Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2008
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
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| Three Months Ended |
| Nine Months Ended |
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| 2008 |
| 2007 |
| 2008 |
| 2007 |
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REVENUES: |
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Minimum rents |
| $ | 173,231 |
| $ | 155,633 |
| $ | 520,499 |
| $ | 464,753 |
|
Percentage rents |
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| 3,226 |
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| 3,506 |
|
| 9,823 |
|
| 11,840 |
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Other rents |
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| 4,294 |
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| 3,580 |
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| 13,509 |
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| 11,942 |
|
Tenant reimbursements |
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| 84,293 |
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| 83,053 |
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| 250,111 |
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| 235,699 |
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Management, development and leasing fees |
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| 11,511 |
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| 1,390 |
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| 16,933 |
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| 6,565 |
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Other |
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| 5,925 |
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| 3,837 |
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| 19,229 |
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| 15,507 |
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Total revenues |
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| 282,480 |
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| 250,999 |
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| 830,104 |
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| 746,306 |
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EXPENSES: |
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Property operating |
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| 48,101 |
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| 42,014 |
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| 139,916 |
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| 123,843 |
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Depreciation and amortization |
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| 81,961 |
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| 58,847 |
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| 228,641 |
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| 175,946 |
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Real estate taxes |
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| 23,390 |
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| 24,526 |
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| 70,994 |
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| 65,034 |
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Maintenance and repairs |
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| 15,215 |
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| 12,532 |
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| 47,702 |
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| 41,826 |
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General and administrative |
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| 9,623 |
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| 8,305 |
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| 33,268 |
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| 29,072 |
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Other |
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| 5,150 |
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| 3,647 |
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| 18,690 |
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| 12,088 |
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Total expenses |
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| 183,440 |
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| 149,871 |
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| 539,211 |
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| 447,809 |
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Income from operations |
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| 99,040 |
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| 101,128 |
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| 290,893 |
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| 298,497 |
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Interest and other income |
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| 2,225 |
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| 1,990 |
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| 7,134 |
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| 7,618 |
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Interest expense |
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| (77,057 | ) |
| (72,789 | ) |
| (233,736 | ) |
| (207,730 | ) |
Loss on extinguishment of debt |
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| __ |
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| __ |
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| __ |
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| (227 | ) |
Impairment of marketable securities |
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| (5,778 | ) |
| __ |
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| (5,778 | ) |
| __ |
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Gain on sales of real estate assets |
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| 4,773 |
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| 4,337 |
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| 12,122 |
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| 10,565 |
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Equity in earnings of unconsolidated affiliates |
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| 515 |
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| 1,086 |
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| 1,308 |
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| 2,768 |
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Income tax provision |
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| (8,562 | ) |
| (2,609 | ) |
| (12,757 | ) |
| (4,360 | ) |
Minority interest in earnings: |
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Operating partnership |
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| (3,068 | ) |
| (13,288 | ) |
| (15,195 | ) |
| (35,886 | ) |
Shopping center properties |
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| (5,498 | ) |
| (2,121 | ) |
| (17,949 | ) |
| (6,418 | ) |
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Income from continuing operations |
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| 6,590 |
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| 17,734 |
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| 26,042 |
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| 64,827 |
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Operating income of discontinued operations |
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| 2,174 |
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| 852 |
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| 6,357 |
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| 1,545 |
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Gain on discontinued operations |
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| 676 |
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| 3,957 |
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| 3,788 |
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| 3,902 |
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Net income |
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| 9,440 |
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| 22,543 |
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| 36,187 |
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| 70,274 |
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Preferred dividends |
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| (5,455 | ) |
| (5,455 | ) |
| (16,364 | ) |
| (24,320 | ) |
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Net income available to common shareholders |
| $ | 3,985 |
| $ | 17,088 |
| $ | 19,823 |
| $ | 45,954 |
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Basic per share data: |
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Income from continuing operations, net of preferred dividends |
| $ | 0.02 |
| $ | 0.19 |
| $ | 0.15 |
| $ | 0.62 |
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Discontinued operations |
