Discontinued
operations
|
- | - | - | - | ||||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (0.05 | ) | $ | 0.10 | $ | 0.03 | $ | 0.13 | |||||||
|
Weighted
average common shares outstanding
|
138,068 | 82,187 | 138,018 | 74,341 | ||||||||||||
|
Diluted
per share data attributable to common shareholders:
|
||||||||||||||||
|
Income
(loss) from continuing operations, net of preferred
dividends
|
$ | (0.05 | ) | $ | 0.10 | $ | 0.03 | $ | 0.13 | |||||||
|
Discontinued
operations
|
- | - | - | - | ||||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (0.05 | ) | $ | 0.10 | $ | 0.03 | $ | 0.13 | |||||||
|
Weighted
average common and potential dilutive
common
shares outstanding
|
138,112 | 82,226 | 138,059 | 74,378 | ||||||||||||
|
Amounts
attributable to common shareholders:
|
||||||||||||||||
|
Income
(loss) from continuing operations, net of preferred
dividends
|
$ | (7,285 | ) | $ | 8,092 | $ | 3,633 | $ | 9,880 | |||||||
|
Discontinued
operations
|
43 | 45 | 53 | (31 | ) | |||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (7,242 | ) | $ | 8,137 | $ | 3,686 | $ | 9,849 | |||||||
1
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
The
Company's calculation of FFO allocable to Company shareholders is as follows (in
thousands, except per share data):
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (7,242 | ) | $ | 8,137 | $ | 3,686 | $ | 9,849 | |||||||
|
Noncontrolling
interest in income (loss) of operating partnership
|
(2,723 | ) | 5,109 | 1,387 | 6,415 | |||||||||||
|
Depreciation
and amortization expense of:
|
||||||||||||||||
|
Consolidated
properties
|
70,652 | 75,793 | 142,664 | 154,104 | ||||||||||||
|
Unconsolidated
affiliates
|
8,486 | 7,555 | 15,371 | 15,064 | ||||||||||||
|
Non-real
estate assets
|
(219 | ) | (243 | ) | (438 | ) | (490 | ) | ||||||||
|
Noncontrolling
interests' share of depreciation and amortization
|
(311 | ) | (64 | ) | (456 | ) | (265 | ) | ||||||||
|
Loss
on discontinued operations
|
- | 12 | - | 72 | ||||||||||||
|
Funds
from operations of the operating partnership
|
68,643 | 96,299 | 162,214 | 184,749 | ||||||||||||
|
Loss
on impairment of real estate
|
25,435 | - | 25,435 | - | ||||||||||||
|
Funds
from operations of the operating partnership, excluding
loss
on impairment of real estate
|
$ | 94,078 | $ | 96,299 | $ | 187,649 | $ | 184,749 | ||||||||
|
Funds
from operations per diluted share
|
$ | 0.36 | $ | 0.72 | $ | 0.85 | $ | 1.47 | ||||||||
|
Loss
on impairment of real estate per diluted share (1)
|
0.13 | - | 0.14 | - | ||||||||||||
|
Funds
from operations, excluding loss on impairment of real
estate,
per diluted share
|
$ | 0.49 | $ | 0.72 | $ | 0.99 | $ | 1.47 | ||||||||
|
Weighted
average common and potential dilutive common shares
outstanding
with operating partnership units fully converted
|
190,061 | 133,969 | 190,008 | 125,558 | ||||||||||||
|
Reconciliation
of FFO of the operating
partnership to FFO allocable to
Company shareholders: |
||||||||||||||||
|
Funds
from operations of the operating partnership
|
$ | 68,643 | $ | 96,299 | $ | 162,214 | $ | 184,749 | ||||||||
|
Percentage
allocable to Company shareholders (2)
|
72.66 | % | 61.37 | % | 72.65 | % | 59.23 | % | ||||||||
|
Funds
from operations allocable to Company shareholders
|
$ | 49,876 | $ | 59,099 | $ | 117,848 | $ | 109,427 | ||||||||
|
Funds
from operations of the operating partnership, excluding
loss
on impairment of real estate
|
$ | 94,078 | $ | 96,299 | $ | 187,649 | $ | 184,749 | ||||||||
|
Percentage
allocable to common shareholders (2)
|
72.66 | % | 61.37 | % | 72.65 | % | 59.23 | % | ||||||||
|
Funds
from operations allocable to Company shareholders,
excluding
loss on impairment of real estate
|
$ | 68,357 | $ | 59,099 | $ | 136,327 | $ | 109,427 | ||||||||
|
(1)
|
Diluted
per share amounts presented for reconciliation purposes may differ from
actual diluted per share amounts due to rounding.
|
|
(2)
|
Represents
the weighted average number of common shares outstanding for the period
divided by the sum of the weighted average number of common shares and the
weighted average number of operating partnership units outstanding during
the period. See the reconciliation of shares and operating
partnership units on page
5.
|
2
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
SUPPLEMENTAL
FFO INFORMATION
(in
thousands, except per share data)
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Lease
termination fees
|
$ | 1,617 | $ | 1,129 | $ | 2,148 | $ | 3,671 | ||||||||
|
Lease
termination fees per share
|
$ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.03 | ||||||||
|
Straight-line
rental income
|
$ | 1,446 | $ | 1,570 | $ | 2,762 | $ | 3,301 | ||||||||
|
Straight-line
rental income per share
|
$ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.03 | ||||||||
|
Gains
on outparcel sales
|
$ | 1,244 | $ | 154 | $ | 2,060 | $ | 579 | ||||||||
|
Gains
on outparcel sales per share
|
$ | 0.01 | $ | - | $ | 0.01 | $ | - | ||||||||
|
Amortization
of acquired above- and below-market leases
|
$ | 724 | $ | 1,532 | $ | 1,562 | $ | 3,080 | ||||||||
|
Amortization
of acquired above- and below-market leases per share
|
$ | - | $ | 0.01 | $ | 0.01 | $ | 0.02 | ||||||||
|
Amortization
of debt premiums
|
$ | 1,268 | $ | 1,707 | $ | 2,930 | $ | 3,742 | ||||||||
|
Amortization
of debt premiums per share
|
$ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.03 | ||||||||
|
Income
tax benefit (provision)
|
$ | 1,911 | $ | (152 | ) | $ | 3,788 | $ | (755 | ) | ||||||
|
Income
tax benefit (provision) per share
|
$ | 0.01 | $ | - | $ | 0.02 | $ | (0.01 | ) | |||||||
|
Abandoned
projects expense
|
$ | 260 | $ | 67 | $ | 359 | $ | 143 | ||||||||
|
Abandoned
projects expense per share
|
$ | - | $ | - | $ | - | $ | - | ||||||||
|
Loss
on impairment of real estate
|
$ | (25,435 | ) | $ | - | $ | (25,435 | ) | $ | - | ||||||
|
Loss
on impairment of real estate per share
|
$ | (0.13 | ) | $ | - | $ | (0.13 | ) | $ | - | ||||||
|
Loss
on impairment of investment
|
$ | - | $ | - | $ | - | $ | (7,706 | ) | |||||||
|
Loss
on impairment of investment per share
|
$ | - | $ | - | $ | - | $ | (0.06 | ) | |||||||
3
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
Same-Center
Net Operating Income
(Dollars
in thousands)
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Net
income attributable to the Company
|
$ | 1,116 | $ | 13,591 | $ | 18,072 | $ | 20,758 | ||||||||
|
Adjustments:
|
||||||||||||||||
|
Depreciation
and amortization
|
70,652 | 75,793 | 142,664 | 154,104 | ||||||||||||
|
Depreciation
and amortization from unconsolidated affiliates
|
8,486 | 7,555 | 15,371 | 15,064 | ||||||||||||
|
Noncontrolling
interests' share of depreciation and amortization
in other consolidated subsidiaries |
(311 | ) | (64 | ) | (456 | ) | (265 | ) | ||||||||
|
Interest
expense
|
