Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
| | | Three Months Ended December 31, | | | Year Ended December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| REVENUES: | | | | | | | | | | | | |
| Minimum rents | | $ | 182,718 | | | $ | 188,300 | | | $ | 693,911 | | | $ | 716,570 | |
| Percentage rents | | | 7,163 | | | | 8,509 | | | | 16,422 | | | | 18,375 | |
| Other rents | | | 8,959 | | | | 9,372 | | | | 20,763 | | | | 22,887 | |
| Tenant reimbursements | | | 80,946 | | | | 85,183 | | | | 322,702 | | | | 336,173 | |
| Management, development and leasing fees | | | 1,980 | | | | 2,459 | | | | 7,372 | | | | 19,393 | |
| Other | | | 7,371 | | | | 5,575 | | | | 28,319 | | | | 24,820 | |
| Total revenues | | | 289,137 | | | | 299,398 | | | | 1,089,489 | | | | 1,138,218 | |
| | | | | | | | | | | | | | | | | |
| EXPENSES: | | | | | | | | | | | | | | | | |
| Property operating | | | 39,068 | | | | 49,274 | | | | 162,819 | | | | 190,148 | |
| Depreciation and amortization | | | 84,317 | | | | 102,369 | | | | 309,682 | | | | 332,475 | |
| Real estate taxes | | | 22,466 | | | | 23,658 | | | | 96,881 | | | | 95,393 | |
| Maintenance and repairs | | | 14,812 | | | | 17,258 | | | | 57,441 | | | | 65,617 | |
| General and administrative | | | 9,830 | | | | 11,973 | | | | 41,010 | | | | 45,241 | |
| Loss on impairment of real estate | | | 114,862 | | | | - | | | | 114,862 | | | | - | |
| Other | | | 7,009 | | | | 14,643 | | | | 25,794 | | | | 33,333 | |
| Total expenses | | | 292,364 | | | | 219,175 | | | | 808,489 | | | | 762,207 | |
| Income (loss) from operations | | | (3,227 | ) | | | 80,223 | | | | 281,000 | | | | 376,011 | |
| Interest and other income | | | 1,022 | | | | 2,942 | | | | 5,211 | | | | 10,076 | |
| Interest expense | | | (78,204 | ) | | | (79,473 | ) | | | (294,051 | ) | | | (313,209 | ) |
| Loss on extinguishment of debt | | | (601 | ) | | | - | | | | (601 | ) | | | - | |
| Loss on impairment of investments | | | (411 | ) | | | (11,403 | ) | | | (9,260 | ) | | | (17,181 | ) |
| Gain on sales of real estate assets | | | 2,352 | | | | 279 | | | | 3,820 | | | | 12,401 | |
| Equity in earnings of unconsolidated affiliates | | | 3,622 | | | | 1,523 | | | | 5,489 | | | | 2,831 | |
| Income tax benefit (provision) | | | 619 | | | | (738 | ) | | | 1,222 | | | | (13,495 | ) |
| Income (loss) from continuing operations | | | (74,828 | ) | | | (6,647 | ) | | | (7,170 | ) | | | 57,434 | |
| Operating income (loss) of discontinued operations | | | (10 | ) | | | 347 | | | | 122 | | | | 1,809 | |
| Gain (loss) on discontinued operations | | | 45 | | | | 10 | | | | (17 | ) | | | 3,798 | |
| Net income (loss) | | | (74,793 | ) | | | (6,290 | ) | | | (7,065 | ) | | | 63,041 | |
| Net (income) loss attributable to noncontrolling interests: | | | | | | | | | | | | | | | | |
| Operating partnership | | | 29,018 | | | | 7,700 | | | | 17,845 | | | | (7,495 | ) |
| Other consolidated subsidiaries | | | (6,561 | ) | | | (6,010 | ) | | | (25,769 | ) | | | (23,959 | ) |
| Net income (loss) attributable to the Company | | | (52,336 | ) | | | (4,600 | ) | | | (14,989 | ) | | | 31,587 | |
| Preferred dividends | | | (5,454 | ) | | | (5,455 | ) | | | (21,818 | ) | | | (21,819 | ) |
| Net income (loss) attributable to common shareholders | | $ | (57,790 | ) | | $ | (10,055 | ) | | $ | (36,807 | ) | | $ | 9,768 | |
| Basic per share data attributable to common shareholders: | | | | | | | | | | | | | | | | |
| Income (loss) from continuing operations, net of preferred dividends | | $ | (0.42 | ) | | $ | (0.15 | ) | | $ | (0.35 | ) | | $ | 0.10 | |
| Discontinued operations | | | - | | | | - | | | | - | | | | 0.05 | |
| Net income (loss) attributable to common shareholders | | $ | (0.42 | ) | | $ | (0.15 | ) | | $ | (0.35 | ) | | $ | 0.15 | |
| Weighted average common shares outstanding | | | 137,878 | | | | 66,360 | | | | 106,366 | | | | 66,313 | |
| | | | | | | | | | | | | | | | | |
| Diluted per share data attributable to common shareholders: | | | | | | | | | | | | | | | | |
| Income (loss) from continuing operations, net of preferred dividends | | $ | (0.42 | ) | | $ | (0.15 | ) | | $ | (0.35 | ) | | $ | 0.10 | |
| Discontinued operations | | | - | | | | - | | | | - | | | | 0.05 | |
| Net income (loss) attributable to common shareholders | | $ | (0.42 | ) | | $ | (0.15 | ) | | $ | (0.35 | ) | | $ | 0.15 | |
Weighted average common and potential dilutive common shares outstanding | | | 137,878 | | | | 66,360 | | | | 106,366 | | | | 66,418 | |
| | | | | | | | | | | | | | | | | |
| Amounts attributable to common shareholders: | | | | | | | | | | | | | | | | |
| Income (loss) from continuing operations, net of preferred dividends | | $ | (57,815 | ) | | $ | (10,257 | ) | | $ | (36,878 | ) | | $ | 6,589 | |
| Discontinued operations | | | 25 | | | | 202 | | | | 71 | | | | 3,179 | |
| Net income (loss) attributable to common shareholders | | $ | (57,790 | ) | | $ | (10,055 | ) | | $ | (36,807 | ) | | $ | 9,768 | |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
The Company's calculation of FFO allocable to Company shareholders is as follows:
(in thousands, except per share data)
| | | Three Months Ended December 31, | | | Year Ended December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| | | | | | | | | | | | | |
| Net income (loss) attributable to common shareholders | | $ | (57,790 | ) | | $ | (10,055 | ) | | $ | (36,807 | ) | | $ | 9,768 | |
| Noncontrolling interest in earnings (loss) of operating partnership | | | (29,018 | ) | | | (7,700 | ) | | | (17,845 | ) | | | 7,495 | |
| Depreciation and amortization expense of: | | | | | | | | | | | | | | | | |
| Consolidated properties | | | 84,317 | | | | 102,369 | | | | 309,682 | | | | 332,475 | |
| Unconsolidated affiliates | | | 6,334 | | | | 8,875 | | | | 28,826 | | | | 29,987 | |
| Discontinued operations | | | - | | | | - | | | | - | | | | 892 | |
| Non-real estate assets | | | (231 | ) | | | (257 | ) | | | (962 | ) | | | (1,027 | ) |
| Noncontrolling interests' share of depreciation and amortization | | | (320 | ) | | | (15 | ) | | | (705 | ) | | | (958 | ) |
| (Gain) loss on discontinued operations | | | (45 | ) | | | (10 | ) | | | 17 | | | | (3,798 | ) |
| Income tax provision on disposal of discontinued operations | | | - | | | | - | | | | - | | | | 1,439 | |
| Funds from operations of the operating partnership | | | 3,247 | | | | 93,207 | | | | 282,206 | | | | 376,273 | |
| Loss on impairment of real estate | | | 114,862 | | | | - | | | | 114,862 | | | | - | |
Funds from operations of the operating partnership, excluding loss on impairment of real estate | | $ | 118,109 | | | $ | 93,207 | | | $ | 397,068 | | | $ | 376,273 | |
| | | | | | | | | | | | | | | | | |
| Funds from operations per diluted share | | $ | 0.02 | | | $ | 0.80 | | | $ | 1.79 | | | $ | 3.21 | |
| Loss on impairment of real estate per diluted share | | | 0.60 | | | | - | | | | 0.73 | | | | - | |
Funds from operations, excluding loss on impairment of real estate, per diluted share | | $ | 0.62 | | | $ | 0.80 | | | $ | 2.52 | | | $ | 3.21 | |
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted | | | 189,866 | | | | 117,022 | | | | 157,970 | | | | 117,051 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Funds from operations of the operating partnership | | $ | 3,247 | | | $ | 93,207 | | | $ | 282,206 | | | $ | 376,273 | |