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| 0.04 |
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| 0.07 |
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| 0.15 |
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| 0.08 |
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Net income available to common shareholders |
| $ | 0.06 |
| $ | 0.26 |
| $ | 0.30 |
| $ | 0.70 |
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Weighted average common shares outstanding |
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| 66,047 |
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| 65,343 |
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| 65,978 |
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| 65,233 |
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Diluted per share data: |
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Income from continuing operations, net of preferred dividends |
| $ | 0.02 |
| $ | 0.19 |
| $ | 0.15 |
| $ | 0.61 |
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Discontinued operations |
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| 0.04 |
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| 0.07 |
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| 0.15 |
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| 0.09 |
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Net income available to common shareholders |
| $ | 0.06 |
| $ | 0.26 |
| $ | 0.30 |
| $ | 0.70 |
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Weighted average common and potential dilutive common shares outstanding |
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| 66,209 |
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| 65,876 |
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| 66,172 |
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| 65,900 |
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1
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2008
The Company's calculation of FFO allocable to Company shareholders is as follows (in thousands, except per share data):
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| Three Months Ended |
| Nine Months Ended |
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| 2008 |
| 2007 |
| 2008 |
| 2007 |
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Net income available to common shareholders |
| $ | 3,985 |
| $ | 17,088 |
| $ | 19,823 |
| $ | 45,954 |
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Minority interest in earnings of operating partnership |
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| 3,068 |
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| 13,288 |
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| 15,195 |
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| 35,886 |
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Depreciation and amortization expense of: |
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Consolidated properties |
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| 81,961 |
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| 58,847 |
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| 228,641 |
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| 175,946 |
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Unconsolidated affiliates |
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| 7,741 |
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| 3,425 |
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| 21,112 |
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| 10,550 |
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Discontinued operations |
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| __ |
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| 46 |
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| 2,357 |
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| 980 |
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Non-real estate assets |
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| (268 | ) |
| (228 | ) |
| (770 | ) |
| (690 | ) | |
Minority investors' share of depreciation and amortization |
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| (292 | ) |
| (300 | ) |
| (943 | ) |
| 190 |
| |
Gain on discontinued operations |
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| (676 | ) |
| (3,957 | ) |
| (3,788 | ) |
| (3,902 | ) | |
Income tax provision on disposal of discontinued operations |
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| 256 |
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| __ |
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| 1,439 |
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| __ |
| |
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Funds from operations of the operating partnership |
| $ | 95,775 |
| $ | 88,209 |
| $ | 283,066 |
| $ | 264,914 |
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Funds from operations per diluted share |
| $ | 0.82 |
| $ | 0.76 |
| $ | 2.42 |
| $ | 2.27 |
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Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted |
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| 116,844 |
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| 116,513 |
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| 116,807 |
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| 116,583 |
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Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders: |
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Funds from operations of the operating partnership |
| $ | 95,775 |
| $ | 88,209 |
| $ | 283,066 |
| $ | 264,914 |
| |
Percentage allocable to Company shareholders (1) |
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| 56.60 | % |
| 56.34 | % |
| 56.58 | % |
| 56.28 | % | |
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Funds from operations allocable to Company shareholders |
| $ | 54,209 |
| $ | 49,697 |
| $ | 160,159 |
| $ | 149,094 |
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(1) | Represents the weighted average number of common shares outstanding for the period divided by the sum of the weighted average number of common shares and the weighted average number of operating partnership units outstanding during the period. See the reconciliation of shares and operating partnership units on page 4. | |||||||||||||
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SUPPLEMENTAL FFO INFORMATION: |
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Lease termination fees |
| $ | 3,338 |
| $ | 156 |
| $ | 9,256 |
| $ | 5,795 |
| |
Lease termination fees per share |
| $ | 0.03 |
| $ | __ |
| $ | 0.08 |
| $ | 0.05 |
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Straight-line rental income |
| $ | 899 |
| $ | 1,349 |
| $ | 4,050 |
| $ | 3,733 |
| |
Straight-line rental income per share |
| $ | 0.01 |
| $ | 0.01 |
| $ | 0.03 |
| $ | 0.03 |
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Gains on outparcel sales |
| $ | 6,695 |
| $ | 3,913 |
| $ | 14,243 |
| $ | 11,051 |
| |
Gains on outparcel sales per share |
| $ | 0.06 |
| $ | 0.03 |
| $ | 0.12 |
| $ | 0.09 |
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Amortization of acquired above- and below-market leases |
| $ | 1,677 |
| $ | 2,588 |
| $ | 6,785 |
| $ | 8,280 |
| |
Amortization of acquired above- and below-market leases per share |
| $ | 0.01 |
| $ | 0.02 |
| $ | 0.06 |
| $ | 0.07 |
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Amortization of debt premiums |
| $ | 1,982 |
| $ | 1,949 |
| $ | 5,918 |
| $ | 5,779 |
| |
Amortization of debt premiums per share |
| $ | 0.02 |
| $ | 0.02 |
| $ | 0.05 |
| $ | 0.05 |
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Income tax provision |
| $ | (8,306 | ) | $ | (2,609 | ) | $ | (11,318 | ) | $ | (4,360 | ) | |
Income tax provision per share |
| $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.10 | ) | $ | (0.04 | ) | |
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Impairment of marketable securities |
| $ | (5,778 | ) | $ | __ |
| $ | (5,778 | ) | $ | __ |
| |
Impairment of marketable securities per share |
| $ | (0.05 | ) | $ | __ |
| $ | (0.05 | ) | $ | __ |
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2
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2008
Same-Center Net Operating Income
(Dollars in thousands)
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| Three Months Ended |
| Nine Months Ended |
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| 2008 |
| 2007 |
| 2008 |
| 2007 |
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Net income |
| $ | 9,440 |
| $ | 22,543 |
| $ | 36,187 |
| $ | 70,274 |
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Adjustments: |
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Depreciation and amortization |
|
| 81,961 |
|
| 58,847 |
|
| 228,641 |
|
| 175,946 |
|
Depreciation and amortization from unconsolidated affiliates |
|
| 7,741 |
|
| 3,425 |
|
| 21,112 |
|
| 10,550 |
|
Depreciation and amortization from discontinued operations |
|
| __ |
|
| 46 |
|
| 2,357 |
|
| 980 |
|
Minority investors' share of depreciation and amortization in shopping center properties |
