EXHIBIT 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2010
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
| | | Three Months Ended March 31, | |
| | | 2010 | | | 2009 | |
| REVENUES: | | | | | | |
| Minimum rents | | $ | 168,821 | | | $ | 171,937 | |
| Percentage rents | | | 4,013 | | | | 4,804 | |
| Other rents | | | 4,576 | | | | 4,280 | |
| Tenant reimbursements | | | 79,823 | | | | 81,484 | |
| Management, development and leasing fees | | | 1,706 | | | | 2,465 | |
| Other | | | 7,237 | | | | 6,090 | |
| Total revenues | | | 266,176 | | | | 271,060 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Property operating | | | 38,897 | | | | 44,017 | |
| Depreciation and amortization | | | 72,012 | | | | 78,311 | |
| Real estate taxes | | | 24,992 | | | | 24,154 | |
| Maintenance and repairs | | | 16,184 | | | | 15,994 | |
| General and administrative | | | 11,074 | | | | 11,479 | |
| Other | | | 6,701 | | | | 5,157 | |
| Total expenses | | | 169,860 | | | | 179,112 | |
| Income from operations | | | 96,316 | | | | 91,948 | |
| Interest and other income | | | 1,051 | | | | 1,581 | |
| Interest expense | | | (73,460 | ) | | | (71,885 | ) |
| Loss on impairment of investment | | | - | | | | (7,706 | ) |
| Gain (loss) on sales of real estate assets | | | 866 | | | | (139 | ) |
| Equity in earnings of unconsolidated affiliates | | | 539 | | | | 1,534 | |
| Income tax benefit (provision) | | | 1,877 | | | | (603 | ) |
| Income from continuing operations | | | 27,189 | | | | 14,730 | |
| Operating income (loss) of discontinued operations | | | 14 | | | | (66 | ) |
| Loss on discontinued operations | | | - | | | | (60 | ) |
| Net income | | | 27,203 | | | | 14,604 | |
| Net income attributable to noncontrolling interests in: | | | | | | | | |
| Operating partnership | | | (4,110 | ) | | | (1,306 | ) |
| Other consolidated subsidiaries | | | (6,137 | ) | | | (6,131 | ) |
| Net income attributable to the Company | | | 16,956 | | | | 7,167 | |
| Preferred dividends | | | (6,028 | ) | | | (5,455 | ) |
| Net income available to common shareholders | | $ | 10,928 | | | $ | 1,712 | |
| Basic earnings per share available to common shareholders: | | | | | | | | |
| Income from continuing operations, net of preferred dividends | | $ | 0.08 | | | $ | 0.03 | |
| Discontinued operations | | | - | | | | - | |
| Net income available to common shareholders | | $ | 0.08 | | | $ | 0.03 | |
| Weighted average common shares outstanding | | | 137,967 | | | | 66,407 | |
| | | | | | | | | |
| Diluted earnings per share available to common shareholders: | | | | | | | | |
| Income from continuing operations, net of preferred dividends | | $ | 0.08 | | | $ | 0.03 | |
| Discontinued operations | | | - | | | | - | |
| Net income available to common shareholders | | $ | 0.08 | | | $ | 0.03 | |
| Weighted average common and potential dilutive common shares outstanding | | | 138,006 | | | | 66,439 | |
| | | | | | | | | |
| Amounts available to common shareholders: | | | | | | | | |
| Income from continuing operations, net of preferred dividends | | $ | 10,918 | | | $ | 1,784 | |
| Discontinued operations | | | 10 | | | | (72 | ) |
| Net income available to common shareholders | | $ | 10,928 | | | $ | 1,712 | |
1
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2010
The Company's calculation of FFO allocable to Company shareholders is as follows:
(in thousands, except per share data)
| | | Three Months Ended March 31, | |
| | | 2010 | | | 2009 | |
| | | | | | | |
| Net income available to common shareholders | | $ | 10,928 | | | $ | 1,712 | |
| Noncontrolling interest in earnings of operating partnership | | | 4,110 | | | | 1,306 | |
| Depreciation and amortization expense of: | | | | | | | | |
| Consolidated properties | | | 72,012 | | | | 78,311 | |
| Unconsolidated affiliates | | | 6,885 | | | | 7,509 | |
| Non-real estate assets | | | (219 | ) | | | (247 | ) |
| Noncontrolling interests' share of depreciation and amortization | | | (145 | ) | | | (201 | ) |
| Loss on discontinued operations | | | - | | | | 60 | |
| Funds from operations of the operating partnership | | $ | 93,571 | | | $ | 88,450 | |
| | | | | | | | | |
| Funds from operations per diluted share | | $ | 0.49 | | | $ | 0.76 | |
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted | | | 189,955 | | | | 117,050 | |
| | | | | | | | | |
Reconciliation of FFO of the operating partnership to FFO allocable to common shareholders: | | | | | | | | |
| Funds from operations of the operating partnership | | $ | 93,571 | | | $ | 88,450 | |
Percentage allocable to common shareholders (1) | | | 72.65 | % | | | 56.75 | % |
| Funds from operations allocable to common shareholders | | $ | 67,979 | | | $ | 50,195 | |
| | | | | | | | | |
| (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 outstanding on page 4. |
| SUPPLEMENTAL FFO INFORMATION: | | | | | | |
| Lease termination fees | | $ | 531 | | | $ | 2,543 | |
| Lease termination fees per share | | $ | - | | | $ | 0.02 | |
| | | | | | | | | |
| Straight-line rental income | | $ | 1,316 | | | $ | 1,731 | |
| Straight-line rental income per share | | $ | 0.01 | | | $ | 0.01 | |
| | | | | | | | | |
| Gains on outparcel sales | | $ | 816 | | | $ | 425 | |
