Exhibit 99.3
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
Three Months Ended
March 31,
-------------------------
2005 2004
----------- -----------
REVENUES:
Minimum rents $ 130,431 $ 108,450
Percentage rents 8,099 6,685
Other rents 3,125 2,786
Tenant reimbursements 60,786 47,996
Management, development and leasing fees 3,045 1,795
Other 5,419 4,447
----------- -----------
Total revenues 210,905 172,159
----------- -----------
EXPENSES:
Property operating 31,665 27,645
Depreciation and amortization 41,286 32,556
Real estate taxes 15,451 13,081
Maintenance and repairs 12,345 10,194
General and administrative 9,186 8,233
Loss on impairment of real estate assets 262 -
Other 3,430 3,032
----------- -----------
Total expenses 113,625 94,741
----------- -----------
Income from operations 97,280 77,418
Interest income 1,683 880
Interest expense (48,921) (40,434)
Loss on extinguishment of debt (884) -
Gain on sales of real estate assets 2,714 19,825
Equity in earnings of unconsolidated affiliates 3,091 2,864
Minority interest in earnings:
Operating partnership (20,826) (25,034)
Shopping center properties (1,397) (1,238)
----------- -----------
Income before discontinued operations 32,740 34,281
Operating income of discontinued operations 305 329
Loss on discontinued operations (32) (5)
----------- -----------
Net income 33,013 34,605
Preferred dividends (7,642) (4,416)
----------- -----------
Net income available to common shareholders $ 25,371 $ 30,189
=========== ===========
Basic per share data:
Income before discontinued operations, net of
preferred dividends $ 0.80 $ 0.98
Discontinued operations 0.01 0.02
----------- -----------
Net income available to common shareholders $ 0.81 $ 1.00
=========== ===========
Weighted average common shares outstanding 31,224 30,324
Diluted per share data:
Income before discontinued operations, net of
preferred dividends $ 0.77 $ 0.95
Discontinued operations 0.01 0.01
----------- -----------
Net income available to common shareholders $ 0.78 $ 0.96
=========== ===========
Weighted average common and potential dilutive
common shares outstanding 32,397 31,567
-1-
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
The Company's calculation of FFO is as follows (in thousands, except per share
data):
Three Months Ended
March 31,
------------------------
2005 2004
---------- ----------
Net income available to common shareholders $ 25,371 $ 30,189
Add:
Depreciation and amortization from consolidated properties 41,286 32,556
Depreciation and amortization from unconsolidated affiliates 1,710 1,196
Depreciation and amortization from discontinued operations - 189
Minority interest in earnings of operating partnership 20,826 25,034
Less:
Gain on sales of operating real estate assets (223) (19,081)
Minority investors' share of depreciation and amortization (362) (293)
Loss on discontinued operations 32 5
Depreciation and amortization of non-real estate assets (179) (135)
---------- ----------
Funds from operations $ 88,461 $ 69,660
========== ==========
Funds from operations applicable to Company shareholders $ 48,582 $ 38,082
========== ==========
Basic per share data:
Funds from operations $ 1.56 $ 1.26
========== ==========
Weighted average common shares outstanding with operating
partnership units fully converted 56,854 55,471
Diluted per share data:
Funds from operations $ 1.52 $ 1.23
========== ==========
Weighted average common and potential dilutive common
shares outstanding with operating partnership units
fully converted 58,028 56,713
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees $ 2,249 $ 1,143
Lease termination fees per share $ 0.04 $ 0.02
Straight-line rental income $ 1,767 $ 650
Straight-line rental income per share $ 0.03 $ 0.01
Gains on outparcel sales $ 2,610 $ 1,339
Gains on outparcel sales per share $ 0.04 $ 0.02
Amortization of acquired above- and below-market leases $ 1,164 $ 638
Amortization of acquired above- and below-market
leases per share $ 0.02 $ 0.01
Amortization of debt premiums $ 1,709 $ 973
Amortization of debt premiums per share $ 0.03 $ 0.02
Gain on sales of non operating properties $ 816 $ -
