Exhibit 99.3 Supplemental information
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Quarter Ended June 30, 2003
1
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Quarter Ended June 30, 2003
Consolidated Balance Sheets
(Preliminary and unaudited, in thousands, except share data)
June 30, December 31,
2003 2002
------------- ------------
ASSETS
REAL ESTATE ASSETS:
Land $ 584,175 $ 570,818
Buildings and improvements 3,513,308 3,394,787
------------- ------------
4,097,483 3,965,605
Less: Accumulated depreciation (483,228) (434,840)
------------- ------------
3,614,255 3,530,765
Developments in progress 107,278 80,720
------------- ------------
Net investment in real estate 3,721,533 3,611,485
CASH, RESTRICTED CASH AND CASH EQUIVALENTS 25,750 13,355
RECEIVABLES:
Tenant, net of allowance 41,252 37,994
Other 3,193 3,692
MORTGAGE NOTES RECEIVABLE 22,070 23,074
INVESTMENT IN UNCONSOLIDATED AFFILIATES 72,556 68,232
OTHER ASSETS 63,353 37,282
------------- ------------
$ 3,949,707 $ 3,795,114
============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
MORTGAGE AND OTHER NOTES PAYABLE 2,540,914 2,402,079
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 148,251 151,332
------------- ------------
Total liabilities 2,689,165 2,553,411
------------- ------------
COMMITMENTS AND CONTINGENCIES
MINORITY INTERESTS 505,088 500,513
------------- ------------
SHAREHOLDERS' EQUITY:
Preferred Stock, $.01 par value, 47 47
Common Stock, $.01 par value 301 298
Additional paid-in capital 775,587 765,686
Other comprehensive loss (626) (2,397)
Deferred compensation (1,808) -
Accumulated deficit (18,047) (22,444)
------------- ------------
Total shareholders' equity 755,454 741,190
------------- ------------
$ 3,949,707 $ 3,795,114
============= ============
<FN>
The balance sheet above is preliminary as of the date of this report.
Please refer the Company's filing on Form 10-Q when filed for a complete balance
sheet as of June 30, 2003
</FN>
2
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Quarter Ended June 30, 2003
EBITDA to Interest Coverage Ratio
(Dollars in thousands)
Three Months Ended
June 30,
------------------------------------
2003 2002
----------------- -----------------
EBITDA:
Consolidated net income available to common shareholders $ 21,022 $ 18,911
Adjustments:
Depreciation and amortization 27,690 23,646
Depreciation and amortization from unconsolidated affiliates 1,123 848
Depreciation and amortization from discontinued operations - 214
Minority investors' share of depreciation and amortization in
shopping center properties (275) (302)
Interest expense 38,363 34,050
Interest expense from unconsolidated affiliates 1,923 2,911
Interest expense from discontinued operations - 13
Minority investors' share of interest expense in
shopping center properties (363) (445)
Loss on extinguishment of debt 167 1,240
Income taxes 1,046 391
Minority interest in earnings - Operating Partnership 17,979 16,335
Gain on discontinued operations - (164)
Preferred dividends 3,692 2,010
----------------- -----------------
Company's share of total EBITDA $ 112,367 $ 99,658
================= =================
Interest Expense:
Interest expense $ 38,363 $ 34,050
Interest expense from discontinued operations - 13
Interest expense from unconsolidated affiliates 1,923 2,911
Minority investors' share of interest expense in
shopping center properties (363) (445)
----------------- -----------------
Company's share of total interest expense $ 39,923 $ 36,529
================= =================
EBITDA to interest coverage ratio 2.81 2.73
================= =================
3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Quarter Ended June 30, 2003
Same-Center Net Operating Income
(In thousands)
Three Months Ended
June 30,
------------------------------------
2003 2002
----------------- -----------------
Company's share of total EBITDA $ 112,367 $ 99,658
General and administrative expenses 6,644 5,466
Management fees and non-property level revenues (3,070) (4,156)
Gain on sale of real estate assets (3,002) (1,789)
Income taxes (1,046) (391)
----------------- -----------------
Company's share of total net operating income 111,893 98,788
NOI of non-comparable centers (14,554) (7,087)
