Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months And Year Ended December 31, 2006
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
|
| Three Months Ended |
|
|
| Year Ended |
| ||||||||
|
| 2006 |
| 2005 |
|
|
| 2006 |
| 2005 |
| ||||
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents |
| $ | 162,505 |
| $ | 155,233 |
|
|
| $ | 620,251 |
| $ | 548,424 |
|
Percentage rents |
|
| 12,331 |
|
| 10,194 |
|
|
|
| 24,047 |
|
| 23,157 |
|
Other rents |
|
| 9,714 |
|
| 9,354 |
|
|
|
| 20,261 |
|
| 17,674 |
|
Tenant reimbursements |
|
| 81,071 |
|
| 78,549 |
|
|
|
| 308,857 |
|
| 278,199 |
|
Management, development and leasing fees |
|
| 1,122 |
|
| 2,594 |
|
|
|
| 5,067 |
|
| 20,521 |
|
Other |
|
| 6,549 |
|
| 6,011 |
|
|
|
| 23,658 |
|
| 19,485 |
|
Total revenues |
|
| 273,292 |
|
| 261,935 |
|
|
|
| 1,002,141 |
|
| 907,460 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating |
|
| 42,285 |
|
| 42,675 |
|
|
|
| 161,398 |
|
| 151,148 |
|
Depreciation and amortization |
|
| 58,482 |
|
| 49,425 |
|
|
|
| 230,323 |
|
| 179,474 |
|
Real estate taxes |
|
| 20,924 |
|
| 20,651 |
|
|
|
| 80,983 |
|
| 67,981 |
|
Maintenance and repairs |
|
| 14,597 |
|
| 13,847 |
|
|
|
| 54,709 |
|
| 50,454 |
|
General and administrative |
|
| 11,471 |
|
| 10,556 |
|
|
|
| 39,522 |
|
| 39,197 |
|
Loss on impairment of real estate assets |
|
| 206 |
|
| 1,072 |
|
|
|
| 480 |
|
| 1,334 |
|
Other |
|
| 4,808 |
|
| 5,188 |
|
|
|
| 18,623 |
|
| 15,444 |
|
Total expenses |
|
| 152,773 |
|
| 143,414 |
|
|
|
| 586,038 |
|
| 505,032 |
|
Income from operations |
|
| 120,519 |
|
| 118,521 |
|
|
|
| 416,103 |
|
| 402,428 |
|
Interest and other income |
|
| 3,117 |
|
| 617 |
|
|
|
| 8,804 |
|
| 6,831 |
|
Interest expense |
|
| (65,593 | ) |
| (56,361 | ) |
|
|
| (257,067 | ) |
| (208,183 | ) |
Loss on extinguishment of debt |
|
| — |
|
| (5,243 | ) |
|
|
| (935 | ) |
| (6,171 | ) |
Gain on sales of real estate assets |
|
| 7,674 |
|
| 2 |
|
|
|
| 14,505 |
|
| 53,583 |
|
Gain on sales of management contracts |
|
|
|
|
| — |
|
|
|
| — |
|
| 21,619 |
|
Equity in earnings of unconsolidated affiliates |
|
| 1,488 |
|
| 1,726 |
|
|
|
| 5,295 |
|
| 8,495 |
|
Minority interest in earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating partnership |
|
| (24,962 | ) |
| (24,885 | ) |
|
|
| (72,892 | ) |
| (112,061 | ) |
Shopping center properties |
|
| (1,473 | ) |
| (1,218 | ) |
|
|
| (4,136 | ) |
| (4,879 | ) |
Income before discontinued operations |
|
| 40,770 |
|
| 33,159 |
|
|
|
| 109,677 |
|
| 161,662 |
|
Operating income of discontinued operations |
|
| 85 |
|
| 140 |
|
|
|
| 2,765 |
|
| 895 |
|
Gain (loss) on discontinued operations |
|
| 1,175 |
|
| 2 |
|
|
|
| 8,392 |
|
| (82 | ) |
Net income |
|
| 42,030 |
|
| 33,301 |
|
|
|
| 120,834 |
|
| 162,475 |
|
Preferred dividends |
|
| (7,642 | ) |
| (7,642 | ) |
|
|
| (30,568 | ) |
| (30,568 | ) |
Net income available to common shareholders |
| $ | 34,388 |
| $ | 25,659 |
|
|
| $ | 90,266 |
| $ | 131,907 |
|
Basic per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before discontinued operations, net of preferred dividends |
| $ | 0.51 |
| $ | 0.41 |
|
|
| $ | 1.24 |
| $ | 2.09 |
|
Discontinued operations |
|
| 0.02 |
|
| — |
|
|
|
| 0.17 |
|
| 0.01 |
|
Net income available to common shareholders |
| $ | 0.53 |
| $ | 0.41 |
|
|
| $ | 1.41 |
| $ | 2.10 |
|
Weighted average common shares outstanding |
|
| 64,684 |
|
| 62,806 |
|
|
|
| 63,885 |
|
| 62,721 |
|
Diluted per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before discontinued operations, net of preferred dividends |
| $ | 0.50 |
| $ | 0.39 |
|
|
| $ | 1.21 |
| $ | 2.02 |
|
Discontinued operations |
|
| 0.02 |
|
| 0.01 |
|
|
|
| 0.17 |
|
| 0.01 |
|
Net income available to common shareholders |
| $ | 0.52 |
| $ | 0.40 |
|
|
| $ | 1.38 |
| $ | 2.03 |
|
Weighted average common and potential dilutive common shares outstanding |
|
| 65,913 |
|
| 64,717 |
|
|
|
| 65,269 |
|
| 64,880 |
|
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months And Year Ended December 31, 2006
The Company’s calculation of FFO allocable to Company shareholders is as follows (in thousands, except per share data):
|
| Three Months Ended |
|
|
| Year Ended |
| ||||||||
|
| 2006 |
| 2005 |
|
|
| 2006 |
| 2005 |
| ||||
Net income available to common shareholders |
| $ | 34,388 |
| $ | 25,659 |
|
|
| $ | 90,266 |
| $ | 131,907 |
|
Minority interest in earnings of operating partnership |
|
| 24,962 |
|
| 24,885 |
|
|
|
| 72,892 |
|
| 112,061 |
|
Depreciation and amortization expense of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated properties |
|
| 58,482 |
|
| 49,425 |
|
|
|
| 230,323 |
|
| 179,474 |
|
Unconsolidated affiliates |
|
| 3,385 |
|
| 3,083 |
|
|
|
| 13,405 |
|
| 9,210 |
|
Discontinued operations |
|
| — |
|
| 1,423 |
|
|
|
| 515 |
|
| 2,037 |
|
Non-real estate assets |
|
| (228 | ) |
| (308 | ) |
|
|
| (851 | ) |
| (861 | ) |
Minority investors’ share of depreciation and amortization |
|
| (611 | ) |
| (428 | ) |
|
|
| (2,286 | ) |
| (1,390 | ) |
(Gain) loss on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of operating real estate assets |
|
| 32 |
|
| 146 |
|
|
|
| 119 |
|
| (42,562 | ) |
Discontinued operations |
|
| (1,175 | ) |
| (2 | ) |
|
|
| (8,392 | ) |
| 82 |
|
Funds from operations of the operating partnership |
|
| 119,235 |
|
| 103,883 |
|
|
|
| 395,991 |
|
| 389,958 |
|
Percentage allocable to Company shareholders (1) |
|
| 55.87 | % |
| 54.54 | % |
|
|
| 55.32 | % |
| 54.81 | % |
Funds from operations allocable to Company shareholders |
| $ | 66,613 |
| $ | 56,607 |
|
|
| $ | 219,080 |
| $ | 213,596 |
|
Basic per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations |
| $ | 1.03 |
| $ | 0.90 |
|
|
| $ | 3.43 |
| $ | 3.41 |
|
Weighted average common shares outstanding with operating partnership units fully converted |
|
| 115,781 |
|
| 115,160 |
|
|
|
| 115,474 |
|
| 114,440 |
|
Diluted per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations |
| $ | 1.02 |
| $ | 0.89 |
|
|
| $ | 3.39 |
| $ | 3.34 |
|
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted |
|
| 117,011 |
|
| 117,071 |
|
|
|
| 116,857 |
|
| 116,599 |
|
(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.