Gain on sales of non operating properties per share $ 0.01 $ -
Loss on impairment of real estate assets $ (262) $ -
Loss on impairment of real estate assets per share $ - $ -
-2-
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
Same-Center Net Operating Income
(Dollars in thousands)
Three Months Ended
March 31,
----------------------
2005 2004
----------------------
Net income $ 33,013 $ 34,605
Adjustments:
Depreciation and amortization 41,286 32,556
Depreciation and amortization from unconsolidated affiliates 1,710 1,196
Depreciation and amortization from discontinued operations - 189
Minority investors' share of depreciation and amortization in
shopping center properties (362) (293)
Interest expense 48,921 40,434
Interest expense from unconsolidated affiliates 2,522 1,417
Interest expense from discontinued operations - 11
Minority investors' share of interest expense in
shopping center properties (378) (415)
Loss on extinguishment of debt 884 -
Abandoned projects expense 121 441
Gain on sales of real estate assets (2,714) (19,825)
Loss on impairment of real estate assets 262 -
Gain on sales of real estate assets of unconsolidated
affiliates (934) (592)
Minority interest in earnings of operating partnership 20,826 25,034
Loss on discontinued operations 32 5
----------- ----------
Operating partnership's share of total NOI 145,189 114,763
General and administrative expenses 9,186 8,233
Management fees and non-property level revenues (5,539) (4,970)
----------- ----------
Operating partnership's share of property NOI 148,836 118,026
NOI of non-comparable centers (23,128) (4,505)
----------- ----------
Total same center NOI $125,708 $113,521
=========== ==========
Malls $115,896 $104,459
Associated centers 5,706 6,593
Community centers 1,309 512
Other 2,797 1,957
----------- ----------
Total same center NOI $125,708 $113,521
=========== ==========
Percentage Change:
Malls 10.9%
Associated centers -13.5%
Community centers 155.7%
Other 42.9%
-----------
Total same center NOI 10.7%
===========
-3-
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
March 31, 2005
----------------------------------------------------
Fixed Rate Variable Rate Total
------------------ ---------------------------------
Consolidated debt $ 2,660,174 $ 709,128 $ 3,369,302
Minority investors' share of consolidated debt (52,667) - (52,667)
Company's share of unconsolidated affiliates' debt 107,219 80,057 187,276
------------------ -------------- -----------------
Company's share of consolidated and unconsolidated debt $ 2,714,726 $ 789,185 $ 3,503,911
================== ============== =================
Weighted average interest rate 6.34% 3.70% 5.75%
================== ============== =================
March 31, 2004
----------------------------------------------------
Fixed Rate Variable Rate Total
------------------ -------------- -----------------
Consolidated debt $ 2,369,807 $ 446,075 $ 2,815,882
Minority investors' share of consolidated debt (53,683) - (53,683)
Company's share of unconsolidated affiliates' debt 59,311 98,877 158,188
------------------ -------------- -----------------
Company's share of consolidated and unconsolidated debt $ 2,375,435 $ 544,952 $ 2,920,387
================== ============== =================
Weighted average interest rate 6.56% 2.46% 5.80%
================== ============== =================
Debt-To-Total-Market Capitalization Ratio as of March 31, 2005
(In thousands, except stock price) Shares
Outstanding Stock Price (1) Value
------------------ -------------- -----------------
Common stock and operating partnership units 57,035 $ 71.51 $ 4,078,573
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 4,468,573
Company's share of total debt 3,503,911
-----------------
Total market capitalization $ 7,972,484
=================
Debt-to-total-market capitalization ratio 44.0%
=================
<FN>
(1) Stock price for common stock and operating partnership units equals
the closing price of the common stock on March 31, 2005. The stock
price for the preferred stock represents the liquidation preference of
each respective series of preferred stock.
