Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2004
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- ----------------------
2004 2003 2004 2003
----------- ---------- ---------- ---------
REVENUES:
Minimum rents $ 121,300 $ 105,987 $ 344,177 $ 312,757
Percentage rents 2,289 2,228 10,457 9,749
Other rents 2,084 1,623 7,326 5,413
Tenant reimbursements 60,183 48,208 158,989 145,980
Management, development and leasing fees 2,868 1,221 6,379 3,946
Other 5,503 3,592 15,799 10,740
----------- ---------- ---------- ---------
Total revenues 194,227 162,859 543,127 488,585
----------- ---------- ---------- ---------
EXPENSES:
Property operating 31,702 24,361 85,813 76,347
Depreciation and amortization 38,023 28,286 103,754 82,065
Real estate taxes 15,486 13,087 42,787 39,762
Maintenance and repairs 11,337 9,606 31,825 29,708
General and administrative 8,280 7,228 24,505 20,225
Other 5,681 2,703 13,636 7,359
----------- ---------- ---------- ---------
Total expenses 110,509 85,271 302,320 255,466
----------- ---------- ---------- ---------
Income from operations 83,718 77,588 240,807 233,119
Interest income 836 639 2,422 1,805
Interest expense (46,042) (38,038) (129,274) (113,330)
Loss on extinguishment of debt - - - (167)
Gain on sales of real estate assets 1,522 837 26,302 4,933
Equity in earnings of unconsolidated affiliates 1,407 922 6,953 3,410
Minority interest in earnings:
Operating partnership (16,624) (17,235) (59,498) (55,851)
Shopping center properties (974) (597) (4,033) (2,011)
----------- ---------- ---------- ---------
Income before discontinued operations 23,843 24,116 83,679 71,908
Operating income of discontinued operations 12 159 385 614
Gain on discontinued operations 325 633 845 3,568
----------- ---------- ---------- ---------
Net income 24,180 24,908 84,909 76,090
Preferred dividends (4,416) (4,683) (13,248) (12,067)
----------- ---------- ---------- ---------
Net income available to common shareholders $ 19,764 $ 20,225 $ 71,661 $ 64,023
=========== ========== ========== =========
Basic per share data:
Net income before discontinued operations,
net of preferred divends $ 0.63 $ 0.65 $ 2.30 $ 2.00
Discontinued operations 0.01 0.02 0.04 0.14
----------- ---------- ---------- ---------
Net income available to common shareholders $ 0.64 $ 0.67 $ 2.34 $ 2.14
=========== ========== ========== =========
Weighted average common shares outstanding 30,770 30,022 30,565 29,879
Diluted per share data:
Net income before discontinued operations,
net of preferred divends $ 0.61 $ 0.62 $ 2.22 $ 1.93
Discontinued operations 0.01 0.03 0.04 0.13
----------- ---------- ---------- ---------
Net income available to common shareholders $ 0.62 $ 0.65 $ 2.26 $ 2.06
=========== ========== ========== =========
Weighted average common and potential dilutive
common shares outstanding 31,983 31,301 31,777 31,070
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2004
The Company's calculation of FFO is as follows (in thousands, except per share
data):
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- ------------------------
2004 2003 2004 2003
--------- ---------- ----------- ----------
Net income available to common shareholders $ 19,764 $ 20,225 $ 71,661 $ 64,023
Add:
Depreciation and amortization from consolidated properties 38,023 28,286 103,754 82,065
Depreciation and amortization from unconsolidated affiliates 1,862 982 4,605 3,001
Depreciation and amortization from discontinued operations 3 105 51 338
Minority interest in earnings of operating partnership 16,624 17,235 59,498 55,851
Less:
Gain on disposal of operating real estate assets (200) - (23,765) -
Minority investors' share of depreciation and amortization (302) (282) (899) (823)
Gain on disposal of discontinued operations (325) (633) (845) (3,568)
Depreciation and amortization of non-real estate assets (214) (117) (427) (383)
--------- ---------- ----------- ----------
Funds from operations $ 75,235 $ 65,801 $ 213,633 $ 200,504
========= ========== =========== ==========
Funds from operations applicable to Company shareholders $ 40,876 $ 35,527 $ 75,735 $ 107,889
========= ========== =========== ==========
Basic per share data:
Funds from operations $ 1.33 $ 1.18 $ 3.82 $ 3.61
========= ========== =========== ==========
Weighted average common shares outstanding with operating
partnership units fully converted 56,624 55,605 55,949 55,528
Diluted per share data:
Funds from operations $ 1.30 $ 1.16 $ 3.74 $ 3.54