|
| (292 | ) |
| (300 | ) |
| (943 | ) |
| 190 |
|
Interest expense |
|
| 77,057 |
|
| 72,789 |
|
| 233,736 |
|
| 207,730 |
|
Interest expense from unconsolidated affiliates |
|
| 7,038 |
|
| 4,178 |
|
| 20,872 |
|
| 12,576 |
|
Minority investors' share of interest expense in shopping center properties |
|
| (454 | ) |
| (472 | ) |
| (1,357 | ) |
| (365 | ) |
Loss on extinguishment of debt |
|
| __ |
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| __ |
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| __ |
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| 227 |
|
Abandoned projects expense |
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| 33 |
|
| 355 |
|
| 2,944 |
|
| 955 |
|
Gain on sales of real estate assets |
|
| (4,773 | ) |
| (4,337 | ) |
| (12,122 | ) |
| (10,565 | ) |
Gain on sales of real estate assets of unconsolidated affiliates |
|
| (2,287 | ) |
| (295 | ) |
| (2,716 | ) |
| (1,218 | ) |
Impairment of marketable securities |
|
| 5,778 |
|
| __ |
|
| 5,778 |
|
| __ |
|
Minority investors' share of gain on sales of shopping center real estate assets |
|
| 365 |
|
| 621 |
|
| 595 |
|
| 621 |
|
Income tax provision |
|
| 8,562 |
|
| 2,609 |
|
| 12,757 |
|
| 4,360 |
|
Minority interest in earnings of operating partnership |
|
| 3,068 |
|
| 13,288 |
|
| 15,195 |
|
| 35,886 |
|
Gain on discontinued operations |
|
| (676 | ) |
| (3,957 | ) |
| (3,788 | ) |
| (3,902 | ) |
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| ||||||||
Operating partnership's share of total NOI |
|
| 192,561 |
|
| 169,340 |
|
| 559,248 |
|
| 504,245 |
|
General and administrative expenses |
|
| 9,623 |
|
| 8,305 |
|
| 33,268 |
|
| 29,072 |
|
Management fees and non-property level revenues |
|
| (16,328 | ) |
| (6,707 | ) |
| (30,869 | ) |
| (25,751 | ) |
|
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| ||||||||
Operating partnership's share of property NOI |
|
| 185,856 |
|
| 170,938 |
|
| 561,647 |
|
| 507,566 |
|
NOI of non-comparable centers |
|
| (20,179 | ) |
| (2,587 | ) |
| (64,830 | ) |
| (5,683 | ) |
|
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|
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| ||||||||
Total same-center NOI |
| $ | 165,677 |
| $ | 168,351 |
| $ | 496,817 |
| $ | 501,883 |
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| ||||||||
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Malls |
| $ | 152,498 |
| $ | 152,867 |
| $ | 456,857 |
| $ | 460,437 |
|
Associated centers |
|
| 8,038 |
|
| 8,276 |
|
| 23,896 |
|
| 24,524 |
|
Community centers |
|
| 1,719 |
|
| 1,827 |
|
| 5,036 |
|
| 4,915 |
|
Other |
|
| 3,422 |
|
| 5,381 |
|
| 11,028 |
|
| 12,007 |
|
|
|
|
|
|
| ||||||||
Total same-center NOI |
|
| 165,677 |
|
| 168,351 |
|
| 496,817 |
|
| 501,883 |
|
Less lease termination fees |
|
| (3,255 | ) |
| (157 | ) |
| (7,824 | ) |
| (5,795 | ) |
|
|
|
|
|
| ||||||||
Total same-center NOI, excluding lease termination fees |
| $ | 162,422 |
| $ | 168,194 |
| $ | 488,993 |
| $ | 496,088 |
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Percentage Change: |
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Malls |
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| -0.2 | % |
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| -0.8 | % |
|
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Associated centers |
|
| -2.9 | % |
|
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|
| -2.6 | % |
|
|
|
Community centers |
|
| -5.9 | % |
|
|
|
| 2.5 | % |
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Other |
|
| -36.4 | % |
|
|
|
| -8.2 | % |
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| ||||
Total same-center NOI |
|
| -1.6 | % |
|
|
|
| -1.0 | % |
|
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| ||||
Total same-center NOI, excluding lease termination fees |
|
| -3.4 | % |
|
|
|
| -1.4 | % |
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3
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CBL & Associates Properties, Inc. |
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Company's Share of Consolidated and Unconsolidated Debt |
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(Dollars in thousands) |
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| September 30, 2008 |
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| Fixed Rate |
| Variable Rate |
| Total |
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Consolidated debt |
|
|
|
| $ | 4,499,557 |
| $ | 1,524,192 |
| $ | 6,023,749 |
|
Minority investors' share of consolidated debt |
|
| (23,743 | ) |
| (919 | ) |
| (24,662 | ) | |||
Company's share of unconsolidated affiliates' debt |
|
| 408,719 |
|
| 121,952 |
|
| 530,671 |
| |||
|
|
|
|
|
|
|
| ||||||
Company's share of consolidated and unconsolidated debt |
| $ | 4,884,533 |
| $ | 1,645,225 |
| $ | 6,529,758 |
| |||
|
|
|
|
|
|
|
| ||||||
Weighted average interest rate |
|
|
|
|
| 5.79 | % |
| 4.32 | % |
| 5.42 | % |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| September 30, 2007 |
| |||||||
|
|
|
|
|
| ||||||||
|
|
|
|
| Fixed Rate |
| Variable Rate |
| Total |
| |||
|
|
|
|
|
|
|
| ||||||
Consolidated debt |
|
|
|
| $ | 4,049,524 |
| $ | 1,002,742 |
| $ | 5,052,266 |
|
Minority investors' share of consolidated debt |
|
| (119,797 | ) |
| (288 | ) |
| (120,085 | ) | |||
Company's share of unconsolidated affiliates' debt |
|
| 219,032 |
|
| 42,074 |
|
| 261,106 |
| |||
|
|
|
|
|
|
|
| ||||||
Company's share of consolidated and unconsolidated debt |
| $ | 4,148,759 |
| $ | 1,044,528 |
| $ | 5,193,287 |
| |||
|
|
|
|
|
|
|
| ||||||
Weighted average interest rate |
|
|
|
|
| 5.92 | % |
| 6.33 | % |
| 6.00 | % |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt-To-Total-Market Capitalization Ratio as of September 30, 2008 |
|
| |||||||||||
(In thousands, except stock price) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Shares |
| Stock Price (1) |
| Value |
| |||
|
|
|
|
|
|
|
| ||||||
Common stock and operating partnership units |
|
| 116,972 |
| $ | 20.08 |
| $ | 2,348,798 |
| |||
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 |
|
|
|
|
|
|
|
|
|
|
| 2,638,798 |
|
Company's share of total debt |
|
|
|
|
|
|
|
|
|
|
| 6,529,758 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total market capitalization |
|
|
|
|
|
|
|
|
|
| $ | 9,168,556 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Debt-to-total-market capitalization ratio |
|
|
|
|
|
|
|
|
|
|
| 71.2 | % |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on September 30, 2008. 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 |
| Nine Months Ended |
| ||||||||
|
|
|
| ||||||||||
|
| Basic |
| Diluted |
| Basic |
| Diluted |
| ||||
|
|
|
|
|
| ||||||||
2008: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - EPS |
|
| 66,047 |
|
| 66,209 |
|
| 65,978 |
|
| 66,172 |
|
Weighted average operating partnership units |
|
| 50,635 |
|
| 50,635 |
|
| 50,635 |
|
| 50,635 |
|
|
|
|
|
|
| ||||||||
Weighted average shares- FFO |
|
| 116,682 |
|
| 116,844 |
|
| 116,613 |
|
| 116,807 |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - EPS |
|
| 65,343 |
|
| 65,876 |
|
| 65,233 |
|
| 65,900 |
|
Weighted average operating partnership units |
|
| 50,637 |
|
| 50,637 |
|
| 50,683 |
|
| 50,683 |
|
|
|
|
|
|
| ||||||||
Weighted average shares- FFO |
|
| 115,980 |
|
| 116,513 |
|
| 115,916 |
|
| 116,583 |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Payout Ratio |
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
|
|
| ||||||||||
|
| 2008 |
| 2007 |
| 2008 |
| 2007 |
| ||||
|
|
|
|
|
| ||||||||
Weighted average dividend per share |
| $ | 0.55047 |
| $ | 0.51031 |
| $ | 1.65141 |
| $ | 1.53225 |
|
FFO per diluted, fully converted share |
| $ | 0.82 |
| $ | 0.76 |
| $ | 2.42 |
| $ | 2.27 |
|
|
|
|
|
|
| ||||||||
Dividend payout ratio |
|
| 67.1 | % |
| 67.1 | % |
| 68.2 | % |
| 67.5 | % |
|
|
|
|
|
|
4
|
CBL & Associates Properties, Inc. |
|
|
|
|
|
|
|
|
Consolidated Balance Sheets |
|
|
|
|
|
|
|
(Unaudited, in thousands except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| September 30, |
| December 31, |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Real estate assets: |
|
|
|
|
|
|
|
Land |
| $ | 881,218 |
| $ | 917,578 |
|
Buildings and improvements |
|
| 7,400,040 |
|
| 7,263,907 |
|
|
|
|
| ||||
|
|
| 8,281,258 |
|
| 8,181,485 |
|
Accumulated depreciation |
|
| (1,269,260 | ) |
| (1,102,767 | ) |
|
|
|
| ||||
|
|
| 7,011,998 |
|
| 7,078,718 |
|
Held for Sale |
|
| 120,000 |
|
| __ |
|
Developments in progress |
|
| 280,953 |
|
| 323,560 |
|
|
|
|
| ||||
Net investment in real estate assets |
|
| 7,412,951 |
|
| 7,402,278 |
|
Cash and cash equivalents |
|
| 67,485 |
|
| 65,826 |
|
Cash in escrow |
|
| 2,700 |
|
| __ |
|
Receivables: |
|
|
|
|
|
|
|
Tenant, net of allowance |
|
| 72,766 |
|
| 72,570 |
|
Other |
|
| 12,350 |
|
| 10,257 |
|
Mortgage and other notes receivable |
|
| 49,326 |
|
| 135,137 |
|
Investments in unconsolidated affiliates |
|
| 212,460 |
|
| 142,550 |
|
Intangible lease assets and other assets |
|
| 248,876 |
|
| 276,429 |
|
|
|
|
| ||||
|
| $ | 8,078,914 |
| $ | 8,105,047 |
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Mortgage and other notes payable |
