CBL & ASSOCIATES PROPERTIES INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1

Attached files

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8-K - 8-K - CBL & ASSOCIATES PROPERTIES INC	form8-kx12312015.htm
EX-99.2 - EXHIBIT 99.2 - CBL & ASSOCIATES PROPERTIES INC	ex992scriptcbl4q15.htm

Exhibit 99.1

Earnings Release and

Supplemental Financial and Operating Information

For the Three Months and Year Ended

December 31, 2015

Earnings Release and Supplemental Financial and Operating Information

Table of Contents



		Page
Earnings Release		1

Consolidated Statements of Operations		7

Reconciliations of Non-GAAP Financial Measures:
Funds from Operations (FFO)		9
Same-Center Net Operating Income (NOI)		11

Selected Financial and Equity Information		12

Consolidated Balance Sheets		14

Condensed Combined Financial Statements - Unconsolidated Affiliates		15

Ratio of EBITDA to Interest Expense and Reconciliation of EBITDA to Operating Cash Flows		16

Schedule of Mortgage and Other Indebtedness		18

Schedule of Maturities and Unsecured Debt Covenant Compliance Ratios		22

Mall Portfolio Statistics		23

Leasing Activity and Average Annual Base Rents		26

Top 25 Tenants Based on Percentage of Total Annual Revenues		28

Capital Expenditures		29

Development Activity		30

Contact: Katie Reinsmidt, Senior Vice President - Investor Relations/Corporate Investments, 423.490.8301, katie_reinsmidt@cblproperties.com

CBL & ASSOCIATES PROPERTIES REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2015


•	Same-center NOI increased 2.0% and 0.7% for the fourth quarter and year ended December 31, 2015, respectively over the prior-year periods.


•	2015 FFO per diluted share, as adjusted, grew 6.0% to $0.71 in the fourth quarter 2015 and 1.8% to $2.32 for 2015, compared with the prior-year periods.


•	Average gross rent per square foot increased 6.5% for stabilized mall leases signed in the fourth quarter 2015 and 9.2% for the full-year 2015 over the prior rate.


•	Total portfolio occupancy at December 31, 2015 increased 120 basis points from third quarter 2015 and declined 110 basis points from the prior year-end to 93.6%.


•	Same-center sales per square foot increased 3.9% for 2015 to $374 per square foot.


•	CBL completed more than $1.7 billion of financing activity in 2015 and completed more than $158 million in dispositions.

CHATTANOOGA, Tenn. (February 3, 2016) – CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the fourth quarter and year ended December 31, 2015. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.



	Three Months Ended December 31,				Year Ended December 31,
	2015		2014		2015		2014
Funds from Operations ("FFO") per diluted share	$	0.71	$	0.82	$	2.41	$	2.73
FFO, as adjusted, per diluted share ⁽¹⁾	$	0.71	$	0.67	$	2.32	$	2.28
(1) FFO, as adjusted, for the three months ended December 31, 2014 excludes a $7.0 million partial litigation settlement, net of related expenses, and a $23.8 million gain on extinguishment of debt, net of default interest expense, related to the conveyance of Columbia Place to the lender. FFO, as adjusted, for the year ended December 31, 2015 excludes a $16.6 million gain on investment related to the sale of marketable securities, a partial litigation settlement of $1.3 million, net of related expense and a $0.3 million gain on extinguishment of debt. FFO, as adjusted, for the year ended December 31, 2014 excludes an $83.2 million gain on extinguishment of debt, net of non-cash default interest expense, primarily related to the conveyance of Chapel Hill Mall and Columbia Place and the foreclosure of Citadel Mall. It also excludes a partial litigation settlement of $7.8 million, net of related expenses.



	1

"CBL's operating expertise and the strong positioning of our portfolio of market-dominant shopping centers was clearly demonstrated in 2015. Despite this year's many challenges, we generated solid FFO and NOI growth, healthy lease spreads, steady sales improvement and year-end portfolio occupancy of 93.6%," said Stephen Lebovitz, president and CEO of CBL & Associates Properties, Inc. "We are highly focused on our strategic objectives to transform into a higher-growth portfolio and

to continue to strengthen our balance sheet. In 2015, we used equity proceeds from the more than $150 million of dispositions executed to reduce leverage and invest in value-added development and redevelopment projects. Given the current economic and retail climate, we remain cautious but are confident that we are well-positioned to further advance our portfolio and balance sheet strategies this year."

Net loss attributable to common shareholders for the fourth quarter 2015 was $33.5 million, or $0.20 per diluted share, compared with net income of $65.3 million, or $0.38 per diluted share for the fourth quarter 2014.

Net income attributable to common shareholders for 2015 was $58.5 million, or $0.34 per diluted share, compared with net income of $174.3 million, or $1.02 per diluted share for 2014.

Net income for the fourth quarter and full-year 2015 included a $100.0 million loss on impairment of real estate related to the write-down of the book value of Chesterfield Mall in Chesterfield, MO to its estimated fair value.

Percentage change in same-center Net Operating Income ("NOI")⁽¹⁾:



	Three Months Ended December 31,	Year Ended December 31,
	2015	2015
Portfolio same-center NOI	2.0%	0.7%
Mall same-center NOI	1.6%	0.2%
⁽¹⁾ CBL's definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items of straight line rents and net amortization of acquired above and below market leases. NOI is for real estate properties and excludes income of the Company's subsidiary that provides maintenance, janitorial and security services.

MAJOR ITEMS IMPACTING SAME-CENTER NOI RESULTS FOR 2015


▪	Same-center revenues for 2015 grew $1.5 million as compared with 2014. Major items included:


*	a $0.3 million increase in minimum rents;


*	a $0.7 million increase in percentage rents due to sales increases throughout the year;


*	relatively flat other income as declines in specialty leasing income were offset by increases in branding income; and


*	a $0.6 million increase in tenant reimbursements and other revenue.


▪	Same-center expenses for 2015 were $3.6 million lower in 2015 compared with the prior year. Major items included:


*	a $3.1 million decrease in maintenance and repair expenses primarily driven by lower janitorial and snow removal expenses;


*	a $4.3 million decline in operating expenses, primarily due to lower utility and central energy expenses, marketing and advertising expenses and security expenses compared with the prior year; and


*	an increase of $3.7 million in real estate tax expenses.



	2

PORTFOLIO OPERATIONAL RESULTS

Occupancy:



	As of December 31,
	2015	2014
Portfolio occupancy	93.6%	94.7%
Mall portfolio	93.1%	94.9%
Same-center stabilized malls	93.3%	94.9%
Stabilized malls	93.3%	94.8%
Non-stabilized malls ⁽¹⁾	91.3%	98.1%
Associated centers	94.6%	93.7%
Community centers	97.1%	97.4%
(1) Includes Fremaux Town Center, The Outlet Shoppes at Atlanta and The Outlet Shoppes of the Bluegrass as of December 31, 2015. Includes The Outlet Shoppes at Oklahoma City, The Outlet Shoppes at Atlanta and The Outlet Shoppes of the Bluegrass as of December 31, 2014.

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:




	% Change in Average Gross Rent Per Square Foot
	Three Months Ended December 31,	Year Ended December 31,
	2015	2015
Stabilized Malls	6.5%	9.2%
New leases	18.6%	26.3%
Renewal leases	1.8%	3.7%

Same-center Sales Per Square Foot for Mall Tenants 10,000 Square Feet or Less:



	Year Ended December 31,
	2015		2014		% Change
Stabilized mall same-center sales per square foot	$	374	$	360	3.9%

FINANCING ACTIVITY

During 2015, CBL completed more than $1.7 billion in financing activity including:


•	the multi-year extension and modification of its three major unsecured credit facilities totaling $1.1 billion, reducing the borrowing spread by 20 basis points to a rate of LIBOR plus 120 basis points, based upon CBL's current credit rating;


•	a new four-year (including extension options) $350 million term loan bearing interest at LIBOR plus 135 basis points, based upon CBL's current credit rating; and


•	$314.5 million of new secured non-recourse financings at a weighted average interest rate of 4.07%, representing a 178 basis point improvement compared with the interest rate borne by the maturing loans.

Additionally, during 2015 CBL retired approximately $432 million of consolidated property-specific loans, adding more than $742 million of undepreciated book value to its unencumbered pool. Currently more than 45% of CBL's consolidated NOI is generated by high-quality unencumbered assets.



	3

CBL and its prospective joint venture partner have agreed in principle with the lender to restructure the existing non-recourse $171.1 million loan secured by Triangle Town Center and Triangle Town Place in Raleigh, NC. Terms are being finalized with an anticipated closing date in the first quarter 2016. Concurrent with the closing of the new loan, CBL expects to enter into a new 10/90 joint venture with an institutional investor, with CBL responsible for leasing and management of the property.

CBL continues to negotiate a loan restructure with the lender of the existing $27.6 million non-recourse loan secured by Hickory Point Mall in Forsyth, IL. If a favorable restructure agreement is reached, the new non-recourse loan is expected to close during the second quarter 2016.

DISPOSITIONS

During 2015, CBL completed the disposition of one mall, five associated/community centers, interests in two Class-A apartment complexes and other non-core assets generating proceeds of more than $158 million.

Major dispositions announced in the fourth quarter 2015 include:

In November, CBL closed on the disposition of Waynesville Commons, a 128,000-square-foot community center located in Waynesville, NC, for $14.5 million to an affiliate of Yale Realty Services Corp. Additionally, CBL and its partner closed on the sale of a 340-unit Class A apartment complex in Austin, TX, located adjacent to a retail property previously developed and sold by CBL. CBL held a participatory ground lease position in the apartment complex and received $18.4 million in net proceeds.