========= ========== =========== ==========
Weighted average common and potential dilutive common shares
outstanding with operating partnership units fully converted 57,837 56,884 57,161 56,719
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees $ 736 $ 528 $ 3,336 $ 2,101
Lease termination fees per share $ 0.01 $ 0.01 $ 0.06 $ 0.04
Straight-line rental income $ 965 $ 1,077 $ 2,207 $ 3,300
Straight-line rental income per share $ 0.02 $ 0.02 $ 0.04 $ 0.06
Gains on outparcel sales $ 42 $ 837 $ 2,078 $ 4,814
Gains on outparcel sales per share $ - $ 0.01 $ 0.04 $ 0.08
Amortization of above- and below-market leases $ 1,139 $ 17 $ 2,381 $ 82
Amortization of above- and below-market leases per share $ 0.02 $ - $ 0.04 $ -
Amortization of debt premiums $ 1,584 $ - $ 3,720 $ -
Amortization of debt premiums per share $ 0.03 $ - $ 0.07 $ -
Gain on sales of non operating properties $ 1,313 $ - $ 1,313 $ -
Gain on sales of non operating properties per share $ 0.02 $ - $ 0.02 $ -
-MORE-
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2004
Same-Center Net Operating Income
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- --------------------
2004 2003 2004 2003
---------- ---------- --------- ----------
Net income $ 24,180 $ 24,908 $ 84,909 $ 76,090
Adjustments:
Depreciation and amortization 38,023 28,286 103,754 82,065
Depreciation and amortization from unconsolidated affiliates 1,862 982 4,605 3,001
Depreciation and amortization from discontinued operations 3 105 51 338
Minority investors' share of depreciation and amortization in
shopping center properties (302) (282) (899) (823)
Interest expense 46,042 38,038 129,274 113,330
Interest expense from unconsolidated affiliates 1,658 2,083 4,734 6,230
Interest expense from discontinued operations - 13 20 39
Minority investors' share of interest expense in
shopping center properties (348) (363) (1,049) (1,088)
Loss on extinguishment of debt - - - 167
Loss on extinguishment of debt in discontinued operations - - 53 -
Abandoned projects expense 1,629 46 3,314 153
Gain on sales of real estate assets (1,522) (837) (26,302) (4,933)
Gain on sales of real estate assets of unconsolidated affiliates - - (592) -
Minority interest in earnings of Operating Partnership 16,624 17,235 59,498 55,851
Gain on discontinued operations (325) (633) (845) (3,568)
---------- ---------- --------- ----------
Operating Partnership's share of total NOI 127,524 109,581 360,525 326,852
General and administrative expenses 8,280 7,228 24,505 20,225
Management fees and non-property level revenues (3,567) (4,676) (11,067) (7,320)
---------- ---------- --------- ----------
Operating Partnership's share of property NOI 132,237 112,133 373,963 339,757
NOI of non-comparable centers (30,144) (14,083) (65,137) (36,666)
---------- ---------- --------- ----------
Total same center NOI $ 102,093 $ 98,050 $ 308,826 $303,091
========== ========== ========= ==========
Malls $ 92,061 $ 89,082 $ 278,139 $276,813
Associated centers 4,554 4,576 14,767 13,486
Community centers 3,321 2,539 7,807 7,222
Other 2,157 1,853 8,113 5,570
---------- ---------- --------- ----------
Total same center NOI $ 102,093 $ 98,050 $ 308,826 $303,091
========== ========== ========= ==========
Percentage Change:
Malls 3.3% 0.5%
Associated centers -0.5% 9.5%
Community centers 30.8% 8.1%
Other 16.4% 45.7%
----------- ----------
Total same center NOI 4.1% 1.9%
=========== ==========
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2004
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
September 30, 2004
-----------------------------------------------------
Fixed Rate Variable Rate Total
------------------ ---------------------------------
Consolidated debt $ 2,489,892 $ 804,656 $ 3,294,548
Minority investors' share of consolidated debt (53,144) - (53,144)
Company's share of unconsolidated affiliates' debt 118,588 58,174 176,762
------------------ ------------- ------------------
Company's share of consolidated and unconsolidated debt $ 2,555,336 $ 862,830 $ 3,418,166
================== ============= ==================
Weighted average interest rate 6.46% 2.83% 5.54%
================== ============= ==================
September 30, 2003
-----------------------------------------------------
Fixed Rate Variable Rate Total
------------------ ------------- ------------------
Consolidated debt $ 2,233,582 $ 384,634 $ 2,618,216
Minority investors' share of consolidated debt (19,720) - (19,720)
