Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2004
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
--------- --------- --------- ---------
REVENUES:
Minimum rents $ 134,126 $ 115,267 $ 478,011 $ 427,733
Percentage rents 5,502 3,158 15,957 12,907
Other rents 8,776 7,220 16,102 12,633
Tenant reimbursements 60,290 47,114 219,205 193,022
Management, development and leasing fees 3,412 1,579 9,791 5,525
Other 4,299 3,435 20,098 14,176
--------- --------- --------- ---------
Total revenues 216,405 177,773 759,164 665,996
--------- --------- --------- ---------
EXPENSES:
Property operating 29,587 26,762 115,345 103,037
Depreciation and amortization 38,812 31,297 142,509 113,307
Real estate taxes 15,555 11,854 58,301 51,573
Maintenance and repairs 11,913 10,082 43,726 39,774
General and administrative 10,832 10,170 35,338 30,395
Loss on impairment of real estate assets 3,080 - 3,080 -
Other 2,737 4,130 16,373 11,489
--------- --------- --------- ---------
Total expenses 112,516 94,295 414,672 349,575
--------- --------- --------- ---------
Income from operations 103,889 83,478 344,492 316,421
Interest income 933 681 3,355 2,485
Interest expense (47,945) (39,990) (177,219) (153,321)
Loss on extinguishment of debt - - - (167)
Gain on sales of real estate assets 2,970 72,832 29,272 77,765
Equity in earnings of unconsolidated affiliates 3,355 1,531 10,308 4,941
Minority interest in earnings:
Operating partnership (25,688) (50,681) (85,186) (106,532)
Shopping center properties (1,333) (747) (5,365) (2,758)
--------- --------- --------- ---------
Income before discontinued operations 36,181 67,104 119,657 138,834
Operating income of discontinued operations 21 471 609 1,263
Gain on discontinued operations - 474 845 4,042
--------- --------- --------- ---------
Net income 36,202 68,049 121,111 144,139
Preferred dividends (5,061) (7,566) (18,309) (19,633)
--------- --------- --------- ---------
Net income available to common shareholders $ 31,141 $ 60,483 $ 102,802 $ 124,506
========= ========= ========= =========
Basic per share data:
Income before discontinued operations, net of preferred dividends $ 1.00 $ 1.98 $ 3.29 $ 3.98
Discontinued operations 0.00 0.03 0.05 0.18
--------- --------- --------- ---------
Net income available to common shareholders $ $ 1.00 $ 2.01 $ 3.34 $ 4.16
========= ========= ========= =========
Weighted average common shares outstanding 31,075 30,101 30,801 29,936
Diluted per share data:
Income before discontinued operations, net of preferred dividends $ 0.96 $ 1.89 $ 3.17 $ 3.82
Discontinued operations 0.00 0.03 0.04 0.17
--------- --------- --------- ---------
Net income available to common shareholders $ 0.96 $ 1.92 $ 3.21 $ 3.99
========= ========= ========= =========
Weighted average common and potential dilutive
common shares outstanding 32,294 31,511 32,002 31,193
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2004
The Company's calculation of FFO is as follows (in thousands, except per share
data):
Three Months Ended Year Ended
December 31, December 31,
----------------------------------------------------
2004 2003 2004 2003
--------- --------- ---------- ----------
Net income available to common shareholders $ 31,141 $ 60,483 $ 102,802 $ 124,506
Add:
Depreciation and amortization from consolidated properties 38,812 31,297 142,509 113,307
Depreciation and amortization from unconsolidated affiliates 1,539 1,306 6,144 4,307
Depreciation and amortization from discontinued operations 13 91 121 484
Minority interest in earnings of operating partnership 25,688 50,681 85,186 106,532
Less:
(Gain) loss on sales of operating real estate assets 69 (71,886) (23,696) (71,886)
Minority investors' share of depreciation and amortization (331) (288) (1,230) (1,111)
Gain on discontinued operations - (474) (845) (4,042)
Depreciation and amortization of non-real estate assets (159) (125) (586) (508)
--------- --------- ---------- ----------
Funds from operations $ 96,772 $ 71,085 $ 310,405 $ 271,589
========= ========= ========== ==========
Funds from operations applicable to Company shareholders $ 53,028 $ 38,676 $ 169,725 $ 146,552
========= ========= ========== ==========
Basic per share data:
Funds from operations $ 1.71 $ 1.28 $ 5.53 $ 4.90
========= ========= ========== ==========
Weighted average common shares outstanding with operating
partnership units fully converted 56,709 55,324 56,140 55,477
Diluted per share data:
Funds from operations $ 1.67 $ 1.25 $ 5.41 $ 4.79
========= ========= ========== ==========
Weighted average common and potential dilutive common shares