In December, CBL completed the sale of Mayfaire Community Center for $56.3 million to Principal Real Estate Investors. Mayfaire Community Center is the 210,000-square-foot center located adjacent to CBL’s Mayfaire Towne Center in Wilmington, NC, which CBL acquired in June of 2015. CBL is providing leasing and management services for the new owners.

In December, CBL closed on the sale of Chapel Hill Crossing, an associated center in Akron, OH, for $2.3 million.

CBL and its 50/50 joint venture partner have entered into a binding agreement for the sale of 100% of Renaissance Center, the 363,000-square-foot community shopping center located in Durham, NC. Renaissance Center will be sold to an institutional investor for a gross purchase price of $129.2 million ($64.6 million at each partner’s share). The transaction is scheduled to close during the first quarter of 2016, subject to the assumption of a $16.0 million loan secured by the property’s second phase, defeasance of the $31.7 million loan secured by the property’s first phase and other customary closing conditions.

OUTLOOK AND GUIDANCE

The Company is providing 2016 FFO guidance in the range of $2.32 - $2.38 per share. CBL is assuming same-center NOI growth of 0.5% - 2% in 2016.

The guidance also assumes the following:


•	$3.0 million to $5.0 million of outparcel sales;


•	25-75 basis point increase in total portfolio occupancy as well as stabilized mall occupancy throughout 2016;


•	G&A expense of $58 million to $60 million; and


•	no unannounced capital markets or disposition activity.



	Low			High
Expected diluted earnings per common share	$	0.74		$	0.80
Adjust to fully converted shares from common shares	(0.11		)	(0.12		)
Expected earnings per diluted, fully converted common share	0.63			0.68
Add: depreciation and amortization	1.58			1.58
Add: noncontrolling interest in earnings of Operating Partnership	0.11			0.12
Expected FFO per diluted, fully converted common share	$	2.32		$	2.38



	4

INVESTOR CONFERENCE CALL AND WEBCAST

CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m. ET on Thursday, February 4, 2016, to discuss its fourth quarter and full year results. The number to call for this interactive teleconference is (888) 317-6003 or (412) 317-6061 and enter the confirmation number 7812333. A replay of the conference call will be available through February 11, 2016, by dialing (877) 344-7529 or (412) 317-0088 and entering the confirmation number 10077140. A transcript of the Company's prepared remarks will be furnished on a Form 8-K following the conference call.

To receive the CBL & Associates Properties, Inc., fourth quarter and full year earnings release and supplemental information please visit the Investing section of our website at cblproperties.com or contact Investor Relations at 423-490-8312.

The Company will also provide an online webcast and rebroadcast of its 2015 fourth quarter and full year earnings release conference call. The live broadcast of the quarterly conference call will be available online at cblproperties.com on Thursday, February 4, 2016 beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for three months.

ABOUT CBL & ASSOCIATES PROPERTIES, INC.

CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 146 properties, including 90 regional malls/open-air centers. The properties are located in 30 states and total 84.2 million square feet including 6.5 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com

NON-GAAP FINANCIAL MEASURES

Funds From Operations

FFO is a widely used measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT less dividends on preferred stock of the Company or distributions on preferred units of the Operating Partnership, as applicable. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure. The Company presents both FFO allocable to Operating Partnership common unitholders and FFO allocable to common shareholders, as it believes that both are useful performance measures. The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company believes FFO allocable to its common shareholders is a useful performance measure because it is the performance measure that is most directly comparable to net income (loss) attributable to its common shareholders.

In the reconciliation of net income attributable to the Company's common shareholders to FFO allocable to operating partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of its Operating Partnership. The Company then applies a percentage to FFO of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders. The percentage is computed by taking the weighted average number of common shares outstanding for the period and dividing it by the sum of the weighted average number of common shares outstanding for the period and the weighted average number of Operating Partnership units outstanding during the period.



	5

FFO does not represent cash flows from operations as defined by accounting principles generally accepted in the United States, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity.

As described above, in 2015, the Company recognized a $16.6 million gain on investment related to the sale of marketable securities, a $0.3 million gain on extinguishment of debt and received income of $1.3 million, net of related expense, as a partial settlement of litigation. During 2014, the Company recognized an $83.2 million gain on the extinguishment of debt, net of non-cash default interest expense, in connection with the conveyance of Chapel Hill Mall and Columbia Place to the respective lenders and the foreclosure of Citadel Mall, and received income of $7.8 million, net of related expenses, as partial settlements of ongoing litigation. Considering the significance and nature of these items, the Company believes that it is important to identify their impact on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods.

Same-center Net Operating Income

NOI is a supplemental measure of the operating performance of the Company's shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).

We believe that presenting NOI and same-center NOI (described below) based on our Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since we conduct substantially all of our business through our Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of our common shareholders and the noncontrolling interest in the Operating Partnership. The Company computes NOI based on the Operating Partnership's pro rata share of both consolidated and unconsolidated properties. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's NOI may not be comparable to that of other companies.

Since NOI includes only those revenues and expenses related to the operations of its shopping center and other properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates and operating costs and the impact of those trends on the Company's results of operations. The Company’s calculation of same-center NOI also excludes lease termination income, straight-line rent adjustments, and amortization of above and below market lease intangibles in order to enhance the comparability of results from one period to another, as these items can be impacted by one-time events that may distort same-center NOI trends and may result in same-center NOI that is not indicative of the ongoing operations of the Company’s shopping center and other properties. A reconciliation of same-center NOI to net income is located at the end of this earnings release.

Pro Rata Share of Debt

The Company presents debt based on its pro rata ownership share (including the Company's pro rata share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties) because it believes this provides investors a clearer understanding of the Company's total debt obligations which affect the Company's liquidity. A reconciliation of the Company's pro rata share of debt to the amount of debt on the Company's consolidated balance sheet is located at the end of this earnings release.

Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K, and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.



	6

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Year Ended December 31, 2015

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)



	Three Months Ended December 31,						Year Ended December 31,
	2015			2014			2015			2014
REVENUES:
Minimum rents	$	178,378		$	176,579		$	684,309		$	682,584
Percentage rents	7,645			8,386			18,063			16,876
Other rents	8,186			8,606			21,934			22,314
Tenant reimbursements	73,461			76,239			288,279			290,561
Management, development and leasing fees	2,758			3,810			10,953			12,986
Other	7,202			10,229			31,480			35,418
Total revenues	277,630			283,849			1,055,018			1,060,739
OPERATING EXPENSES:
Property operating	33,401			37,568			141,030			149,774
Depreciation and amortization	77,519			79,093			299,069			291,273
Real estate taxes	21,886			23,643			90,799			89,281
Maintenance and repairs	12,413			13,451			51,516			54,842
General and administrative	15,678			14,688			62,118			50,271
Loss on impairment	102,280			105			105,945			17,858
Other	5,766			10,966			26,957			32,297
Total operating expenses	268,943			179,514			777,434			685,596
Income from operations	8,687			104,335			277,584			375,143
Interest and other income	225			10,586			6,467			14,121
Interest expense	(54,981		)	(59,827		)	(229,343		)	(239,824		)
Gain on extinguishment of debt	—			26,951			256			87,893
Gain on investment	—			—			16,560			—
Equity in earnings of unconsolidated affiliates	5,988			3,765			18,200			14,803
Income tax provision	(937		)	(233		)	(2,941		)	(4,499		)
Income (loss) from continuing operations before gain on sales of real estate assets	(41,018		)	85,577			86,783			247,637
Gain on sales of real estate assets	14,065			1,829			32,232			5,342
Income (loss) from continuing operations	(26,953		)	87,406			119,015			252,979
Operating income (loss) of discontinued operations	—			258			—			(222		)
Gain on discontinued operations	—			188			—			276
Net income (loss)	(26,953		)	87,852			119,015			253,033
Net (income) loss attributable to noncontrolling interests in:
Operating Partnership	5,612			(11,259		)	(10,171		)	(30,106		)
Other consolidated subsidiaries	(916		)	(37		)	(5,473		)	(3,777		)
Net income (loss) attributable to the Company	(22,257		)	76,556			103,371			219,150
Preferred dividends	(11,223		)	(11,223		)	(44,892		)	(44,892		)
Net income (loss) attributable to common shareholders	$	(33,480	)	$	65,333		$	58,479		$	174,258

Basic per share data attributable to common shareholders:
Income (loss) from continuing operations, net of preferred dividends	$	(0.20	)	$	0.38		$	0.34		$	1.02
Discontinued operations	0.00			0.00			0.00			0.00
Net income (loss) attributable to common shareholders	$	(0.20	)	$	0.38		$	0.34		$	1.02
Weighted average common shares outstanding	170,495			170,261			170,476			170,247



	Three Months Ended December 31,					Year Ended December 31,
	2015			2014		2015		2014
Diluted per share data attributable to common shareholders:
Income (loss) from continuing operations, net of preferred dividends	$	(0.20	)	$	0.38	$	0.34	$	1.02
Discontinued operations	0.00			0.00		0.00		0.00
Net income (loss) attributable to common shareholders	$	(0.20	)	$	0.38	$	0.34	$	1.02
Weighted-average common and potential dilutive common shares outstanding	170,495			170,261		170,499		170,247

Amounts attributable to common shareholders:
Income (loss) from continuing operations, net of preferred dividends	$	(33,480	)	$	64,952	$	58,479	$	174,212
Discontinued operations	—			381		—		46
Net income (loss) attributable to common shareholders	$	(33,480	)	$	65,333	$	58,479	$	174,258

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Year Ended December 31, 2015

The Company's reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:

(in thousands, except per share data)