Company's share of unconsolidated affiliates' debt 37,543 58,806 96,349
------------------ ------------- ------------------
Company's share of consolidated and unconsolidated debt $ 2,251,405 $ 443,440 $ 2,694,845
================== ============= ==================
Weighted average interest rate 6.78% 2.33% 6.05%
================== ============= ==================
Debt-To-Total-Market Capitalization Ratio as of September 30, 2004 (In
thousands, except stock price)
Shares
Outstanding Stock Price (1) Value
------------------ ------------- ------------------
Common stock and operating partnership units 56,851 $ 60.95 $ 3,465,068
8.75% Series B Cumulative Redeemable Preferred Stock 2,000 $ 50.00 100,000
7.75% Series C Cumulative Redeemable Preferred Stock 460 $ 250.00 115,000
------------------
Total market equity 3,680,068
Company's share of total debt 3,418,166
------------------
Total market capitalization $ 7,098,234
==================
Debt-to-total-market capitalization ratio 48.2%
==================
<FN>
(1) Stock price for common stock and operating partnership units equals the
closing price of the common stock on September 30, 2004. The stock price for the
preferred stock represents the face value of each respective series of preferred
stock.
</FN>
Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------------- ---------------------------------
2004: Basic Diluted Basic Diluted
------------- ------------------ ------------- ------------------
Weighted average shares - EPS 30,770 31,983 30,565 31,777
Weighted average operating partnership units 25,854 25,854 25,384 25,384
------------- ------------------ ------------- ------------------
Weighted average shares- FFO 56,624 57,837 55,949 57,161
============= ================== ============= ==================
2003:
Weighted average shares - EPS 30,022 31,301 29,879 31,070
Weighted average operating partnership units 25,583 25,583 25,649 25,649
------------- ------------------ ------------- ------------------
Weighted average shares- FFO 55,605 56,884 55,528 56,719
============= ================== ============= ==================
Dividend Payout Ratio Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------------- ---------------------------------
2004 2003 2004 2003
------------- ------------------ ------------- ------------------
Dividend per share $ 0.725 $ 0.655 $ 2.175 $ 1.965
FFO per diluted, fully converted share $ 1.30 $ 1.16 $ 3.74 $ 3.54
------------- ------------------ ------------- ------------------
Dividend payout ratio 55.8% 56.5% 58.2% 55.5%
============= ================== ============= ==================
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2004
Consolidated Balance Sheets
(Preliminary and unaudited, in thousands)
September 30, December 31,
2004 2003
------------- -------------
ASSETS
Real estate assets:
Land $ 626,550 $ 578,310
Buildings and improvements 4,389,275 3,678,074
----------- -----------
5,015,825 4,256,384
Less: accumulated depreciation (549,099) (467,614)
----------- -----------
4,466,726 3,788,770
Real estate assets held for sale 67,610 64,354
Developments in progress 102,176 59,096
----------- -----------
Net investment in real estate 4,636,512 3,912,220
Cash, restricted cash and cash equivalents 27,238 20,332
Cash in escrow - 78,476
Receivables:
Tenant, net of allowance 37,232 42,165
Other 11,009 3,033
Mortgage notes receivable 35,116 36,169
Investment in unconsolidated affiliates 76,046 96,450
Other assets 94,783 75,465
----------- -----------
$ 4,917,936 $ 4,264,310
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable $ 3,292,186 $ 2,709,348
Mortgage notes payable on real estate assets
held for sale 2,362 28,754
Accounts payable and accrued liabilities 185,593 161,477
----------- -----------
Total liabilities 3,480,141 2,899,579
----------- -----------
Commitments and contingencies
Minority interests 561,513 527,431
----------- -----------
Shareholders' equity:
Preferred stock, $.01 par value 25 25
Common stock, $.01 par value 312 303
Additional paid-in capital 853,822 817,613
Deferred compensation (3,295) (1,607)
Retained earnings 25,418 20,966
----------- -----------
Total shareholders' equity 876,282 837,300
----------- -----------
$ 4,917,936 $ 4,264,310
=========== ===========
<FN>
The balance sheet above is preliminary as of the date of this report. Please
refer to the Company's Quarterly Report on Form 10-Q when filed for a complete
balance sheet as of September 30, 2004.