outstanding with operating partnership units fully converted 57,927 56,734 57,342 56,735
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees $ 521 $ 2,451 $ 3,864 $ 4,552
Lease termination fees per share $ 0.01 $ 0.04 $ 0.07 $ 0.08
Straight-line rental income $ 484 $ 605 $ 2,688 $ 3,908
Straight-line rental income per share $ 0.01 $ 0.01 $ 0.05 $ 0.07
Gains on outparcel sales $ 1,226 $ 1,392 $ 3,449 $ 6,195
Gains on outparcel sales per share $ 0.02 $ 0.02 $ 0.06 $ 0.11
Amortization of acquired above- and below-market leases $ 1,280 $ 250 $ 3,656 $ 332
Amortization of acquired above- and below-market leases per share $ 0.02 $ - $ 0.06 $ 0.01
Amortization of debt premiums $ 1,698 $ 646 $ 5,418 $ 646
Amortization of debt premiums per share $ 0.03 $ 0.01 $ 0.09 $ 0.01
Gain on sales of non operating properties $ 2,965 $ - $ 4,285 $ -
Gain on sales of non operating properties per share $ 0.05 $ - $ 0.07 $ -
Loss on impairment of real estate assets $ (3,080) $ - $ (3,080) $ -
Loss on impairment of real estate assets per share $ (0.05) $ - $ (0.05) $ -
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2004
Same-Center Net Operating Income
(Dollars in thousands)
Three Months Ended Year Ended
December 31, December 31,
-------------------------------------------
2004 2003 2004 2003
--------------------- --------------------
Net income $ 36,202 $ 68,049 $ 121,111 $144,139
Adjustments:
Depreciation and amortization 38,812 31,297 142,509 113,307
Depreciation and amortization from unconsolidated affiliates 1,539 1,306 6,144 4,307
Depreciation and amortization from discontinued operations 13 91 121 484
Minority investors' share of depreciation and amortization in
shopping center properties (331) (288) (1,230) (1,111)
Interest expense 47,945 39,990 177,219 153,321
Interest expense from unconsolidated affiliates 2,433 2,075 7,169 8,563
Interest expense from discontinued operations - 13 20 52
Minority investors' share of interest expense in
shopping center properties (319) (397) (1,451) (1,650)
Loss on extinguishment of debt - - - 167
Loss on extinguishment of debt in discontinued operations - - 53 -
Abandoned projects expense 400 1,903 3,714 2,056
Gain on sales of real estate assets (2,970) (72,832) (29,272) (77,765)
Loss on impairment of real estate assets 3,080 - 3,080 -
Gain on sales of real estate assets of unconsolidated affiliates (1,147) - (1,886) -
Minority interest in earnings of operating partnership 25,688 50,681 85,186 106,532
Gain on discontinued operations - (474) (845) (4,042)
----------- --------- ---------- ---------
Operating partnership's share of total NOI 151,345 121,414 511,642 448,360
General and administrative expenses 10,832 10,170 35,338 30,395
Management fees and non-property level revenues (3,525) (2,628) (14,248) (10,959)
----------- --------- ---------- ---------
Operating partnership's share of property NOI 158,652 128,956 532,732 467,796
NOI of non-comparable centers (35,472) (13,638) (104,561) (52,653)
----------- --------- ---------- ---------
Total same center NOI $ 123,180 $115,318 $ 428,171 $415,143
=========== ========= ========== =========
Malls $ 113,679 $106,163 $ 389,378 $381,017
Associated centers 5,118 5,291 19,237 18,156
Community centers 1,557 1,447 9,104 8,437
Other 2,826 2,417 10,452 7,533
----------- --------- ---------- ---------
Total same center NOI $ 123,180 $115,318 $ 428,171 $415,143
=========== ========= ========== =========
Percentage Change:
Malls 7.1% 2.2%
Associated centers -3.3% 6.0%
Community centers 7.6% 7.9%
Other 16.9% 38.7%
----------- ----------
Total same center NOI 6.8% 3.1%
=========== ==========
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2004
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
December 31, 2004
----------------------------------------------------
Fixed Rate Variable Rate Total
------------------ -------------- -----------------
Consolidated debt $ 2,688,192 $ 683,493 $ 3,371,685
Minority investors' share of consolidated debt (52,914) - (52,914)
Company's share of unconsolidated affiliates' debt 104,114 68,908 173,022
------------------ -------------- -----------------
Company's share of consolidated and unconsolidated debt $ 2,739,392 $ 752,401 $ 3,491,793
================== ============== =================
Weighted average interest rate 6.35% 3.44% 5.72%
================== ============== =================
December 31, 2003
----------------------------------------------------
Fixed Rate Variable Rate Total
------------------ -------------- -----------------