SUPPLEMENTAL FFO INFORMATION:
Leased termination fees |
| $ | 443 |
| $ | 1,892 |
| $ | 13,682 |
| $ | 5,540 |
|
Lease termination fees per share |
| $ | — |
| $ | 0.02 |
| $ | 0.12 |
| $ | 0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line rental income |
| $ | 1,293 |
| $ | 1,667 |
| $ | 5,278 |
| $ | 4,755 |
|
Straight-line rental income per share |
| $ | 0.01 |
| $ | 0.01 |
| $ | 0.05 |
| $ | 0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on outparcel sales |
| $ | 8,314 |
| $ | 1,258 |
| $ | 16,448 |
| $ | 12,665 |
|
Gains on outparcel sales per share |
| $ | 0.07 |
| $ | 0.01 |
| $ | 0.14 |
| $ | 0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired above-and below-market leases |
| $ | 2,861 |
| $ | 1,874 |
| $ | 12,591 |
| $ | 6,507 |
|
Amortization of acquired above-and below-market leases per share |
| $ | 0.02 |
| $ | 0.01 |
| $ | 0.11 |
| $ | 0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt premiums |
| $ | 1,902 |
| $ | 1,842 |
| $ | 7,501 |
| $ | 7,347 |
|
Amortization of debt premiums per share |
| $ | 0.02 |
| $ | 02.02 |
| $ | 0.06 |
| $ | 0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sales of non operating properties |
| $ | — |
| $ | (274 | ) | $ | — |
| $ | 2,245 |
|
Gain on sales of non operating properties per share |
| $ | — |
| $ | — |
| $ | — |
| $ | 0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on impairment of real estate assets |
| $ | (206 | ) | $ | (1,072 | ) | $ | (480 | ) | $ | (1,334 | ) |
Loss on impairment of real estate assets per share |
| $ | — |
| $ | (0.01 | ) | $ | — |
| $ | (0.01 | ) |
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months And Year Ended December 31, 2006
Same-Center Net Operating Income
(Dollars in thousands)
|
| Three Months Ended December 31, |
|
|
| Year Ended |
| ||||||||
|
| 2006 |
| 2005 |
|
|
| 2006 |
| 2005 |
| ||||
Net income |
| $ | 42,030 |
| $ | 33,301 |
|
|
| $ | 120,834 |
| $ | 162,475 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 58,482 |
|
| 49,425 |
|
|
|
| 230,323 |
|
| 179,474 |
|
Depreciation and amortization from unconsolidated affiliates |
|
| 3,385 |
|
| 3,083 |
|
|
|
| 13,405 |
|
| 9,210 |
|
Depreciation and amortization from discontinued operations |
|
| — |
|
| 1,423 |
|
|
|
| 515 |
|
| 2,037 |
|
Minority investors’ share of depreciation and amortization in shopping center properties |
|
| (611 | ) |
| (428 | ) |
|
|
| (2,286 | ) |
| (1,390 | ) |
Interest expense |
|
| 65,593 |
|
| 56,361 |
|
|
|
| 257,067 |
|
| 208,183 |
|
Interest expense from unconsolidated affiliates |
|
| 4,416 |
|
| 3,514 |
|
|
|
| 17,569 |
|
| 12,583 |
|
Minority investors’ share of interest expense in shopping center properties |
|
| (1,223 | ) |
| (799 | ) |
|
|
| (4,850 | ) |
| (1,959 | ) |
Loss on extinguishment of debt |
|
| — |
|
| 5,243 |
|
|
|
| 935 |
|
| 6,171 |
|
Abandoned projects expense |
|
| 628 |
|
| 86 |
|
|
|
| 923 |
|
| 560 |
|
Gain on sales of real estate assets |
|
| (7,674 | ) |
| (2 | ) |
|
|
| (14,505 | ) |
| (75,202 | ) |
Loss on impairment of real estate assets |
|
| 206 |
|
| 1,072 |
|
|
|
| 480 |
|
| 1,334 |
|
Gain on sales of real estate assets of unconsolidated affiliates |
|
| (596 | ) |
| (821 | ) |
|
|
| (2,898 | ) |
| (3,671 | ) |
Minority investors’ share of gain on sales in shopping center properties |
|
| (11 | ) |
| — |
|
|
|
| 1,109 |
|
| — |
|
Minority interest in earnings of operating partnership |
|
| 24,962 |
|
| 24,885 |
|
|
|
| 72,892 |
|
| 112,061 |
|
(Gain) loss on discontinued operations |
|
| (1,175 | ) |
| (2 | ) |
|
|
| (8,392 | ) |
| 82 |
|
Operating partnership’s share of total NOI |
|
| 188,412 |
|
| 176,341 |
|
|
|
| 683,121 |
|
| 611,948 |
|
General and administrative expenses |
|
| 11,471 |
|
| 10,556 |
|
|
|
| 39,522 |
|
| 39,197 |
|
Management fees and non-property level revenues |
|
| (7,894 | ) |
| (5,037 | ) |
|
|
| (24,448 | ) |
| (31,253 | ) |
Operating partnership’s share of property NOI |
|
| 191,989 |
|
| 181,860 |
|
|
|
| 698,195 |
|
| 619,892 |
|
NOI of non-comparable centers |
|
| (25,714 | ) |
| (15,877 | ) |
|
|
| (94,722 | ) |
| (27,899 | ) |
Total same center NOI |
| $ | 166,275 |
| $ | 165,983 |
|
|
| $ | 603,473 |
| $ | 591,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Malls |
| $ | 154,309 |
| $ | 154,946 |
|
|
| $ | 557,933 |
| $ | 549,917 |
|
Associated centers |
|
| 6,751 |
|
| 6,127 |
|
|
|
| 27,393 |
|
| 25,263 |
|
Community centers |
|
| 1,032 |
|
| 1,166 |
|
|
|
| 3,997 |
|
| 4,668 |
|
Other |
|
| 4,183 |
|
| 3,744 |
|
|
|
| 14,151 |
|
| 12,145 |
|
Total same center NOI |
| $ | 166,275 |
| $ | 165,983 |
|
|
| $ | 603,474 |
| $ | 591,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Malls |
|
| -0.4 | % |
|
|
|
|
|
| 1.5 | % |
|
|
|
Associated centers |
|
| 10.2 | % |
|
|
|
|
|
| 8.4 | % |
|
|
|
Community centers |
|
| -11.5 | % |
|
|
|
|
|
| -14.4 | % |
|
|
|
Other |
|
| 11.7 | % |
|
|
|
|
|
| 16.5 | % |
|
|
|
Total same center NOI |
|
| 0.2 | % |
|
|
|
|
|
| 1.9 | % |
|
|
|
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months And Year Ended December 31, 2006
Company’s Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
| December 31, 2006 |
| ||||||||||||
|
| Fixed Rate |
|
|
| Variable Rate |
|
|
| Total |
| |||
Consolidated debt |
| $ | 3,517,710 |
|
|
| $ | 1,046,825 |
|
|
| $ | 4,564,535 |
|
Minority investors’ share of consolidated debt |
|
| (56,612 | ) |
|
|
| — |
|
|
|
| (56,612 | ) |
Company’s share of unconsolidated affiliates’ debt |
|
| 218,203 |
|
|
|
| 27,816 |
|
|
|
| 246,019 |
|
Company’s share of consolidated and unconsolidated debt |
| $ | 3,679,301 |
|
|
| $ | 1,074,641 |
|
|
| $ | 4,753,942 |
|
Weighted average interest rate |
|
| 5.97 | % |
|
|
| 6.27 | % |
|
|
| 6.03 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2005 |
| ||||||||||||
|
|
| Fixed Rate |
|
|
|
| Variable Rate |
|
|
|
| Total |
|
Consolidated debt |
| $ | 3,281,939 |
|
|
| $ | 1,059,116 |
|
|
| $ | 4,341,055 |
|
Minority investors’ share of consolidated debt |
|
| (51,950 | ) |
|
|
| — |
|
|
|
| (51,950 | ) |
Company’s share of unconsolidated affiliates’ debt |
|
| 216,026 |
|
|
|
| 26,600 |
|
|
|
| 242,626 |
|
Company’s share of consolidated and unconsolidated debt |
| $ | 3,446,015 |
|
|
| $ | 1,085,716 |
|
|
| $ | 4,531,731 |
|
Weighted average interest rate |
|
| 5.99 | % |
|
|
| 5.33 | % |
|
|
| 5.83 | % |
Debt-To-Total-Market Capitalization Ratio as of December 31, 2006
(In thousands, except stock price)
|
| Shares |
|
|
| Stock Price (1) |
|
|
| Value |
| ||
Common stock and operating partnership units |
| 116,280 |
|
|
| $ | 43.35 |
|
|
| $ | 5,040,738 |
|
8.75% Series B Cumulative Redeemable Preferred Stock |
| 2,000 |
|
|
|
| 50.00 |
|
|
|
| 100,000 |
|
7.75% Series C Cumulative Redeemable Preferred Stock |
| 460 |
|
|
|
| 250.00 |
|
|
|
| 115,000 |
|
7.375% Series D Cumulative Redeemable Preferred Stock |
| 700 |
|
|
|
| 250.00 |
|
|
|
| 175,000 |
|
Total market equity |
|
|
|
|
|
|
|
|
|
|
| 5,430,738 |
|
Company’s share of total debt |
|
|
|
|
|
|
|
|
|
|
| 4,753,942 |
|
Total market capitalization |
|
|
|
|
|
|
|
|
|
| $ | 10,184,680 |
|
Debt-to-total-market capitalization ratio |
|
|
|
|
|
|
|
|
|
|
| 46.7 | % |
(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on December 29, 2006. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.
Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
|
| Three Months Ended |
|
|
| Year Ended |
| ||||||||
2006: |
| Basic |
|
|
| Diluted |
|
|
| Basic |
|
|
| Diluted |
|
Weighted average shares – EPS |
| 64,684 |
|
|
| 65,913 |
|
|
| 63,885 |
|
|
| 65,269 |
|
Weighted average operating partnership units |
| 51,097 |
|
|
| 51,098 |
|
|
| 51,589 |
|
|
| 51,588 |
|
Weighted average shares- FFO |
| 115,781 |
|
|
| 117,011 |
|
|
| 115,474 |
|
|
| 116,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares – EPS |
| 62,806 |
|
|
| 64,717 |
|
|
| 62,721 |
|
|
| 64,880 |
|
Weighted average operating partnership units |
| 52,354 |
|
|
| 52,354 |
|
|
| 51,719 |
|
|
| 51,719 |
|
Weighted average shares- FFO |
| 115,160 |
|
|
| 117,071 |
|
|
| 114,440 |
|
|
| 116,599 |
|
Dividend Payout Ratio |
| Three Months Ended |
|
|
| Year Ended |
| ||||||||||||
|
| 2006 |
|
|
| 2005 |
|
|
| 2006 |
|
|
| 2005 |
| ||||
Weighted average dividend per share |
| $ | 0.51002 |
|
|
| $ | 0.54780 |
|
|
| $ | 1.90170 |
|
|
| $ | 1.77690 |
|
FFO per diluted, fully converted share |
| $ | 1.02 |
|
|
| $ | 0.89 |
|
|
| $ | 3.39 |
|
|
| $ | 3.34 |
|
Dividend payout ratio |
|
| 50.0 | % |
|
|
| 61.6 | % |
|
|
| 56.1 | % |
|
|
| 53.2 | % |
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months And Year Ended December 31, 2006
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
|
| December 31, |
| December 31, |
| ||
ASSETS |
|
|
|
|
|
|
|
Real estate assets: |
|
|
|
|
|
|
|
Land |
| $ | 779,727 |
| $ | 776,989 |
|
Buildings and improvements |
|
| 5,944,476 |
|
| 5,698,669 |
|
|
|
| 6,724,203 |
|
| 6,475,658 |
|
Less: accumulated depreciation |
|
| (924,297 | ) |
| (727,907 | ) |
|
|
| 5,799,906 |
|
| 5,747,751 |
|
Real estate assets held for sale |
|
| — |
|
| 63,168 |
|
Developments in progress |
|
| 294,345 |
|
| 133,509 |
|
Net investment in real estate assets |
|
| 6,094,251 |
|
| 5,944,428 |
|
Cash and cash equivalents |
|
| 28,700 |
|
| 28,838 |
|
Receivables: |
|
|
|
|
|
|
|
Tenant, net of allowance |
|
| 71,573 |
|
| 55,056 |
|
Other |
|
| 9,656 |
|
| 6,235 |
|
Mortgage notes receivable |
|
| 21,559 |
|
| 18,117 |
|
Investments in unconsolidated affiliates |
|
| 78,826 |
|
| 84,138 |
|
Other assets |
|
| 209,954 |
|
| 215,510 |
|
|
| $ | 6,514,519 |
| $ | 6,352,322 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Mortgage and other notes payable |
| $ | 4,564,534 |
| $ | 4,341,055 |
|
Accounts payable and accrued liabilities |
|
| 309,970 |
|
| 320,270 |
|
Total liabilities |
|
| 4,874,504 |
|
| 4,661,325 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
Minority interests |
|
| 568,533 |
|
| 609,475 |
|
Shareholders’ equity: |
|
|
|
|
|
|
|
Preferred Stock, $.01 par value, 15,000,000 shares authorized: |
|
|
|
|
|
|
|
8.75% Series B Cumulative Redeemable Preferred Stock, |
|
| 20 |
|
| 20 |
|
7.75% Series C Cumulative Redeemable Preferred Stock, |
|
| 5 |
|
| 5 |
|
7.375% Series D Cumulative Redeemable Preferred Stock, |
|
| 7 |
|
| 7 |
|
Common Stock, $.01 par value, 180,000,000 shares authorized, |
|
| 654 |
|
| 625 |
|
Additional paid-in capital |
|
| 1,050,481 |
|
| 1,037,764 |
|
Deferred Compensation |
|
| — |
|
| (8,895 | ) |
Accumulated other comprehensive income |
|
| 19 |
|
| 288 |
|
Retained earnings |
|
| 20,296 |
|
| 51,708 |
|
Total shareholders’ equity |
|
| 1,071,482 |
|
| 1,081,522 |
|
|
| $ | 6,514,519 |
| $ | 6,352,322 |
|
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months And Year Ended December 31, 2006
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 |
| ||||||||
|
| 2006 |
| 2005 |
|
|
| 2006 |
| 2005 |
| ||||
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
| $ | 42,030 |
| $ | 33,301 |
|
|
| $ | 120,834 |
| $ | 162,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 58,482 |
|
| 49,425 |
|
|
|
| 230,323 |
|
| 179,474 |
|
Depreciation and amortization from unconsolidated affiliates |
|
| 3,385 |
|
| 3,083 |
|
|
|
| 13,405 |
|
| 9,210 |
|
Depreciation and amortization from discontinued operations |
|
| — |
|
| 1,423 |
|
|
|
| 515 |
|
| 2,037 |
|
Minority investors’ share of depreciation and amortization in shopping center properties |
|
| (611 | ) |
| (428 | ) |
|
|
| (2,286 | ) |
| (1,390 | ) |
Interest expense |
|
| 65,593 |
|
| 56,361 |
|
|
|
| 257,067 |
|
| 208,183 |
|
Interest expense from unconsolidated affiliates |
|
| 4,416 |
|
| 3,514 |
|
|
|
| 17,569 |
|
| 12,583 |
|
Minority investors’ share of interest expense in shopping center properties |
|
| (1,223 | ) |
| (799 | ) |
|
|
| (4,850 | ) |
| (1,959 | ) |
Income taxes |
|
| 293 |
|
| 268 |
|
|
|
| 2,973 |
|
| 1,939 |
|
Loss on extinguishment of debt |
|
| — |
|
| 5,243 |
|
|
|
| 935 |
|
| 6,171 |
|
Loss on impairment of real estate assets |
|
| 206 |
|
| 1,072 |
|
|
|
| 480 |
|
| 1,334 |
|
Abandoned projects expense |
|
| 628 |
|
| 86 |
|
|
|
| 923 |
|
| 560 |
|
Gain on sales of management contracts |
|
| — |
|
| — |
|
|
|
| — |
|
| (21,619 | ) |
(Gain) loss on sales of operating real estate assets |
|
| 32 |
|
| 146 |
|
|
|
| 119 |
|
| (42,562 | ) |
Minority interest in earnings of operating partnership |
|
| 24,962 |
|
| 24,885 |
|
|
|
| 72,892 |
|
| 112,061 |
|
(Gain) loss on discontinued operations |
|
| (1,175 | ) |
| (2 | ) |
|
|
| (8,392 | ) |
| 82 |
|
Company’s share of total EBITDA |
| $ | 197,018 |
| $ | 177,578 |
|
|
| $ | 702,507 |