</FN>
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2004
Ratio of EBITDA to Interest Expense
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -----------------
2004 2003 2004 2003
-------- --------- -------- ---------
EBITDA:
Net Income $ 24,180 $ 24,908 $ 84,909 $ 76,090
Adjustments:
Depreciation and amortization 38,023 28,286 103,754 82,065
Depreciation and amortization from unconsolidated affiliates 1,862 982 4,605 3,001
Depreciation and amortization from discontinued operations 3 105 51 338
Minority investors' share of depreciation and amortization
in shopping center properties (302) (282) (899) (823)
Interest expense 46,042 38,038 129,274 113,330
Interest expense from unconsolidated affiliates 1,658 2,083 4,734 6,230
Interest expense from discontinued operations - 13 20 39
Minority investors' share of interest expense in
shopping center properties (348) (363) (1,049) (1,088)
Income taxes 307 375 1,573 1,914
Loss on extinguishment of debt - - - 167
Abandoned projects expense 1,629 46 3,314 153
Gain on sales of operating real estate assets (200) - (23,765) -
Minority interest in earnings of Operating Partnership 16,624 17,235 59,498 55,851
Gain on discontinued operations (325) (633) (845) (3,568)
-------- --------- -------- ---------
Company's share of total EBITDA $129,153 $110,793 $365,17 $333,699
======== ========= ======== =========
Interest Expense:
Interest expense $ 46,042 $ 38,038 $ 129,27 $113,330
Interest expense from discontinued operations - 13 20 39
Interest expense from unconsolidated affiliates 1,658 2,083 4,734 6,230
Minority investors' share of interest expense in
shopping center properties (348) (363) (1,049) (1,088)
-------- --------- -------- ---------
Company's share of total interest expense $ 47,352 $ 39,771 $132,97 $118,511
======== ========= ======== =========
Ratio of EBITDA to Interest Expense 2.73 2.79 2.75 2.82
======== ========= ======== =========
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -----------------
2004 2003 2004 2003
-------- --------- -------- ---------
Company's share of total EBITDA $129,153 $110,793 $365,17 $333,699
Interest expense (46,042) (38,038) (129,274) (113,330)
Minority interest's share of interest expense 348 363 1,049 1,088
Income taxes (307) (375) (1,573) (1,914)
Amortization of deferred financing costs and non
real estate depreciation included in
operating expense 1,855 1,125 5,273 3,480
Amortization of debt premiums (1,544) - (3,601) -
Amortization of above and below market leases (1,104) 17 (2,275) (82)
Depreciation and interest expense from
unconsolidated affiliates (3,520) (3,065) (9,339) (9,231)
Minority investors' share of depreciation and
amortiztion in shopping center properties 302 282 899 823
Minority interest in earnings - shopping center
properties 974 597 4,033 2,011
Gains on outparcel sales (1,322) (837) (2,848) (4,943)
Issuances of stock under incentive plan 154 414 1,422 1,617
Amortization of deferred compensation 197 93 456 155
Accrual of deferred compensation 112 92 342 269
Changes in operating assets and liabilities 13,715 (1,228) 13,136 (18,421)
-------- --------- -------- ---------