| $ | 6,023,749 |
| $ | 5,869,318 |
|
Accounts payable and accrued liabilities |
|
| 366,839 |
|
| 394,884 |
|
|
|
|
| ||||
Total liabilities |
|
| 6,390,588 |
|
| 6,264,202 |
|
|
|
|
| ||||
Commitments and contingencies |
|
|
|
|
|
|
|
Minority interests |
|
| 851,341 |
|
| 920,297 |
|
|
|
|
| ||||
Shareholders' equity: |
|
|
|
|
|
|
|
Preferred Stock, $.01 par value, 15,000,000 shares authorized: |
|
|
|
|
|
|
|
7.75% Series C Cumulative Redeemable Preferred Stock, 460,000 shares outstanding |
|
| 5 |
|
| 5 |
|
7.375% Series D Cumulative Redeemable Preferred Stock, 700,000 shares outstanding |
|
| 7 |
|
| 7 |
|
Common Stock, $.01 par value, 180,000,000 shares authorized, 66,336,663 and 66,179,747 issued and outstanding in 2008 and 2007, respectively |
|
| 663 |
|
| 662 |
|
Additional paid-in capital |
|
| 1,000,849 |
|
| 990,048 |
|
Accumulated other comprehensive loss |
|
| (5,855 | ) |
| (20 | ) |
Accumulated deficit |
|
| (158,684 | ) |
| (70,154 | ) |
|
|
|
| ||||
Total shareholders' equity |
|
| 836,985 |
|
| 920,548 |
|
|
|
|
| ||||
|
| $ | 8,078,914 |
| $ | 8,105,047 |
|
|
|
|
|
5
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2008
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 |
| Nine Months Ended |
| ||||||||
|
|
|
| ||||||||||
|
| 2008 |
| 2007 |
| 2008 |
| 2007 |
| ||||
|
|
|
|
|
| ||||||||
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
| $ | 9,440 |
| $ | 22,543 |
| $ | 36,187 |
| $ | 70,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 81,961 |
|
| 58,847 |
|
| 228,641 |
|
| 175,946 |
|
Depreciation and amortization from unconsolidated affiliates |
|
| 7,741 |
|
| 3,425 |
|
| 21,112 |
|
| 10,550 |
|
Depreciation and amortization from discontinued operations |
|
| __ |
|
| 46 |
|
| 2,357 |
|
| 980 |
|
Minority investors' share of depreciation and amortization in shopping center properties |
|
| (292 | ) |
| (300 | ) |
| (943 | ) |
| 190 |
|
Interest expense |
|
| 77,057 |
|
| 72,789 |
|
| 233,736 |
|
| 207,730 |
|
Interest expense from unconsolidated affiliates |
|
| 7,038 |
|
| 4,178 |
|
| 20,872 |
|
| 12,576 |
|
Minority investors' share of interest expense in shopping center properties |
|
| (454 | ) |
| (472 | ) |
| (1,357 | ) |
| (365 | ) |
Income taxes |
|
| 9,088 |
|
| 2,981 |
|
| 15,002 |
|
| 6,299 |
|
Loss on extinguishment of debt |
|
| __ |
|
| __ |
|
| __ |
|
| 227 |
|
Impairment of marketable securities |
|
| 5,778 |
|
| __ |
|
| 5,778 |
|
| __ |
|
Abandoned projects |
|
| 33 |
|
| 355 |
|
| 2,944 |
|
| 955 |
|
Minority interest in earnings of operating partnership |
|
| 3,068 |
|
| 13,288 |
|
| 15,195 |
|
| 35,886 |
|
Gain on discontinued operations |
|
| (676 | ) |
| (3,957 | ) |
| (3,788 | ) |
| (3,902 | ) |
|
|
|
|
|
| ||||||||
Company's share of total EBITDA |
| $ | 199,782 |
| $ | 173,723 |
| $ | 575,736 |
| $ | 517,346 |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| $ | 77,057 |
| $ | 72,789 |
| $ | 233,736 |
| $ | 207,730 |
|
Interest expense from unconsolidated affiliates |
|
| 7,038 |
|
| 4,178 |
|
| 20,872 |
|
| 12,576 |
|
Minority investors' share of interest expense in shopping center properties |
|
| (454 | ) |
| (472 | ) |
| (1,357 | ) |
| (365 | ) |
|
|
|
|
|
| ||||||||
Company's share of total interest expense |
| $ | 83,641 |
| $ | 76,495 |
| $ | 253,251 |
| $ | 219,941 |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of EBITDA to Interest Expense |
|
| 2.39 |
|
| 2.27 |
|
| 2.27 |
|
| 2.35 |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
|
|
| ||||||||||
|
| 2008 |
| 2007 |
| 2008 |
| 2007 |
| ||||
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's share of total EBITDA |
| $ | 199,782 |
| $ | 173,723 |
| $ | 575,736 |
| $ | 517,346 |
|
Interest expense |
|
| (77,057 | ) |
| (72,789 | ) |
| (233,736 | ) |
| (207,730 | ) |
Minority investors' share of interest expense in shopping center properties |
|
| 454 |
|
| 472 |
|
| 1,357 |
|
| 365 |
|
Income taxes |
|
| (9,088 | ) |
| (2,981 | ) |
| (15,002 | ) |
| (6,299 | ) |
Amortization of deferred financing costs and non-real estate depreciation included in operating expense |
|
| 2,609 |
|
| 1,618 |
|
| 7,020 |
|
| 5,463 |
|
Amortization of debt premiums |
|
| (1,982 | ) |
| (1,949 | ) |
| (5,918 | ) |
| (5,779 | ) |
Amortization of above- and below- market leases |
|
| (1,788 | ) |
| (2,588 | ) |
| (6,896 | ) |
| (8,280 | ) |
Depreciation and interest expense from unconsolidated affiliates |
|
| (14,779 | ) |
| (7,603 | ) |
| (41,984 | ) |
| (23,126 | ) |
Minority investors' share of depreciation and amortization in shopping center properties |
|
| 292 |
|
| 300 |
|
| 943 |
|
| (190 | ) |
Minority interest in earnings - shopping center properties |
|
| 5,498 |
|
| 2,121 |
|
| 17,949 |
|
| 6,418 |
|
Gains on outparcel sales |
|
| (4,773 | ) |
| (4,337 | ) |
| (12,122 | ) |
| (10,565 | ) |
Income tax benefit from stock options |
|
| 3,736 |
|
| 3,000 |
|
| 7,472 |
|
| 4,139 |
|
Equity in earnings of unconsolidated affiliates |
|
| (515 | ) |
| (1,086 | ) |
| (1,308 | ) |
| (2,768 | ) |
Distributions from unconsolidated affiliates |
|
| 3,961 |
|
| 3,905 |
|
| 10,904 |
|
| 6,924 |
|
Share-based compensation expense |
|
| 1,301 |
|
| 1,317 |
|
| 4,028 |
|
| 4,527 |
|
Changes in operating assets and liabilities |
|
| 15,955 |
|
| 12,270 |
|
| 5,656 |
|
| 29,329 |
|
|
|
|
|
|
| ||||||||
Cash flows provided by operating activities |
| $ | 123,606 |
| $ | 105,393 |
| $ | 314,099 |
| $ | 309,774 |
|
|
|
|
|
|
|
6
|
CBL & Associates Properties, Inc. |
Supplemental Financial And Operating Information |
For the Three Months and Nine Months Ended September 30, 2008 |
|
Schedule of Mortgage and Other Notes Payable as of September 30, 2008 |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Original |
| Optional |
|
|
|
|
|
|
| |||||||
|
| Property |
|
|
| Interest |
| Balance |
| Balance |
| |||||||||
|
|
|
|
|
|
| ||||||||||||||
Location |
|
|
|
|
|
| Fixed |
| Variable |
| ||||||||||
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Stillwater, OK |
| Lakeview Pointe |
| Nov-08 |
|
| Nov-10 |
| 3.73 | % |
| $ | 19,238 |
| $ | __ |
| $ | 19,238 |
|
Milford, CT |
| Milford Marketplace |
| Dec-08 |
|
| Dec-09 |
| 3.75 | % |
|
| 18,808 |
|
| __ |
|
| 18,808 |
|
High Point, NC |
| Oak Hollow Mall |
| Feb-09 |
|
| Feb-14 |
| 7.31 | % |
|
| 38,345 |
|
| 38,345 |
|
| __ |
|
Cary, NC |
| Cary Towne Center |
| Mar-09 |
|
| __ |
| 6.85 | % |
|
| 82,560 |
|
| 82,560 |
|
| __ |
|
Daytona Beach, FL |
| Volusia Mall |
| Mar-09 |
|
| __ |
| 4.75 | % |
|
| 51,735 |
|
| 51,735 |
|
| __ |
|
Fairview Heights, IL |
| St. Clair Square |
| Apr-09 |
|
| __ |
| 7.00 | % |
|
| 60,248 |
|
| 60,248 |
|
| __ |
|
Terre Haute, IN |
| Honey Creek Mall |
| May-09 |
|
| __ |
| 4.75 | % |
|
| 30,517 |
|
| 30,517 |
|
| __ |
|
Chattanooga, TN |
| CBL Center II |
| Aug-09 |
|
| Aug-10 |
| 3.74 | % |
|
| 11,490 |
|
| __ |
|
| 11,490 |
|
Burlington, NC |
| Alamance Crossing |
| Sep-09 |
|
| Sep-11 |
| 4.67 | % |
|
| 73,917 |
|
| __ |
|
| 73,917 |
|
Meridian, MS |
| Bonita Lakes Mall |
| Oct-09 |
|
| __ |
| 6.82 | % |
|
| 23,545 |
|
| 23,545 |
|
| __ |
|
Meridian, MS |
| Bonita Lakes Crossing |
| Oct-09 |
|
| __ |
| 6.82 | % |
|
| 7,377 |
|
| 7,377 |
|
| __ |
|
Cincinnati, OH |
| Eastgate Mall |
| Dec-09 |
|
| __ |
| 4.55 | % |
|
| 53,592 | (a) |
| 53,592 |
|
| __ |
|
Pearland, TX |
| Pearland Town Center |
| Jul-09 |
|
| Jul-12 |
| 4.21 | % |
|
| 110,860 |
|
| __ |
|
| 110,860 |
|
Little Rock, AR |
| Park Plaza Mall |
| May-10 |
|
| __ |
| 4.90 | % |
|
| 39,528 |
|
| 39,528 |
|
| __ |
|
Spartanburg, SC |
| WestGate Crossing |
| Jul-10 |
|
| __ |
| 8.42 | % |
|
| 9,186 |
|
| 9,186 |
|
| __ |
|
Burnsville, MN |
| Burnsville Center |
| Aug-10 |
|
| __ |
| 8.00 | % |
|
| 63,867 |
|
| 63,867 |
|
| __ |
|
Roanoke, VA |
| Valley View Mall |
| Sep-10 |
|
| __ |
| 5.10 | % |
|
| 42,031 |
|
| 42,031 |
|
| __ |
|
Beaumont, TX |
| Parkdale Mall |
| Sep-10 |
|
| __ |
| 5.01 | % |
|
| 50,499 |
|
| 50,499 |
|
| __ |
|
Beaumont, TX |
| Parkdale Crossing |
| Sep-10 |
|
| __ |
| 5.01 | % |
|
| 7,973 |
|
| 7,973 |
|
| __ |
|
Nashville, TN |
| CoolSprings Galleria |
| Sep-10 |
|
| __ |
| 6.22 | % |
|
| 123,790 |
|
| 123,790 |
|
| __ |
|
Stroud, PA |
| Stroud Mall |
| Dec-10 |
|
| __ |
| 8.42 | % |
|
| 30,308 |
|
| 30,308 |
|
| __ |
|
Wausau, WI |
| Wausau Center |
| Dec-10 |
|
| __ |
| 6.70 | % |
|
| 11,807 |
|
| 11,807 |
|
| __ |
|
York, PA |
| York Galleria |
| Dec-10 |
|
| __ |
| 8.34 | % |
|
| 48,429 |
|
| 48,429 |
|
| __ |
|
Lexington, KY |
| Fayette Mall |
| Jul-11 |
|
| __ |
| 7.00 | % |
|
| 89,062 |
|
| 89,062 |
|
| __ |
|
St. Peters, MO |
| Mid Rivers Mall |
| Jul-11 |
|
| __ |
| 5.66 | % |
|
| 78,748 |
|
| 78,748 |
|
| __ |
|
Panama City, FL |
| Panama City Mall |
| Aug-11 |
|
| __ |
| 7.30 | % |
|
| 37,885 |
|
| 37,885 |
|
| __ |
|
Asheville, NC |
| Asheville Mall |
| Sep-11 |
|
| __ |
| 6.98 | % |
|
| 64,922 |
|
| 64,922 |
|
| __ |
|
Nashville, TN |
| Rivergate Mall |
| Oct-11 |
|
| Oct-13 |
| 6.08 | % |
|
| 87,500 |
|
| __ |
|
| 87,500 |
|
Ft. Smith, AR |
| Massard Crossing |
| Feb-12 |
|
| __ |
| 7.54 | % |
|
| 5,595 |
|
| 5,595 |
|
| __ |
|
Houston, TX |
| Willowbrook Plaza |
| Feb-12 |
|
| __ |
| 7.54 | % |
|
| 28,630 |
|
| 28,630 |
|
| __ |
|
Vicksburg, MS |
