CBL & ASSOCIATES PROPERTIES INC - FORM 8-K - EX-99.3 - EXHIBIT 99.3

Attached files

file	filename
8-K - 8-K - CBL & ASSOCIATES PROPERTIES INC	form8-kearningsrelease1231.htm
EX-99.2 - EXHIBIT 99.2 - CBL & ASSOCIATES PROPERTIES INC	exhibit992-12312012.htm
EX-99.1 - EXHIBIT 99.1 - CBL & ASSOCIATES PROPERTIES INC	exhibit991-12312012.htm

Exhibit 99.3

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Year Ended December 31, 2012

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)



	Three Months Ended December 31,						Year Ended December 31,
	2012			2011			2012			2011
REVENUES:
Minimum rents	$	174,236		$	164,212		$	663,895		$	668,628
Percentage rents	9,674			8,364			17,995			17,149
Other rents	8,923			8,743			22,657			22,428
Tenant reimbursements	74,758			72,913			287,954			301,323
Management, development and leasing fees	3,197			2,121			10,772			6,935
Other	7,562			8,490			31,367			34,851
Total revenues	278,350			264,843			1,034,640			1,051,314
OPERATING EXPENSES:
Property operating	36,267			37,199			145,827			148,961
Depreciation and amortization	69,517			63,491			265,856			271,458
Real estate taxes	21,986			20,259			90,503			91,723
Maintenance and repairs	12,903			12,835			52,577			55,500
General and administrative	15,287			11,618			51,251			44,751
Loss on impairment of real estate	20,467			—			24,379			51,304
Other	5,890			6,103			25,078			28,898
Total operating expenses	182,317			151,505			655,471			692,595
Income from operations	96,033			113,338			379,169			358,719
Interest and other income	762			831			3,955			2,583
Interest expense	(60,766		)	(60,511		)	(244,432		)	(267,072		)
Gain on extinguishment of debt	87			448			265			1,029
Gain on sales of real estate assets	533			55,794			2,286			59,396
Gain on investment	45,072			—			45,072			—
Equity in earnings of unconsolidated affiliates	2,912			1,916			8,313			6,138
Income tax (provision) benefit	(170		)	(1,501		)	(1,404		)	269
Income from continuing operations	84,463			110,315			193,224			161,062
Operating income (loss) of discontinued operations	1,665			(319		)	(19,643		)	23,933
Gain (loss) on discontinued operations	(45		)	(122		)	938			(1		)
Net income	86,083			109,874			174,519			184,994
Net income attributable to noncontrolling interests in:
Operating partnership	(11,484		)	(20,398		)	(19,267		)	(25,841		)
Other consolidated subsidiaries	(6,513		)	(6,509		)	(23,652		)	(25,217		)
Net income attributable to the Company	68,086			82,967			131,600			133,936
Preferred dividends	(15,729		)	(10,594		)	(47,511		)	(42,376		)
Net income attributable to common shareholders	$	52,357		$	72,373		$	84,089		$	91,560
Basic per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.32		$	0.49		$	0.64		$	0.49
Discontinued operations	0.01			—			(0.10		)	0.13
Net income attributable to common shareholders	$	0.33		$	0.49		$	0.54		$	0.62
Weighted average common shares outstanding	160,841			148,364			154,762			148,289
Diluted earnings per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.32		$	0.49		$	0.64		$	0.49
Discontinued operations	0.01			—			(0.10		)	0.13
Net income attributable to common shareholders	$	0.33		$	0.49		$	0.54		$	0.62
Weighted average common and potential dilutive common shares outstanding	160,881			148,407			154,807			148,334
Amounts attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	50,988		$	72,716		$	99,307		$	72,914
Discontinued operations	1,369			(343		)	(15,218		)	18,646
Net income attributable to common shareholders	$	52,357		$	72,373		$	84,089		$	91,560

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2012

The Company's calculation of FFO allocable to Company shareholders is as follows:

(in thousands, except per share data)



	Three Months Ended December 31,						Year Ended December 31,
	2012			2011			2012			2011

Net income attributable to common shareholders	$	52,357		$	72,373		$	84,089		$	91,560
Noncontrolling interest in income of operating partnership	11,484			20,398			19,267			25,841
Depreciation and amortization expense of:
Consolidated properties	69,517			63,491			265,856			271,458
Unconsolidated affiliates	11,079			11,406			43,956			32,538
Discontinued operations	418			1,297			2,778			4,912
Non-real estate assets	(475		)	(529		)	(1,841		)	(2,488		)
Noncontrolling interests' share of depreciation and amortization	(1,534		)	(403		)	(5,071		)	(919		)
Loss on impairment of real estate, net of tax benefit	20,409			452			50,343			56,557
Gain on depreciable property	(159		)	(54,357		)	(652		)	(56,763		)
(Gain) loss on discontinued operations, net of taxes	32			122			(566		)	1
Funds from operations of the operating partnership	163,128			114,250			458,159			422,697
Gain on investment	(45,072		)	—			(45,072		)	—
Gain on extinguishment of debt	(87		)	(448		)	(265		)	(32,463		)
Funds from operations of the operating partnership, as adjusted	$	117,969		$	113,802		$	412,822		$	390,234

Funds from operations per diluted share	$	0.86		$	0.60		$	2.41		$	2.22
Gain on investment	(0.24		)	—			(0.24		)	—
Gain on extinguishment of debt	—			—			—			(0.17		)
Funds from operations, as adjusted, per diluted share	$	0.62		$	0.60		$	2.17		$	2.05
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted	190,383			190,424			190,268			190,380

Reconciliation of FFO of the operating partnership to FFO allocable to common shareholders:
Funds from operations of the operating partnership	$	163,128		$	114,250		$	458,159		$	422,697
Percentage allocable to common shareholders (1)	84.50		%	77.93		%	81.36		%	77.91		%
Funds from operations allocable to common shareholders	$	137,843		$	89,035		$	372,758		$	329,323

Funds from operations of the operating partnership, as adjusted	$	117,969		$	113,802		$	412,822		$	390,234
Percentage allocable to common shareholders (1)	84.50		%	77.93		%	81.36		%	77.91		%
Funds from operations allocable to common shareholders, as adjusted	$	99,684		$	88,686		$	335,872		$	304,031


(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 4.



