Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2008
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
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| | Three Months Ended
December 31, | | Year Ended
December 31, | |
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| | 2008 | | 2007 | | 2008 | | 2007 | |
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REVENUES: | | | | | | | | | | | | | |
Minimum rents | | $ | 188,300 | | $ | 181,000 | | $ | 716,570 | | $ | 645,753 | |
Percentage rents | | | 8,509 | | | 10,632 | | | 18,375 | | | 22,472 | |
Other rents | | | 9,372 | | | 11,179 | | | 22,887 | | | 23,121 | |
Tenant reimbursements | | | 85,183 | | | 83,056 | | | 336,173 | | | 318,755 | |
Management, development and leasing fees | | | 2,459 | | | 1,418 | | | 19,393 | | | 7,983 | |
Other | | | 5,575 | | | 6,353 | | | 24,820 | | | 21,860 | |
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Total revenues | | | 299,398 | | | 293,638 | | | 1,138,218 | | | 1,039,944 | |
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EXPENSES: | | | | | | | | | | | | | |
Property operating | | | 49,274 | | | 45,646 | | | 190,148 | | | 169,489 | |
Depreciation and amortization | | | 102,369 | | | 67,576 | | | 332,475 | | | 243,522 | |
Real estate taxes | | | 23,658 | | | 22,518 | | | 95,393 | | | 87,552 | |
Maintenance and repairs | | | 17,258 | | | 16,285 | | | 65,617 | | | 58,111 | |
General and administrative | | | 11,973 | | | 8,780 | | | 45,241 | | | 37,852 | |
Other | | | 14,643 | | | 6,437 | | | 33,333 | | | 18,525 | |
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Total expenses | | | 219,175 | | | 167,242 | | | 762,207 | | | 615,051 | |
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Income from operations | | | 80,223 | | | 126,396 | | | 376,011 | | | 424,893 | |
Interest and other income | | | 2,942 | | | 3,305 | | | 10,076 | | | 10,923 | |
Interest expense | | | (79,473 | ) | | (80,154 | ) | | (313,209 | ) | | (287,884 | ) |
Loss on extinguishment of debt | | | — | | | — | | | — | | | (227 | ) |
Impairment of marketable securities | | | (11,403 | ) | | (18,456 | ) | | (17,181 | ) | | (18,456 | ) |
Gain on sales of real estate assets | | | 279 | | | 5,005 | | | 12,401 | | | 15,570 | |
Equity in earnings of unconsolidated affiliates | | | 1,523 | | | 734 | | | 2,831 | | | 3,502 | |
Income tax provision | | | (738 | ) | | (4,030 | ) | | (13,495 | ) | | (8,390 | ) |
Minority interest in (earnings) losses: | | | | | | | | | | | | | |
Operating partnership | | | 7,700 | | | (10,360 | ) | | (7,495 | ) | | (46,246 | ) |
Shopping center properties | | | (6,010 | ) | | (5,797 | ) | | (23,959 | ) | | (12,215 | ) |
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Income (loss) from continuing operations | | | (4,957 | ) | | 16,643 | | | 25,980 | | | 81,470 | |
Operating income of discontinued operations | | | 347 | | | 76 | | | 1,809 | | | 1,621 | |
Gain on discontinued operations | | | 10 | | | 2,154 | | | 3,798 | | | 6,056 | |
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Net income (loss) | | | (4,600 | ) | | 18,873 | | | 31,587 | | | 89,147 | |
Preferred dividends | | | (5,455 | ) | | (5,455 | ) | | (21,819 | ) | | (29,775 | ) |
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Net income (loss) available to common shareholders | | $ | (10,055 | ) | $ | 13,418 | | $ | 9,768 | | $ | 59,372 | |
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Basic per share data: | | | | | | | | | | | | | |
Income (loss) from continuing operations, net of preferred dividends | | $ | (0.16 | ) | $ | 0.17 | | $ | 0.06 | | $ | 0.79 | |
Discontinued operations | | | 0.01 | | | 0.03 | | | 0.09 | | | 0.12 | |
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Net income (loss) available to common shareholders | | $ | (0.15 | ) | $ | 0.20 | | $ | 0.15 | | $ | 0.91 | |
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Weighted average common shares outstanding | | | 66,085 | | | 65,590 | | | 66,005 | | | 65,323 | |
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Diluted per share data: | | | | | | | | | | | | | |
Income (loss) from continuing operations, net of preferred dividends | | $ | (0.16 | ) | $ | 0.17 | | $ | 0.06 | | $ | 0.78 | |
Discontinued operations | | | 0.01 | | | 0.03 | | | 0.09 | | | 0.12 | |
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Net income (loss) available to common shareholders | | $ | (0.15 | ) | $ | 0.20 | | $ | 0.15 | | $ | 0.90 | |
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Weighted average common and potential dilutive common shares outstanding | | | 66,085 | | | 65,952 | | | 66,148 | | | 65,913 | |
1
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 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
December 31, | | Year Ended
December 31, | |
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| | 2008 | | 2007 | | 2008 | | 2007 | |
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Net income (loss) available to common shareholders | | $ | (10,055 | ) | $ | 13,418 | | $ | 9,768 | | $ | 59,372 | |
Minority interest in earnings (losses) of operating partnership | | | (7,700 | ) | | 10,360 | | | 7,495 | | | 46,246 | |
Depreciation and amortization expense of: | | | | | | | | | | | | | |
Consolidated properties | | | 102,369 | | | 67,576 | | | 332,475 | | | 243,522 | |
Unconsolidated affiliates | | | 8,875 | | | 6,776 | | | 29,987 | | | 17,326 | |
Discontinued operations | | | — | | | 317 | | | 892 | | | 1,297 | |
Non-real estate assets | | | (257 | ) | | (229 | ) | | (1,027 | ) | | (919 | ) |
Minority investors’ share of depreciation and amortization | | | (15 | ) | | (322 | ) | | (958 | ) | | (132 | ) |
Gain on discontinued operations | | | (10 | ) | | (2,154 | ) | | (3,798 | ) | | (6,056 | ) |
Income tax provision on disposal of discontinued operations | | | — | | | 872 | | | 1,439 | | | 872 | |
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Funds from operations of the operating partnership | | $ | 93,207 | | $ | 96,614 | | $ | 376,273 | | $ | 361,528 | |
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Funds from operations per diluted share | | $ | 0.80 | | $ | 0.83 | | $ | 3.22 | | $ | 3.10 | |
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Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted | | | 116,806 | | | 116,585 | | | 116,781 | | | 116,584 | |
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Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders: | | | | | | | | | | | | | |
Funds from operations of the operating partnership | | $ | 93,207 | | $ | 96,614 | | $ | 376,273 | | $ | 361,528 | |
Percentage allocable to Company shareholders (1) | | | 56.62 | % | | 56.43 | % | | 56.59 | % | | 56.32 | % |
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Funds from operations allocable to Company shareholders | | $ | 52,774 | | $ | 54,519 | | $ | 212,933 | | $ | 203,613 | |
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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. |
SUPPLEMENTAL FFO INFORMATION:
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Lease termination fees | | $ | 1,994 | | $ | 612 | | $ | 11,250 | | $ | 6,407 | |
Lease termination fees per share | | $ | 0.02 | | $ | 0.01 | | $ | 0.10 | | $ | 0.05 | |
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Straight-line rental income | | $ | 2,056 | | $ | 2,143 | | $ | 6,137 | | $ | 5,876 | |
Straight-line rental income per share | | $ | 0.02 | | $ | 0.02 | | $ | 0.05 | | $ | 0.05 | |
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Gains on outparcel sales | | $ | 1,720 | | $ | 5,600 | | $ | 15,963 | | $ | 16,651 | |
Gains on outparcel sales per share | | $ | 0.01 | | $ | 0.05 | | $ | 0.14 | | $ | 0.14 | |
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Amortization of acquired above- and below-market leases | | $ | 3,850 | | $ | 2,299 | | $ | 10,735 | | $ | 10,579 | |
Amortization of acquired above- and below-market leases per share | | $ | 0.03 | | $ | 0.02 | | $ | 0.09 | | $ | 0.09 | |
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Amortization of debt premiums | | $ | 1,991 | | $ | 1,935 | | $ | 7,909 | | $ | 7,714 | |
Amortization of debt premiums per share | | $ | 0.02 | | $ | 0.02 | | $ | 0.07 | | $ | 0.07 | |