----------------- -----------------
Same center NOI $ 97,339 $ 91,701
================= =================
Malls NOI 80,560 76,494
Associated centers NOI 3,583 4,073
Community centers NOI 10,848 10,189
Other NOI 2,348 945
----------------- -----------------
Same center NOI $ 97,339 $ 91,701
================= =================
Summary of Consolidated and Unconsolidated Debt
(Dollars in thousands)
June 30, 2003
------------------------------------------------------------
Fixed Variable
Rate Rate Total
-------------------- ------------------ --------------------
Consolidated debt $ 1,973,945 $ 566,969 $ 2,540,914
Minority investors' share of consolidated debt (19,857) - (19,857)
Company's share of unconsolidated affiliates' debt 37,924 44,197 82,121
-------------------- ------------------ --------------------
Company's share of consolidated and unconsolidated debt $ 1,992,012 $ 611,166 $ 2,603,178
==================== ================== ====================
Weighted average interest rate 7.05% 3.01% 6.10%
==================== ================== ====================
June 30, 2002
------------------------------------------------------------
Fixed Variable
Rate Rate Total
-------------------- ------------------ --------------------
Consolidated debt $ 1,807,083 $ 401,800 $ 2,208,883
Minority investors' share of consolidated debt (19,185) (7,595) (26,780)
Company's share of unconsolidated affiliates' debt 86,628 23,665 110,283
-------------------- ------------------ --------------------
Company's share of consolidated and unconsolidated debt $ 1,874,526 $ 417,860 $ 2,292,386
==================== ================== ====================
Weighted average interest rate 7.19% 4.50% 6.70%
==================== ================== ====================
4
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Quarter Ended June 30, 2003
Reconciliation of Shares and Units Outstanding
(In thousands)
Three Months Ended Six Months Ended
Basic Diluted Basic Diluted
----------------- ----------------- ----------------- ---------------
June 30, 2003:
Weighted average shares used to compute earnings per share 29,886 31,066 29,806 30,942
Weighted average operating partnership units outstanding 25,682 25,682 25,683 25,683
----------------- ----------------- ----------------- ---------------
Weighted average shares used to compute FFO per share 55,568 56,748 55,489 56,625
================= ================= ================= ===============
June 30, 2002:
Weighted average shares used to compute earnings per share 29,084 29,943 27,728 28,541
Weighted average operating partnership units outstanding 25,023 25,023 24,858 24,858
----------------- ----------------- ----------------- ---------------
Weighted average shares used to compute FFO per share 54,107 54,966 52,586 53,399
================= ================= ================= ===============
Properties Under Renovation as of June 30, 2003
Property Location Est. Total Cost Cost To Date Completion
(in millions) (in millions) Date
- ----------------------------------------------------------------------------------------------------------------
Parkdale Mall Beaumont, TX $ 15.0 $ 17.2 Aug-03
Eastgate Mall Cincinnati, OH 12.6 3.6 Nov-03
St. Clair Square Fairview Heights, IL 11.1 10.5 Nov-03
Jefferson Mall Louisville, KY 7.1 7.8 Oct-03
East Towne Mall Madison, WI 7.2 5.4 Nov-03
West Towne Mall Madison, WI 8.0 6.6 Nov-03
Other Centers - -
------------- -----------
Total $ 61.0 $ 51.1
============= ===========
5
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Quarter Ended June 30, 2003
Detail of Roof and Parking Lot Capital Expenditures Year to Date (1)
(In thousands):
Deferred Renovation
Maintenance Expenditures
-------------- --------------
Other capital expenditures $ 11,151 $ 34,835
Parking lot and parking lot lighting 1,456 2,864
Roof repairs and replacements 1,078 3,072
-------------- --------------
Other $ 13,685 $ 40,771
============== ==============
<FN>
(1) The capital expenditures incur 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 vast majority is recovered
over a five to fifteen year period. Renovation capital expenditures are
for remodelings and upgrades for enhancing 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.