Percentage allocable to Company shareholders (1) | | | 72.63 | % | | | 56.72 | % | | | 67.35 | % | | | 56.70 | % |
| Funds from operations allocable to Company shareholders | | $ | 2,358 | | | $ | 52,867 | | | $ | 190,066 | | | $ | 213,347 | |
| | | | | | | | | | | | | | | | | |
Funds from operations of the operating partnership, excluding loss on impairment of real estate | | $ | 118,109 | | | $ | 93,207 | | | $ | 397,068 | | | $ | 376,273 | |
Percentage allocable to Company shareholders (1) | | | 72.63 | % | | | 56.72 | % | | | 67.35 | % | | | 56.70 | % |
Funds from operations allocable to Company shareholders, excluding loss on impairment of real estate | | $ | 85,783 | | | $ | 52,867 | | | $ | 267,425 | | | $ | 213,347 | |
(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 5. |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
SUPPLEMENTAL FFO INFORMATION:
| | | Three Months Ended December 31, | | | Year Ended December 31, | |
| (in thousands, except per share data) | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| | | | | | | | | | | | | |
| Lease termination fees | | $ | 2,871 | | | $ | 679 | | | $ | 7,284 | | | $ | 9,935 | |
| Lease termination fees per share | | $ | 0.02 | | | $ | 0.01 | | | $ | 0.05 | | | $ | 0.08 | |
| | | | | | | | | | | | | | | | | |
| Straight-line rental income | | $ | 1,602 | | | $ | 2,087 | | | $ | 7,762 | | | $ | 6,137 | |
| Straight-line rental income per share | | $ | 0.01 | | | $ | 0.02 | | | $ | 0.05 | | | $ | 0.05 | |
| | | | | | | | | | | | | | | | | |
| Gains on outparcel sales | | $ | 3,791 | | | $ | 1,111 | | | $ | 6,136 | | | $ | 15,963 | |
| Gains on outparcel sales per share | | $ | 0.02 | | | $ | 0.01 | | | $ | 0.04 | | | $ | 0.14 | |
| | | | | | | | | | | | | | | | | |
| Amortization of acquired above- and below-market leases | | $ | 1,109 | | | $ | 3,950 | | | $ | 5,561 | | | $ | 10,735 | |
| Amortization of acquired above- and below-market leases per share | | $ | 0.01 | | | $ | 0.03 | | | $ | 0.04 | | | $ | 0.09 | |
| | | | | | | | | | | | | | | | | |
| Amortization of debt premiums | | $ | 1,623 | | | $ | 1,991 | | | $ | 6,980 | | | $ | 7,909 | |
| Amortization of debt premiums per share | | $ | 0.01 | | | $ | 0.02 | | | $ | 0.04 | | | $ | 0.07 | |
| | | | | | | | | | | | | | | | | |
| Income tax benefit (provision) | | $ | 619 | | | $ | (738 | ) | | $ | 1,222 | | | $ | (12,056 | ) |
| Income tax benefit (provision) per share | | $ | - | | | $ | (0.01 | ) | | $ | 0.01 | | | $ | (0.10 | ) |
| | | | | | | | | | | | | | | | | |
| Loss on impairment of real estate | | $ | (114,862 | ) | | $ | - | | | $ | (114,862 | ) | | $ | - | |
| Loss on impairment of real estate per share | | $ | (0.60 | ) | | $ | - | | | $ | (0.73 | ) | | $ | - | |
| | | | | | | | | | | | | | | | | |
| Loss on impairment of investments | | $ | (411 | ) | | $ | (11,403 | ) | | $ | (9,260 | ) | | $ | (17,181 | ) |
| Loss on impairment of investments per share | | $ | - | | | $ | (0.10 | ) | | $ | (0.06 | ) | | $ | (0.15 | ) |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
Same-Center Net Operating Income
(Dollars in thousands)
| | | Three Months Ended December 31, | | | Year Ended December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| | | | | | | | | | | | | |
| Net income (loss) attributable to the Company | | $ | (52,336 | ) | | $ | (4,600 | ) | | $ | (14,989 | ) | | $ | 31,587 | |
| | | | | | | | | | | | | | | | | |
| Adjustments: | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | 84,317 | | | | 102,369 | | | | 309,682 | | | | 332,475 | |
| Depreciation and amortization from unconsolidated affiliates | | | 6,334 | | | | 8,875 | | | | 28,826 | | | | 29,987 | |
| Depreciation and amortization from discontinued operations | | | - | | | | - | | | | - | | | | 892 | |
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | | | (320 | ) | | | (15 | ) | | | (705 | ) | | | (958 | ) |
| Interest expense | | | 78,204 | | | | 79,473 | | | | 294,051 | | | | 313,209 | |
| Interest expense from unconsolidated affiliates | | | 6,332 | | | | 7,653 | | | | 29,092 | | | | 28,525 | |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | | | (238 | ) | | | (135 | ) | | | (933 | ) | | | (1,492 | ) |
| Loss on extinguishment of debt | | | 601 | | | | - | | | | 601 | | | | - | |
| Abandoned projects expense | | | 155 | | | | 9,407 | | | | 1,501 | | | | 12,351 | |
| Gain on sales of real estate assets | | | (2,352 | ) | | | (279 | ) | | | (3,820 | ) | | | (12,401 | ) |
| Gain on sales of real estate assets of unconsolidated affiliates | | | (1,433 | ) | | | (832 | ) | | | (2,310 | ) | | | (3,548 | ) |
| Loss on impairment of investments | | | 411 | | | | 11,403 | | | | 9,260 | | | | 17,181 | |
| Loss on impairment of real estate | | | 114,862 | | | | - | | | | 114,862 | | | | - | |
| Income tax (benefit) provision | | | (619 | ) | | | 738 | | | | (1,222 | ) | | | 13,495 | |
| Noncontrolling interest in earnings (loss) of operating partnership | | | (29,018 | ) | | | (7,700 | ) | | | (17,845 | ) | | | 7,495 | |
| (Gain) loss on discontinued operations | | | (45 | ) | | | (10 | ) | | | 17 | | | | (3,798 | ) |
| Operating partnership's share of total NOI | | | 204,855 | | | | 206,347 | | | | 746,068 | | | | 765,000 | |
| General and administrative expenses | | | 9,830 | | | | 11,973 | | | | 41,010 | | | | 45,241 | |
| Management fees and non-property level revenues | | | (6,488 | ) | | | (7,651 | ) | | | (22,711 | ) | | | (36,255 | ) |
| Operating partnership's share of property NOI | | | 208,197 | | | | 210,669 | | | | 764,367 | | | | 773,986 | |
| NOI of non-comparable centers | | | (3,470 | ) | | | (4,925 | ) | | | (14,779 | ) | | | (11,946 | ) |
| Total same-center NOI | | $ | 204,727 | | | $ | 205,744 | | | $ | 749,588 | | | $ | 762,040 | |
| Total same-center NOI percentage change | | | -0.5 | % | | | | | | | -1.6 | % | | | | |
| | | | | | | | | | | | | | | | | |
| Total same-center NOI | | $ | 204,727 | | | $ | 205,744 | | | $ | 749,588 | | | $ | 762,040 | |
| Less lease termination fees | | | (2,846 | ) | | | (717 | ) | | | (7,243 | ) | | | (9,927 | ) |
| Total same-center NOI, excluding lease termination fees | | $ | 201,881 | | | $ | 205,027 | | | $ | 742,345 | | | $ | 752,113 | |
| | | | | | | | | | | | | | | | | |
| Malls | | $ | 184,549 | | | $ | 188,527 | | | $ | 674,157 | | | $ | 681,796 | |
| Associated centers | | | 7,932 | | | | 7,960 | | | | 31,430 | | | | 33,979 | |
| Community centers | | | 3,487 | | | | 3,492 | | | | 13,972 | | | | 14,641 | |
| Office and other | | | 5,913 | | | | 5,048 | | | | 22,786 | | | | 21,697 | |
| Total same-center NOI, excluding lease termination fees | | $ | 201,881 | | | $ | 205,027 | | | $ | 742,345 | | | $ | 752,113 | |
| | | | | | | | | | | | | | | | | |
| Percentage Change: | | | | | | | | | | | | | | | | |
| Malls | | | -2.1 | % | | | | | | | -1.1 | % | | | | |
| Associated centers | | | -0.4 | % | | | | | | | -7.5 | % | | | | |
| Community centers | | | -0.1 | % | | | | | | | -4.6 | % | | | | |
| Office and other | | | 17.1 | % | | | | | | | 5.0 | % | | | | |
| Total same-center NOI, excluding lease termination fees | | | -1.5 | % | | | | | | | -1.3 | % | | | | |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
| | | December 31, 2009 | |
| | | Fixed Rate | | | Variable Rate | | | Total | |
| Consolidated debt | | $ | 4,049,718 | | | $ | 1,566,421 | | | $ | 5,616,139 | |
| Noncontrolling interests' share of consolidated debt | | | (23,737 | ) | | | (928 | ) | | | (24,665 | ) |