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Income tax provision | | $ | (738 | ) | $ | (3,158 | ) | $ | (12,056 | ) | $ | (7,518 | ) |
Income tax provision per share | | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.10 | ) | $ | (0.06 | ) |
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Impairment of marketable securities | | $ | (11,403 | ) | $ | (18,456 | ) | $ | (17,181 | ) | $ | (18,456 | ) |
Impairment of marketable securities per share | | $ | (0.10 | ) | $ | (0.16 | ) | $ | (0.15 | ) | $ | (0.16 | ) |
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Abandoned projects | | $ | (9,407 | ) | $ | (1,261 | ) | $ | (12,351 | ) | $ | (2,216 | ) |
Abandoned projects per share | | $ | (0.08 | ) | $ | (0.01 | ) | $ | (0.11 | ) | $ | (0.02 | ) |
2
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008
Same-Center Net Operating Income
(Dollars in thousands)
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| | Three Months Ended
December 31, | | Year Ended
December 31, | |
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| | 2008 | | 2007 | | 2008 | | 2007 | |
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Net income (loss) | | $ | (4,600 | ) | $ | 18,873 | | $ | 31,587 | | $ | 89,147 | |
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Adjustments: | | | | | | | | | | | | | |
Depreciation and amortization | | | 102,369 | | | 67,576 | | | 332,475 | | | 243,522 | |
Depreciation and amortization from unconsolidated affiliates | | | 8,875 | | | 6,776 | | | 29,987 | | | 17,326 | |
Depreciation and amortization from discontinued operations | | | — | | | 317 | | | 892 | | | 1,297 | |
Minority investors’ share of depreciation and amortization in shopping center properties | | | (15 | ) | | (322 | ) | | (958 | ) | | (132 | ) |
Interest expense | | | 79,473 | | | 80,154 | | | 313,209 | | | 287,884 | |
Interest expense from unconsolidated affiliates | | | 7,653 | | | 7,904 | | | 28,525 | | | 20,480 | |
Minority investors’ share of interest expense in shopping center properties | | | (135 | ) | | (466 | ) | | (1,492 | ) | | (831 | ) |
Loss on extinguishment of debt | | | — | | | — | | | — | | | 227 | |
Abandoned projects expense | | | 9,407 | | | 1,261 | | | 12,351 | | | 2,216 | |
Gain on sales of real estate assets | | | (279 | ) | | (5,005 | ) | | (12,401 | ) | | (15,570 | ) |
Gain on sales of real estate assets of unconsolidated affiliates | | | (832 | ) | | (473 | ) | | (3,548 | ) | | (1,706 | ) |
Impairment of marketable securities | | | 11,403 | | | 18,456 | | | 17,181 | | | 18,456 | |
Minority investors’ share of gain on sales of shopping center real estate assets | | | — | | | — | | | — | | | 621 | |
Income tax provision | | | 738 | | | 4,030 | | | 13,495 | | | 8,390 | |
Minority interest in earnings (losses) of operating partnership | | | (7,700 | ) | | 10,360 | | | 7,495 | | | 46,246 | |
Gain on discontinued operations | | | (10 | ) | | (2,154 | ) | | (3,798 | ) | | (6,056 | ) |
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Operating partnership’s share of total NOI | | | 206,347 | | | 207,287 | | | 765,000 | | | 711,517 | |
General and administrative expenses | | | 11,973 | | | 8,780 | | | 45,241 | | | 37,852 | |
Management fees and non-property level revenues | | | (8,025 | ) | | (10,020 | ) | | (36,607 | ) | | (35,756 | ) |
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Operating partnership’s share of property NOI | | | 210,295 | | | 206,047 | | | 773,634 | | | 713,613 | |
NOI of non-comparable centers | | | (25,317 | ) | | (13,379 | ) | | (89,121 | ) | | (18,934 | ) |
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Total same-center NOI | | $ | 184,978 | | $ | 192,668 | | $ | 684,513 | | $ | 694,679 | |
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Malls | | $ | 171,871 | | $ | 178,979 | | $ | 630,616 | | $ | 639,439 | |
Associated centers | | | 7,445 | | | 8,068 | | | 31,340 | | | 32,592 | |
Community centers | | | 1,815 | | | 1,903 | | | 7,682 | | | 6,922 | |
Other | | | 3,847 | | | 3,718 | | | 14,875 | | | 15,726 | |
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Total same-center NOI | | | 184,978 | | | 192,668 | | | 684,513 | | | 694,679 | |
Less lease termination fees | | | (601 | ) | | (600 | ) | | (8,425 | ) | | (6,397 | ) |
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Total same-center NOI, excluding lease termination fees | | $ | 184,377 | | $ | 192,068 | | $ | 676,088 | | $ | 688,282 | |
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Percentage Change: | | | | | | | | | | | | | |
Malls | | | -4.0 | % | | | | | -1.4 | % | | | |
Associated centers | | | -7.7 | % | | | | | -3.8 | % | | | |
Community centers | | | -4.6 | % | | | | | 11.0 | % | | | |
Other | | | 3.5 | % | | | | | -5.4 | % | | | |
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Total same-center NOI | | | -4.0 | % | | | | | -1.5 | % | | | |
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Total same-center NOI, excluding lease termination fees | | | -4.0 | % | | | | | -1.8 | % | | | |
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3
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008
Company’s Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
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| | | | December 31, 2008 | |
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| | | | Fixed Rate | | Variable Rate | | Total | |
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Consolidated debt | | $ | 4,608,347 | | $ | 1,487,329 | | $ | 6,095,676 | |
Minority investors’ share of consolidated debt | | | (23,648 | ) | | (928 | ) | | (24,576 | ) |
Company’s share of unconsolidated affiliates’ debt | | | 418,761 | | | 143,468 | | | 562,229 | |
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Company’s share of consolidated and unconsolidated debt | | $ | 5,003,460 | | $ | 1,629,869 | | $ | 6,633,329 | |
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Weighted average interest rate | | | 5.96 | % | | 2.02 | % | | 4.99 | % |
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| | | | | December 31, 2007 | |
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| | | | | Fixed Rate | | Variable Rate | | Total | |
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Consolidated debt | | $ | 4,543,515 | | $ | 1,325,803 | | $ | 5,869,318 | |
Minority investors’ share of consolidated debt | | | (24,236 | ) | | (2,517 | ) | | (26,753 | ) |
Company’s share of unconsolidated affiliates’ debt | | | 335,903 | | | 49,475 | | | 385,378 | |
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Company’s share of consolidated and unconsolidated debt | | $ | 4,855,182 | | $ | 1,372,761 | | $ | 6,227,943 | |
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Weighted average interest rate | | | 5.79 | % | | 6.14 | % | | 5.87 | % |
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Debt-To-Total-Market Capitalization Ratio as of December 31, 2008 | | | | | | | |
(In thousands, except stock price) | | | | | | | | | | | | | |
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Outstanding | | Stock Price (1) | | Value | |
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Common stock and operating partnership units | | | 117,010 | | $ | 6.50 | | $ | 760,565 | |
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 | |
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Total market equity | | | | | | | | | | | | 1,050,565 | |
Company’s share of total debt | | | | | | | | | 6,633,329 | |
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Total market capitalization | | | | | | | | $ | 7,683,894 | |
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Debt-to-total-market capitalization ratio | | | | | | | | | 86.3 | % |
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(1) | Stock price for common stock and operating partnership units equals the closing price of the common stock on December 31, 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)
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| | Three Months Ended
December 31, | | Year Ended
December 31, | |
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| | Basic | | Diluted | | Basic | | Diluted | |
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2008: | | | | | | | | | | | | | |
