Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2007
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
|
| Three Months Ended |
| ||||
|
| 2007 |
| 2006 |
| ||
REVENUES: |
|
|
|
|
|
|
|
Minimum rents |
| $ | 155,316 |
| $ | 152,152 |
|
Percentage rents |
|
| 6,482 |
|
| 6,353 |
|
Other rents |
|
| 4,429 |
|
| 3,880 |
|
Tenant reimbursements |
|
| 78,084 |
|
| 75,992 |
|
Management, development and leasing fees |
|
| 1,221 |
|
| 1,076 |
|
Other |
|
| 5,009 |
|
| 5,866 |
|
Total revenues |
|
| 250,541 |
|
| 245,319 |
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
Property operating |
|
| 43,471 |
|
| 40,737 |
|
Depreciation and amortization |
|
| 57,068 |
|
| 54,766 |
|
Real estate taxes |
|
| 20,791 |
|
| 19,265 |
|
Maintenance and repairs |
|
| 15,433 |
|
| 12,693 |
|
General and administrative |
|
| 10,197 |
|
| 9,587 |
|
Other |
|
| 3,639 |
|
| 4,168 |
|
Total expenses |
|
| 150,599 |
|
| 141,216 |
|
Income from operations |
|
| 99,942 |
|
| 104,103 |
|
Interest and other income |
|
| 2,745 |
|
| 1,731 |
|
Interest expense |
|
| (66,127 | ) |
| (63,929 | ) |
Loss on extinguishment of debt |
|
| (227 | ) |
| — |
|
Gain on sales of real estate assets |
|
| 3,530 |
|
| 900 |
|
Equity in earnings of unconsolidated affiliates |
|
| 598 |
|
| 2,068 |
|
Income tax provision |
|
| (803 | ) |
| — |
|
Minority interest in earnings: |
|
|
|
|
|
|
|
Operating partnership |
|
| (13,563 | ) |
| (18,129 | ) |
Shopping center properties |
|
| (730 | ) |
| (588 | ) |
Income before discontinued operations |
|
| 25,365 |
|
| 26,156 |
|
Operating income (loss) of discontinued operations |
|
| (267 | ) |
| 2,099 |
|
Loss on discontinued operations |
|
| (55 | ) |
| — |
|
Net income |
|
| 25,043 |
|
| 28,255 |
|
Preferred dividends |
|
| (7,642 | ) |
| (7,642 | ) |
Net income available to common shareholders |
| $ | 17,401 |
| $ | 20,613 |
|
Basic per share data: |
|
|
|
|
|
|
|
Income before discontinued operations, net of preferred dividends |
| $ | 0.27 |
| $ | 0.30 |
|
Discontinued operations |
|
| — |
|
| 0.03 |
|
Net income available to common shareholders |
| $ | 0.27 |
| $ | 0.33 |
|
Weighted average common shares outstanding |
|
| 65,109 |
|
| 62,655 |
|
|
|
|
|
|
|
|
|
Diluted per share data: |
|
|
|
|
|
|
|
Income before discontinued operations, net of preferred dividends |
| $ | 0.27 |
| $ | 0.29 |
|
Discontinued operations |
|
| (0.01 | ) |
| 0.03 |
|
Net income available to common shareholders |
| $ | 0.26 |
| $ | 0.32 |
|
Weighted average common and potential dilutive common shares outstanding |
|
| 65,886 |
|
| 64,323 |
|
1
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
The Company’s calculation of FFO allocable to Company shareholders is as follows (in thousands, except per share data):
|
| Three Months Ended |
| ||||
|
| 2007 |
| 2006 |
| ||
|
|
|
|
|
|
|
|
Net income available to common shareholders |
| $ | 17,401 |
| $ | 20,613 |
|
Minority interest in earnings of operating partnership |
|
| 13,563 |
|
| 18,129 |
|
Depreciation and amortization expense of: |
|
|
|
|
|
|
|
Consolidated properties |
|
| 57,068 |
|
| 54,766 |
|
Unconsolidated affiliates |
|
| 3,504 |
|
| 3,278 |
|
Discontinued operations |
|
| — |
|
| 515 |
|
Non-real estate assets |
|
| (228 | ) |
| (195 | ) |
Minority investors’ share of depreciation and amortization |
|
| (606 | ) |
| (539 | ) |
Loss on discontinued operations |
|
| 55 |
|
| — |
|
Funds from operations of the operating partnership |
|
| 90,757 |
|
| 96,567 |
|
Percentage allocable to Company shareholders (1) |
|
| 56.20 | % |
| 54.41 | % |
Funds from operations allocable to Company shareholders |
| $ | 51,005 |
| $ | 52,542 |
|
Basic per share data: |
|
|
|
|
|
|
|
Funds from operations |
| $ | 0.78 |
| $ | 0.84 |
|
Weighted average common shares outstanding with operating partnership units fully converted |
|
| 115,858 |
|
| 115,147 |
|
Diluted per share data: |
|
|
|
|
|
|
|
Funds from operations |
| $ | 0.78 |
| $ | 0.83 |
|
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted |
|
| 116,636 |
|
| 116,815 |
|
(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:
Lease termination fees |
| $ | 3,369 |
| $ | 5,868 |
|
Lease termination fees per share |
| $ | 0.03 |
| $ | 0.05 |
|
|
|
|
|
|
|
|
|
Straight-line rental income |
| $ | 1,124 |
| $ | 965 |
|
Straight-line rental income per share |
| $ | 0.01 |
| $ | 0.01 |
|
|
|
|
|
|
|
|
|
Gains on outparcel sales |
| $ | 3,799 |
| $ | 1,633 |
|
Gains on outparcel sales per share |
| $ | 0.03 |
| $ | 0.01 |
|
|
|
|
|
|
|
|
|
Amortization of acquired above- and below-market leases |
| $ | 2,930 |
| $ | 2,602 |
|
Amortization of acquired above- and below-market leases per share |
| $ | 0.03 |
| $ | 0.02 |
|
|
|
|
|
|
|
|
|
Amortization of debt premiums |
| $ | 1,902 |
| $ | 1,842 |
|
Amortization of debt premiums per share |