| Company's share of unconsolidated affiliates' debt | | | 404,104 | | | | 190,163 | | | | 594,267 | |
| Company's share of consolidated and unconsolidated debt | | $ | 4,430,085 | | | $ | 1,755,656 | | | $ | 6,185,741 | |
| Weighted average interest rate | | | 5.95 | % | | | 3.07 | % | | | 5.13 | % |
| | | December 31, 2008 | |
| | | Fixed Rate | | | Variable Rate | | | Total | |
| Consolidated debt | | $ | 4,608,347 | | | $ | 1,487,329 | | | $ | 6,095,676 | |
| Noncontrolling interests' share of consolidated debt | | | (23,648 | ) | | | (928 | ) | | | (24,576 | ) |
| Company's share of unconsolidated affiliates' debt | | | 418,761 | | | | 143,468 | | | | 562,229 | |
| Company's share of consolidated and unconsolidated debt | | $ | 5,003,460 | | | $ | 1,629,869 | | | $ | 6,633,329 | |
| Weighted average interest rate | | | 5.96 | % | | | 2.02 | % | | | 4.99 | % |
Debt-To-Total-Market Capitalization Ratio as of December 31, 2009
(In thousands, except stock price)
| | | Shares Outstanding | | | Stock Price (1) | | | Value | |
| Common stock and operating partnership units | | | 189,837 | | | $ | 9.67 | | | $ | 1,835,724 | |
| 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 | | | | | | | | | | | 2,125,724 | |
| Company's share of total debt | | | | | | | | | | | 6,185,741 | |
| Total market capitalization | | | | | | | | | | $ | 8,311,465 | |
| Debt-to-total-market capitalization ratio | | | | | | | | | | | 74.4 | % |
| (1) | Stock price for common stock and operating partnership units equals the closing price of the common stock on December 31, 2009. 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 December 31, | | | Year Ended December 31, | |
| 2009: | | Basic | | | Diluted | | | Basic | | | Diluted | |
| Weighted average shares - EPS | | | 137,878 | | | | 137,878 | | | | 106,366 | | | | 106,366 | |
| Weighted average diluted shares for FFO (2) | | | - | | | | 39 | | | | - | | | | 37 | |
| Weighted average operating partnership units | | | 51,949 | | | | 51,949 | | | | 51,567 | | | | 51,567 | |
| Weighted average shares- FFO | | | 189,827 | | | | 189,866 | | | | 157,933 | | | | 157,970 | |
| | | | | | | | | | | | | | | | | |
| 2008: | | | | | | | | | | | | | | | | |
| Weighted average shares - EPS | | | 66,360 | | | | 66,360 | | | | 66,313 | | | | 66,418 | |
| Weighted average diluted shares for FFO (2) | | | - | | | | 34 | | | | - | | | | - | |
| Weighted average operating partnership units | | | 50,628 | | | | 50,628 | | | | 50,633 | | | | 50,633 | |
| Weighted average shares- FFO | | | 116,988 | | | | 117,022 | | | | 116,946 | | | | 117,051 | |
Dividend Payout Ratio
| | | Three Months Ended December 31, | | | Year Ended December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| Weighted average dividend per share | | $ | 0.10371 | | | $ | 0.37255 | | | $ | 0.74032 | | | $ | 2.02396 | |
| FFO per diluted, fully converted share (3) | | $ | 0.02 | | | $ | 0.80 | | | $ | 1.79 | | | $ | 3.21 | |
| Dividend payout ratio | | | 518.6 | % | | | 46.6 | % | | | 41.4 | % | | | 63.1 | % |
| (2) | Because the Company incurred net losses during the three months ended December 31, 2009 and 2008 and during the year ended December 31, 2009, there are no potentially dilutive shares recognized in the number of diluted weighted average shares for EPS purposes for those periods due to their anti-dilutive nature. However, because FFO was positive during these periods, the dilutive shares are recognized in the number of diluted weighted average shares for purposes of calculating FFO per share. |
| (3) | FFO per diluted, fully converted share for the three months and year ended December 31, 2009 includes the impact of a non-cash impairment of real estate of $0.60 and $0.73, respectively, per share. |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
| | | December 31, | |
| | | 2009 | | | 2008 | |
| ASSETS | | | | | | |
| Real estate assets: | | | | | | |
| Land | | $ | 956,750 | | | $ | 902,504 | |
| Buildings and improvements | | | 7,569,015 | | | | 7,503,334 | |
| | | | 8,525,765 | | | | 8,405,838 | |
| Accumulated depreciation | | | (1,505,840 | ) | | | (1,310,173 | ) |
| | | | 7,019,925 | | | | 7,095,665 | |
| Developments in progress | | | 85,110 | | | | 225,815 | |
| Net investment in real estate assets | | | 7,105,035 | | | | 7,321,480 | |
| Cash and cash equivalents | | | 48,062 | | | | 51,227 | |
| Cash in escrow | | | - | | | | 2,700 | |
| Receivables: | | | | | | | | |
| Tenant, net of allowance | | | 73,170 | | | | 74,402 | |
| Other | | | 8,162 | | | | 12,145 | |
| Mortgage and other notes receivable | | | 38,208 | | | | 58,961 | |
| Investments in unconsolidated affiliates | | | 186,523 | | | | 207,618 | |
| Intangible lease assets and other assets | | | 279,950 | | | | 305,802 | |
| | | $ | 7,739,110 | | | $ | 8,034,335 | |
| | | | | | | | | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |
| Mortgage and other indebtedness | | $ | 5,616,139 | | | $ | 6,095,676 | |
| Accounts payable and accrued liabilities | | | 258,333 | | | | 329,991 | |
| Total liabilities | | | 5,874,472 | | | | 6,425,667 | |
| Commitments and contingencies | | | | | | | | |
| Redeemable noncontrolling interests: | | | | | | | | |
| Redeemable noncontrolling partnership interests | | | 22,689 | | | | 18,393 | |
| Redeemable noncontrolling preferred joint venture interest | | | 421,570 | | | | 421,279 | |
| Total redeemable noncontrolling interests | | | 444,259 | | | | 439,672 | |
| 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, 137,888,408 and 66,394,844 issued and outstanding in 2009 and 2008, respectively | | | 1,379 | | | | 664 | |
| Additional paid-in capital | | | 1,399,654 | | | | 993,941 | |
| Accumulated other comprehensive income (loss) | | | 491 | | | | (12,786 | ) |
| Accumulated deficit | | | (283,640 | ) | | | (193,307 | ) |
| Total shareholders' equity | | | 1,117,896 | | | | 788,524 | |
| Noncontrolling interests | | | 302,483 | | | | 380,472 | |
| Total equity | | | 1,420,379 | | | | 1,168,996 | |
| | | $ | 7,739,110 | | | $ | 8,034,335 | |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
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, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| EBITDA: | | | | | | | | | | | | |
| Net income (loss) attributable to the Company | | $ | (52,336 | ) | | $ | (4,600 | ) | | $ | (14,989 | ) | | $ | 31,587 | |
| | | | | | | | | | | | | | | | | |
| Adjustments: | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | 84,317 | | | | 102,369 | | | | 309,682 | | | | 332,475 | |
| Depreciation and amortization from unconsolidated affiliates | | | 6,334 | | | | 8,875 | | | | 28,826 | | | | 29,987 | |
| Depreciation and amortization from discontinued operations | | | - | | | | - | | | | - | | | | 892 | |
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | | | (320 | ) | | | (15 | ) | | | (705 | ) | | | (958 | ) |
| Interest expense | | | 78,204 | | | | 79,473 | | | | 294,051 | | | | 313,209 | |
| Interest expense from unconsolidated affiliates | | | 6,332 | | | | 7,653 | | | | 29,092 | | | | 28,525 | |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | | | (238 | ) | | | (135 | ) | | | (933 | ) | | | (1,492 | ) |
| Loss on extinguishment of debt | | | 601 | | | | - | | | | 601 | | | | - | |
| Income and other taxes | | | (207 | ) | | | 1,343 | | | | 1,275 | | | | 16,345 | |
| Loss on impairment of real estate | | | 114,862 | | | | - | | | | 114,862 | | | | - | |