Consolidated debt $ 2,256,544 $ 481,558 $ 2,738,102
Minority investors' share of consolidated debt (19,577) - (19,577)
Company's share of unconsolidated affiliates' debt 57,985 77,136 135,121
------------------ -------------- -----------------
Company's share of consolidated and unconsolidated debt $ 2,294,952 $ 558,694 $ 2,853,646
================== ============== =================
Weighted average interest rate 6.64% 2.39% 5.81%
================== ============== =================
Debt-To-Total-Market Capitalization Ratio as of December 31, 2004
(In thousands, except stock price)
Shares
Outstanding Stock Price (1) Value
------------------ -------------- -----------------
Common stock and operating partnership units 56,964 $ 76.35 $74,349,201
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
7.375% Series D Cumulative Redeemable Preferred Stock 700 250.00 175,000
-----------------
Total market equity 4,739,201
Company's share of total debt 3,491,793
-----------------
Total market capitalization $ 8,230,994
=================
Debt-to-total-market capitalization ratio 42.4%
=================
(1) Stock price for common stock and operating partnership units equals the
closing price of the common stock on December 31, 2004. The stock price for the
preferred stock represents the liquidation preference of each respective series
of preferred stock.
Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
---------------------------------- ---------------------------------
2004: Basic Diluted Basic Diluted
-------------- ------------------ -------------- -----------------
Weighted average shares - EPS 31,075 32,294 30,801 32,002
Weighted average operating partnership units 25,634 25,633 25,339 25,340
-------------- ------------------ -------------- -----------------
Weighted average shares- FFO 56,709 57,927 56,140 57,342
============== ================== ============== =================
2003:
Weighted average shares - EPS 30,101 31,511 29,936 31,193
Weighted average operating partnership units 25,223 25,223 25,541 25,542
-------------- ------------------ -------------- -----------------
Weighted average shares- FFO 55,324 56,734 55,477 56,735
============== ================== ============== =================
Dividend Payout Ratio Three Months Ended Year Ended
December 31, December 31,
---------------------------------- ---------------------------------
2004 2003 2004 2003
-------------- ------------------ -------------- -----------------
Dividend per share $ 0.8125 $ 0.655 $ 2.9875 $ 2.690
FFO per diluted, fully converted share $ 1.67 $ 1.25 $ 5.41 $ 4.79
-------------- ------------------ -------------- -----------------
Dividend payout ratio 48.7% 52.4% 55.2% 56.2%
============== ================== ============== =================
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2004
Consolidated Balance Sheets
(Preliminary and unaudited, in thousands)
December 31,
2004 2003
----------- -----------
ASSETS
Real estate assets:
Land $ 659,782 $ 578,310
Buildings and improvements 4,676,301 3,678,074
----------- -----------
5,336,083 4,256,384
Less: accumulated depreciation (581,303) (467,614)
----------- -----------
4,754,780 3,788,770
Real estate assets held for sale 61,607 64,354
Developments in progress 78,393 59,096
----------- -----------
Net investment in real estate 4,894,780 3,912,220
Cash and cash equivalents 25,766 20,332
Cash in escrow - 78,476
Receivables:
Tenant, net of allowance 38,409 42,165
Other 13,706 3,033
Mortgage notes receivable 27,804 36,169
Investment in unconsolidated affiliates 84,782 96,450
Other assets 119,253 75,465
----------- -----------
$5,204,500 $4,264,310
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable $3,359,466 $2,709,348
Mortgage notes payable on real estate assets held for sale 12,213 28,754
Accounts payable and accrued liabilities 212,064 161,477
----------- -----------
Total liabilities 3,583,743 2,899,579
----------- -----------
Commitments and contingencies
Minority interests 566,606 527,431
----------- -----------
Shareholders' equity:
Preferred stock, $.01 par value 32 25
Common stock, $.01 par value 313 303
Additional paid-in capital 1,025,792 817,613
Deferred compensation (3,081) (1,607)
Retained earnings 31,095 20,966
----------- -----------
Total shareholders' equity 1,054,151 837,300
----------- -----------
$5,204,500 $4,264,310
=========== ===========
<FN>
The balance sheet above is preliminary as of the date of this report. Please
refer to the Company's Annual Report on Form 10-K when filed for a complete
balance sheet as of December 31, 2004.