Weighted average shares - EPS | | | 66,085 | | | 66,085 | | | 66,005 | | | 66,148 | |
Weighted average dilutive shares for FFO (1) | | | — | | | 93 | | | — | | | — | |
Weighted average operating partnership units | | | 50,628 | | | 50,628 | | | 50,633 | | | 50,633 | |
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Weighted average shares- FFO | | | 116,713 | | | 116,806 | | | 116,638 | | | 116,781 | |
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2007: | | | | | | | | | | | | | |
Weighted average shares - EPS | | | 65,590 | | | 65,952 | | | 65,323 | | | 65,913 | |
Weighted average operating partnership units | | | 50,637 | | | 50,633 | | | 50,671 | | | 50,671 | |
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Weighted average shares- FFO | | | 116,227 | | | 116,585 | | | 115,994 | | | 116,584 | |
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| | Three Months Ended
December 31, | | Year Ended
December 31, | |
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Dividend Payout Ratio | | 2008 | | 2007 | | 2008 | | 2007 | |
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Weighted average dividend per share | | $ | 0.37255 | | $ | 0.55047 | | $ | 2.02396 | | $ | 2.08260 | |
FFO per diluted, fully converted share | | $ | 0.80 | | $ | 0.83 | | $ | 3.22 | | $ | 3.10 | |
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Dividend payout ratio | | | 46.6 | % | | 66.3 | % | | 62.9 | % | | 67.2 | % |
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(1) | Because the Company incurred a net loss during the three months ended December 31, 2008, there are no potentially dilutive shares recognized in the number of diluted weighted average shares for EPS purposes for that period due to their anti-dilutive nature. However, because FFO was positive during the fourth quarter of 2008, the dilutive shares are recognized in the number of diluted weighted average shares for purposes of calculating FFO per share. |
4
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
| | | | | | | |
| | December 31,
2008 | | December 31,
2007 | |
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ASSETS | | | | | | | |
Real estate assets: | | | | | | | |
Land | | $ | 902,504 | | $ | 917,578 | |
Buildings and improvements | | | 7,503,334 | | | 7,263,907 | |
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| | | 8,405,838 | | | 8,181,485 | |
Accumulated depreciation | | | (1,310,173 | ) | | (1,102,767 | ) |
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| | | 7,095,665 | | | 7,078,718 | |
Developments in progress | | | 225,815 | | | 323,560 | |
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Net investment in real estate assets | | | 7,321,480 | | | 7,402,278 | |
Cash and cash equivalents | | | 51,227 | | | 65,826 | |
Cash in escrow | | | 2,700 | | | — | |
Receivables: | | | | | | | |
Tenant, net of allowance | | | 74,402 | | | 72,570 | |
Other | | | 12,145 | | | 10,257 | |
Mortgage and other notes receivable | | | 58,961 | | | 135,137 | |
Investments in unconsolidated affiliates | | | 207,618 | | | 142,550 | |
Intangible lease assets and other assets | | | 305,802 | | | 276,429 | |
| |
|
| |
|
| |
| | $ | 8,034,335 | | $ | 8,105,047 | |
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|
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| |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | |
Mortgage and other notes payable | | $ | 6,095,676 | | $ | 5,869,318 | |
Accounts payable and accrued liabilities | | | 329,991 | | | 394,884 | |
| |
|
| |
|
| |
Total liabilities | | | 6,425,667 | | | 6,264,202 | |
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|
| |
|
| |
Commitments and contingencies | | | | | | | |
Minority interests | | | 815,010 | | | 920,297 | |
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|
| |
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| |
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, 66,394,844 and 66,179,747 issued and outstanding in 2008 and 2007, respectively | | | 664 | | | 662 | |
Additional paid-in capital | | | 1,008,883 | | | 990,048 | |
Accumulated other comprehensive loss | | | (22,594 | ) | | (20 | ) |
Accumulated deficit | | | (193,307 | ) | | (70,154 | ) |
| |
|
| |
|
| |
Total shareholders’ equity | | | 793,658 | | | 920,548 | |
| |
|
| |
|
| |
| | $ | 8,034,335 | | $ | 8,105,047 | |
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5
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 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
December 31, | | Year Ended
December 31, | |
| |
| |
| |
| | 2008 | | 2007 | | 2008 | | 2007 | |
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| |
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EBITDA: | | | | | | | | | | | | | |
Net income (loss) | | $ | (4,600 | ) | $ | 18,873 | | $ | 31,587 | | $ | 89,147 | |
| | | | | | | | | | | | | |
Adjustments: | | | | | | | | | | | | | |
Depreciation and amortization | | | 102,369 | | | 67,576 | | | 332,475 | | | 243,522 | |
Depreciation and amortization from unconsolidated affiliates | | | 8,875 | | | 6,776 | | | 29,987 | | | 17,326 | |
Depreciation and amortization from discontinued operations | | | — | | | 317 | | | 892 | | | 1,297 | |
Minority investors’ share of depreciation and amortization in shopping center properties | | | (15 | ) | | (322 | ) | | (958 | ) | | (132 | ) |
Interest expense | | | 79,473 | | | 80,154 | | | 313,209 | | | 287,884 | |
Interest expense from unconsolidated affiliates | | | 7,653 | | | 7,904 | | | 28,525 | | | 20,480 | |
Minority investors’ share of interest expense in shopping center properties | | | (135 | ) | | (466 | ) | | (1,492 | ) | | (831 | ) |
Taxes | | | 1,343 | | | 4,271 | | | 16,345 | | | 10,570 | |
Loss on extinguishment of debt | | | — | | | — | | | — | | | 227 | |
Impairment of marketable securities | | | 11,403 | | | 18,456 | | | 17,181 | | | 18,456 | |
Abandoned projects | | | 9,407 | | | 1,261 | | | 12,351 | | | 2,216 | |
Minority interest in earnings (losses) of operating partnership | | | (7,700 | ) | | 10,360 | | | 7,495 | | | 46,246 | |
Gain on discontinued operations | | | (10 | ) | | (2,154 | ) | | (3,798 | ) | | (6,056 | ) |
| |
|
| |
|
| |
|
| |
|
| |
Company’s share of total EBITDA | | $ | 208,063 | | $ | 213,006 | | $ | 783,799 | | $ | 730,352 | |
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| | | | | | | | | | | | | |
Interest Expense: | | | | | | | | | | | | | |
Interest expense | | $ | 79,473 | | $ | 80,154 | | $ | 313,209 | | $ | 287,884 | |
Interest expense from unconsolidated affiliates | | | 7,653 | | | 7,904 | | | 28,525 | | | 20,480 | |
Minority investors’ share of interest expense in shopping center properties | | | (135 | ) | | (466 | ) | | (1,492 | ) | | (831 | ) |
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Company’s share of total interest expense | | $ | 86,991 | | $ | 87,592 | | $ | 340,242 | | $ | 307,533 | |
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| | | | | | | | | | | | | |
Ratio of EBITDA to Interest Expense | | | 2.39 | | | 2.43 | | | 2.30 | | | 2.37 | |
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| | | | | | | | | | | | | |
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands) |
| | | | | | | | | | | | | |
| | Three Months Ended
December 31, | | Year Ended
December 31, | |
| |
| |
| |
| | 2008 | | 2007 | | 2008 | | | 2007 | |
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| | |
| |
| | | | | | | | | | | | | |
Company’s share of total EBITDA | | $ | 208,063 | | $ | 213,006 | | $ | 783,799 | | $ | 730,352 | |
Interest expense | | | (79,473 | ) | | (80,154 | ) | | (313,209 | ) | | (287,884 | ) |
Minority investors’ share of interest expense in shopping center properties | | | 135 | | | 466 | | | 1,492 | | | 831 | |
Taxes | | | (1,343 | ) | | (4,271 | ) | | (16,345 | ) | | (10,570 | ) |
Amortization of deferred financing costs and non-real estate depreciation included in operating expense | | | 2,362 | | | 1,807 | | | 9,382 | | | 7,270 | |
Amortization of debt premiums | | | (1,991 | ) | | (1,935 | ) | | (7,909 | ) | | (7,714 | ) |
Amortization of above- and below- market leases | | | (3,763 | ) | | (2,304 | ) | | (10,659 | ) | | (10,584 | ) |