73,341 | 72,842 | 146,801 | 144,727 | ||||||||||||
|
Interest
expense from unconsolidated affiliates
|
8,503 | 7,497 | 15,731 | 15,362 | ||||||||||||
|
Noncontrolling
interests' share of interest expense
in other consolidated subsidiaries |
(379 | ) | (189 | ) | (613 | ) | (462 | ) | ||||||||
|
Abandoned
projects expense
|
260 | 67 | 359 | 143 | ||||||||||||
|
(Gain)
loss on sales of real estate assets
|
(1,149 | ) | (72 | ) | (2,015 | ) | 67 | |||||||||
|
Gain
on sales of real estate assets of unconsolidated
affiliates
|
(160 | ) | (82 | ) | (110 | ) | (646 | ) | ||||||||
|
Loss
on impairment of investment
|
- | - | - | 7,706 | ||||||||||||
|
Loss
on impairment of real estate
|
25,435 | - | 25,435 | - | ||||||||||||
|
Income
tax (benefit) provision
|
(1,911 | ) | 152 | (3,788 | ) | 755 | ||||||||||
|
Net
income (loss) attributable to noncontrolling
interests in operating partnership |
(2,723 | ) | 5,109 | 1,387 | 6,415 | |||||||||||
|
Loss
on discontinued operations
|
- | 12 | - | 72 | ||||||||||||
|
Operating
partnership's share of total NOI
|
181,160 | 182,211 | 358,838 | 363,800 | ||||||||||||
|
General
and administrative expenses
|
10,321 | 10,893 | 21,395 | 22,372 | ||||||||||||
|
Management
fees and non-property level revenues
|
(6,826 | ) | (4,594 | ) | (12,143 | ) | (10,657 | ) | ||||||||
|
Operating
partnership's share of property NOI
|
184,655 | 188,510 | 368,090 | 375,515 | ||||||||||||
|
Non-comparable
NOI
|
(4,831 | ) | (3,130 | ) | (8,390 | ) | (6,454 | ) | ||||||||
|
Total
same-center NOI
|
$ | 179,824 | $ | 185,380 | $ | 359,700 | $ | 369,061 | ||||||||
|
Total
same-center NOI percentage change
|
-3.0 | % | -2.5 | % | ||||||||||||
|
Total
same-center NOI
|
$ | 179,824 | $ | 185,380 | $ | 359,700 | $ | 369,061 | ||||||||
|
Less
lease termination fees
|
(1,617 | ) | (1,141 | ) | (2,148 | ) | (3,614 | ) | ||||||||
|
Total
same-center NOI, excluding lease termination fees
|
$ | 178,207 | $ | 184,239 | $ | 357,552 | $ | 365,447 | ||||||||
|
Malls
|
$ | 160,884 | $ | 165,669 | $ | 323,189 | $ | 329,335 | ||||||||
|
Associated
centers
|
7,892 | 8,131 | 15,686 | 15,951 | ||||||||||||
|
Community
centers
|
4,414 | 4,449 | 8,529 | 8,726 | ||||||||||||
|
Office
and other
|
5,017 | 5,990 | 10,148 | 11,435 | ||||||||||||
|
Total
same-center NOI, excluding lease termination fees
|
$ | 178,207 | $ | 184,239 | $ | 357,552 | $ | 365,447 | ||||||||
|
Percentage
Change:
|
||||||||||||||||
|
Malls
|
-2.9 | % | -1.9 | % | ||||||||||||
|
Associated
centers
|
-2.9 | % | -1.7 | % | ||||||||||||
|
Community
centers
|
-0.8 | % | -2.3 | % | ||||||||||||
|
Office
and other
|
-16.2 | % | -11.3 | % | ||||||||||||
|
Total
same-center NOI, excluding lease termination fees
|
-3.3 | % | -2.2 | % | ||||||||||||
4
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
Company's
Share of Consolidated and Unconsolidated Debt
(Dollars
in thousands)
|
June
30, 2010
|
||||||||||||
|
Fixed
Rate
|
Variable
Rate
|
Total
|
||||||||||
|
Consolidated
debt
|
$ | 4,009,395 | $ | 1,446,472 | $ | 5,455,867 | ||||||
|
Noncontrolling
interests' share of consolidated debt
|
(24,850 | ) | (928 | ) | (25,778 | ) | ||||||
|
Company's
share of unconsolidated affiliates' debt
|
422,013 | 167,576 | 589,589 | |||||||||
|
Company's
share of consolidated and unconsolidated debt
|
$ | 4,406,558 | $ | 1,613,120 | $ | 6,019,678 | ||||||
|
Weighted
average interest rate
|
5.90 | % | 2.75 | % | 5.06 | % | ||||||
|
June
30, 2009
|
||||||||||||
|
Fixed
Rate
|
Variable
Rate
|
Total
|
||||||||||
|
Consolidated
debt
|
$ | 4,541,048 | $ | 1,147,554 | $ | 5,688,602 | ||||||
|
Noncontrolling
interests' share of consolidated debt
|
(23,424 | ) | (928 | ) | (24,352 | ) | ||||||
|
Company's
share of unconsolidated affiliates' debt
|
407,022 | 181,282 | 588,304 | |||||||||
|
Company's
share of consolidated and unconsolidated debt
|
$ | 4,924,646 | $ | 1,327,908 | $ | 6,252,554 | ||||||
|
Weighted
average interest rate
|
5.98 | % | 1.68 | % | 5.06 | % | ||||||
Debt-To-Total-Market
Capitalization Ratio as of June 30, 2010
(In
thousands, except stock price)
|
Shares
Outstanding
|
Stock
Price (1)
|
Value
|
||||||||||
|
Common
stock and operating partnership units
|
190,024 | $ | 12.44 | $ | 2,363,899 | |||||||
|
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
|
2,811,399 | |||||||||||
|
Company's
share of total debt
|
6,019,678 | |||||||||||
|
Total
market capitalization
|
$ | 8,831,077 | ||||||||||
|
Debt-to-total-market
capitalization ratio
|
68.2 | % | ||||||||||
|
(1)
|
Stock
price for common stock and operating partnership units equals the closing
price of the common stock on June 30, 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
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
|
2010:
|
Basic
|
Diluted
|
Basic
|
Diluted
|
||||||||||||
|
Weighted
average shares - EPS
|
138,068 | 138,112 | 138,018 | 138,059 | ||||||||||||
|
Weighted
average operating partnership units
|
51,949 | 51,949 | 51,949 | 51,949 | ||||||||||||
|
Weighted
average shares- FFO
|
190,017 | 190,061 | 189,967 | 190,008 | ||||||||||||
|
2009:
|
||||||||||||||||
|
Weighted
average shares - EPS
|
82,187 | 82,226 | 74,341 | 74,378 | ||||||||||||
|
Weighted
average operating partnership units
|
51,743 | 51,743 | 51,180 | 51,180 | ||||||||||||
|
Weighted
average shares- FFO
|
133,930 | 133,969 | 125,521 | 125,558 | ||||||||||||
Dividend
Payout Ratio
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Weighted
average dividend per share
|
$ | 0.22690 | $ | 0.15385 | $ | 0.45796 | $ | 0.53291 | ||||||||
|
FFO
per diluted, fully converted share
|
$ | 0.36 | $ | 0.72 | $ | 0.85 | $ | 1.47 | ||||||||
|
Dividend
payout ratio
|
63.0 | % | 21.4 | % | 53.9 | % | 36.3 | % | ||||||||
5
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
Consolidated
Balance Sheets
(Unaudited, in
thousands except share data)
|
ASSETS
|
June 30,
2010
|
December 31,
2009
|
||||||
|
Real
estate assets:
|
||||||||
|
Land
|
$ | 943,492 | $ | 946,750 | ||||
|
Buildings
and improvements
|
7,557,570 | 7,569,015 | ||||||
| 8,501,062 | 8,515,765 | |||||||
|
Accumulated
depreciation
|
(1,612,950 | ) | (1,505,840 | ) | ||||
| 6,888,112 | 7,009,925 | |||||||
|
Developments
in progress
|
99,748 | 85,110 | ||||||
|
Net
investment in real estate assets
|
6,987,860 | 7,095,035 | ||||||
|
Cash
and cash equivalents
|
60,649 | 48,062 | ||||||
|
Receivables:
|
||||||||
|
Tenant,
net of allowance
|
69,268 | 73,170 | ||||||
|
Other
|
13,240 | 8,162 | ||||||
|
Mortgage
and other notes receivable
|
38,025 | 38,208 | ||||||
|
Investments
in unconsolidated affiliates
|
214,682 | 186,523 | ||||||
|
Intangible
lease assets and other assets
|
273,253 | 279,950 | ||||||
| $ | 7,656,977 | $ | 7,729,110 | |||||
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
||||||||
|
Mortgage
and other indebtedness
|
$ | 5,455,867 | $ | 5,616,139 | ||||