| Loss on impairment of investments | | | 411 | | | | 11,403 | | | | 9,260 | | | | 17,181 | |
| Abandoned projects | | | 155 | | | | 9,407 | | | | 1,501 | | | | 12,351 | |
| Noncontrolling interest in earnings (loss) of operating partnership | | | (29,018 | ) | | | (7,700 | ) | | | (17,845 | ) | | | 7,495 | |
| (Gain) loss on discontinued operations | | | (45 | ) | | | (10 | ) | | | 17 | | | | (3,798 | ) |
| Company's share of total EBITDA | | $ | 209,052 | | | $ | 208,063 | | | $ | 754,695 | | | $ | 783,799 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Interest Expense: | | | | | | | | | | | | | | | | |
| Interest expense | | $ | 78,204 | | | $ | 79,473 | | | $ | 294,051 | | | $ | 313,209 | |
| Interest expense from unconsolidated affiliates | | | 6,332 | | | | 7,653 | | | | 29,092 | | | | 28,525 | |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | | | (238 | ) | | | (135 | ) | | | (933 | ) | | | (1,492 | ) |
| Company's share of total interest expense | | $ | 84,298 | | | $ | 86,991 | | | $ | 322,210 | | | $ | 340,242 | |
| | | | | | | | | | | | | | | | | |
| Ratio of EBITDA to Interest Expense | | | 2.48 | | | | 2.39 | | | | 2.34 | | | | 2.30 | |
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
| | | Three Months Ended December 31, | | | Year Ended December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| | | | | | | | | | | | | |
| Company's share of total EBITDA | | $ | 209,052 | | | $ | 208,063 | | | $ | 754,695 | | | $ | 783,799 | |
| Interest expense | | | (78,204 | ) | | | (79,473 | ) | | | (294,051 | ) | | | (313,209 | ) |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | | | 238 | | | | 135 | | | | 933 | | | | 1,492 | |
| Income and other taxes | | | 207 | | | | (1,343 | ) | | | (1,275 | ) | | | (16,345 | ) |
Amortization of deferred financing costs and non-real estate depreciation included in operating expense | | | 4,941 | | | | 2,362 | | | | 11,982 | | | | 9,382 | |
| Amortization of debt premiums | | | (1,623 | ) | | | (1,991 | ) | | | (6,980 | ) | | | (7,909 | ) |
| Amortization of above- and below- market leases | | | (1,144 | ) | | | (3,763 | ) | | | (5,655 | ) | | | (10,659 | ) |
| Depreciation and interest expense from unconsolidated affiliates | | | (12,666 | ) | | | (16,528 | ) | | | (57,918 | ) | | | (58,512 | ) |
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | | | 320 | | | | 15 | | | | 705 | | | | 958 | |
| Noncontrolling interest in earnings of other consolidated subsidiaries | | | 6,561 | | | | 6,010 | | | | 25,769 | | | | 23,959 | |
| Realized foreign currency (gain) loss | | | (11 | ) | | | - | | | | 65 | | | | - | |
| Gains on outparcel sales | | | (2,352 | ) | | | (279 | ) | | | (3,820 | ) | | | (12,401 | ) |
| Income tax benefit from stock options | | | - | | | | - | | | | - | | | | 7,472 | |
| Equity in earnings of unconsolidated affiliates | | | (3,622 | ) | | | (1,523 | ) | | | (5,489 | ) | | | (2,831 | ) |
| Distributions from unconsolidated affiliates | | | 4,490 | | | | 4,757 | | | | 12,665 | | | | 15,661 | |
| Share-based compensation | | | 797 | | | | 988 | | | | 3,160 | | | | 5,016 | |
| Changes in operating assets and liabilities | | | 6,807 | | | | (12,436 | ) | | | (3,148 | ) | | | (6,780 | ) |
| Cash flows provided by operating activities | | $ | 133,791 | | | $ | 104,994 | | | $ | 431,638 | | | $ | 419,093 | |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
Schedule of Mortgage and Other Indebtedness as of December 31, 2009
(Dollars in thousands )
| | | | | | | | | | | | | | | | | Balance | |
| Location | Property | | Original Maturity Date | | | Original Extended Maturity Date | | | Interest Rate | | Balance | | | | Fixed | | | Variable | |
| | | | | | | | | | | | | | | | | | | | | |
| Operating Properties: | | | | | | | | | | | | | | | | | | | |
| Fairview Heights, IL | St. Clair Square | | Apr-10 | | | | - | | | | 7.50 | % | | $ | 57,237 | | | | $ | 57,237 | | | $ | - | |
| Little Rock, AR | Park Plaza Mall | | May-10 | | | | - | | | | 8.69 | % | | | 38,856 | | | | | 38,856 | | | | - | |
| Spartanburg, SC | WestGate Crossing | | Jul-10 | | | | - | | | | 8.42 | % | | | 9,024 | | | | | 9,024 | | | | - | |
| Pearland, TX | Pearland Office | | Jul-10 | | | Jul-12 | | | | 1.40 | % | | | 7,563 | | (a) | | | - | | | | 7,563 | |
| Pearland, TX | Pearland Town Center | | Jul-10 | | | Jul-12 | | | | 1.40 | % | | | 126,586 | | (a) | | | - | | | | 126,586 | |
| Burnsville, MN | Burnsville Center | | Aug-10 | | | | - | | | | 8.00 | % | | | 61,519 | | | | | 61,519 | | | | - | |
| Roanoke, VA | Valley View Mall | | Sep-10 | | | | - | | | | 8.61 | % | | | 40,989 | | | | | 40,989 | | | | - | |
| Beaumont, TX | Parkdale Crossing | | Sep-10 | | | | - | | | | 5.01 | % | | | 7,674 | | | | | 7,674 | | | | - | |
| Beaumont, TX | Parkdale Mall | | Sep-10 | | | | - | | | | 5.01 | % | | | 48,603 | | | | | 48,603 | | | | - | |
| Burlington, NC | Alamance Crossing | | Sep-10 | | | Sep-11 | | | | 1.48 | % | | | 61,483 | | | | | 40,000 | | | | 21,483 | |
| Nashville, TN | CoolSprings Galleria | | Sep-10 | | | | - | | | | 6.22 | % | | | 121,339 | | | | | 121,339 | | | | - | |
| Stillwater, OK | Lakeview Pointe | | Nov-10 | | | | - | | | | 1.24 | % | | | 14,950 | | | | | - | | | | 14,950 | |
| Stroud, PA | Stroud Mall | | Dec-10 | | | | - | | | | 8.42 | % | | | 29,794 | | | | | 29,794 | | | | - | |
| Wausau, WI | Wausau Center | | Dec-10 | | | | - | | | | 6.70 | % | | | 11,226 | | | | | 11,226 | | | | - | |
| York, PA | York Galleria | | Dec-10 | | | | - | | | | 8.34 | % | | | 47,595 | | | | | 47,595 | | | | - | |
| Statesboro, GA | Statesboro Crossing | | Feb-11 | | | Feb-13 | | | | 1.23 | % | | | 15,848 | | | | | - | | | | 15,848 | |
| St. Louis, MO | West County Center - restaurant village | | Mar-11 | | | Mar-13 | | | | 1.23 | % | | | 27,634 | | | | | - | | | | 27,634 | |
| Lexington, KY | Fayette Mall | | Jul-11 | | | | - | | | | 7.00 | % | | | 86,847 | | | | | 86,847 | | | | - | |
| St. Louis, MO | Mid Rivers Mall | | Jul-11 | | | | - | | | | 7.24 | % | | | 78,748 | | | | | 78,748 | | | | - | |
| Panama City, FL | Panama City Mall | | Aug-11 | | | | - | | | | 7.30 | % | | | 37,141 | | | | | 37,141 | | | | - | |
| Chattanooga, TN | CBL Center II | | Aug-11 | | | | - | | | | 4.50 | % | | | 11,599 | | | | | - | | | | 11,599 | |
| Asheville, NC | Asheville Mall | | Sep-11 | | | | - | | | | 6.98 | % | | | 63,431 | | | | | 63,431 | | | | - | |
| Nashville, TN | Rivergate Mall | | Sep-11 | | | Sep-13 | | | | 5.85 | % | | | 87,500 | | (b) | | | 87,500 | | | | - | |
| Milford, CT | Milford Marketplace | | Jan-12 | | | Jan-13 | | | | 3.73 | % | | | 17,100 | | | | | - | | | | 17,100 | |
| Ft. Smith, AR | Massard Crossing | | Feb-12 | | | | - | | | | 7.54 | % | | | 5,495 | | | | | 5,495 | | | | - | |
| Houston, TX | Willowbrook Plaza | | Feb-12 | | | | - | | | | 7.54 | % | | | 28,115 | | | | | 28,115 | | | | - | |
| Vicksburg, MS | Pemberton Plaza | | Feb-12 | | | | - | | | | 7.54 | % | | | 1,877 | | | | | 1,877 | | | | - | |
| High Point, NC | Oak Hollow Mall | | Feb-12 | | | | - | | | | 4.50 | % | | | 39,397 | | | | | 39,397 | | | | - | |
| Fayetteville, NC | Cross Creek Mall | | Apr-12 | | | | - | | | | 7.40 | % | | | 59,056 | | | | | 59,056 | | | | - | |
| Colonial Heights, VA | Southpark Mall | | May-12 | | | | - | | | | 7.00 | % | | | 33,241 | | | | | 33,241 | | | | - | |
| Asheboro, NC | Randolph Mall | | Jul-12 | | | | - | | | | 6.50 | % | | | 13,311 | | | | | 13,311 | | | | - | |