Cash flows provided by operating activities $ 92,971 $ 70,233 $242,87 $195,221
======== ========= ======== =========
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2004
Schedule of Mortgage and Other Notes Payable as of September 30, 2004
(Dollars In thousands )
Maturity Interest Balance Balance
----------------------------
Property Location Date Rate 9/30/2004 Fixed Variable
- ------------------------------------------------------------------------------------------------------------------------
Cincinnati, OH Eastgate Mall Dec-04 2.750% $ 41,125 $ - $ 41,125
Lexington KY Fayette Mall Development Dec-04 3.440% 8,550 - 8,550
Brookfield, IL Brookfield Square May-05 7.498% 70,317 70,317 -
Midland MI Midland Mall Jun-05 2.813% 30,000 - 30,000
Hattiesburg, MS Turtle Creek Mall Mar-06 7.400% 30,571 30,571 -
Chesapeake, VA Greenbrier Mall Apr-06 2.750% 92,650 - 92,650
Akron, OH Chapel Hill Mall May-06 2.840% 64,000 - 64,000
Akron, OH Chapel Hill Surburban May-06 2.670% 2,500 - 2,500
Rockford, IL Cherryvale Mall Jul-06 7.375% 44,858 44,858 -
Lynchburg, VA River Ridge Mall Jan-07 4.000% 21,957 21,957 -
Madison, WI East Towne Mall Jan-07 8.010% 27,318 27,318 -
Madison, WI West Towne Mall Jan-07 8.010% 42,234 42,234 -
Chattanooga, TN Hamilton Place Mar-07 7.000% 64,082 64,082 -
Cincinnati, OH Eastgate Crossing Apr-07 6.380% 10,245 10,245 -
Charleston, SC Citadel Mall May-07 7.390% 31,141 31,141 -
Dalton, GA Walnut Square Feb-08 10.125% 405 405 -
Highpoint, NC Oak Hollow Mall Feb-08 7.310% 44,933 44,933 -
Winston-Salem NC Hanes Mall Jul-08 7.310% 109,537 109,537 -
Nashville, TN Hickory Hollow Mall Aug-08 6.770% 88,307 88,307 -
Nashville, TN Courtyard At Hickory Hollow Aug-08 6.770% 4,111 4,111 -
Nashville, TN Rivergate Mall Aug-08 6.770% 71,369 71,369 -
Nashville, TN Village At Rivergate Aug-08 6.770% 3,371 3,371 -
Lansing MI Meridian Mall Oct-08 4.520% 93,879 93,879 -
Cary , NC Cary Towne Center Mar-09 6.850% 87,522 87,522 -
Fairview Heights, IL St. Claire Square Apr-09 7.000% 67,708 67,708 -
Daytona Beach, FL Volusia Mall Apr-09 4.750% 54,510 54,510 -
Terre Haute, IN Honey Creek Mall Apr-09 4.750% 32,834 32,834 -
Meridian, MS Bonita Lakes Mall Oct-09 6.820% 26,679 26,679 -
Meridian, MS Bonita Lakes Crossing Oct-09 6.820% 8,359 8,359 -
Little Rock, AR Park Plaza Mall May-10 4.900% 41,232 41,232 -
Spartanburg, SC Westgate Crossing Jul-10 8.420% 9,599 9,599 -
Burnsville, MN Burnsville Center Aug-10 8.000% 69,978 69,978 -
Roanoke, VA Valley View Mall Sep-10 5.100% 44,532 44,532 -
Nashville, TN Coolsprings Galleria Sep-10 8.290% 59,069 59,069 -
Beaumont, TX Parkdale Mall Oct-10 5.010% 55,826 55,826 -
Beaumont, TX Parkdale Crossing Oct-10 5.010% 8,815 8,815 -
Stroud, PA Stroud Mall Dec-10 8.420% 31,619 31,619 -
Wausau WI Wausau Center Dec-10 6.700% 13,371 13,371 -
York, PA York Galleria Dec-10 8.340% 50,562 50,562 -
Lexington KY Fayette Mall Jul-11 7.000% 94,594 94,594 -
Chattanooga, TN Hamilton Corner Aug-11 10.125% 2,334 2,334 -
Asheville, NC Asheville Mall Sep-11 6.980% 68,909 68,909 -
Portland, ME BJ'S Plaza Dec-11 10.400% 2,417 2,417 -
Ft Smith, AR Massard Crossing Feb-12 7.540% 5,867 5,867 -