Depreciation and interest expense from unconsolidated affiliates | | | (16,528 | ) | | (14,680 | ) | | (58,512 | ) | | (37,806 | ) |
Minority investors’ share of depreciation and amortization in shopping center properties | | | 15 | | | 322 | | | 958 | | | 132 | |
Minority interest in earnings - shopping center properties | | | 6,010 | | | 5,797 | | | 23,959 | | | 12,215 | |
Gains on outparcel sales | | | (279 | ) | | (5,005 | ) | | (12,401 | ) | | (15,570 | ) |
Income tax benefit from stock options | | | — | | | 4,965 | | | 7,472 | | | 9,104 | |
Equity in earnings of unconsolidated affiliates | | | (1,523 | ) | | (734 | ) | | (2,831 | ) | | (3,502 | ) |
Distributions from unconsolidated affiliates | | | 4,757 | | | 2,526 | | | 15,661 | | | 9,450 | |
Share-based compensation expense | | | 988 | | | 2,335 | | | 5,016 | | | 6,862 | |
Changes in operating assets and liabilities | | | (12,436 | ) | | 38,362 | | | (6,780 | ) | | 67,693 | |
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Cash flows provided by operating activities | | $ | 104,994 | | $ | 160,503 | | $ | 419,093 | | $ | 470,279 | |
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6
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Twelve Months Ended December 31, 2008
Schedule of Mortgage and Other Notes Payable as of December 31, 2008
(Dollars in thousands )
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | Optional
Extended
Maturity
Date | | | | | | | | | | | | | | | |
| | | | Original
Maturity
Date | | | | | | | | | | | Balance | |
| | | | | | Interest
Rate | | | | | | |
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Location | | Property | | | | | Balance | | | | Fixed | | Variable | |
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| | | | | | | | | | | | | | | | | | | | | |
Operating Properties: | | | | | | | | | | | | | | | | | | | | | |
Milford, CT | | Milford Marketplace | | Jan-09 | | — | | 2.64 | % | | $ | 19,009 | | (a) | | $ | — | | $ | 19,009 | |
High Point, NC | | Oak Hollow Mall | | Feb-09 | | — | | 7.31 | % | | | 38,183 | | (b) | | | 38,183 | | | — | |
Cary, NC | | Cary Towne Center | | Mar-09 | | — | | 6.85 | % | | | 82,203 | | | | | 82,203 | | | — | |
Daytona Beach, FL | | Volusia Mall | | Mar-09 | | — | | 6.70 | % | | | 51,536 | | | | | 51,536 | | | — | |
Fairview Heights, IL | | St. Clair Square | | Apr-09 | | — | | 7.00 | % | | | 59,709 | | | | | 59,709 | | | — | |
Terre Haute, IN | | Honey Creek Mall | | May-09 | | — | | 6.95 | % | | | 30,350 | | | | | 30,350 | | | — | |
Pearland, TX | | Pearland Town Center | | Jul-09 | | Jul-12 | | 3.03 | % | | | 110,915 | | (c) | | | — | | | 110,915 | |
Pearland, TX | | Pearland Hotel | | Jul-09 | | Jul-12 | | 3.03 | % | | | 8,298 | | (c) | | | — | | | 8,298 | |
Pearland, TX | | Pearland Office | | Jul-09 | | Jul-12 | | 3.03 | % | | | 7,563 | | (c) | | | — | | | 7,563 | |
Chattanooga, TN | | CBL Center II | | Aug-09 | | Aug-10 | | 3.83 | % | | | 11,599 | | | | | — | | | 11,599 | |
Burlington, NC | | Alamance Crossing | | Sep-09 | | Sep-11 | | 1.72 | % | | | 74,413 | | | | | — | | | 74,413 | |
Meridian, MS | | Bonita Lakes Crossing | | Oct-09 | | — | | 6.82 | % | | | 7,307 | | | | | 7,307 | | | — | |
Meridian, MS | | Bonita Lakes Mall | | Oct-09 | | — | | 6.82 | % | | | 23,319 | | | | | 23,319 | | | — | |
Stillwater, OK | | Lakeview Pointe | | Nov-09 | | Nov-10 | | 1.59 | % | | | 15,600 | | | | | — | | | 15,600 | |
Cincinnati, OH | | Eastgate Mall | | Dec-09 | | — | | 4.55 | % | | | 53,325 | | (d) | | | 53,325 | | | — | |
Little Rock, AR | | Park Plaza Mall | | May-10 | | — | | 8.69 | % | | | 39,398 | | | | | 39,398 | | | — | |
Spartanburg, SC | | WestGate Crossing | | Jul-10 | | — | | 8.42 | % | | | 9,155 | | | | | 9,155 | | | — | |
Burnsville, MN | | Burnsville Center | | Aug-10 | | — | | 8.00 | % | | | 63,414 | | | | | 63,414 | | | — | |
Roanoke, VA | | Valley View Mall | | Sep-10 | | — | | 8.61 | % | | | 41,845 | | | | | 41,845 | | | — | |
Beaumont, TX | | Parkdale Crossing | | Sep-10 | | — | | 5.01 | % | | | 7,915 | | | | | 7,915 | | | — | |
Beaumont, TX | | Parkdale Mall | | Sep-10 | | — | | 5.01 | % | | | 50,129 | | | | | 50,129 | | | — | |
Nashville, TN | | CoolSprings Galleria | | Sep-10 | | — | | 6.22 | % | | | 123,305 | | | | | 123,305 | | | — | |
Lansing, MI | | Meridian Mall | | Nov-10 | | Nov-11 | | 5.18 | % | | | 40,000 | | (e) | | | 40,000 | | | — | |
Stroud, PA | | Stroud Mall | | Dec-10 | | — | | 8.42 | % | | | 30,208 | | | | | 30,208 | | | — | |
Wausau, WI | | Wausau Center | | Dec-10 | | — | | 6.70 | % | | | 11,695 | | | | | 11,695 | | | — | |
York, PA | | York Galleria | | Dec-10 | | — | | 8.34 | % | | | 48,267 | | | | | 48,267 | | | — | |
Statesboro, GA | | Statesboro Crossing | | Feb-11 | | Feb-13 | | 1.47 | % | | | 15,549 | | | | | — | | | 15,549 | |
Lexington, KY | | Fayette Mall | | Jul-11 | | — | | 7.00 | % | | | 88,662 | | | | | 88,662 | | | — | |
St. Louis, MO | | Mid Rivers Mall | | Jul-11 | | — | | 7.24 | % | | | 78,748 | | | | | 78,748 | | | — | |
Panama City, FL | | Panama City Mall | | Aug-11 | | — | | 7.30 | % | | | 37,741 | | | | | 37,741 | | | — | |
Asheville, NC | | Asheville Mall | | Sep-11 | | — | | 6.98 | % | | | 64,634 | | | | | 64,634 | | | — | |
Nashville, TN | | Rivergate Mall | | Sep-11 | | Sep-13 | | 5.85 | % | | | 87,500 | | (f) | | | 87,500 | | | — | |
Ft. Smith, AR | | Massard Crossing | | Feb-12 | | — | | 7.54 | % | | | 5,577 | | | | | 5,577 | | | — | |
Vicksburg, MS | | Pemberton Plaza | | Feb-12 | | — | | 7.54 | % | | | 1,905 | | | | | 1,905 | | | — | |
Houston, TX | | Willowbrook Plaza | | Feb-12 | | — | | 7.54 | % | | | 28,535 | | | | | 28,535 | | | — | |
Fayetteville, NC | | Cross Creek Mall | | Apr-12 | | — | | 7.40 | % | | | 60,055 | | | | | 60,055 | | | — | |
Colonial Heights, VA | | Southpark Mall | | May-12 | | — | | 7.00 | % | | | 34,186 | | | | | 34,186 | | | — | |
Douglasville, GA | | Arbor Place | | Jul-12 | | — | | 6.51 | % | | | 71,148 | | | | | 71,148 | | | — | |
Saginaw, MI | | Fashion Square | | Jul-12 | | — | | 6.51 | % | | | 54,474 | | | | | 54,474 | | | — | |
Louisville, KY | | Jefferson Mall | | Jul-12 | | — | | 6.51 | % | | | 39,634 | | | | | 39,634 | | | — | |
North Charleston, SC | | Northwoods Mall | | Jul-12 | | — | | 6.51 | % | | | 56,744 | | | | | 56,744 | | | — | |
Jackson, TN | | Old Hickory Mall | | Jul-12 | | — | | 6.51 | % | | | 31,428 | | | | | 31,428 | | | — | |
Asheboro, NC | | Randolph Mall | | Jul-12 | | — | | 6.50 | % | | | 13,703 | | | | | 13,703 | | | — | |
Racine, WI | | Regency Mall | | Jul-12 | | — | | 6.51 | % | | | 31,078 | | | | | 31,078 | | | — | |
Douglasville, GA | | The Landing At Arbor Place | | Jul-12 | | — | | 6.51 | % | | | 8,032 | | | | | 8,032 | | | — | |
Spartanburg, SC | | WestGate Mall | | Jul-12 | | — | | 6.50 | % | | | 49,228 | | | | | 49,228 | | | — | |
Chattanooga, TN | | CBL Center | | Aug-12 | | — | | 6.25 | % | | | 13,677 | | | | | 13,677 | | | — | |
Livonia, MI | | Laurel Park Place | | Dec-12 | | — | | 8.50 | % | | | 48,088 | | | | | 48,088 | | | — | |
Monroeville, PA | | Monroeville Mall | | Jan-13 | | — | | 5.73 | % | | | 120,831 | | | | | 120,831 | | | — | |
Greensburg, PA | | Westmoreland Mall | | Mar-13 | | — | | 5.05 | % | | | 73,685 | | | | | 73,685 | | | — | |
St. Louis, MO | | West County Center | | Apr-13 | | — | | 5.19 | % | | | 155,298 | | | | | 155,298 | | | — | |
Columbia, SC | | Columbia Place | | Sep-13 | | — | | 5.45 | % | | | 30,118 | | | | | 30,118 | | | — | |
St. Louis, MO | | South County Center | | Oct-13 | | — | | 4.96 | % | | | 79,025 | | | | | 79,025 | | | — | |
Joplin, MO | | Northpark Mall | | Mar-14 | | — | | 5.75 | % | | | 38,076 | | | | | 38,076 | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | Optional
Extended
Maturity
Date | | | | | | | | | | | | | | | |
| | | | Original
Maturity
Date | | | | | | | | | | | Balance | |
| | | | | | Interest
Rate | | | | | | |
| |
Location | | Property | | | | | Balance | | | | Fixed | | Variable | |
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Laredo, TX | | Mall del Norte | | Dec-14 | | — | | 5.04 | % | | | 113,400 | | | | | 113,400 | | | — | |
Rockford, IL | | Cherryvale Mall | | Oct-15 | | — | | 5.00 | % | | | 89,360 | | | | | 89,360 | | | — | |
Brookfield, IL | | Brookfield Square | | Nov-15 | | — | | 5.08 | % | | | 100,028 | | | | | 100,028 | | | — | |