	Three Months Ended December 31,						Year Ended December 31,
	2012			2011			2012			2011
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees	$	846		$	570		$	3,819		$	3,272
Lease termination fees per share	$	—		$	—		$	0.02		$	0.02

Straight-line rental income	$	174		$	1,650		$	4,577		$	5,387
Straight-line rental income per share	$	—		$	0.01		$	0.02		$	0.03

Gains on outparcel sales	$	(279	)	$	1,966		$	4,849		$	3,989
Gains on outparcel sales per share	$	—		$	0.01		$	0.03		$	0.02

Net amortization of acquired above- and below-market leases	$	984		$	24		$	2,559		$	2,107
Net amortization of acquired above- and below-market leases per share	$	0.01		$	—		$	0.01		$	0.01

Net amortization of debt premiums (discounts)	$	142		$	871		$	1,849		$	2,831
Net amortization of debt premiums (discounts) per share	$	—		$	—		$	0.01		$	0.01

Income tax (provision) benefit	$	(170	)	$	(1,501	)	$	(1,404	)	$	269
Income tax (provision) benefit per share	$	—		$	(0.01	)	$	(0.01	)	$	—

Loss on impairment of real estate from continuing operations	$	(20,467	)	$	—		$	(24,379	)	$	(51,304	)
Loss on impairment of real estate from continuing operations per share	$	(0.11	)	$	—		$	(0.13	)	$	(0.27	)

Gain (loss) on impairment of real estate from discontinued operations	$	40		$	(729	)	$	(26,461	)	$	(7,425	)
Loss on impairment of real estate from discontinued operations per share	$	—		$	—		$	(0.14	)	$	(0.04	)

Gain on extinguishment of debt from discontinued operations	$	—		$	—		$	—		$	31,434
Gain on extinguishment of debt from discontinued operations per share	$	—		$	—		$	—		$	0.17

Gain on investment	$	45,072		$	—		$	45,072		$	—
Gain on investment per share	$	0.24		$	—		$	0.24		$	—

Origination cost of series C preferred stock	$	(3,778	)	$	—		$	(3,778	)	$	—
Origination cost of series C preferred stock per share	$	(0.02	)	$	—		$	(0.02	)	$	—

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2012

Same-Center Net Operating Income

(Dollars in thousands)



	Three Months Ended December 31,							Year Ended December 31,
	2012				2011			2012				2011

Net income attributable to the Company	$	68,086			$	82,967		$	131,600			$	133,936

Adjustments:
Depreciation and amortization	69,517				63,491			265,856				271,458
Depreciation and amortization from unconsolidated affiliates	11,079				11,406			43,956				32,538
Depreciation and amortization from discontinued operations	418				1,297			2,778				4,912
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	(1,534		)		(403		)	(5,071		)		(919		)
Interest expense	60,766				60,511			244,432				267,072
Interest expense from unconsolidated affiliates	11,254				11,277			44,543				32,932
Interest expense from discontinued operations	—				1,052			229				4,441
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(959		)		(529		)	(3,435		)		(1,329		)
Abandoned projects expense	76				43			(39		)		94
Gain on sales of real estate assets	(533		)		(55,794		)	(5,282		)		(59,396		)
Gain on sales of real estate assets of unconsolidated affiliates	(363		)		(118		)	(1,214		)		(1,445		)
Gain on extinguishment of debt	(87		)		(448		)	(265		)		(1,029		)
Gain on extinguishment of debt from discontinued operations	—				—			—				(31,434		)
Writedown of mortgage notes receivable	—				—			—				1,900
Loss on impairment of real estate	20,467			—	—			24,379			—	51,304
(Gain) loss on impairment of real estate from discontinued operations	(40		)		729			26,461				7,425
Income tax provision (benefit)	170				1,501			1,404				(269		)
Gain on investment	(45,072		)		—			(45,072		)		—
Net income attributable to noncontrolling interest in earnings of operating partnership	11,484				20,398			19,267				25,841
(Gain) loss on discontinued operations	45				122			(938		)		1
Operating partnership's share of total NOI	204,774				197,502			743,589				738,033
General and administrative expenses	15,287				11,618			51,251				44,751
Management fees and non-property level revenues	(7,876		)		(5,809		)	(27,729		)		(22,827		)
Operating partnership's share of property NOI	212,185				203,311			767,111				759,957
Non-comparable NOI	(12,196		)		(7,821		)	(36,361		)		(43,981		)
Total same-center NOI	$	199,989			$	195,490		$	730,750			$	715,976
Total same-center NOI percentage change	2.3		%					2.1		%

Total same-center NOI	$	199,989			$	195,490		$	730,750			$	715,976
Less lease termination fees	(831		)		(543		)	(3,456		)		(2,945		)
Total same-center NOI, excluding lease termination fees	$	199,158			$	194,947		$	727,294			$	713,031

Malls	$	178,168			$	176,131		$	653,328			$	642,541
Associated centers	8,374				7,889			32,852				31,151
Community centers	4,630				4,129			17,636				16,103
Offices and other	7,986				6,798			23,478				23,236
Total same-center NOI, excluding lease termination fees	$	199,158			$	194,947		$	727,294			$	713,031

Percentage Change:
Malls	1.2		%					1.7		%
Associated centers	6.1		%					5.5		%
Community centers	12.1		%					9.5		%
Offices and other	17.5		%					1.0		%
Total same-center NOI, excluding lease termination fees	2.2		%					2.0		%

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2012 and 2011

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)



	As of December 31, 2012
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,794,509		$	951,174		$	4,745,683
Noncontrolling interests' share of consolidated debt	(89,530		)	—			(89,530		)
Company's share of unconsolidated affiliates' debt	660,563			128,491			789,054
Company's share of consolidated and unconsolidated debt	$	4,365,542		$	1,079,665		$	5,445,207
Weighted average interest rate	5.48		%	2.39		%	4.86		%
	As of December 31, 2011
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,733,355		$	756,000		$	4,489,355
Noncontrolling interests' share of consolidated debt	(30,416		)	(726		)	(31,142		)
Company's share of unconsolidated affiliates' debt	658,470			150,171			808,641
Company's share of consolidated and unconsolidated debt	$	4,361,409		$	905,445		$	5,266,854
Weighted average interest rate	5.58		%	2.47		%	5.04		%

Debt-To-Total-Market Capitalization Ratio as of December 31, 2012

(In thousands, except stock price)



	Shares Outstanding	Stock Price (1)	Value
Common stock and operating partnership units	190,855	$21.21	$	4,048,035
7.375% Series D Cumulative Redeemable Preferred Stock	1,815	250.00	453,750
6.625% Series E Cumulative Redeemable Preferred Stock	690	250.00	172,500
Total market equity			4,674,285
Company's share of total debt			5,445,207
Total market capitalization			$	10,119,492
Debt-to-total-market capitalization ratio			53.8		%


(1)	Stock price for common stock and operating partnership units equals the closing price of the common stock on December 31, 2012. The stock prices for

the preferred stocks represent the liquidation preference of each respective series.