</FN>
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2004
The Company presents the ratio of earnings before interest, taxes, depreciation
and amortization (EBITDA) to interest because the Company believes that the
EBITDA to interest coverage ratio, along with cash flows from operating
activities, investing activities and financing activities, provides investors an
additional indicator of the Company's ability to incur and service debt.
Ratio of EBITDA to Interest Expense
(Dollars in thousands)
Three Months Ended Year Ended
December 31, December 31,
-------------------------- ---------------------------
2004 2003 2004 2003
------------- ------------ ------------- -------------
EBITDA:
Net Income $ 36,202 $ 68,049 $121,111 $144,139
Adjustments:
Depreciation and amortization 38,812 31,297 142,509 113,307
Depreciation and amortization from unconsolidated affiliates 1,539 1,306 6,144 4,307
Depreciation and amortization from discontinued operations 13 91 121 484
Minority investors' share of depreciation and amortization in
shopping center properties (331) (288) (1,230) (1,111)
Interest expense 47,945 39,990 177,219 153,321
Interest expense from unconsolidated affiliates 2,433 2,075 7,169 8,563
Interest expense from discontinued operations - 13 20 52
Minority investors' share of interest expense in
shopping center properties (319) (397) (1,451) (1,650)
Income taxes 493 131 2,066 2,045
Loss on extinguishment of debt - - - 167
Loss on extinguishment of debt in discontinued operations - - 53 -
Loss on impairment of real estate assets 3,080 - 3,080 -
Abandoned projects expense 400 1,903 3,714 2,056
Gain on sales of operating real estate assets 69 (71,886) (23,696) (71,886)
Minority interest in earnings of operating partnership 25,688 50,681 85,186 106,532
Gain on discontinued operations - (474) (845) (4,042)
------------- ------------ ------------- -------------
Company's share of total EBITDA $156,024 $ 122,491 $521,170 $456,284
============= ============ ============= =============
Interest Expense:
Interest expense $ 47,945 $ 39,990 $177,219 $153,321
Interest expense from discontinued operations - 13 20 52
Interest expense from unconsolidated affiliates 2,433 2,075 7,169 8,563
Minority investors' share of interest expense in
shopping center properties (319) (397) (1,451) (1,650)
------------- ------------ ------------- -------------
Company's share of total interest expense $ 50,059 $ 41,681 $182,957 $160,286
============= ============ ============= =============
Ratio of EBITDA to Interest Expense 3.12 2.94 2.85 2.85
============= ============ ============= =============
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
-------------------------- ---------------------------
2004 2003 2004 2003
------------- ------------ ------------- -------------
Company's share of total EBITDA $156,024 $122,491 $ 521,170 $456,284
Interest expense (47,945) (40,003) (177,239) (153,373)
Minority interest's share of interest expense 319 397 1,451 1,650
Income taxes (493) (131) (2,066) (2,045)
Amortization of deferred financing costs and non real estate 1,864 2,629 7,137 6,094
depreciation included in operating expense
Amortization of debt premiums (1,660) (646) (5,262) (646)
Amortization of above and below market leases (1,240) (229) (3,515) (311)
Depreciation and interest expense from unconsolidated affiliates (3,972) (3,381) (13,313) (12,870)
Minority investors' share of depreciation and amortization in 331 288 1,230 1,111