| $ | 0.02 |
| $ | 0.02 |
|
|
|
|
|
|
|
|
|
Income tax provision |
| $ | 803 |
| $ | — |
|
Income tax provision per share |
| $ | 0.01 |
| $ | — |
|
2
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
Same-Center Net Operating Income
(Dollars in thousands)
|
| Three Months Ended March 31, |
| ||||||
|
| 2007 |
|
|
| 2006 |
| ||
|
|
|
|
|
|
|
|
|
|
Net income |
| $ | 25,043 |
|
|
| $ | 28,255 |
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 57,068 |
|
|
|
| 54,766 |
|
Depreciation and amortization from unconsolidated affiliates |
|
| 3,504 |
|
|
|
| 3,278 |
|
Depreciation and amortization from discontinued operations |
|
| — |
|
|
|
| 515 |
|
Minority investors’ share of depreciation and amortization in |
|
|
|
|
|
|
|
|
|
shopping center properties |
|
| (606 | ) |
|
|
| (539 | ) |
Interest expense |
|
| 66,127 |
|
|
|
| 63,929 |
|
Interest expense from unconsolidated affiliates |
|
| 4,192 |
|
|
|
| 4,394 |
|
Minority investors’ share of interest expense in |
|
|
|
|
|
|
|
|
|
shopping center properties |
|
| (1,187 | ) |
|
|
| (1,162 | ) |
Loss on extinguishment of debt |
|
| 227 |
|
|
|
| — |
|
Abandoned projects expense |
|
| 48 |
|
|
|
| (5 | ) |
Gain on sales of real estate assets |
|
| (3,530 | ) |
|
|
| (900 | ) |
Gain on sales of real estate assets of unconsolidated affiliates |
|
| (269 | ) |
|
|
| (733 | ) |
Income tax provision |
|
| 803 |
|
|
|
| — |
|
Minority interest in earnings of operating partnership |
|
| 13,563 |
|
|
|
| 18,129 |
|
(Gain) loss on discontinued operations |
|
| 55 |
|
|
|
| — |
|
Operating partnership’s share of total NOI |
|
| 165,038 |
|
|
|
| 169,927 |
|
General and administrative expenses |
|
| 10,197 |
|
|
|
| 9,587 |
|
Management fees and non-property level revenues |
|
| (6,918 | ) |
|
|
| (4,661 | ) |
Operating partnership’s share of property NOI |
|
| 168,317 |
|
|
|
| 174,853 |
|
NOI of non-comparable centers |
|
| (2,241 | ) |
|
|
| (3,670 | ) |
Total same center NOI |
| $ | 166,076 |
|
|
| $ | 171,183 |
|
|
|
|
|
|
|
|
|
|
|
Malls |
| $ | 154,661 |
|
|
| $ | 159,339 |
|
Associated centers |
|
| 7,250 |
|
|
|
| 7,164 |
|
Community centers |
|
| 808 |
|
|
|
| 1,026 |
|
Other |
|
| 3,357 |
|
|
|
| 3,654 |
|
Total same center NOI |
| $ | 166,076 |
|
|
| $ | 171,183 |
|
|
|
|
|
|
|
|
|
|
|
Percentage Change: |
|
|
|
|
|
|
|
|
|
Malls |
|
| -2.9 | % |
|
|
|
|
|
Associated centers |
|
| 1.2 | % |
|
|
|
|
|
Community centers |
|
| -21.2 | % |
|
|
|
|
|
Other |
|
| -8.1 | % |
|
|
|
|
|
Total same center NOI |
|
| -3.0 | % |
| * |
|
|
|
* The percentage change in same center NOI excluding applicable lease termination fees of $3.4 million and $ 5.4 million for the three months ended March 31, 2007 and March 31, 2006, respectively, was a 1.8% decrease.
3
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
Company’s Share of Consolidated and Unconsolidated Debt |
(Dollars in thousands)
|
|
|
| March 31, 2007 |
| |||||||||||
|
|
|
| Fixed Rate |
|
|
| Variable Rate |
|
|
| Total |
| |||
Consolidated debt |
|
|
| $ | 3,877,689 |
|
|
| $ | 836,753 |
|
|
| $ | 4,714,442 |
|
Minority investors’ share of consolidated debt |
|
|
|
| (24,703 | ) |
|
|
| — |
|
|
|
| (24,703 | ) |
Company’s share of unconsolidated affiliates’ debt |
|
|
|
| 208,730 |
|
|
|
| 29,902 |
|
|
|
| 238,632 |
|
Company’s share of consolidated and unconsolidated debt |
|
|
| $ | 4,061,716 |
|
|
| $ | 866,655 |
|
|
| $ | 4,928,371 |
|
Weighted average interest rate |
|
|
|
| 5.93 | % |
|
|
| 6.22 | % |
|
|
| 5.98 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2006 |
| ||||||||||
|
|
|
|
| Fixed Rate |
|
|
|
| Variable Rate |
|
|
|
| Total |
|
Consolidated debt |
|
|
| $ | 3,262,444 |
|
|
| $ | 1,131,444 |
|
|
| $ | 4,393,888 |
|
Minority investors’ share of consolidated debt |
|
|
|
| (51,686 | ) |
|
|
| — |
|
|
|
| (51,686 | ) |
Company’s share of unconsolidated affiliates’ debt |
|
|
|
| 225,238 |
|
|
|
| 26,550 |
|
|
|
| 251,788 |
|
Company’s share of consolidated and unconsolidated debt |
|
|
| $ | 3,435,996 |
|
|
| $ | 1,157,994 |
|
|
| $ | 4,593,990 |
|
Weighted average interest rate |
|
|
|
| 5.99 | % |
|
|
| 5.55 | % |
|
|
| 5.88 | % |
Debt-To-Total-Market Capitalization Ratio as of March 31, 2007
(In thousands, except stock price)
|
|
|
| Shares |
|
|
| Stock Price (1) |
|
|
| Value |
| ||
Common stock and operating partnership units |
|
|
| 116,272 |
|
|
| $ | 44.84 |
|
|
| $ | 5,213,636 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5,603,636 |
|
Company’s share of total debt |
|
|
|
|
|
|
|
|
|
|
|
|
| 4,928,371 |
|
Total market capitalization |
|
|
|
|
|
|
|
|
|
|
|
| $ | 10,532,007 |
|
Debt-to-total-market capitalization ratio |
|
|
|
|
|
|
|
|
|
|
|
|
| 46.8 | % |
(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on March 30, 2007. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.