Madison, WI | | East Towne Mall | | Nov-15 | | — | | 5.00 | % | | | 76,163 | | | | | 76,163 | | | — | |
Madison, WI | | West Towne Mall | | Nov-15 | | — | | 5.00 | % | | | 107,581 | | | | | 107,581 | | | — | |
Bloomington, IL | | Eastland Mall | | Dec-15 | | — | | 5.85 | % | | | 59,400 | | | | | 59,400 | | | — | |
Decatur, IL | | Hickory Point Mall | | Dec-15 | | — | | 5.85 | % | | | 31,817 | | | | | 31,817 | | | — | |
Overland Park, KS | | Oak Park Mall | | Dec-15 | | — | | 5.85 | % | | | 275,700 | | | | | 275,700 | | | — | |
Janesville, WI | | Janesville Mall | | Apr-16 | | — | | 8.38 | % | | | 10,152 | | | | | 10,152 | | | — | |
Akron, OH | | Chapel Hill Mall | | Aug-16 | | — | | 6.10 | % | | | 74,743 | | | | | 74,743 | | | — | |
Chesapeake, VA | | Greenbrier Mall | | Aug-16 | | — | | 5.91 | % | | | 82,421 | | | | | 82,421 | | | — | |
Chattanooga, TN | | Hamilton Place | | Aug-16 | | — | | 5.86 | % | | | 113,420 | | | | | 113,420 | | | — | |
Midland, MI | | Midland Mall | | Aug-16 | | — | | 6.10 | % | | | 36,886 | | | | | 36,886 | | | — | |
St. Louis, MO | | Chesterfield Mall | | Sep-16 | | — | | 5.74 | % | | | 140,000 | | | | | 140,000 | | | — | |
Southaven, MS | | Southaven Towne Center | | Jan-17 | | — | | 5.50 | % | | | 44,782 | | | | | 44,782 | | | — | |
Charleston, SC | | Citadel Mall | | Apr-17 | | — | | 5.68 | % | | | 73,535 | | | | | 73,535 | | | — | |
Chattanooga, TN | | Hamilton Corner | | Apr-17 | | — | | 5.67 | % | | | 16,662 | | | | | 16,662 | | | — | |
Layton, UT | | Layton Hills Mall | | Apr-17 | | — | | 5.66 | % | | | 105,111 | | | | | 105,111 | | | — | |
Lafayette, LA | | Mall of Acadiana | | Apr-17 | | — | | 5.67 | % | | | 147,061 | | | | | 147,061 | | | — | |
Lexington, KY | | The Plaza at Fayette Mall | | Apr-17 | | — | | 5.67 | % | | | 43,414 | | | | | 43,414 | | | — | |
Fairview Heights, IL | | The Shoppes at St. Clair Square | | Apr-17 | | — | | 5.67 | % | | | 22,001 | | | | | 22,001 | | | — | |
Cincinnati, OH | | Eastgate Crossing | | May-17 | | — | | 5.66 | % | | | 16,368 | | | | | 16,368 | | | — | |
Nashville, TN | | Courtyard at Hickory Hollow | | Oct-18 | | — | | 6.00 | % | | | 1,976 | | | | | 1,976 | | | — | |
Winston-Salem, NC | | Hanes Mall | | Oct-18 | | — | | 7.31 | % | | | 163,730 | | | | | 163,730 | | | — | |
Nashville, TN | | Hickory Hollow Mall | | Oct-18 | | — | | 6.00 | % | | | 34,194 | | | | | 34,194 | | | — | |
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| | SUBTOTAL | | | | | | | | | $ | 4,455,924 | | | | $ | 4,192,978 | | $ | 262,946 | |
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Weighted average interest rate | | | | | | | | | | 5.93 | % | | | | 6.15 | % | | 2.49 | % |
| | | | | | | | | | | | | | | | | | | | | |
Debt Premiums (Discounts): | | | | | | | | | | | | | | | | | | | |
Daytona Beach, FL | | Volusia Mall | | Mar-09 | | — | | 4.75 | % | | $ | 249 | | | | $ | 249 | | $ | — | |
Terre Haute, IN | | Honey Creek Mall | | Apr-09 | | — | | 4.75 | % | | | 273 | | | | | 273 | | | — | |
Little Rock, AR | | Park Plaza Mall | | May-10 | | — | | 4.90 | % | | | 1,810 | | | | | 1,810 | | | — | |
Roanoke, VA | | Valley View Mall | | Sep-10 | | — | | 5.10 | % | | | 2,425 | | | | | 2,425 | | | — | |
St. Louis, MO | | Mid Rivers Mall | | Jul-11 | | — | | 5.66 | % | | | 3,304 | | | | | 3,304 | | | — | |
Fayetteville, NC | | Cross Creek Mall | | Apr-12 | | — | | 5.00 | % | | | 4,296 | | | | | 4,296 | | | — | |
Colonial Heights, VA | | Southpark Mall | | May-12 | | — | | 5.10 | % | | | 1,938 | | | | | 1,938 | | | — | |
Livonia, MI | | Laurel Park Place | | Dec-12 | | — | | 5.00 | % | | | 5,759 | | | | | 5,759 | | | — | |
Monroeville, PA | | Monroeville Mall | | Jan-13 | | — | | 5.30 | % | | | 1,805 | | | | | 1,805 | | | — | |
St. Louis, MO | | West County Center | | Apr-13 | | — | | 5.82 | % | | | (3,469 | ) | | | | (3,469 | ) | | — | |
St. Louis, MO | | South County Center | | Oct-13 | | — | | 5.50 | % | | | (1,721 | ) | | | | (1,721 | ) | | — | |
Joplin, MO | | Northpark Mall | | Mar-14 | | — | | 5.50 | % | | | 398 | | | | | 398 | | | — | |
St. Louis, MO | | Chesterfield Mall | | Sep-16 | | — | | 5.96 | % | | | (2,049 | ) | | | | (2,049 | ) | | — | |
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| | SUBTOTAL | | | | | | | | | $ | 15,018 | | | | $ | 15,018 | | $ | — | |
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| |
Weighted average interest rate | | | | | | | | | | 4.83 | % | | | | 4.83 | % | | | |
| | | | | | | | | | | | | | | | | | | | | |
Total Loans On Operating Properties And Debt Premiums (Discounts) | | | | | $ | 4,470,942 | | | | $ | 4,207,996 | | $ | 262,946 | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
Weighted average interest rate | | | | | | | | 5.93 | % | | | | 6.14 | % | | 2.49 | % |
| | | | | | | | | | | | | | | | | | | | | |
Construction Loans: | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
D’lberville, MS | | The Promenade | | Dec-10 | | Dec-11 | | 1.75 | % | | $ | 79,085 | | (g) | | $ | — | | $ | 79,085 | |
Pittsburgh, PA | | Settler’s Ridge | | Dec-10 | | Dec-12 | | 2.03 | % | | | 15,270 | | | | | — | | | 15,270 | |
St. Louis, MO | | West County Center- Former Lord & Taylor | | Mar-11 | | Mar-13 | | 1.51 | % | | | 20,984 | | | | | — | | | 20,984 | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
| | SUBTOTAL | | | | | | | | | $ | 115,339 | | | | $ | — | | $ | 115,339 | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | Optional
Extended
Maturity
Date | | | | | | | | | | | | | | | |
| | | | Original
Maturity
Date | | | | | | | | | | | Balance | |
| | | | | | Interest
Rate | | | | | | |
| |
Location | | Property | | | | | Balance | | | | Fixed | | Variable | |
|
|
|
|
|
|
|
|
|
|
| | | |
|
|
| |
Credit Facilities: | | | | | | | | | | | | | | | | | | | | | |
Unsecured credit facility, $560,000 capacity | | Aug-09 | | Aug-11 | | 1.92 | % | | $ | 522,500 | | | | $ | — | | $ | 522,500 | |
| | | | | | | | |
|
| | | |
|
| |
|
| |
Secured credit facilities: | | | | | | | | | | | | | | | | | | | | | |
$524,850 capacity | | | | Feb-09 | | Feb-10 | | 1.29 | % | | | 524,850 | | (h) | | | 400,000 | | | 124,850 | |
$105,000 capacity | | | | Jun-10 | | — | | — | | | | — | | | | | — | | | — | |
$20,000 capacity | | | | Mar-10 | | — | | 2.23 | % | | | 20,000 | | | | | — | | | 20,000 | |
$17,200 capacity | | | | Apr-10 | | — | | 2.70 | % | | | 4,200 | | | | | — | | | 4,200 | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
Total secured facilities | | | | | | | | 3.64 | % | | | 549,050 | | | | | 400,000 | | | 149,050 | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
Unsecured term facilities: | | | | | | | | | | | | | | | | | | | | | |
General | | | | Apr-11 | | Apr-13 | | 2.11 | % | | | 228,000 | | | | | — | | | 228,000 | |
Starmount | | | | Nov-10 | | Nov-12 | | 1.63 | % | | | 209,494 | | | | | — | | | 209,494 | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
Total term facilities | | | | | | | | 1.88 | % | | | 437,494 | | | | | — | | | 437,494 | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
| | SUBTOTAL | | | | | | 1.35 | % | | $ | 1,509,044 | | | | $ | 400,000 | | $ | 1,109,044 | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
| | | | | | | | | | | | | | | | | | | | | |
Other | | | | | | | | | | | $ | 351 | | | | $ | 351 | | $ | — | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
| | | | | | | | | | | | | | | | | | | | | |
Total Consolidated Debt | | | | | | | | | $ | 6,095,676 | | | | $ | 4,608,347 | | $ | 1,487,329 | |
| | | | | | | | | | | | | | | | | | | | | |
Weighted average interest rate | | | | | | | | | | 5.01 | % | | | | 5.99 | % | | 1.95 | % |
| | | | | | | | | | | | | | | | | | | | | |
Plus CBL’s Share Of Unconsolidated Affiliates’ Debt: | | | | | | | | | | | | | | | |
Huntsville, AL | | Parkway Place | | Jun-09 | | Jun-10 | | 2.43 | % | | $ | 26,342 | | | | $ | — | | $ | 26,342 | |
Ft. Myers, FL | | Gulf Coast Town Center Phase III | | Apr-10 | | Apr-12 | | 2.46 | % | | | 10,979 | | | | | — | | | 10,979 | |
Lee’s Summit, MO | | Summit Fair | | Jun-10 | | — | | 3.56 | % | | | 9,642 | | (i) | | | — | | | 9,642 | |
Del Rio, TX | | Plaza del Sol | | Aug-10 | | — | | 9.15 | % | | | 620 | | | | | 620 | | | — | |