Houston, TX Willowbrook Plaza Feb-12 7.540% 30,018 30,018 -
Vicksburg, MS Pemberton Plaza Feb-12 7.540% 2,004 2,004 -
Fayetteville, NC Cross Creek Mall Apr-12 5.000% 63,567 63,567 -
Colonial Heights, VA Southpark Mall May-12 5.100% 37,540 37,540 -
Asheboro, NC Randolph Mall Jul-12 6.500% 15,116 15,116 -
Douglasville, GA Arbor Place Mall Jul-12 6.510% 78,475 78,475 -
Douglasville, GA The Landing At Arbor Place Jul-12 6.510% 8,858 8,858 -
Jackson, TN Old Hickory Mall Jul-12 6.510% 34,664 34,664 -
Louisville, KY Jefferson Mall Jul-12 6.510% 43,715 43,715 -
N Charleston SC Northwoods Mall Jul-12 6.510% 62,587 62,587 -
Racine, WI Regency Mall Jul-12 6.510% 34,278 34,278 -
Saginaw, MI Fashion Square Jul-12 6.510% 60,084 60,084 -
Spartanburg, SC Westgate Mall Jul-12 6.500% 54,303 54,303 -
Chattanooga, TN CBL Center Aug-12 6.250% 14,621 14,621 -
Panama City, FL Panama City Mall Aug-12 7.300% 39,845 39,845 -
Monroeville, PA Monroeville Mall Jan-13 5.300% 133,373 133,373 -
Greensburg PA Westmoreland Mall Jan-13 5.050% 82,357 82,357 -
Morristown, TN College Square Sep-13 6.750% 11,615 11,615 -
Columbia, SC Columbia Mall Oct-13 5.450% 33,347 33,347 -
Janesville WI Janesville Mall Apr-16 8.375% 13,743 13,743 -
----------- ---------- ----------
2,687,906 2,449,081 238,825
----------- ---------- ----------
Weighted average interest rate 6.19% 6.52% 2.81%
Debt Premiums
Lynchburg, VA River Ridge Mall Jan-07 4.000% 1,916 1,916 -
Daytona Beach, FL Volusia Mall Apr-09 4.750% 4,187 4,187 -
Terre Haute, IN Honey Creek Mall Apr-09 4.750% 2,904 2,904 -
Little Rock, AR Park Plaza Mall May-10 4.900% 7,505 7,505 -
Roanoke, VA Valley View Mall Sep-10 5.100% 7,763 7,763 -
Fayetteville, NC Cross Creek Mall Apr-12 5.000% 9,161 9,161 -
Colonial Heights, VA Southpark Mall May-12 5.100% 4,172 4,172 -
Monroeville, PA Monroeville Mall Jan-13 5.300% 3,203 3,203 -
----------- ----------- ----------
40,811 40,811 -
----------- ----------- ----------
Weighted average interest rate 4.95% 4.95% -
SUBTOTAL 2,728,717 2,489,892 238,825
----------- ----------- ----------
Weighted average interest rate 6.17% 6.49% 2.81%
CONSTRUCTION LOAN
Southaven MS Southaven Towne Center Jun-07 3.270% 11,031 - 11,031
----------- ----------- ----------
SUBTOTAL 11,031 - 11,031
LINES OF CREDIT 2.767% 554,800 - 554,800
----------- ----------- ----------
TOTAL BALANCE SHEET $ 3,294,548 $ 2,489,892 $ 804,656
Weighted average interest rate 5.59% 6.49% 2.79%
Plus CBL Share Of Unconsolidated Affiliates
Huntsville, AL Parkway Place Dec-04 3.125% 28,778 - 28,778
Myrtle Beach, SC Coastal Grand - Myrtle Beach May-06 5.090% 59,000 59,000 -
El Centro, CA Imperial Valley Mall Dec-06 3.496% 24,396 - 24,396
Paducah, KY Kentucky Oaks Jun-07 9.000% 15,874 15,874 -
Del Rio, TX Plaza Del Sol Aug-10 9.150% 1,834 1,834 -
Clarksville, TN Governors Square Sep-16 8.230% 16,146 16,146 -
Galileo America LLC Portfolio various 5.077% 30,734 25,734 5,000
----------- ----------- ----------
176,762 118,588 58,174
----------- ----------- ----------
Less Minority Interests' Share Minority Interest
Chattanooga, TN CBL Center 8.0000% 6.2500% (1,170) (1,170) -