| $ | 628,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| $ | 65,593 |
| $ | 56,361 |
|
|
| $ | 257,067 |
| $ | 208,183 |
|
Interest expense from unconsolidated affiliates |
|
| 4,416 |
|
| 3,514 |
|
|
|
| 17,569 |
|
| 12,583 |
|
Minority investors’ share of interest expense in shopping center properties |
|
| (1,223 | ) |
| (799 | ) |
|
|
| (4,850 | ) |
| (1,959 | ) |
Company’s share of total interest expense |
| $ | 68,786 |
| $ | 59,076 |
|
|
| $ | 269,786 |
| $ | 218,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of EBITDA to Interest Expense |
|
| 2.86 |
|
| 3.01 |
|
|
|
| 2.60 |
|
| 2.87 |
|
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months And Year Ended December 31, 2006
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
|
| Three Months Ended December 31, |
|
|
| Year Ended |
| ||||||||
|
| 2006 |
| 2005 |
|
|
| 2006 |
| 2005 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's share of total EBITDA |
| $ | 197,018 |
| $ | 177,578 |
|
|
| $ | 702,507 |
| $ | 628,579 |
|
Interest expense |
|
| (65,593 | ) |
| (56,361 | ) |
|
|
| (257,067 | ) |
| (208,183 | ) |
Minority investors' share of interest expense in shopping center properties |
|
| 1,223 |
|
| 799 |
|
|
|
| 4,850 |
|
| 1,959 |
|
Income taxes |
|
| (293 | ) |
| (268 | ) |
|
|
| (2,973 | ) |
| (1,939 | ) |
Amortization of deferred financing costs and non real estate depreciation included in operating expense |
|
| 1,580 |
|
| 2,013 |
|
|
|
| 7,024 |
|
| 7,701 |
|
Amortization of debt premiums |
|
| (1,902 | ) |
| (1,842 | ) |
|
|
| (7,501 | ) |
| (7,347 | ) |
Amortization of above and below market leases |
|
| (2,861 | ) |
| (1,874 | ) |
|
|
| (12,563 | ) |
| (6,434 | ) |
Depreciation and interest expense from unconsolidated affiliates |
|
| (7,801 | ) |
| (6,597 | ) |
|
|
| (30,974 | ) |
| (21,793 | ) |
Minority investors' share of depreciation and amortization in shopping center properties |
|
| 611 |
|
| 428 |
|
|
|
| 2,286 |
|
| 1,390 |
|
Minority interest in earnings - shopping center properties |
|
| 1,473 |
|
| 1,218 |
|
|
|
| 4,136 |
|
| 4,879 |
|
Gains on outparcel sales |
|
| (7,706 | ) |
| (148 | ) |
|
|
| (14,624 | ) |
| (11,021 | ) |
Realized gain on sale of available for sale securities |
|
| (1,073 | ) |
| — |
|
|
|
| (1,073 | ) |
| — |
|
Equity in earnings of unconsolidated affiliates |
|
| (1,488 | ) |
| (1,726 | ) |
|
|
| (5,295 | ) |
| (8,495 | ) |
Distributions from unconsolidated affiliates |
|
| 5,768 |
|
| 1,722 |
|
|
|
| 12,285 |
|
| 7,359 |
|
Stock based compensation expense |
|
| 1,256 |
|
| 2,247 |
|
|
|
| 6,190 |
|
| 3,951 |
|
Changes in operating assets and liabilities |
|
| (27,920 | ) |
| 1,859 |
|
|
|
| (46,250 | ) |
| 5,501 |
|
Cash flows provided by operating activities |
| $ | 92,292 |
| $ | 119,048 |
|
|
| $ | 360,958 |
| $ | 396,107 |
|
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months And Year Ended December 31, 2006
Schedule of Mortgage and Other Notes Payable as of December 31, 2006
(Dollars In thousands )
|
| Maturity | Interest |
|
|
| Balance | |
Location | Property | Date | Rate |
| Balance |
| Fixed | Variable |
Operating Properties: |
|
|
|
|
|
|
|
|
Ft. Myers, FL | Gulf Coast Town Center - Phase I | Feb-07 | 6.38% |
| $ 52,000 |
| $ - | $ 52,000 |
Cincinnati, OH | Eastgate Crossing | Apr-07 | 6.38% |
| 9,753 |
| 9,753 | - |
Charleston, SC | Citadel Mall | May-07 | 7.39% |
| 29,042 |
| 29,042 | - |
High Point, NC | Oak Hollow Mall | Feb-08 | 7.31% |
| 41,459 |
| 41,459 | - |
Winston-Salem, NC | Hanes Mall | Jul-08 | 7.31% |
| 102,911 |
| 102,911 | - |
Nashville, TN | Hickory Hollow Mall | Aug-08 | 6.77% |
| 84,262 |
| 84,262 | - |
Nashville, TN | The Courtyard At Hickory Hollow Mall | Aug-08 | 6.77% |
| 3,923 |
| 3,923 | - |
Nashville, TN | Rivergate Mall | Aug-08 | 6.77% |
| 68,100 |
| 68,100 | - |
Nashville, TN | The Village At Rivergate | Aug-08 | 6.77% |
| 3,217 |
| 3,217 | - |
Lansing, MI | Meridian Mall | Oct-08 | 4.52% |
| 88,743 |
| 88,743 | - |
Stillwater, OK | Lakeview Pointe | Nov-08 | 6.57% |
| 17,948 |
| - | 17,948 |
Cary, NC | Cary Towne Center | Mar-09 | 6.85% |
| 84,898 |
| 84,898 | - |
Joplin, MO | Northpark Mall | Mar-09 | 5.50% |
| 39,861 |
| 39,861 | - |
Daytona Beach, FL | Volusia Mall | Mar-09 | 4.75% |
| 53,041 |
| 53,041 | - |
Fairview Heights, IL | St. Clair Square | Apr-09 | 7.00% |
| 63,769 |
| 63,769 | - |
Terre Haute, IN | Honey Creek Mall | Apr-09 | 4.75% |
| 31,610 |
| 31,610 | - |
Lexington, KY | The Plaza at Fayette Mall | May-09 | 6.60% |
| 31,516 |
| - | 31,516 |
Meridian, MS | Bonita Lakes Mall | Oct-09 | 6.82% |
| 25,021 |
| 25,021 | - |
Meridian, MS | Bonita Lakes Crossing | Oct-09 | 6.82% |
| 7,840 |
| 7,840 | - |
Cincinnati, OH | Eastgate Mall | Dec-09 | 4.55% |
| 55,377 | (a) | 55,377 | - |
Little Rock, AR | Park Plaza Mall | May-10 | 4.90% |
| 40,340 |
| 40,340 | - |
Spartanburg, SC | WestGate Crossing | Jul-10 | 8.42% |
| 9,382 |
| 9,382 | - |
Burnsville, MN | Burnsville Center | Aug-10 | 8.00% |
| 66,780 |
| 66,780 | - |
Roanoke, VA | Valley View Mall | Sep-10 | 5.10% |
| 43,230 |
| 43,230 | - |
Beaumont, TX | Parkdale Mall | Sep-10 | 5.01% |
| 52,961 |
| 52,961 | - |
Beaumont, TX | Parkdale Crossing | Sep-10 | 5.01% |
| 8,362 |
| 8,362 | - |
Nashville, TN | CoolSprings Galleria | Sep-10 | 6.22% |
| 126,915 |
| 126,915 | - |