| Douglasville, GA | Arbor Place | | Jul-12 | | | | - | | | | 6.51 | % | | | 69,110 | | | | | 69,110 | | | | - | |
| Douglasville, GA | The Landing At Arbor Place | | Jul-12 | | | | - | | | | 6.51 | % | | | 7,801 | | | | | 7,801 | | | | - | |
| Jackson, TN | Old Hickory Mall | | Jul-12 | | | | - | | | | 6.51 | % | | | 30,527 | | | | | 30,527 | | | | - | |
| Louisville, KY | Jefferson Mall | | Jul-12 | | | | - | | | | 6.51 | % | | | 38,498 | | | | | 38,498 | | | | - | |
| North Charleston, SC | Northwoods Mall | | Jul-12 | | | | - | | | | 6.51 | % | | | 55,119 | | | | | 55,119 | | | | - | |
| Racine, WI | Regency Mall | | Jul-12 | | | | - | | | | 6.51 | % | | | 30,188 | | | | | 30,188 | | | | - | |
| Saginaw, MI | Fashion Square | | Jul-12 | | | | - | | | | 6.51 | % | | | 52,914 | | | | | 52,914 | | | | - | |
| Spartanburg, SC | WestGate Mall | | Jul-12 | | | | - | | | | 6.50 | % | | | 47,816 | | | | | 47,816 | | | | - | |
| Chattanooga, TN | CBL Center | | Aug-12 | | | | - | | | | 6.25 | % | | | 13,416 | | | | | 13,416 | | | | - | |
| Livonia, MI | Laurel Park Place | | Dec-12 | | | | - | | | | 8.50 | % | | | 47,212 | | | | | 47,212 | | | | - | |
| Monroeville, PA | Monroeville Mall | | Jan-13 | | | | - | | | | 5.73 | % | | | 117,400 | | | | | 117,400 | | | | - | |
| Greensburg, PA | Westmoreland Mall | | Mar-13 | | | | - | | | | 5.05 | % | | | 71,360 | | | | | 71,360 | | | | - | |
| St. Louis, MO | West County Center | | Apr-13 | | | | - | | | | 5.19 | % | | | 152,207 | | | | | 152,207 | | | | - | |
| Columbia, SC | Columbia Place | | Sep-13 | | | | - | | | | 5.45 | % | | | 29,245 | | | | | 29,245 | | | | - | |
| St. Louis, MO | South County Center | | Oct-13 | | | | - | | | | 4.96 | % | | | 77,449 | | | | | 77,449 | | | | - | |
| Joplin, MO | Northpark Mall | | Mar-14 | | | | - | | | | 5.75 | % | | | 37,099 | | | | | 37,099 | | | | - | |
| Laredo, TX | Mall del Norte | | Dec-14 | | | | - | | | | 5.04 | % | | | 113,400 | | | | | 113,400 | | | | - | |
| Rockford, IL | CherryVale Mall | | Oct-15 | | | | - | | | | 5.00 | % | | | 87,736 | | | | | 87,736 | | | | - | |
| Brookfield, IL | Brookfield Square | | Nov-15 | | | | - | | | | 5.08 | % | | | 98,241 | | | | | 98,241 | | | | - | |
| Madison, WI | East Towne Mall | | Nov-15 | | | | - | | | | 5.00 | % | | | 74,787 | | | | | 74,787 | | | | - | |
| Madison, WI | West Towne Mall | | Nov-15 | | | | - | | | | 5.00 | % | | | 105,636 | | | | | 105,636 | | | | - | |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
| | | | | | | | | | | | | | | | | | | | Balance | |
| Location | Property | | Original Maturity Date | | | Original Extended Maturity Date | | | Interest Rate | | | Balance | | | | Fixed | | | Variable | |
| Bloomington, IL | Eastland Mall | | Dec-15 | | | | - | | | | 5.85 | % | | | 59,400 | | | | | 59,400 | | | | - | |
| Decatur, IL | Hickory Point Mall | | Dec-15 | | | | - | | | | 5.85 | % | | | 31,318 | | | | | 31,318 | | | | - | |
| Overland Park, KS | Oak Park Mall | | Dec-15 | | | | - | | | | 5.85 | % | | | 275,700 | | | | | 275,700 | | | | - | |
| Janesville, WI | Janesville Mall | | Apr-16 | | | | - | | | | 8.38 | % | | | 9,014 | | | | | 9,014 | | | | - | |
| Akron, OH | Chapel Hill Mall | | Aug-16 | | | | - | | | | 6.10 | % | | | 73,674 | | | | | 73,674 | | | | - | |
| Chattanooga, TN | Hamilton Place | | Aug-16 | | | | - | | | | 5.86 | % | | | 111,730 | | | | | 111,730 | | | | - | |
| Chesapeake, VA | Greenbrier Mall | | Aug-16 | | | | - | | | | 5.91 | % | | | 81,203 | | | | | 81,203 | | | | - | |
| Midland, MI | Midland Mall | | Aug-16 | | | | - | | | | 6.10 | % | | | 36,358 | | | | | 36,358 | | | | - | |
| St. Louis, MO | Chesterfield Mall | | Sep-16 | | | | - | | | | 5.74 | % | | | 140,000 | | | | | 140,000 | | | | - | |
| Southaven, MS | Southaven Towne Center | | Jan-17 | | | | - | | | | 5.50 | % | | | 44,094 | | | | | 44,094 | | | | - | |
| Cary, NC | Cary Towne Center | | Mar-17 | | | | - | | | | 8.50 | % | | | 69,715 | | | | | 69,715 | | | | - | |
| Charleston, SC | Citadel Mall | | Apr-17 | | | | - | | | | 5.68 | % | | | 72,458 | | | | | 72,458 | | | | - | |
| Chattanooga, TN | Hamilton Corner | | Apr-17 | | | | - | | | | 5.67 | % | | | 16,418 | | | | | 16,418 | | | | - | |
| Fairview Heights, IL | The Shoppes at St. Clair Square | | Apr-17 | | | | - | | | | 5.67 | % | | | 21,678 | | | | | 21,678 | | | | - | |
| Lafayette, LA | Mall of Acadiana | | Apr-17 | | | | - | | | | 5.67 | % | | | 144,902 | | | | | 144,902 | | | | - | |
| Layton, UT | Layton Hills Mall | | Apr-17 | | | | - | | | | 5.66 | % | | | 103,565 | | | | | 103,565 | | | | - | |
| Lexington, KY | The Plaza at Fayette Mall | | Apr-17 | | | | - | | | | 5.67 | % | | | 42,777 | | | | | 42,777 | | | | - | |
| Cincinnati, OH | Eastgate Crossing | | May-17 | | | | - | | | | 5.66 | % | | | 16,129 | | | | | 16,129 | | | | - | |
| Nashville, TN | Courtyard at Hickory Hollow | | Oct-18 | | | | - | | | | 6.00 | % | | | 1,824 | | | | | 1,824 | | | | - | |
| Nashville, TN | Hickory Hollow Mall | | Oct-18 | | | | - | | | | 6.00 | % | | | 31,572 | | | | | 31,572 | | | | - | |
| Winston-Salem, NC | Hanes Mall | | Oct-18 | | | | - | | | | 6.99 | % | | | 162,041 | | | | | 162,041 | | | | - | |
| Daytona Beach, FL | Volusia Mall | | Jul-19 | | | | - | | | | 8.00 | % | | | 57,303 | | | | | 57,303 | | | | - | |
| Terre Haute, IN | Honey Creek Mall | | Jul-19 | | | | - | | | | 8.00 | % | | | 33,311 | | | | | 33,311 | | | | - | |
| SUBTOTAL | | | | | | | | | | | | | $ | 4,284,123 | | | | $ | 4,041,360 | | | $ | 242,763 | |
| Weighted average interest rate | | | | | | | | | | | | | | 5.75 | % | | | | 5.99 | % | | | 1.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Debt Premiums (Discounts): (c) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Little Rock, AR | Park Plaza Mall | | May-10 | | | | - | | | | 8.69 | % | | $ | 364 | | | | $ | 364 | | | $ | - | |
| Roanoke, VA | Valley View Mall | | Sep-10 | | | | - | | | | 8.61 | % | | | 1,057 | | | | | 1,057 | | | | - | |
| St. Louis, MO | Mid Rivers Mall | | Jul-11 | | | | - | | | | 7.24 | % | | | 2,002 | | | | | 2,002 | | | | - | |
| Fayetteville, NC | Cross Creek Mall | | Apr-12 | | | | - | | | | 7.40 | % | | | 3,052 | | | | | 3,052 | | | | - | |
| Colonial Heights, VA | Southpark Mall | | May-12 | | | | - | | | | 7.00 | % | | | 1,382 | | | | | 1,382 | | | | - | |
| Livonia, MI | Laurel Park Place | | Dec-12 | | | | - | | | | 8.50 | % | | | 4,328 | | | | | 4,328 | | | | - | |
| Monroeville, PA | Monroeville Mall | | Jan-13 | | | | - | | | | 5.73 | % | | | 1,368 | | | | | 1,368 | | | | - | |
| St. Louis, MO | West County Center | | Apr-13 | | | | - | | | | 5.19 | % | | | (2,670 | ) | | | | (2,670 | ) | | | - | |
| St. Louis, MO | South County Center | | Oct-13 | | | | - | | | | 4.96 | % | | | (1,381 | ) | | | | (1,381 | ) | | | - | |
| Joplin, MO | Northpark Mall | | Mar-14 | | | | - | | | | 5.75 | % | | | 323 | | | | | 323 | | | | - | |
| St. Louis, MO | Chesterfield Mall | | Sep-16 | | | | - | | | | 5.74 | % | | | (1,787 | ) | | | | (1,787 | ) | | | - | |
| SUBTOTAL | | | | | | | | | | | | | $ | 8,038 | | | | $ | 8,038 | | | $ | - | |
| Weighted average interest rate | | | | | | | | | | | | | | 4.69 | % | | | | 4.69 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Loans On Operating Properties And Debt Premiums (Discounts) | | | | | | | $ | 4,292,161 | | | | $ | 4,049,398 | | | $ | 242,763 | |