Reconciliation of Shares and Operating Partnership Units Outstanding

(In thousands)



	Three Months Ended December 31,		Year Ended December 31,
2012:	Basic	Diluted	Basic	Diluted
Weighted average shares - EPS	160,841	160,881	154,762	154,807
Weighted average operating partnership units	29,502	29,502	35,461	35,461
Weighted average shares- FFO	190,343	190,383	190,223	190,268

2011:
Weighted average shares - EPS	148,364	148,407	148,289	148,334
Weighted average operating partnership units	42,017	42,017	42,046	42,046
Weighted average shares- FFO	190,381	190,424	190,335	190,380

Dividend Payout Ratio



	Three Months Ended December 31,						Year Ended December 31,
	2012			2011			2012			2011
Weighted average cash dividend per share	$	0.22838		$	0.21913		$	0.91526		$	0.88773
FFO per diluted, fully converted share, as adjusted	$	0.62		$	0.60		$	2.17		$	2.05
Dividend payout ratio	36.8		%	36.5		%	42.2		%	43.3		%

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2012

Consolidated Balance Sheets

(Unaudited; in thousands, except share data)



	December 31, 2012			December 31, 2011
ASSETS
Real estate assets:
Land	$	905,339		$	851,303
Buildings and improvements	7,228,293			6,777,776
	8,133,632			7,629,079
Accumulated depreciation	(1,972,031		)	(1,762,149		)
	6,161,601			5,866,930
Held for sale	29,425			14,033
Developments in progress	137,956			124,707
Net investment in real estate assets	6,328,982			6,005,670
Cash and cash equivalents	78,248			56,092
Receivables:
Tenant, net of allowance for doubtful accounts of $1,977 and $1,760 in 2012 and 2011, respectively	78,963			74,160
Other, net of allowance for doubtful accounts of $1,270 and $1,400 in 2012 and 2011, respectively	8,467			11,592
Mortgage and other notes receivable	25,967			34,239
Investments in unconsolidated affiliates	259,810			304,710
Intangible lease assets and other assets	309,299			232,965
	$	7,089,736		$	6,719,428

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other indebtedness	$	4,745,683		$	4,489,355
Accounts payable and accrued liabilities	358,874			303,577
Total liabilities	5,104,557			4,792,932
Commitments and contingencies
Redeemable noncontrolling interests:
Redeemable noncontrolling partnership interests	41,762			32,271
Redeemable noncontrolling preferred joint venture interest	423,834			423,834
Total redeemable noncontrolling interests	465,596			456,105
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
7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding	18			18
6.625% Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding in 2012	7			—
Common stock, $.01 par value, 350,000,000 shares authorized, 161,309,652 and 148,364,037 issued and outstanding in 2012 and 2011, respectively	1,613			1,484
Additional paid-in capital	1,772,353			1,657,927
Accumulated other comprehensive income	6,986			3,425
Dividends in excess of cumulative earnings	(453,561		)	(399,581		)
Total shareholders' equity	1,327,416			1,263,278
Noncontrolling interests	192,167			207,113
Total equity	1,519,583			1,470,391
	$	7,089,736		$	6,719,428

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2012

Condensed combined financial statement information of the unconsolidated affiliates is presented as follows:

(Unaudited; in thousands)



	As of
	December 31, 2012			December 31, 2011
ASSETS
Investment in real estate assets	$	2,143,187		$	2,239,160
Accumulated depreciation	(492,864		)	(447,121		)
	1,650,323			1,792,039
Developments in progress	21,809			19,640
Net investment in real estate assets	1,672,132			1,811,679
Other assets	175,540			190,465
Total assets	$	1,847,672		$	2,002,144

LIABILITIES
Mortgage and other indebtedness	$	1,456,622		$	1,478,601
Other liabilities	48,538			51,818
Total liabilities	1,505,160			1,530,419

OWNERS' EQUITY
The Company	208,368			267,136
Other investors	134,144			204,589
Total owners' equity	342,512			471,725
Total liabilities and owners’ equity	$	1,847,672		$	2,002,144



	Three Months Ended December 31,						Year Ended December 31,
	2012			2011			2012			2011

Total revenues	$	65,308		$	62,985		$	251,628		$	177,222
Depreciation and amortization	(20,627		)	(20,957		)	(82,534		)	(58,538		)
Other operating expenses	(19,775		)	(19,770		)	(76,567		)	(53,417		)
Income from operations	24,906			22,258			92,527			65,267
Interest expense	(20,884		)	(19,412		)	(83,056		)	(58,552		)
Gain on sales of real estate assets	362			—			2,063			1,744
Net income	$	4,384		$	2,846		$	11,534		$	8,459



	Company's Share for the Three Months Ended December 31,						Company's Share for the Year Ended December 31,
	2012			2011			2012			2011

Total revenues	$	35,253		$	33,936		$	134,443		$	97,603
Depreciation and amortization	(11,079		)	(11,406		)	(43,956		)	(32,538		)
Other operating expenses	(10,371		)	(9,416		)	(38,845		)	(27,440		)
Income from operations	13,803			13,114			51,642			37,625
Interest expense	(11,254		)	(11,277		)	(44,543		)	(32,932		)
Gain on sales of real estate assets	363			79			1,214			1,445
Net income	$	2,912		$	1,916		$	8,313		$	6,138

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2012

The Company presents the ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest because the Company believes that the EBITDA to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt.