Stroud, PA | Stroud Mall | Dec-10 | 8.42% |
| 30,931 |
| 30,931 | - |
Wausau, WI | Wausau Center | Dec-10 | 6.70% |
| 12,543 |
| 12,543 | - |
York, PA | York Galleria | Dec-10 | 8.34% |
| 49,442 |
| 49,442 | - |
Lexington, KY | Fayette Mall | Jul-11 | 7.00% |
| 91,673 |
| 91,673 | - |
Chattanooga, TN | Hamilton Corner | Aug-11 | 10.13% |
| 1,745 |
| 1,745 | - |
Asheville, NC | Asheville Mall | Sep-11 | 6.98% |
| 66,804 |
| 66,804 | - |
Ft. Smith, AR | Massard Crossing | Feb-12 | 7.54% |
| 5,727 |
| 5,727 | - |
Houston, TX | Willowbrook Plaza | Feb-12 | 7.54% |
| 29,304 |
| 29,304 | - |
Vicksburg, MS | Pemberton Plaza | Feb-12 | 7.54% |
| 1,957 |
| 1,957 | - |
Fayetteville, NC | Cross Creek Mall | Apr-12 | 5.00% |
| 61,845 |
| 61,845 | - |
Colonial Heights, VA | Southpark Mall | May-12 | 5.10% |
| 35,889 |
| 35,889 | - |
Asheboro, NC | Randolph Mall | Jul-12 | 6.50% |
| 14,417 |
| 14,417 | - |
Douglasville, GA | Arbor Place | Jul-12 | 6.51% |
| 74,848 |
| 74,848 | - |
Douglasville, GA | The Landing At Arbor Place | Jul-12 | 6.51% |
| 8,449 |
| 8,449 | - |
Jackson, TN | Old Hickory Mall | Jul-12 | 6.51% |
| 33,062 |
| 33,062 | - |
Louisville, KY | Jefferson Mall | Jul-12 | 6.51% |
| 41,694 |
| 41,694 | - |
North Charleston, SC | Northwoods Mall | Jul-12 | 6.51% |
| 59,695 |
| 59,695 | - |
Racine, WI | Regency Mall | Jul-12 | 6.51% |
| 32,694 |
| 32,694 | - |
Saginaw, MI | Fashion Square | Jul-12 | 6.51% |
| 57,307 |
| 57,307 | - |
Spartanburg, SC | WestGate Mall | Jul-12 | 6.50% |
| 51,791 |
| 51,791 | - |
Chattanooga, TN | CBL Center | Aug-12 | 6.25% |
| 14,152 |
| 14,152 | - |
Panama City, FL | Panama City Mall | Aug-12 | 7.30% |
| 38,808 |
| 38,808 | - |
Livonia, MI | Laurel Park Place | Dec-12 | 5.00% |
| 49,620 |
| 49,620 | - |
Monroeville, PA | Monroeville Mall | Jan-13 | 5.30% |
| 127,106 |
| 127,106 | - |
Greensburg, PA | Westmoreland Mall | Jan-13 | 5.05% |
| 77,997 |
| 77,997 | - |
Columbia, SC | Columbia Place | Oct-13 | 5.45% |
| 31,729 |
| 31,729 | - |
Laredo, TX | Mall del Norte | Dec-14 | 5.04% |
| 113,400 |
| 113,400 | - |
Brookfield, IL | Brookfield Square | Nov-15 | 5.08% |
| 103,341 |
| 103,341 | - |
Madison, WI | East Towne Mall | Nov-15 | 5.00% |
| 78,719 |
| 78,719 | - |
Madison, WI | West Towne Mall | Nov-15 | 5.00% |
| 111,190 |
| 111,190 | - |
Rockford, IL | Cherryvale Mall | Nov-15 | 5.00% |
| 92,375 |
| 92,375 | - |
Bloominton, IL | Eastland Mall | Dec-15 | 5.85% |
| 59,400 |
| 59,400 | - |
Decatur, IL | Hickory Point Mall | Dec-15 | 5.85% |
| 32,731 |
| 32,731 | - |
Overland Park, KS | Oak Park Mall | Dec-15 | 5.85% |
| 275,700 |
| 275,700 | - |
Janesville, WI | Janesville Mall | Apr-16 | 8.38% |
| 12,001 |
| 12,001 | - |
Akron, OH | Chapel Hill Mall | Aug-16 | 6.10% |
| 76,697 |
| 76,697 | - |
Chattanooga, TN | Hamilton Place | Aug-16 | 5.86% |
| 116,518 |
| 116,518 | - |
Chesapeake, VA | Greenbrier Mall | Aug-16 | 5.91% |
| 84,653 |
| 84,653 | - |
Midland, MI | Midland Mall | Aug-16 | 6.10% |
| 37,850 |
| 37,850 | - |
Southaven, MS | Southaven Towne Center | Jan-17 | 5.50% |
| 46,000 |
| 46,000 | - |
| SUBTOTAL |
|
|
| 3,584,065 |
| 3,482,601 | 101,464 |
Weighted average interest rate |
|
|
|
| 6.02% |
| 6.00% | 6.48% |
|
| Maturity | Interest |
|
| Balance | |
Location | Property | Date | Rate | Balance |
| Fixed | Variable |
|
|
|
|
|
|
|
|
Debt Premiums: |
|
|
|
|
|
|
|
Joplin, MO | Northpark Mall | Mar-09 | 5.50% | 542 |
| 542 | - |
Daytona Beach, FL | Volusia Mall | Mar-09 | 4.75% | 2,170 |
| 2,170 | - |
Terre Haute, IN | Honey Creek Mall | Apr-09 | 4.75% | 1,549 |
| 1,549 | - |
Little Rock, AR | Park Plaza Mall | May-10 | 4.90% | 4,553 |
| 4,553 | - |
Roanoke, VA | Valley View Mall | Sep-10 | 5.10% | 5,033 |
| 5,033 | - |
Fayetteville, NC | Cross Creek Mall | Apr-12 | 5.00% | 6,670 |
| 6,670 | - |
Colonial Heights, VA | Southpark Mall | May-12 | 5.10% | 3,016 |
| 3,016 | - |
Livonia, MI | Laurel Park Place | Dec-12 | 5.00% | 8,501 |
| 8,501 | - |
Monroeville, PA | Monroeville Mall | Jan-13 | 5.30% | 2,653 |
| 2,653 | - |
| SUBTOTAL |
|
| 34,687 |
| 34,687 | - |
Weighted average interest rate |
|
|
| 5.01% |
| 5.01% |
|
|
|
|
|
|
|
|
|
Total Loans On Operating Properties And Debt Premiums |
|
| 3,618,752 |
| 3,517,288 | 101,464 | |
Weighted average interest rate |
|
|
| 6.01% |
| 5.99% | 6.48% |
|
|
|
|
|
|
|
|
Construction Loans: |
|
|
|
|
|
|
|
Fairview Heights, IL | The Shoppes at St. Clair Square | Jun-08 | 6.60% | 16,677 |
| - | 16,677 |
Ft. Myers, FL | Gulf Coast Town Center - Phase II | Jan-09 | 6.63% | 72,058 |
| - | 72,058 |
Burlington, NC | Alamance Crossing | Sep-09 | 6.57% | 25,694 |
| - | 25,694 |
| SUBTOTAL |
|
| 114,429 |
| - | 114,429 |
|
|
|
|
|
|
|
|
Lines Of Credit |
|
| 6.19% | 830,932 |
| - | 830,932 |
|
|
|
|
|
|
|
|
Other |
|
|
| 422 |
| 422 | - |
|
|
|
|
|
|
|
|
Total Consoldiated Debt |
|
|
| $ 4,564,535 |
| $ 3,517,710 | $ 1,046,825 |
Weighted average interest rate |
|
|
| 6.06% |
| 5.99% | 6.26% |
|
|
|
|
|
|
|
|
Plus CBL's Share Of Unconsolidated Affiliates' Debt: |
|
|
|
|
|
| |
Paducah, KY | Kentucky Oaks Mall | Jun-07 | 9.00% | 15,000 |
| 15,000 | - |
Huntsville, AL | Parkway Place | Jun-08 | 6.35% | 26,600 |
| - | 26,600 |
Del Rio, TX | Plaza del Sol | Aug-10 | 9.15% | 1,250 |
| 1,250 | - |
York, PA | York Town Center | Oct-11 | 6.83% | 1,216 |
| - | 1,216 |