West Melbourne, FL | | Hammock Landing | | Aug-10 | | Aug-13 | | 3.69 | % | | | 31,177 | | | | | — | | | 31,177 | |
West Melbourne, FL | | Hammock Landing | | Aug-10 | | Aug-11 | | 3.83 | % | | | 3,640 | | | | | — | | | 3,640 | |
Port Orange, FL | | The Pavilion At Port Orange | | Jun-11 | | Jun-13 | | 1.86 | % | | | 33,384 | | | | | — | | | 33,384 | |
Port Orange, FL | | The Pavilion At Port Orange Phase II | | Jun-11 | | Jun-12 | | 2.69 | % | | | 8,300 | | | | | — | | | 8,300 | |
York, PA | | York Town Center | | Oct-11 | | — | | 3.01 | % | | | 20,004 | | | | | — | | | 20,004 | |
Greensboro, NC | | Bank of America Building | | Apr-13 | | — | | 5.33 | % | | | 4,625 | | | | | 4,625 | | | — | |
Greensboro, NC | | First Citizens Bank Building | | Apr-13 | | — | | 5.33 | % | | | 2,555 | | | | | 2,555 | | | — | |
Greensboro, NC | | First National Bank Building | | Apr-13 | | — | | 5.33 | % | | | 405 | | | | | 405 | | | — | |
Greensboro, NC | | Friendly Center | | Apr-13 | | — | | 5.33 | % | | | 38,812 | | | | | 38,812 | | | — | |
Greensboro, NC | | Friendly Center Office Building | | Apr-13 | | — | | 5.33 | % | | | 1,099 | | | | | 1,099 | | | — | |
Greensboro, NC | | Green Valley Office Building | | Apr-13 | | — | | 5.33 | % | | | 971 | | | | | 971 | | | — | |
Greensboro, NC | | Renaissance Center Phase 2 | | Apr-13 | | — | | 5.22 | % | | | 7,850 | | | | | 7,850 | | | — | |
Greensboro, NC | | Wachovia Office Building | | Apr-13 | | — | | 5.33 | % | | | 1,533 | | | | | 1,533 | | | — | |
Myrtle Beach, SC | | Coastal Grand-Myrtle Beach | | Oct-14 | | — | | 5.09 | % | | | 54,397 | | (j) | | | 54,397 | | | — | |
El Centro, CA | | Imperial Valley Mall | | Sep-15 | | — | | 4.99 | % | | | 34,218 | | | | | 34,218 | | | — | |
Raleigh, NC | | Triangle Town Center | | Dec-15 | | — | | 5.74 | % | | | 98,515 | | | | | 98,515 | | | — | |
Greensboro, NC | | Renaissance Center Phase 1 | | Jul-16 | | — | | 5.61 | % | | | 18,049 | | | | | 18,049 | | | — | |
Clarksville, TN | | Governor’s Square Mall | | Sep-16 | | — | | 8.23 | % | | | 12,983 | | | | | 12,983 | | | — | |
Paducah, KY | | Kentucky Oaks Mall | | Jan-17 | | — | | 5.27 | % | | | 14,168 | | | | | 14,168 | | | — | |
Greensboro, NC | | Shops at Friendly Center | | Jan-17 | | — | | 5.90 | % | | | 21,945 | | | | | 21,945 | | | — | |
Harrisburg, PA | | High Pointe Commons | | May-17 | | — | | 5.74 | % | | | 7,616 | | | | | 7,616 | | | — | |
Ft. Myers, FL | | Gulf Coast Town Center Phase I | | Jul-17 | | — | | 5.60 | % | | | 95,400 | | | | | 95,400 | | | — | |
Harrisburg, PA | | High Pointe Commons Phase II | | Jul-17 | | — | | 6.10 | % | | | 3,000 | | | | | 3,000 | | | — | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
| | SUBTOTAL | | | | | | | | | $ | 562,229 | | | | $ | 418,761 | | $ | 143,468 | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
| | | | | | | | | | | | | | | | | | | | | |
Less Minority Interests’ Share Of Consolidated Debt: | | Minority
Interest % | | | | | | | | | | | | | | | | | |
Chattanooga, TN | | CBL Center | | 8.00% | | | | 6.25 | % | | $ | (1,094 | ) | | | $ | (1,094 | ) | $ | — | |
Chattanooga, TN | | CBL Center II | | 8.00% | | | | 3.83 | % | | | (928 | ) | | | | — | | | (928 | ) |
Chattanooga, TN | | Hamilton Corner | | 10.00% | | | | 5.67 | % | | | (1,666 | ) | | | | (1,666 | ) | | — | |
Chattanooga, TN | | Hamilton Place | | 10.00% | | | | 5.86 | % | | | (11,342 | ) | | | | (11,342 | ) | | — | |
High Point, NC | | Oak Hollow Mall | | 25.00% | | | | 7.31 | % | | | (9,546 | ) | | | | (9,546 | ) | | — | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
| | SUBTOTAL | | | | | | | | | $ | (24,576 | ) | | | $ | (23,648 | ) | $ | (928 | ) |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
| | | | | | | | | | | | | | | | | | | | | |
Company’s Share Of Consolidated And Unconsolidated Debt | | | | | | $ | 6,633,329 | | | | $ | 5,003,460 | | $ | 1,629,869 | |
| | | | | |
|
| | | |
|
| |
|
| |
Weighted average interest rate | | | | | | | | 4.99 | % | | | | 5.96 | % | | 2.02 | % |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | Optional
Extended
Maturity
Date | | | | | | | | | | | | | | | |
| | | | Original
Maturity
Date | | | | | | | | | | | Balance | |
| | | | | | Interest
Rate | | | | | | |
| |
Location | | Property | | | | | Balance | | | | Fixed | | Variable | |
|
|
|
|
|
|
|
|
|
|
| | | |
|
|
| |
| | | | | | | | | | | | | | | | | | | | | |
Total Debt of Unconsolidated Affiliates: | | | | | | | | | | | | | | | | | |
Huntsville, AL | | Parkway Place | | Jun-09 | | Jun-10 | | 2.43 | % | | $ | 52,684 | | | | $ | — | | $ | 52,684 | |
Ft. Myers, FL | | Gulf Coast Town Center Phase III | | Apr-10 | | Apr-12 | | 2.46 | % | | | 10,979 | | | | | — | | | 10,979 | |
Lee’s Summit, MO | | Summit Fair | | Jun-10 | | — | | 3.56 | % | | | 35,710 | | | | | — | | | 35,710 | |
Del Rio, TX | | Plaza del Sol | | Aug-10 | | — | | 9.15 | % | | | 1,226 | | | | | 1,226 | | | — | |
West Melbourne, FL | | Hammock Landing | | Aug-10 | | Aug-13 | | 3.69 | % | | | 31,177 | | | | | — | | | 31,177 | |
West Melbourne, FL | | Hammock Landing | | Aug-10 | | Aug-11 | | 3.83 | % | | | 3,640 | | | | | — | | | 3,640 | |
Port Orange, FL | | The Pavilion At Port Orange | | Jun-11 | | Jun-13 | | 1.86 | % | | | 33,384 | | | | | — | | | 33,384 | |
Port Orange, FL | | The Pavilion At Port Orange Phase II | | Jun-11 | | Jun-12 | | 2.69 | % | | | 8,300 | | | | | — | | | 8,300 | |
York, PA | | York Town Center | | Oct-11 | | — | | 3.01 | % | | | 40,008 | | | | | — | | | 40,008 | |
Greensboro, NC | | Bank of America Building | | Apr-13 | | — | | 5.33 | % | | | 9,250 | | | | | 9,250 | | | — | |
Greensboro, NC | | First Citizens Bank Building | | Apr-13 | | — | | 5.33 | % | | | 5,110 | | | | | 5,110 | | | — | |
Greensboro, NC | | First National Bank Building | | Apr-13 | | — | | 5.33 | % | | | 809 | | | | | 809 | | | — | |
Greensboro, NC | | Friendly Center | | Apr-13 | | — | | 5.33 | % | | | 77,625 | | | | | 77,625 | | | — | |
Greensboro, NC | | Friendly Center Office Building | | Apr-13 | | — | | 5.33 | % | | | 2,199 | | | | | 2,199 | | | — | |
Greensboro, NC | | Green Valley Office Building | | Apr-13 | | — | | 5.33 | % | | | 1,941 | | | | | 1,941 | | | — | |
Greensboro, NC | | Renaissance Center Phase 2 | | Apr-13 | | — | | 5.22 | % | | | 15,700 | | | | | 15,700 | | | — | |
Greensboro, NC | | Wachovia Office Building | | Apr-13 | | — | | 5.33 | % | | | 3,066 | | | | | 3,066 | | | — | |
Myrtle Beach, SC | | Coastal Grand-Myrtle Beach | | Oct-14 | | — | | 5.09 | % | | | 90,794 | | (j) | | | 90,794 | | | — | |
El Centro, CA | | Imperial Valley Mall | | Sep-15 | | — | | 4.99 | % | | | 57,031 | | | | | 57,031 | | | — | |
Raleigh, NC | | Triangle Town Center | | Dec-15 | | — | | 5.74 | % | | | 197,029 | | | | | 197,029 | | | — | |
Greensboro, NC | | Renaissance Center Phase 1 | | Jul-16 | | — | | 5.61 | % | | | 36,098 | | | | | 36,098 | | | — | |
Clarksville, TN | | Governor’s Square Mall | | Sep-16 | | — | | 8.23 | % | | | 27,333 | | | | | 27,333 | | | — | |
Paducah, KY | | Kentucky Oaks Mall | | Jan-17 | | — | | 5.27 | % | | | 28,335 | | | | | 28,335 | | | — | |
Greensboro, NC | | Shops at Friendly Center | | Jan-17 | | — | | 5.90 | % | | | 43,891 | | | | | 43,891 | | | — | |
Harrisburg, PA | | High Pointe Commons | | May-17 | | — | | 5.74 | % | | | 15,231 | | | | | 15,231 | | | — | |
Ft. Myers, FL | | Gulf Coast Town Center Phase I | | Jul-17 | | — | | 5.60 | % | | | 190,800 | | | | | 190,800 | | | — | |
Harrisburg, PA | | High Pointe Commons Phase II | | Jul-17 | | — | | 6.10 | % | | | 6,000 | | | | | 6,000 | | | — | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
| | | | | | | | | | | $ | 1,025,350 | | | | $ | 809,468 | | $ | 215,882 | |
| | | | | | | | | | |
|
| | | |
|
| |
|
| |
Weighted average interest rate | | | | | | | | | 5.02 | % | | | | 5.60 | % | | 2.85 | % |
| |
(a) | A loan extension with a maturity date of January 2012 and a principal balance of $17,250 was executed in January 2009. There is a one-year extension option, which, if exercised, will extend the maturity date to January 2013. |
| |
(b) | The Company previously obtained an option to extend this loan from its original maturity date for an additional five years. Rather than pursue the extension option, the Company has entered into discussions with the lender to renegotiate the terms and maturity of the loan on a more favorable basis. |