4
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
|
|
|
| Three Months Ended March 31, |
| ||||
2007: |
|
|
| Baisc |
|
|
| Diluted |
|
Weighted average shares - EPS |
|
|
| 65,109 |
|
|
| 65,886 |
|
Weighted average operating partnership units |
|
|
| 50,749 |
|
|
| 50,750 |
|
Weighted average shares- FFO |
|
|
| 115,858 |
|
|
| 116,636 |
|
|
|
|
|
|
|
|
|
|
|
2006: |
|
|
|
|
|
|
|
|
|
Weighted average shares - EPS |
|
|
| 62,655 |
|
|
| 64,323 |
|
Weighted average operating partnership units |
|
|
| 52,492 |
|
|
| 52,492 |
|
Weighted average shares- FFO |
|
|
| 115,147 |
|
|
| 116,815 |
|
Dividend Payout Ratio
|
|
|
| Three Months Ended March 31, |
| ||||||
|
|
|
|
| 2007 |
|
|
|
| 2006 |
|
Weighted average dividend per share |
|
|
| $ | 0.51032 |
|
|
| $ | 0.46390 |
|
FFO per diluted, fully converted share |
|
|
| $ | 0.78 |
|
|
| $ | 0.83 |
|
Dividend payout ratio |
|
|
|
| 65.4 | % |
|
|
| 55.9 | % |
5
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
|
| March 31, |
| December 31, |
| ||
ASSETS |
|
|
|
|
|
|
|
Real estate assets: |
|
|
|
|
|
|
|
Land |
| $ | 787,466 |
| $ | 779,727 |
|
Buildings and improvements |
|
| 6,080,290 |
|
| 5,944,476 |
|
|
|
| 6,867,756 |
|
| 6,724,203 |
|
Less: accumulated depreciation |
|
| (972,530 | ) |
| (924,297 | ) |
|
|
| 5,895,226 |
|
| 5,799,906 |
|
Developments in progress |
|
| 239,066 |
|
| 294,345 |
|
Net investment in real estate assets |
|
| 6,134,292 |
|
| 6,094,251 |
|
Cash and cash equivalents |
|
| 46,811 |
|
| 28,700 |
|
Receivables: |
|
|
|
|
|
|
|
Tenant, net of allowance |
|
| 64,751 |
|
| 71,573 |
|
Other |
|
| 8,916 |
|
| 9,656 |
|
Mortgage notes receivable |
|
| 33,834 |
|
| 21,559 |
|
Investment in unconsolidated affiliates |
|
| 95,425 |
|
| 78,826 |
|
Other assets |
|
| 235,319 |
|
| 214,245 |
|
|
| $ | 6,619,348 |
| $ | 6,518,810 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Mortgage and other notes payable |
| $ | 4,714,442 |
| $ | 4,564,535 |
|
Accounts payable and accrued liabilities |
|
| 299,631 |
|
| 309,969 |
|
Total liabilities |
|
| 5,014,073 |
|
| 4,874,504 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
Minority interests |
|
| 535,663 |
|
| 559,450 |
|
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, |
|
| 656 |
|
| 654 |
|
Additional paid-in capital |
|
| 1,074,404 |
|
| 1,074,450 |
|
Accumulated other comprehensive income |
|
| 550 |
|
| 19 |
|
Retained earnings (accumulated deficit) |
|
| (6,030 | ) |
| 9,701 |
|
Total shareholders’ equity |
|
| 1,069,612 |
|
| 1,084,856 |
|
|
| $ | 6,619,348 |
| $ | 6,518,810 |
|
6
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
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 March 31, |
|
|
| ||||
|
| 2007 |
| 2006 |
|
|
| ||
EBITDA: |
|
|
|
|
|
|
|
|
|
Net income |
| $ | 25,043 |
| $ | 28,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 57,068 |
|
| 54,766 |
|
|
|
Depreciation and amortization from unconsolidated affiliates |
|
| 3,504 |
|
| 3,278 |
|
|
|
Depreciation and amortization from discontinued operations |
|
| — |
|
| 515 |
|
|
|
Minority investors’ share of depreciation and amortization in shopping center properties |
|
| (606 | ) |
| (539 | ) |
|
|
Interest expense |
|
| 66,127 |
|
| 63,929 |
|
|
|
Interest expense from unconsolidated affiliates |
|
| 4,192 |
|
| 4,394 |
|
|
|
Minority investors’ share of interest expense in shopping center properties |
|
| (1,187 | ) |
| (1,162 | ) |
|
|
Income taxes |
|
| 1,071 |
|
| 220 |
|
|
|
Loss on extinguishment of debt |
|
| 227 |
|
| — |
|
|
|
Abandoned projects |
|
| 48 |
|
| (5 | ) |
|
|
Minority interest in earnings of operating partnership |
|
| 13,563 |
|
| 18,129 |
|
|
|
Loss on discontinued operations |
|
| 55 |
|
| — |
|
|
|
Company’s share of total EBITDA |
| $ | 169,105 |
| $ | 171,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense: |
|
|
|
|
|
|
|
|
|
Interest expense |
| $ | 66,127 |
| $ | 63,929 |
|
|
|
Interest expense from unconsolidated affiliates |
|
| 4,192 |
|
| 4,394 |
|
|
|
Minority investors’ share of interest expense in shopping center properties |
|
| (1,187 | ) |
| (1,162 | ) |
|
|
Company’s share of total interest expense |
| $ | 69,132 |
| $ | 67,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of EBITDA to Interest Expense |
|
| 2.45 |
|
| 2.56 |
|
|
|
7
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
|
| Three Months Ended |
| ||||
|
| 2007 |
| 2006 |
| ||
|
|
|
|
|
|
|
|
Company’s share of total EBITDA |
| $ | 169,105 |
| $ | 171,780 |
|
Interest expense |
|
| (66,127 | ) |
| (63,929 | ) |
Minority investors’ share of interest expense in shopping center properties |
|
| 1,187 |
|
| 1,162 |
|
Income taxes |
|
| (1,071 | ) |
| (220 | ) |
Amortization of deferred financing costs and non real estate depreciation included in operating expense |
|
| 1,582 |
|
| 1,777 |
|
Amortization of debt premiums |
|
| (1,902 | ) |
| (1,842 | ) |
Amortization of above and below market leases |
|
| (2,930 | ) |
| (2,602 | ) |
Depreciation and interest expense from unconsolidated affiliates |