Myrtle Beach, SC | Coastal Grand-Myrtle Beach | Oct-14 | 5.09% | 47,728 | (b) | 47,728 | - |
El Centro, CA | Imperial Valley Mall | Sep-15 | 4.99% | 35,376 |
| 35,376 | - |
Raleigh, NC | Triangle Town Center | Dec-15 | 5.74% | 100,000 |
| 100,000 | - |
Clarksville, TN | Governor's Square | Sep-16 | 8.23% | 14,011 |
| 14,011 | - |
Harrisburg, PA | High Pointe Commons | May-17 | 5.74% | 4,838 |
| 4,838 | - |
| SUBTOTAL |
|
| 246,019 |
| 218,203 | 27,816 |
|
|
|
|
|
|
|
|
Less Minority Interests' Share Of Consolidated Debt: | Minority Interest % |
|
|
|
|
| |
Chattanooga, TN | CBL Center | 8.00% | 6.25% | (1,132) |
| (1,132) | - |
Chattanooga, TN | Hamilton Corner | 10.00% | 10.13% | (175) |
| (175) | - |
Chattanooga, TN | Hamilton Place | 10.00% | 7.00% | (11,652) |
| (11,652) | - |
Ft. Smith, AR | Massard Crossing | 90.00% | 7.54% | (5,154) |
| (5,154) | - |
Highpoint, NC | Oak Hollow Mall | 25.00% | 7.31% | (10,365) |
| (10,365) | - |
Houston, TX | Willowbrook Plaza | 90.00% | 7.54% | (26,373) |
| (26,373) | - |
Vicksburg, MS | Pemberton Plaza | 90.00% | 7.31% | (1,761) |
| (1,761) | - |
| SUBTOTAL |
|
| (56,612) |
| (56,612) | - |
|
|
|
|
|
|
|
|
Company's Share Of Consolidated And Unconsolidated Debt |
|
| $ 4,753,942 |
| $ 3,679,301 | $ 1,074,641 | |
Weighted average interest rate |
|
|
| 6.03% |
| 5.97% | 6.27% |
|
|
|
|
|
|
|
|
Total Debt of Unconsolidated Affiliates |
|
|
|
|
|
| |
Paducah, KY | Kentucky Oaks Mall | Jun-07 | 9.00% | $ 30,000 |
| $ 30,000 | $ - |
Huntsville, AL | Parkway Place | Jun-08 | 6.35% | 53,200 |
| - | 53,200 |
Del Rio, TX | Plaza del Sol | Aug-10 | 9.15% | 2,470 |
| 2,470 | - |
York, PA | York Town Center | Oct-11 | 6.83% | 2,433 |
| - | 2,433 |
Myrtle Beach, SC | Coastal Grand-Myrtle Beach | Oct-14 | 5.09% | 113,456 |
| 113,456 | - |
El Centro, CA | Imperial Valley Mall | Sep-15 | 4.99% | 58,960 |
| 58,960 | - |
Releigh, NC | Triangle Town Center | Dec-15 | 5.74% | 200,000 |
| 200,000 | - |
Clarksville, TN | Governor's Square | Sep-16 | 8.23% | 29,498 |
| 29,498 | - |
Harrisburg, PA | High Pointe Commons | May-17 | 5.74% | 9,675 |
| 9,675 | - |
|
|
|
| $ 499,692 |
| $ 444,059 | $ 55,633 |
Weighted average interest rate |
|
|
| 5.93% |
| 5.88% | 6.37% |
(a) Represents a first mortgage securing the property. In addition to the first mortgage, there is also a $7,750 B-note that is held by the Company.
(b) 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
For the Year Ended December 31, 2006
New and Renewal Leasing Activity of Same Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors
Property Type |
|
|
| Square |
|
|
| Prior Base |
|
|
| New |
|
|
| % Change |
|
|
| New |
|
|
| Average |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Property Types (1) |
|
|
| 587,576 |
|
|
| $ | 28.24 |
|
|
| $ | 30.86 |
|
|
| 9.3 | % |
|
| $ | 31.92 |
|
|
| 13.0 | % |
Stabilized malls |
|
|
| 557,666 |
|
|
|
| 29.01 |
|
|
|
| 31.76 |
|
|
| 9.5 | % |
|
|
| 32.87 |
|
|
| 13.3 | % |
New leases |
|
|
| 195,183 |
|
|
|
| 29.39 |
|
|
|
| 33.89 |
|
|
| 15.3 | % |
|
|
| 35.91 |
|
|
| 22.2 | % |
Renewal leases |
|
|
| 362,483 |
|
|
|
| 28.81 |
|
|
|
| 30.61 |
|
|
| 6.2 | % |
|
|
| 31.23 |
|
|
| 8.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Property Types (1) |
|
|
| 2,562,207 |
|
|
| $ | 25.62 |
|
|
| $ | 27.01 |
|
|
| 5.4 | % |
|
| $ | 27.81 |
|
|
| 8.5 | % |
Stabilized malls |
|
|
| 2,449,420 |
|
|
|
| 26.09 |
|
|
|
| 27.53 |
|
|
| 5.5 | % |
|
|
| 28.35 |
|
|
| 8.7 | % |
New leases |
|
|
| 965,563 |
|
|
|
| 25.90 |
|
|
|
| 29.70 |
|
|
| 14.7 | % |
|
|
| 31.22 |
|
|
| 20.5 | % |
Renewal leases |
|
|
| 1,483,857 |
|
|
|
| 26.22 |
|
|
|
| 26.11 |
|
|
| -0.4 | % |
|
|
| 26.49 |
|
|
| 1.0 | % |
Total Leasing Activity of All Small Shop Spaces Compared to Expiring Tenants of Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors
Property Type |
|
|
| Leased Square Feet |
|
|
|
| Leased Average Base Rent PSF |
|
|
| Total Expiring Square Feet |
|
|
|
| Expiring Prior Base Rent PSF |
|
|
| % Change Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Property Types (1) |
|
|
| 626,949 |
|
|
| $ | 31.54 |
|
|
| 528,505 |
|
|
| $ | 28.73 |
|
|
| 9.8 | % |
Stabilized malls |
|
|
| 597,039 |
|
|
|
| 32.41 |
|
|
| 508,498 |
|
|
|
| 29.35 |
|
|
| 10.4 | % |
New leases |
|
|
| 234,556 |
|
|
|
| 34.24 |
|
|
| 146,015 |
|
|
|
| 30.70 |
|
|
| 11.5 | % |
Renewal leases |
|
|
| 362,483 |
|
|
|
| 31.23 |
|
|
| 362,483 |
|
|
|
| 28.81 |
|
|
| 8.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Property Types (1) |
|
|
| 2,692,963 |
|
|
| $ | 27.73 |
|
|
| 2,898,724 |
|
|
| $ | 25.37 |
|
|
| 9.3 | % |
Stabilized malls |
|
|
| 2,575,149 |
|
|
|
| 28.27 |
|
|
| 2,793,251 |
|
|
|
| 25.78 |
|
|
| 9.6 | % |
New leases |
|
|
| 1,091,292 |
|
|
|
| 30.68 |
|
|
| 1,309,394 |
|
|
|
| 25.29 |
|
|
| 21.3 | % |
Renewal leases |
|
|
| 1,483,857 |
|
|
|
| 26.49 |
|
|
| 1,483,857 |
|
|
|
| 26.22 |
|
|
| 1.0 | % |
Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors
|
|
|
| As of December 31, |
| ||||||
|
|
|
| 2006 |
|
|
| 2005 |
| ||
Stabilized malls |
|
|
| $ | 27.18 |
|
|
| $ | 25.85 |
|
Non-stabilized malls |
|
|
|
| 26.83 |
|
|
|
| 27.46 |
|
Associated centers |
|
|
|
| 11.32 |
|
|
|
| 10.16 |
|
Community centers |
|
|
|
| 14.21 |
|
|
|
| 9.00 |
|
Other |
|
|
|
| 19.48 |
|
|
|
| 19.33 |
|
(1) Includes stabilized malls, associated centers, community centers and other.