| Pemberton Plaza |
| Feb-12 |
|
| __ |
| 7.54 | % |
|
| 1,912 |
|
| 1,912 |
|
| __ |
|
Fayetteville, NC |
| Cross Creek Mall |
| Apr-12 |
|
| __ |
| 5.00 | % |
|
| 60,293 |
|
| 60,293 |
|
| __ |
|
Colonial Heights, VA |
| Southpark Mall |
| May-12 |
|
| __ |
| 5.10 | % |
|
| 34,412 |
|
| 34,412 |
|
| __ |
|
Asheboro, NC |
| Randolph Mall |
| Jul-12 |
|
| __ |
| 6.50 | % |
|
| 13,798 |
|
| 13,798 |
|
| __ |
|
Douglasville, GA |
| Arbor Place |
| Jul-12 |
|
| __ |
| 6.51 | % |
|
| 71,638 |
|
| 71,638 |
|
| __ |
|
Douglasville, GA |
| The Landing at Arbor Place |
| Jul-12 |
|
| __ |
| 6.51 | % |
|
| 8,087 |
|
| 8,087 |
|
| __ |
|
Jackson, TN |
| Old Hickory Mall |
| Jul-12 |
|
| __ |
| 6.51 | % |
|
| 31,644 |
|
| 31,644 |
|
| __ |
|
Louisville, KY |
| Jefferson Mall |
| Jul-12 |
|
| __ |
| 6.51 | % |
|
| 39,906 |
|
| 39,906 |
|
| __ |
|
North Charleston, SC |
| Northwoods Mall |
| Jul-12 |
|
| __ |
| 6.51 | % |
|
| 57,134 |
|
| 57,134 |
|
| __ |
|
Racine, WI |
| Regency Mall |
| Jul-12 |
|
| __ |
| 6.51 | % |
|
| 31,292 |
|
| 31,292 |
|
| __ |
|
Saginaw, MI |
| Fashion Square |
| Jul-12 |
|
| __ |
| 6.51 | % |
|
| 54,849 |
|
| 54,849 |
|
| __ |
|
Spartanburg, SC |
| WestGate Mall |
| Jul-12 |
|
| __ |
| 6.50 | % |
|
| 49,567 |
|
| 49,567 |
|
| __ |
|
Chattanooga, TN |
| CBL Center |
| Aug-12 |
|
| __ |
| 6.25 | % |
|
| 13,740 |
|
| 13,740 |
|
| __ |
|
Livonia, MI |
| Laurel Park Place |
| Dec-12 |
|
| __ |
| 5.00 | % |
|
| 48,299 |
|
| 48,299 |
|
| __ |
|
Monroeville, PA |
| Monroeville Mall |
| Jan-13 |
|
| __ |
| 5.30 | % |
|
| 121,663 |
|
| 121,663 |
|
| __ |
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Original |
| Optional |
|
|
|
|
|
|
| |||||||
|
| Property |
|
|
| Interest |
| Balance |
| Balance |
| |||||||||
|
|
|
|
|
|
| ||||||||||||||
Location |
|
|
|
|
|
| Fixed |
| Variable |
| ||||||||||
| ||||||||||||||||||||
Greensburg, PA |
| Westmoreland Mall |
| Mar-13 |
|
| __ |
| 5.05 | % |
|
| 74,248 |
|
| 74,248 |
|
| __ |
|
St. Louis, MO |
| West County Center |
| Apr-13 |
|
| __ |
| 5.82 | % |
|
| 156,052 |
|
| 156,052 |
|
| __ |
|
Columbia, SC |
| Columbia Place |
| Sep-13 |
|
| __ |
| 5.45 | % |
|
| 30,329 |
|
| 30,329 |
|
| __ |
|
St. Louis, MO |
| South County Center |
| Oct-13 |
|
| __ |
| 5.50 | % |
|
| 79,410 |
|
| 79,410 |
|
| __ |
|
Joplin, MO |
| Northpark Mall |
| Mar-14 |
|
| __ |
| 5.50 | % |
|
| 38,312 |
|
| 38,312 |
|
| __ |
|
Laredo, TX |
| Mall del Norte |
| Dec-14 |
|
| __ |
| 5.04 | % |
|
| 113,400 |
|
| 113,400 |
|
| __ |
|
Rockford, IL |
| CherryVale Mall |
| Oct-15 |
|
| __ |
| 5.00 | % |
|
| 89,754 |
|
| 89,754 |
|
| __ |
|
Brookfield, IL |
| Brookfield Square |
| Nov-15 |
|
| __ |
| 5.08 | % |
|
| 100,461 |
|
| 100,461 |
|
| __ |
|
Madison, WI |
| East Towne Mall |
| Nov-15 |
|
| __ |
| 5.00 | % |
|
| 76,497 |
|
| 76,497 |
|
| __ |
|
Madison, WI |
| West Towne Mall |
| Nov-15 |
|
| __ |
| 5.00 | % |
|
| 108,052 |
|
| 108,052 |
|
| __ |
|
Bloomington, IL |
| Eastland Mall |
| Dec-15 |
|
| __ |
| 5.85 | % |
|
| 59,400 |
|
| 59,400 |
|
| __ |
|
Decatur, IL |
| Hickory Point Mall |
| Dec-15 |
|
| __ |
| 5.85 | % |
|
| 31,937 |
|
| 31,937 |
|
| __ |
|
Overland Park, KS |
| Oak Park Mall |
| Dec-15 |
|
| __ |
| 5.85 | % |
|
| 275,700 |
|
| 275,700 |
|
| __ |
|
Janesville, WI |
| Janesville Mall |
| Apr-16 |
|
| __ |
| 8.38 | % |
|
| 10,401 |
|
| 10,401 |
|
| __ |
|
Akron, OH |
| Chapel Hill Mall |
| Aug-16 |
|
| __ |
| 6.10 | % |
|
| 75,001 |
|
| 75,001 |
|
| __ |
|
Chattanooga, TN |
| Hamilton Place |
| Aug-16 |
|
| __ |
| 5.86 | % |
|
| 113,827 |
|
| 113,827 |
|
| __ |
|
Chesapeake, VA |
| Greenbrier Mall |
| Aug-16 |
|
| __ |
| 5.91 | % |
|
| 82,715 |
|
| 82,715 |
|
| __ |
|
Midland, MI |
| Midland Mall |
| Aug-16 |
|
| __ |
| 6.10 | % |
|
| 37,013 |
|
| 37,013 |
|
| __ |
|
St. Louis, MO |
| Chesterfield Mall |
| Sep-16 |
|
| __ |
| 5.96 | % |
|
| 140,000 |
|
| 140,000 |
|
| __ |
|
Southaven, MS |
| Southaven Towne Center |
| Jan-17 |
|
| __ |
| 5.50 | % |
|
| 44,948 |
|
| 44,948 |
|
| __ |
|
Charleston, SC |
| Citadel Mall |
| Apr-17 |
|
| __ |
| 5.68 | % |
|
| 73,795 |
|
| 73,795 |
|
| __ |
|
Chattanooga, TN |
| Hamilton Corner |
| Apr-17 |
|
| __ |
| 5.67 | % |
|
| 16,746 |
|
| 16,746 |
|
| __ |
|
Fairview Heights, IL |
| The Shoppes at St. Clair Square | Apr-17 |
|
| __ |
| 5.67 | % |
|
| 22,079 |
|
| 22,079 |
|
| __ |
| |
Lafayette, LA |
| Mall of Acadiana |
| Apr-17 |
|
| __ |
| 5.67 | % |
|
| 147,582 |
|
| 147,582 |
|
| __ |
|
Layton, UT |
| Layton Hills Mall |
| Apr-17 |
|
| __ |
| 5.66 | % |
|
| 105,483 |
|
| 105,483 |
|
| __ |
|
Lexington, KY |
| The Plaza at Fayette Mall |
| Apr-17 |
|
| __ |
| 5.67 | % |
|
| 43,568 |
|
| 43,568 |
|
| __ |
|
Cincinnati, OH |
| Eastgate Crossing |
| May-17 |
|
| __ |
| 5.66 | % |
|
| 16,425 |
|
| 16,425 |
|
| __ |
|
Nashville, TN |
| Hickory Hollow Mall |
| Oct-18 |
|
| __ |
| 6.00 | % |
|
| 36,615 |
|
| 36,615 |
|
| __ |
|
Winston-Salem, NC |
| Hanes Mall |
| Oct-18 |
|
| __ |
| 7.31 | % |
|
| 164,000 |
|
| 164,000 |
|
| __ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| SUBTOTAL |
|
|
|
|
|
|
|
|
| $ | 4,403,976 |
| $ | 4,082,163 |
| $ | 321,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Weighted average interest rate |
|
|
|
|
|
|
|
|
|
|
|
| 5.91 | % |
| 5.95 | % |
| 5.04 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Premiums (Discounts): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daytona Beach, FL |
| Volusia Mall |
| Mar-09 |
|
| __ |
| 4.75 | % |
| $ | 496 |
| $ | 496 |
| $ | __ |
|
Terre Haute, IN |
| Honey Creek Mall |
| Apr-09 |
|
| __ |
| 4.75 | % |
|
| 436 |
|
| 436 |
|
| __ |
|
Little Rock, AR |
| Park Plaza Mall |
| May-10 |
|
| __ |
| 4.90 | % |
|
| 2,166 |
|
| 2,166 |
|
| __ |
|
Roanoke, VA |
| Valley View Mall |
| Sep-10 |
|
| __ |
| 5.10 | % |
|
| 2,760 |
|
| 2,760 |
|
| __ |
|
St. Peters, MO |
| Mid Rivers Mall |
| Jul-11 |
|
| __ |
| 5.66 | % |
|
| 3,630 |
|
| 3,630 |
|
| __ |
|
Fayetteville, NC |
| Cross Creek Mall |
| Apr-12 |
|
| __ |
| 5.00 | % |
|
| 4,601 |
|
| 4,601 |
|
| __ |
|
Colonial Heights, VA |
| Southpark Mall |
| May-12 |
|
| __ |
| 5.10 | % |
|
| 2,075 |
|
| 2,075 |
|
| __ |
|
Livonia, MI |
| Laurel Park Place |
| Dec-12 |
|
| __ |
| 5.00 | % |
|
| 6,112 |
|
| 6,112 |
|
| __ |
|
Monroeville, PA |
| Monroeville Mall |
| Jan-13 |
|
| __ |
| 5.30 | % |
|
| 1,913 |
|
| 1,913 |
|
| __ |
|
St. Louis, MO |
| West County Center |
| Apr-13 |
|
| __ |
| 5.82 | % |
|
| (3,665 | ) |
| (3,665 | ) |
| __ |
|
St. Louis, MO |
| South County Center |
| Oct-13 |
|
| __ |
| 5.50 | % |
|
| (1,805 | ) |
| (1,805 | ) |
| __ |
|
Joplin, MO |
| Northpark Mall |
| Mar-14 |
|
| __ |
| 5.50 | % |
|
| 416 |
|
| 416 |
|
| __ |
|
St. Louis, MO |
| Chesterfield Mall |
| Sep-16 |
|
| __ |
| 5.96 | % |
|
| (2,125 | ) |
| (2,125 | ) |
| __ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| SUBTOTAL |
|
|
|
|
|
|
|
|
| $ | 17,010 |
| $ | 17,010 |
| $ | __ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Weighted average interest rate |
|
|
|
|
|
|
|
|
|
|
|
| 4.84 | % |
| 4.84 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans On Operating Properties And Debt Premiums (Discounts) |
|
|
|
| $ | 4,420,986 |
| $ | 4,099,173 |
| $ | 321,813 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Weighted average interest rate |
|
|
|
|
|
|
|
|
|
|
|
| 5.90 | % |
| 5.95 | % |
| 5.04 | % |
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Original |
| Optional |
|
|
|
|
|
|
| |||||||
|
| Property |
|
|
| Interest |
| Balance |
| Balance |
| |||||||||
|
|
|
|
|
|
| ||||||||||||||
Location |
|
|
|
|
|
| Fixed |
| Variable |
| ||||||||||
| ||||||||||||||||||||
Construction Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pittsburgh, PA |
| Settler's Ridge |
| Dec-10 |
|
| Dec-12 |
| 3.39 | % |
| $ | 10,931 |
| $ | __ |
| $ | 10,931 |
|
Statesboro, GA |
| Statesboro Crossing |
| Feb-11 |
|
| Feb-13 |
| 4.03 | % |
|
| 12,176 |
|
| __ |
|
| 12,176 |
|
St. Louis, MO |
| West County Center - Former Lord & Taylor |
| Mar-11 |
|
| Mar-13 |
| 4.03 | % |
|
| 16,740 |
|
| __ |
|
| 16,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| SUBTOTAL |
|
|
|
|
|
|
|
|
| $ | 39,847 |
|
| __ |
| $ | 39,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Facilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured credit facility, $560,000 capacity |
| Aug-09 |
|
| Aug-11 |
| 3.86 | % |
| $ | 502,000 |
| $ | __ |
| $ | 502,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Secured credit facilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$524,850 capacity |
|
|
| Feb-09 |
|
| Feb-10 |
| 4.44 | % |
|
| 524,850 | (b) |
| 400,000 |
|
| 124,850 |
|
$105,000 capacity |
|
|
| Jun-10 |
|
| __ |
| 3.97 | % |
|
| 49,000 |
|
| __ |
|
| 49,000 |
|
$20,000 capacity |
|
|
| Mar-10 |
|
| __ |
| 3.28 | % |
|
| 20,000 |
|
| __ |
|
| 20,000 |
|
$17,200 capacity |
|
|
| Apr-10 |
|
| __ |
| 3.83 | % |
|
| 17,200 |
|
| __ |
|
| 17,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total secured facilities |
|
|
|
|
|
|
|
| 4.31 | % |
|
| 611,050 |
|
| 400,000 |
|
| 211,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Unsecured term facilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General |
|
|
| Apr-11 |
|
| Apr-13 |
| 4.79 | % |
|
| 228,000 |
|