Ratio of EBITDA to Interest Expense

(Dollars in thousands)



	Three Months Ended December 31,						Year Ended December 31,
	2012			2011			2012			2011
EBITDA:
Net income attributable to the Company	$	68,086		$	82,967		$	131,600		$	133,936

Adjustments:
Depreciation and amortization	69,517			63,491			265,856			271,458
Depreciation and amortization from unconsolidated affiliates	11,079			11,406			43,956			32,538
Depreciation and amortization from discontinued operations	418			1,297			2,778			4,912
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	(1,534		)	(403		)	(5,071		)	(919		)
Interest expense	60,766			60,511			244,432			267,072
Interest expense from unconsolidated affiliates	11,254			11,277			44,543			32,932
Interest expense from discontinued operations	—			1,052			229			4,441
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(959		)	(529		)	(3,435		)	(1,329		)
Income and other taxes	618			1,619			3,025			650
Gain on extinguishment of debt	(87		)	(448		)	(265		)	(1,029		)
Gain on extinguishment of debt from discontinued operations	—			—			—			(31,434		)
Writedown of mortgage notes receivable	—			—			—			1,900
Loss on impairment of real estate	20,467			—			24,379			51,304
Loss on impairment of real estate from discontinued operations	(40		)	729			26,461			7,425
Straight line rent (1)	(174		)	(1,650		)	(4,577		)	(5,387		)
^{Net amortization of acquired above- and below-market leases (1)}	(984		)	(24		)	(2,559		)	(2,107		)
Abandoned projects	76			43			(39		)	94
Gain on consolidation	(45,072		)	—			(45,072		)	—
Net income attributable to noncontrolling interest in earnings of operating partnership	11,484			20,398			19,267			25,841
Gain on depreciable property	(159		)	(54,357		)	(652		)	(56,763		)
(Gain) loss on discontinued operations	45			122			(938		)	1
Company's share of total EBITDA	$	204,801		$	197,501		$	743,918		$	735,536


Interest Expense:
Interest expense	$	60,766		$	60,511		$	244,432		$	267,072
Interest expense from unconsolidated affiliates	11,254			11,277			44,543			32,932
Interest expense from discontinued operations	—			1,052			229			4,441
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(959		)	(529		)	(3,435		)	(1,329		)
Company's share of total interest expense	$	71,061		$	72,311		$	285,769		$	303,116

Ratio of EBITDA to Interest Expense	2.88			2.73			2.60			2.43


(1)	The definition of EBITDA in the Company's credit agreements was amended to exclude straight line rent and amortization of above and below market leases from EBITDA.

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities

(In thousands)



	Three Months Ended December 31,						Year Ended December 31,
	2012			2011			2012			2011

Company's share of total EBITDA	$	204,801		$	197,501		$	743,918		$	735,536
Interest expense	(60,766		)	(60,511		)	(244,432		)	(267,072		)
Interest expense from discontinued operations	—			(1,052		)	(229		)	(4,441		)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	959			529			3,435			1,329
Income and other taxes	(618		)	(1,619		)	(3,025		)	(650		)
Straight line rent	174			1,650			4,577			5,387
Net amortization of deferred financing costs and debt premiums (discounts)	2,323			2,062			7,862			10,102
Net amortization of deferred financing costs and debt premiums (discounts) from discontinued operations	10			35			34			137
Net amortization of intangible lease assets	277			296			1,296			1,201
Depreciation and interest expense from unconsolidated affiliates	(22,333		)	(22,683		)	(88,499		)	(65,470		)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	1,534			403			5,071			919
Noncontrolling interests in earnings of other consolidated subsidiaries	6,513			6,509			23,652			25,217
(Gain) loss on outparcel sales	(374		)	(1,437		)	(4,671		)	(2,633		)
Realized (gain) loss on available for sale securities	(64		)	—			(224		)	22
Equity in earnings of unconsolidated affiliates	(2,912		)	(1,916		)	(8,313		)	(6,138		)
Distributions from unconsolidated affiliates	5,350			3,415			17,074			9,586
Share-based compensation expense	1,529			14			3,740			1,783
Provision for doubtful accounts	213			(259		)	1,523			1,743
Change in deferred tax assets	(586		)	(663		)	3,095			(5,695		)
Changes in operating assets and liabilities	25,868			(9,259		)	15,631			(9,710		)
Cash flows provided by operating activities	$	161,898		$	113,015		$	481,515		$	431,153

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2012

Schedule of Mortgage and Other Indebtedness

(Dollars in thousands )



		Original Maturity Date	Optional Extended Maturity Date	Interest Rate				Balance
Location	Property	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Fixed		Variable