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months And Year Ended December 31, 2006
Top 25 Tenants Based On Percentage Of Total Revenues For The Year Ended December 31, 2006:
| Tenant | Number of Stores |
| Square Feet |
| Annual Gross Rentals (1) |
| Percentage of Total Revenues |
1 | Limited Brands, LLC | 227 |
| 1,373,565 |
| $47,671,538 |
| 4.74% |
2 | Foot Locker, Inc. | 194 |
| 753,110 |
| 29,846,809 |
| 2.97% |
3 | The Gap, Inc. | 98 |
| 1,003,202 |
| 24,028,013 |
| 2.39% |
4 | Abercrombie & Fitch, Co. | 74 |
| 505,346 |
| 18,014,698 |
| 1.79% |
5 | AE Outfitters Retail Company | 72 |
| 399,330 |
| 16,239,348 |
| 1.61% |
6 | Signet Group PLC (2) | 109 |
| 172,405 |
| 15,933,859 |
| 1.58% |
7 | Finish Line, Inc. | 80 |
| 407,017 |
| 15,145,098 |
| 1.51% |
8 | Zale Corporation | 145 |
| 146,318 |
| 14,506,203 |
| 1.44% |
9 | Luxottica Group, S.P.A. (3) | 139 |
| 294,809 |
| 13,524,240 |
| 1.34% |
10 | JC Penney Co. Inc. (4) | 68 |
| 7,618,875 |
| 13,175,977 |
| 1.31% |
11 | New York & Company, Inc. | 49 |
| 364,227 |
| 12,195,910 |
| 1.21% |
12 | The Regis Corporation | 200 |
| 232,361 |
| 11,579,244 |
| 1.15% |
13 | Dick’s Sporting Goods, Inc. | 13 |
| 770,686 |
| 11,046,980 |
| 1.10% |
14 | Genesco Inc. (5) | 149 |
| 193,550 |
| 11,006,429 |
| 1.09% |
15 | The Children’s Place Retail Stores, Inc. (6) | 63 |
| 269,387 |
| 10,752,746 |
| 1.07% |
16 | Pacific Sunwear of California | 86 |
| 298,660 |
| 10,658,390 |
| 1.06% |
17 | Charming Shoppes, Inc. (7) | 54 |
| 321,104 |
| 9,548,131 |
| 0.95% |
18 | Aeropostale, Inc. | 68 |
| 230,104 |
| 9,378,531 |
| 0.93% |
19 | Trans World Entertainment (8) | 68 |
| 302,746 |
| 9,212,133 |
| 0.92% |
20 | Christopher & Banks, Inc. | 71 |
| 244,094 |
| 8,392,940 |
| 0.83% |
21 | Hallmark Cards, Inc. | 66 |
| 264,337 |
| 8,246,956 |
| 0.82% |
22 | The Buckle, Inc. | 46 |
| 225,408 |
| 8,052,582 |
| 0.80% |
23 | Charlotte Russe Holding, Inc. | 36 |
| 251,336 |
| 7,956,383 |
| 0.79% |
24 | Claire’s Stores, Inc. | 115 |
| 131,996 |
| 7,844,315 |
| 0.78% |
25 | Federated Department Stores, Inc. (9) | 80 |
| 5,981,863 |
| 7,757,476 |
| 0.77% |
|
| 2,370 |
| 22,755,836 |
| $351,714,929 |
| 34.95% |
(1) | Includes annual minimum rent and tenant reimbursements based on amounts in effect at December 31, 2006. |
(2) | Signet Group PLC operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw’s Jewelers, Osterman’s Jewelers, LeRoy’s Jewelers, Jared Jewelers, Belden Jewelers, & Rogers Jewelers. |
(3) | Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearl Vision. As of September 29, 2006, they no longer operate Things Remembered stores. |
(4) | JC Penney Co. Inc. owns 28 of these stores. |
(5) | Genesco Inc. operates Journey’s, Jarman, Underground Station, Hat World, Lids, Hat Zone, and Cap Factory stores. |
(6) | The Children’s Place Retail Stores, Inc. also operates The Disney Stores. |
(7) | Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug, and Catherine’s. |
(8) | Trans World Entertainment operates FYE , Sam Goody, Suncoast Motion Picture, and Saturday Matinee. |
(9) | Federated Department Stores, Inc. merged with May Company in 2005. They now operate After Hours Formalwear, Desmond’s Formal Wear, Mithchell’s Formal Wear, Tuxedo World, David’s Bridal, and 41 Macy’s department stores. |
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months And Year Ended December 31, 2006
Capital Expenditures for Three Months and Year Ended December 31 , 2006 |
(In thousands)
|
| Three Months |
|
|
| Year |
| ||
|
|
|
|
|
|
|
|
|
|
Tenant allowances |
| $ | 17,256 |
|
|
| $ | 48,324 |
|
|
|
|
|
|
|
|
|
|
|
Renovations |
|
| 14,111 |
|
|
|
| 62,274 |
|
|
|
|
|
|
|
|
|
|
|
Deferred maintenance: |
|
|
|
|
|
|
|
|
|
Parking lot and parking lot lighting |
|
| 10,151 |
|
|
|
| 16,441 |
|
Roof repairs and replacements |
|
| 6,853 |
|
|
|
| 12,433 |
|
Other capital expenditures |
|
| 5,232 |
|
|
|
| 9,453 |
|
Total deferred maintenance expenditures |
|
| 22,236 |
|
|
|
| 38,327 |
|
|
|
|
|
|
|
|
|
|
|
Total capital expenditures |
| $ | 53,603 |
|
|
| $ | 148,925 |
|
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)
|
| 2006 |
|
|
| 2005 |
| ||
Quarter ended: |
|
|
|
|
|
|
|
|
|
March 31, |
| $ | 388 |
|
|
| $ | 374 |
|
June 30, |
|
| 950 |
|
|
|
| 699 |
|
September 30, |
|
| 401 |
|
|
|
| 629 |
|
December 31, |
|
| 832 |
|
|
|
| 581 |
|
|
| $ | 2,571 |
|
|
| $ | 2,283 |
|
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Year Ended December 31, 2006
Properties Opened Year-to-date
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
| CBL's Share of |
|
|
|
|
| |||||||
Property |
|
| Location | Total Project Square Feet |
|
| Total Cost |
|
|
|
| Cost To Date |
|
| Date Opened | Initial Yield |
| |
Redevelopments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Burnsville Center |
|
| Burnsville, MN | 82,900 |
| $ | 13,000 |
|
|
| $ | 13,000 |
|
| Apr-06 | 9.0 | % | |
Hickory Hollow Mall - former JCPenney |
|
| Nashville, TN | 138,189 |
|
| 6,865 |
|
|
|
| 6,865 |
|
| Jun-06 | 8.5 | % | |
Hamilton Crossing |
|
| Chattanooga, TN | 185,370 |
|
| 4,613 |
|
|
|
| 4,295 |
|
| Sep-06 | 10.8 | % | |
Cary Towne Center |
|
| Cary, NC | 21,595 |
|
| 4,720 |
|
|
|
| 4,362 |
|
| Dec-06 | 10.8 | % | |
Mall Expansions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cross Creek Mall - Starbucks & Salsarita's |
|
| Fayetteville, NC | 4,900 |
|
| 1,048 |
|
|
|
| 1,048 |
|
| Apr-06 | 10.0 | % | |
Southaven Town Center - Gordman's |
|
| Southaven, MS | 59,000 |
|
| 7,200 |
|
|
|
| 7,200 |
|
| Apr-06 | 8.6 | % | |
Coastal Grand – PetSmart |
|
| Myrtle Beach, SC | 20,100 |
|
| 2,600 |
|
|
|
| 2,600 |
|
| May-06 | 8.0 | % | |
Hanes Mall - Dick's Sporting Goods |
|
| Winston—Salem, NC | 66,000 |
|
| 10,200 |
|
|
|
| 9,629 |
|
| Jul-06 | 10.0 | % | |
Cary Towne Center - Starbucks & Pei Wei Diner |
|
| Cary, NC | 4,950 |