| __ |
|
| 228,000 |
|
Starmount |
|
|
| Nov-10 |
|
| Nov-12 |
| 4.66 | % |
|
| 221,482 |
|
| __ |
|
| 221,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total term facilities |
|
|
|
|
|
|
|
| 4.73 | % |
|
| 449,482 |
|
| __ |
|
| 449,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| SUBTOTAL |
|
|
|
|
|
| 3.16 | % |
| $ | 1,562,532 |
| $ | 400,000 |
| $ | 1,162,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
| $ | 384 |
| $ | 384 |
| $ | __ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consolidated Debt |
|
|
|
|
|
|
|
|
|
|
| $ | 6,023,749 |
| $ | 4,499,557 |
| $ | 1,524,192 |
|
Weighted average interest rate |
|
|
|
|
|
|
|
|
|
|
|
| 5.44 | % |
| 5.81 | % |
| 4.34 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus CBL's Share Of Unconsolidated Affiliates' Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Huntsville, AL |
| Parkway Place |
| Jun-09 |
|
| Jun-10 |
| 3.47 | % |
| $ | 26,471 |
| $ | __ |
| $ | 26,471 |
|
Ft. Myers, FL |
| Gulf Coast Town Center Phase III |
| Apr-10 |
|
| Apr-12 |
| 3.99 | % |
|
| 9,252 |
|
| __ |
|
| 9,252 |
|
Lee's Summit, MO |
| Summit Fair |
| Jun-10 |
|
| __ |
| 4.62 | % |
|
| 8,779 | (c) |
| __ |
|
| 8,779 |
|
Del Rio, TX |
| Plaza del Sol |
| Aug-10 |
|
| __ |
| 9.15 | % |
|
| 705 |
|
| 705 |
|
| __ |
|
West Melbourne, FL |
| Hammock Landing |
| Aug-10 |
|
| Aug-13 |
| 4.49 | % |
|
| 23,522 |
|
| __ |
|
| 23,522 |
|
West Melbourne, FL |
| Hammock Landing |
| Aug-10 |
|
| Aug-11 |
| 4.49 | % |
|
| 3,640 |
|
| __ |
|
| 3,640 |
|
Port Orange, FL |
| The Pavilion at Port Orange |
| Jun-11 |
|
| Jun-13 |
| 4.60 | % |
|
| 21,984 |
|
| __ |
|
| 21,984 |
|
Port Orange, FL |
| The Pavilion at Port Orange |
| Jun-11 |
|
| Jun-12 |
| 3.72 | % |
|
| 8,300 |
|
| __ |
|
| 8,300 |
|
York, PA |
| York Town Center |
| Oct-11 |
|
| __ |
| 3.74 | % |
|
| 20,004 |
|
| __ |
|
| 20,004 |
|
Greensboro, NC |
| Friendly Center |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 38,812 |
|
| 38,812 |
|
| __ |
|
Greensboro, NC |
| Renaissance Center Phase II |
| Apr-13 |
|
| __ |
| 5.22 | % |
|
| 7,850 |
|
| 7,850 |
|
| __ |
|
Greensboro, NC |
| Friendly Center Office Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 1,100 |
|
| 1,100 |
|
| __ |
|
Greensboro, NC |
| First National Bank Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 404 |
|
| 404 |
|
| __ |
|
Greensboro, NC |
| Green Valley Office Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 971 |
|
| 971 |
|
| __ |
|
Greensboro, NC |
| First Citizens Bank Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 2,555 |
|
| 2,555 |
|
| __ |
|
Greensboro, NC |
| Bank of America Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 4,625 |
|
| 4,625 |
|
| __ |
|
Greensboro, NC |
| Wachovia Office Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 1,533 |
|
| 1,533 |
|
| __ |
|
Myrtle Beach, SC |
| Coastal Grand-Myrtle Beach |
| Oct-14 |
|
| __ |
| 5.09 | % |
|
| 45,701 | (d) |
| 45,701 |
|
| __ |
|
El Centro, CA |
| Imperial Valley Mall |
| Sep-15 |
|
| __ |
| 4.99 | % |
|
| 34,370 |
|
| 34,370 |
|
| __ |
|
Raleigh, NC |
| Triangle Town Center |
| Dec-15 |
|
| __ |
| 5.74 | % |
|
| 98,894 |
|
| 98,894 |
|
| __ |
|
Greensboro, NC |
| Renaissance Center Phase I |
| Jul-16 |
|
| __ |
| 5.61 | % |
|
| 18,114 |
|
| 18,114 |
|
| __ |
|
Clarksville, TN |
| Governor's Square Mall |
| Sep-16 |
|
| __ |
| 8.23 | % |
|
| 13,125 |
|
| 13,125 |
|
| __ |
|
Paducah, KY |
| Kentucky Oaks Mall |
| Jan-17 |
|
| __ |
| 5.27 | % |
|
| 14,282 |
|
| 14,282 |
|
| __ |
|
Greensboro, NC |
| Shops at Friendly Center |
| Jan-17 |
|
| __ |
| 5.90 | % |
|
| 22,021 |
|
| 22,021 |
|
| __ |
|
Harrisburg, PA |
| High Pointe Commons |
| May-17 |
|
| __ |
| 5.74 | % |
|
| 7,649 |
|
| 7,649 |
|
| __ |
|
Harrisburg, PA |
| High Pointe Commons Phase II |
| Jul-17 |
|
| __ |
| 6.10 | % |
|
| 608 |
|
| 608 |
|
| __ |
|
Ft. Myers, FL |
| Gulf Coast Town Center |
| Jul-17 |
|
| __ |
| 5.60 | % |
|
| 95,400 |
|
| 95,400 |
|
| __ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| SUBTOTAL |
|
|
|
|
|
|
|
|
| $ | 530,671 |
| $ | 408,719 |
| $ | 121,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Original |
| Optional |
|
|
|
|
|
|
| |||||||
|
| Property |
|
|
| Interest |
| Balance |
| Balance |
| |||||||||
|
|
|
|
|
|
| ||||||||||||||
Location |
|
|
|
|
|
| Fixed |
| Variable |
| ||||||||||
| ||||||||||||||||||||
|
| Minority Interest |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Less Minority Interests' Share Of Consolidated Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Chattanooga, TN |
| CBL Center |
| 8.00 | % |
|
|
| 6.25 | % |
| $ | (1,099 | ) | $ | (1,099 | ) | $ | __ |
|
Chattanooga, TN |
| CBL Center II |
| 8.00 | % |
|
|
| 3.74 | % |
|
| (919 | ) |
| __ |
|
| (919 | ) |
Chattanooga, TN |
| Hamilton Corner |
| 10.00 | % |
|
|
| 5.67 | % |
|
| (1,675 | ) |
| (1,675 | ) |
| __ |
|
Chattanooga, TN |
| Hamilton Place |
| 10.00 | % |
|
|
| 5.86 | % |
|
| (11,383 | ) |
| (11,383 | ) |
| __ |
|
Highpoint, NC |
| Oak Hollow Mall |
| 25.00 | % |
|
|
| 7.31 | % |
|
| (9,586 | ) |
| (9,586 | ) |
| __ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| SUBTOTAL |
|
|
|
|
|
|
|
|
| $ | (24,662 | ) | $ | (23,743 | ) | $ | (919 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's Share Of Consolidated And Unconsolidated Debt |
|
|
|
|
|
|
| $ | 6,529,758 |
| $ | 4,884,533 |
| $ | 1,645,225 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Weighted average interest rate |
|
|
|
|
|
|
|
|
|
|
|
| 5.42 | % |
| 5.79 | % |
| 4.32 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt of Unconsolidated Affiliates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Huntsville, AL |
| Parkway Place |
| Jun-09 |
|
| Jun-10 |
| 3.47 | % |
| $ | 52,942 |
| $ | __ |
| $ | 52,942 |
|
Ft. Myers, FL |
| Gulf Coast Town Center Phase III |
| Apr-10 |
|
| Apr-12 |
| 3.99 | % |
|
| 9,252 |
|
| __ |
|
| 9,252 |
|
Lee's Summit, MO |
| Summit Fair |
| Jun-10 |
|
| __ |
| 4.62 | % |
|
| 32,515 |
|
| __ |
|
| 32,515 |
|
Del Rio, TX |
| Plaza del Sol |
| Aug-10 |
|
| __ |
| 9.15 | % |
|
| 1,394 |
|
| 1,394 |
|
| __ |
|
West Melbourne, FL |
| Hammock Landing |
| Aug-10 |
|
| Aug-13 |
| 4.49 | % |
|
| 23,522 |
|
| __ |
|
| 23,522 |
|
West Melbourne, FL |
| Hammock Landing |
| Aug-10 |
|
| Aug-11 |
| 4.49 | % |
|
| 3,640 |
|
| __ |
|
| 3,640 |
|
Port Orange, FL |
| The Pavilion at Port Orange |
| Jun-11 |
|
| Jun-13 |
| 4.60 | % |
|
| 21,984 |
|
| __ |
|
| 21,984 |
|
Port Orange, FL |
| The Pavilion at Port Orange |
| Jun-11 |
|
| Jun-12 |
| 3.72 | % |
|
| 8,300 |
|
| __ |
|
| 8,300 |
|
York, PA |
| York Town Center |
| Oct-11 |
|
| __ |
| 3.74 | % |
|
| 40,008 |
|
| __ |
|
| 40,008 |
|
Greensboro, NC |
| Friendly Center |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 77,625 |
|
| 77,625 |
|
| __ |
|
Greensboro, NC |
| Renaissance Center Phase II |
| Apr-13 |
|
| __ |
| 5.22 | % |
|
| 15,700 |
|
| 15,700 |
|
| __ |
|
Greensboro, NC |
| Friendly Center Office Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 2,199 |
|
| 2,199 |
|
| __ |
|
Greensboro, NC |
| First National Bank Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 809 |
|
| 809 |
|
| __ |
|
Greensboro, NC |
| Green Valley Office Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 1,941 |
|
| 1,941 |
|
| __ |
|
Greensboro, NC |
| First Citizens Bank Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 5,110 |
|
| 5,110 |
|
| __ |
|
Greensboro, NC |
| Bank of America Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 9,250 |
|
| 9,250 |
|
| __ |
|
Greensboro, NC |
| Wachovia Office Building |
| Apr-13 |
|
| __ |
| 5.33 | % |
|
| 3,066 |
|
| 3,066 |
|
| __ |
|
Myrtle Beach, SC |
| Coastal Grand-Myrtle Beach |
| Oct-14 |
|
| __ |
| 5.09 | % |
|
| 91,403 | (d) |
| 91,403 |
|
| __ |
|
El Centro, CA |
| Imperial Valley Mall |
| Sep-15 |
|
| __ |
| 4.99 | % |
|
| 57,283 |
|
| 57,283 |
|
| __ |
|
Raleigh, NC |
| Triangle Town Center |
| Dec-15 |
|
| __ |
| 5.74 | % |
|
| 197,788 |
|
| 197,788 |
|
| __ |
|
Greensboro, NC |
| Renaissance Center Phase I |
| Jul-16 |
|
| __ |
| 5.61 | % |
|
| 36,227 |
|
| 36,227 |
|
| __ |
|
Clarksville, TN |
| Governor's Square Mall |
| Sep-16 |
|
| __ |
| 8.23 | % |
|
| 27,632 |
|
| 27,632 |
|
| __ |
|
Paducah, KY |
| Kentucky Oaks Mall |
| Jan-17 |
|
| __ |
| 5.27 | % |
|
| 28,563 |
|
| 28,563 |
|
| __ |
|
Greensboro, NC |
| Shops at Friendly Center |
| Jan-17 |
|
| __ |
| 5.90 | % |
|
| 44,043 |
|
| 44,043 |
|
| __ |
|
Harrisburg, PA |
| High Pointe Commons |
| May-17 |
|
| __ |
| 5.74 | % |
|
| 15,298 |
|
| 15,298 |
|
| __ |
|
Harrisburg, PA |
| High Pointe Commons Phase II |
| Jul-17 |
|
| __ |
| 6.10 | % |
|
| 1,215 |
|
| 1,215 |
|
| __ |
|
Ft. Myers, FL |
| Gulf Coast Town Center |
| Jul-17 |
|
| __ |
| 5.60 | % |
|
| 190,800 |
|
| 190,800 |
|
| __ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| $ | 999,509 |
| $ | 807,346 |
| $ | 192,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Weighted average interest rate |
|
|
|
|
|
|
|
|
|
|
|
| 5.30 | % |
| 5.60 | % |
| 4.03 | % |
|
|
(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) | The Company has entered into interest rate swaps on a total notional amount of $400,000 related to its largest secured credit facility to effectively fix the interest rate on that portion of the credit line. Therefore, this amount is currently reflected as having a fixed rate. |