| Weighted average interest rate | | | | | | | | | | | | | | 5.75 | % | | | | 5.98 | % | | | 1.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Construction Loans: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| D'lberville, MS | The Promenade | | Dec-10 | | | Dec-11 | | | | 2.02 | % | | $ | 79,085 | | (d) | | $ | - | | | $ | 79,085 | |
| Pittsburgh, PA | Settler's Ridge | | Jun-11 | | | Dec-12 | | | | 3.24 | % | | | 47,873 | | | | | - | | | | 47,873 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| SUBTOTAL | | | | | | | | | | | | | $ | 126,958 | | | | $ | - | | | $ | 126,958 | |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
| | | | | | | | | | | | | | | | | | | | Balance | |
| Location | Property | | Original Maturity Date | | | Original Extended Maturity Date | | | Interest Rate | | | Balance | | | | Fixed | | | Variable | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Credit Facilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Secured credit facilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
| $560,000 capacity | | | Aug-11 | | | Apr-14 | | | | 2.55 | % | | $ | 337,356 | | (e) | | $ | - | | | $ | 337,356 | |
| $525,000 capacity | | | Feb-12 | | | Feb-13 | | | | 5.50 | % | | | 421,850 | | | | | - | | | | 421,850 | |
| $105,000 capacity | | | Jun-11 | | | | - | | | | 0.00 | % | | | - | | | | | - | | | | - | |
| Total secured facilities | | | | | | | | | | 5.50 | % | | | 759,206 | | | | | - | | | | 759,206 | |
| Unsecured term facilities: | | | | | | | | | | | | | | | | | | | | | | | | |
| General | | | Apr-11 | | | Apr-13 | | | | 1.94 | % | | | 228,000 | | | | | - | | | | 228,000 | |
| Starmount | | | Nov-10 | | | Nov-12 | | | | 1.49 | % | | | 209,494 | | | | | - | | | | 209,494 | |
| Total term facilities | | | | | | | | | | | 1.73 | % | | | 437,494 | | | | | - | | | | 437,494 | |
| SUBTOTAL | | | | | | | | | | 3.29 | % | | $ | 1,196,700 | | | | $ | - | | | $ | 1,196,700 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other | | | | | | | | | | | | | | $ | 320 | | | | $ | 320 | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Consolidated Debt | | | | | | | | | | | | | | $ | 5,616,139 | | | | $ | 4,049,718 | | | $ | 1,566,421 | |
| Weighted average interest rate | | | | | | | | | | | | | | 5.15 | % | | | | 5.98 | % | | | 3.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Plus CBL's Share Of Unconsolidated Affiliates' Debt: | | | | | | | | | | | | | | | | | | | | | | | | |
| Ft. Myers, FL | Gulf Coast Town Center Phase III | | Apr-10 | | | Apr-12 | | | | 1.73 | % | | $ | 11,561 | | | | $ | - | | | $ | 11,561 | |
| Huntsville, AL | Parkway Place | | Jun-10 | | | | - | | | | 1.24 | % | | | 25,808 | | | | | - | | | | 25,808 | |
| Lee's Summit, MO | Summit Fair | | Jun-10 | | | | - | | | | 5.25 | % | | | 18,816 | | (f) | | | - | | | | 18,816 | |
| Del Rio, TX | Plaza del Sol | | Aug-10 | | | | - | | | | 9.15 | % | | | 259 | | | | | 259 | | | | - | |
| West Melbourne, FL | Hammock Landing | | Aug-10 | | | Aug-13 | | | | 4.50 | % | | | 40,981 | | | | | - | | | | 40,981 | |
| West Melbourne, FL | Hammock Landing | | Aug-10 | | | Aug-11 | | | | 2.23 | % | | | 3,276 | | | | | - | | | | 3,276 | |
| York, PA | York Town Center | | Oct-11 | | | | - | | | | 1.49 | % | | | 20,358 | | | | | - | | | | 20,358 | |
| Port Orange, FL | The Pavilion at Port Orange | | Dec-11 | | | Dec-13 | | | | 4.50 | % | | | 69,363 | | | | | - | | | | 69,363 | |
| 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 | % | | | 38,813 | | | | | 38,813 | | | | - | |
| Greensboro, NC | Friendly Center Office Building | | Apr-13 | | | | - | | | | 5.33 | % | | | 1,100 | | | | | 1,100 | | | | - | |
| Greensboro, NC | Green Valley Office Building | | Apr-13 | | | | - | | | | 5.33 | % | | | 971 | | | | | 971 | | | | - | |
| Greensboro, NC | Renaissance Center Phase II | | 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 | % | | | 44,139 | | | | | 44,139 | | | | - | |
| El Centro, CA | Imperial Valley Mall | | Sep-15 | | | | - | | | | 4.99 | % | | | 33,595 | | | | | 33,595 | | | | - | |
| Raleigh, NC | Triangle Town Center | | Dec-15 | | | | - | | | | 5.74 | % | | | 96,942 | | | | | 96,942 | | | | - | |
| Greensboro, NC | Renaissance Center Phase I | | Jul-16 | | | | - | | | | 5.61 | % | | | 17,785 | | | | | 17,785 | | | | - | |
| Clarksville, TN | Governor's Square Mall | | Sep-16 | | | | - | | | | 8.23 | % | | | 12,377 | | | | | 12,377 | | | | - | |
| Paducah, KY | Kentucky Oaks Mall | | Jan-17 | | | | - | | | | 5.27 | % | | | 13,698 | | | | | 13,698 | | | | - | |
| Greensboro, NC | Shops at Friendly Center | | Jan-17 | | | | - | | | | 5.90 | % | | | 21,630 | | | | | 21,630 | | | | - | |
| Harrisburg, PA | High Pointe Commons | | May-17 | | | | - | | | | 5.74 | % | | | 7,456 | | | | | 7,456 | | | | - | |
| 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 | % | | | 2,971 | | | | | 2,971 | | | | - | |
| SUBTOTAL | | | | | | | | | | | | | $ | 594,267 | | | | $ | 404,104 | | | $ | 190,163 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Minority Interests' Share Of Consolidated Debt: | | Minority Interest % | | | | | | | | | | | | | | | | | | |
| Chattanooga, TN | CBL Center | | | 8.00 | % | | | | | | | 6.25 | % | | $ | (1,073 | ) | | | $ | (1,073 | ) | | | - | |
| Chattanooga, TN | CBL Center II | | | 8.00 | % | | | | | | | 4.50 | % | | | (928 | ) | | | | - | | | | (928 | ) |
| Chattanooga, TN | Hamilton Corner | | | 10.00 | % | | | | | | | 5.67 | % | | | (1,642 | ) | | | | (1,642 | ) | | | - | |
| Chattanooga, TN | Hamilton Place | | | 10.00 | % | | | | | | | 5.86 | % | | | (11,173 | ) | | | | (11,173 | ) | | | - | |
| High Point, NC | Oak Hollow Mall | | | 25.00 | % | | | | | | | 4.50 | % | | | (9,849 | ) | | | | (9,849 | ) | | | - | |
| SUBTOTAL | | | | | | | | | | | | | | $ | (24,665 | ) | | | $ | (23,737 | ) | | $ | (928 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Company's Share Of Consolidated And Unconsolidated Debt | | | | | | | | | | | $ | 6,185,741 | | | | $ | 4,430,085 | | | $ | 1,755,656 | |
| Weighted average interest rate | | | | | | | | | | | | | | | 5.13 | % | | | | 5.95 | % | | | 3.07 | % |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
| | | | | | | | | | | | | | | | | | | | | Balance | |
| Location | Property | | Original Maturity Date | | | Original Extended Maturity Date | | | Interest Rate | | | Balance | | | | Fixed | | | Variable | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Debt of Unconsolidated Affiliates: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ft. Myers, FL | Gulf Coast Town Center Phase III | | Apr-10 | | | Apr-12 | | | | 1.73 | % | | $ | 11,561 | | | | $ | - | | | $ | 11,561 | |
| Huntsville, AL | Parkway Place | | Jun-10 | | | | - | | | | 1.24 | % | | | 51,616 | | | | | - | | | | 51,616 | |
| Lee's Summit, MO | Summit Fair | | Jun-10 | | | | - | | | | 5.25 | % | | | 69,688 | | | | | - | | | | 69,688 | |
| Del Rio, TX | Plaza del Sol | | Aug-10 | | | | - | | | | 9.15 | % | | | 513 | | | | | 513 | | | | - | |
| West Melbourne, FL | Hammock Landing | | Aug-10 | | | Aug-13 | | | | 4.50 | % | | | 40,981 | | | | | - | | | | 40,981 | |
| West Melbourne, FL | Hammock Landing | | Aug-10 | | | Aug-11 | | | | 2.23 | % | | | 3,276 | | | | | - | | | | 3,276 | |
| York, PA | York Town Center | | Oct-11 | | | | - | | | | 1.49 | % | | | 40,717 | | | | | - | | | | 40,717 | |
| Port Orange, FL | The Pavilion at Port Orange | | Dec-11 | | | Jun-13 | | | | 4.50 | % | | | 69,363 | | | | | - | | | | 69,363 | |