|
| 1,228 |
|
|
|
| 1,228 |
|
| Aug-06 | 9.2 | % | |
The District at Valley View – restaurants |
|
| Roanoke, VA | 14,376 |
|
| 975 |
|
|
|
| 975 |
|
| Nov-06 | — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Open-Air Center Expansions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Southaven Town Center - Books-A-Million |
|
| Southaven, MS | 15,000 |
|
| 2,530 |
|
|
|
| 2,530 |
|
| Oct-06 | 10.0 | % | |
Gulf Coast Town Center - Phase II - anchors (a) |
|
| Ft. Myers, FL | 357,000 |
|
| 54,644 | (b) |
|
|
| 54,644 |
|
| Nov-06 | 9.2 | % | |
|
|
|
|
|
|
|
|
|
|
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|
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|
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| |
AssociatedCenters: |
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|
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| |
The Plaza at Fayette Mall |
|
| Lexington, KY | 190,309 |
|
| 38,341 |
|
|
|
| 37,703 |
|
| Jul/Nov-06 | 9.0 | % | |
Community Centers: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Lakeview Point |
|
| Stillwater, OK | 207,300 |
|
| 22,120 |
|
|
|
| 22,120 |
|
| Oct-06 | 9.1 | % | |
High Pointe Commons (a) |
|
| Harrisburg, PA | 299,395 |
|
| 8,100 |
|
|
|
| 7,814 |
|
| Oct-06 | 11.3 | % | |
The Shops at Pineda Ridge |
|
| Melbourne, FL | 169,974 |
|
| 6,445 |
|
|
|
| 4,365 |
|
| Nov-06 | 9.7 | % | |
|
|
|
| 1,836,358 |
| $ | 184,629 |
|
|
| $ | 180,378 |
|
|
|
|
| |
Announced Property Renovations and Redevelopments
(Dollars in thousands)
|
|
|
|
|
| CBL's Share of |
|
|
|
|
| ||||||
Property |
|
| Location | Total Project Square Feet |
|
| Total Cost |
|
|
|
| Cost To Date |
|
| Opening Date | Initial Yield |
|
Mall Renovations: |
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|
|
|
|
|
|
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|
|
|
|
|
|
|
Brookfield Square |
|
| Brookfield, WI | 1,091,845 |
| $ | 13,500 |
|
|
| $ | 1,342 |
|
| Fall-07 | NA |
|
Georgia Square |
|
| Athens, GA | 673,138 |
|
| 13,200 |
|
|
|
| 335 |
|
| Fall-07 | NA |
|
Mall del Norte |
|
| Laredo, TX | 1,198,199 |
|
| 18,400 |
|
|
|
| 593 |
|
| Fall-07 | NA |
|
Honey Creek Mall |
|
| Terre Haute, IN | 680,890 |
|
| 4,600 |
|
|
|
| — |
|
| Fall-07 | NA |
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Redevelopments: |
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|
Mall del Norte - Theater |
|
| Laredo, TX | 72,000 |
|
| 15,628 |
|
|
|
| 1,731 |
|
| Spring-07 | 7.0 | % |
Columbia Place - Former JCPenney |
|
| Columbia, SC | 124,819 |
|
| 15,051 |
|
|
|
| 3,465 |
|
| Aug-07/Feb-08 | 5.5 | % |
|
|
|
| 3,840,891 |
| $ | 80,379 |
|
|
| $ | 7,466 |
|
|
|
|
|
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Year Ended December 31, 2006
Properties Under Development at December 31, 2006
(Dollars in thousands)
|
|
|
|
|
|
| CBL's Share of |
|
|
|
|
| |||||
Property |
|
| Location | Total Project Square Feet |
|
|
| Total Cost |
|
|
| Cost To Date |
|
| Opening Date | Initial Yield |
|
|
|
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|
Mall Expansions: |
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|
The District at Valley View – shops |
|
| Roanoke, VA | 60,900 |
|
| $ | 17,757 |
|
| $ | 9,796 |
|
| June-07 | 8.1 | % |
Brookfield Square - restaurant addition |
|
| Brookfield, WI | 19,500 |
|
|
| 6,474 |
|
|
| 1,342 |
|
| Spring/Fall 2007 | 8.6 | % |
The District at CherryVale |
|
| Rockford, IL | 84,541 |
|
|
| 20,835 |
|
|
| 2,933 |
|
| Fall-07 | 7.0 | % |
Harford Mall - lifestyle expansion |
|
| Bel Air, MD | 39,222 | (c) |
|
| 9,736 |
|
|
| 910 |
|
| September-07 | 6.1 | % |
Southpark Mall - Regal Cinema |
|
| Colonial Heights, VA | 85,392 |
|
|
| 15,510 |
|
|
| 3,168 |
|
| Fall-07 | 8.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open-Air Center Expansions: |
|
|
|
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|
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|
Gulf Coast Town Center - Phase II-shops/ Phase III (a) |
|
| Ft. Myers, FL | 595,990 |
|
|
| 70,150 | (b) |
|
| 16,737 |
|
| Mar-07/Apr-07 | 9.2 | % |
|
|
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Associated/Lifestyle Centers: |
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|
The Shoppes at St. Clair Square |
|
| Fairview Heights, IL | 84,080 |
|
|
| 27,487 |
|
|
| 24,614 |
|
| March-07 | 7.0 | % |
Milford Marketplace |
|
| Milford, CT | 110,516 |
|
|
| 26,624 |
|
|
| 5,279 |
|
| September-07 | 8.2 | % |
Brookfield Square - Corner Shops & Fresh Market |
|
| Brookfield, WI | 57,511 |
|
|
| 13,332 |
|
|
| 9,119 |
|
| Spring/Fall 2007 | 8.6 | % |
|
|
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Office: |
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
CBL Center II |
|
| Chattanooga, TN | 64,847 |
|
|
| 17,100 |
|
|
| 70 |
|
| January-08 | 7.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mixed -Use Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pearland Town Center |
|
| Pearland, TX | 716,651 |
|
|
| 154,182 |
|
|
| 28,172 |
|
| Fall-08 | 7.4 | % |
|
|
|
|
|
|
|
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Community/Open-Air Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alamance Crossing East |
|
| Burlington, NC | 626,095 |
|
|
| 96,934 |
|
|
| 47,834 |
|
| August-07 | 8.4 | % |
York Town Center (a) |
|
| York, PA | 271,845 |
|
|
| 20,706 |
|
|
| 13,345 |
|
| September-07 | 9.4 | % |
Cobblestone Village at Palm Coast |
|
| Palm Coast, FL | 277,950 |
|
|
| 10,588 |
|
|
| 13,985 |
|
| October-07 | 7.7 | % |
|
|
|
| 3,095,040 |
|
| $ | 507,415 |
|
| $ | 177,304 |
|
|
|
|
|
(a) 50/50 Joint Venture |
(b) Amounts shown are 100% of total cost and cost to date for all of Phase II. |
(c) Total square footage includes redevelopement and expansion of 2,641 square feet. |
(d) Expect to receive reimbursements from future sales of vacant land. |