shopping center properties
Minority interest in earnings - shopping center properties 1,333 747 5,376 2,799
Gains on outparcel sales (3,039) (946) (5,887) (5,889)
Issuances of stock under incentive plan 517 259 1,939 1,876
Amortization of deferred compensation 203 93 657 248
Accrual of deferred compensation 431 349 773 618
Changes in operating assets and liabilities 2,590 (2,787) 2,116 (21,197)
------------- ------------ ------------- -------------
Cash flows provided by operating activities $105,263 $ 79,130 $334,567 $274,349
============= ============ ============= =============
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2004
Schedule of Mortgage and Other Notes Payable as of December 31, 2004
(Dollars In thousands )
Balance
Maturity Interest Balance -----------------------
Location Property Date Rate 12/31/2004 Fixed Variable
- -----------------------------------------------------------------------------------------------------------------------------------
Wilkes-Barre Township, PA Wilkes-Barre Township Marketplace Jan-05 3.438% $ 9,800 $ - $ 9,800
Midland, MI Midland Mall Jun-05 3.438% 30,000 - 30,000
Hattiesburg, MS Turtle Creek Mall Mar-06 7.400% 30,393 30,393 -
Chesapeake, VA Greenbrier Mall Apr-06 3.438% 92,650 - 92,650
Akron, OH Chapel Hill Mall May-06 3.420% 64,000 - 64,000
Akron, OH Chapel Hill Surburban May-06 3.348% 2,500 - 2,500
Brookfield, IL Brookfield Square Jul-06 7.498% 69,824 69,824 -
Rockford, IL Cherryvale Mall Jul-06 7.375% 44,407 44,407 -
Lexington, KY Fayette Mall Development Dec-06 3.940% 8,550 - 8,550
Lynchburg, VA River Ridge Mall Jan-07 4.000% 21,810 21,810 -
Madison, WI East Towne Mall Jan-07 8.010% 27,071 27,071 -
Madison, WI West Towne Mall Jan-07 8.010% 41,853 41,853 -
Chattanooga, TN Hamilton Place Mar-07 7.000% 63,611 63,611 -
Cincinnati, OH Eastgate Crossing Apr-07 6.380% 10,194 10,194 -
Charleston, SC Citadel Mall May-07 7.390% 30,851 30,851 -
Dalton, GA Walnut Square Feb-08 10.125% 387 387 -
Highpoint, NC Oak Hollow Mall Feb-08 7.310% 44,573 44,573 -
Winston-Salem, NC Hanes Mall Jul-08 7.310% 108,854 108,854 -
Nashville, TN Hickory Hollow Mall Aug-08 6.770% 87,885 87,885 -
Nashville, TN Courtyard At Hickory Hollow Aug-08 6.770% 4,091 4,091 -
Nashville, TN Rivergate Mall Aug-08 6.770% 71,028 71,028 -
Nashville, TN Village At Rivergate Aug-08 6.770% 3,355 3,355 -
Lansing, MI Meridian Mall Oct-08 4.520% 93,334 93,334 -
Cary , NC Cary Towne Center Mar-09 6.850% 87,250 87,250 -
Joplin, MO Northpark Mall Mar-09 5.500% 41,397 41,397 -
Fairview Heights, IL St. Claire Square Apr-09 7.000% 67,300 67,300 -
Daytona Beach, FL Volusia Mall Apr-09 4.750% 54,357 54,357 -
Terre Haute, IN Honey Creek Mall Apr-09 4.750% 32,708 32,708 -
Meridian, MS Bonita Lakes Mall Oct-09 6.820% 26,507 26,507 -
Meridian, MS Bonita Lakes Crossing Oct-09 6.820% 8,306 8,306 -
Cincinnati, OH Eastgate Mall Dec-09 4.550% 57,250(a) 57,250 -
Little Rock, AR Park Plaza Mall May-10 4.900% 41,139 41,139 -
Spartanburg, SC Westgate Crossing Jul-10 8.420% 9,570 9,570 -
Burnsville, MN Burnsville Center Aug-10 8.000% 69,650 69,650 -
Roanoke, VA Valley View Mall Sep-10 5.100% 44,399 44,399 -
Beaumont, TX Parkdale Mall Sep-10 5.010% 55,524 55,524 -
Beaumont, TX Parkdale Crossing Sep-10 5.010% 8,767 8,767 -
Nashville, TN Coolsprings Galleria Sep-10 8.290% 58,625 58,625 -
Stroud, PA Stroud Mall Dec-10 8.420% 31,547 31,547 -
Wausau, WI Wausau Center Dec-10 6.700% 13,285 13,285 -