|
Accounts
payable and accrued liabilities
|
290,347 | 248,333 | ||||||
|
Total
liabilities
|
5,746,214 | 5,864,472 | ||||||
|
Commitments
and contingencies
|
||||||||
|
Redeemable
noncontrolling interests:
|
||||||||
|
Redeemable
noncontrolling partnership interests
|
25,933 | 22,689 | ||||||
|
Redeemable
noncontrolling preferred joint venture interest
|
421,562 | 421,570 | ||||||
|
Total
redeemable noncontrolling interests
|
447,495 | 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,
138,075,609
and 137,888,408 issued and outstanding in 2010
and
2009, respectively
|
1,381 | 1,379 | ||||||
|
Additional
paid-in capital
|
1,508,116 | 1,399,654 | ||||||
|
Accumulated
other comprehensive income
|
4,310 | 491 | ||||||
|
Accumulated
deficit
|
(335,173 | ) | (283,640 | ) | ||||
|
Total
shareholders' equity
|
1,178,652 | 1,117,896 | ||||||
|
Noncontrolling
interests
|
284,616 | 302,483 | ||||||
|
Total
equity
|
1,463,268 | 1,420,379 | ||||||
| $ | 7,656,977 | $ | 7,729,110 | |||||
6
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
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
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
EBITDA:
|
||||||||||||||||
|
Net
income attributable to the Company
|
$ | 1,116 | $ | 13,591 | $ | 18,072 | $ | 20,758 | ||||||||
|
Adjustments:
|
||||||||||||||||
|
Depreciation
and amortization
|
70,652 | 75,793 | 142,664 | 154,104 | ||||||||||||
|
Depreciation
and amortization from unconsolidated affiliates
|
8,486 | 7,555 | 15,371 | 15,064 | ||||||||||||
|
Noncontrolling
interests' share of depreciation and amortization
in other consolidated subsidiaries |
(311 | ) | (64 | ) | (456 | ) | (265 | ) | ||||||||
|
Interest
expense
|
73,341 | 72,842 | 146,801 | 144,727 | ||||||||||||
|
Interest
expense from unconsolidated affiliates
|
8,503 | 7,497 | 15,731 | 15,362 | ||||||||||||
|
Noncontrolling
interests' share of interest expense
in other consolidated subsidiaries |
(379 | ) | (189 | ) | (613 | ) | (462 | ) | ||||||||
|
Income
and other taxes
|
(1,327 | ) | 1,495 | (3,037 | ) | 2,297 | ||||||||||
|
Loss
on impairment of investment
|
- | - | - | 7,706 | ||||||||||||
|
Loss
on impairment of real estate
|
25,435 | - | 25,435 | - | ||||||||||||
|
Abandoned
projects
|
260 | 67 | 359 | 143 | ||||||||||||
|
Net
income (loss) attributable to noncontrolling interests
in operating partnership |
(2,723 | ) | 5,109 | 1,387 | 6,415 | |||||||||||
|
Loss
on discontinued operations
|
- | 12 | - | 72 | ||||||||||||
|
Company's
share of total EBITDA
|
$ | 183,053 | $ | 183,708 | $ | 361,714 | $ | 365,921 | ||||||||
|
Interest
Expense:
|
||||||||||||||||
|
Interest
expense
|
$ | 73,341 | $ | 72,842 | $ | 146,801 | $ | 144,727 | ||||||||
|
Interest
expense from unconsolidated affiliates
|
8,503 | 7,497 | 15,731 | 15,362 | ||||||||||||
|
|
||||||||||||||||
|
Noncontrolling
interests' share of interest expense
in other consolidated subsidiaries |
(379 | ) | (189 | ) | (613 | ) | (462 | ) | ||||||||
|
Company's
share of total interest expense
|
$ | 81,465 | $ | 80,150 | $ | 161,919 | $ | 159,627 | ||||||||
|
Ratio
of EBITDA to Interest Expense
|
2.25 | 2.29 | 2.23 | 2.29 | ||||||||||||
Reconciliation
of EBITDA to Cash Flows Provided By Operating Activities
(In
thousands)
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Company's
share of total EBITDA
|
$ | 183,053 | $ | 183,708 | $ | 361,714 | $ | 365,921 | ||||||||
|
Interest
expense
|
(73,341 | ) | (72,842 | ) | (146,801 | ) | (144,727 | ) | ||||||||
|
Noncontrolling
interests' share of interest expense
in other consolidated subsidiaries |
379 | 189 | 613 | 462 | ||||||||||||
|
Income
and other taxes
|
1,327 | (1,495 | ) | 3,037 | (2,297 | ) | ||||||||||
|
Depreciation
and amortization of non-real estate assets
included
in operating expense
|
943 | 708 | 1,814 | 1,626 | ||||||||||||
|
Amortization
of deferred financing costs
and
debt premiums (discounts)
|
2,043 | (314 | ) | 3,440 | (937 | ) | ||||||||||
|
Amortization
of above- and below- market leases
|
(853 | ) | (1,555 | ) | (1,735 | ) | (3,112 | ) | ||||||||
|
Depreciation
and interest expense from unconsolidated affiliates
|
(16,989 | ) | (15,052 | ) | (31,102 | ) | (30,426 | ) | ||||||||
|
Noncontrolling
interests' share of depreciation and amortization
in
other consolidated subsidiaries
|
311 | 64 | 456 | 265 | ||||||||||||
|
Noncontrolling
interest in income of other consolidated subsidiaries
|
6,124 | 6,580 | 12,261 | 12,711 | ||||||||||||
|
(Gain)
loss on outparcel sales
|
(1,149 | ) | (72 | ) | (2,015 | ) | 67 | |||||||||
|
Realized
foreign currency loss
|
- | 28 | 169 | 76 | ||||||||||||
|
Equity
in earnings of unconsolidated affiliates
|
(409 | ) | (62 | ) | (948 | ) | (1,596 | ) | ||||||||
|
Distributions
from unconsolidated affiliates
|
1,708 | 2,293 | 2,730 | 6,020 | ||||||||||||
|
Income
tax benefit from share-based compensation
|
(545 | ) | - | (1,815 | ) | - | ||||||||||
|
Share-based
compensation expense
|
580 | 905 | 1,559 | 1,875 | ||||||||||||
|
Provision
for doubtful accounts
|
290 | 1,666 | 1,745 | 3,797 | ||||||||||||
|
Change
in deferred tax accounts
|
835 | 1,021 | 349 | 712 | ||||||||||||
|
Changes
in operating assets and liabilities
|
(10,797 | ) | 1,640 | (23,551 | ) | (11,292 | ) | |||||||||
|
Cash
flows provided by operating activities
|
$ | 93,510 | $ | 107,410 | $ | 181,920 | $ | 199,145 | ||||||||
7
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
Schedule
of Mortgage and Other Notes Payable as of June 30, 2010
(Dollars
in thousands)
|
Balance
|
||||||||||||||
|
Location
|
Property
|
Original
Maturity
Date
|
Optional
Extended
Maturity
Date
|
Interest
Rate
|
Balance
|
Fixed
|
Variable
|
|||||||
|
Operating
Properties:
|
||||||||||||||
|
Pearland,
TX
|
Pearland
Office
|
Aug-10
|
Jul-12
|
1.53%
|
$ 7,562
|
(a)
|
$ -
|
$ 7,562
|
||||||
|
Pearland,
TX
|
Pearland
Town Center
|
Aug-10
|
Jul-12
|
1.53%
|
126,469
|
(a)
|
-
|
126,469
|
||||||
|
Roanoke,
VA
|
Valley
View Mall
|
Sep-10
|
-
|
8.61%
|
40,639
|
(b)
|
40,639
|
-
|
||||||
|
Beaumont,
TX
|
Parkdale
Crossing
|
Sep-10
|
-
|
5.01%
|
7,549
|
7,549
|
-
|
|||||||
|
Beaumont,
TX
|
Parkdale
Mall
|
Sep-10
|
-
|
5.01%
|
47,811
|
47,811
|
-
|
|||||||
|
Burlington,
NC
|
Alamance
Crossing
|
Sep-10
|
Sep-11
|
2.79%
|
61,081
|
(c)
|
40,000
|
21,081
|
||||||
|
Stillwater,
OK
|
Lakeview
Pointe
|
Nov-10
|
-
|
1.34%
|
14,950
|
-
|
14,950
|
|||||||
|
Stroud,
PA
|
Stroud
Mall
|
Dec-10
|
-
|
8.42%
|
29,570
|
29,570
|
-
|
|||||||
|
Wausau,
WI
|
Wausau
Center
|
Dec-10
|
-
|
6.70%
|
10,980
|
10,980
|
-
|
|||||||
|
York,
PA
|
York
Galleria
|
Dec-10
|
-
|
8.34%
|
47,232
|
47,232
|
-
|
|||||||
|
D'lberville,
MS
|
The
Promenade
|
Dec-10
|
Dec-11
|
2.10%
|
76,765
|
(d)
|
-
|
76,765
|
||||||
|
Statesboro,
GA
|
Statesboro
Crossing
|
Feb-11
|
Feb-13
|
1.35%
|
16,094
|
-
|
16,094
|
|||||||
|
St.