Chattanooga, TN Hamilton Corner 10.0000% 10.1250% (233) (233) -
Chattanooga, TN Hamilton Place 10.0000% 7.0000% (6,408) (6,408) -
Ft Smith AR Massard Crossing 10.0000% 7.5400% (5,280) (5,280) -
Highpoint, NC Oak Hollow Mall 25.0000% 7.3100% (11,233) (11,233) -
Houston, TX Willowbrook Plaza 25.0000% 7.5400% (27,016) (27,016) -
Vicksburg, MS Pemberton Plaza 25.0000% 7.5400% (1,804) (1,804) -
------------ ------------ ---------
(53,144) (53,144) -
------------ ------------ ---------
TOTAL OBLIGATIONS $ 3,418,166 $ 2,555,336 $ 862,830
============ ============ =========
Weighted average interest rate 5.54% 6.46% 2.83%
Total Debt of Unconsolidated Affiliates
Huntsville, AL Parkway Place Dec-04 2.780% 57,556 - 57,556
Myrtle Beach, SC Coastal Grand - Myrtle Beach May-06 5.090% 118,000 118,000 -
El Centro, CA Imperial Valley Mall Dec-06 2.840% 24,396 - 24,396
Paducah, KY Kentucky Oaks Jun-07 9.000% 31,748 31,748 -
Del Rio, TX Plaza Del Sol Aug-10 9.150% 3,624 3,624 -
Clarksville, TN Governors Square Sep-16 8.230% 33,992 33,992 -
Galileo America LLC Portfolio various 5.074% 307,341 257,341 50,000
----------- ---------- ----------
$ 576,659 $ 444,706 $ 131,952
=========== ========== ==========
Weighted average interest rate 5.18% 5.63% 3.66%
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2004
Comparable New and Renewal Leasing Activity as of September 30, 2004
New New
Square Prior PSF PSF Base % Change PSF Base % Change
Property Type Feet Base Rent Rent - Initial Initial Rent - Average Average
- ------------------- ------------ ------------- ------------- ------------- ------------- ----------
Quarter:
Stabilized malls 515,982 $ 25.22 $ 25.70 1.9% $ 26.19 3.8%
Associated centers 17,336 12.20 12.07 -1.1% 12.17 -0.2%
Community centers 9,600 9.80 10.83 10.5% 10.83 10.5%
TOTAL 542,918 $ 24.53 $ 25.00 1.9% $ 25.47 3.8%
Year To Date:
Stabilized malls 1,514,477 $ 24.98 $ 25.51 2.1% $ 26.03 4.2%
Associated centers 27,816 13.08 13.10 0.2% 13.18 0.8%
Community centers 23,200 9.67 11.18 15.6% 11.28 16.6%
TOTAL 1,565,493 $ 24.54 $ 25.08 2.2% $ 25.58 4.2%
Comparable Stabilized Mall Leasing Activity as of September 30, 2004
New New
Square Prior PSF PSF Base % Change PSF Base % Change
Stabilized Malls Feet Base Rent Rent - Initial Initial Rent - Average Average
- ------------------- ------------ ------------- ------------- ------------- ------------- ----------
Quarter:
New leases 136,120 $ 27.98 $ 29.05 3.8% $ 30.12 7.6%
Renewal leases 379,862 24.24 24.50 1.1% 24.78 2.2%
TOTAL 515,982 $ 25.22 $ 25.70 1.9% $ 26.19 3.8%
Year To Date:
New leases 521,319 $ 26.07 $ 28.68 10.0% $ 29.74 14.1%
Renewal leases 993,158 24.40 23.84 -2.3% 24.09 -1.3%
TOTAL 1,514,477 $ 24.98 $ 25.51 2.1% $ 26.03 4.2%
Total Leasing Activity for Comparable and Noncomparable space Compared to
Tenants Vacating as of September 30, 2004
Leased Vacated % Change
Leased Average Base Vacated Average Base Average Base
Property Type Sq. Ft. Rent PSF Sq. Ft. Rent PSF Rent PSF
- ------------------- ------------ ------------- ------------- ------------- -------------
Quarter:
Malls 557,806 $ 27.01 184,601 $ 21.47 25.77%