York, PA York Galleria Dec-10 8.340% 50,445 50,445 -
Lexington, KY Fayette Mall Jul-11 7.000% 94,291 94,291 -
Chattanooga, TN Hamilton Corner Aug-11 10.125% 2,275 2,275 -
Asheville, NC Asheville Mall Sep-11 6.980% 68,691 68,691 -
Portland, ME BJ'S Plaza Dec-11 10.400% 2,360 2,360 -
Ft. Smith, AR Massard Crossing Feb-12 7.540% 5,852 5,852 -
Houston, TX Willowbrook Plaza Feb-12 7.540% 29,943 29,943 -
Vicksburg, MS Pemberton Plaza Feb-12 7.540% 1,999 1,999 -
Fayetteville, NC Cross Creek Mall Apr-12 5.000% 63,389 63,389 -
Colonial Heights, VA Southpark Mall May-12 5.100% 37,369 37,369 -
Asheboro, NC Randolph Mall Jul-12 6.500% 15,044 15,044 -
Douglasville, GA Arbor Place Mall Jul-12 6.510% 78,097 78,097 -
Douglasville, GA The Landing At Arbor Place Jul-12 6.510% 8,816 8,816 -
Jackson, TN Old Hickory Mall Jul-12 6.510% 34,497 34,497 -
Louisville, KY Jefferson Mall Jul-12 6.510% 43,504 43,504 -
N. Charleston, SC Northwoods Mall Jul-12 6.510% 62,286 62,286 -
Racine, WI Regency Mall Jul-12 6.510% 34,114 34,114 -
Saginaw, MI Fashion Square Jul-12 6.510% 59,795 59,795 -
Spartanburg, SC Westgate Mall Jul-12 6.500% 54,042 54,042 -
Chattanooga, TN CBL Center Aug-12 6.250% 14,572 14,572 -
Panama City, FL Panama City Mall Aug-12 7.300% 39,737 39,737 -
Monroeville, PA Monroeville Mall Jan-13 5.300% 132,712 132,712 -
Greensburg, PA Westmoreland Mall Jan-13 5.050% 81,896 81,896 -
Morristown, TN College Square Sep-13 6.750% 11,377 11,377 -
Columbia, SC Columbia Mall Oct-13 5.450% 33,178 33,178 -
Laredo, TX Mall del Norte Dec-14 5.040% 113,400 113,400 -
Janesville, WI Janesville Mall Apr-16 8.375% 13,566 13,566 -
------------ ----------- --------
2,855,849 2,648,349 207,500
------------ ----------- --------
Weighted average interest rate 6.18% 6.40% 3.45%
Debt Premiums:
Lynchburg, VA River Ridge Mall Jan-07 4.000% 1,713 1,713 -
Joplin, MO Northpark Mall Mar-09 5.500% 686 686 -
Daytona Beach, FL Volusia Mall Apr-09 4.750% 3,970 3,970 -
Terre Haute, IN Honey Creek Mall Apr-09 4.750% 2,758 2,758 -
Little Rock, AR Park Plaza Mall May-10 4.900% 7,202 7,202 -
Roanoke, VA Valley View Mall Sep-10 5.100% 7,470 7,470 -
Fayetteville, NC Cross Creek Mall Apr-12 5.000% 8,894 8,894 -
Colonial Heights, VA Southpark Mall May-12 5.100% 4,047 4,047 -
Monroeville, PA Monroeville Mall Jan-13 5.300% 3,103 3,103 -
------------ ----------- --------
39,843 39,843 -
------------ ----------- --------
Weighted average interest rate 4.96%
SUBTOTAL 2,895,692 2,688,192 207,500
------------ ----------- --------
Weighted average interest rate 6.17% 6.38% 3.45%
CONSTRUCTION LOAN:
Southaven, MS Southaven Towne Center Jun-07 3.940% 14,593 - 14,593
------------ ----------- --------
LINES OF CREDIT 3.370% 461,400 - 461,400
------------ ----------- --------
TOTAL BALANCE SHEET $3,371,685 $2,688,192 $683,493
Weighted average interest rate 5.78% 6.38% 3.41%
Plus CBL Share Of Unconsolidated Affiliates:
Huntsville, AL Parkway Place Dec-05 3.1250% 26,662 - 26,662
Myrtle Beach, SC Coastal Grand-Myrtle Beach May-06 5.0900% 49,834 49,834 -
El Centro, CA Imperial Valley Mall Dec-06 4.0900% 39,493 - 39,493
Paducah, KY Kentucky Oaks Mall Jun-07 9.0000% 15,670 15,670 -
Del Rio, TX Plaza del Sol Aug-10 9.1500% 1,775 1,775 -
Clarksville, TN Governor's Square Mall Sep-16 8.2300% 14,927 14,927 -
Galileo America, LLC Portfolio of community centers various 4.9183% 24,661 21,908 2,753
------------ ----------- --------
173,022 104,114 68,908