Louis, MO
|
West
County Center - restaurant village
|
Mar-11
|
Mar-13
|
1.35%
|
29,424
|
-
|
29,424
|
|||||||
|
Pittsburgh, PA
|
Settler's
Ridge
|
Jun-11
|
Dec-12
|
3.35%
|
56,083
|
-
|
56,083
|
|||||||
|
Lexington,
KY
|
Fayette
Mall
|
Jul-11
|
-
|
7.00%
|
86,111
|
86,111
|
-
|
|||||||
|
St.
Louis, MO
|
Mid
Rivers Mall
|
Jul-11
|
-
|
7.24%
|
78,748
|
78,748
|
-
|
|||||||
|
Panama
City, FL
|
Panama
City Mall
|
Aug-11
|
-
|
7.30%
|
36,820
|
36,820
|
-
|
|||||||
|
Chattanooga,
TN
|
CBL
Center II
|
Aug-11
|
-
|
4.50%
|
11,599
|
-
|
11,599
|
|||||||
|
Asheville, NC
|
Asheville
Mall
|
Sep-11
|
-
|
6.98%
|
62,797
|
62,797
|
-
|
|||||||
|
Nashville,
TN
|
Rivergate
Mall
|
Sep-11
|
Sep-13
|
5.85%
|
87,500
|
(e)
|
87,500
|
-
|
||||||
|
Milford,
CT
|
Milford
Marketplace
|
Jan-12
|
Jan-13
|
3.86%
|
17,000
|
-
|
17,000
|
|||||||
|
Ft.
Smith, AR
|
Massard
Crossing
|
Feb-12
|
-
|
7.54%
|
5,458
|
5,458
|
-
|
|||||||
|
Vicksburg,
MS
|
Pemberton
Plaza
|
Feb-12
|
-
|
7.54%
|
1,865
|
1,865
|
-
|
|||||||
|
Houston,
TX
|
Willowbrook
Plaza
|
Feb-12
|
-
|
7.54%
|
27,925
|
27,925
|
-
|
|||||||
|
High
Point, NC
|
Oak
Hollow Mall
|
Feb-12
|
-
|
2.00%
|
39,559
|
39,559
|
-
|
|||||||
|
Fayetteville,
NC
|
Cross
Creek Mall
|
Apr-12
|
-
|
7.40%
|
58,528
|
58,528
|
-
|
|||||||
|
Colonial
Heights, VA
|
Southpark
Mall
|
May-12
|
-
|
7.00%
|
32,744
|
32,744
|
-
|
|||||||
|
Douglasville,
GA
|
Arbor
Place
|
Jul-12
|
-
|
6.51%
|
68,041
|
68,041
|
-
|
|||||||
|
Saginaw,
MI
|
Fashion
Square
|
Jul-12
|
-
|
6.51%
|
52,095
|
52,095
|
-
|
|||||||
|
Louisville,
KY
|
Jefferson
Mall
|
Jul-12
|
-
|
6.51%
|
37,902
|
37,902
|
-
|
|||||||
|
North
Charleston, SC
|
Northwoods
Mall
|
Jul-12
|
-
|
6.51%
|
54,266
|
54,266
|
-
|
|||||||
|
Jackson,
TN
|
Old
Hickory Mall
|
Jul-12
|
-
|
6.51%
|
30,055
|
30,055
|
-
|
|||||||
|
Asheboro,
NC
|
Randolph
Mall
|
Jul-12
|
-
|
6.50%
|
13,104
|
13,104
|
-
|
|||||||
|
Racine,
WI
|
Regency
Mall
|
Jul-12
|
-
|
6.51%
|
29,721
|
29,721
|
-
|
|||||||
|
Douglasville,
GA
|
The
Landing at Arbor Place
|
Jul-12
|
-
|
6.51%
|
7,681
|
7,681
|
-
|
|||||||
|
Spartanburg,
SC
|
WestGate
Mall
|
Jul-12
|
-
|
6.50%
|
47,075
|
47,075
|
-
|
|||||||
|
Chattanooga,
TN
|
CBL
Center
|
Aug-12
|
-
|
6.25%
|
13,280
|
13,280
|
-
|
|||||||
|
Livonia,
MI
|
Laurel
Park Place
|
Dec-12
|
-
|
8.50%
|
46,740
|
46,740
|
-
|
|||||||
|
Monroeville,
PA
|
Monroeville
Mall
|
Jan-13
|
-
|
5.73%
|
115,600
|
115,600
|
-
|
|||||||
|
Greensburg,
PA
|
Westmoreland
Mall
|
Mar-13
|
-
|
5.05%
|
70,153
|
70,153
|
-
|
|||||||
|
St.
Louis, MO
|
West
County Center
|
Apr-13
|
-
|
5.19%
|
150,588
|
150,588
|
-
|
|||||||
|
Columbia,
SC
|
Columbia
Place
|
Sep-13
|
-
|
5.45%
|
28,790
|
28,790
|
-
|
|||||||
|
St.
Louis, MO
|
South
County Center
|
Oct-13
|
-
|
4.96%
|
76,625
|
76,625
|
-
|
|||||||
|
Joplin,
MO
|
Northpark
Mall
|
Mar-14
|
-
|
5.75%
|
36,585
|
36,585
|
-
|
|||||||
|
Laredo,
TX
|
Mall
del Norte
|
Dec-14
|
-
|
5.04%
|
113,400
|
113,400
|
-
|
|||||||
|
Fairview
Heights, IL
|
St.
Clair Square
|
Jan-15
|
-
|
4.29%
|
71,625
|
(f)
|
71,625
|
-
|
||||||
|
Rockford,
IL
|
CherryVale
Mall
|
Oct-15
|
-
|
5.00%
|
86,893
|
86,893
|
-
|
|||||||
|
Brookfield,
IL
|
Brookfield
Square
|
Nov-15
|
-
|
5.08%
|
97,313
|
97,313
|
-
|
|||||||
|
Madison,
WI
|
East
Towne Mall
|
Nov-15
|
-
|
5.00%
|
74,072
|
74,072
|
-
|
|||||||
|
Madison,
WI
|
West
Towne Mall
|
Nov-15
|
-
|
5.00%
|
104,627
|
104,627
|
-
|
|||||||
|
Bloomington,
IL
|
Eastland
Mall
|
Dec-15
|
-
|
5.85%
|
59,400
|
59,400
|
-
|
|||||||
|
Decatur,
IL
|
Hickory
Point Mall
|
Dec-15
|
-
|
5.85%
|
31,058
|
31,058
|
-
|
|||||||
|
Overland
Park, KS
|
Oak
Park Mall
|
Dec-15
|
-
|
5.85%
|
275,700
|
275,700
|
-
|
|||||||
|
Janesville,
WI
|
Janesville
Mall
|
Apr-16
|
-
|
8.38%
|
8,548
|
8,548
|
-
|
|||||||
|
Akron,
OH
|
Chapel
Hill Mall
|
Aug-16
|
-
|
6.10%
|
73,114
|
73,114
|
-
|
|||||||
8
|
Balance
|
||||||||||||||
|
Location
|
Property
|
Original
Maturity
Date
|
Optional
Extended
Maturity
Date
|
Interest
Rate
|
Balance
|
Fixed
|
Variable
|
|||||||
|
Chesapeake,
VA
|
Greenbrier
Mall
|
Aug-16
|
-
|
5.91%
|
$ 80,566
|
$ 80,566
|
$ -
|
|||||||
|
Chattanooga,
TN
|
Hamilton
Place
|
Aug-16
|
-
|
5.86%
|
110,847
|
110,847
|
-
|
|||||||
|
Midland,
MI
|
Midland
Mall
|
Aug-16
|
-
|
6.10%
|
36,082
|
36,082
|
-
|
|||||||
|
St.