</FN>
Development Schedule for new projects under construction
CBL's
Cost or Cost
Share of Spent
ProForma to Opening Initial
Property Location GLA Cost Date Date Yield
- ---------------------------------------------------------------------------------------------------------------------------
(in millions)
New Mall Development
Coastal Grand* Myrtle Beach, SC 902,000 $72.5* $ 26.0 Mar-04 9%
(50/50 JV)
Associated Center
The Shoppes of Panama City Panama, FL 57,000 9.5 0.1 Feb-04
Community Center
- ----------------
Wilkes-Barre Township Marketplace Wilkes-Barre Township, PA 281,000 10.6 1.4 May-04 9%
Waterford Commons**, (75/25 JV) Waterford, CT 348,000 29.4 17.1 Sep-03 10%
--------- -------- -------
Total 1,588,000 $ 164.20 $ 82.90
========= ======== =======
<FN>
* JV development, initial build out approx. 1 million square feet
** With CBL owning at least 75% and CBL share of pro forma and cost
</FN>
6
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Quarter Ended June 30, 2003
Comparable New Leasing and Renewal Leasing Activity for the Quarter and Year to
Date Ended June 30, 2003
New PSF New PSF
Square Prior PSF Base Rent % Change Base Rent % Change
Property Type Feet Base Rent Initial Initial Average Average
- ------------------------------------------------------------------------------------------------------------------------------
Quarter
Stabilized malls 375,000 $ 21.53 $ 21.34 (0.9)% $ 21.99 2.2%
Associated centers 23,000 15.33 14.12 (7.9)% 14.43 (5.9)%
Community centers 106,000 10.31 10.39 8.8% 10.46 1.5%
Year to Date
Stabilized malls 809,000 $ 21.47 $ 23.05 7.4% $ 23.68 10.3%
Associated centers 36,000 15.00 14.75 (1.7)% 14.94 (0.4)%
Community centers 194,000 11.14 11.89 6.8% 11.96 7.3%
Comparable Stabilized Mall Leasing Activity For the Quarter and Year to Date
Ended June 30, 2003
New PSF New PSF
Square Prior PSF Base Rent % Change Base Rent % Change
Stabilized Malls Feet Base Rent Initial Initial Average Average
- ------------------------------------------------------------------------------------------------------------------------------
Quarter
New leases 133,000 $ 26.49 $ 29.37 10.9% $ 30.73 16.0%
Renewal leases 242,000 18.80 16.92 (10.0)% 17.18 (8.6)%
Year to Date
New leases 300,000 $ 23.53 $ 28.09 19.4% $ 29.31 24.6%
Renewal leases 509,000 20.26 20.09 (0.8)% 20.36 0.5%
Total Leasing Activity Compared to Tenants Vacating For the Quarter and Year
to Date Ended June 30, 2003
(Comparable & Non-Comparable)
Vacated
Average Average
Leased Base Rent Vacated Base Rent
Property Type Sq. Ft. PSF Sq. Ft. PSF
- ------------------------------------------------------------------------------------------
Quarter
Malls 441,000 $ 22.43 129,000 $ 26.51
Associated centers 25,000 14.68 6,000 10.73
Community centers 204,000 8.52 47,000 11.63
Year to Date
Malls 995,000 $ 23.66 469,000 $ 22.52
Associated centers 53,000 13.75 25,000 10.07
Community centers 408,000 8.77 59,000 12.23
7
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Quarter Ended June 30, 2003
Average Annual Base Rents Per Square Foot for
Total Portfolio by Property Type
At June 30,
--------------------------------
2003 2002
---------------- --------------
Stabilized malls $ 23.98 $ 23.22
Non-stabilized malls 26.52 21.87
Associated centers 9.88 9.78
Community centers 9.39 9.65
Deferred Leasing Costs Capitalized
(in thousands)
Q1 Q2 Q3 Q4
---------- ---------- ---------- -----------
2003 $490 $333 ---- ----
2002 $45 $466 $710 $370
Debt-To-Total-Market Capitalization Ratio
(In thousands)
Shares Stock Price
Outstanding (1) Value
---------------------------------------------
Common stock and Operating Partnership units 55,832 $43.00 $ 2,400,776
9.0 % Series A Cumulative Redeemable Preferred Stock 2,675 $25.00 66,875
8.75% Series B Cumulative Redeemable Preferred Stock 2,000 $50.00 100,000
----------------
Total market equity 2,567,6511
Company's share of total debt 2,603,178
----------------
Total market capitalization $ 5,170,829
================
Debt-to-total-market capitalization ratio 50.3%
<FN>
(1) Stock price for common stock and operating partnership units equals the
closing price of the common stock on June 30, 2003. The stock price for the
preferred stock represents the face value of each respective series of preferred
stock.