</FN>
Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
Three Months Ended
March 31,
----------------------------------
2005: Basic Diluted
-------------- ------------------
Weighted average shares - EPS 31,224 32,397
Weighted average operating partnership units 25,630 25,631
-------------- ------------------
Weighted average shares - FFO 56,854 58,028
============== ==================
2004:
Weighted average shares - EPS 30,324 31,567
Weighted average operating partnership units 25,147 25,146
-------------- ------------------
Weighted average shares - FFO 55,471 56,713
============== ==================
Dividend Payout Ratio Three Months Ended
March 31,
----------------------------------
2005 2004
-------------- ------------------
Dividend per share $ 0.8125 $ 0.725
FFO per diluted, fully converted share $ 1.52 $ 1.23
-------------- ------------------
Dividend payout ratio 53.5% 58.9%
============== ==================
-4-
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
Consolidated Balance Sheets
(Preliminary and unaudited, in thousands)
March 31, December 31,
2005 2004
------------ ------------
ASSETS
Real estate assets:
Land $ 659,719 $ 659,782
Buildings and improvements 4,689,107 4,670,462
------------ ------------
5,348,826 5,330,244
Less: accumulated depreciation (612,957) (575,464)
------------ ------------
4,735,869 4,754,780
Real estate assets held for sale - 61,607
Developments in progress 99,976 78,393
------------ ------------
Net investment in real estate assets 4,835,845 4,894,780
Cash and cash equivalents 58,935 25,766
Receivables:
Tenant, net of allowance 34,183 38,409
Other 12,214 13,706
Mortgage notes receivable 29,889 27,804
Investment in unconsolidated affiliates 94,704 84,782
Other assets 113,010 119,253
------------ ------------
$ 5,178,780 $ 5,204,500
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable $ 3,369,302 $ 3,359,466
Mortgage notes payable on real estate assets
held for sale - 12,213
Accounts payable and accrued liabilities 186,365 212,064
------------ ------------
Total liabilities 3,555,667 3,583,743
------------ ------------
Commitments and contingencies
Minority interests 567,110 566,606
------------ ------------
Shareholders' equity:
Preferred stock, $.01 par value 32 32
Common stock, $.01 par value 314 313
Additional paid-in capital 1,027,589 1,025,792
Deferred compensation (2,883) (3,081)
Retained earnings 30,951 31,095
------------ ------------
Total shareholders' equity 1,056,003 1,054,151
------------ ------------
$ 5,178,780 $ 5,204,500
============ ============
<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 March 31, 2005.
</FN>
-5-
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
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
March 31,
---------------------
2005 2004
--------- ----------
EBITDA:
Net Income $ 33,013 $ 34,605
Adjustments:
Depreciation and amortization 41,286 32,556
Depreciation and amortization from unconsolidated affiliates 1,710 1,196
Depreciation and amortization from discontinued operations - 189
Minority investors' share of depreciation and amortization in
shopping center properties (362) (293)
Interest expense 48,921 40,434
Interest expense from unconsolidated affiliates 2,522 1,417