Louis, MO
|
Chesterfield
Mall
|
Sep-16
|
-
|
5.74%
|
140,000
|
140,000
|
-
|
|||||||
|
Southaven,
MS
|
Southaven
Towne Center
|
Jan-17
|
-
|
5.50%
|
43,735
|
43,735
|
-
|
|||||||
|
Cary,
NC
|
Cary
Towne Center
|
Mar-17
|
-
|
8.50%
|
66,644
|
66,644
|
-
|
|||||||
|
Charleston,
SC
|
Citadel
Mall
|
Apr-17
|
-
|
5.68%
|
71,896
|
71,896
|
-
|
|||||||
|
Chattanooga,
TN
|
Hamilton
Corner
|
Apr-17
|
-
|
5.67%
|
16,290
|
16,290
|
-
|
|||||||
|
Layton,
UT
|
Layton
Hills Mall
|
Apr-17
|
-
|
5.66%
|
102,759
|
102,759
|
-
|
|||||||
|
Lafayette,
LA
|
Mall
of Acadiana
|
Apr-17
|
-
|
5.67%
|
143,775
|
143,775
|
-
|
|||||||
|
Lexington,
KY
|
The
Plaza at Fayette Mall
|
Apr-17
|
-
|
5.67%
|
42,444
|
42,444
|
-
|
|||||||
|
Fairview
Heights, IL
|
The
Shoppes at St. Clair Square
|
Apr-17
|
-
|
5.67%
|
21,510
|
21,510
|
-
|
|||||||
|
Cincinnati,
OH
|
Eastgate
Crossing
|
May-17
|
-
|
5.66%
|
16,002
|
16,002
|
-
|
|||||||
|
Nashville,
TN
|
CoolSprings
Galleria
|
May-18
|
-
|
6.98%
|
115,000
|
115,000
|
-
|
|||||||
|
Nashville,
TN
|
Courtyard
at Hickory Hollow
|
Oct-18
|
-
|
6.00%
|
1,745
|
1,745
|
-
|
|||||||
|
Winston-Salem,
NC
|
Hanes
Mall
|
Oct-18
|
-
|
6.99%
|
161,152
|
161,152
|
-
|
|||||||
|
Nashville,
TN
|
Hickory
Hollow Mall
|
Oct-18
|
-
|
6.00%
|
30,198
|
30,198
|
-
|
|||||||
|
Terre
Haute, IN
|
Honey
Creek Mall
|
Jul-19
|
-
|
8.00%
|
32,951
|
32,951
|
-
|
|||||||
|
Daytona
Beach, FL
|
Volusia
Mall
|
Jul-19
|
-
|
8.00%
|
56,684
|
56,684
|
-
|
|||||||
|
Chattanooga,
TN
|
The
Terrace
|
Jun-20
|
-
|
7.25%
|
14,800
|
14,800
|
-
|
|||||||
|
Burnsville,
MN
|
Burnsville
Center
|
Jul-20
|
-
|
6.00%
|
83,000
|
83,000
|
-
|
|||||||
|
SUBTOTAL
|
$ 4,380,994
|
$
4,003,967
|
$
377,027
|
|||||||||||
|
Weighted
average interest rate
|
5.59
|
% |
5.92
|
% |
2.09
|
% | ||||||||
|
Debt
Premiums (Discounts): (g)
|
||||||||||||||
|
Roanoke,
VA
|
Valley
View Mall
|
Sep-10
|
-
|
8.61%
|
$
357
|
$ 357
|
$ -
|
|||||||
|
St.
Louis, MO
|
Mid
Rivers Mall
|
Jul-11
|
-
|
7.24%
|
1,352
|
1,352
|
-
|
|||||||
|
Fayetteville,
NC
|
Cross
Creek Mall
|
Apr-12
|
-
|
7.40%
|
2,415
|
2,415
|
-
|
|||||||
|
Colonial
Heights, VA
|
Southpark
Mall
|
May-12
|
-
|
7.00%
|
1,101
|
1,101
|
-
|
|||||||
|
Livonia,
MI
|
Laurel
Park Place
|
Dec-12
|
-
|
8.50%
|
3,601
|
3,601
|
-
|
|||||||
|
Monroeville,
PA
|
Monroeville
Mall
|
Jan-13
|
-
|
5.73%
|
1,147
|
1,147
|
-
|
|||||||
|
St.
Louis, MO
|
West
County Center
|
Apr-13
|
-
|
5.19%
|
(2,263
|
) |
(2,263
|
) |
-
|
|||||
|
St.
Louis, MO
|
South
County Center
|
Oct-13
|
-
|
4.96%
|
(1,208
|
) |
(1,208
|
) |
-
|
|||||
|
Joplin,
MO
|
Northpark
Mall
|
Mar-14
|
-
|
5.75%
|
285
|
285
|
-
|
|||||||
|
St.
Louis, MO
|
Chesterfield
Mall
|
Sep-16
|
-
|
5.74%
|
(1,679
|
) |
(1,679
|
) |
-
|
|||||
|
SUBTOTAL
|
$ 5,108
|
$ 5,108
|
$ -
|
|||||||||||
|
Weighted
average interest rate
|
4.50
|
% |
4.50
|
% | ||||||||||
|
Total
Loans On Operating Properties And Debt Premiums
(Discounts)
|
$
4,386,102
|
$
4,009,075
|
$
377,027
|
|||||||||||
|
Weighted
average interest rate
|
5.59
|
% |
5.92
|
% |
2.09
|
% | ||||||||
|
Credit
Facilities:
|
||||||||||||||
|
Secured
credit facilities:
|
||||||||||||||
|
$105,000
capacity
|
Jun-11
|
-
|
4.50%
|
$
3,000
|
(h)
|
$
-
|
$ 3,000
|
|||||||
|
$560,000
capacity
|
Aug-11
|
Apr-14
|
2.40%
|
385,633
|
-
|
385,633
|
||||||||
|
$525,000
capacity
|
Feb-12
|
Feb-13
|
5.25%
|
243,318
|
-
|
243,318
|
||||||||
|
Total
secured facilities
|
3.51%
|
631,951
|
-
|
631,951
|
||||||||||
|
Unsecured
term facilities:
|
||||||||||||||
|
Starmount
|
Nov-10
|
Nov-12
|
1.45%
|
209,494
|
-
|
209,494
|
||||||||
|
General
|
Apr-11
|
Apr-13
|
1.95%
|
228,000
|
-
|
228,000
|
||||||||
|
Total
term facilities
|
1.71%
|
437,494
|
-
|
437,494
|
||||||||||
|
SUBTOTAL
|
2.77%
|
$
1,069,445
|
$ -
|
$ 1,069,445
|
||||||||||
|
Other
|
$ 320
|
$ 320
|
$ -
|
|||||||||||
|
Total
Consolidated Debt
|
$
5,455,867
|
$
4,009,395
|
$
1,446,472
|
|||||||||||
|
Weighted
average interest rate
|
5.04
|
% |
5.92
|
% |
2.59
|
% | ||||||||
9
|
Balance
|
||||||||||||||
|
Location
|
Property
|
Original
Maturity
Date
|
Optional
Extended
Maturity
Date
|
Interest
Rate
|
Balance
|
Fixed
|
Variable
|
|||||||
|
Plus
CBL's Share Of Unconsolidated Affiliates' Debt:
|
|
|||||||||||||
|
Lee's
Summit, MO
|
Summit
Fair
|
Jun-10
|
-
|
6.25%
|
$
20,844
|
(i)
|
$ -
|
$ 20,844
|
||||||
|
West
Melbourne, FL
|
Hammock
Landing Phase II
|
Aug-10
|
Aug-11
|
2.34%
|
3,276
|
-
|
3,276
|
|||||||
|
Ft.