------------ ----------- --------
Minority
Less Minority Interests' Share: Interest %
Chattanooga, TN CBL Center 8.0% 6.250% (1,166) (1,166) -
Chattanooga, TN Hamilton Corner 10.0% 10.125% (228) (228) -
Chattanooga, TN Hamilton Place 10.0% 7.000% (6,361) (6,361) -
Ft. Smith, AR Massard Crossing 90.0% 7.540% (5,267) (5,267) -
Highpoint, NC Oak Hollow Mall 25.0% 7.310% (11,143) (11,143) -
Houston, TX Willowbrook Plaza 90.0% 7.540% (26,949) (26,949) -
Vicksburg, MS Pemberton Plaza 90.0% 7.310% (1,800) (1,800) -
------------ ----------- --------
(52,914) (52,914) -
------------ ----------- --------
TOTAL OBLIGATIONS $3,491,793 $2,739,392 $752,401
============ ============ ========
Weighted average interest rate 5.72% 6.35% 3.44%
Total Debt of Unconsolidated Affiliates:
Huntsville, AL Parkway Place Dec-05 2.780% $ 53,324 $ - $ 53,324
Myrtle Beach, SC Coastal Grand-Myrtle Beach May-06 5.090% 99,668(b) 99,668 -
El Centro, CA Imperial Valley Mall Dec-06 2.840% 39,493 - 39,493
Paducah, KY Kentucky Oaks Mall Jun-07 9.000% 31,341 31,341 -
Del Rio, TX Plaza del Sol Aug-10 9.150% 3,507 3,507 -
Clarksville, TN Governor's Square Mall Sep-16 8.230% 31,425 31,425 -
Galileo America, LLC Portfolio of community centers various 5.074% 344,906 306,406 38,500
----------- ----------- --------
$ 603,664 $ 472,347 $131,317
=========== =========== ========
Weighted average interest rate 5.03% 5.56% 3.14%
<FN>
(a) Represents a first mortgage securing the property. In addition to the first
mortgage, there is also a $7,750 B-note that is held by the Company.
(b) 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.
</FN>
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2004
Comparable New and Renewal Leasing Activity of Small Shop Space as of December
31, 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 467,929 $ 25.62 $ 25.06 -2.2% $ 25.67 0.2%
Associated centers 18,989 12.94 12.80 -1.1% 12.80 -1.1%
Community centers 30,130 10.54 10.46 -0.8% 10.46 -0.8%
TOTAL 517,048 $ 24.28 $ 23.76 -2.1% $ 24.31 0.1%
Year To Date:
Stabilized malls 1,982,406 $ 25.13 $ 25.40 1.1% $ 25.95 3.3%
Associated centers 46,805 13.03 12.98 -0.4% 13.03 0.0%
Community centers 53,330 10.16 10.77 6.0% 10.82 6.5%
TOTAL 2,082,541 $ 24.47 $ 24.75 1.1% $ 25.27 3.3%
Comparable Stabilized Mall Leasing Activity of Small Shop Space as of December
31, 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 161,987 $ 24.80 $ 24.58 -0.9% $ 25.63 3.3%
Renewal leases 305,942 26.06 25.32 -2.8% 25.69 -1.4%
TOTAL 467,929 $ 25.62 $ 25.06 -2.2% $ 26.67 0.2%
Year To Date:
New leases 683,306 $ 25.77 $ 27.71 7.5% $ 28.77 11.6%
Renewal leases 1,299,100 24.79 24.19 -2.4% 24.46 -1.3%
TOTAL 1,982,406 $ 25.13 $ 25.40 1.1% $ 25.95 3.3%
Total Leasing Activity (including Small Shop Space and Junior Anchors) as of
December 31, 2004
New Leases Renewal Leases Total
-------------------------- ------------------------------ ---------------------------
Leased Leased Leased
Leased Average Base Leased Average Base Leased Average Base
Sq. Ft. Rent PSF Sq. Ft. Rent PSF Sq. Ft. Rent PSF
------------ ------------- --------------- -------------- -------------- -----------
Quarter:
Stabilized Malls 221,089 $ 27.53 335,942 $ 24.02 557,031 $ 25.41
Associated centers 4,951 12.38 92,298 6.73 97,249 7.02
Community centers 16,845 8.86 40,863 14.14 57,708 12.60
TOTAL 242,885 $ 25.93 469,103 $ 19.75 711,988 $ 21.86
Year To Date:
Stabilized Malls 935,972 $ 29.31 1,329,100 $ 24.07 2,265,072 $ 26.23