| Gains on outparcel sales per share | | $ | - | | | $ | - | |
| | | | | | | | | |
| Amortization of acquired above- and below-market leases | | $ | 838 | | | $ | 1,548 | |
| Amortization of acquired above- and below-market leases per share | | $ | - | | | $ | 0.01 | |
| | | | | | | | | |
| Amortization of debt premiums | | $ | 1,662 | | | $ | 2,035 | |
| Amortization of debt premiums per share | | $ | 0.01 | | | $ | 0.02 | |
| | | | | | | | | |
| Income tax benefit (provision) | | $ | 1,877 | | | $ | (603 | ) |
| Income tax benefit (provision) per share | | $ | 0.01 | | | $ | (0.01 | ) |
| | | | | | | | | |
| Abandoned projects expense | | $ | 99 | | | $ | 76 | |
| Abandoned projects expense per share | | $ | - | | | $ | - | |
| | | | | | | | | |
| Loss on impairment of investment | | $ | - | | | $ | (7,706 | ) |
| Loss on impairment of investment per share | | $ | - | | | $ | (0.07 | ) |
2
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2010
Same-Center Net Operating Income
| | | Three Months Ended March 31, | |
| | | 2010 | | | 2009 | |
| | | | | | | |
| Net income attributable to the Company | | $ | 16,956 | | | $ | 7,167 | |
| | | | | | | | | |
| Adjustments: | | | | | | | | |
| Depreciation and amortization | | | 72,012 | | | | 78,311 | |
| Depreciation and amortization from unconsolidated affiliates | | | 6,885 | | | | 7,509 | |
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | | | (145 | ) | | | (201 | ) |
| Interest expense | | | 73,460 | | | | 71,885 | |
| Interest expense from unconsolidated affiliates | | | 7,228 | | | | 7,865 | |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | | | (234 | ) | | | (273 | ) |
| Abandoned projects expense | | | 99 | | | | 76 | |
| (Gain) loss on sales of real estate assets | | | (866 | ) | | | 139 | |
| (Gain) loss on sales of real estate assets of unconsolidated affiliates | | | 50 | | | | (564 | ) |
| Loss on impairment of investment | | | - | | | | 7,706 | |
| Income tax (benefit) provision | | | (1,877 | ) | | | 603 | |
Net income attributable to noncontrolling interest in earnings of operating partnership | | | 4,110 | | | | 1,306 | |
| Loss on discontinued operations | | | - | | | | 60 | |
| Operating partnership's share of total NOI | | | 177,678 | | | | 181,589 | |
| General and administrative expenses | | | 11,074 | | | | 11,479 | |
| Management fees and non-property level revenues | | | (6,746 | ) | | | (8,277 | ) |
| Operating partnership's share of property NOI | | | 182,006 | | | | 184,791 | |
| Non-comparable NOI | | | (1,501 | ) | | | (547 | ) |
| Total same-center NOI | | $ | 180,505 | | | $ | 184,244 | |
| Total same-center NOI percentage change | | | -2.0 | % | | | | |
| | | | | | | | | |
| Total same-center NOI | | $ | 180,505 | | | $ | 184,244 | |
| Less lease termination fees | | | (531 | ) | | | (2,472 | ) |
| Total same-center NOI, excluding lease termination fees | | $ | 179,974 | | | $ | 181,772 | |
| | | | | | | | | |
| Malls | | $ | 162,934 | | | $ | 164,290 | |
| Associated centers | | | 7,795 | | | | 7,821 | |
| Community centers | | | 4,115 | | | | 4,277 | |
| Office and other | | | 5,130 | | | | 5,384 | |
| Total same-center NOI, excluding lease termination fees | | $ | 179,974 | | | $ | 181,772 | |
| | | | | | | | | |
| Percentage Change: | | | | | | | | |
| Malls | | | -0.8 | % | | | | |
| Associated centers | | | -0.3 | % | | | | |
| Community centers | | | -3.8 | % | | | | |
| Office and other | | | -4.7 | % | | | | |
| Total same-center NOI, excluding lease termination fees | | | -1.0 | % | | | | |
3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2010
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
| | | March 31, 2010 | |
| | | Fixed Rate | | | Variable Rate | | | Total | |
| Consolidated debt | | $ | 3,934,296 | | | $ | 1,524,281 | | | $ | 5,458,577 | |
| Noncontrolling interests' share of consolidated debt | | | (23,731 | ) | | | (928 | ) | | | (24,659 | ) |
| Company's share of unconsolidated affiliates' debt | | | 402,570 | | | | 191,604 | | | | 594,174 | |
| Company's share of consolidated and unconsolidated debt | | $ | 4,313,135 | | | $ | 1,714,957 | | | $ | 6,028,092 | |
| Weighted average interest rate | | | 5.94 | % | | | 2.89 | % | | | 5.07 | % |
| | | March 31, 2009 | |
| | | Fixed Rate | | | Variable Rate | | | Total | |
| Consolidated debt | | $ | 4,580,821 | | | $ | 1,514,076 | | | $ | 6,094,897 | |
| Noncontrolling interests' share of consolidated debt | | | (23,477 | ) | | | (928 | ) | | | (24,405 | ) |
| Company's share of unconsolidated affiliates' debt | | | 408,342 | | | | 166,754 | | | | 575,096 | |
| Company's share of consolidated and unconsolidated debt | | $ | 4,965,686 | | | $ | 1,679,902 | | | $ | 6,645,588 | |
| Weighted average interest rate | | | 5.95 | % | | | 1.78 | % | | | 4.90 | % |
Debt-To-Total-Market Capitalization Ratio as of March 31, 2010
(In thousands, except stock price)
| | | Shares Outstanding | | | Stock Price (1) | | | Value | |
| Common stock and operating partnership units | | | 189,965 | | | $ | 13.70 | | | $ | 2,602,521 | |
| 7.75% Series C Cumulative Redeemable Preferred Stock | | | 460 | | | | 250.00 | | | | 115,000 | |
| 7.375% Series D Cumulative Redeemable Preferred Stock | | | 1,330 | | | | 250.00 | | | | 332,500 | |