Myers, FL
|
Gulf
Coast Town Center Phase III
|
Apr-11
|
Apr-12
|
1.85%
|
11,561
|
-
|
11,561
|
|||||||
|
West
Melbourne, FL
|
Hammock
Landing
|
Aug-11
|
Aug-13
|
4.50%
|
42,334
|
-
|
42,334
|
|||||||
|
York,
PA
|
York
Town Center
|
Oct-11
|
-
|
1.60%
|
20,198
|
-
|
20,198
|
|||||||
|
Port
Orange, FL
|
The
Pavilion at Port Orange
|
Dec-11
|
Dec-13
|
4.50%
|
69,363
|
-
|
69,363
|
|||||||
|
Greensboro,
NC
|
Bank
of America Building
|
Apr-13
|
-
|
5.33%
|
4,625
|
4,625
|
-
|
|||||||
|
Greensboro,
NC
|
First
Citizens Bank Building
|
Apr-13
|
-
|
5.33%
|
2,555
|
2,555
|
-
|
|||||||
|
Greensboro,
NC
|
First
National Bank Building
|
Apr-13
|
-
|
5.33%
|
405
|
405
|
-
|
|||||||
|
Greensboro,
NC
|
Friendly
Center Office Building
|
Apr-13
|
-
|
5.33%
|
1,100
|
1,100
|
-
|
|||||||
|
Greensboro,
NC
|
Friendly
Shopping Center
|
Apr-13
|
-
|
5.33%
|
38,813
|
38,813
|
-
|
|||||||
|
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%
|
43,486
|
(j)
|
43,486
|
-
|
||||||
|
El
Centro, CA
|
Imperial
Valley Mall
|
Sep-15
|
-
|
4.99%
|
33,272
|
33,272
|
-
|
|||||||
|
Raleigh,
NC
|
Triangle
Town Center
|
Dec-15
|
-
|
5.74%
|
96,121
|
96,121
|
-
|
|||||||
|
Greensboro,
NC
|
Renaissance
Center Phase I
|
Jul-16
|
-
|
5.61%
|
17,645
|
17,645
|
-
|
|||||||
|
Clarksville,
TN
|
Governor's
Square Mall
|
Sep-16
|
-
|
8.23%
|
11,998
|
11,998
|
-
|
|||||||
|
Paducah,
KY
|
Kentucky
Oaks Mall
|
Jan-17
|
-
|
5.27%
|
13,453
|
13,453
|
-
|
|||||||
|
Greensboro,
NC
|
The
Shops at Friendly
|
Jan-17
|
-
|
5.90%
|
21,466
|
21,466
|
-
|
|||||||
|
Harrisburg,
PA
|
High
Pointe Commons
|
May-17
|
-
|
5.74%
|
7,384
|
7,384
|
-
|
|||||||
|
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%
|
2,936
|
2,936
|
-
|
|||||||
|
Huntsville,
AL
|
Parkway
Place
|
Jul-20
|
-
|
6.50%
|
21,000
|
21,000
|
-
|
|||||||
|
SUBTOTAL
|
$
589,589
|
$ 422,013
|
$ 167,576
|
|||||||||||
|
Less
Noncontrolling Interests' Share Of Consolidated Debt:
|
Noncontrolling
Interest %
|
|||||||||||||
|
Chattanooga,
TN
|
CBL
Center II
|
8.00%
|
4.50%
|
$
(928
|
) |
$ -
|
$ (928
|
) | ||||||
|
High
Point, NC
|
Oak
Hollow Mall
|
25.00%
|
2.00%
|
(9,890
|
) |
(9,890
|
) |
-
|
||||||
|
Chattanooga,
TN
|
CBL
Center
|
8.00%
|
6.25%
|
(1,062
|
) |
(1,062
|
) |
-
|
||||||
|
Chattanooga,
TN
|
Hamilton
Place
|
10.00%
|
5.86%
|
(11,085
|
) |
(11,085
|
) |
-
|
||||||
|
Chattanooga,
TN
|
Hamilton
Corner
|
10.00%
|
5.67%
|
(1,629
|
) |
(1,629
|
) |
-
|
||||||
|
Chattanooga,
TN
|
The
Terrace
|
8.00%
|
7.25%
|
(1,184
|
) |
(1,184
|
) |
-
|
||||||
|
SUBTOTAL
|
$ (25,778
|
) |
$ (24,850
|
) |
$ (928
|
) | ||||||||
|
Company's
Share Of Consolidated And Unconsolidated Debt
|
$
6,019,678
|
$ 4,406,558
|
$ 1,613,120
|
|||||||||||
|
Weighted
average interest rate
|
5.06
|
% |
5.90
|
% |
2.75
|
% | ||||||||
10
|
Balance
|
||||||||||||||
|
Location
|
Property
|
Original
Maturity
Date
|
Optional
Extended
Maturity
Date
|
Interest
Rate
|
Balance
|
Fixed
|
Variable
|
|||||||
|
Total
Debt of Unconsolidated Affiliates:
|
||||||||||||||
|
Lee's
Summit, MO
|
Summit
Fair
|
Jun-10
|
-
|
6.25%
|
$ 77,201
|
(i)
|
$ -
|
$ 77,201
|
||||||
|
West
Melbourne, FL
|
Hammock
Landing
|
Aug-10
|
Aug-11
|
2.34%
|
3,276
|
-
|
3,276
|
|||||||
|
Ft.
Myers, FL
|
Gulf
Coast Town Center Phase III
|
Apr-11
|
Apr-12
|
1.85%
|
11,561
|
-
|
11,561
|
|||||||
|
Port
Orange, FL
|
The
Pavilion at Port Orange Phase II
|
Jun-11
|
Jun-12
|
0.00%
|
-
|
-
|
-
|
|||||||
|
West
Melbourne, FL
|
Hammock
Landing Phase I
|
Aug-11
|
Aug-13
|
4.50%
|
42,334
|
-
|
42,334
|
|||||||
|
York,
PA
|
York
Town Center
|
Oct-11
|
-
|
1.60%
|
40,396
|
-
|
40,396
|
|||||||
|
Port
Orange, FL
|
The
Pavilion at Port Orange
|
Dec-11
|
Jun-13
|
4.50%
|
69,363
|
-
|
69,363
|
|||||||
|
Greensboro,
NC
|
Bank
of America Building
|
Apr-13
|
-
|
5.33%
|
9,250
|
9,250
|
-
|
|||||||
|
Greensboro,
NC
|
First
Citizens Bank Building
|
Apr-13
|
-
|
5.33%
|
5,110
|
5,110
|
-
|
|||||||
|
Greensboro,
NC
|
First
National Bank Building
|
Apr-13
|
-
|
5.33%
|
809
|
809
|
-
|
|||||||
|
Greensboro,
NC
|
Friendly
Center Office Building
|
Apr-13
|
-
|
5.33%
|
2,199
|
2,199
|
-
|
|||||||
|
Greensboro,
NC
|
Friendly
Shopping Center
|
Apr-13
|
-
|
5.33%
|
77,625
|
77,625
|
-
|
|||||||
|
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%
|
86,973
|
(j)
|
86,973
|
-
|
||||||
|
El
Centro, CA
|
Imperial
Valley Mall
|
Sep-15
|
-
|
4.99%
|
55,453
|
55,453
|
-
|
|||||||
|
Raleigh,
NC
|
Triangle
Town Center
|
Dec-15
|
-
|
5.74%
|
192,242
|
192,242
|
-
|
|||||||
|
Greensboro,
NC
|
Renaissance
Center Phase I
|
Jul-16
|
-
|
5.61%
|
35,290
|
35,290
|
-
|
|||||||
|
Clarksville,
TN
|
Governor's
Square Mall
|
Sep-16
|
-
|
8.23%
|
25,259
|
25,259
|
-
|
|||||||
|
Paducah,
KY
|
Kentucky
Oaks Mall
|
Jan-17
|
-
|
5.27%
|
26,906
|
26,906
|
-
|
|||||||
|
Greensboro,
NC
|
The
Shops at Friendly
|
Jan-17
|
-
|
5.90%
|
42,931
|
42,931
|
-
|
|||||||
|
Harrisburg,
PA
|
High
Pointe Commons
|
May-17
|
-
|
5.74%
|
14,769
|
14,769
|
-
|
|||||||
|
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%
|
5,871
|
5,871
|
-
|
|||||||
|
Huntsville,
AL
|
Parkway
Place
|
Jul-20
|
-
|
6.50%
|
42,000
|
42,000
|
-
|
|||||||
|
$ 1,078,325
|
$ 834,194
|
$ 244,131
|
||||||||||||
|
Weighted
average interest rate
|
5.36
|
% |
5.63
|
% |
4.42
|
% | ||||||||
|
(a)
|
The
Company has an interest rate cap on a notional amount of $129,000 related
to it's Pearland, TX properties to limit the maximum rate of interest that
may be applied to
the variable-rate loan to 5.55%. The cap terminates in July
2010.