Interest expense from discontinued operations - 11
Minority investors' share of interest expense in
shopping center properties (378) (415)
Income taxes 355 446
Loss on extinguishment of debt 884 -
Loss on impairment of real estate assets 262 -
Abandoned projects expense 121 441
Gain on sales of operating real estate assets (223) (19,081)
Minority interest in earnings of operating partnership 20,826 25,034
Loss on discontinued operations 32 5
--------- ----------
Company's share of total EBITDA $148,969 $ 116,545
========= ==========
Interest Expense:
Interest expense $ 48,921 $ 40,434
Interest expense from discontinued operations - 11
Interest expense from unconsolidated affiliates 2,522 1,417
Minority investors' share of interest expense in
shopping center properties (378) (415)
--------- ----------
Company's share of total interest expense $ 51,065 $ 41,447
========= ==========
Ratio of EBITDA to Interest Expense 2.92 2.81
========= ==========
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
Three Months Ended
March 31,
---------------------
2005 2004
--------- ----------
Company's share of total EBITDA $148,969 $ 116,545
Interest expense (48,921) (40,445)
Minority interest's share of interest expense 378 415
Income taxes (355) (446)
Amortization of deferred financing costs and non real estate 2,021 1,754
depreciation included in operating expense
Amortization of debt premiums (1,678) (932)
Amortization of above and below market leases (1,531) (603)
Depreciation and interest expense from unconsolidated affiliates (4,232) (2,613)
Minority investors' share of depreciation and amortization in 362 293
shopping center properties
Minority interest in earnings - shopping center properties 1,397 1,248
Gains on outparcel sales (2,491) (744)
Issuances of stock under incentive plan 810 999
Amortization of deferred compensation 199 119
Accrual of deferred compensation 122 93
Changes in operating assets and liabilities (18,703) 3,070
--------- ----------
Cash flows provided by operating activities $ 76,347 $ 78,753
========= ==========
-6-
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
Schedule of Mortgage and Other Notes Payable as of March 31, 2005
(Dollars In thousands)
Balance
Maturity Interest Balance ----------------------------
Location Property Date Rate March 31, 2005 Fixed Variable
- --------------------------------------------------------------------------------------------------------------------------
Midland MI Midland Mall Jun-05 3.875% $ 30,000 $ - $ 30,000
Hattiesburg, MS Turtle Creek Mall Mar-06 7.400% 30,213 30,213 -
Chesapeake, VA Greenbrier Mall Apr-06 3.875% 92,650 - 92,650
Akron, OH Chapel Hill Mall May-06 3.670% 64,000 - 64,000
Akron, OH Chapel Hill Surburban May-06 3.750% 2,500 - 2,500
Brookfield, IL Brookfield Square Jul-06 7.498% 69,321 69,321 -
Rockford, IL Cherryvale Mall Jul-06 7.375% 44,062 44,062 -
Lexington KY Fayette Mall Development Dec-06 4.350% 8,550 - 8,550
Lynchburg, VA River Ridge Mall Jan-07 4.000% 21,659 21,659 -
Madison, WI East Towne Mall Jan-07 8.010% 26,946 26,946 -
Madison, WI West Towne Mall Jan-07 8.010% 41,659 41,659 -
Chattanooga, TN Hamilton Place Mar-07 7.000% 63,131 63,131 -