| Total market equity | | | | | | | | | | | 3,050,021 | |
| Company's share of total debt | | | | | | | | | | | 6,028,092 | |
| Total market capitalization | | | | | | | | | | $ | 9,078,113 | |
| Debt-to-total-market capitalization ratio | | | | | | | | | | | 66.4 | % |
| (1) | Stock price for common stock and operating partnership units equals the closing price of the common stock on March 31, 2010. 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
| | | Three Months Ended March 31, | |
| 2010: | | Basic | | | Diluted | |
| Weighted average shares - EPS | | | 137,967 | | | | 138,006 | |
| Weighted average operating partnership units | | | 51,949 | | | | 51,949 | |
| Weighted average shares- FFO | | | 189,916 | | | | 189,955 | |
| | | | | | | | | |
| 2009: | | | | | | | | |
| Weighted average shares - EPS | | | 66,407 | | | | 66,439 | |
| Weighted average operating partnership units | | | 50,611 | | | | 50,611 | |
| Weighted average shares- FFO | | | 117,018 | | | | 117,050 | |
| | | | | | | | | |
| | | | | | | | | |
| | | Three Months Ended March 31, | |
| | | 2010 | | | 2009 | |
| Weighted average cash dividend per share | | $ | 0.23106 | | | $ | 0.21763 | |
| FFO per diluted, fully converted share | | $ | 0.49 | | | $ | 0.76 | |
| Dividend payout ratio | | | 47.2 | % | | | 28.6 | % |
4
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2010
Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
| | | March 31, 2010 | | | December 31, 2009 | |
| ASSETS | | | | | | |
| Real estate assets: | | | | | | |
| Land | | $ | 946,570 | | | $ | 946,750 | |
| Buildings and improvements | | | 7,576,916 | | | | 7,569,015 | |
| | | | 8,523,486 | | | | 8,515,765 | |
| Less accumulated depreciation | | | (1,568,868 | ) | | | (1,505,840 | ) |
| | | | 6,954,618 | | | | 7,009,925 | |
| Developments in progress | | | 91,321 | | | | 85,110 | |
| Net investment in real estate assets | | | 7,045,939 | | | | 7,095,035 | |
| Cash and cash equivalents | | | 50,215 | | | | 48,062 | |
| Receivables: | | | | | | | | |
| Tenant, net of allowance | | | 66,783 | | | | 73,170 | |
| Other | | | 8,668 | | | | 8,162 | |
| Mortgage and other notes receivable | | | 39,051 | | | | 38,208 | |
| Investments in unconsolidated affiliates | | | 186,628 | | | | 186,523 | |
| Intangible lease assets and other assets | | | 270,656 | | | | 279,950 | |
| | | $ | 7,667,940 | | | $ | 7,729,110 | |
| | | | | | | | | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | | | | | |
| Mortgage and other indebtedness | | $ | 5,458,577 | | | $ | 5,616,139 | |
| Accounts payable and accrued liabilities | | | 248,323 | | | | 248,333 | |
| Total liabilities | | | 5,706,900 | | | | 5,864,472 | |
| Commitments and contingencies | | | | | | | | |
| Redeemable noncontrolling interests: | | | | | | | | |
| Redeemable noncontrolling partnership interests | | | 28,520 | | | | 22,689 | |
| Redeemable noncontrolling preferred joint venture interest | | | 421,506 | | | | 421,570 | |
| Total redeemable noncontrolling interests | | | 450,026 | | | | 444,259 | |
| 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, 1,330,000 and 700,000 shares outstanding in 2010 and 2009, respectively | | | 13 | | | | 7 | |
Common Stock, $.01 par value, 350,000,000 shares authorized, 138,016,637 and 137,888,408 issued and outstanding in 2010 and 2009, respectively | | | 1,380 | | | | 1,379 | |
| Additional paid-in capital | | | 1,512,607 | | | | 1,399,654 | |
| Accumulated other comprehensive income | | | 2,665 | | | | 491 | |
| Accumulated deficit | | | (300,314 | ) | | | (283,640 | ) |
| Total shareholders' equity | | | 1,216,356 | | | | 1,117,896 | |
| Noncontrolling interests | | | 294,658 | | | | 302,483 | |
| Total equity | | | 1,511,014 | | | | 1,420,379 | |
| | | $ | 7,667,940 | | | $ | 7,729,110 | |
5
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2010
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
| | | Three Months Ended March 31, | |
| | | 2010 | | | 2009 | |
| EBITDA: | | | | | | |
| Net income attributable to the Company | | $ | 16,956 | | | $ | 7,167 | |
| | | | | | | | | |
| Adjustments: | | | | | | | | |
| Depreciation and amortization | | | 72,012 | | | | 78,311 | |
| Depreciation and amortization from unconsolidated affiliates | | | 6,885 | | | | 7,509 | |
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | | | (145 | ) | | | (201 | ) |
| Interest expense | | | 73,460 | | | | 71,885 | |
| Interest expense from unconsolidated affiliates | | | 7,228 | | | | 7,865 | |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | | | (234 | ) | | | (273 | ) |
| Income and other taxes | | | (1,710 | ) | | | 802 | |
| Loss on impairment of investment | | | - | | | | 7,706 | |
| Abandoned projects | | | 99 | | | | 76 | |
Net income attributable to noncontrolling interest in earnings of operating partnership | | | 4,110 | | | | 1,306 | |
| Loss on discontinued operations | | | - | | | | 60 | |
| Company's share of total EBITDA | | $ | 178,661 | | | $ | 182,213 | |
| | | | | | | | | |
| | | | | | | | | |
| Interest Expense: | | | | | | | | |
| Interest expense | | $ | 73,460 | | | $ | 71,885 | |
| Interest expense from unconsolidated affiliates | | | 7,228 | | | | 7,865 | |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | | | (234 | ) | | | (273 | ) |