| 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 II | | 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 | % | | | 88,279 | | (g) | | | 88,279 | | | | - | |
| El Centro, CA | Imperial Valley Mall | | Sep-15 | | | | - | | | | 4.99 | % | | | 55,992 | | | | | 55,992 | | | | - | |
| Raleigh, NC | Triangle Town Center | | Dec-15 | | | | - | | | | 5.74 | % | | | 193,884 | | | | | 193,884 | | | | - | |
| Greensboro, NC | Renaissance Center Phase I | | Jul-16 | | | | - | | | | 5.61 | % | | | 35,569 | | | | | 35,569 | | | | - | |
| Clarksville, TN | Governor's Square Mall | | Sep-16 | | | | - | | | | 8.23 | % | | | 25,944 | | | | | 25,944 | | | | - | |
| Paducah, KY | Kentucky Oaks Mall | | Jan-17 | | | | - | | | | 5.27 | % | | | 27,396 | | | | | 27,396 | | | | - | |
| Greensboro, NC | Shops at Friendly Center | | Jan-17 | | | | - | | | | 5.90 | % | | | 43,261 | | | | | 43,261 | | | | - | |
| Harrisburg, PA | High Pointe Commons | | May-17 | | | | - | | | | 5.74 | % | | | 14,912 | | | | | 14,912 | | | | - | |
| 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 | % | | | 5,942 | | | | | 5,942 | | | | - | |
| | | | | | | | | | | | | | | | $ | 1,085,394 | | | | $ | 798,192 | | | $ | 287,202 | |
| Weighted average interest rate | | | | | | | | | | | | | | | 5.05 | % | | | | 5.59 | % | | | 3.53 | % |
| (a) | The Company has 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. |
| | |
| (b) | 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. |
| | |
| (c) | The weighted average interest rates used for debt premiums (discounts) reflect the market interest rate in effect as of the assumption of the related debt. |
| | |
| (d) | The Company has entered into an interest rate cap on a notional amount of $80,000 related to The Promenade 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 $66,552 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. |
| | |
| (e) | The Company has closed on an extension and modification of its previously unsecured $560.0 million credit facility. The facility will be converted over an 18-month period into a new secured facility. |
| | |
| (f) | 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. |
| | |
| (g) | Represents a first mortgage securing the property. In addition to the first mortgage, there is also $18,000 of B-notes that are payable to the Company and its joint venture partner, each of which hold $9,000. |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
Schedule of Maturities of Mortgage and Other Indebtedness Based on Outstanding Balances as of December 31, 2009
(Dollars in thousands )
Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:
| Year | | Consolidated Debt | | CBL's Share of Unconsolidated Affiliates' Debt | | Noncontrolling Interests' Share of Consolidated Debt | | | CBL's Share of Consolidated and Unconsolidated Debt | | % of Total | |
| | | | | | | | | | | | | |
| 2010 | | $ | 488,806 | | $ | 44,883 | | $ | - | | | $ | 533,689 | | | 8.63 | % |
| 2011 | | | 418,334 | | | 23,634 | | | (928 | ) | | | 441,040 | | | 7.13 | % |
| 2012 | | | 964,609 | | | 11,561 | | | (10,922 | ) | | | 965,248 | | | 15.60 | % |
| 2013 | | | 1,245,593 | | | 168,196 | | | - | | | | 1,413,789 | | | 22.86 | % |
| 2014 | | | 487,855 | | | 44,139 | | | - | | | | 531,994 | | | 8.60 | % |
| 2015 | | | 732,818 | | | 130,537 | | | - | | | | 863,355 | | | 13.96 | % |
| 2016 | | | 451,979 | | | 30,162 | | | (11,173 | ) | | | 470,968 | | | 7.61 | % |
| 2017 | | | 531,736 | | | 141,155 | | | (1,642 | ) | | | 671,249 | | | 10.85 | % |
| 2018 | | | 195,437 | | | - | | | - | | | | 195,437 | | | 3.16 | % |
| 2019 | | | 90,614 | | | - | | | - | | | | 90,614 | | | 1.46 | % |
| 2020 | | | 320 | | | - | | | - | | | | 320 | | | 0.01 | % |
| Face Amount of Debt | | | 5,608,101 | | | 594,267 | | | (24,665 | ) | | | 6,177,703 | | | 99.87 | % |
| Net Premiums on Debt | | | 8,038 | | | - | | | - | | | | 8,038 | | | 0.13 | % |
| Total | | $ | 5,616,139 | | $ | 594,267 | | $ | (24,665 | ) | | $ | 6,185,741 | | | 100.00 | % |
Based on Original Maturity Dates as of December 31, 2009:
| Year | | Consolidated Debt | | CBL's Share of Unconsolidated Affiliates' Debt | | Noncontrolling Interests' Share of Consolidated Debt | | | CBL's Share of Consolidated and Unconsolidated Debt | | % of Total | |
| | | | | | | | | | | | | |
| 2010 | | $ | 973,017 | | $ | 100,701 | | $ | - | | | $ | 1,073,718 | | | 17.36 | % |
| 2011 | | | 1,021,977 | | | 89,721 | | | (928 | ) | | | 1,110,770 | | | 17.96 | % |
| 2012 | | | 1,012,043 | | | - | | | (10,922 | ) | | | 1,001,121 | | | 16.18 | % |
| 2013 | | | 447,661 | | | 57,852 | | | - | | | | 505,513 | | | 8.17 | % |
| 2014 | | | 150,499 | | | 44,139 | | | - | | | | 194,638 | | | 3.15 | % |
| 2015 | | | 732,818 | | | 130,537 | | | - | | | | 863,355 | | | 13.96 | % |
| 2016 | | | 451,979 | | | 30,162 | | | (11,173 | ) | | | 470,968 | | | 7.61 | % |
| 2017 | | | 531,736 | | | 141,155 | | | (1,642 | ) | | | 671,249 | | | 10.85 | % |
| 2018 | | | 195,437 | | | - | | | - | | | | 195,437 | | | 3.16 | % |
| 2019 | | | 90,614 | | | - | | | - | | | | 90,614 | | | 1.46 | % |
| 2020 | | | 320 | | | - | | | - | | | | 320 | | | 0.01 | % |
| Face Amount of Debt | | | 5,608,101 | | | 594,267 | | | (24,665 | ) | | | 6,177,703 | | | 99.87 | % |
| Net Premiums on Debt | | | 8,038 | | | - | | | - | | | | 8,038 | | | 0.13 | % |
| Total | | $ | 5,616,139 | | $ | 594,267 | | $ | (24,665 | ) | | $ | 6,185,741 | | | 100.00 | % |
Debt Covenant Compliance Ratios as of December 31, 2009:
| Unsecured Line of Credit | Required | | Actual | | In Compliance |
| Debt to Gross Asset Value | | <65 | % | | | 55 | % | | Yes |
| Interest Coverage Ratio | | >1.75 | x | | | 2.34 | x | | Yes |
| Debt Service Coverage Ratio | | >1.50 | x | | | 1.87 | x | | Yes |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
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) | | | 782,557 | | | $ | 39.49 | | | $ | 32.40 | | | | -18.0 | % | | $ | 33.13 | | | | -16.1 | % |
| Stabilized malls | | | 732,015 | | | | 40.77 | | | | 33.23 | | | | -18.5 | % | | | 33.96 | | | | -16.7 | % |
| New leases | | | 119,027 | | | | 41.05 | | | | 36.61 | | | | -10.8 | % | | | 38.47 | | | | -6.3 | % |
| Renewal leases | | | 612,988 | | | | 40.72 | | | | 32.57 | | | | -20.0 | % | | | 33.08 | | | | -18.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Year to Date: | | | | | | | | | | | | | | | | | | | | | | | | |
All Property Types (1) | | | 2,454,311 | | | $ | 38.82 | | | $ | 33.19 | | | | -14.5 | % | | $ | 34.09 | | | | -12.2 | % |
| Stabilized malls | | | 2,215,105 | | | | 40.73 | | | | 34.72 | | | | -14.8 | % | | | 35.66 | | | | -12.4 | % |
| New leases | | | 560,589 | | | | 43.89 | | | | 38.43 | | | | -12.4 | % | | | 40.83 | | | | -7.0 | % |
| Renewal leases | | | 1,654,516 | | | | 39.66 | | | | 33.46 | | | | -15.6 | % | | | 33.91 | | | | -14.5 | % |
Total Leasing Activity
| | | Square Feet | | |
| | | | | |
| Quarter: | | | | |
| Total Leased | | | 1,314,836 | | |
| Operating Portfolio | | | 1,199,462 | | |
| Development Portfolio | | | 115,374 | | |
| | | | | | |
| Year to Date: | | | | | |
| Total Leased | | | 5,044,357 | | |
| Operating Portfolio | | | 4,668,187 | | |
| Development Portfolio | | | 376,170 | | |
Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 10,000 Square Feet
| | | As of December 31, | | |
| | | 2009 | | | 2008 | | |