	Three Months Ended December 31,						Year Ended December 31,
	2015			2014			2015			2014
Net income (loss) attributable to common shareholders	$	(33,480	)	$	65,333		$	58,479		$	174,258
Noncontrolling interest in income (loss) of Operating Partnership	(5,612		)	11,259			10,171			30,106
Depreciation and amortization expense of:
Consolidated properties	77,519			79,093			299,069			291,273
Unconsolidated affiliates	9,122			11,152			40,476			41,806
Non-real estate assets	(799		)	(486		)	(3,083		)	(2,311		)
Noncontrolling interests' share of depreciation and amortization	(2,109		)	(2,011		)	(9,045		)	(6,842		)
Loss on impairment	102,280			—			105,945			18,434
Gain on depreciable property, net of taxes	(5,899		)	—			(20,944		)	(937		)
Gain on discontinued operations, net of taxes	—			(187		)	—			(273		)
FFO allocable to Operating Partnership common unitholders	141,022			164,153			481,068			545,514
Litigation settlements, net of related expenses ⁽¹⁾	—			(6,963		)	(1,329		)	(7,763		)
Gain on investment	—			—			(16,560		)	—
Non cash default interest expense	—			3,181			—			4,695
Gain on extinguishment of debt	—			(26,951		)	(256		)	(87,893		)
FFO allocable to Operating Partnership common unitholders, as adjusted	$	141,022		$	133,420		$	462,923		$	454,553

FFO per diluted share	$	0.71		$	0.82		$	2.41		$	2.73

FFO, as adjusted, per diluted share	$	0.71		$	0.67		$	2.32		$	2.28

Weighted average common and potential dilutive common shares outstanding with Operating Partnership units fully converted	199,753			199,543			199,757			199,660

Reconciliation of FFO allocable to Operating Partnership common unitholders to FFO allocable to common shareholders:
FFO of the Operating Partnership	$	141,022		$	164,153		$	481,068		$	545,514
Percentage allocable to common shareholders ⁽²⁾	85.35		%	85.33		%	85.35		%	85.27		%
FFO allocable to common shareholders	$	120,362		$	140,072		$	410,592		$	465,160

FFO allocable to Operating Partnership common unitholders, as adjusted	$	141,022		$	133,420		$	462,923		$	454,553
Percentage allocable to common shareholders ⁽²⁾	85.35		%	85.33		%	85.35		%	85.27		%
FFO allocable to common shareholders, as adjusted	$	120,362		$	113,847		$	395,105		$	387,597

(1) Litigation settlement is included in Interest and Other Income in the Consolidated Statements of Operations. Litigation expense, including settlements paid, is included in General and Administrative expense in the Consolidated Statements of Operations. (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 outstanding on page 13.



	Three Months Ended December 31,						Year Ended December 31,
	2015			2014			2015			2014
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees	$	276		$	1,413		$	4,659		$	3,808
Lease termination fees per share	$	—		$	0.01		$	0.02		$	0.02

Straight-line rental income	$	1,232		$	(352	)	$	4,207		$	2,132
Straight-line rental income per share	$	0.01		$	—		$	0.02		$	0.01

Gains on outparcel sales	$	5,779		$	2,774		$	8,929		$	5,235
Gains on outparcel sales per share	$	0.03		$	0.01		$	0.04		$	0.03

Net amortization of acquired above- and below-market leases	$	1,316		$	683		$	3,197		$	1,227
Net amortization of acquired above- and below-market leases per share	$	0.01		$	—		$	0.02		$	0.01

Net amortization of debt premiums and discounts	$	404		$	547		$	1,841		$	2,172
Net amortization of debt premiums and discounts per share	$	—		$	—		$	0.01		$	0.01

Income tax provision	$	(937	)	$	(233	)	$	(2,941	)	$	(4,499	)
Income tax provision per share	$	—		$	—		$	(0.01	)	$	0.02

Abandoned projects expense	$	(190	)	$	(55	)	$	(2,373	)	$	(136	)
Abandoned projects expense per share	$	—		$	—		$	(0.01	)	$	—

Gain on extinguishment of debt	$	—		$	26,951		$	256		$	87,893
Gain on extinguishment of debt per share	$	—		$	0.14		$	—		$	0.44

Non cash default interest expense	$	—		$	(3,181	)	$	—		$	(4,695	)
Non cash default interest expense per share	$	—		$	(0.02	)	$	—		$	(0.02	)

Gain on investment	$	—		$	—		$	16,560		$	—
Gain on investment per share	$	—		$	—		$	0.08		$	—

Litigation settlements, net of related expenses	$	—		$	6,963		$	1,329		$	7,763
Litigation settlements, net of related expenses per share	$	—		$	0.03		$	0.01		$	0.04

Interest capitalized	$	1,027		$	2,576		$	4,168		$	7,288
Interest capitalized per share	$	0.01		$	0.01		$	0.02		$	0.04



	As of December 31,
	2015		2014
Straight-line rent receivable	$	67,477	$	63,731

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Year Ended December 31, 2015

Same-center Net Operating Income

(Dollars in thousands)



	Three Months Ended December 31,						Year Ended December 31,
	2015			2014			2015			2014
Net income (loss)	$	(26,953	)	$	87,852		119,015			$	253,033

Adjustments:
Depreciation and amortization	77,519			79,093			299,069			291,273
Depreciation and amortization from unconsolidated affiliates	9,122			11,152			40,476			41,806
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	(2,109		)	(2,011		)	(9,045		)	(6,842		)
Interest expense	54,981			59,827			229,343			239,824
Interest expense from unconsolidated affiliates	6,591			9,586			35,464			38,458
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(1,670		)	(1,620		)	(6,760		)	(5,613		)
Abandoned projects expense	190			55			2,373			136
Gain on sales of real estate assets	(14,109		)	(1,829		)	(32,276		)	(5,342		)
Gain on sales of real estate assets of unconsolidated affiliates	(234		)	(289		)	(1,964		)	(987		)
Gain on investment	—			—			(16,560		)	—
Gain on extinguishment of debt	—			(26,951		)	(256		)	(87,893		)
Loss on impairment	102,280			105			105,945			17,858
Loss on impairment from discontinued operations	—			—			—			681
Income tax provision	937			233			2,941			4,499
Lease termination fees	(277		)	(1,413		)	(4,660		)	(3,808		)
Straight-line rent and above- and below-market lease amortization	(2,547		)	(331		)	(7,403		)	(3,359		)
Net income attributable to noncontrolling interest in other consolidated subsidiaries	(916		)	(37		)	(5,473		)	(3,777		)
Gain on discontinued operations	—			(188		)	—			(276		)
General and administrative expenses	15,678			14,688			62,118			50,271
Management fees and non-property level revenues	(2,044		)	(16,137		)	(24,958		)	(36,386		)
Operating Partnership's share of property NOI	216,439			211,785			787,389			783,556
Non-comparable NOI	(14,404		)	(13,732		)	(51,994		)	(53,357		)
Total same-center NOI ⁽¹⁾	$	202,035		$	198,053		$	735,395		$	730,199
Total same-center NOI percentage change	2.0		%				0.7		%

Malls	$	185,738		$	182,898		$	672,683		$	671,410
Associated centers	8,578			7,927			32,348			30,409
Community centers	5,537			5,331			21,658			20,452
Offices and other	2,182			1,897			8,706			7,928
Total same-center NOI⁽¹⁾	$	202,035		$	198,053		$	735,395		$	730,199

Percentage Change:
Malls	1.6		%				0.2		%
Associated centers	8.2		%				6.4		%
Community centers	3.9		%				5.9		%
Offices and other	15.0		%				9.8		%
Total same-center NOI ⁽¹⁾	2.0		%				0.7		%

(1)

CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). Same-center NOI excludes lease termination income, straight-line rent adjustments, and amortization of above and below market lease intangibles. Same-center NOI is for real estate properties and does not include the results of operations of the Company's subsidiary that provides janitorial, security and maintenance services. We include a property in our same-center pool when we own all or a portion of the property as of December 31, 2015, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending December 31, 2015. New properties are excluded from same-center NOI, until they meet this criteria. The only properties excluded from the same-center pool that would otherwise meet this criteria are properties which are non-core, under major redevelopment, being considered for repositioning or where we intend to renegotiate the terms of the debt secured by the related property.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

As of December 31, 2015 and 2014

Company's Share of Consolidated and Unconsolidated Debt



	As of December 31, 2015
	Fixed Rate			Variable Rate			Total per Debt Schedule			Unamortized Deferred Financing Costs			Total
Consolidated debt	$	3,485,308		$	1,241,379		$	4,726,687		$	(16,059	)	$	4,710,628
Noncontrolling interests' share of consolidated debt	(111,754		)	(6,981		)	(118,735		)	855			(117,880		)
Company's share of unconsolidated affiliates' debt	664,249			134,970			799,219			(1,486		)	797,733
Company's share of consolidated and unconsolidated debt	$	4,037,803		$	1,369,368		$	5,407,171		$	(16,690	)	$	5,390,481
Weighted average interest rate	5.41		%	1.81		%	4.50		%

	As of December 31, 2014
	Fixed Rate			Variable Rate			Total per Debt Schedule			Unamortized Deferred Financing Costs			Total
Consolidated debt	$	4,004,064		$	696,396		$	4,700,460		$	(17,127	)	$	4,683,333
Noncontrolling interests' share of consolidated debt	(115,390		)	(7,083		)	(122,473		)	759			(121,714		)
Company's share of unconsolidated affiliates' debt	671,526			96,776			768,302			(2,177		)	766,125
Company's share of consolidated and unconsolidated debt	$	4,560,200		$	786,089		$	5,346,289		$	(18,545	)	$	5,327,744
Weighted average interest rate	5.45		%	1.75		%	4.91		%

Debt-To-Total-Market Capitalization Ratio as of December 31, 2015

(In thousands, except stock price)



	Shares Outstanding	Stock Price ⁽¹⁾		Value
Common stock and Operating Partnership units	199,748	$	12.37	$	2,470,883
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				3,097,133
Company's share of total debt, excluding unamortized deferred financing costs				5,407,171
Total market capitalization				$	8,504,304
Debt-to-total-market capitalization ratio				63.6		%