| Company's share of total interest expense | | $ | 80,454 | | | $ | 79,477 | |
| | | | | | | | | |
| Ratio of EBITDA to Interest Expense | | | 2.22 | | | | 2.29 | |
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
| | | Three Months Ended March 31, | |
| | | 2010 | | | 2009 | |
| | | | | | | |
| Company's share of total EBITDA | | $ | 178,661 | | | $ | 182,213 | |
| Interest expense | | | (73,460 | ) | | | (71,885 | ) |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | | | 234 | | | | 273 | |
| Income and other taxes | | | 1,710 | | | | (802 | ) |
| Depreciation and amortization of non-real estate assets included in operating expense | | | 871 | | | | 918 | |
| Amortization of deferred financing costs and debt premiums (discounts) | | | 1,397 | | | | (623 | ) |
| Amortization of above- and below- market leases | | | (882 | ) | | | (1,557 | ) |
| Depreciation and interest expense from unconsolidated affiliates | | | (14,113 | ) | | | (15,374 | ) |
| Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | | | 145 | | | | 201 | |
Noncontrolling interests in earnings of other consolidated subsidiaries | | | 6,137 | | | | 6,131 | |
| (Gain) loss on outparcel sales | | | (866 | ) | | | 139 | |
| Realized foreign currency loss | | | 169 | | | | 48 | |
| Equity in earnings of unconsolidated affiliates | | | (539 | ) | | | (1,534 | ) |
| Distributions from unconsolidated affiliates | | | 1,022 | | | | 3,727 | |
| Income tax effect from share-based compensation | | | (1,270 | ) | | | - | |
| Share-based compensation expense | | | 979 | | | | 970 | |
| Provision for doubtful accounts | | | 1,455 | | | | 2,131 | |
| Change in deferred tax assets | | | (486 | ) | | | (309 | ) |
| Changes in operating assets and liabilities | | | (12,754 | ) | | | (12,932 | ) |
| Cash flows provided by operating activities | | $ | 88,410 | | | $ | 91,735 | |
6
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2010
Schedule of Mortgage and Other Indebtedness as of March 31, 2010
(Dollars in thousands)
| | | | | | | | | Balance |
| Location | Property | Original Maturity Date | Optional Extended Maturity Date | Interest Rate | Balance | | | Fixed | | Variable |
| | | | | | | | | | | |
| Operating Properties: | | | | | | | | | |
| Spartanburg, SC | WestGate Crossing | Jul-10 | - | 8.42% | $ 8,988 | | | $ 8,988 | | $ - |
| 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% | 61,021 | | | 61,021 | | - |
| Roanoke, VA | Valley View Mall | Sep-10 | - | 8.61% | 40,851 | | | 40,851 | | - |
| Beaumont, TX | Parkdale Crossing | Sep-10 | - | 5.01% | 7,612 | | | 7,612 | | - |
| Beaumont, TX | Parkdale Mall | Sep-10 | - | 5.01% | 48,210 | | | 48,210 | | - |
| Burlington, NC | Alamance Crossing | Sep-10 | Sep-11 | 1.49% | 61,282 | (b) | | 40,000 | | 21,282 |
| Nashville, TN | CoolSprings Galleria | Sep-10 | - | 6.22% | 120,804 | | | 120,804 | | - |
| Stillwater, OK | Lakeview Pointe | Nov-10 | - | 1.24% | 14,950 | | | - | | 14,950 |
| D'lberville, MS | The Promenade | Dec-10 | Dec-11 | 2.08% | 78,005 | (c) | | - | | 78,005 |
| Stroud, PA | Stroud Mall | Dec-10 | - | 8.42% | 29,677 | | | 29,677 | | - |
| Wausau, WI | Wausau Center | Dec-10 | - | 6.70% | 11,104 | | | 11,104 | | - |
| York, PA | York Galleria | Dec-10 | - | 8.34% | 47,404 | | | 47,404 | | - |
| Statesboro, GA | Statesboro Crossing | Feb-11 | Feb-13 | 1.25% | 16,094 | | | - | | 16,094 |
| St. Louis, MO | West County Center - restaurant village | Mar-11 | Mar-13 | 1.24% | 29,115 | | | - | | 29,115 |
| Pittsburgh, PA | Settler's Ridge | Jun-11 | Dec-12 | 3.24% | 51,661 | | | - | | 51,661 |
| Lexington, KY | Fayette Mall | Jul-11 | - | 7.00% | 86,555 | | | 86,555 | | - |
| St. Louis, MO | Mid Rivers Mall | Jul-11 | - | 7.24% | 78,748 | | | 78,748 | | - |
| Panama City, FL | Panama City Mall | Aug-11 | - | 7.30% | 36,974 | | | 36,974 | | - |
| Chattanooga, TN | CBL Center II | Aug-11 | - | 4.50% | 11,599 | | | - | | 11,599 |
| Asheville, NC | Asheville Mall | Sep-11 | - | 6.98% | 63,117 | | | 63,117 | | - |
| Nashville, TN | Rivergate Mall | Sep-11 | Sep-13 | 5.85% | 87,500 | (d) | | 87,500 | | - |
| Milford, CT | Milford Marketplace | Jan-12 | Jan-13 | 3.73% | 17,050 | | | - | | 17,050 |
| Ft. Smith, AR | Massard Crossing | Feb-12 | - | 7.54% | 5,478 | | | 5,478 | | - |
| Houston, TX | Willowbrook Plaza | Feb-12 | - | 7.54% | 28,032 | | | 28,032 | | - |
| Vicksburg, MS | Pemberton Plaza | Feb-12 | - | 7.54% | 1,872 | | | 1,872 | | - |
| High Point, NC | Oak Hollow Mall | Feb-12 | - | 4.50% | 39,597 | | | 39,597 | | - |
| Fayetteville, NC | Cross Creek Mall | Apr-12 | - | 7.40% | 58,794 | | | 58,794 | | - |
| Colonial Heights, VA | Southpark Mall | May-12 | - | 7.00% | 32,995 | | | 32,995 | | - |
| Asheboro, NC | Randolph Mall | Jul-12 | - | 6.50% | 13,208 | | | 13,208 | | - |
| Douglasville, GA | Arbor Place | Jul-12 | - | 6.51% | 68,580 | | | 68,580 | | - |
| Douglasville, GA | The Landing at Arbor Place | Jul-12 | - | 6.51% | 7,742 | | | 7,742 | | - |
| Jackson, TN | Old Hickory Mall | Jul-12 | - | 6.51% | 30,293 | | | 30,293 | | - |
| Louisville, KY | Jefferson Mall | Jul-12 | - | 6.51% | 38,203 | | | 38,203 | | - |
| North Charleston, SC | Northwoods Mall | Jul-12 | - | 6.51% | 54,696 | | | 54,696 | | - |
| Racine, WI | Regency Mall | Jul-12 | - | 6.51% | 29,956 | | | 29,956 | | - |