|
| (7,696 | ) |
| (7,672 | ) |
Minority investors’ share of depreciation and amortization in shopping center properties |
|
| 606 |
|
| 539 |
|
Minority interest in earnings - shopping center properties |
|
| 730 |
|
| 588 |
|
Gains on outparcel sales |
|
| (3,530 | ) |
| (900 | ) |
Income tax benefit from stock options |
|
| 1,139 |
|
| — |
|
Equity in earnings of unconsolidated affiliates |
|
| (598 | ) |
| (2,068 | ) |
Distributions from unconsolidated affiliates |
|
| 891 |
|
| 2,269 |
|
Stock based compensation expense |
|
| 2,126 |
|
| 2,195 |
|
Changes in operating assets and liabilities |
|
| 4,802 |
|
| (33,095 | ) |
Cash flows provided by operating activities |
| $ | 98,314 |
| $ | 67,982 |
|
8
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
Schedule of Mortgage and Other Notes Payable as of March 31, 2007
(Dollars In thousands )
|
|
|
|
|
|
|
|
|
| Balance |
| |||||
Location |
| Property |
| Maturity |
| Interest |
| Balance |
| Fixed |
| Variable |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ft. Myers, FL |
| Gulf Coast Town Center Phase I |
| Aug-07 |
| 6.38 | % | $ | 52,000 |
| $ | — |
| $ | 52,000 |
|
High Point, NC |
| Oak Hollow Mall |
| Feb-08 |
| 7.31 | % |
| 41,026 |
|
| 41,026 |
|
| — |
|
Winston-Salem, NC |
| Hanes Mall |
| Jul-08 |
| 7.31 | % |
| 102,105 |
|
| 102,105 |
|
| — |
|
Nashville, TN |
| Hickory Hollow Mall |
| Aug-08 |
| 6.77 | % |
| 83,753 |
|
| 83,753 |
|
| — |
|
Nashville, TN |
| The Courtyard At Hickory Hollow Mall |
| Aug-08 |
| 6.77 | % |
| 3,899 |
|
| 3,899 |
|
| — |
|
Nashville, TN |
| Rivergate Mall |
| Aug-08 |
| 6.77 | % |
| 67,689 |
|
| 67,689 |
|
| — |
|
Nashville, TN |
| The Village At Rivergate |
| Aug-08 |
| 6.77 | % |
| 3,197 |
|
| 3,197 |
|
| — |
|
Lansing, MI |
| Meridian Mall |
| Oct-08 |
| 4.52 | % |
| 88,140 |
|
| 88,140 |
|
| — |
|
Stillwater, OK |
| Lakeview Pointe |
| Nov-08 |
| 6.57 | % |
| 17,953 |
|
| — |
|
| 17,953 |
|
Ft. Myers, FL |
| Gulf Coast Town Center Phase II |
| Jan-09 |
| 6.63 | % |
| 84,865 |
|
| — |
|
| 84,865 |
|
Cary, NC |
| Cary Towne Center |
| Mar-09 |
| 6.85 | % |
| 84,581 |
|
| 84,581 |
|
| — |
|
Joplin, MO |
| Northpark Mall |
| Mar-09 |
| 5.50 | % |
| 39,640 |
|
| 39,640 |
|
| — |
|
Daytona Beach, FL |
| Volusia Mall |
| Mar-09 |
| 4.75 | % |
| 52,863 |
|
| 52,863 |
|
| — |
|
Fairview Heights, IL |
| St. Clair Square |
| Apr-09 |
| 7.00 | % |
| 63,292 |
|
| 63,292 |
|
| — |
|
Terre Haute, IN |
| Honey Creek Mall |
| Apr-09 |
| 4.75 | % |
| 31,462 |
|
| 31,462 |
|
| — |
|
Meridian, MS |
| Bonita Lakes Mall |
| Oct-09 |
| 6.82 | % |
| 24,821 |
|
| 24,821 |
|
| — |
|
Meridian, MS |
| Bonita Lakes Crossing |
| Oct-09 |
| 6.82 | % |
| 7,777 |
|
| 7,777 |
|
| — |
|
Cincinnati, OH |
| Eastgate Mall(a) |
| Dec-09 |
| 4.55 | % |
| 55,130 |
|
| 55,130 |
|
| — |
|
Little Rock, AR |
| Park Plaza Mall |
| May-10 |
| 4.90 | % |
| 40,218 |
|
| 40,218 |
|
| — |
|
Spartanburg, SC |
| WestGate Crossing |
| Jul-10 |
| 8.42 | % |
| 9,353 |
|
| 9,353 |
|
| — |
|
Burnsville, MN |
| Burnsville Center |
| Aug-10 |
| 8.00 | % |
| 66,388 |
|
| 66,388 |
|
| — |
|
Roanoke, VA |
| Valley View Mall |
| Sep-10 |
| 5.10 | % |
| 43,070 |
|
| 43,070 |
|
| — |
|
Beaumont, TX |
| Parkdale Mall |
| Sep-10 |
| 5.01 | % |
| 52,622 |
|
| 52,622 |
|
| — |
|
Beaumont, TX |
| Parkdale Crossing |
| Sep-10 |
| 5.01 | % |
| 8,309 |
|
| 8,309 |
|
| — |
|
Nashville, TN |
| CoolSprings Galleria |
| Sep-10 |
| 6.22 | % |
| 126,459 |
|
| 126,459 |
|
| — |
|
Stroud, PA |
| Stroud Mall |
| Dec-10 |
| 8.42 | % |
| 30,838 |
|
| 30,838 |
|
| — |
|
Wausau, WI |
| Wausau Center |
| Dec-10 |
| 6.70 | % |
| 12,443 |
|
| 12,443 |
|
| — |
|
York, PA |
| York Galleria |
| Dec-10 |
| 8.34 | % |
| 49,290 |
|
| 49,290 |
|
| — |
|
Lexington, KY |
| Fayette Mall |
| Jul-11 |
| 7.00 | % |
| 91,319 |
|
| 91,319 |
|
| — |
|
Asheville, NC |
| Asheville Mall |
| Sep-11 |
| 6.98 | % |
| 66,549 |
|
| 66,549 |
|
| — |
|
Ft. Smith, AR |
| Massard Crossing |
| Feb-12 |
| 7.54 | % |
| 5,709 |
|
| 5,709 |
|
| — |
|
Houston, TX |
| Willowbrook Plaza |
| Feb-12 |
| 7.54 | % |
| 29,209 |
|
| 29,209 |
|
| — |
|
Vicksburg, MS |
| Pemberton Plaza |
| Feb-12 |
| 7.54 | % |
| 1,950 |
|
| 1,950 |
|
| — |
|
Fayetteville, NC |
| Cross Creek Mall |
| Apr-12 |
| 5.00 | % |
| 61,635 |
|
| 61,635 |
|
| — |
|
Colonial Heights, VA |
| Southpark Mall |
| May-12 |
| 5.10 | % |
| 35,689 |
|
| 35,689 |
|
| — |
|
Asheboro, NC |
| Randolph Mall |
| Jul-12 |
| 6.50 | % |
| 14,333 |
|
| 14,333 |
|
| — |
|
Douglasville, GA |
| Arbor Place |
| Jul-12 |
| 6.51 | % |
| 74,411 |
|
| 74,411 |
|
| — |
|
Douglasville, GA |
| The Landing At Arbor Place |
| Jul-12 |
| 6.51 | % |
| 8,400 |
|
| 8,400 |
|
| — |
|
Jackson, TN |
| Old Hickory Mall |
| Jul-12 |
| 6.51 | % |
| 32,869 |
|
| 32,869 |
|
| — |
|
Louisville, KY |
| Jefferson Mall |
| Jul-12 |
| 6.51 | % |
| 41,451 |
|
| 41,451 |
|
| — |
|
North Charleston, SC |
| Northwoods Mall |
| Jul-12 |
| 6.51 | % |
| 59,347 |
|
| 59,347 |
|
| — |