(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on December 31, 2015. The stock prices for the preferred stocks represent the liquidation preference of each respective series.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

As of December 31, 2015 and 2014

Reconciliation of Shares and Operating Partnership Units Outstanding

(In thousands)



	Three Months Ended December 31,		Year Ended December 31,
2015:	Basic	Diluted	Basic	Diluted
Weighted average shares - EPS	170,495	170,495	170,476	170,499
Weighted average Operating Partnership units	29,258	29,258	29,258	29,258
Weighted average shares - FFO	199,753	199,753	199,734	199,757

2014:
Weighted average shares - EPS	170,261	170,261	170,247	170,247
Weighted average Operating Partnership units	29,282	29,282	29,413	29,413
Weighted average shares - FFO	199,543	199,543	199,660	199,660

Dividend Payout Ratio



	Three Months Ended December 31,						Year Ended December 31,
	2015			2014			2015			2014
Weighted average cash dividend per share	$	0.27279		$	0.27280		$	1.09116		$	1.03218
FFO as adjusted, per diluted fully converted share	$	0.71		$	0.67		$	2.32		$	2.28
Dividend payout ratio	38.4		%	40.7		%	47.0		%	45.3		%

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

As of December 31, 2015 and 2014

Consolidated Balance Sheets (Unaudited; in thousands, except share data)

	As of December 31,
	2015			2014
ASSETS
Real estate assets:
Land, buildings and improvements, net of accumulated depreciation	$	5,781,962		$	5,829,209
Developments in progress	75,991			117,966
Net investment in real estate assets	5,857,953			5,947,175
Cash and cash equivalents	36,892			37,938
Receivables:
Tenant, net of allowance for doubtful accounts of $1,923 and $2,368 in 2015 and 2014, respectively	87,286			81,338
Other, net of allowance for doubtful accounts of $1,276 and $1,285 in 2015 and 2014, respectively	17,958			22,577
Mortgage and other notes receivable	18,238			19,811
Investments in unconsolidated affiliates	276,383			281,449
Intangible lease assets and other assets ⁽¹⁾	185,281			208,884
	$	6,479,991		$	6,599,172

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other indebtedness ⁽¹⁾	$	4,710,628		$	4,683,333
Accounts payable and accrued liabilities	344,434			328,352
Total liabilities	5,055,062			5,011,685
Commitments and contingencies
Redeemable noncontrolling interests	25,330			37,559
Shareholders' equity:
Preferred stock, $.01 par value, 15,000,000 shares authorized:
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	7			7
Common stock, $.01 par value, 350,000,000 shares authorized, 170,490,948 and 170,260,273 issued and outstanding in 2015 and 2014, respectively	1,705			1,703
Additional paid-in capital	1,970,333			1,958,198
Accumulated other comprehensive income	1,935			13,411
Dividends in excess of cumulative earnings	(689,028		)	(566,785		)
Total shareholders' equity	1,284,970			1,406,552
Noncontrolling interests	114,629			143,376
Total equity	1,399,599			1,549,928
	$	6,479,991		$	6,599,172

(1) In accordance with the adoption in the fourth quarter of 2015 of accounting standards ASU 2015-03 and 2015-15, unamortized deferred financing costs, excluding those related to the Company's credit lines, were reclassified from Intangible Lease Assets and Other Assets to Mortgage and Other Indebtedness. These reclassifications consisted of $16,059 and $17,127 as of December 31, 2015 and 2014, respectively.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2015 and 2014

Condensed Combined Financial Statements - Unconsolidated Affiliates

(Unaudited; in thousands)



	As of December 31,
	2015			2014
ASSETS:
Investment in real estate assets	$	2,357,902		$	2,266,252
Accumulated depreciation	(677,448		)	(619,558		)
	1,680,454			1,646,694
Developments in progress	59,592			75,877
Net investment in real estate assets	1,740,046			1,722,571
Other assets ⁽¹⁾	168,540			166,391
Total assets	$	1,908,586		$	1,888,962

LIABILITIES:
Mortgage and other indebtedness ⁽¹⁾	$	1,546,272		$	1,508,663
Other liabilities	51,357			42,517
Total liabilities	1,597,629			1,551,180

OWNERS' EQUITY:
The Company	184,868			198,261
Other investors	126,089			139,521
Total owners' equity	310,957			337,782
Total liabilities and owners’ equity	$	1,908,586		$	1,888,962

(1) In accordance with the adoption in the fourth quarter of 2015 of accounting standards ASU 2015-03 and 2015-15, unamortized deferred financing costs were reclassified from Other Assets to Mortgage and Other Indebtedness. These reclassifications consisted of $2,884 and $4,163 as of December 31, 2015 and 2014, respectively.



	Three Months Ended December 31,						Year Ended December 31,
	2015			2014			2015			2014
Total revenues	$	65,718		$	65,246		$	253,399		$	250,248
Depreciation and amortization	(20,435		)	(21,266		)	(79,870		)	(79,059		)
Other operating expenses	(20,183		)	(19,761		)	(75,875		)	(73,218		)
Income from operations	25,100			24,219			97,654			97,971
Interest income	339			343			1,337			1,358
Interest expense	(19,486		)	(18,589		)	(75,485		)	(74,754		)
Gain on sales of real estate assets	407			578			2,551			1,697
Net income	$	6,360		$	6,551		$	26,057		$	26,272



	Company's Share for the Three Months Ended December 31,						Company's Share for the Year Ended December 31,
	2015			2014			2015			2014
Total revenues	$	30,017		$	34,069		$	128,470		$	130,458
Depreciation and amortization	(9,122		)	(11,152		)	(40,476		)	(41,806		)
Other operating expenses	(8,809		)	(10,117		)	(37,320		)	(37,415		)
Income from operations	12,086			12,800			50,674			51,237
Interest income	259			262			1,026			1,037
Interest expense	(6,591		)	(9,586		)	(35,464		)	(38,458		)
Gain on sales of real estate assets	234			289			1,964			987
Net income	$	5,988		$	3,765		$	18,200		$	14,803

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2015

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,
	2015			2014			2015			2014
EBITDA:
Net income (loss)	$	(26,953	)	$	87,852		$	119,015		$	253,033
Adjustments:
Depreciation and amortization	77,519			79,093			299,069			291,273
Depreciation and amortization from unconsolidated affiliates	9,122			11,152			40,476			41,806
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	(2,109		)	(2,011		)	(9,045		)	(6,842		)
Interest expense	54,981			59,827			229,343			239,824
Interest expense from unconsolidated affiliates	6,591			9,586			35,464			38,458
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(1,670		)	(1,620		)	(6,760		)	(5,613		)
Income and other taxes	290			298			3,506			6,195
Gain on extinguishment of debt	—			(26,951		)	(256		)	(87,893		)
Loss on impairment	102,280			105			105,945			17,858
Loss on impairment from discontinued operations	—			—			—			681
Abandoned projects	190			55			2,373			136
Gain on investment	—			—			(16,560		)	—
Net income attributable to noncontrolling interest in earnings of other consolidated subsidiaries	(916		)	(37		)	(5,473		)	(3,777		)
Gain on depreciable property	(4,691		)	—			(20,944		)	(937		)
Gain on discontinued operations, net of taxes	—			(188		)	—			(276		)
Company's share of total EBITDA	$	214,634		$	217,161		$	776,153		$	783,926

Interest Expense:
Interest expense	$	54,981		$	59,827		$	229,343		$	239,824
Interest expense from unconsolidated affiliates	6,591			9,586			35,464			38,458
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(1,670		)	(1,620		)	(6,760		)	(5,613		)
Company's share of total interest expense	$	59,902		$	67,793		$	258,047		$	272,669

Ratio of EBITDA to Interest Expense	3.58			3.20			3.01			2.88



Reconciliation of EBITDA to Cash Flows Provided by Operating Activities
(In thousands)
	Three Months Ended December 31,						Year Ended December 31,
	2015			2014			2015			2014
Company's share of total EBITDA	$	214,634		$	217,161		$	776,153		$	783,926
Interest expense	(54,981		)	(59,827		)	(229,343		)	(239,824		)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	1,670			1,620			6,760			5,613
Income and other taxes	(290		)	(298		)	(3,506		)	(6,195		)
Net amortization of deferred financing costs and debt premiums and discounts	(1,772		)	(152		)	1,973			4,405
Net amortization of intangible lease assets and liabilities	2,100			(167		)	1,487			368
Depreciation and interest expense from unconsolidated affiliates	(15,713		)	(20,738		)	(75,940		)	(80,264		)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	2,109			2,011			9,045			6,842
Noncontrolling interests in earnings of other consolidated subsidiaries	916			37			5,473			3,777
Gains on outparcel sales	(9,374		)	(1,829		)	(11,288		)	(4,405		)
Equity in earnings of unconsolidated affiliates	(5,988		)	(3,765		)	(18,200		)	(14,803		)
Distributions of earnings from unconsolidated affiliates	5,398			7,303			21,095			21,866
Share-based compensation expense	895			661			5,218			3,979
Provision for doubtful accounts	591			(41		)	2,254			2,643
Change in deferred tax assets	(93		)	88			(152		)	1,329
Changes in operating assets and liabilities	(4,969		)	(3,337		)	3,986			(21,196		)
Cash flows provided by operating activities	$	135,133		$	138,727		$	495,015		$	468,061

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2015

Schedule of Mortgage and Other Indebtedness

(Dollars in thousands )



Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Balance
Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Fixed		Variable
Operating Properties:
Hickory Point Mall	Forsyth, IL	Dec-15		5.85%	$	27,569	⁽¹⁾	$	27,569	$	—
CoolSprings Crossing	Nashville, TN	Apr-16		4.54%	11,443		⁽²⁾	11,443		—
Gunbarrel Pointe	Chattanooga, TN	Apr-16		4.64%	10,197		⁽³⁾	10,197		—
Stroud Mall	Stroudsburg, PA	Apr-16		4.59%	30,621		⁽⁴⁾	30,621		—
York Galleria	York, PA	Apr-16		4.55%	48,891		⁽⁵⁾	48,891		—
Statesboro Crossing	Statesboro, GA	Jun-16	Jun-18	2.22%	11,087			—		11,087
Greenbrier Mall	Chesapeake, VA	Aug-16		5.91%	72,171			72,171		—
Hamilton Place	Chattanooga, TN	Aug-16		5.86%	99,224			99,224		—
Midland Mall	Midland, MI	Aug-16		6.10%	32,418			32,418		—
Chesterfield Mall	Chesterfield, MO	Sep-16		5.74%	140,000			140,000		—
Dakota Square Mall	Minot, ND	Nov-16		6.23%	55,711			55,711		—
Southaven Towne Center	Southaven, MS	Jan-17		5.50%	39,066			39,066		—
Cary Towne Center	Cary, NC	Mar-17		8.50%	48,607			48,607		—
Acadiana Mall	Lafayette, LA	Apr-17		5.67%	129,037			129,037		—
Hamilton Corner	Chattanooga, TN	Apr-17		5.67%	14,621			14,621		—
Layton Hills Mall	Layton, UT	Apr-17		5.66%	92,215			92,215		—
The Plaza at Fayette Mall	Lexington, KY	Apr-17		5.67%	38,093			38,093		—
The Shoppes at St. Clair Square	Fairview Heights, IL	Apr-17		5.67%	19,306			19,306		—
The Outlet Shoppes at El Paso	El Paso, TX	Dec-17		7.06%	63,458			63,458		—
Kirkwood Mall	Bismarck, ND	Apr-18		5.75%	38,579			38,579		—
The Outlet Shoppes at El Paso - Phase II	El Paso, TX	Apr-18		3.15%	6,877			—		6,877
Hanes Mall	Winston-Salem, NC	Oct-18		6.99%	149,018			149,018		—
The Outlet Shoppes at Oklahoma City - Phase II	Oklahoma City, OK	Apr-19	Apr-21	2.99%	5,753			—		5,753
The Outlet Shoppes at Oklahoma City - Phase III	Oklahoma City, OK	Apr-19	Apr-21	3.07%	2,864			—		2,864
Honey Creek Mall	Terre Haute, IN	Jul-19		8.00%	27,884			27,884		—
Volusia Mall	Daytona Beach, FL	Jul-19		8.00%	47,967			47,967		—
The Outlet Shoppes at Atlanta - Parcel Development	Woodstock, GA	Dec-19		2.82%	1,784			—		1,784
The Outlet Shoppes at Atlanta - Phase II	Woodstock, GA	Dec-19		2.79%	4,034			—		4,034
The Terrace	Chattanooga, TN	Jun-20		7.25%	13,381			13,381		—
Burnsville Center	Burnsville, MN	Jul-20		6.00%	73,828			73,828		—
The Outlet Shoppes of the Bluegrass - Phase II	Simpsonville, KY	Jul-20		2.92%	10,076			—		10,076
Parkway Place	Huntsville, AL	Jul-20		6.50%	37,644			37,644		—
Valley View Mall	Roanoke, VA	Jul-20		6.50%	58,259			58,259		—
Parkdale Mall & Crossing	Beaumont, TX	Mar-21		5.85%	85,808			85,808		—
EastGate Mall	Cincinnati, OH	Apr-21		5.83%	38,527			38,527		—
Hamilton Crossing & Expansion	Chattanooga, TN	Apr-21		5.99%	9,618			9,618		—
Park Plaza Mall	Little Rock, AR	Apr-21		5.28%	89,255			89,255		—
Wausau Center	Wausau, WI	Apr-21		5.85%	17,923			17,923		—
Fayette Mall	Lexington, KY	May-21		5.42%	166,837			166,837		—
Alamance Crossing - East	Burlington, NC	Jul-21		5.83%	47,928			47,928		—
Asheville Mall	Asheville, NC	Sep-21		5.80%	71,607			71,607		—
Cross Creek Mall	Fayetteville, NC	Jan-22		4.54%	127,081			127,081		—
The Outlet Shoppes at Oklahoma City	Oklahoma City, OK	Jan-22		5.73%	55,258			55,258		—
Northwoods Mall	North Charleston, SC	Apr-22		5.08%	69,036			69,036		—
Arbor Place	Atlanta (Douglasville), GA	May-22		5.10%	115,578			115,578		—
CBL Center	Chattanooga, TN	Jun-22		5.00%	19,844			19,844		—
Fashion Square	Saginaw, MI	Jun-22		4.95%	38,749			38,749		—
Jefferson Mall	Louisville, KY	Jun-22		4.75%	67,285			67,285		—



Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance				Balance
Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance				Fixed			Variable
Southpark Mall	Colonial Heights, VA	Jun-22		4.85%	63,389				63,389			—
WestGate Mall	Spartanburg, SC	Jul-22		4.99%	37,000				37,000			—
The Outlet Shoppes at Atlanta	Woodstock, GA	Nov-23		4.90%	77,428				77,428			—
The Outlet Shoppes of the Bluegrass	Simpsonville, KY	Dec-24		4.05%	76,146				76,146			—
The Outlet Shoppes at Gettysburg	Gettysburg, PA	Oct-25		4.80%	38,450				38,450			—
	SUBTOTAL				2,774,430				2,731,955			42,475
Weighted-average interest rate					5.65		%		5.68		%	2.73		%

Debt Premiums (Discounts): ⁽⁶⁾					4,583				4,583			—

Total Loans On Operating Properties And Debt Premiums (Discounts)					2,779,013				2,736,538			42,475
Weighted-average interest rate					5.65		%		5.68		%	2.73		%

Operating Partnership Debt:
Unsecured credit facilities:
$500,000 capacity		Oct-19	Oct-20	1.60%	—				—			—
$100,000 capacity		Oct-19	Oct-20	1.44%	6,700				—			6,700
$500,000 capacity		Oct-20		1.54%	392,204				—			392,204
	SUBTOTAL				398,904				—			398,904

Unsecured term loans:
$350,000 Term Loan		Oct-17	Oct-19	1.69%	350,000				—			350,000
$50,000 Term Loan		Feb-18		1.79%	50,000				—			50,000
$400,000 Term Loan		Jul-18		1.92%	400,000				—			400,000
	SUBTOTAL				800,000				—			800,000
Senior unsecured notes:
Senior unsecured 5.25% notes		Dec-23		5.25%	450,000				450,000			—
Senior unsecured 5.25% notes (discount)		Dec-23		5.25%	(3,849		)		(3,849		)	—
Senior unsecured 4.60% notes		Oct-24		4.60%	300,000				300,000			—
Senior unsecured 4.60% notes (discount)		Oct-24		4.60%	(67		)		(67		)	—
	SUBTOTAL				746,084				746,084			—

Other:
Other subsidiary term loan		May-17		3.50%	2,686				2,686			—

Total Consolidated Debt					$	4,726,687		⁽⁷⁾	$	3,485,308		$	1,241,379
Weighted-average interest rate					4.54		%		5.53		%	1.76		%

Plus CBL's Share Of Unconsolidated Affiliates' Debt:
Triangle Town Center	Raleigh, NC	Dec-15		5.74%	$	85,546		⁽¹⁾	$	85,546		$	—
Hammock Landing - Phase I	West Melbourne, FL	Feb-16	Nov-17	2.42%	19,737				—			19,737
Hammock Landing - Phase II	West Melbourne, FL	Feb-16	Nov-17	2.42%	8,379				—			8,379
The Pavilion at Port Orange	Port Orange, FL	Feb-16	Nov-17	2.42%	29,410				—			29,410
Renaissance Center - Phase I	Durham, NC	Jul-16		5.61%	15,839				15,839			—
Fremaux Town Center - Phase I	Slidell, LA	Aug-16	Aug-18	2.34%	26,345				—			26,345
Fremaux Town Center - Phase II	Slidell, LA	Aug-16	Aug-18	2.34%	17,812				—			17,812
Governor's Square Mall	Clarksville, TN	Sep-16		8.23%	7,404				7,404			—
Kentucky Oaks Mall	Paducah, KY	Jan-17		5.27%	10,292				10,292			—
The Shops at Friendly Center	Greensboro, NC	Jan-17		5.90%	19,295				19,295			—
High Pointe Commons	Harrisburg, PA	May-17		5.74%	6,333				6,333			—
Gulf Coast Town Center - Phase I	Ft. Myers, FL	Jul-17		5.60%	95,400				95,400			—
Gulf Coast Town Center - Phase III	Ft. Myers, FL	Jul-17		2.50%	2,546				—			2,546
High Pointe Commons - Phase II	Harrisburg, PA	Jul-17		6.10%	2,535				2,535			—
Ambassador Town Center	Lafayette, LA	Dec-17	Dec-19	2.06%	21,418				—			21,418
Ambassador Town Center Infrastructure Improvements	Lafayette, LA	Dec-17	Dec-19	2.24%	8,629				—			8,629



Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance				Balance
Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance				Fixed			Variable
CoolSprings Galleria	Nashville, TN	Jun-18		6.98%	51,688				51,688			—
York Town Center	York, PA	Feb-22		4.90%	17,385				17,385			—
York Town Center - Pier 1	York, PA	Feb-22		2.99%	694				—			694
West County Center	St. Louis, MO	Dec-22		3.40%	95,000				95,000			—
Friendly Shopping Center	Greensboro, NC	Apr-23		3.48%	50,000				50,000			—
Renaissance Center - Phase II	Durham, NC	Apr-23		3.49%	8,000				8,000			—
Coastal Grand Outparcel	Myrtle Beach, SC	Aug-24		4.09%	2,832				2,832			—
Coastal Grand	Myrtle Beach, SC	Aug-24		4.09%	58,700				58,700			—
Oak Park Mall	Overland Park, KS	Oct-25		3.97%	138,000				138,000			—
	SUBTOTAL				799,219			⁽⁷⁾	664,249			134,970