| Saginaw, MI | Fashion Square | Jul-12 | - | 6.51% | 52,508 | | | 52,508 | | - |
| Spartanburg, SC | WestGate Mall | Jul-12 | - | 6.50% | 47,449 | | | 47,449 | | - |
| Chattanooga, TN | CBL Center | Aug-12 | - | 6.25% | 13,348 | | | 13,348 | | - |
| Livonia, MI | Laurel Park Place | Dec-12 | - | 8.50% | 46,968 | | | 46,968 | | - |
| Monroeville, PA | Monroeville Mall | Jan-13 | - | 5.73% | 116,488 | | | 116,488 | | - |
| Greensburg, PA | Westmoreland Mall | Mar-13 | - | 5.05% | 70,760 | | | 70,760 | | - |
| St. Louis, MO | West County Center | Apr-13 | - | 5.19% | 151,381 | | | 151,381 | | - |
| Columbia, SC | Columbia Place | Sep-13 | - | 5.45% | 29,019 | | | 29,019 | | - |
| St. Louis, MO | South County Center | Oct-13 | - | 4.96% | 77,029 | | | 77,029 | | - |
| Joplin, MO | Northpark Mall | Mar-14 | - | 5.75% | 36,838 | | | 36,838 | | - |
| Laredo, TX | Mall del Norte | Dec-14 | - | 5.04% | 113,400 | | | 113,400 | | - |
| Fairview Heights, IL | St. Clair Square | Jan-15 | - | 4.25% | 72,000 | (e) | | - | | 72,000 |
| Rockford, IL | CherryVale Mall | Oct-15 | - | 5.00% | 87,317 | | | 87,317 | | - |
| Brookfield, IL | Brookfield Square | Nov-15 | - | 5.08% | 97,780 | | | 97,780 | | - |
| Madison, WI | East Towne Mall | Nov-15 | - | 5.00% | 74,432 | | | 74,432 | | - |
| Madison, WI | West Towne Mall | Nov-15 | - | 5.00% | 105,135 | | | 105,135 | | - |
| Bloomington, IL | Eastland Mall | Dec-15 | - | 5.85% | 59,400 | | | 59,400 | | - |
| Decatur, IL | Hickory Point Mall | Dec-15 | - | 5.85% | 31,189 | | | 31,189 | | - |
| Overland Park, KS | Oak Park Mall | Dec-15 | - | 5.85% | 275,700 | | | 275,700 | | - |
| | | | | | | | | Balance |
| Location | Property | Original Maturity Date | Optional Extended Matrity Date | Interest Rate | Balance | | | Fixed | | Variable |
| Janesville, WI | Janesville Mall | Apr-16 | - | 8.38% | 8,830 | | | 8,830 | | - |
| Akron, OH | Chapel Hill Mall | Aug-16 | - | 6.10% | 73,396 | | | 73,396 | | - |
| Chattanooga, TN | Hamilton Place | Aug-16 | - | 5.86% | 111,291 | | | 111,291 | | - |
| Chesapeake, VA | Greenbrier Mall | Aug-16 | - | 5.91% | 80,887 | | | 80,887 | | - |
| Midland, MI | Midland Mall | Aug-16 | - | 6.10% | 36,221 | | | 36,221 | | - |
| St. Louis, MO | Chesterfield Mall | Sep-16 | - | 5.74% | 140,000 | | | 140,000 | | - |
| Southaven, MS | Southaven Towne Center | Jan-17 | - | 5.50% | 43,915 | | | 43,915 | | - |
| Cary, NC | Cary Towne Center | Mar-17 | - | 8.50% | 68,196 | | | 68,196 | | - |
| Charleston, SC | Citadel Mall | Apr-17 | - | 5.68% | 72,179 | | | 72,179 | | - |
| Chattanooga, TN | Hamilton Corner | Apr-17 | - | 5.67% | 16,354 | | | 16,354 | | - |
| Fairview Heights, IL | The Shoppes at St. Clair Square | Apr-17 | - | 5.67% | 21,595 | | | 21,595 | | - |
| Lafayette, LA | Mall of Acadiana | Apr-17 | - | 5.67% | 144,342 | | | 144,342 | | - |
| Layton, UT | Layton Hills Mall | Apr-17 | - | 5.66% | 103,165 | | | 103,165 | | - |
| Lexington, KY | The Plaza at Fayette Mall | Apr-17 | - | 5.67% | 42,612 | | | 42,612 | | - |
| Cincinnati, OH | Eastgate Crossing | May-17 | - | 5.66% | 16,067 | | | 16,067 | | - |
| Nashville, TN | Courtyard at Hickory Hollow | Oct-18 | - | 6.00% | 1,785 | | | 1,785 | | - |
| Nashville, TN | Hickory Hollow Mall | Oct-18 | - | 6.00% | 30,885 | | | 30,885 | | - |
| Winston-Salem, NC | Hanes Mall | Oct-18 | - | 6.99% | 161,600 | | | 161,600 | | - |
| Daytona Beach, FL | Volusia Mall | Jul-19 | - | 8.00% | 56,996 | | | 56,996 | | - |
| Terre Haute, IN | Honey Creek Mall | Jul-19 | - | 8.00% | 33,133 | | | 33,133 | | - |
| | | SUBTOTAL | | | | $ 4,373,506 | | | $ 3,927,601 | | $ 445,905 |
| Weighted average interest rate | | | | 5.61% | | | 5.97% | | 2.46% |
| | | | | | | | | | | | |
| Debt Premiums (Discounts): (f) | | | | | | | | | |
| | | | | | | | | | | | |
| Roanoke, VA | Valley View Mall | Sep-10 | - | 8.61% | $ 708 | | | $ 708 | | $ - |
| St. Louis, MO | Mid Rivers Mall | Jul-11 | - | 7.24% | 1,680 | | | 1,680 | | - |
| Fayetteville, NC | Cross Creek Mall | Apr-12 | - | 7.40% | 2,735 | | | 2,735 | | - |
| Colonial Heights, VA | Southpark Mall | May-12 | - | 7.00% | 1,242 | | | 1,242 | | - |
| Livonia, MI | Laurel Park Place | Dec-12 | - | 8.50% | 3,968 | | | 3,968 | | - |
| Monroeville, PA | Monroeville Mall | Jan-13 | - | 5.73% | 1,259 | | | 1,259 | | - |
| St. Louis, MO | West County Center | Apr-13 | - | 5.19% | (2,469) | | | (2,469) | | - |
| St. Louis, MO | South County Center | Oct-13 | - | 4.96% | (1,296) | | | (1,296) | | - |
| Joplin, MO | Northpark Mall | Mar-14 | - | 5.75% | 304 | | | 304 | | - |
| St. Louis, MO | Chesterfield Mall | Sep-16 | - | 5.74% | (1,756) | | | (1,756) | | - |
| | | SUBTOTAL | | | | $ 6,375 | | | $ 6,375 | | $ - |
| Weighted average interest rate | | | | 4.60% | | | 4.60% | | |
| | | | | | | | | | | | |
| Total Loans On Operating Properties And Debt Premiums (Discounts) | | | $ 4,379,881 | | | $ 3,933,976 | | $ 445,905 |
| Weighted average interest rate | | | | 5.61% | | | 5.97% | | 2.46% |
| | | | | | | | | | | | |
| Credit Facilities: | | | | | | | | | | |
| Secured credit facilities: | | | | | | | | | | |
| $560,000 capacity | | Aug-11 | Apr-14 | 2.55% | $ 376,532 | | | $ - | | $ 376,532 |