|
Racine, WI |
| Regency Mall |
| Jul-12 |
| 6.51 | % |
| 32,504 |
|
| 32,504 |
|
| — |
|
Saginaw, MI |
| Fashion Square |
| Jul-12 |
| 6.51 | % |
| 56,973 |
|
| 56,973 |
|
| — |
|
Spartanburg, SC |
| WestGate Mall |
| Jul-12 |
| 6.50 | % |
| 51,488 |
|
| 51,488 |
|
| — |
|
9
Schedule of Mortgage and Other Notes Payable as of March 31, 2007
(Dollars In thousands )
|
|
|
|
|
|
|
|
|
| Balance |
| |||||
Location |
| Property |
| Maturity |
| Interest |
| Balance |
| Fixed |
| Variable |
| |||
Chattanooga, TN |
| CBL Center |
| Aug-12 |
| 6.25 | % |
| 14,096 |
|
| 14,096 |
|
| — |
|
Panama City, FL |
| Panama City Mall |
| Aug-12 |
| 7.30 | % |
| 38,673 |
|
| 38,673 |
|
| — |
|
Livonia, MI |
| Laurel Park Place |
| Dec-12 |
| 5.00 | % |
| 49,426 |
|
| 49,426 |
|
| — |
|
Monroeville, PA |
| Monroeville Mall |
| Jan-13 |
| 5.30 | % |
| 126,333 |
|
| 126,333 |
|
| — |
|
Greensburg, PA |
| Westmoreland Mall |
| Jan-13 |
| 5.05 | % |
| 77,482 |
|
| 77,482 |
|
| — |
|
Columbia, SC |
| Columbia Place |
| Oct-13 |
| 5.45 | % |
| 31,537 |
|
| 31,537 |
|
| — |
|
Laredo, TX |
| Mall del Norte |
| Dec-14 |
| 5.04 | % |
| 113,400 |
|
| 113,400 |
|
| — |
|
Brookfield, IL |
| Brookfield Square |
| Nov-15 |
| 5.08 | % |
| 102,946 |
|
| 102,946 |
|
| — |
|
Madison, WI |
| East Towne Mall |
| Nov-15 |
| 5.00 | % |
| 78,413 |
|
| 78,413 |
|
| — |
|
Madison, WI |
| West Towne Mall |
| Nov-15 |
| 5.00 | % |
| 110,758 |
|
| 110,758 |
|
| — |
|
Rockford, IL |
| Cherryvale Mall |
| Nov-15 |
| 5.00 | % |
| 92,015 |
|
| 92,015 |
|
| — |
|
Bloominton, IL |
| Eastland Mall |
| Dec-15 |
| 5.85 | % |
| 59,400 |
|
| 59,400 |
|
| — |
|
Decatur, IL |
| Hickory Point Mall |
| Dec-15 |
| 5.85 | % |
| 32,623 |
|
| 32,623 |
|
| — |
|
Overland Park, KS |
| Oak Park Mall |
| Dec-15 |
| 5.85 | % |
| 275,700 |
|
| 275,700 |
|
| — |
|
Janesville, WI |
| Janesville Mall |
| Apr-16 |
| 8.38 | % |
| 11,786 |
|
| 11,786 |
|
| — |
|
Akron, OH |
| Chapel Hill Mall |
| Aug-16 |
| 6.10 | % |
| 76,466 |
|
| 76,466 |
|
| — |
|
Chattanooga, TN |
| Hamilton Place |
| Aug-16 |
| 5.86 | % |
| 116,150 |
|
| 116,150 |
|
| — |
|
Chesapeake, VA |
| Greenbrier Mall |
| Aug-16 |
| 5.91 | % |
| 84,388 |
|
| 84,388 |
|
| — |
|
Midland, MI |
| Midland Mall |
| Aug-16 |
| 6.10 | % |
| 37,736 |
|
| 37,736 |
|
| — |
|
Southaven, MS |
| Southaven Towne Center |
| Jan-17 |
| 5.50 | % |
| 45,913 |
|
| 45,913 |
|
| — |
|
Charleston, SC |
| Citadel Mall |
| Apr-17 |
| 5.68 | % |
| 75,200 |
|
| 75,200 |
|
| — |
|
Chattanooga, TN |
| Hamilton Corner |
| Apr-17 |
| 5.67 | % |
| 17,040 |
|
| 17,040 |
|
| — |
|
Fairview Heights, IL |
| The Shoppes at St. Clair Square |
| Apr-17 |
| 5.67 | % |
| 22,500 |
|
| 22,500 |
|
| — |
|
Lafayette, LA |
| Mall of Acadiana |
| Apr-17 |
| 5.67 | % |
| 150,400 |
|
| 150,400 |
|
| — |
|
Layton, UT |
| Layton Hills Mall |
| Apr-17 |
| 5.66 | % |
| 107,500 |
|
| 107,500 |
|
| — |
|
Lexington, KY |
| The Plaza at Fayette Mall |
| Apr-17 |
| 5.67 | % |
| 44,400 |
|
| 44,400 |
|
| — |
|
SUBTOTAL |
|
|
|
|
|
|
|
| 3,999,300 |
|
| 3,844,482 |
|
| 154,818 |
|
Weighted average interest rate |
|
|
|
|
|
|
|
| 5.98 | % |
| 5.95 | % |
| 6.53 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Premiums: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joplin, MO |
| Northpark Mall |
| Mar-09 |
| 5.50 | % |
| 525 |
|
| 525 |
|
| — |
|
Daytona Beach, FL |
| Volusia Mall |
| Mar-09 |
| 4.75 | % |
| 1,937 |
|
| 1,937 |
|
| — |
|
Terre Haute, IN |
| Honey Creek Mall |
| Apr-09 |
| 4.75 | % |
| 1,393 |
|
| 1,393 |
|
| — |
|
Little Rock, AR |
| Park Plaza Mall |
| May-10 |
| 4.90 | % |
| 4,226 |
|
| 4,226 |
|
| — |
|
Roanoke, VA |
| Valley View Mall |
| Sep-10 |
| 5.10 | % |
| 4,716 |
|
| 4,716 |
|
| — |
|
Fayetteville, NC |
| Cross Creek Mall |
| Apr-12 |
| 5.00 | % |
| 6,381 |
|
| 6,381 |
|
| — |
|
Colonial Heights, VA |
| Southpark Mall |
| May-12 |
| 5.10 | % |
| 2,884 |
|
| 2,884 |
|
| — |
|
Livonia, MI |
| Laurel Park Place |
| Dec-12 |
| 5.00 | % |
| 8,172 |
|
| 8,172 |
|
| — |
|
Monroeville, PA |
| Monroeville Mall |
| Jan-13 |
| 5.30 | % |
| 2,551 |
|
| 2,551 |
|
| — |
|
SUBTOTAL |
|
|
|
|
|
|
|
| 32,785 |
|
| 32,785 |
|
| — |
|
Weighted average interest rate |
|
|
|
|
|
|
|
| 5.02 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUBTOTAL |
|
|
|
|
|
|
|
| 4,032,085 |
|
| 3,877,267 |
|
| 154,818 |
|
Weighted average interest rate |
|
|
|
|
|
|
|
| 5.97 | % |
| 5.95 | % |
| 6.53 | % |
10
Schedule of Mortgage and Other Notes Payable as of March 31, 2007
(Dollars In thousands )
|
|
|
|
|
|
|
|
|
| Balance |
| |||||
Location |
| Property |
| Maturity |
| Interest |
| Balance |
| Fixed |
| Variable |
| |||
Construction Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington, NC |
| Alamance Crossing |
| Sep-09 |
| 6.57 | % |
| 34,003 |
|
| — |
|
| 34,003 |
|
SUBTOTAL |
|
|
|
|
|
|
|
| 34,003 |
|
| — |
|
| 34,003 |
|
Weighted average interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lines of Credit |
|
|
|
|
| 6.12 | % |
| 647,932 |
|
| — |
|
| 647,932 |