|
|
(c) | Represents the 27% share of the outstanding balance of the construction financing that the Company has guaranteed. The maximum amount that the Company has guaranteed is $31,554. |
|
|
(d) | 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. |
10
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2008
Schedule of Maturities of Mortgage and Other Notes Payable as of September 30, 2008
(Dollars in thousands)
Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
| Consolidated Debt |
| CBL's Share of |
| Minority Interests' |
| CBL's Share of |
| % of Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
2008 |
| $ | __ |
| $ | __ |
| $ | __ |
| $ | __ |
|
| 0.00 | % |
2009 |
|
| 328,382 |
|
| __ |
|
| (9,586 | ) |
| 318,796 |
|
| 4.88 | % |
2010 |
|
| 1,069,196 |
|
| 35,955 |
|
| (919 | ) |
| 1,104,232 |
|
| 16.91 | % |
2011 |
|
| 846,534 |
|
| 23,644 |
|
| __ |
|
| 870,178 |
|
| 13.33 | % |
2012 |
|
| 894,069 |
|
| 17,552 |
|
| (1,099 | ) |
| 910,522 |
|
| 13.94 | % |
2013 |
|
| 806,118 |
|
| 103,356 |
|
| __ |
|
| 909,474 |
|
| 13.93 | % |
2014 |
|
| 190,057 |
|
| 45,701 |
|
| __ |
|
| 235,758 |
|
| 3.61 | % |
2015 |
|
| 741,801 |
|
| 133,264 |
|
| __ |
|
| 875,065 |
|
| 13.40 | % |
2016 |
|
| 458,957 |
|
| 31,239 |
|
| (11,383 | ) |
| 478,813 |
|
| 7.33 | % |
2017 |
|
| 470,626 |
|
| 139,960 |
|
| (1,675 | ) |
| 608,911 |
|
| 9.33 | % |
2018 |
|
| 200,615 |
|
| __ |
|
| __ |
|
| 200,615 |
|
| 3.07 | % |
Thereafter |
|
| 384 |
|
| __ |
|
| __ |
|
| 384 |
|
| 0.01 | % |
|
| |||||||||||||||
Face Amount of Debt |
|
| 6,006,739 |
|
| 530,671 |
|
| (24,662 | ) |
| 6,512,748 |
|
| 99.74 | % |
Net Premiums on Debt |
|
| 17,010 |
|
| __ |
|
| __ |
|
| 17,010 |
|
| 0.26 | % |
|
| |||||||||||||||
Total |
| $ | 6,023,749 |
| $ | 530,671 |
| $ | (24,662 | ) | $ | 6,529,758 |
|
| 100.00 | % |
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on Original Maturity Dates as of September 30, 2008: | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
| Consolidated Debt |
| CBL's Share of Unconsolidated Affiliates' Debt |
| Minority Interests' Share of Consolidated Debt |
| CBL's Share of Consolidated and Unconsolidated Debt |
| % of Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008 |
| $ | 38,046 |
| $ | __ |
| $ | __ |
| $ | 38,046 |
|
| 0.58 | % |
2009 |
|
| 1,571,036 |
|
| 26,471 |
|
| (10,505 | ) |
| 1,587,002 |
|
| 24.30 | % |
2010 |
|
| 746,031 |
|
| 45,898 |
|
| __ |
|
| 791,929 |
|
| 12.13 | % |
2011 |
|
| 615,033 |
|
| 50,288 |
|
| __ |
|
| 665,321 |
|
| 10.19 | % |
2012 |
|
| 550,796 |
|
| __ |
|
| (1,099 | ) |
| 549,697 |
|
| 8.42 | % |
2013 |
|
| 461,702 |
|
| 57,850 |
|
| __ |
|
| 519,552 |
|
| 7.96 | % |
2014 |
|
| 151,712 |
|
| 45,701 |
|
| __ |
|
| 197,413 |
|
| 3.02 | % |
2015 |
|
| 741,801 |
|
| 133,264 |
|
| __ |
|
| 875,065 |
|
| 13.40 | % |
2016 |
|
| 458,957 |
|
| 31,239 |
|
| (11,383 | ) |
| 478,813 |
|
| 7.33 | % |
2017 |
|
| 470,626 |
|
| 139,960 |
|
| (1,675 | ) |
| 608,911 |
|
| 9.33 | % |
2018 |
|
| 200,615 |
|
| __ |
|
| __ |
|
| 200,615 |
|
| 3.07 | % |
Thereafter |
|
| 384 |
|
| __ |
|
| __ |
|
| 384 |
|
| 0.01 | % |
|
| |||||||||||||||
Face Amount of Debt |
|
| 6,006,739 |
|
| 530,671 |
|
| (24,662 | ) |
| 6,512,748 |
|
| 99.74 | % |
Net Premiums on Debt |
|
| 17,010 |
|
| __ |
|
| __ |
|
| 17,010 |
|
| 0.26 | % |
|
| |||||||||||||||
Total |
| $ | 6,023,749 |
| $ | 530,671 |
| $ | (24,662 | ) | $ | 6,529,758 |
|
| 100.00 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Covenant Compliance Ratios as of September 30, 2008 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
Unsecured Line of Credit |
| Required |
| Actual |
| Compliance |
| |||
Debt to Gross Asset Value |
|
| 65% |
|
| 55% |
|
| Yes |
|
Interest Coverage Ratio* |
|
| >1.75x |
|
| 2.31x |
|
| Yes |
|
Debt Service Coverage Ratio* |
|
| >1.55x |
|
| 1.91x |
|
| Yes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Based on rolling twelve months |
11
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2008
New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Type |
| Square Feet |
| Prior Gross |
| New Initial Gross |
| % Change |
| New Average |
| % Change |
| ||||||
|
|
|
|
|
|
| |||||||||||||
| |||||||||||||||||||
Quarter: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Property Types (1) |
|
| 674,430 |
| $ | 36.64 |
| $ | 38.13 |
|
| 4.1 | % | $ | 39.35 |
|
| 7.4 | % |
Stabilized malls |
|
| 590,178 |
|
| 38.98 |
|
| 40.92 |
|
| 5.0 | % |
| 42.25 |
|
| 8.4 | % |
New leases |
|
| 177,055 |
|
| 43.11 |
|
| 48.37 |
|
| 12.2 | % |
| 51.18 |
|
| 18.7 | % |
Renewal leases |
|
| 413,123 |
|
| 37.22 |
|
| 37.72 |
|
| 1.3 | % |
| 38.42 |
|
| 3.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Property Types (1) |
|
| 2,189,781 |
| $ | 36.09 |
| $ | 38.62 |
|
| 7.0 | % | $ | 39.72 |
|
| 10.1 | % |
Stabilized malls |
|
| 1,966,139 |
|
| 38.02 |
|
| 40.88 |
|
| 7.5 | % |
| 42.06 |
|
| 10.6 | % |
New leases |
|
| 553,352 |
|
| 42.47 |
|
| 48.83 |
|
| 15.0 | % |
| 51.37 |
|
| 21.0 | % |
Renewal leases |
|
| 1,412,787 |
|
| 36.27 |
|
| 37.77 |
|
| 4.1 | % |
| 38.41 |
|
| 5.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Leasing Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Square |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Leased |
|
| 1,902,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Portfolio |
|
| 1,375,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Portfolio |
|
| 526,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Leased |
|
| 4,955,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Portfolio |
|
| 3,111,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Portfolio |
|
| 1,844,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 10,000 Square Feet | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| 2008 |
| 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Stabilized malls |
| $ | 29.00 |
| $ | 27.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-stabilized malls |
|
| 25.10 |
|
| 26.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Associated centers |
|
| 11.67 |
|
| 11.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Community centers |
|
| 14.91 |
|
| 14.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
| 17.53 |
|
| 19.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes Stabilized malls, Associated centers, Community centers and Other. |
|
|
(2) | Average Gross Rent does not incorporate allowable future increases for recoverable common area expenses. |
12
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2008
Top 25 Tenants Based on Percentage of Annualized Total Revenues as of September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tenant |
| Number of |
| Square Feet |
| Annual Gross |
| Percentage of |
| ||
|
|
|
|
|
| |||||||
1 | Limited Brands, LLC |
| 160 |
| 789,363 |
| $ | 32,113,502 |
| 2.72 | % |
|
2 | Foot Locker, Inc. |
| 186 |
| 707,013 |
|
| 29,474,782 |
| 2.50 | % |
|
3 | The Gap Inc. |
| 104 |
| 1,092,930 |
|
| 27,289,818 |
| 2.31 | % |
|
4 | Abercrombie & Fitch, Co. |
| 98 |
| 659,673 |
|
| 24,065,678 |
| 2.04 | % |
|
5 | AE Outfitters Retail Company |
| 84 |
| 483,121 |
|
| 21,866,231 |
| 1.85 | % |
|
6 | Signet Group plc (2) |
| 121 |
| 212,256 |
|
| 19,631,874 |
| 1.66 | % |
|
7 | Zale Corporation |
| 147 |
| 156,023 |
|
| 17,019,310 |
| 1.44 | % |
|
8 | Finish Line, Inc. |
| 90 |
| 442,033 |
|
| 16,967,912 |
| 1.44 | % |
|
9 | Luxottica Group, S.P.A. (3) |
| 153 |
| 334,977 |
|
| 16,817,730 |
| 1.43 | % |
|
10 | Genesco Inc. (4) |
| 183 |
| 252,419 |
|
| 15,695,403 |
| 1.33 | % |
|
11 | New York & Company, Inc. |
| 57 |
| 402,860 |
|
| 14,697,760 |
| 1.25 | % |
|
12 | JC Penney Co. Inc. (5) |
| 75 |
| 8,528,507 |
|
| 14,670,956 |
| 1.24 | % |
|
13 | Express Fashions |
| 50 |
| 419,358 |
|
| 13,932,618 |
| 1.18 | % |
|
14 | Dick's Sporting Goods, Inc. |
| 16 |
| 954,973 |
|
| 13,157,593 |
| 1.12 | % |
|
15 | Charlotte Russe Holding, Inc. |
| 52 |
| 360,274 |
|
| 13,043,115 |
| 1.11 | % |
|
16 | The Regis Corporation |
| 212 |
| 250,021 |
|
| 12,894,721 |
| 1.09 | % |
|
17 | Aeropostale, Inc. |
| 77 |
| 262,264 |
|
| 10,987,011 |
| 0.93 | % |
|
18 | Christopher & Banks, Inc. |
| 89 |
| 302,351 |
|
| 10,705,542 |
| 0.91 | % |
|
19 | Charming Shoppes, Inc. (6) |
| 53 |
| 315,821 |
|
| 10,377,849 |
| 0.88 | % |
|
20 | Sun Capital Partners, Inc. (7) |
| 59 |
| 871,699 |
|
| 10,091,281 |
| 0.86 | % |
|
21 | Pacific Sunwear of California |
| 70 |
| 254,713 |
|
| 9,627,776 |
| 0.82 | % |
|
22 | The Buckle, Inc. |
| 49 |
| 243,162 |
|
| 9,552,747 |
| 0.81 | % |
|
23 | The Children's Place Retail Stores, Inc. |
| 55 |
| 232,770 |
|
| 9,400,770 |
| 0.80 | % |
|
24 | Claire's Stores, Inc. |
| 121 |
| 143,023 |
|
| 9,124,527 |
| 0.77 | % |
|
25 | Tween Brands, Inc. (8) |
| 65 |
| 263,019 |
|
| 9,007,708 |
| 0.76 | % |
|
|
|
|
|
|
|
| ||||||
|
|
| 2,426 |
| 18,934,623 |
| $ | 392,214,214 |
| 33.25 | % |
|
|
|
|
|
|
|
|
|
|
(1) | Includes annual minimum rent and tenant reimbursements based on amounts in effect at September 30, 2008. |
|
|
(2) | Signet Group plc operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers and Rogers Jewelers. |