Cincinnati, OH Eastgate Crossing Apr-07 6.380% 10,142 10,142 -
Charleston, SC Citadel Mall May-07 7.390% 30,704 30,704 -
Highpoint, NC Oak Hollow Mall Feb-08 7.310% 44,197 44,197 -
Winston-Salem NC Hanes Mall Jul-08 7.310% 108,157 108,157 -
Nashville, TN Hickory Hollow Mall Aug-08 6.770% 87,438 87,438 -
Nashville, TN Courtyard At Hickory Aug-08 6.770% 4,071 4,071 -
Nashville, TN Rivergate Mall Aug-08 6.770% 70,667 70,667 -
Nashville, TN Village At Rivergate Aug-08 6.770% 3,338 3,338 -
Lansing MI Meridian Mall Oct-08 4.520% 92,783 92,783 -
Cary , NC Cary Towne Ctr Mar-09 6.850% 86,973 86,973 -
Joplin, MO North Park Mall Mar-09 5.500% 41,259 41,259 -
Fairview Heights, IL St. Claire Square Apr-09 7.000% 66,885 66,885 -
Daytona Beach, FL Volusia Mall Apr-09 4.750% 54,202 54,202 -
Terre Haute, IN Honey Creek Mall Apr-09 4.750% 32,579 32,579 -
Meridian, MS Bonita Lakes Mall Oct-09 6.820% 26,332 26,332 -
Meridian, MS Bonita Lakes Crossing Oct-09 6.820% 8,251 8,251 -
Cincinnati, OH Eastgate Mall Dec-09 4.550% 57,032 (a) 57,032 -
Little Rock, AR Park Plaza Mall May-10 4.900% 41,035 41,035 -
Spartanburg, SC Westgate Crossing Jul-10 8.420% 9,551 9,551 -
Burnsville, MN Burnsville Center Aug-10 8.000% 69,316 69,316 -
Roanoke, VA Valley View Mall Sep-10 5.100% 44,264 44,264 -
Beaumont, TX Parkdale Mall Sep-10 5.010% 55,217 55,217 -
Beaumont, TX Parkdale Crossing Sep-10 5.010% 8,719 8,719 -
Nashville, TN Coolsprings Galleria Sep-10 8.290% 58,161 58,161 -
Stroud, PA Stroud Mall Dec-10 8.420% 31,467 31,467 -
Wausau WI Wausau Center Dec-10 6.700% 13,198 13,198 -
York, PA York Galleria Dec-10 8.340% 50,308 50,308 -
Lexington KY Fayette Mall Jul-11 7.000% 93,984 93,984 -
Chattanooga, TN Hamilton Corner Aug-11 10.125% 2,215 2,215 -
Asheville, NC Asheville Mall Sep-11 6.980% 68,470 68,470 -
Ft Smith, AR Massard Crossing Feb-12 7.540% 5,836 5,836 -
Houston, TX Willowbrook Plaza Feb-12 7.540% 29,861 29,861 -
Vicksburg, MS Pemberton Plaza Feb-12 7.540% 1,994 1,994 -
Fayetteville, NC Cross Creek Mall Apr-12 5.000% 63,208 63,208 -
-7-
Schedule of Mortgage and Other Notes Payable as of March 31, 2005
(Dollars In thousands)
Balance
Maturity Interest Balance ----------------------------
Location Property Date Rate March 31, 2005 Fixed Variable
- --------------------------------------------------------------------------------------------------------------------------
Colonial Heights, VA Southpark Mall May-12 5.100% 37,195 37,195 -
Asheboro, NC Randolph Mall Jul-12 6.500% 14,970 14,970 -
Douglasville, GA Arbor Place Mall Jul-12 6.510% 77,714 77,714 -
Douglasville, GA The Landing At Arbor Jul-12 6.510% 8,773 8,773 -
Jackson, TN Old Hickory Mall Jul-12 6.510% 34,328 34,328 -
Louisville, KY Jefferson Mall Jul-12 6.510% 43,291 43,291 -
N Charleston SC Northwoods Mall Jul-12 6.510% 61,980 61,980 -
Racine, WI Regency Mall Jul-12 6.510% 33,946 33,946 -
Saginaw, MI Fashion Square Jul-12 6.510% 59,501 59,501 -
Spartanburg, SC Westgate Mall Jul-12 6.500% 53,776 53,776 -
Chattanooga, TN CBL Center Aug-12 6.250% 14,523 14,523 -
Panama City, FL Panama City Mall Aug-12 7.300% 39,618 39,618 -
Monroeville, PA Monroeville Mall Jan-13 5.300% 132,020 132,020 -
Greensburg PA Westmoreland Mall Jan-13 5.050% 81,430 81,430 -