Less Noncontrolling Interests' Share Of Consolidated Debt:		Noncontrolling Interest %
Statesboro Crossing	Statesboro, GA	50%		2.22%	(5,543		)		—			(5,543		)
Hamilton Place	Chattanooga, TN	10%		5.86%	(9,922		)		(9,922		)	—
Hamilton Corner	Chattanooga, TN	10%		5.67%	(1,462		)		(1,462		)	—
Other subsidiary term loan	Chattanooga, TN	50%		3.50%	(1,343		)		(1,343		)	—
The Outlet Shoppes at El Paso	El Paso, TX	25%		7.06%	(15,865		)		(15,865		)	—
The Outlet Shoppes at Oklahoma City Phase II	Oklahoma City, OK	25%		2.99%	(1,438		)		—			(1,438		)
The Terrace	Chattanooga, TN	8%		7.25%	(1,070		)		(1,070		)	—
Hamilton Crossing & Expansion	Chattanooga, TN	8%		5.99%	(769		)		(769		)	—
The Outlet Shoppes at Oklahoma City	Oklahoma City, OK	25%		5.73%	(13,815		)		(13,815		)	—
CBL Center	Chattanooga, TN	8%		5.00%	(1,587		)		(1,587		)	—
The Outlet Shoppes at Atlanta	Woodstock, GA	25%		4.90%	(19,357		)		(19,357		)	—
The Outlet Shoppes of the Bluegrass	Simpsonville, KY	35%		4.05%	(26,651		)		(26,651		)	—
The Outlet Shoppes at Gettysburg	Gettysburg, PA	50%		4.80%	(19,225		)		(19,225		)	—
					(118,047		)		(111,066		)	(6,981		)
Less Noncontrolling Interests' Share Of Debt Premiums: ⁽⁶⁾
The Outlet Shoppes at El Paso	El Paso, TX	25%		4.75%	(688		)		(688		)	—

	SUBTOTAL				(118,735		)	⁽⁷⁾	(111,754		)	(6,981		)

Company's Share Of Consolidated And Unconsolidated Debt					$	5,407,171		⁽⁷⁾	$	4,037,803		$	1,369,368
Weighted-average interest rate					4.50		%		5.41		%	1.81		%

Total Debt of Unconsolidated Affiliates:
Triangle Town Center	Raleigh, NC	Dec-15		5.74%	$	171,092		⁽¹⁾	$	171,092		$	—
Hammock Landing Phase I	West Melbourne, FL	Feb-16	Nov-17	2.42%	39,475				—			39,475
Hammock Landing Phase II	West Melbourne, FL	Feb-16	Nov-17	2.42%	16,757				—			16,757
The Pavilion at Port Orange	Port Orange, FL	Feb-16	Nov-17	2.42%	58,820				—			58,820
Renaissance Center Phase I	Durham, NC	Jul-16		5.61%	31,678				31,678			—
Fremaux Town Center	Slidell, LA	Aug-16	Aug-18	2.34%	40,530				—			40,530
Fremaux Town Center Phase II	Slidell, LA	Aug-16	Aug-18	2.34%	27,404				—			27,404
Governor's Square Mall	Clarksville, TN	Sep-16		8.23%	15,587				15,587			—
Kentucky Oaks Mall	Paducah, KY	Jan-17		5.27%	20,583				20,583			—
The Shops at Friendly Center	Greensboro, NC	Jan-17		5.90%	38,591				38,591			—
High Pointe Commons	Harrisburg, PA	May-17		5.74%	12,665				12,665			—
Gulf Coast Town Center Phase I	Ft. Myers, FL	Jul-17		5.60%	190,800				190,800			—
Gulf Coast Town Center Phase III	Ft. Myers, FL	Jul-17		2.50%	5,092				—			5,092
High Pointe Commons Phase II	Harrisburg, PA	Jul-17		6.10%	5,070				5,070			—
Ambassador Town Center	Lafayette, LA	Dec-17	Dec-19	2.06%	21,418				—			21,418
Ambassador Town Center Infrastructure Improvements	Lafayette, LA	Dec-17	Dec-19	2.24%	8,629				—			8,629
CoolSprings Galleria	Nashville, TN	Jun-18		6.98%	103,376				103,376			—
York Town Center	York, PA	Feb-22		4.90%	34,769				34,769			—
York Town Center - Pier 1	York, PA	Feb-22		2.99%	1,388				—			1,388
West County Center	St. Louis, MO	Dec-22		3.40%	190,000				190,000			—



Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Balance
Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Fixed			Variable
Friendly Shopping Center	Greensboro, NC	Apr-23		3.48%	100,000			100,000			—
Renaissance Center Phase II	Durham, NC	Apr-23		3.49%	16,000			16,000			—
Coastal Grand Outparcel	Myrtle Beach, SC	Aug-24		4.09%	5,665			5,665			—
Coastal Grand	Myrtle Beach, SC	Aug-24		4.09%	117,401			117,401			—
Oak Park Mall	Overland Park, KS	Oct-25		3.97%	276,000			276,000			—
					$	1,548,790		$	1,329,277		$	219,513
Weighted-average interest rate					4.43		%	4.77		%	2.36		%



(1)	CBL is in active negotiations with the lender to restructure the terms of the loan, including the maturity date.
(2)	The Company has an interest rate swap on a notional amount of $11,443, 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.
(3)	The Company has an interest rate swap on a notional amount of $10,197, 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.
(4)	The Company has an interest rate swap on a notional amount of $30,620, 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.
(5)	The Company has an interest rate swap on a notional amount of $48,891, 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.
(6)	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.
(7)	See page 12 for unamortized deferred financing costs.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2015

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		Weighted Average Interest Rate
2016	$	528,245	$	108,789	$	(9,922	)	$	627,112		11.60	%	5.68	%
2017	447,089		193,927		(18,670		)	622,346			11.51	%	5.66	%
2018	655,561		95,845		(5,543		)	745,863			13.79	%	3.41	%
2019	431,669		30,047		—			461,716			8.54	%	2.77	%
2020	592,092		—		(1,070		)	591,022			10.93	%	3.05	%
2021	536,120		—		(2,207		)	533,913			9.87	%	5.57	%
2022	593,220		113,079		(15,402		)	690,897			12.78	%	4.72	%
2023	527,428		58,000		(19,357		)	566,071			10.47	%	5.03	%
2024	376,146		61,532		(26,651		)	411,027			7.60	%	4.46	%
2025	38,450		138,000		(19,225		)	157,225			2.91	%	4.07	%
Face Amount of Debt	4,726,020		799,219		(118,047		)	5,407,192			100.00	%	4.50	%
Net Premiums on Debt	667		—		(688		)	(21		)	—	%
Total	$	4,726,687	$	799,219	$	(118,735	)	$	5,407,171		100.00	%	4.50	%

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		Weighted Average Interest Rate
2016	$	539,332	$	210,472	$	(15,465	)	$	734,339		13.58	%	5.20	%
2017	797,089		166,448		(18,670		)	944,867			17.47	%	4.28	%
2018	644,474		51,688		—			696,162			12.87	%	3.49	%
2019	96,986		—		(1,438		)	95,548			1.77	%	6.85	%
2020	585,392		—		(1,070		)	584,322			10.81	%	3.06	%
2021	527,503		—		(769		)	526,734			9.74	%	5.61	%
2022	593,220		113,079		(15,402		)	690,897			12.78	%	4.72	%
2023	527,428		58,000		(19,357		)	566,071			10.47	%	5.03	%
2024	376,146		61,532		(26,651		)	411,027			7.60	%	4.46	%
2025	38,450		138,000		(19,225		)	157,225			2.91	%	4.07	%
Face Amount of Debt	4,726,020		799,219		(118,047		)	5,407,192			100.00	%	4.50	%
Net Premiums on Debt	667		—		(688		)	(21		)	—	%
Total	$	4,726,687	$	799,219	$	(118,735	)	$	5,407,171		100.00	%	4.50	%



Unsecured Debt Covenant Compliance Ratios	Required	Actual
Debt to total asset value	<60%	51%
Unencumbered asset value to unsecured indebtedness	>1.60x	2.3x
Unencumbered NOI to unsecured interest expense	>1.75x	5.2x
EBITDA to fixed charges (debt service)	>1.50x	2.3x



Senior Unsecured Notes Compliance Ratios	Required	Actual
Total debt to total assets	<60%	54%
Secured debt to total assets	<45%	31%
Total unencumbered assets to unsecured debt	>150%	220%
Consolidated income available for debt service to annual debt service charge	>1.5x	3.3x