|
|
(3) | Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut and Pearl Vision. |
|
|
(4) | Genesco Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat Zone and Cap Factory stores. |
|
|
(5) | JC Penney Co. Inc. owns 30 of these stores. |
|
|
(6) | Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine's. |
|
|
(7) | Sun Capital Partners, Inc. operates Anchor Blue, Fazoli's, Friendly's, Life Uniform, Mattress Firm, Mervyn's, Shopko, Smokey Bones, Souper Salad and The Limited. |
|
|
(8) | Tween Brands, Inc. operates Limited Too and Justice. |
13
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2008
Capital Expenditures for the Three Months and Nine Months Ended September 30, 2008
(In thousands)
|
|
|
|
|
|
|
|
|
| Three Months |
| Nine Months |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Tenant allowances |
| $ | 9,934 |
| $ | 33,467 |
|
|
|
|
| ||||
Renovations |
|
| 4,608 |
|
| 16,696 |
|
|
|
|
| ||||
Deferred maintenance: |
|
|
|
|
|
|
|
Parking lot and parking lot lighting |
|
| 958 |
|
| 3,267 |
|
Roof repairs and replacements |
|
| 2,897 |
|
| 4,620 |
|
Other capital expenditures |
|
| 2,697 |
|
| 5,337 |
|
|
|
|
| ||||
Total deferred maintenance expenditures |
|
| 6,552 |
|
| 13,224 |
|
|
|
|
| ||||
Total capital expenditures |
| $ | 21,094 |
| $ | 63,387 |
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
| 2008 |
| 2007 |
| ||
|
|
|
| ||||
Quarter ended: |
|
|
|
|
|
|
|
March 31, |
| $ | 596 |
| $ | 1,001 |
|
June 30, |
|
| 990 |
|
| 1,593 |
|
September 30, |
|
| 818 |
|
| 548 |
|
December 31, |
|
| __ |
|
| 1,478 |
|
|
|
|
| ||||
|
| $ | 2,404 |
| $ | 4,620 |
|
|
|
|
|
14
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties Opened Year-To-Date | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CBL's Share of |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
| |||||
Property |
| Location |
| Total Project |
| Total Cost |
| Cost To Date |
| Date Opened |
| Initial |
| ||
|
|
|
|
|
|
| |||||||||
Mall Expansions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cary Towne Center - Mimi's Caf'e |
| Cary, NC |
| 6,674 |
| $ | 2,243 |
| $ | 1,072 |
| Spring-08 |
| 15.0 | % |
Coastal Grand - Ulta Cosmetics |
| Myrtle Beach, SC |
| 10,000 |
|
| 1,494 |
|
| 1,494 |
| Spring-08 |
| 8.7 | % |
Coastal Grand - JCPenney |
| Myrtle Beach, SC |
| 103,395 |
|
| NA |
|
| NA |
| Spring-08 |
| NA | (b) |
Brookfield Square - Claim Jumpers |
| Brookfield, WI |
| 12,000 |
|
| 3,430 |
|
| 2,802 |
| Summer-08 |
| 9.7 | % |
Southpark Mall - Foodcourt |
| Colonial Heights, VA |
| 17,150 |
|
| 7,755 |
|
| 5,501 |
| Summer-08 |
| 11.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mall Renovations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia Square |
| Athens, GA |
| 674,738 |
|
| 16,900 |
|
| 16,589 |
| Spring-08 |
| NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associated/Lifestyle Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Square - Corner Development |
| Brookfield, WI |
| 19,745 |
|
| 10,718 |
|
| 9,137 |
| Winter-08 |
| 8.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community/Open-Air Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alamance Crossing - Theater/Shops |
| Burlington, NC |
| 82,997 |
|
| 18,882 |
|
| 11,150 |
| Spring-08 |
| 8.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mixed-Use Center: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pearland Town Center (Retail Portion) |
| Pearland, TX |
| 692,604 |
|
| 151,366 |
|
| 130,289 |
| Summer-08 |
| 8.2 | % |
Pearland Town Center (Hotel Portion) |
| Pearland, TX |
| 72,500 |
|
| 17,583 |
|
| 15,158 |
| Summer-08 |
| 8.4 | % |
Pearland Town Center (Residential Portion) |
| Pearland, TX |
| 68,110 |
|
| 10,677 |
|
| 9,454 |
| Summer-08 |
| 9.8 | % |
Pearland Town Center (Office Portion) |
| Pearland, TX |
| 51,560 |
|
| 10,306 |
|
| 7,745 |
| Summer-08 |
| 8.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBL Center II |
| Chattanooga, TN |
| 74,598 |
|
| 17,120 |
|
| 12,712 |
| January-08 |
| 8.6 | % |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
| 1,886,071 |
| $ | 268,474 |
| $ | 223,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (a) |
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Redevelopments: |
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Parkdale Mall - Former Dillards (Phases I & II) |
| Beaumont, TX |
| 70,220 |
| $ | 29,266 |
| $ | 16,509 |
| Jan-08/Fall-08 |
| 6.6 | % |
West County Center - Former Lord & Taylor |
| St. Louis, MO |
| 90,087 |
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| 34,149 |
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| 18,539 |
| Spring-09 |
| 9.9 | % |
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Mall Renovations: |
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Brookfield Square |
| Brookfield, WI |
| 1,132,984 |
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| 18,100 |
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| 17,479 |
| Fall-08 |
| NA |
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| 1,293,291 |
| $ | 81,515 |
| $ | 52,527 |
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Properties Under Development at September 30, 2008 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
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| CBL's Share of |
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Property |
| Location |
| Total Project |
| Total Cost |
| Cost To Date |
| Opening Date |
| Initial Yield (a) |
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Mall Expansions: |
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Asheville Mall - Barnes & Noble |
| Asheville, NC |
| 40,000 |
| $ | 11,684 |
| $ | 5,428 |
| Spring-09 |
| 5.3 | % |
High Pointe Commons - Christmas Tree Shops |
| Harrisburg, PA |
| 34,938 |
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| 6,247 |
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| 2,434 |
| Fall-08 |
| 9.0 | % |
Laurel Park Place - Food Court |
| Detroit, MI |
| 30,031 |
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| 4,909 |
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| 3,566 |
| Winter-08 |
| 10.5 | % |
Oak Park Mall - Barnes & Noble |
| Kansas City, KS |
| 35,539 |
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| 9,619 |
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| 7,843 |
| Spring-09 |
| 6.9 | % |
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Community/Open-Air Centers: |
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Hammock Landing (Phase I) (c) |
| West Melbourne, FL |
| 463,153 |
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| 39,237 |
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| 39,148 |
| Spring-09 |
| 7.5 | % * |
Settlers Ridge (Phase I) (d) |
| Robinson Township, PA |
| 389,773 |
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| 99,131 |
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| 45,357 |
| Fall-09 |
| 6.4 | % * |
Summit Fair (e) |
| Lee's Summit, MO |
| 482,051 |
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| 22,000 |
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| 22,000 |
| Fall-08/Summer-09 |
| 9.8 | % |
Statesboro Crossing (f) |
| Statesboro, GA |
| 160,166 |
|
| 26,209 |
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| 21,108 |
| Fall-08/Summer-10 |
| 8.3 | % |
The Pavilion at Port Orange (Phase I) (c) |
| Port Orange, FL |
| 448,916 |
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| 68,054 |
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| 34,936 |
| Fall-09 |
| 6.5 | % * |
The Promenade (f) |
| D'Iberville, MS |
| 681,285 |
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| 87,054 |
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| 47,057 |
| Fall-09 |
| 8.0 | % |
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| 2,765,852 |
| $ | 374,144 |
| $ | 228,877 |
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(a) | Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees. |
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(b) | The Company is leasing the land to JCPenney at an annual yield of 17.7% based on land costs. |
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(c) | 50/50 joint venture. Cost to date may be gross of applicable reimbursements that have not yet been received. |
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(d) | 60/40 joint venture. Amounts shown are 100% of total costs and cost to date as CBL has funded all costs to date. Costs to date may be gross of applicable reimbursements that have not yet been received. |
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(e) | CBL's interest represents 27% of project cost. |
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(f) | Statesboro Crossing is a 50/50 joint venture. The Promenade is an 85/15 joint venture. Amounts shown are 100% of total cost to date as CBL has funded all costs to date. Costs to date may be gross of applicable reimbursements that have not yet been received. |
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*Pro Forma initial yields for phased projects reflect full land cost in Phase I. Combined pro forma yields are higher than Phase I project yields. |
15