| |
(c) | In January 2009, the Company entered into an interest rate cap on a total notional amount of $129,000 related to it’s Pearland, TX properties to limit the maximum rate of interest that may be applied to the variable-rate loan to 5.55%. The cap terminates in July 2010. |
| |
(d) | 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. |
| |
(e) | The Company has entered into an interest rate swap on a notional amount of $40,000 related to Meridian Mall to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. |
| |
(f) | The Company has entered into an interest rate swap on a notional amount of $87,500 related to Rivergate Mall to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. |
| |
(g) | The Company has entered into an interest rate cap on a notional amount of $80,000 related to The Promenade in D’Iberville to limit the maximum interest rate that may be applied to the variable-rate loan to 4.00%. The cap terminates in December 2010. Loan proceeds in the amount of $31,356 of the total debt balance reported have been drawn by the Company and the remainder of the balance has been placed in a restricted cash account to provide for future development costs to be incurred. |
| |
(h) | 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. |
| |
(i) | 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. |
| |
(j) | 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 Year Ended December 31, 2008
Schedule of Maturities of Mortgage and Other Notes Payable as of December 31, 2008
(Dollars in thousands)
Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:
| | | | | | | | | | | | | | | | | | |
Year | | Consolidated Debt | | CBL’s Share of
Unconsolidated
Affiliates’ Debt | | Minority Interests’
Share of
Consolidated Debt | | CBL’s Share of
Consolidated and
Unconsolidated
Debt | | % of Total | |
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 | | $ | 364,941 | | $ | — | | | $ | (10,474 | ) | | $ | 354,467 | | | 5.34 | % |
2010 | | | 1,001,580 | | | 36,604 | | | | — | | | | 1,038,184 | | | 15.65 | % |
2011 | | | 985,783 | | | 23,644 | | | | — | | | | 1,009,427 | | | 15.22 | % |
2012 | | | 899,032 | | | 19,279 | | | | (1,094 | ) | | | 917,217 | | | 13.83 | % |
2013 | | | 810,990 | | | 122,411 | | | | — | | | | 933,401 | | | 14.07 | % |
2014 | | | 151,476 | | | 54,397 | | | | — | | | | 205,873 | | | 3.10 | % |
2015 | | | 740,049 | | | 132,733 | | | | — | | | | 872,782 | | | 13.16 | % |
2016 | | | 457,622 | | | 31,032 | | | | (11,342 | ) | | | 477,312 | | | 7.20 | % |
2017 | | | 469,285 | | | 142,129 | | | | (1,666 | ) | | | 609,748 | | | 9.19 | % |
2018 | | | 199,900 | | | — | | | | — | | | | 199,900 | | | 3.01 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face Amount of Debt | | | 6,080,658 | | | 562,229 | | | | (24,576 | ) | | | 6,618,311 | | | 99.77 | % |
Net Premiums on Debt | | | 15,018 | | | — | | | | — | | | | 15,018 | | | 0.23 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total | | $ | 6,095,676 | | $ | 562,229 | | | $ | (24,576 | ) | | $ | 6,633,329 | | | 100.00 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | |
Based on Original Maturity Dates as of December 31, 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 | |
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | |
2009 | | $ | 1,640,679 | | $ | 26,342 | | | $ | (10,474 | ) | | $ | 1,656,547 | | | 24.97 | % |
2010 | | | 793,380 | | | 56,058 | | | | — | | | | 849,438 | | | 12.81 | % |
2011 | | | 621,818 | | | 61,688 | | | | — | | | | 683,506 | | | 10.30 | % |
2012 | | | 547,492 | | | — | | | | (1,094 | ) | | | 546,398 | | | 8.24 | % |
2013 | | | 458,957 | | | 57,850 | | | | — | | | | 516,807 | | | 7.79 | % |
2014 | | | 151,476 | | | 54,397 | | | | — | | | | 205,873 | | | 3.10 | % |
2015 | | | 740,049 | | | 132,733 | | | | — | | | | 872,782 | | | 13.16 | % |
2016 | | | 457,622 | | | 31,032 | | | | (11,342 | ) | | | 477,312 | | | 7.20 | % |
2017 | | | 469,285 | | | 142,129 | | | | (1,666 | ) | | | 609,748 | | | 9.19 | % |
2018 | | | 199,900 | | | — | | | | — | | | | 199,900 | | | 3.01 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face Amount of Debt | | | 6,080,658 | | | 562,229 | | | | (24,576 | ) | | | 6,618,311 | | | 99.77 | % |
Net Premiums on Debt | | | 15,018 | | | — | | | | — | | | | 15,018 | | | 0.23 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total | | $ | 6,095,676 | | $ | 562,229 | | | $ | (24,576 | ) | | $ | 6,633,329 | | | 100.00 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Covenant Compliance Ratios as of December 31, 2008
| | | | | | | | | | |
Unsecured Line of Credit | | Required | | Actual | | Compliance | |
|
|
|
|
|
|
|
|
Debt to Gross Asset Value | | 65% | | 57% | | | Yes | |
Interest Coverage Ratio* | | >1.75x | | 2.30x | | | 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 Year Ended December 31, 2008
New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet
| | | | | | | | | | | | | | | | | | | | | |
Property Type | | Square Feet | | Prior Gross
Rent PSF | | New Initial Gross
Rent PSF | | % Change
Initial | | New Average
Gross Rent
PSF (2) | | % Change
Average | |
| |
| |
| |
| |
| |
| |
| |
| | | | | | | | | | | | | | | | | | | | | |
Quarter: | | | | | | | | | | | | | | | | | | | | | |
All Property Types (1) | | | 847,395 | | $ | 36.42 | | | $ | 34.78 | | | | -4.5 | % | $ | 35.64 | | | -2.1 | % |
Stabilized malls | | | 805,860 | | | 37.13 | | | | 35.44 | | | | -4.6 | % | | 36.32 | | | -2.2 | % |
New leases | | | 150,018 | | | 49.03 | | | | 53.41 | | | | 8.9 | % | | 55.68 | | | 13.6 | % |
Renewal leases | | | 655,842 | | | 34.40 | | | | 31.32 | | | | -9.0 | % | | 31.89 | | | -7.3 | % |
| | | | | | | | | | | | | | | | | | | | | |
Year to Date: | | | | | | | | | | | | | | | | | | | | | |
All Property Types (1) | | | 3,037,176 | | $ | 36.18 | | | $ | 37.55 | | | | 3.8 | % | $ | 38.58 | | | 6.6 | % |
Stabilized malls | | | 2,771,999 | | | 37.76 | | | | 39.30 | | | | 4.1 | % | | 40.39 | | | 7.0 | % |
New leases | | | 703,370 | | | 43.87 | | | | 49.81 | | | | 13.5 | % | | 52.29 | | | 19.2 | % |
Renewal leases | | | 2,068,629 | | | 35.68 | | | | 35.72 | | | | 0.1 | % | | 36.34 | | | 1.8 | % |
Total Leasing Activity
| | | | |
| | Square
Feet | |
| |
| |
| | | | |
Quarter: | | | | |
Total Leased | | | 1,143,656 | |
Operating Portfolio | | | 1,017,723 | |
Development Portfolio | | | 125,933 | |
| | | | |
Year to Date: | | | | |
Total Leased | | | 6,099,281 | |
Operating Portfolio | | | 4,129,309 | |
Development Portfolio | | | 1,969,972 | |
Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 10,000 Square Feet
| | | | | | | |
| | As of December 31, | |
| |
| |
| | 2008 | | 2007 | |
| |
| |
| |
Stabilized malls | | $ | 29.46 | | $ | 29.20 | |
Non-stabilized malls | | | 25.81 | | | 26.70 | |
Associated centers | | | 11.91 | | | 11.78 | |
Community centers | | | 14.46 | | | 11.76 | |
Other | | | 18.50 | | | 16.97 | |
| |
(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 Year Ended December 31, 2008
Top 25 Tenants Based on Percentage of Total Revenues as of December 31, 2008
| | | | | | | | | | | | | | |
| Tenant | | Number of
Stores | | Square Feet | | Annual Gross
Rentals (1) | | Percentage of
Total Revenues | |
|
| |
| |
| |
| |
| |
1 | Limited Brands, LLC | | | 160 | | | 789,265 | | $ | 32,608,199 | | | 2.86 | % |
2 | Foot Locker, Inc. | | | 182 | | | 696,075 | | | 28,524,645 | | | 2.50 | % |
3 | The Gap Inc. | | | 103 | | | 1,085,866 | | | 26,852,838 | | | 2.36 | % |
4 | Abercrombie & Fitch, Co. | | | 98 | | | 659,673 | | | 24,137,962 | | | 2.12 | % |
5 | AE Outfitters Retail Company | | | 85 | | | 490,380 | | | 22,434,607 | | | 1.97 | % |
6 | Signet Group plc (2) | | | 120 | | | 210,955 | | | 19,865,357 | | | 1.74 | % |
7 | Zale Corporation | | | 147 | | | 156,023 | | | 17,097,659 | | | 1.50 | % |
8 | Finish Line, Inc. | | | 90 | | | 442,033 | | | 16,881,695 | | | 1.48 | % |
9 | Luxottica Group, S.P.A. (3) | | | 153 | | | 334,977 | | | 16,802,174 | | | 1.47 | % |
10 | Genesco Inc. (4) | | | 183 | | | 251,471 | | | 15,722,052 | | | 1.38 | % |
11 | New York & Company, Inc. | | | 58 | | | 420,875 | | | 15,443,954 | | | 1.35 | % |