Operating Properties:
Statesboro, GA	Statesboro Crossing	Feb-13		1.21%	$	13,482		$	—	$	13,482
Greensburg, PA	Westmoreland Mall	Mar-13		5.05%	63,639			63,639		—
Madison, MS	The Forum at Grandview	Sep-13	Sep-14	3.21%	10,200			—		10,200
Columbia, SC	Columbia Place	Sep-13		5.45%	27,266			27,266		—
St. Louis, MO	South County Center	Oct-13		4.96%	72,225			72,225		—
Burlington, NC	Alamance West	Dec-13	Dec-15	3.21%	16,000			—		16,000
Joplin, MO	Northpark Mall	Mar-14		5.75%	33,809			33,809		—
D'lberville, MS	The Promenade	Dec-14	Dec-18	1.91%	58,000			—		58,000
Laredo, TX	Mall del Norte	Dec-14		5.04%	113,400			113,400		—
El Centro, CA	Imperial Valley Mall	Sep-15		4.99%	52,546			52,546		—
Rockford, IL	CherryVale Mall	Oct-15		5.00%	82,347			82,347		—
Brookfield, IL	Brookfield Square	Nov-15		5.08%	92,305			92,305		—
Madison, WI	East Towne Mall	Nov-15		5.00%	70,220			70,220		—
Madison, WI	West Towne Mall	Nov-15		5.00%	99,186			99,186		—
Decatur, IL	Hickory Point Mall	Dec-15		5.85%	29,635			29,635		—
Bloomington, IL	Eastland Mall	Dec-15		5.85%	59,400			59,400		—
Gettysburg, PA	The Outlet Shoppes at Gettysburg	Feb-16		5.87%	40,170			40,170		—
Chattanooga, TN	Gunbarrel Pointe	Apr-16		2.24%	11,472		(a)	11,472		—
Nashville, TN	CoolSprings Crossing	Apr-16		2.14%	12,887		(b)	12,887		—
Stroud, PA	Stroud Mall	Apr-16		2.19%	34,469		(c)	34,469		—
Janesville, WI	Janesville Mall	Apr-16		8.38%	5,269			5,269		—
York, PA	York Galleria	Apr-16		2.15%	55,057		(d)	55,057		—
Chattanooga, TN	Hamilton Place	Aug-16		5.86%	106,024			106,024		—
Midland, MI	Midland Mall	Aug-16		6.10%	34,568			34,568		—
Akron, OH	Chapel Hill Mall	Aug-16		6.10%	70,045			70,045		—
Chesapeake, VA	Greenbrier Mall	Aug-16		5.91%	77,085			77,085		—
St. Louis, MO	Chesterfield Mall	Sep-16		5.74%	140,000			140,000		—
Minot, ND	Dakota Square Mall	Nov-16		6.23%	58,522			58,522		—
Fairview Heights, IL	St. Clair Square	Dec-16		3.36%	123,875			—		123,875
Southaven, MS	Southaven Towne Center	Jan-17		5.50%	41,786			41,786		—
Cary, NC	Cary Towne Center	Mar-17		8.50%	55,910			55,910		—
Chattanooga, TN	Hamilton Corner	Apr-17		5.67%	15,595			15,595		—
Charleston, SC	Citadel Mall	Apr-17		5.68%	68,835			68,835		—
Lexington, KY	The Plaza at Fayette Mall	Apr-17		5.67%	40,633			40,633		—
Layton, UT	Layton Hills Mall	Apr-17		5.66%	98,369			98,369		—
Fairview Heights, IL	The Shoppes at St. Clair Square	Apr-17		5.67%	20,593			20,593		—
Lafayette, LA	Mall of Acadiana	Apr-17		5.67%	137,640			137,640		—
Cincinnati, OH	EastGate Crossing	May-17		5.66%	15,324			15,324		—
El Paso, TX	The Outlet Shoppes at El Paso	Dec-17		7.06%	66,367			66,367		—
Bismarck, ND	Kirkwood Mall	Apr-18		5.75%	40,368			40,368		—
Winston-Salem, NC	Hanes Mall	Oct-18		6.99%	156,208			156,208		—



		Original Maturity Date	Optional Extended Maturity Date	Interest Rate				Balance
Location	Property	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Fixed			Variable
Daytona Beach, FL	Volusia Mall	Jul-19		8.00%	53,191			53,191			—
Terre Haute, IN	Honey Creek Mall	Jul-19		8.00%	30,921			30,921			—
Chattanooga, TN	The Terrace	Jun-20		7.25%	14,224			14,224			—
Burnsville, MN	Burnsville Center	Jul-20		6.00%	79,272			79,272			—
Roanoke, VA	Valley View Mall	Jul-20		6.50%	62,282			62,282			—
Huntsville, AL	Parkway Place	Jul-20		6.50%	40,244			40,244			—
Beaumont, TX	Parkdale Mall & Crossing	Mar-21		5.85%	91,906			91,906			—
Chattanooga, TN	Hamilton Crossing & Expansion	Apr-21		5.99%	10,283			10,283			—
Cincinnati, OH	EastGate Mall	Apr-21		5.83%	42,281			42,281			—
Wausau, WI	Wausau Center	Apr-21		5.85%	19,187			19,187			—
Little Rock, AR	Park Plaza Mall	Apr-21		5.28%	96,059			96,059			—
Lexington, KY	Fayette Mall	May-21		5.42%	179,227			179,227			—
St. Louis, MO	Mid Rivers Mall	May-21		5.88%	89,312			89,312			—
Burlington, NC	Alamance Crossing - East	Jul-21		5.83%	50,001			50,001			—
Asheville, NC	Asheville Mall	Sep-21		5.80%	76,289			76,289			—
Fayetteville, NC	Cross Creek Mall	Jan-22		4.54%	137,179			137,179			—
Oklahoma City, OK	The Outlet Shoppes at Oklahoma City	Jan-22		5.73%	58,888			58,888			—
North Charleston, SC	Northwoods Mall	Apr-22		5.08%	72,339			72,339			—
Douglasville, GA	Arbor Place	May-22		5.10%	121,050			121,050			—
Chattanooga, TN	CBL Center	Jun-22		5.00%	21,675			21,675			—
Louisville, KY	Jefferson Mall	Jun-22		4.75%	70,676			70,676			—
Saginaw, MI	Fashion Square	Jun-22		4.95%	41,569			41,569			—
Colonial Heights, VA	Southpark Mall	Jun-22		4.85%	66,525			66,525			—
Spartanburg, SC	WestGate Mall	Jul-22		4.99%	39,661			39,661			—
	SUBTOTAL				$	3,984,972		$	3,763,415		$	221,557
Weighted average interest rate					5.29		%	5.42		%	2.78		%

Debt Premiums (Discounts): (e)

St. Louis, MO	South County Center	Oct-13		5.50%	$	(297	)	$	(297	)	$	—
Joplin, MO	Northpark Mall	Mar-14		5.50%	88			88			—
El Centro, CA	Imperial Valley Mall	Sep-15		3.75%	1,624			1,624			—
St. Louis, MO	Chesterfield Mall	Sep-16		5.96%	(977		)	(977		)	—
Minot, ND	Dakota Square Mall	Nov-16		5.03%	2,671			2,671			—
El Paso, TX	The Outlet Shoppes at El Paso	Dec-17		4.75%	6,751			6,751			—
Bismark, ND	Kirkwood Mall	Apr-18		4.25%	2,970			2,970			—
	SUBTOTAL				$	12,830		$	12,830		$	—
Weighted average interest rate					5.29		%	5.42		%	2.78		%

Total Loans On Operating Properties And Debt Premiums (Discounts)					$	3,997,802		$	3,776,245		$	221,557
Weighted average interest rate					5.30		%	5.42		%	2.85		%

Construction Loans:
Woodstock, GA	The Outlet Shoppes at Atlanta	Aug-15	Aug-17	2.96%	$	15,366		$	—		$	15,366