|
Weighted average interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
| 422 |
|
| 422 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consolidated Debt |
|
|
|
|
|
|
| $ | 4,714,442 |
| $ | 3,877,689 |
| $ | 836,753 |
|
Weighted average interest rate |
|
|
|
|
|
|
|
| 5.99 | % |
| 5.94 | % |
| 6.21 | % |
Plus Company’s Share Of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huntsville, AL |
| Parkway Place |
| Jun-08 |
| 6.32 | % |
| 26,600 |
|
| — |
|
| 26,600 |
|
Del Rio, TX |
| Plaza del Sol |
| Aug-10 |
| 9.15 | % |
| 1,177 |
|
| 1,177 |
|
| — |
|
York, PA |
| York Town Center |
| Oct-11 |
| 6.83 | % |
| 3,302 |
|
| — |
|
| 3,302 |
|
Myrtle Beach, SC |
| Coastal Grand—Myrtle Beach |
| Oct-14 |
| 5.09 | % |
| 38,449 |
|
| 38,449 |
|
| — |
|
El Centro, CA |
| Imperial Valley Mall |
| Sep-15 |
| 4.99 | % |
| 35,238 |
|
| 35,238 |
|
| — |
|
Raleigh, NC |
| Triangle Town Center |
| Dec-15 |
| 5.74 | % |
| 100,000 |
|
| 100,000 |
|
| — |
|
Clarksville, TN |
| Governor’s Square Mall |
| Sep-16 |
| 8.23 | % |
| 13,882 |
|
| 13,882 |
|
| — |
|
Paducah, KY |
| Kentucky Oaks Mall |
| Jan-17 |
| 5.27 | % |
| 14,893 |
|
| 14,893 |
|
| — |
|
Harrisburg, PA |
| High Pointe Commons |
| May-17 |
| 5.74 | % |
| 5,091 |
|
| 5,091 |
|
| — |
|
|
|
|
|
|
|
|
|
| 238,632 |
|
| 208,730 |
|
| 29,902 |
|
Less Minority Interests’ |
|
|
| Minority Interest |
|
|
|
|
|
|
|
|
|
|
|
|
Chattanooga, TN |
| CBL Center |
| 8.0000 | % | 6.2500 | % |
| (1,128 | ) |
| (1,128 | ) |
| — |
|
Chattanooga, TN |
| Hamilton Corner |
| 10.0000 | % | 5.6700 | % |
| (1,704 | ) |
| (1,704 | ) |
| — |
|
Chattanooga, TN |
| Hamilton Place |
| 10.0000 | % | 5.8600 | % |
| (11,615 | ) |
| (11,615 | ) |
| — |
|
Ft. Myers, FL |
| Gulf Coast Town Center |
| 50.0000 | % | 6.6250 | % |
| — |
|
| — |
|
| — |
|
High Point, NC |
| Oak Hollow Mall |
| 25.0000 | % | 7.3100 | % |
| (10,256 | ) |
| (10,256 | ) |
| — |
|
|
|
|
|
|
|
|
|
| (24,703 | ) |
| (24,703 | ) |
| — |
|
Company’s Share of Total Consolidated |
|
|
|
|
|
|
| $ | 4,928,371 |
| $ | 4,061,716 |
| $ | 866,655 |
|
Weighted average interest rate |
|
|
|
|
|
|
|
| 5.98 | % |
| 5.93 | % |
| 6.22 | % |
Total Debt of Unconsolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huntsville, AL |
| Parkway Place |
| Jun-08 |
| 6.320 | % |
| 53,200 |
|
| — |
|
| 53,200 |
|
Del Rio, TX |
| Plaza del Sol |
| Aug-10 |
| 9.150 | % |
| 2,327 |
|
| 2,327 |
|
| — |
|
York, PA |
| York Town Center |
| Oct-11 |
| 6.825 | % |
| 6,604 |
|
| — |
|
| 6,604 |
|
Myrtle Beach, SC |
| Coastal Grand—Myrtle Beach(b) |
| Oct-14 |
| 5.090 | % |
| 94,899 |
|
| 94,899 |
|
| — |
|
El Centro, CA |
| Imperial Valley Mall |
| Sep-15 |
| 4.985 | % |
| 58,729 |
|
| 58,729 |
|
| — |
|
Raleigh, NC |
| Triangle Town Center |
| Dec-15 |
| 5.737 | % |
| 200,000 |
|
| 200,000 |
|
| — |
|
Clarksville, TN |
| Governor’s Square Mall |
| Sep-16 |
| 8.230 | % |
| 29,226 |
|
| 29,226 |
|
| — |
|
Paducah, KY |
| Kentucky Oaks Mall |
| Jan-17 |
| 5.627 | % |
| 29,787 |
|
| 29,787 |
|
| — |
|
Harrisburg, PA |
| High Pointe Commons |
| May-17 |
| 5.740 | % |
| 10,181 |
|
| 10,181 |
|
| — |
|
|
|
|
|
|
|
|
| $ | 484,953 |
| $ | 425,149 |
| $ | 59,804 |
|
Weighted average interest rate |
|
|
|
|
|
|
|
| 5.76 | % |
| 5.67 | % |
| 6.38 | % |
(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. |
11
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
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 |
|
|
| % Change |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Property Types (1) |
|
|
| 813,041 |
|
|
| $ | 24.39 |
|
|
| $ | 25.25 |
|
|
| 3.5 | % |
|
| $ | 26.05 |
|
|
| 6.8 | % |
Stabilized malls |
|
|
| 770,881 |
|
|
|
| 24.87 |
|
|
|
| 25.77 |
|
|
| 3.6 | % |
|
|
| 26.59 |
|
|
| 6.9 | % |
New leases |
|
|
| 289,837 |
|
|
|
| 23.81 |
|
|
|
| 29.97 |
|
|
| 25.9 | % |
|
|
| 31.51 |
|
|
| 32.3 | % |
Renewal leases |
|
|
| 481,044 |
|
|
| $ | 25.51 |
|
|
| $ | 23.24 |
|
|
| -8.9 | % |
|
| $ | 23.63 |
|
|
| -7.4 | % |
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 |
|
|
| Leased |
|
|
| Total |
|
|
| Expiring |
|
|
| % Change |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Property Types (1) |
|
|
| 876,790 |
|
|
| $ | 26.02 |
|
|
| 983,389 |
|
|
| $ | 24.52 |
|
|
| 6.1 | % |
Stabilized malls |
|
|
| 828,721 |
|
|
|
| 26.58 |
|
|
| 948,361 |
|
|
|
| 24.88 |
|
|
| 6.8 | % |
New leases |
|
|
| 347,677 |
|
|
|
| 30.67 |
|
|
| 467,317 |
|
|
|
| 24.23 |
|
|
| 26.6 | % |
Renewal leases |
|
|
| 481,044 |
|
|
| $ | 23.63 |
|
|
| 481,044 |
|
|
| $ | 25.51 |
|
|
| -7.4 | % |
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 March 31, |
| ||||||
|
|
|
| 2007 |
|
|
| 2006 |
| ||
Stabilized malls |
|
|
| $ | 26.98 |
|
|
| $ | 26.71 |
|
Non-stabilized malls |
|
|
|
| 27.62 |
|
|
|
| 27.11 |
|
Associated centers |
|
|
|
| 11.83 |
|
|
|
| 10.85 |
|
Community centers |
|
|
|
| 14.71 |
|
|
|
| 9.44 |
|
Other |
|
|
|
| 19.53 |
|
|
|
| 19.33 |
|
(1) Includes Stabilized malls, Associated centers, Community centers and Other.