| $525,000 capacity | | Feb-12 | Feb-13 | 5.50% | 262,850 | | | - | | 262,850 |
| $105,000 capacity | | Jun-11 | - | 4.50% | 1,500 | | | - | | 1,500 |
| Total secured facilities | | | 3.76% | 640,882 | | | - | | 640,882 |
| Unsecured term facilities: | | | | | | | | | |
| General | | Apr-11 | Apr-13 | 1.95% | 228,000 | | | - | | 228,000 |
| Starmount | | Nov-10 | Nov-12 | 1.50% | 209,494 | | | - | | 209,494 |
| Total term facilities | | | | 1.73% | 437,494 | | | - | | 437,494 |
| | | SUBTOTAL | | | 2.94% | $ 1,078,376 | | | $ - | | $ 1,078,376 |
| | | | | | | | | | | | |
| Other | | | | | $ 320 | | | $ 320 | | $ - |
| | | | | | | | | | | | |
| Total Consolidated Debt | | | | | $ �� 5,458,577 | | | $ 3,934,296 | | $ 1,524,281 |
| Weighted average interest rate | | | | 5.08% | | | 5.97% | | 2.80% |
| | | | | | | | | | | | |
8
| | | | | | | | | | Balance |
| Location | Property | Original Maturity Date | Optional Extended Maturity Date | Interest Rate | Balance | | | Fixed | | Variable |
| Plus CBL's Share Of Unconsolidated Affiliates' Debt: | | | | | | | | | |
| Huntsville, AL | Parkway Place | Jun-10 | - | 1.23% | $ 25,624 | | | $ - | | $ 25,624 |
| Lee's Summit, MO | Summit Fair | Jun-10 | - | 5.23% | 19,900 | (g) | | - | | 19,900 |
| Del Rio, TX | Plaza del Sol | Aug-10 | - | 9.15% | 164 | | | 164 | | - |
| West Melbourne, FL | Hammock Landing Phase II | Aug-10 | Aug-11 | 2.23% | 3,276 | | | - | | 3,276 |
| Ft. Myers, FL | Gulf Coast Town Center Phase III | Apr-11 | Apr-12 | 1.73% | 11,561 | | | - | | 11,561 |
| West Melbourne, FL | Hammock Landing | Aug-11 | Aug-13 | 4.50% | 41,602 | | | - | | 41,602 |
| York, PA | York Town Center | Oct-11 | - | 1.48% | 20,278 | | | - | | 20,278 |
| 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 Shopping 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% | 43,815 | (h) | | 43,815 | | - |
| El Centro, CA | Imperial Valley Mall | Sep-15 | - | 4.99% | 33,434 | | | 33,434 | | - |
| Raleigh, NC | Triangle Town Center | Dec-15 | - | 5.74% | 96,534 | | | 96,534 | | - |
| Greensboro, NC | Renaissance Center Phase I | Jul-16 | - | 5.61% | 17,713 | | | 17,713 | | - |
| Clarksville, TN | Governor's Square Mall | Sep-16 | - | 8.23% | 12,160 | | | 12,160 | | - |
| Paducah, KY | Kentucky Oaks Mall | Jan-17 | - | 5.27% | 13,574 | | | 13,574 | | - |
| Greensboro, NC | The Shops at Friendly | Jan-17 | - | 5.90% | 21,549 | | | 21,549 | | - |
| Harrisburg, PA | High Pointe Commons | May-17 | - | 5.74% | 7,424 | | | 7,424 | | - |
| 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% | 2,951 | | | 2,951 | | - |
| | | SUBTOTAL | | | | $ 594,174 | | | $ 402,570 | | $ 191,604 |
| | | | | | | | | | | | |
| Less Noncontrolling Interests' Share Of Consolidated Debt: | Minority Interest % | | | | | | | | |
| Chattanooga, TN | CBL Center | 8.00% | | 6.25% | $ (1,068) | | | $ (1,068) | | $ - |
| Chattanooga, TN | CBL Center II | 8.00% | | 4.50% | (928) | | | - | | (928) |
| Chattanooga, TN | Hamilton Corner | 10.00% | | 5.67% | (1,635) | | | (1,635) | | - |
| Chattanooga, TN | Hamilton Place | 10.00% | | 5.86% | (11,129) | | | (11,129) | | - |
| High Point, NC | Oak Hollow Mall | 25.00% | | 4.50% | (9,899) | | | (9,899) | | - |
| | | SUBTOTAL | | | | $ (24,659) | | | $ (23,731) | | $ (928) |
| | | | | | | | | | | | |
| Company's Share Of Consolidated And Unconsolidated Debt | | | | $ 6,028,092 | | | $ 4,313,135 | | $ 1,714,957 |
| Weighted average interest rate | | | | 5.07% | | | 5.94% | | 2.89% |
| | | | | | | | | | | | |
9
| | | | | | | | | | Balance |
| Location | Property | Original Maturity Date | Optional Extended Maturity Date | Interest Rate | Balance | | | Fixed | | Variable |
| Total Debt of Unconsolidated Affiliates: | | | | | | | | | |
| Huntsville, AL | Parkway Place | Jun-10 | - | 1.23% | $ 51,248 | | | $ - | | $ 51,248 |
| Lee's Summit, MO | Summit Fair | Jun-10 | - | 5.23% | 73,703 | (g) | | - | | 73,703 |
| Del Rio, TX | Plaza del Sol | Aug-10 | - | 9.15% | 324 | | | 324 | | - |
| West Melbourne, FL | Hammock Landing | Aug-10 | Aug-11 | 2.23% | 3,276 | | | - | | 3,276 |
| Ft. Myers, FL | Gulf Coast Town Center Phase III | Apr-11 | Apr-12 | 1.73% | 11,561 | | | - | | �� 11,561 |
| West Melbourne, FL | Hammock Landing Phase I | Aug-11 | Aug-13 | 4.50% | 41,602 | | | - | | 41,602 |
| York, PA | York Town Center | Oct-11 | - | 1.48% | 40,556 | | | - | | 40,556 |
| 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 Shopping 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% | 87,630 | (h) | | 87,630 | | - |
| El Centro, CA | Imperial Valley Mall | Sep-15 | - | 4.99% | 55,724 | | | 55,724 | | - |
| Raleigh, NC | Triangle Town Center | Dec-15 | - | 5.74% | 193,069 | | | 193,069 | | - |
| Greensboro, NC | Renaissance Center Phase I | Jul-16 | - | 5.61% | 35,425 | | | 35,425 | | - |
| Clarksville, TN | Governor's Square Mall | Sep-16 | - | 8.23% | 25,600 | | | 25,600 | | - |
| Paducah, KY | Kentucky Oaks Mall | Jan-17 | - | 5.27% | 27,149 | | | 27,149 | | - |
| Greensboro, NC | The Shops at Friendly | Jan-17 | - | 5.90% | 43,097 | | | 43,097 | | - |
| Harrisburg, PA | High Pointe Commons | May-17 | - | 5.74% | 14,848 | | | 14,848 | | - |
| 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% | 5,902 | | | 5,902 | | - |
| | | | | | | $ 1,086,577 | | | $ 795,268 | | $ 291,309 |