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2015

Mall Portfolio Statistics

TIER 1

Sales > $375 per square foot

Property

Location

Total GLA

Sales Per Square

Foot for the Year

Ended ⁽¹⁾

Mall Occupancy

% of Total
Mall NOI for
the Year Ended
12/31/15

12/31/15

12/31/14

12/31/15

12/31/14

Acadiana Mall

Lafayette, LA

991,309

Coastal Grand

Myrtle Beach, SC

1,039,847

CoolSprings Galleria ⁽²⁾

Nashville, TN

1,141,685

Cross Creek Mall

Fayetteville, NC

1,040,725

Dakota Square Mall

Minot, ND

813,732

Fayette Mall

Lexington, KY

1,190,985

Friendly Center and The Shops at Friendly

Greensboro, NC

1,137,636

Governor's Square

Clarksville, TN

735,070

Hamilton Place

Chattanooga, TN

1,159,553

Hanes Mall

Winston-Salem, NC

1,504,116

Harford Mall

Bel Air, MD

505,483

Jefferson Mall

Louisville, KY

904,967

Mall del Norte

Laredo, TX

1,167,364

Mayfaire Town Center

Wilmington, NC

571,791

Oak Park Mall

Overland Park, KS

1,609,877

The Outlet Shoppes at Atlanta ⁽³⁾

Woodstock, GA

400,136

The Outlet Shoppes at El Paso

El Paso, TX

433,046

The Outlet Shoppes of the Bluegrass ⁽³⁾

Simpsonville, KY

374,683

Park Plaza

Little Rock, AR

540,166

Post Oak Mall

College Station, TX

774,932

St. Clair Square

Fairview Heights, IL

1,081,103

Sunrise Mall

Brownsville, TX

801,392

Volusia Mall

Daytona Beach, FL

1,100,069

West County Center

Des Peres, MO

1,204,730

West Towne Mall

Madison, WI

830,528

Total Tier 1 Malls

23,054,925

444

430

95.1

96.7

41.1

TIER 2

Sales of $300 to $375 per square foot

Property

Location

Total GLA

Sales Per Square

Foot for the Year

Ended ⁽¹⁾

Mall Occupancy

% of Total
Mall NOI for
the Year Ended
12/31/15

12/31/15

12/31/14

12/31/15

12/31/14

Arbor Place

Atlanta (Douglasville), GA

1,163,256

Asheville Mall

Asheville, NC

974,465

Brookfield Square

Brookfield, WI

1,008,297

Burnsville Center

Burnsville, MN

1,046,207

CherryVale Mall

Rockford, IL

850,253

East Towne Mall

Madison, WI

787,809

EastGate Mall

Cincinnati, OH

858,783

Eastland Mall

Bloomington, IL

760,833

Frontier Mall

Cheyenne, WY

524,239

Greenbrier Mall

Chesapeake, VA

896,822

Honey Creek Mall

Terre Haute, IN

677,322

Imperial Valley Mall

El Centro, CA

826,094

Kirkwood Mall

Bismarck, ND

848,102

Mall Portfolio Statistics (continued)

TIER 2

Sales of $300 to $375 per square foot

Property

Location

Total GLA

Sales Per Square

Foot for the Year

Ended ⁽¹⁾

Mall Occupancy

% of Total
Mall NOI for
the Year Ended
12/31/15

12/31/15

12/31/14

12/31/15

12/31/14

Laurel Park Place

Livonia, MI

492,222

Layton Hills Mall

Layton, UT

597,648

Meridian Mall

Lansing, MI

968,316

Mid Rivers Mall

St. Peters, MO

1,087,246

Midland Mall

Midland, MI

470,974

Northgate Mall

Chattanooga, TN

789,169

Northpark Mall

Joplin, MO

952,849

Northwoods Mall

North Charleston, SC

772,737

Old Hickory Mall

Jackson, TN

538,991

The Outlet Shoppes at Oklahoma City

Oklahoma City, OK

394,246

Parkdale Mall

Beaumont, TX

1,247,697

Parkway Place

Huntsville, AL

648,260

Pearland Town Center

Pearland, TX

646,993

Richland Mall

Waco, TX

681,752

River Ridge Mall

Lynchburg, VA

764,368

South County Center

St. Louis, MO

1,043,621

Southaven Towne Center

Southaven, MS

567,640

Southpark Mall

Colonial Heights, VA

672,975

Turtle Creek Mall

Hattiesburg, MS

846,104

Valley View Mall

Roanoke, VA

844,515

WestGate Mall

Spartanburg, SC

954,084

Westmoreland Mall

Greensburg, PA

997,947

York Galleria

York, PA

764,789

Total Tier 2 Malls

28,967,625

344

331

93.2

94.4

44.4

TIER 3

Sales < $300 per square foot

Property

Location

Total GLA

Sales Per Square

Foot for the Year

Ended ⁽¹⁾

Mall Occupancy

% of Total
Mall NOI for
the Year Ended
12/31/15

12/31/15

12/31/14

12/31/15

12/31/14

Alamance Crossing

Burlington, NC

881,693

Bonita Lakes Mall

Meridian, MS

631,923

Cary Towne Center

Cary, NC

912,138

College Square

Morristown, TN

450,398

Fashion Square

Saginaw, MI

748,337

Foothills Mall

Maryville, TN

463,751

Fremaux Town Center ⁽³⁾

Slidell, LA

545,535

Hickory Point Mall

Forsyth, IL

814,177

Janesville Mall

Janesville, WI

600,710

Kentucky Oaks Mall

Paducah, KY

1,055,970

The Lakes Mall

Muskegon, MI

587,973

Monroeville Mall

Pittsburgh, PA

1,077,530

The Outlet Shoppes at Gettysburg

Gettysburg, PA

249,937

Randolph Mall

Asheboro, NC

380,559

Regency Mall

Racine, WI

789,368

Mall Portfolio Statistics (continued)



TIER 3 Sales < $300 per square foot
Property	Location	Total GLA	Sales Per Square Foot for the Year Ended ⁽¹⁾				Mall Occupancy				% of Total Mall NOI for the Year Ended 12/31/15
Property	Location	Total GLA	12/31/15		12/31/14		12/31/15		12/31/14		% of Total Mall NOI for the Year Ended 12/31/15
Stroud Mall	Stroudsburg, PA	398,258
Walnut Square	Dalton, GA	495,970
Wausau Center ⁽²⁾	Wausau, WI	423,774
Total Tier 3 Malls		11,508,001	$	269	$	259	88.1	%	92.2	%	11.3	%

Total Mall Portfolio		63,530,551	$	374	$	360	93.1	%	94.9	%	96.8	%

Non-core/Lender Malls

Property

Location

Total GLA

Sales Per Square

Foot for the Year

Ended ⁽¹⁾

Mall Occupancy

% of Total
Mall NOI for
the Year Ended
12/31/15

12/31/15

12/31/14

12/31/15

12/31/14

Chesterfield Mall

Chesterfield, MO

1,294,083

Gulf Coast Town Center

Ft. Myers, FL

1,233,437

Triangle Town Center

Raleigh, NC

1,254,842

Total Non-core/Lender Malls

3,782,362

N/A

3.2



(1)	Represents same-store sales per square foot for mall tenants 10,000 square feet or less for stabilized malls.
(2)	Property was under redevelopment in 2015. Operational metrics have been excluded for Wausau Center, due to proposed significant repositioning.
(3)	Fremaux Town Center, The Outlet Shoppes at Atlanta and The Outlet Shoppes of the Bluegrass are non-stabilized malls and are excluded from Sales Per Square Foot.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2015

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⁾	628,585	$	39.81	$	41.38	3.9	%	$	42.44	6.6	%
Stabilized malls	590,871	40.74		42.29		3.8	%	43.38		6.5	%
New leases	163,777	40.80		45.88		12.5	%	48.40		18.6	%
Renewal leases	427,094	40.71		40.91		0.5	%	41.46		1.8	%

Year-to-Date:
All Property Types ⁽¹⁾	2,130,964	$	41.91	$	44.37	5.9	%	$	45.80	9.3	%
Stabilized malls	1,956,959	43.36		45.84		5.7	%	47.33		9.2	%
New leases	506,253	40.71		48.51		19.2	%	51.41		26.3	%
Renewal leases	1,450,706	44.29		44.91		1.4	%	45.91		3.7	%



		Average Annual Base Rents Per Square Foot ⁽³⁾By Property Type For Small Shop Space Less Than 10,000 SquareFeet:
Total Leasing Activity:

	Square Feet		As of December 31,
Quarter:			2015		2014
Operating portfolio:		Same-center stabilized malls	$	31.57	$	31.03
New leases	572,177	Stabilized malls	31.47		31.17
Renewal leases	822,423	Non-stabilized malls ⁽⁴⁾	25.69		25.10
Development portfolio:		Associated centers	13.95		12.99
New leases	62,036	Community centers	16.15		15.98
Total leased	1,456,636	Other	19.51		19.27

Year-to-Date:
Operating portfolio:
New leases	1,728,843
Renewal leases	2,840,544
Development portfolio:
New leases	372,063
Total leased	4,941,450


(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, 2015, including the impact of any rent concessions. Average base rents for associated centers and community centers include all leased space, regardless of size.