12
13
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
Top 25 Tenants Based On Percentage Of Total Revenues For The Year Ended March 31, 2007: |
|
| Tenant |
| Number of Stores |
|
|
| Square Feet |
|
|
| Annual Gross Rentals (1) |
|
|
| Percentage of Total Revenues |
| |
1 |
| Limited Brands, LLC |
| 218 |
|
|
| 1,283,248 |
|
|
| $ | 45,572,299 |
|
|
| 4.22 | % |
2 |
| Foot Locker, Inc. |
| 190 |
|
|
| 735,099 |
|
|
|
| 29,603,533 |
|
|
| 2.74 | % |
3 |
| The Gap Inc. |
| 98 |
|
|
| 1,002,835 |
|
|
|
| 24,249,209 |
|
|
| 2.25 | % |
4 |
| Abercrombie & Fitch, Co. |
| 74 |
|
|
| 505,346 |
|
|
|
| 18,216,099 |
|
|
| 1.69 | % |
5 |
| AE Outfitters Retail Company |
| 72 |
|
|
| 399,329 |
|
|
|
| 16,844,444 |
|
|
| 1.56 | % |
6 |
| Signet Group plc (2) |
| 111 |
|
|
| 176,140 |
|
|
|
| 16,510,558 |
|
|
| 1.53 | % |
7 |
| Finish Line, Inc. |
| 82 |
|
|
| 414,639 |
|
|
|
| 15,576,193 |
|
|
| 1.44 | % |
8 |
| Zale Corporation |
| 142 |
|
|
| 146,441 |
|
|
|
| 14,693,694 |
|
|
| 1.36 | % |
9 |
| Luxottica Group, S.P.A.(3) |
| 143 |
|
|
| 309,064 |
|
|
|
| 14,502,606 |
|
|
| 1.34 | % |
10 |
| JC Penney Co. Inc. (4) |
| 68 |
|
|
| 7,618,875 |
|
|
|
| 13,554,058 |
|
|
| 1.26 | % |
11 |
| New York & Company, Inc. |
| 47 |
|
|
| 341,578 |
|
|
|
| 12,020,376 |
|
|
| 1.11 | % |
12 |
| The Regis Corporation |
| 200 |
|
|
| 232,995 |
|
|
|
| 11,709,264 |
|
|
| 1.08 | % |
13 |
| Genesco Inc. (5) |
| 153 |
|
|
| 200,236 |
|
|
|
| 11,520,162 |
|
|
| 1.07 | % |
14 |
| Dick’s Sporting Goods, Inc. |
| 13 |
|
|
| 770,686 |
|
|
|
| 11,085,621 |
|
|
| 1.03 | % |
15 |
| Pacific Sunwear of California |
| 85 |
|
|
| 297,818 |
|
|
|
| 10,910,725 |
|
|
| 1.01 | % |
16 |
| The Children’s Place Retail St (6) |
| 61 |
|
|
| 258,867 |
|
|
|
| 10,518,478 |
|
|
| 0.97 | % |
17 |
| Aeropostale, Inc. |
| 69 |
|
|
| 233,903 |
|
|
|
| 9,665,831 |
|
|
| 0.89 | % |
18 |
| Charming Shoppes, Inc. (7) |
| 51 |
|
|
| 304,613 |
|
|
|
| 9,243,485 |
|
|
| 0.86 | % |
19 |
| Christopher & Banks, Inc. |
| 72 |
|
|
| 247,293 |
|
|
|
| 8,749,260 |
|
|
| 0.81 | % |
20 |
| Trans World Entertainment (8) |
| 60 |
|
|
| 282,732 |
|
|
|
| 8,592,301 |
|
|
| 0.80 | % |
21 |
| Charlotte Russe Holding, Inc. |
| 38 |
|
|
| 264,737 |
|
|
|
| 8,562,310 |
|
|
| 0.79 | % |
22 |
| The Buckle, Inc. |
| 46 |
|
|
| 225,408 |
|
|
|
| 8,122,786 |
|
|
| 0.75 | % |
23 |
| Claire’s Stores, Inc. |
| 114 |
|
|
| 132,051 |
|
|
|
| 7,980,278 |
|
|
| 0.74 | % |
24 |
| Hallmark Cards, Inc. |
| 62 |
|
|
| 247,583 |
|
|
|
| 7,485,751 |
|
|
| 0.69 | % |
25 |
| Sears, Roebuck and Co. (9) |
| 72 |
|
|
| 8,869,502 |
|
|
|
| 6,794,535 |
|
|
| 0.63 | % |
|
|
|
| 2,341 |
|
|
| 25,501,018 |
|
|
| $ | 352,283,856 |
|
|
| 32.62 | % |
(1) | Includes annual minimum rent and tenant reimbursements based on amounts in effect at March 31, 2007. |
(2) | Signet Group 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. |
(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) | Sears owns 52 of these stores. |
13
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
Capital Expenditures for Three Months Ended March 31 , 2007
(In thousands)
Tenant allowances |
|
|
| $ | 10,500 |
|
|
|
|
|
|
|
|
Renovations |
|
|
|
| 5,903 |
|
|
|
|
|
|
|
|
Deferred maintenance: |
|
|
|
|
|
|
Parking lot and parking lot lighting |
|
|
|
| 28 |
|
Roof repairs and replacements |
|
|
|
| 1,713 |
|
Other capital expenditures |
|
|
|
| 2,816 |
|
Total deferred maintenance expenditures |
|
|
|
| 4,557 |
|
|
|
|
|
|
|
|
Total capital expenditures |
|
|
| $ | 20,960 |
|
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)
|
|
|
| 2007 |
| |
Quarter ended: |
|
|
|
|
|
|
March 31, |
|
|
| $ | 1,001 |
|
June 30, |
|
|
|
| — |
|
September 30, |
|
|
|
| — |
|
December 31, |
|
|
|
| — |
|
|
|
|
| $ | 1,001 |
|
14
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
Properties Opened Year-to-date
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
| CBL’s Share of |
|
|
|
|
|
|
|
|
| ||||||
Property |
|
|
| Location |
|
|
| Total Project Square |
|
|
| Total Cost |
|
|
| Cost To |
|
|
| Date |
|
|
| Initial (d) Yield |
| ||
Mall Expansion: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Square - Mitchell’s Fish Market |
|
|
| Brookfield, WI |
|
|
| 7,500 |
|
|
| $ | 3,044 |
|
|
| $ | 1,839 |
|
|
| April-07 |
|
|
| 8.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open-Air Center Expansion: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gulf Coast Town Center - |
|
|
| Ft. Myers, FL |
|
|
| 595,990 |
|
|
|
| 80,797 |
| ( | a) |
| 80,797 |
|
|
| Spring-07 |
|
|
| 9.2 | % |
Phase II-shops/Costco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associated Center: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at St. Clair Square |
|
|
| Fairview Heights, IL |
|
|
| 84,080 |
|
|
|
| 27,487 |
|
|
|
| 27,257 |
|
|
| March-07 |
|
|
| 7.0 | % |