		Original Maturity Date	Optional Extended Maturity Date	Interest Rate					Balance
Location	Property	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance				Fixed			Variable
Credit Facilities:
Secured credit facilities:
$105,000 capacity		Jun-15	Jun-16	2.46%	10,625				—			10,625
Total secured facilities				2.46%	10,625				—			10,625
Unsecured term facilities:
$600,000 capacity		Nov-15	Nov-16	2.07%	300,297				—			300,297
$600,000 capacity		Nov-16	Nov-17	2.07%	175,329				—			175,329
General		Apr-13		1.82%	228,000				—			228,000
Total term facilities				1.99%	703,626				—			703,626
SUBTOTAL				1.99%	$	714,251			$	—		$	714,251

Other	Pearland Town Center				$	18,264		(f)	$	18,264		$	—

Total Consolidated Debt					$	4,745,683			$	3,794,509		$	951,174
Weighted average interest rate					4.79		%		5.43		%	2.20		%

Plus CBL's Share Of Unconsolidated Affiliates' Debt:
Lee's Summit, MO	Summit Fair	Dec-12		5.00%	$	13,323		(g)	$	—		$	13,323
Greensboro, NC	Friendly Shopping Center	Apr-13		5.33%	38,812				38,812			—
Greensboro, NC	Renaissance Center Phase II	Apr-13		5.22%	7,850				7,850			—
Greensboro, NC	Friendly Center Office Building	Apr-13		5.33%	1,100				1,100			—
Greensboro, NC	First National Bank Building	Apr-13		5.33%	405				405			—
Greensboro, NC	Green Valley Office Building	Apr-13		5.33%	971				971			—
Greensboro, NC	First Citizens Bank Building	Apr-13		5.33%	2,555				2,555			—
Greensboro, NC	Bank of America Building	Apr-13		5.33%	4,625				4,625			—
Greensboro, NC	Wachovia Office Building	Apr-13		5.33%	1,533				1,533			—
West Melbourne, FL	Hammock Landing Phase I	Nov-13	Nov-14	3.71%	42,431				—			42,431
West Melbourne, FL	Hammock Landing Phase II	Nov-13		3.71%	2,921				—			2,921
Port Orange, FL	The Pavilion at Port Orange	Mar-14	Mar-15	3.71%	63,030				—			63,030
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14		5.09%	39,960			(h)	39,960			—
Ft. Myers, FL	Gulf Coast Town Center Phase III	Jul-15		2.75%	6,786				—			6,786
Overland Park, KS	Oak Park Mall	Dec-15		5.85%	137,850				137,850			—
Raleigh, NC	Triangle Town Center	Dec-15		5.74%	91,645				91,645			—
Greensboro, NC	Renaissance Center Phase I	Jul-16		5.61%	16,897				16,897			—
Clarksville, TN	Governor's Square Mall	Sep-16		8.23%	10,165				10,165			—
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.27%	12,132				12,132			—
Greensboro, NC	The Shops at Friendly Center	Jan-17		5.90%	20,566				20,566			—
Harrisburg, PA	High Pointe Commons	May-17		5.74%	6,946				6,946			—
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%	2,776				2,776			—
Nashville, TN	CoolSprings Galleria	Jun-18		6.98%	54,697				54,697			—
York, PA	York Town Center	Feb-22		4.90%	18,678				18,678			—
St. Louis, MO	West County Center	Dec-22		3.40%	95,000				95,000			—
	SUBTOTAL				$	789,054			$	660,563		$	128,491



		Original Maturity Date	Optional Extended Maturity Date	Interest Rate					Balance
Location	Property	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance				Fixed			Variable

Less Noncontrolling Interests' Share Of Consolidated Debt:		Noncontrolling Interest %
Gettysburg, PA	The Outlet Shoppes at Gettysburg	50%		5.87%	$	(20,085	)		$	(20,085	)	$	—
Chattanooga, TN	Hamilton Place	10%		5.86%	(10,602		)		(10,602		)	—
Chattanooga, TN	Hamilton Corner	10%		5.67%	(1,559		)		(1,559		)	—
El Paso, TX	The Outlet Shoppes at El Paso	25%		7.06%	(16,592		)		(16,592		)	—
Bismarck, ND	Kirkwood Mall	51%		5.75%	(20,587		)		(20,587		)	—
Chattanooga, TN	The Terrace	8%		7.25%	(1,138		)		(1,138		)	—
Chattanooga, TN	Hamilton Crossing & Expansion	8%		5.99%	(823		)		(823		)	—
Oklahoma City, OK	The Outlet Shoppes at Oklahoma City	25%		5.73%	(14,722		)		(14,722		)	—
Chattanooga, TN	CBL Center	8%		5.00%	(1,734		)		(1,734		)	—
	SUBTOTAL				$	(87,842	)		$	(87,842	)	$	—

Less Noncontrolling Interests' Share Of Debt Premium:
El Paso, TX	The Outlet Shoppes at El Paso	25%		4.75%	$	(1,688	)		$	(1,688	)	$	—

Company's Share Of Consolidated And Unconsolidated Debt					$	5,445,207			$	4,365,542		$	1,079,665
Weighted average interest rate					4.86		%		5.48		%	2.39		%

Total Debt of Unconsolidated Affiliates:
Lee's Summit, MO	Summit Fair	Dec-12		5.00%	$	49,345		(g)	$	—		$	49,345
Greensboro, NC	Friendly Shopping Center	Apr-13		5.33%	77,625				77,625			—
Greensboro, NC	Renaissance Center Phase II	Apr-13		5.22%	15,700				15,700			—
Greensboro, NC	Friendly Center Office Building	Apr-13		5.33%	2,199				2,199			—
Greensboro, NC	First National Bank Building	Apr-13		5.33%	809				809			—
Greensboro, NC	Green Valley Office Building	Apr-13		5.33%	1,941				1,941			—
Greensboro, NC	First Citizens Bank Building	Apr-13		5.33%	5,110				5,110			—
Greensboro, NC	Bank of America Building	Apr-13		5.33%	9,250				9,250			—
Greensboro, NC	Wachovia Office Building	Apr-13		5.33%	3,066				3,066			—
West Melbourne, FL	Hammock Landing Phase I	Nov-13	Nov-14	3.71%	42,431				—			42,431
West Melbourne, FL	Hammock Landing Phase II	Nov-13		3.71%	2,921				—			2,921
Port Orange, FL	The Pavilion at Port Orange	Mar-14	Mar-15	3.71%	63,030				—			63,030
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14		5.09%	79,920			(h)	79,920			—
Ft. Myers, FL	Gulf Coast Town Center Phase III	Jul-15		2.75%	6,786				—			6,786
Overland Park, KS	Oak Park Mall	Dec-15		5.85%	275,700				275,700			—
Raleigh, NC	Triangle Town Center	Dec-15		5.74%	183,291				183,291			—
Greensboro, NC	Renaissance Center Phase I	Jul-16		5.61%	33,793				33,793			—
Clarksville, TN	Governor's Square Mall	Sep-16		8.23%	21,400				21,400			—
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.27%	24,263				24,263			—
Greensboro, NC	The Shops at Friendly Center	Jan-17		5.90%	41,131				41,131			—
Harrisburg, PA	High Pointe Commons	May-17		5.74%	13,893				13,893			—