|
||||||||
|
(b)
|
The
Company replaced this loan in July 2010 with a $65,000 ten-year,
non-recourse commercial mortgage-backed securities loan that bears
interest at a fixed rate of 6.5%.
|
||||||||
|
(c)
|
The
Company has an interest rate swap on a notional amount of $40,000 related
to Alamance Crossing to effectively fix the interest rate on that
variable-rate loan. Therefore,
this amount is currently reflected as having a fixed rate. The
swap terminates in November 2010.
|
||||||||
|
(d)
|
The
Company has 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 $66,585 of the total debt
balance reported have been drawn by the Company and
the remainder of the balance is retained in a restricted cash account to
provide for future costs, development reimbursements, or loan repayment,
as required by the
related debt agreement.
|
||||||||
|
(e)
|
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. The
swap terminates in September 2010.
|
||||||||
|
(f)
|
The
Company has an interest rate cap on a notional amount of $72,000,
amortizing to $69,375 over the term of the cap, related to St. Clair
Square to limit the maximum interest
rate that may be applied to the variable-rate loan to
7.00%. The cap terminates in January 2012.
|
||||||||
|
(g)
|
The
weighted average interest rate used for debt premiums (discounts) reflect
the market interest rate in effect as of the assumption of the related
debt.
|
||||||||
|
(h)
|
The
Company extended the maturity date of this secured credit facility in July
2010 to June 2012 at its existing interest rate of 300 basis points over
the LIBOR with a floor rate
of 4.5%.
|
||||||||
|
(i)
|
The
Company has guaranteed 27%, up to a maximum of $31,554, of the outstanding
balance of this construction financing. This loan is currently
being renegotiated and we
anticipate that it will close in the third quarter.
|
||||||||
|
(j)
|
Represents
a first mortgage securing the property. In addition to the
first mortgage, there is also $18,000 of B-notes that are payable to the
Company and its joint venture partner,
each of which hold $9,000.
|
||||||||
11
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
Schedule
of Maturities of Mortgage and Other Notes Payable Based on Outstanding Balances
as of June 30, 2010
(Dollars
in thousands)
Based
on Maturity Dates As Though All Extension Options Available Have Been
Exercised:
|
Year
|
Consolidated
Debt
|
CBL's
Share of Unconsolidated Affiliates' Debt
|
Noncontrolling
Interests' Share of Consolidated Debt
|
CBL's
Share of Consolidated and Unconsolidated Debt
|
%
of Total
|
|||||||||||||||
|
2010
|
$ | 198,731 | $ | 20,844 | $ | - | $ | 219,575 | 3.65 | % | ||||||||||
|
2011
|
416,921 | 23,474 | (928 | ) | 439,467 | 7.30 | % | |||||||||||||
|
2012
|
965,647 | 11,561 | (10,952 | ) | 966,256 | 16.05 | % | |||||||||||||
|
2013
|
1,063,092 | 169,549 | - | 1,232,641 | 20.48 | % | ||||||||||||||
|
2014
|
535,618 | 43,486 | - | 579,104 | 9.62 | % | ||||||||||||||
|
2015
|
800,688 | 129,393 | - | 930,081 | 15.45 | % | ||||||||||||||
|
2016
|
449,157 | 29,643 | (11,085 | ) | 467,715 | 7.77 | % | |||||||||||||
|
2017
|
525,055 | 140,639 | (1,629 | ) | 664,065 | 11.03 | % | |||||||||||||
|
2018
|
308,095 | - | - | 308,095 | 5.12 | % | ||||||||||||||
|
2019
|
89,635 | - | - | 89,635 | 1.49 | % | ||||||||||||||
|
2020
|
98,120 | 21,000 | (1,184 | ) | 117,936 | 1.96 | % | |||||||||||||
|
Face
Amount of Debt
|
5,450,759 | 589,589 | (25,778 | ) | 6,014,570 | 99.92 | % | |||||||||||||
|
Net
Premiums on Debt
|
5,108 | - | - | 5,108 | 0.08 | % | ||||||||||||||
|
Total
|
$ | 5,455,867 | $ | 589,589 | $ | (25,778 | ) | $ | 6,019,678 | 100.00 | % | |||||||||
Based
on Original Maturity Dates as of June 30, 2010:
|
Year
|
Consolidated
Debt
|
CBL's
Share of Unconsolidated Affiliates' Debt
|
Noncontrolling
Interests' Share of Consolidated Debt
|
CBL's
Share of Consolidated and Unconsolidated Debt
|
%
of Total
|
|||||||||||||||
|
2010
|
$ | 680,102 | $ | 24,120 | $ | - | $ | 704,222 | 11.70 | % | ||||||||||
|
2011
|
1,081,809 | 143,456 | (928 | ) | 1,224,337 | 20.34 | % | |||||||||||||
|
2012
|
826,357 | - | (10,952 | ) | 815,405 | 13.55 | % | |||||||||||||
|
2013
|
441,756 | 57,852 | - | 499,608 | 8.30 | % | ||||||||||||||
|
2014
|
149,985 | 43,486 | - | 193,471 | 3.21 | % | ||||||||||||||
|
2015
|
800,688 | 129,393 | - | 930,081 | 15.45 | % | ||||||||||||||
|
2016
|
449,157 | 29,643 | (11,085 | ) | 467,715 | 7.77 | % | |||||||||||||
|
2017
|
525,055 | 140,639 | (1,629 | ) | 664,065 | 11.03 | % | |||||||||||||
|
2018
|
308,095 | - | - | 308,095 | 5.12 | % | ||||||||||||||
|
2019
|
89,635 | - | - | 89,635 | 1.49 | % | ||||||||||||||
|
2020
|
98,120 | 21,000 | (1,184 | ) | 117,936 | 1.96 | % | |||||||||||||
|
Face
Amount of Debt
|
5,450,759 | 589,589 | (25,778 | ) | 6,014,570 | 99.92 | % | |||||||||||||
|
Net
Premiums on Debt
|
5,108 | - | - | 5,108 | 0.08 | % | ||||||||||||||
|
Total
|
$ | 5,455,867 | $ | 589,589 | $ | (25,778 | ) | $ | 6,019,678 | 100.00 | % | |||||||||
Debt
Covenant Compliance Ratios as of June 30, 2010
|
Covenant
*
|
Required
|
Actual
|
In
Compliance
|
||||
|
Debt
to Gross Asset Value
|
<65%
|
54 | % |
Yes
|
|||
|
Interest
Coverage Ratio
|
>1.75x
|
2.31 | x |
Yes
|
|||
|
Debt
Service Coverage Ratio
|
>1.50x
|
1.85 | x |
Yes
|
|||
* Based on rolling twelve months, as applicable
12
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
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)
|
580,855 | $ | 39.25 | $ | 33.83 | -13.8 | % | $ | 34.96 | -10.9 | % | |||||||||||||
|
Stabilized
malls
|
505,012 | 42.12 | 36.27 | -13.9 | % | 37.48 | -11.0 | % | ||||||||||||||||
|
New
leases
|
203,391 | 41.87 | 36.04 | -13.9 | % | 37.70 | -10.0 | % | ||||||||||||||||
|
Renewal
leases
|
301,621 | 42.28 | 36.42 | -13.9 | % | 37.33 | -11.7 | % | ||||||||||||||||
|
Year
to Date:
|
||||||||||||||||||||||||
|
All
Property Types (1)
|
1,262,916 | $ | 38.83 | $ | 33.74 | -13.1 | % | $ | 34.70 | -10.6 | % | |||||||||||||
|
Stabilized
malls
|
1,153,542 | 40.57 | 35.24 | -13.1 | % | 36.24 | -10.7 | % | ||||||||||||||||
|
New
leases
|
338,321 | 43.38 | 37.19 | -14.3 | % | 39.06 | -10.0 | % | ||||||||||||||||
|
Renewal
leases
|
815,221 | 39.41 | 34.42 | -12.7 | % | 35.07 | -11.0 | % | ||||||||||||||||
Total
Leasing Activity
|
Square
Feet
|
||||
|
Quarter:
|
||||
|
Total
Leased
|
1,251,371 | |||
|
Operating
Portfolio
|
1,206,075 | |||
|
Development
Portfolio
|
45,296 | |||
|
Year
to Date:
|
||||
|
Total
Leased
|
2,390,734 | |||
|
Operating
Portfolio
|
2,148,258 | |||
|
Development
Portfolio
|
242,476 | |||
Average
Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than
10,000 Square Feet
|
As
of June 30,
|
||||||||
|
2010
|
2009
|
|||||||
|
Stabilized
malls
|
$ | 28.95 | $ | 29.27 | ||||
|
Non-stabilized
malls
|
25.41 | 26.71 | ||||||
|
Associated
centers
|
11.89 | 11.90 | ||||||
|
Community
centers
|
14.68 | 14.80 | ||||||
|
Other
|
19.21 | 19.09 | ||||||
| (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.