Announced Property Renovations and Redevelopments
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
| CBL’s Share of |
|
|
|
|
|
|
|
|
| ||||||
Property |
|
|
| Location |
|
|
| Total |
|
|
| Total Cost |
|
|
| Cost To |
|
|
| Opening |
|
|
| Initial (d) Yield |
| ||
Mall Renovations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Square |
|
|
| Brookfield, WI |
|
|
| 1,132,984 |
|
|
| $ | 13,500 |
|
|
| $ | 1,542 |
|
|
| Fall-07 |
|
|
| NA |
|
Georgia Square |
|
|
| Athens, GA |
|
|
| 674,738 |
|
|
|
| 13,200 |
|
|
|
| 487 |
|
|
| Fall-07 |
|
|
| NA |
|
Mall del Norte |
|
|
| Laredo, TX |
|
|
| 1,207,687 |
|
|
|
| 18,400 |
|
|
|
| 3,425 |
|
|
| Fall-07 |
|
|
| NA |
|
Honey Creek Mall |
|
|
| Terre Haute, IN |
|
|
| 678,763 |
|
|
|
| 4,600 |
|
|
|
| 244 |
|
|
| Fall-07 |
|
|
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associated Center Renovation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison Plaza |
|
|
| Huntsville, AL |
|
|
| 153,085 |
|
|
|
| 1,200 |
|
|
|
| 689 |
|
|
| July-07 |
|
|
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parkdale Mall - Former Dillards |
|
|
| Beaumont, TX |
|
|
| 50,720 |
|
|
|
| 14,720 |
|
|
|
| 466 |
|
|
| Fall-07 |
|
|
| 4.0 | % |
Northpark Mall - Former Wards |
|
|
| Joplin, MO |
|
|
| 90,688 |
|
|
|
| 11,543 |
|
|
|
| 399 |
|
|
| Fall-07 |
|
|
| 6.6 | % |
Mall del Norte - Theater |
|
|
| Laredo, TX |
|
|
| 81,150 |
|
|
|
| 14,929 |
|
|
|
| 5,634 |
|
|
| Spring-07 |
|
|
| 6.9 | % |
Columbia Place - Former JCPenney |
|
|
| Columbia, SC |
|
|
| 124,819 |
|
|
|
| 15,051 |
|
|
|
| 4,627 |
|
|
| Aug-07/ Feb-08 |
|
|
| 5.5 | % |
Westgate Mall - Former Proffits |
|
|
| Spartanburg, SC |
|
|
| 153,000 |
|
|
|
| NA |
|
|
|
| NA |
|
|
| August-07 |
|
|
| NA |
|
|
|
|
|
|
|
|
| 4,347,634 |
|
|
| $ | 107,143 |
|
|
| $ | 17,513 |
|
|
|
|
|
|
|
|
|
15
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Three Months Ended March 31, 2007
Properties Under Development at March 31, 2007
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
| CBL’s Share of |
|
|
|
|
|
|
|
|
| ||||||
Property |
|
|
| Location |
|
|
| Total |
|
|
| Total Cost |
|
|
| Cost To |
|
|
| Opening |
|
|
| Initial (d) Yield |
| ||
Mall Expansions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The District at Valley View - shops |
|
|
| Roanoke, VA |
|
|
| 61,200 |
|
|
| $ | 18,026 |
|
|
| $ | 12,446 |
|
|
| June-07 |
|
|
| 7.6 | % |
Brookfield Square - Claim Jumpers |
|
|
| Brookfield, WI |
|
|
| 12,000 |
|
|
|
| 3,430 |
|
|
|
| — |
|
|
| Fall-07 |
|
|
| 8.6 | % |
The District at CherryVale |
|
|
| Rockford, IL |
|
|
| 84,541 |
|
|
|
| 21,099 |
|
|
|
| 4,446 |
|
|
| Fall-07 |
|
|
| 7.4 | % |
Harford Mall - lifestyle expansion |
|
|
| Bel Air, MD |
|
|
| 39,222 |
| ( | b) |
| 9,736 |
|
|
|
| 3,539 |
|
|
| September-07 |
|
|
| 6.1 | % |
Southpark Mall - Regal Cinema |
|
|
| Colonial Heights, VA |
|
|
| 85,392 |
|
|
|
| 15,510 |
|
|
|
| 7,914 |
|
|
| Fall-07 |
|
|
| 8.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associated/Lifestyle Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Milford Marketplace |
|
|
| Milford, CT |
|
|
| 107,226 |
|
|
|
| 25,215 |
|
|
|
| 8,372 |
|
|
| October-07 |
|
|
| 8.1 | % |
Brookfield Square - |
|
|
| Brookfield, WI |
|
|
| 57,511 |
|
|
|
| 13,332 |
|
|
|
| 8,403 |
|
|
| Spring/Fall-07 |
|
|
| 8.6 | % |
Corner Shops & Fresh Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBL Center II |
|
|
| Chattanooga, TN |
|
|
| 74,598 |
|
|
|
| 17,120 |
|
|
|
| 958 |
|
|
| January-08 |
|
|
| 8.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mixed -Use Center: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pearland Town Center |
|
|
| Pearland, TX |
|
|
| 719,388 |
|
|
|
| 154,182 |
|
|
|
|
|
|
|
| Fall-08 |
|
|
| 7.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community/Open-Air Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alamance Crossing East |
|
|
| Burlington, NC |
|
|
| 655,455 |
|
|
|
| 98,832 |
|
|
|
| 58,282 |
|
|
| August-07 |
|
|
| 8.4 | % |
York Town Center (c) |
|
|
| York, PA |
|
|
| 274,495 |
|
|
|
| 21,099 |
|
|
|
| 17,881 |
|
|
| September-07 |
|
|
| 9.5 | % |
Cobblestone Village at Palm Coast |
|
|
| Palm Coast, FL |
|
|
| 277,770 |
|
|
|
| 11,316 |
|
|
|
| 11,316 |
|
|
| October-07 |
|
|
| 7.7 | % |
|
|
|
|
|
|
|
| 2,448,798 |
|
|
| $ | 408,897 |
|
|
| $ | 133,557 |
|
|
|
|
|
|
|
|
|
50/50 Joint Venture. Cost shown are CBL’s 50% share due to the fact that the JV partner funds their share.
(a) Amounts shown are 100% of total cost and cost to date for all of Phase II due to the fact that CBL funds all cost.
(b) Total square footage includes redevelopement and expansion of 2,641 square feet.
(c) 50/50 Joint Venture. Cost shown are CBL’s 50% share due to the fact that the JV partner funds their share.
(d) Initial yields include reductions for management and development fees.
16