12 | Express Fashions | | | 51 | | | 427,356 | | | 14,697,777 | | | 1.29 | % |
13 | Dick’s Sporting Goods, Inc. | | | 17 | | | 1,024,973 | | | 14,412,196 | | | 1.26 | % |
14 | JC Penney Co. Inc. (5) | | | 75 | | | 8,528,507 | | | 14,294,938 | | | 1.25 | % |
15 | Charlotte Russe Holding, Inc. | | | 52 | | | 360,274 | | | 13,092,435 | | | 1.15 | % |
16 | The Regis Corporation | | | 211 | | | 248,655 | | | 12,891,079 | | | 1.13 | % |
17 | Aeropostale, Inc. | | | 76 | | | 258,465 | | | 10,865,496 | | | 0.95 | % |
18 | Christopher & Banks, Inc. | | | 87 | | | 297,169 | | | 10,405,514 | | | 0.91 | % |
19 | Sun Capital Partners, Inc. (6) | | | 60 | | | 876,722 | | | 10,367,377 | | | 0.91 | % |
20 | Charming Shoppes, Inc. (7) | | | 52 | | | 297,806 | | | 9,896,691 | | | 0.87 | % |
21 | The Buckle, Inc. | | | 50 | | | 246,746 | | | 9,872,004 | | | 0.87 | % |
22 | Pacific Sunwear of California | | | 70 | | | 256,017 | | | 9,870,955 | | | 0.87 | % |
23 | The Children’s Place Retail Stores, Inc. | | | 54 | | | 227,570 | | | 9,389,416 | | | 0.82 | % |
24 | Claire’s Stores, Inc. | | | 121 | | | 143,024 | | | 9,134,720 | | | 0.80 | % |
25 | Tween Brands, Inc. (8) | | | 65 | | | 263,019 | | | 8,882,745 | | | 0.78 | % |
| | |
|
| |
|
| |
|
| |
|
| |
| | | | 2,420 | | | 18,993,896 | | $ | 394,444,485 | | | 34.59 | % |
| | |
|
| |
|
| |
|
| |
|
| |
| |
(1) | Includes annual minimum rent and tenant reimbursements based on amounts in effect at December 31, 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) | Sun Capital Partners, Inc. operates Anchor Blue, Fazoli’s, Friendly’s, Life Uniform, Shopko, Smokey Bones, Souper Salad and The Limited. |
(7) | Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine’s. |
(8) | Tween Brands, Inc. operates Limited Too and Justice. |
13
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008
| | | | | | | |
Capital Expenditures for the Three Months and Year Ended December 31, 2008
(In thousands) | |
| | Three Months | | Full Year | |
| |
| |
| |
| | | | | | | |
Tenant allowances | | $ | 8,779 | | $ | 42,247 | |
| |
|
| |
|
| |
Renovations | | | 488 | | | 17,184 | |
| |
|
| |
|
| |
| | | | | | | |
Deferred maintenance: | | | | | | | |
Parking lot and parking lot lighting | | | 2,806 | | | 6,073 | |
Roof repairs and replacements | | | 892 | | | 5,512 | |
Other capital expenditures | | | 1,598 | | | 6,935 | |
| |
|
| |
|
| |
Total deferred maintenance expenditures | | | 5,296 | | | 18,520 | |
| |
|
| |
|
| |
Total capital expenditures | | $ | 14,563 | | $ | 77,951 | |
| |
|
| |
|
| |
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, | | | 911 | | | 1,478 | |
| |
|
| |
|
| |
| | $ | 3,315 | | $ | 4,620 | |
| |
|
| |
|
| |
14
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008
| | | | | | | | | | | | | | | |
Properties Opened Year-To-Date |
(Dollars in thousands) |
| | | | | | | | | | | | | | | |
| | | | | | CBL’s Share of | | | | | |
| | | | | |
| | | | | |
Property | | Location | | Total Project
Square Feet | | Total Cost | | Cost To Date | | Date Opened | | Initial
Yield (a) | |
| |
| |
| |
| |
| |
| |
| |
| | | | | | | | | | | | | | | |
Mall Expansions: | | | | | | | | | | | | | | | |
Cary Towne Center - Mimi’s Café | | Cary, NC | | 6,674 | | $ | 2,243 | | $ | 1,072 | | Spring-08 | | 15.0 | % |
Coastal Grand - Ulta Cosmetics | | Myrtle Beach, SC | | 10,000 | | | 1,494 | | | 1,956 | | Spring-08 | | 8.7 | % |
Coastal Grand - JCPenney | | Myrtle Beach, SC | | 103,395 | | | N/A | | | N/A | | Spring-08 | | N/A | (b) |
Brookfield Square - Claim Jumpers | | Brookfield, WI | | 12,000 | | | 3,430 | | | 2,859 | | Summer-08 | | 9.7 | % |
Southpark Mall - Foodcourt | | Colonial Heights, VA | | 17,150 | | | 7,755 | | | 5,530 | | Summer-08 | | 11.0 | % |
High Pointe Commons - Christmas Trees Shops | | Harrisburg, PA | | 34,938 | | | 6,247 | | | 6,130 | | Fall-08 | | 9.0 | % |
Laurel Park Place - Food Court | | Detroit, MI | | 30,031 | | | 4,909 | | | 3,649 | | Winter-08 | | 10.5 | % |
| | | | | | | | | | | | | | | |
Mall Renovations: | | | | | | | | | | | | | | | |
Georgia Square | | Athens, GA | | 674,738 | | | 16,900 | | | 16,902 | | Spring-08 | | N/A | |
Brookfield Square | | Brookfield, WI | | 1,132,984 | | | 18,100 | | | 17,999 | | Fall-08 | | N/A | |
| | | | | | | | | | | | | | | |
Redevelopmets: | | | | | | | | | | | | | | | |
Parkdale Mall - Former Dillards (Phase I & II) | | Beaumont, TX | | 70,220 | | | 29,266 | | | 17,117 | | Jan-08/Fall-08 | | 6.6 | % |
| | | | | | | | | | | | | | | |
Associated/Lifestyle Centers: | | | | | | | | | | | | | | | |
Brookfield Square - Corner Development | | Brookfield, WI | | 19,745 | | | 10,718 | | | 8,638 | | Winter-08 | | 8.4 | % |
| | | | | | | | | | | | | | | |
Community/Open-Air Centers: | | | | | | | | | | | | | | | |
Alamance Crossing - Theater/Buildings P, N&T | | Burlington, NC | | 82,997 | | | 18,882 | | | 11,158 | | Spring-08 | | 8.4 | % |
Statesboro Crossing (c) | | Statesboro, GA | | 160,166 | | | 20,266 | | | 20,573 | | Fall-08/Summer-10 | | 8.1 | % |
| | | | | | | | | | | | | | | |
Mixed-Use Center: | | | | | | | | | | | | | | | |
Pearland Town Center (Retail Portion) | | Pearland, TX | | 692,604 | | | 151,366 | | | 128,681 | | Summer-08 | | 8.2 | % |
Pearland Town Center (Hotel Portion) | | Pearland, TX | | 72,500 | | | 17,583 | | | 16,142 | | Summer-08 | | 8.4 | % |
Pearland Town Center (Residential Portion) | | Pearland, TX | | 68,110 | | | 10,677 | | | 9,665 | | Summer-08 | | 9.8 | % |
Pearland Town Center (Office Portion) | | Pearland, TX | | 51,560 | | | 10,306 | | | 7,850 | | Summer-08 | | 8.8 | % |
| | | | | | | | | | | | | | | |
Office: | | | | | | | | | | | | | | | |
CBL Center II | | Chattanooga, TN | | 74,598 | | | 17,120 | | | 13,648 | | January-08 | | 8.6 | % |
| | | |
| |
|
| |
|
| | | | | |
| | | | 3,314,410 | | $ | 347,262 | | $ | 289,569 | | | | | |
| | | |
| |
|
| |
|
| | | | | |
| | | | | | | | | | | | | | | |
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) | |
| |
| |
| |
|
| |
|
| |
| |
| |
| | | | | | | | | | | | | | | |
Redevelopments: | | | | | | | | | | | | | | | |
West County - Former Lord & Taylor | | St. Louis, MO | | 90,620 | | $ | 34,149 | | $ | 21,231 | | Spring-09 | | 9.9 | % |
| | | |
| |
|
| |
|
| | | | | |
| | | | | | | | | | | | | | | |
Properties Under Development at December 31, 2008 |
(Dollars in thousands) |
| | | | | | | | | | | | | | | |
| | | | | | CBL’s Share of | | | | | |
| | | | | |
| | | | | |
Property | | Location | | Total Project
Square Feet | | Total Cost | | Cost To Date | | Opening Date | | Initial
Yield (a) | |
| |
| |
| |
|
| |
|
| |
| |
| |
| | | | | | | | | | | | | | | |
Mall Expansions: | | | | | | | | | | | | | | | |
Asheville Mall - Barnes & Noble | | Asheville, NC | | 40,000 | | $ | 11,684 | | $ | 7,260 | | Spring-09 | | 5.3 | % |
Oak Park Mall - Barnes & Noble | | Kansas City, KS | | 35,539 | | | 9,619 | | | 9,948 | | Spring-09 | | 6.9 | % |
| | | | | | | | | | | | | | | |
Community/Open-Air Centers: | | | | | | | | | | | | | | | |
Hammock Landing (Phase I and Phase 1A) (d) | | West Melbourne, FL | | 463,153 | | | 39,286 | | | 40,660 | | Spring-09/Fall-10 | | 7.5 | % * |
Settlers Ridge (Phase I) (e) | | Robinson Township, PA | | 389,773 | | | 99,009 | | | 50,040 | | Fall-09 | | 6.4 | % * |
Summit Fair (f) | | Lee’s Summit, MO | | 482,051 | | | 22,000 | | | 22,000 | | Fall-08/Summer-09 | | 9.8 | % |
The Pavilion at Port Orange (Phase I and Phase 1A) (d) | | Port Orange, FL | | 495,669 | | | 73,813 | | | 39,244 | | Fall-09/Summer-10 | | 6.5 | % * |
The Promenade (c) | | D’Iberville, MS | | 681,317 | | | 87,058 | | | 46,806 | | Fall-09 | | 8.0 | % |
| | | |
|
|
|
|
|
|
| | | | | |
| | | | 2,587,502 | | $ | 342,469 | | $ | 215,958 | | | | | |
| | | |
|
|
|
|
|
|
| | | | | |
| |
(a) | Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees. |
| |
(b) | The Company is leasing the land to JCPenney at an annual yield of 17.7% based on land costs. |
| |
(c) | 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. |
| |
(d) | 50/50 joint venture. Cost to date may be gross of applicable reimbursements that have not yet been received. |
| |
(e) | 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. |
| |
(f) | CBL’s interest represents 27% of project cost. |
| |
*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