Associated centers 61,489 13.99 125,560 7.94 187,049 9.93
Community centers 22,245 10.01 80,354 11.38 102,599 11.08
TOTAL 1,019,706 $ 27.96 1,535,014 $ 22.08 2,554,720 $ 24.43
Total Leasing Activity Compared to Tenants Vacating (including Small Shop Space
and Junior Anchors) as of December 31, 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:
Stabilized Malls 557,031 $ 25.41 69,409 $ 32.13 -20.90%
Associated centers 97,249 7.02 3,200 20.00 -64.90%
Community centers 57,708 12.60 4,260 9.96 26.50%
TOTAL 711,988 $ 21.86 76,869 $ 30.39 -28.07%
Year To Date:
Stabilized Malls 2,265,072 $ 26.23 971,173 $ 22.39 17.18%
Associated centers 187,049 9.93 40,394 17.24 -42.39%
Community centers 102,599 11.08 21,420 9.40 17.87%
TOTAL 2,554,720 $ 24.43 1,032,987 $ 21.92 11.48%
Average Annual Base Rents Per Square Foot of Small Shop Space by Property Type
December 31,
--------------------------
2004 2003
------------ -------------
Stabalized malls $ 25.60 $ 25.03
Non-stabalized malls 26.33 25.82
Associated centers 9.77 9.90
Community centers (1) 8.12 8.29
<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 Year Ended December 31, 2004
Capital Expenditures for Three Months and Year Ended December 31 , 2004
(In thousands)
Three Months Year To Date
--------------------------
Tenant allowances $ 10,489 $ 37,422
------------- ------------
Renovations 1,397 21,094
------------- ------------
Deferred maintenance:
Parking lot and parking lot lighting 1,952 5,966
Roof repairs and replacements 2,718 5,158
Other capital expenditures 1,075 6,405
------------- ------------
Total deferred maintenancee expenditures 5,745 17,529
------------- ------------
Total capital expenditures $ 17,631 $ 76,045
============= ============
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.
Deferred Leasing Costs Capitalized
(In thousands)
2004 2003
------------- ------------
Quarter ended:
March 31, $ 492 $ 490
June 30, 242 333
September 30, 524 431
December 31, 628 312
------------- ------------
$ 1,886 $ 1,566
============= ============
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2004
Properties Under Development at December 31, 2004
(Dollars in thousands)
CBL's Share of
Project --------------------------
Square Total Cost Opening Initial
Property Location Feet Cost To Date Date Yield
- ------------------------------------- ------------------- ------------- ----------- ---------- ------------- ----------
New Mall Developments:
Imperial Valley Mall El Centro, CA 754,000 $ 45,538 $ 38,536 March-05 10%
(60/40 joint venture)
Mall Expansions:
Citadel Mall Charleston, SC 45,000 6,389 156 August-05 9%
Fayette Mall Lexington, KY 144,000 25,532 4,793 October-05 11%
Open Air Centers:
Southaven Towne Center Southaven, MS 420,000 24,655 19,427 October-05 10%
Associated Centers:
CoolSprings Crossing - Tweeter's Nashville, TN 10,000 1,415 31 March-05 14%
The District at Monroeville Mall Monroeville, PA 75,000 20,588 9,724 Nov-04/May-05 8%
Hamilton Corner Chattanooga, TN 68,000 5,500 2,472 March-05 9%
Coastal Grand Crossing Myrtle Beach, SC 15,000 1,946 - April-05 10%
Community Centers:
Cobblestone Village at Royal Palm Royal Palm, FL 225,000 8,784 4,194 June-05 10%
Chicopee Marketplace Chicopee, MA 156,000 19,743 5,094 August-05 9%
Fashion Square Orange Park, FL 18,000 2,031 218 July-05 10%
------------- ----------- ----------
1,930,000 $ 162,121 $ 84,645
============= =========== ==========