		Original Maturity Date	Optional Extended Maturity Date	Interest Rate				Balance
Location	Property	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Fixed			Variable
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%	5,552			5,552			—
Nashville, TN	CoolSprings Galleria	Jun-18		6.98%	109,395			109,395			—
York, PA	York Town Center	Feb-22		4.90%	37,356			37,356			—
St. Louis, MO	West County Center	Dec-22		3.40%	190,000			190,000			—

					$	1,486,707		$	1,322,194		$	164,513
Weighted average interest rate					4.86		%	4.95		%	4.06		%



(a)	The Company has an interest rate swap on a notional amount of $11,472, amortizing to $10,083 over the term of the swap, related to Gunbarrel Point 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 April 2016.
(b)	The Company has an interest rate swap on a notional amount of $12,887, amortizing to $11,313 over the term of the swap, related to CoolSprings 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 April 2016.
(c)	The Company has an interest rate swap on a notional amount of $34,469, amortizing to $30,276 over the term of the swap, related to Stroud 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 April 2016.
(d)	The Company has an interest rate swap on a notional amount of $55,057, amortizing to $48,337 over the term of the swap, related to York Galleria 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 April 2016.
(e)	The weighted average interest rates used for debt premiums (discounts) reflect the market interest rate in effect as of the assumption of the related debt.
(f)	Pearland Town Center is owned 88% by the Company and 12% by a noncontrolling partner. This amount represents the noncontrolling partner's equity contribution that is accounted for as a financing due to certain terms of the joint venture agreement.
(g)	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 approximately $18,615. The joint venture partner is currently working with the lender to extend the loan.
(h)	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.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2012

Schedule of Maturities of Mortgage and Other Indebtedness

(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

2013	$	404,612	$	74,095	$	—		$	478,707	8.79	%
2014	175,673		82,391		—			258,064		4.74	%
2015	501,639		299,311		—			800,950		14.71	%
2016	1,080,365		27,062		(30,687		)	1,076,740		19.77	%
2017	751,747		137,820		(18,151		)	871,416		16	%
2018	254,576		54,697		(20,587		)	288,686		5.3	%
2019	84,112		—		—			84,112		1.54	%
2020	196,022		—		(1,138		)	194,884		3.58	%
2021	654,545		—		(823		)	653,722		12.01	%
2022	629,562		113,678		(16,456		)	726,784		13.35	%
Face Amount of Debt	4,732,853		789,054		(87,842		)	5,434,065		99.79	%
Net Premiums on Debt	12,830		—		(1,688		)	11,142		0.21	%
Total	$	4,745,683	$	789,054	$	(89,530	)	$	5,445,207	100.00	%

Based on Original Maturity Dates:



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

2013	$	430,812	$	116,526	$	—		$	547,338	10.05	%
2014	223,473		102,990		—			326,463		5.99	%
2015	811,927		236,281		—			1,048,208		19.25	%
2016	944,772		27,062		(30,687		)	941,147		17.28	%
2017	561,052		137,820		(18,151		)	680,721		12.5	%
2018	196,576		54,697		(20,587		)	230,686		4.24	%
2019	84,112		—		—			84,112		1.54	%
2020	196,022		—		(1,138		)	194,884		3.58	%
2021	654,545		—		(823		)	653,722		12.01	%
2022	629,562		113,678		(16,456		)	726,784		13.35	%
Face Amount of Debt	4,732,853		789,054		(87,842		)	5,434,065		99.79	%
Net Premiums on Debt	12,830		—		(1,688		)	11,142		0.21	%
Total	$	4,745,683	$	789,054	$	(89,530	)	$	5,445,207	100.00	%

Unsecured Debt Covenant Compliance Ratios

For the year ended December 31, 2012



Covenant	Required	Actual	In Compliance
Debt to gross asset value	<60%	52.7%	Yes
Ratio of EBITDA to fixed charges (debt service)	>1.50x	2.00x	Yes
Ratio of EBITDA to interest expense	>1.75x	2.60x	Yes

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2012

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)	815,608	$	40.66	$	42.12	3.6	%	$	43.41	6.7	%
Stabilized malls	748,966	42.63		44.19		3.7	%	45.55		6.8	%
New leases	137,303	42.77		47.80		11.8	%	50.72		18.6	%
Renewal leases	611,663	42.60		43.38		1.8	%	44.39		4.2	%

Year-to-Date:
All Property Types (1)	2,892,058	$	38.74	$	40.55	4.7	%	$	41.86	8.1	%
Stabilized malls	2,642,733	40.49		42.50		5.0	%	43.87		8.4	%
New leases	487,734	43.36		50.48		16.4	%	53.49		23.4	%
Renewal leases	2,154,999	39.83		40.69		2.2	%	41.69		4.7	%

Total Leasing Activity



		Square Feet
Quarter:
Operating portfolio:
New leases		504,258
Renewal leases		1,084,217
Development portfolio		102,373
Total leased		1,690,848

Year-to-Date:
Operating Portfolio
New leases		1,548,415
Renewal leases		4,221,860
Development Portfolio		306,897
Total leased		6,077,172

Average Annual Base Rents Per Square Foot ⁽³⁾ By Property Type For Small Shop Space Less Than 10,000 Square Feet