</FN>
Calculation of Dividend Payout Ratio for the Quarter Ended
2003 2002
-------------- ---------------
Dividend per share 0.655 0.555
FFO per diluted, fully converted share 1.19 1.08
-------------- ---------------
Dividend payout ratio 55.0% 51.4%
============== ===============
8
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended June 30, 2003 and 2002
Summary of Outstanding Debt
June 30, 2003
(Dollars in thousands)
Maturity Interest Balance Fixed Variable
Property Location Date Rate 6/30/03 Rate Rate
- -------------------------------------------------------------------------------------------------------------------------------
Albemarle, NC Northwoods Plaza Jun-12 9.750% 1,020 1,020 -
Asheboro, NC Randolph Mall Jul-12 6.500% 15,463 15,463 -
Asheville, NC Asheville Mall Sep-11 6.980% 69,944 69,944 -
Beaumont, TX Parkdale Mall Jun-03 2.420% 45,000 - 45,000
Beaumont, TX Parkdale Crossing Nov-04 2.675% 8,678 - 8,678
Brookfield, IL Brookfield Square May-05 7.498% 72,646 72,646 -
Brownsville, TX Sunrise Mall (1) May-04 4.900% 40,000 40,000 -
Burnsville, MN Burnsville Center Aug-10 8.000% 71,522 71,522 -
Cary , NC Cary Towne Ctr Mar-09 6.850% 88,814 88,814 -
Charleston, SC Citadel Mall May-07 7.390% 32,165 32,165 -
Chattanooga, TN Hamilton Corner Aug-11 10.125% 2,608 2,608 -
Chattanooga, TN Hamilton Place Mar-07 7.000% 66,320 66,320 -
Chattanooga, TN Perimeter Place Jan-08 10.625% 1,004 1,004 -
Chattanooga, TN CBL Center Aug-12 6.250% 14,854 14,854 -
Cincinnati, OH Eastgate Mall Dec-03 2.813% 41,250 - 41,250
Cincinnati, OH Eastgate Crossing Apr-07 6.380% 10,489 10,489 -
Columbia, SC Columbia Mall Jun-03 2.480% 33,938 - 33,938
Cortlandt, NY Cortlandt Towne Center Aug-08 6.900% 49,353 49,353 -
Dalton, GA Walnut Square Feb-08 10.125% 532 532 -
Douglasville, GA Arbor Place Mall Jul-12 6.510% 80,272 80,272 -
Douglasville, GA The Landing At Arbor Jul-12 6.510% 9,061 9,061 -
Fairview Heights, IL St. Claire Square Apr-09 7.000% 69,643 69,643 -
Greensburg PA Westmoreland Mall Jan-13 5.050% 84,573 84,573 -
Hattiesburg, MS Turtle Creek Mall Mar-06 7.400% 31,408 31,408 -
Henderson, NC Henderson Square Apr-14 7.500% 5,554 5,554 -
Highpoint, NC Oak Hollow Mall Feb-08 7.310% 46,615 46,615 -
Hudson, NY Greenport Towne Ctr Sep-14 9.000% 3,735 3,735 -
Jackson, TN Old Hickory Mall Jul-12 6.510% 35,457 35,457 -
Janesville WI Janesville Mall Apr-16 8.375% 14,579 14,579 -
Knoxville, TN Cedar Bluff Xing Aug-07 10.625% 817 817 -
Knoxville, TN Suburban Plaza Jan-09 7.875% 7,903 7,903 -
Lansing MI Meridian Mall Aug-03 2.245% 29,017 - 29,017
Lansing MI Swap rate Meridian Mall Aug-03 6.955% 80,000 - 80,000
9
Lexington KY Fayette Mall Jul-11 7.000% 96,029 96,029 -
Lexington KY Fayette Mall Development Dec-04 2.725% 8,550 - 8,550
Louisville, KY Jefferson Mall Jul-12 6.510% 44,716 44,716 -
Louisville KY Springhurst Towne Center Aug-18 6.650% 20,686 20,686 -
Madison, WI East Towne Mall Jan-07 8.010% 28,185 28,185 -
Madison, WI West Towne Mall Jan-07 8.010% 43,575 43,575 -
Meridian, MS Bonita Lakes Mall Oct-09 6.820% 27,496 27,496 -
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended June 30, 2003 and 2002
Summary of Outstanding Debt
June 30, 2003
(Dollars in thousands)
Maturity Interest Balance Balance
Property Location Date Rate 6/30/03 Fixed Floating
- -------------------------------------------------------------------------------------------------------------------------------
Meridian, MS Bonita Lakes Crossing Oct-09 6.820% 8,615 8,615 -
Midland, MI Midland Mall Jun-03 2.620% 35,000 - 35,000
Morristown, TN College Square Sep-13 6.750% 12,738 12,738 -
N Charleston, SC Northwoods Mall Jul-12 6.510% 64,020 64,020 -
Nashua, NH Willow Springs Plaza Aug-07 9.750% 3,189 3,189 -