(4)	Includes Fremaux Town Center, The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Atlanta as of December 31, 2015 and The Outlet Shoppes of the Bluegrass, The Outlet Shoppes at Atlanta and The Outlet Shoppes at Oklahoma City as of December 31, 2014.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2015

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet

For the Year Ended December 31, 2015 Based on Commencement Date



	Number of Leases	Square Feet	Term (in years)	Initial Rent PSF		Average Rent PSF		Expiring Rent PSF		Initial Rent Spread			Average Rent Spread
Commencement 2015:
New	198	544,560	8.61	$	46.29	$	49.12	$	37.15	$	9.14	24.6%	$	11.97	32.2%
Renewal	593	1,586,247	3.90	41.86		42.91		40.68		1.18		2.9%	2.23		5.5%
Commencement 2015 Total	791	2,130,807	5.08	42.99		44.50		39.78		3.21		8.1%	4.72		11.9%

Commencement 2016:
New	47	156,416	9.42	50.06		52.76		44.06		6.00		13.6%	8.70		19.7%
Renewal	229	624,564	3.69	41.79		42.51		40.93		0.86		2.1%	1.58		3.9%
Commencement 2016 Total	276	780,980	4.66	43.45		44.56		41.56		1.89		4.5%	3.00		7.2%

Total 2015/2016	1,067	2,911,787	4.97	$	43.11	$	44.52	$	40.26	$	2.85	7.1%	$	4.26	10.6%

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2015

Top 25 Tenants Based On Percentage Of Total Annual Revenues



	Tenant	Number of Stores	Square Feet	Percentage of Total Annualized Revenues
1	L Brands, Inc ⁽¹⁾	162	860,953	3.44	%
2	Signet Jewelers Limited ⁽²⁾	218	325,882	2.84	%
3	Ascena Retail Group, Inc. ⁽³⁾	214	1,083,122	2.60	%
4	Foot Locker, Inc.	136	590,827	2.33	%
5	AE Outfitters Retail Company	80	493,051	1.99	%
6	Dick's Sporting Goods, Inc. ⁽⁴⁾	28	1,524,370	1.69	%
7	Genesco Inc. ⁽⁵⁾	192	306,878	1.69	%
8	The Gap, Inc.	69	764,807	1.69	%
9	Express Fashions	45	366,176	1.22	%
10	Abercrombie & Fitch, Co.	54	366,613	1.21	%
11	Luxottica Group, S.P.A. ⁽⁶⁾	120	266,372	1.21	%
12	JC Penney Company, Inc. ⁽⁷⁾	61	6,980,160	1.20	%
13	Forever 21 Retail, Inc.	25	466,386	1.17	%
14	Finish Line, Inc.	61	315,906	1.13	%
15	Charlotte Russe Holding, Inc.	55	353,959	1.08	%
16	The Buckle, Inc.	52	266,935	1.03	%
17	Best Buy Co., Inc. ⁽⁸⁾	63	548,312	0.99	%
18	Aeropostale, Inc.	69	262,303	0.97	%
19	Claire's Stores, Inc.	112	140,054	0.82	%
20	New York & Company, Inc.	42	281,919	0.80	%
21	Shoe Show, Inc.	51	640,385	0.78	%
22	Barnes & Noble Inc.	20	604,028	0.77	%
23	The Children's Place Retail Stores, Inc.	61	265,624	0.77	%
24	Cinemark	10	524,772	0.75	%
25	H&M Hennes & Mauritz	27	552,089	0.74	%
		2,027	19,151,883	34.91	%

(1)	L Brands, Inc operates Victoria's Secret, PINK and Bath & Body Works.
(2)	Signet Jewelers Limited operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Ultra Diamonds, Rogers Jewelers, Zales, Peoples and Piercing Pagoda.
(3)	Ascena Retail Group, Inc. operates Justice, Dressbarn, Maurices, Lane Bryant and Catherines. In September 2015, Ascena acquired Ann Inc. which operates Ann Taylor, LOFT, and Lou & Grey.
(4)	Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream stores.
(5)	Genesco Inc. operates Journey's, Underground by Journeys, Hat World, Lids, Hat Zone, and Cap Factory stores.
(6)	Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearle Vision.
(7)	JC Penney Co., Inc. owns 31 of these stores. The above chart includes one stores that was closed as of December 31, 2015 but where JC Penney remains obligated for rent under the terms of the respective lease.
(8)	Best Buy Co., Inc. operates Best Buy and Best Buy Mobile.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2015

Capital Expenditures

(In thousands)



	Three Months Ended December 31,				Year Ended December 31,
	2015		2014		2015		2014
Tenant allowances ⁽¹⁾	$	1,900	$	12,783	$	51,625	$	46,837

Renovations ⁽²⁾	7,563		11,844		30,836		27,285

Deferred maintenance: ⁽³⁾
Parking lot and parking lot lighting	12,782		8,148		30,918		31,411
Roof repairs and replacements	2,829		2,458		5,483		5,544
Other capital expenditures	6,534		5,114		13,303		11,352
Total deferred maintenance expenditures	22,145		15,720		49,704		48,307

Total capital expenditures	$	31,608	$	40,347	$	132,165	$	122,429


(1)	Tenant allowances, sometimes made to third-generation tenants, are recovered through minimum rents from the tenants over the term of the lease.

(2)

Renovation capital expenditures 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.


(3)	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.

Deferred Leasing Costs Capitalized

(In thousands)



	2015		2014
Quarter ended:
March 31,	$	695	$	773
June 30,	284		807
September 30,	806		770
December 31,	880		913
	$	2,665	$	3,263

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

As of December 31, 2015

Properties Opened During the Year Ended December 31, 2015

(Dollars in thousands)



				CBL's Share of
Property	Location	CBL Ownership Interest	Total Project Square Feet	Total Cost ⁽¹⁾		Cost to Date ⁽²⁾		Opening Date	Initial Unleveraged Yield
Community Center:
Parkway Plaza	Fort Oglethorpe, GA	100%	134,050	$	17,325	$	16,564	March-15	9.0%

Mall/Outlet Center Expansions:
Fremaux Town Center - Phase II	Slidell, LA	65%	281,032	24,684		21,848		October-15	9.7%
Mid Rivers Mall - Planet Fitness	St Peters, MO	100%	13,068	2,576		2,586		May-15	13.8%
The Outlet Shoppes at Atlanta - Parcel Development	Woodstock, GA	75%	9,600	2,657		2,897		May-15	9.3%
The Outlet Shoppes at Atlanta - Phase II	Woodstock, GA	75%	32,944	4,174		2,484		Fall-15	13.9%
The Outlet Shoppes of the Bluegrass - Phase II	Simpsonville, KY	65%	53,378	7,671		5,305		Fall-15	11.0%
Sunrise Mall - Dick's Sporting Goods	Brownsville, TX	100%	50,000	8,278		5,722		October-15	8.8%
			440,022	50,040		40,842

Community Center Expansions:
Hammock Landing - Academy Sports	West Melbourne, FL	50%	63,092	4,952		3,361		March-15	8.6%
Statesboro Crossing - Phase II (ULTA)	Statesboro, GA	50%	10,000	1,246		952		September-15	8.1%
			73,092	6,198		4,313

Total Properties Opened			647,164	$	73,563	$	61,719

Redevelopment Completed During the Year Ended December 31, 2015

(Dollars in thousands)



				CBL's Share of
Property	Location	CBL Ownership Interest	Total Project Square Feet	Total Cost ⁽¹⁾		Cost to Date ⁽²⁾		Opening Date	Initial Unleveraged Yield
Mall Redevelopments:
Brookfield Square - Sears Redevelopment (Blackfin Ameripub, Jason's Deli)	Brookfield, WI	100%	21,814	$	7,700	$	6,102	Fall-15	8.0%
Hickory Point Mall - JCP Redevelopment (Hobby Lobby)	Forsyth, IL	100%	60,000	2,764		2,224		July-15	10.7%
Janesville Mall - JCP Redevelopment (Dick's Sporting Goods/ULTA)	Janesville, WI	100%	149,522	11,091		9,428		September-15	8.4%
Meridian Mall - Gordmans	Lansing, MI	100%	50,000	7,193		6,043		July-15	10.3%
Northgate Mall - Streetscape/ULTA	Chattanooga, TN	100%	50,852	8,989		6,746		September-15	10.5%
Regency Square - Sears (Dunham's Sports)	Racine, WI	100%	89,119	3,404		2,851		Fall-15	9.0%
Total Redevelopment Completed			421,307	$	41,141	$	33,394

Properties Under Development at December 31, 2015

(Dollars in thousands)



				CBL's Share of
Property	Location	CBL Ownership Interest	Total Project Square Feet	Total Cost ⁽¹⁾		Cost to Date ⁽²⁾		Expected Opening Date	Initial Unleveraged Yield
Community Center:
Ambassador Town Center	Lafayette, LA	65%	431,070	$	40,724	$	25,130	Spring-16	8.8%

Community Center Expansion:
High Pointe Commons - Petco	Harrisburg, PA	50%	12,885	2,025		47		Spring-16	10.5%

Mall Expansion:
Kirkwood Mall-Self Development (Panera Bread, Verizon, Caribou Coffee)	Bismarck, ND	100%	12,570	3,702		3,672		Fall-15/ Spring-16	10.5%

Mall Redevelopments:
CoolSprings Galleria - Sears Redevelopment (American Girl, Cheesecake Factory)	Nashville, TN	50%	182,163	32,816		22,701		May-15/Summer-16	7.4%
Northpark Mall - Dunham's Sports	Joplin, MO	100%	80,524	3,362		713		Summer-16	9.5%
Oak Park Mall - Self Development	Overland Park, KS	50%	6,735	1,210		429		Summer-16	8.2%
Randolph Mall - JCP Redevelopment (Ross/ULTA)	Asheboro, NC	100%	33,796	4,372		2,252		Summer-16	7.8%
			303,218	41,760		26,095

Total Properties Under Development			759,743	$	88,211	$	54,944



Shadow Pipeline of Properties Under Development at December 31, 2015
(Dollars in thousands)

Property	Location	CBL Ownership Interest	Total Project Square Feet	Estimated Total Cost⁽¹⁾	Expected Opening Date	Initial Unleveraged Yield
Mall Expansions:
Dakota Square - Expansion	Minot, ND	100%	24,000 - 26,000	$7,000 - $8,000	Fall-16	7% - 8%
Friendly Center - Shops	Greensboro, NC	50%	12,000 - 13,000	2,500 - 3,000	Fall-16	8% - 9%
Hamilton Place - Theatre	Chattanooga, TN	100%	30,000 - 35,000	5,000 - 6,000	Fall-16	9% - 10%
Mayfaire Town Center - Phase I	Wilmington, NC	100%	65,000 - 70,000	19,000 - 21,000	Fall-16	8% - 9%
			131,000 - 144,000	$33,500 - $38,000

Community Center Expansion:
Hammock Landing - Expansion	West Melbourne, FL	50%	23,000 - 26,000	$2,250 - $2,750	Fall-16	10% - 11%


(1)	Total Cost is presented net of reimbursements to be received.


(2)	Cost to Date does not reflect reimbursements until they are received.

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CBL & ASSOCIATES PROPERTIES INC Reports