	As of December 31,
	2012		2011
Stabilized malls	$	29.72	$	29.68
Non-stabilized malls (4)	22.81		23.92
Associated centers	11.90		11.65
Community centers	16.02		14.38
Office buildings	18.62		17.68



(1)	Includes stabilized malls, associated centers, community centers and other.
(2)	Average Gross Rent does not incorporate allowable future increases for recoverable common area expenses.
(3)	Average annual base rents per square foot are based on contractual rents in effect as of December 31, 2012, including the impact of any rent concessions.
(4)	Includes The Outlet Shoppes at Oklahoma City in 2012 and The Outlet Shoppes at Oklahoma City and Pearland Towne Center in 2011.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2012

Top 25 Tenants Based On Percentage Of Total Annualized Revenues



	Tenant	Number of Stores	Square Feet	Percentage of Total Annualized Revenues
1	Limited Brands, LLC (1)	164	833,011	3.20%
2	Foot Locker, Inc.	170	659,326	2.38%
3	AE Outfitters Retail Company	88	519,768	2.06%
4	The Gap, Inc.	76	856,426	1.73%
5	Signet Group plc (2)	113	205,040	1.72%
6	Genesco Inc. (3)	200	298,382	1.60%
7	JC Penney Company, Inc. (4)	75	8,749,756	1.58%
8	Abercrombie & Fitch, Co.	76	515,660	1.56%
9	Dick's Sporting Goods, Inc.	22	1,272,713	1.44%
10	Luxottica Group, S.P.A. (5)	129	284,587	1.35%
11	Dress Barn, Inc. (6)	131	619,906	1.35%
12	Express Fashions	49	409,730	1.30%
13	Aeropostale, Inc.	89	324,083	1.30%
14	Zale Corporation	131	137,469	1.21%
15	Finish Line, Inc.	69	365,663	1.19%
16	New York & Company, Inc.	50	357,670	1.04%
17	Best Buy Co., Inc. (7)	67	554,025	1.02%
18	Sun Capital Partners, Inc. (8)	54	650,688	0.98%
19	Forever 21 Retail, Inc.	23	421,545	0.98%
20	The Buckle, Inc.	51	256,655	0.93%
21	Charlotte Russe Holding, Inc.	52	356,146	0.91%
22	The Children's Place Retail Stores, Inc.	60	265,012	0.85%
23	Claire's Stores, Inc.	122	144,258	0.81%
24	Christopher & Banks, Inc.	73	252,065	0.77%
25	Sears, Roebuck and Co. (9)	70	9,344,328	0.76%
		2,204	28,653,912	34.02%



(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	)	JC Penney Company, Inc. owns 36 of these stores.
(5	)	Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearle Vision.
(6	)	Dress Barn, Inc. operates Justice, dressbarn and maurices.
(7	)	Best Buy Co., Inc. operates Best Buy and Best Buy Mobile.
(8	)	Sun Capital Partners, Inc. operates Gordmans, Life Uniform, Limited Stores, Fazoli's Restaurants, Smokey Bones and Bar Louie Restaurants.
(9	)	Sears, Roebuck and Co. owns 50 of these stores.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2012

Capital Expenditures

(In thousands)



	Three Months			Year

Tenant allowances	$	17,577		$	56,657

Renovations	11,406			28,106

Deferred maintenance:
Parking lot and parking lot lighting	5,930			18,163
Roof repairs and replacements	1,899			8,427
Other capital expenditures	(722		)	11,567
Total deferred maintenance expenditures	7,107			38,157

Total capital expenditures	$	36,090		$	122,920

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)



	2012		2011
Quarter ended:
March 31,	$	533	$	412
June 30,	950		744
September 30,	934		721
December 31,	768		1,104
	$	3,185	$	2,981

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2012

Properties Opened During the Year Ended December 31, 2012

(Dollars in thousands)



			CBL's Share of
Property	Location	Total Project Square Feet	Total Cost (a)		Cost to Date (b)		Opening Date	Initial Yield
Community Center Expansion:
The Forum at Grandview - Phase II	Madison, MS	83,060	$	16,826	$	13,119	April-12	7.6%

Community Center:
Waynesville Commons	Waynesville, NC	127,585	$	9,987	$	9,505	October-12	10.6%

Mall Expansion:
The Shoppes at Southaven Towne Center - Phase I	Southaven, MS	15,557	$	1,828	$	1,614	November-12	16.4%

Mall Redevelopment:
Foothills Mall/Plaza - Carmike Cinemas	Maryville, TN	45,276	$	8,337	$	8,718	March-12	7.3%

Outlet Center:
The Outlet Shoppes at Oklahoma City - Phase II (c)	Oklahoma City, OK	27,850	$	6,668	$	5,055	November-12	11.4%


Total Properties Opened		299,328	$	43,646	$	38,011

Properties Under Development at December 31, 2012

(Dollars in thousands)



			CBL's Share of
Property	Location	Total Project Square Feet	Total Cost (a)		Cost to Date (b)		Expected Opening Date	Initial Yield
Community Center Expansion:
The Crossings at Marshalls Creek	Middle Smithfield, PA	104,525	$	18,983	$	11,312	Summer-13	9.8%

Mall Expansions:
Volusia Mall - Restaurant District	Daytona Beach, FL	28,000	$	8,951	$	4,107	Fall-13	11.0%

Mall Redevelopment:
Monroeville Mall - JC Penney/Cinemark (d)	Pittsburgh, PA	464,792	26,178		8,784		October-12/Winter-13	7.6%
Southpark Mall - Dick's Sporting Goods	Colonial Heights, VA	91,770	9,891		860		Fall-13	6.6%
		556,562	$	36,069	$	9,644
Outlet Centers:
The Outlet Shoppes at Atlanta (c)	Woodstock, GA	370,456	$	80,490	$	31,468	July-13	10.0%

Total Under Development		1,059,543	$	144,493	$	56,531



(a)	Total Cost is presented net of reimbursements to be received.
(b	Cost to Date does not reflect reimbursements until they are received.
(c)	The Outlet Shoppes at Atlanta and The Outlet Shoppes at Oklahoma City are 75/25 joint ventures. Total cost and cost to date are reflected at 100 percent.
(d)	JC Penney opened October 2012. Cinemark to open Winter 2013.

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CBL & ASSOCIATES PROPERTIES INC Reports