| Weighted average interest rate | | | | 5.04% | | | 5.59% | | 3.55% |
| | | | | | | | | |
| (a) | The Company has entered into an interest rate cap on a 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 $40,000 related to Alamance Crossing to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in November 2010. |
| | |
| (c) | 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 $67,671 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. |
| | |
| (d) | 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. The swap terminates in September 2010. |
| | |
| (e) | The Company has entered into an interest rate cap on a notional amount of $72,000, amortizing to $69,375 over the term of the cap, related to St. Clair Square to limit the maximum interest rate that may be applied to the variable-rate loan to 7.00%. The cap terminates in January 2012. |
| | |
| (f) | 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. |
| | |
| (g) | 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. |
| | |
| (h) | 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 Ended March 31, 2010
Schedule of Maturities of Mortgage and Other Indebtedness as of March 31, 2010
(Dollars in thousands)
Based on Maturity Dates As Though All Extension Options Available Have Been Exercised as of March 31, 2010:
| 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 | | $ | 390,621 | | | $ | 45,688 | | | $ | - | | | $ | 436,309 | | | | 7.24 | % |
| 2011 | | | 417,780 | | | | 23,554 | | | | (928 | ) | | | 440,406 | | | | 7.31 | % |
| 2012 | | | 965,023 | | | | 11,561 | | | | (10,967 | ) | | | 965,617 | | | | 16.01 | % |
| 2013 | | | 1,085,286 | | | | 168,817 | | | | - | | | | 1,254,103 | | | | 20.80 | % |
| 2014 | | | 526,770 | | | | 43,815 | | | | - | | | | 570,585 | | | | 9.47 | % |
| 2015 | | | 802,953 | | | | 129,968 | | | | - | | | | 932,921 | | | | 15.48 | % |
| 2016 | | | 450,625 | | | | 29,873 | | | | (11,129 | ) | | | 469,369 | | | | 7.79 | % |
| 2017 | | | 528,425 | | | | 140,898 | | | | (1,635 | ) | | | 667,688 | | | | 11.08 | % |
| 2018 | | | 194,270 | | | | - | | | | - | | | | 194,270 | | | | 3.22 | % |
| 2019 | | | 90,129 | | | | - | | | | - | | | | 90,129 | | | | 1.49 | % |
| 2020 | | | 320 | | | | - | | | | - | | | | 320 | | | | 0.00 | % |
| Face Amount of Debt | | | 5,452,202 | | | | 594,174 | | | | (24,659 | ) | | | 6,021,717 | | | | 99.89 | % |
| Net Premiums on Debt | | | 6,375 | | | | - | | | | - | | | | 6,375 | | | | 0.11 | % |
| Total | | $ | 5,458,577 | | | $ | 594,174 | | | $ | (24,659 | ) | | $ | 6,028,092 | | | | 100.00 | % |
Based on Original Maturity Dates as of March 31, 2010:
| 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 | | $ | 873,551 | | | $ | 48,964 | | | $ | - | | | $ | 922,515 | | | | 15.31 | % |
| 2011 | | | 1,067,395 | | | | 142,804 | | | | (928 | ) | | | 1,209,271 | | | | 20.06 | % |
| 2012 | | | 849,619 | | | | - | | | | (10,967 | ) | | | 838,652 | | | | 13.90 | % |
| 2013 | | | 444,677 | | | | 57,852 | | | | - | | | | 502,529 | | | | 8.34 | % |
| 2014 | | | 150,238 | | | | 43,815 | | | | - | | | | 194,053 | | | | 3.22 | % |
| 2015 | | | 802,953 | | | | 129,968 | | | | - | | | | 932,921 | | | | 15.48 | % |
| 2016 | | | 450,625 | | | | 29,873 | | | | (11,129 | ) | | | 469,369 | | | | 7.79 | % |
| 2017 | | | 528,425 | | | | 140,898 | | | | (1,635 | ) | | | 667,688 | | | | 11.08 | % |
| 2018 | | | 194,270 | | | | - | | | | - | | | | 194,270 | | | | 3.22 | % |
| 2019 | | | 90,129 | | | | - | | | | - | | | | 90,129 | | | | 1.49 | % |
| 2020 | | | 320 | | | | - | | | | - | | | | 320 | | | | 0.00 | % |
| Face Amount of Debt | | | 5,452,202 | | | | 594,174 | | | | (24,659 | ) | | | 6,021,717 | | | | 99.89 | % |
| Net Premiums on Debt | | | 6,375 | | | | - | | | | - | | | | 6,375 | | | | 0.11 | % |
| Total | | $ | 5,458,577 | | | $ | 594,174 | | | $ | (24,659 | ) | | $ | 6,028,092 | | | | 100.00 | % |
Debt Covenant Compliance Ratios as of March 31, 2010
| Covenant | Required | | Actual | Compliance |
| Debt to Gross Asset Value | < 65 | % | | | 54 | % | Yes |
| Interest Coverage Ratio * | >1.75 | x | | | 2.32 | x | Yes |
| Debt Service Coverage Ratio * | >1.50 | x | | | 1.85 | x | Yes |
| | | | | | | | |
| * Based on rolling twelve months | | | | | | |
11
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2010
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 | |
| | | | | | | | | | | | | | | | | | | |
All Property Types (1) | | | 682,061 | | | $ | 38.47 | | | $ | 33.66 | | | | -12.5 | % | | $ | 34.48 | | | | -10.4 | % |
| Stabilized malls | | | 648,530 | | | | 39.37 | | | | 34.43 | | | | -12.5 | % | | | 35.28 | | | | -10.4 | % |
| New leases | | | 134,930 | | | | 45.66 | | | | 38.92 | | | | -14.8 | % | | | 41.10 | | | | -10.0 | % |
| Renewal leases | | | 513,600 | | | | 37.72 | | | | 33.25 | | | | -11.9 | % | | | 33.75 | | | | -10.5 | % |
| | | Square Feet | |
| | | | |
| Total Leased | | | 1,139,363 | |
| Operating Portfolio | | | 942,183 | |
| Development Portfolio | | | 197,180 | |
Average Annual Base Rents Per Square Foot By Property Type For Small Shop Space Less Than 10,000 Square Feet
| | | As of March 31, | |
| | | 2010 | | | 2009 | |
| Stabilized malls | | $ | 28.87 | | | $ | 29.34 | |
| Non-stabilized malls | | | 25.41 | | | | 26.68 | |