|
13
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
Top
25 Tenants Based on Percentage of Total Revenues as of June 30,
2010
|
Tenant
|
Number of
Stores
|
Square Feet
|
Percentage of
Total Annualized
Revenues
|
||||||||||||
| 1 |
Limited
Brands, LLC (1)
|
159 | 800,522 | 3.09 | % | ||||||||||
| 2 |
Foot
Locker, Inc.
|
176 | 675,094 | 2.48 | % | ||||||||||
| 3 |
Abercrombie
& Fitch, Co.
|
96 | 651,171 | 2.21 | % | ||||||||||
| 4 |
The
Gap Inc.
|
89 | 960,893 | 2.14 | % | ||||||||||
| 5 |
AE
Outfitters Retail Company
|
85 | 499,111 | 2.13 | % | ||||||||||
| 6 |
Signet
Group plc (2)
|
116 | 206,621 | 1.86 | % | ||||||||||
| 7 |
Genesco
Inc. (3)
|
192 | 278,228 | 1.56 | % | ||||||||||
| 8 |
Luxottica
Group, S.P.A. (4)
|
141 | 313,406 | 1.50 | % | ||||||||||
| 9 |
Dick's
Sporting Goods, Inc.
|
18 | 1,074,973 | 1.42 | % | ||||||||||
| 10 |
Express
Fashions
|
48 | 398,716 | 1.33 | % | ||||||||||
| 11 |
Zale
Corporation
|
134 | 136,563 | 1.32 | % | ||||||||||
| 12 |
JC
Penney Company, Inc. (5)
|
74 | 8,470,642 | 1.29 | % | ||||||||||
| 13 |
Finish
Line, Inc.
|
72 | 372,872 | 1.26 | % | ||||||||||
| 14 |
New
York & Company, Inc.
|
55 | 391,967 | 1.22 | % | ||||||||||
| 15 |
Charlotte
Russe Holding, Inc.
|
52 | 360,274 | 1.10 | % | ||||||||||
| 16 |
Dress
Barn, Inc. (6)
|
96 | 422,299 | 1.06 | % | ||||||||||
| 17 |
Aeropostale,
Inc.
|
76 | 261,198 | 1.02 | % | ||||||||||
| 18 |
Pacific
Sunwear of California
|
67 | 248,824 | 0.97 | % | ||||||||||
| 19 |
Barnes
& Noble Inc.
|
20 | 704,452 | 0.89 | % | ||||||||||
| 20 |
The
Buckle, Inc.
|
48 | 237,975 | 0.88 | % | ||||||||||
| 21 |
Sun
Capital Partners, Inc. (7)
|
56 | 619,879 | 0.86 | % | ||||||||||
| 22 |
The
Regis Corporation
|
155 | 186,642 | 0.86 | % | ||||||||||
| 23 |
The
Children's Place Retail Stores, Inc.
|
54 | 228,965 | 0.86 | % | ||||||||||
| 24 |
Christopher
& Banks, Inc.
|
84 | 287,130 | 0.82 | % | ||||||||||
| 25 |
Forever
21 Retail, Inc.
|
19 | 273,498 | 0.80 | % | ||||||||||
| 2,182 | 19,061,915 | 34.93 | % | ||||||||||||
|
(1)
|
Limited
Brands, LLC operates Victoria's Secret and Bath & Body
Works.
|
||||
|
(2)
|
Signet
Group plc operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's
Jewelers, Osterman's Jewelers,
LeRoy's Jewelers, Jared Jewelers, Belden Jewelers and Rogers
Jewelers.
|
||||
|
(3)
|
Genesco
Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat
Zone and Cap Factory
stores.
|
||||
|
(4)
|
Luxottica
Group, S.P.A. operates Lenscrafters, Sunglass Hut and Pearl
Vision.
|
||||
|
(5)
|
JC
Penney Company, Inc. owns 36 of these stores.
|
||||
|
(6)
|
Dress
Barn, Inc. operates Justice, dressbarn and maurices.
|
||||
|
(7)
|
Sun
Capital Partners, Inc. operates Gordmans, Limited Stores, Fazoli's
Restaurants, Anchor Blue Retail Group, Smokey
Bones Barbeque and Grill, Souper Salad and Bar Louie
Restaurants.
|
||||
14
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
Capital
Expenditures for the Three Months and Six Months Ended June 30,
2010
(In
thousands)
|
Three
Months
|
Six
Months
|
|||||||
|
Tenant
allowances
|
$ | 13,466 | $ | 17,683 | ||||
|
Renovations
|
13 | 117 | ||||||
|
Deferred
maintenance:
|
||||||||
|
Parking
lot and parking lot lighting
|
472 | 479 | ||||||
|
Roof
repairs and replacements
|
1,277 | 1,816 | ||||||
|
Other
capital expenditures
|
1,838 | 4,500 | ||||||
|
Total
deferred maintenance expenditures
|
3,587 | 6,795 | ||||||
|
Total
capital expenditures
|
$ | 17,066 | $ | 24,595 | ||||
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)
|
2010
|
2009
|
|||||||
|
Quarter
ended:
|
||||||||
|
March
31,
|
$ | 212 | $ | 651 | ||||
|
June
30,
|
567 | 208 | ||||||
|
September
30,
|
- | 690 | ||||||
|
December
31,
|
- | 699 | ||||||
| $ | 779 | $ | 2,248 | |||||
15
CBL
& Associates Properties, Inc.
Supplemental
Financial and Operating Information
For
the Three Months and Six Months Ended June 30, 2010
Properties
Opened During the Six Months Ended June 30, 2010
(Dollars
in thousands)
| CBL's Share of | ||||||||||||||||||
|
Property
|
Location
|
Total
Project
Square
Feet
|
Total
Cost
(b)
|
Cost
to
Date (c)
|
Date
Opened
|
Initial
Yield
|
||||||||||||
|
Community/Open-Air
Centers:
|
||||||||||||||||||
|
The
Pavilion at Port Orange (Phase I and Phase 1A) (a)
|
Port
Orange, FL
|
492,394 | $ | 67,439 | $ | 70,747 |
Fall-09/Spring-10
|
7.3 | %* | |||||||||
Properties
Under Development at June 30, 2010
(Dollars
in thousands)
| CBL's Share of | ||||||||||||||||||
|
Property
|
Location
|
Total
Project
Square
Feet
|
Total
Cost
(b)
|
Cost
to
Date (c)
|
Expected
Opening
Date
|
Initial
Yield
|
||||||||||||
|
Community/Open-Air
Centers:
|
||||||||||||||||||
|
The
Forum at Grandview Phase I (a)
|
Madison,
MS
|
110,690 | $ | 19,653 | $ | 13,013 |
Fall-10
|
6.0 | %* | |||||||||
|
(a)
|
The
Pavilion at Port Orange is a 50/50 joint venture and The Forum at
Grandview is a 75/25 joint venture.
|
|
(b)
|
Total
Cost is presented net of reimbursements to be received.
|
|
(c)
|
Cost
to Date does not reflect reimbursements until they are
received.
|
| * | Pro forma intial yields for phased projects reflect full land cost in Phase I. Combined pro forma yields are higher than Phase I project yields. |