| Stabilized malls | | $ | 29.40 | | | $ | 29.46 | | |
| Non-stabilized malls | | | 25.81 | | | | 25.81 | | |
| Associated centers | | | 11.75 | | | | 11.91 | | |
| Community centers | | | 14.99 | | | | 14.46 | | |
| Other | | | 19.10 | | | | 18.50 | | |
Mall Tenant Occupancy Costs
| | | Year Ended December 31, | | |
| | | 2009 | | | 2008 | | |
Mall store sales (in millions) (3) | | $ | 4,937.8 | | | $ | 5,239.8 | | |
| Minimum rents | | | 9.5 | % | | | 8.8 | % | |
| Percentage rents | | | 0.7 | % | | | 0.6 | % | |
Tenant reimbursements (4) | | | 3.7 | % | | | 3.8 | % | |
| Mall tenant occupancy costs | | | 13.9 | % | | | 13.2 | % | |
(1) Includes Stabilized malls, Associated centers, Community centers and Other. |
(2) Average Gross Rent does not incorporate allowable future increases for recoverable common area expenses. |
(3) Represents 100% of mall shop sales for the malls (including malls in which we own less than a 100% interest). |
(4) Represents reimbursements for real estate taxes, insurance, common area maintenance charges and certain capital expenditures. |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
Top 25 Tenants Based on Percentage of Total Revenues as of December 31, 2009
| | | Tenant | | Number of Stores | | | Square Feet | | | Percentage of Total Revenues |
| | 1 | | Limited Brands, LLC (1) | | | 159 | | | | 800,309 | | | | 3.07 | % |
| | 2 | | Foot Locker, Inc. | | | 181 | | | | 685,554 | | | | 2.51 | % |
| | 3 | | The Gap Inc. | | | 94 | | | | 985,080 | | | | 2.28 | % |
| | 4 | | Abercrombie & Fitch, Co. | | | 98 | | | | 659,673 | | | | 2.25 | % |
| | 5 | | AE Outfitters Retail Company | | | 86 | | | | 501,338 | | | | 2.12 | % |
| | 6 | | Signet Group plc (2) | | | 117 | | | | 208,108 | | | | 1.86 | % |
| | 7 | | Luxottica Group, S.P.A. (3) | | | 149 | | | | 324,529 | | | | 1.56 | % |
| | 8 | | Genesco Inc. (4) | | | 188 | | | | 266,361 | | | | 1.52 | % |
| | 9 | | Dick's Sporting Goods, Inc. | | | 18 | | | | 1,074,973 | | | | 1.39 | % |
| | 10 | | Zale Corporation | | | 135 | | | | 137,831 | | | | 1.36 | % |
| | 11 | | Express Fashions | | | 49 | | | | 404,982 | | | | 1.33 | % |
| | 12 | | JC Penney Co. Inc. (5) | | | 75 | | | | 8,528,507 | | | | 1.31 | % |
| | 13 | | Finish Line, Inc. | | | 72 | | | | 372,872 | | | | 1.23 | % |
| | 14 | | New York & Company, Inc. | | | 58 | | | | 412,948 | | | | 1.22 | % |
| | 15 | | Charlotte Russe Holding, Inc. | | | 52 | | | | 360,274 | | | | 1.18 | % |
| | 16 | | Aeropostale, Inc. | | | 76 | | | | 260,117 | | | | 1.01 | % |
| | 17 | | Pacific Sunwear of California | | | 69 | | | | 252,616 | | | | 0.94 | % |
| | 18 | | The Buckle, Inc. | | | 50 | | | | 247,907 | | | | 0.94 | % |
| | 19 | | Christopher & Banks, Inc. | | | 87 | | | | 297,010 | | | | 0.90 | % |
| | 20 | | The Regis Corporation (6) | | | 157 | | | | 189,395 | | | | 0.88 | % |
| | 21 | | Barnes & Noble Inc. | | | 23 | | | | 700,553 | | | | 0.87 | % |
| | 22 | | Charming Shoppes, Inc. (7) | | | 51 | | | | 290,878 | | | | 0.86 | % |
| | 23 | | The Children's Place Retail Stores, Inc. | | | 54 | | | | 227,571 | | | | 0.85 | % |
| | 24 | | Tween Brands, Inc. (8) | | | 67 | | | | 272,925 | | | | 0.78 | % |
| | 25 | | Sun Capital Partners, Inc. (9) | | | 55 | | | | 684,929 | | | | 0.78 | % |
| | | | | | | 2,220 | | | | 19,147,240 | | | | 35.00 | % |
| (1) | Limited Brands, LLC operates Victoria's Secret and Bath & Body Works. |
| (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 36 of these stores. |
| (6) | The Regis Corporation sold the Trade Secret line of salons during 2009, including 55 stores in our portfolio. |
| (7) | Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine's. |
| (8) | Tween Brands, Inc. was purchased by The Dress Barn, Inc. in late 2009. |
| (9) | Sun Capital Partners, Inc. operates Fazoli's, Anchor Blue, Gordmans, Limited Stores, Smokey Bones and Shopko Stores. |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
Capital Expenditures for the Three Months and Year Ended December 31, 2009
(In thousands)
| | | Three Months | | | Full Year | |
| | | | | | | |
| Tenant allowances | | $ | 7,851 | | | $ | 40,227 | |
| | | | | | | | | |
| Renovations | | | 7 | | | | 448 | |
| | | | | | | | | |
| Deferred maintenance: | | | | | | | | |
| Parking lot and parking lot lighting | | | 949 | | | | 3,102 | |
| Roof repairs and replacements | | | 1,040 | | | | 3,148 | |
| Other capital expenditures | | | 1,963 | | | | 5,506 | |
| Total deferred maintenance expenditures | | | 3,952 | | | | 11,756 | |
| | | | | | | | | |
| Total capital expenditures | | $ | 11,810 | | | $ | 52,431 | |
| 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)
| | | 2009 | | | 2008 | |
| Quarter ended: | | | | | | |
| March 31, | | $ | 651 | | | $ | 596 | |
| June 30, | | | 208 | | | | 990 | |
| September 30, | | | 690 | | | | 818 | |
| December 31, | | | 699 | | | | 911 | |
| | | $ | 2,248 | | | $ | 3,315 | |
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2009
Properties Opened During the Year Ended December 31, 2009
(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: | | | | | | | | | | | | | | | |
| Asheville Mall - Barnes & Noble | | Asheville, NC | | | 40,000 | | | $ | 11,684 | | | $ | 8,037 | | Spring-09 | | | 5.3 | % |
| Oak Park Mall - Barnes & Noble (b) | | Kansas City, KS | | | 34,000 | | | | 9,619 | | | | 11,493 | | Spring-09 | | | 7.9 | % |
| | | | | | | | | | | | | | | | | | | | |
| Redevelopments: | | | | | | | | | | | | | | | | | | | |
| West County - restaurant village | | St. Louis, MO | | | 90,620 | | | | 34,149 | | | | 26,960 | | Spring-09 | | | 9.9 | % |
| | | | | | | | | | | | | | | | | | | | |
| Community/Open-Air Centers: | | | | | | | | | | | | | | | | | | | |
| Hammock Landing (Phases I and 1A) (c) | | West Melbourne, FL | | | 470,042 | | | | 36,757 | | | | 37,553 | | Spring-09/Fall-10 | | | 7.9 | %* |
| Summit Fair (d) | | Lee's Summit, MO | | | 483,172 | | | | 22,000 | | | | 22,000 | | Summer-09/Summer-10 | | | 9.0 | % |
| Settlers Ridge (Phase I) (b) | | Robinson Township, PA | | | 401,022 | | | | 109,111 | | | | 91,624 | | Fall-09 | | | 6.0 | %* |
| The Promenade (e) | | D'Iberville, MS | | | 651,262 | | | | 82,568 | | | | 71,875 | | Fall-09 | | | 7.6 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | 2,170,118 | | | $ | 305,888 | | | $ | 269,542 | | | | | | |
Properties Under Development at December 31, 2009
(Dollars in thousands)
| | | | | | | | CBL's Share of | | | | |
| Property | | Location | | Total Project Square Feet | | | Total Cost | | | Cost To Date | | Date Opened | | Initial Yield (a) | |
| Community/Open-Air Centers: | | | | | | | | | | | | | | | |
| The Pavilion at Port Orange (Phases I and 1A) (b) | | Port Orange, FL | | | 483,942 | | | | 66,870 | | | | 59,228 | | Fall-09/Summer-10 | | | 7.8 | %* |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | 483,942 | | | $ | 66,870 | | | $ | 59,228 | | | | | | |
| (a) | Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees. |
| (b) | Costs to date may be gross of applicable reimbursements. | |
| (c) | Hammock Landing is a 50/50 joint jenture. Costs to date may be gross of applicable reimbursements. |
| (d) | CBL's interest represents cost of the land underlying the project for which it will receive ground rent and a percentage of the operating cash flows. |
| (e) | The Promenade is an 85/15 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. |
| *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. |