Associated centers 42,336 11.43 8,695 21.48 -46.76%
Community centers 26,050 8.87 8,610 10.12 -12.39%
TOTAL 626,192 $ 25.20 201,906 $ 20.99 20.05%
Year To Date:
Malls 1,708,041 $ 26.50 904,118 $ 21.65 22.43%
Associated centers 89,800 13.09 37,194 17.00 -23.04%
Community centers 44,891 9.13 17,160 9.26 -1.42%
TOTAL 1,842,732 $ 25.42 958,472 $ 21.24 19.68%
Average Annual Base Rents Per Square Foot By Property Type
September 30,
------------------------------
2004 2003
--------------- -------------
Stabalized malls $ 25.19 $ 24.76
non-stabalized malls 26.62 26.48
Associated centers 9.56 9.77
Community centers (1) 7.98 8.19
<FN>
(1) Excludes community centers that were sold in Phases 1 & 2 of the Galileo
transaction
</FN>
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2004
Capital Expenditures for Three Months and Nine Months Ended September 30, 2004
(In thousands)
Three Months Nine Months
----------------------------
Tenant allowances $ 13,387 $ 26,933
------------- ------------
Renovations 6,507 19,697
------------- ------------
Deferred maintenance: *
Parking lot and parking lot lighting 2,401 4,005
Roof repairs and replacements 950 2,440
Other capital expenditures 1,049 5,339
------------- ------------
Total deferred maintenancee expenditures 4,400 11,784
------------- ------------
Total capital expenditures $ 24,294 $ 58,414
============= ============
<FN>
*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 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>
Deferred Leasing Costs Capitalized
(In thousands)
2004 2003
------------- ------------
Quarter ended:
March 31, $ 492 $ 490
June 30, 242 333
September 30, 524 431
------------- ------------
$ 1,258 $ 1,254
============= ============
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2004
Properties Under Development at September 30, 2004
(Dollars in thousands)
Project CBL's Cost Cost
Square or Share of Spent Opening Initial
Property Location Feet Cost To Date Date Yield
- --------------------------------- ---------------------- ------------ ------------ ---------- -------------- ------
New Mall Developments:
Imperial Valley Mall El Centro, CA 752,000 $ 45,745 $ 29,795 March-05 10%
(60/40 joint venture)
Mall Expansions:
The Lakes Mall Muskegon, MI 45,000 4,771 3,905 November-04 10%
Fayette Mall Lexington, KY 148,000 23,738 1,120 October-05 11%
West Towne Mall Madison, WI 138,000 21,100 11,446 October-04 8%
East Towne Mall Madison, WI 115,000 20,473 15,850 October-04 7%
Open Air Centers:
Southaven Towne Center Southaven, MS 407,000 22,856 14,813 October-05 10%
Associated Centers:
CoolSprings Crossing - Tweeter's Nashville, TN 10,000 1,415 31 March-05 14%
Monroeville Village Monroeville, PA 75,000 20,686 5,698 Nov-04/May-05 9%
Hamilton Corner Chattanooga, TN 68,000 5,500 702 March-05 9%
Community Centers:
Charter Oak Marketplace Hartford, CT 334,000 12,819 10,781 November-04 10%
Cobblestone Village at Royal Palm Royal Palm, FL 225,000 9,091 1,156 June-05 10%
Chicopee Marketplace Chicopee, MA 156,000 19,551 612 August-05 10%
------------ ------------ ----------
2,473,000 $ 207,745 $ 95,909
============ ============ ==========