| Associated centers | | | 11.89 | | | | 12.08 | |
| Community centers | | | 15.06 | | | | 14.62 | |
| Other | | | 19.21 | | | | 19.05 | |
| (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 Ended March 31, 2010
Top 25 Tenants Based On Percentage Of Budgeted Total Revenues For The Three Months Ended March 31, 2010
| | | Tenant | | Number of Stores | | | Square Feet | | | Percentage of Total Annualized Revenues |
| | 1 | | Limited Brands, LLC (1) | | | 160 | | | | 802,749 | | | | 3.06 | % |
| | 2 | | Foot Locker, Inc. | | | 179 | | | | 681,541 | | | | 2.49 | % |
| | 3 | | Abercrombie & Fitch, Co. | | | 96 | | | | 651,171 | | | | 2.25 | % |
| | 4 | | The Gap Inc. | | | 91 | | | | 973,041 | | | | 2.20 | % |
| | 5 | | AE Outfitters Retail Company | | | 86 | | | | 501,349 | | | | 2.15 | % |
| | 6 | | Signet Group plc (2) | | | 117 | | | | 208,108 | | | | 1.87 | % |
| | 7 | | Genesco Inc. (3) | | | 192 | | | | 277,508 | | | | 1.58 | % |
| | 8 | | Luxottica Group, S.P.A. (4) | | | 141 | | | | 313,426 | | | | 1.51 | % |
| | 9 | | Dick's Sporting Goods, Inc. | | | 18 | | | | 1,074,973 | | | | 1.42 | % |
| | 10 | | Zale Corporation | | | 135 | | | | 137,963 | | | | 1.34 | % |
| | 11 | | Express Fashions | | | 48 | | | | 398,716 | | | | 1.33 | % |
| | 12 | | JC Penney Co., Inc. (5) | | | 75 | | | | 8,528,105 | | | | 1.31 | % |
| | 13 | | Finish Line, Inc. | | | 72 | | | | 372,872 | | | | 1.28 | % |
| | 14 | | New York & Company, Inc. | | | 56 | | | | 400,014 | | | | 1.25 | % |
| | 15 | | Charlotte Russe Holding, Inc. | | | 52 | | | | 360,274 | | | | 1.15 | % |
| | 16 | | Dress Barn, Inc. (6) | | | 96 | | | | 423,259 | | | | 1.07 | % |
| | 17 | | Aeropostale, Inc. | | | 75 | | | | 257,941 | | | | 1.01 | % |
| | 18 | | Pacific Sunwear of California | | | 67 | | | | 248,824 | | | | 0.96 | % |
| | 19 | | The Buckle, Inc. | | | 48 | | | | 238,014 | | | | 0.89 | % |
| | 20 | | Barnes & Noble Inc. | | | 20 | | | | 704,452 | | | | 0.88 | % |
| | 21 | | The Regis Corporation | | | 156 | | | | 187,594 | | | | 0.87 | % |
| | 22 | | Christopher & Banks, Inc. | | | 84 | | | | 287,130 | | | | 0.85 | % |
| | 23 | | The Children's Place Retail Stores, Inc. | | | 53 | | | | 223,765 | | | | 0.85 | % |
| | 24 | | Sun Capital Partners, Inc. (7) | | | 55 | | | | 685,426 | | | | 0.79 | % |
| | 25 | | Forever 21 Retail, Inc. | | | 21 | | | | 278,057 | | | | 0.78 | % |
| | | | | | | 2,193 | | | | 19,216,272 | | | | 35.14 | % |
| (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) | Genesco Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat Zone, and Cap Factory stores. |
| (4) | Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearl Vision. | | |
| (5) | JC Penney Co., Inc. owns 36 of these stores. | | | | |
| (6) | Dress Barn, Inc. operates Justice, dressbarn and maurices. | | |
| (7) | Sun Capital Partners, Inc. operates Fazoli's, Anchor Blue, Gordmans, Limited Stores, Smokey Bones and Souper Salad. |
| (8) | The percentage of total revenues is based on 2010 budgeted revenues of approximately $1.083 billion |
13
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2010
Capital Expenditures for Three Months Ended March 31, 2010
| Tenant allowances | | $ | 4,217 | |
| | | | | |
| Renovations | | | 104 | |
| | | | | |
| Deferred maintenance: | | | | |
| Parking lot and parking lot lighting | | | 7 | |
| Roof repairs and replacements | | | 539 | |
| Other capital expenditures | | | 2,662 | |
| Total deferred maintenance expenditures | | | 3,208 | |
| | | | | |
| Total capital expenditures | | $ | 7,529 | |
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)
| | | 2010 | | | 2009 | |
| Quarter ended: | | | | | | |
| March 31, | | $ | 212 | | | $ | 651 | |
| June 30, | | | - | | | | 208 | |
| September 30, | | | - | | | | 690 | |
| December 31, | | | - | | | | 699 | |
| | | $ | 212 | | | $ | 2,248 | |
14
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2010
Properties Opened During the Three Months Ended March 31, 2010
| | | | | | | | CBL's Share of | | | | | |
| Property | | Location | | Total Project Square Feet | | | Total Cost (b) | | | Cost to Date (c) | | Date Opened | | Initial Yield |
| | | | | | | | | | | | | | | | |
| Community/Open-Air Centers: | | | | | | | | | | | | | | | |
| The Pavilion at Port Orange (Phase I and Phase 1A) (a) | | Port Orange, FL | | | 492,296 | | | $ | 67,438 | | | $ | 66,562 | | Fall-09/Spring-10 | | | 7.3 | %* |
| | | | | | 492,296 | | | $ | 67,438 | | | $ | 66,562 | | | | | | |
Properties Under Development at March 31, 2010
| | | | | | | | CBL's Share of | | | | |
| Property | | Location | | Total Project Square Feet | | Total Cost (b) | | Cost to Date (c) | Date Opened | | Initial Yield |
| Community/Open-Air Centers: | | | | | | | | | | | | | | | |
| The Forum at Grandview Phase I (a) | | Madison, MS | | | 110,690 | | | $ | 16,798 | | | $ | 9,234 | | Fall-10 | | | 7.0 | %* |
| | | | | | 110,690 | | | $ | 16,798 | | | $ | 9,234 | | | | | | |
| (a) The Pavilion at Port Orange is a 50/50 joint venture and The Forum at Grandview is a 75/25 joint venture. |
| (b) Total Cost is presented net of reimbursements to be received. |
| (c) Cost to Date does not reflect reimbursements until they are received. |
| *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. |