Nashville, TN Coolsprings Galleria Sep-10 8.290% 61,114 61,114 -
Nashville, TN Hickory Hollow Mall Aug-08 6.770% 90,267 90,267 -
Nashville, TN Courtyard At Hickory Aug-08 6.770% 4,202 4,202 -
Nashville, TN Rivergate Mall Aug-08 6.770% 72,953 72,953 -
Nashville, TN Village At Rivergate Aug-08 6.770% 3,446 3,446 -
North Haven, CT North Haven Xing Oct-08 9.550% 5,166 5,166 -
Panama City, FL Panama City Mall Aug-12 7.300% 40,336 40,336 -
Portland, ME Bj'S Plaza Dec-11 10.400% 2,679 2,679 -
Racine, WI Regency Mall Jul-12 6.510% 35,063 35,063 -
Rockford, IL Cherryvale Mall Jul-06 7.375% 46,352 46,352 -
Saginaw, MI Fashion Square Jul-12 6.510% 61,460 61,460 -
Spartanburg, SC Westgate Mall Jul-12 6.500% 55,549 55,549 -
Spartanburg, SC Westgate Crossing Jul-10 8.420% 9,698 9,698 -
St Augustine FL Cobblestone Village Jun-05 2.938% 24,288 - 24,288
Stroud, PA Stroud Mall Dec-10 8.420% 31,935 31,935 -
Uvalde, TX Uvalde Plaza Feb-08 10.625% 487 487 -
Wausau, WI Wausau Center Dec-10 6.700% 13,780 13,780 -
Winston-Salem, NC Hanes Mall Jul-08 7.310% 112,775 112,775 -
York, PA York Galleria Dec-10 8.340% 51,077 51,077 -
---------- ----------- ------------
SUBTOTAL 2,279,666 1,973,946 305,721
10
Weighted average interest rate
CONSTRUCTION LOANS
Waterford, CT Waterford Commons Jun-04 2.710% 16,248 - 16,248
---------- ----------- ------------
SUBTOTAL 16,248 - 16,248
LINES OF CREDIT 245,000 - 245,000
Weighted average interest rate 2.1482%
---------- ----------- ------------
TOTAL BALANCE SHEET 2,540,914 1,973,946 566,969
Weighted average interest rate 6.13% 7.02% 3.02%
Plus CBL Share Of Unconsolidated Affiliates
Clarksville, TN Governors Square Sep-16 8.230% 15,746 15,746 -
Del Rio, TX Plaza Del Sol Nov-02 9.150% 2,085 2,085 -
Ft Smith, AR Massard Crossing Feb-12 7.540% 593 593 -
Houston, TX Willowbrook Plaza Feb-12 7.540% 3,035 3,035 -
Huntsville, AL Parkway Place Dec-03 2.938% 29,235 - 29,235
Myrtle Beach, SC Coastal Grand May-06 2.930% 14,962 - 14,962
Paducah, KY Kentucky Oaks Jun-07 9.000% 16,261 16,261 -
Vicksburg, MS Pemberton Plaza Feb-12 7.540% 203 203 -
---------- ----------- ------------
TOTAL 82,121 37,924 44,197
Less Minority Minority
Interest Interest
Chattanooga, TN CBL Center 8.0000% 6.2500% (1,188) (1,188) -
Chattanooga, TN Hamilton Corner 10.0000% 10.1250% (261) (261) -
Chattanooga, TN Hamilton Place 10.0000% 7.0000% (6,632) (6,632) -
Highpoint, NC Oak Hollow Mall 25.0000% 7.3100% (11,654) (11,654) -
Uvalde, TX Uvalde Plaza 25.0000% 10.6250% (122) (122)
Waterford, CT Waterford Commons 25.0000% 3.0700% - - -
---------- ----------- ------------
(19,857) (19,857) -
TOTAL OBLIGATIONS $ 2,603,178 $ 1,992,013 $ 611,166
Weighted average interest rate 6.10% 7.05% 3.01%
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended June 30, 2003 and 2002
Summary of Outstanding Debt
June 30, 2003
(Dollars in thousands)
Maturity Interest Balance Balance
Property Location Date Rate 6/30/03 Fixed Floating
- -------------------------------------------------------------------------------------------------------------------------------
Total Debt of Unconsolidated Affiliates
Clarksville, TN Governors Square Sep-16 8.230% 33,149 33,149 -
Del Rio, TX Plaza Del Sol Aug-10 9.150% 4,170 4,170 -
Ft Smith, AR Massard Crossing Feb-12 7.540% 5,932 5,932 -
Houston, TX Willowbrook Plaza Feb-12 7.540% 30,354 30,354 -
Huntsville, AL Parkway Place Dec-03 2.938% 58,470 - 58,470
Paducah, KY Kentucky Oaks Jun-07 9.000% 32,523 32,523 -
Vicksburg, MS Pemberton Plaza Feb-12 7.540% 2,027 2,027 -
----------- ----------- ------------
TOTAL $ 166,626 $ 108,155 $ 58,470
Weighted average interest rate 6.3875% 8.2526% 2.9375%
<FN>
(1) The Brownsville, TX loan is fixed below LIBOR of 1.9% and floating between LIBOR of 1.9% and 2.5%
</FN>