Columbia, SC Columbia Mall Oct-13 5.450% 33,002 33,002 -
Laredo, TX Mall Del Norte Dec-14 5.040% 113,400 113,400 -
Janesville WI Janesville Mall Apr-16 8.375% 13,384 13,384 -
----------- ----------- ---------
2,819,356 2,621,656 197,700
----------- ----------- ---------
Weighted average interest rate 6.21% 6.39% 3.83%
Debt Premiums:
Lynchburg, VA River Ridge Mall Jan-07 4.000% 1,509 1,509 -
Joplin, MO North Park Mall Mar-09 5.500% 663 663 -
Daytona Beach, FL Volusia Mall Apr-09 4.750% 3,752 3,752 -
Terre Haute, IN Honey Creek Mall Apr-09 4.750% 2,610 2,610 -
Little Rock, AR Park Plaza Mall May-10 4.900% 6,899 6,899 -
Roanoke, VA Valley View Mall Sep-10 5.100% 7,175 7,175 -
Fayetteville, NC Cross Creek Mall Apr-12 5.000% 8,624 8,624 -
Colonial Heights, VA Southpark Mall May-12 5.100% 3,921 3,921 -
Monroeville, PA Monroeville Mall Jan-13 5.300% 3,365 3,365 -
----------- ----------- ---------
38,518 38,518 -
----------- ----------- ---------
Weighted average interest rate 4.96%
SUBTOTAL 2,857,874 2,660,174 197,700
----------- ----------- ---------
Weighted average interest rate 6.17% 6.38% 3.45%
CONSTRUCTION LOAN:
Southaven, MS Southaven Towne Center Jun-07 4.350% 17,207 - 17,207
----------- ----------- ---------
LINES OF CREDIT 3.558% 494,221 - 494,221
----------- ----------- ---------
TOTAL BALANCE SHEET $ 3,369,302 $ 2,660,174 $ 709,128
Weighted average interest rate 5.80% 6.37% 3.65%
-8-
Schedule of Mortgage and Other Notes Payable as of March 31, 2005
(Dollars In thousands)
Balance
Maturity Interest Balance ----------------------------
Location Property Date Rate March 31, 2005 Fixed Variable
- --------------------------------------------------------------------------------------------------------------------------
Plus CBL Share Of Unconsolidated Affiliates:
Huntsville, AL Parkway Place Dec-05 4.3750% 26,662 - 26,662
El Centro, CA Imperial Valley Mall Dec-06 4.0900% 48,070 - 48,070
Paducah, KY Kentucky Oaks Jun-07 9.0000% 15,565 15,565 -
Del Rio, TX Plaza Del Sol Aug-10 9.1500% 1,714 1,714 -
Myrtle Beach, SC Coastal Grand Oct-14 5.0900% 49,582 49,582 -
Clarksville, TN Governors Square Sep-16 8.2300% 14,816 14,816 -
Galileo America LLC Portfolio various 4.8237% 30,867 25,542 5,325
----------- ----------- ---------
187,276 107,219 80,057
----------- ----------- ---------
Minority
Less Minority Interests' Share: Interest %
Chattanooga, TN CBL Center 8.0% 6.250% (1,162) (1,162) -
Chattanooga, TN Hamilton Corner 10.0% 10.125% (221) (221) -
Chattanooga, TN Hamilton Place 10.0% 7.000% (6,313) (6,313) -
Ft Smith AR Massard Crossing 10.0% 7.540% (5,252) (5,252) -
Highpoint, NC Oak Hollow Mall 25.0% 7.310% (11,049) (11,049) -
Houston, TX Willowbrook Plaza 25.0% 7.540% (26,875) (26,875) -
Vicksburg, MS Pemberton Plaza 25.0% 7.310% (1,795) (1,795) -
------------ ------------ ---------
(52,667) (52,667) -
------------ ------------ ---------
TOTAL OBLIGATIONS $ 3,503,911 $ 2,714,726 $ 789,185
============ ============ =========
Weighted average interest rate 5.75% 6.34% 3.70%
Total Debt of Unconsolidated Affiliates
Huntsville, AL Parkway Place Dec-05 2.780% $ 53,324 $ - $ 53,324
El Centro, CA Imperial Valley Mall Dec-06 2.840% 48,070 - 48,070
Paducah, KY Kentucky Oaks Jun-07 9.000% 31,129 31,129 -
Del Rio, TX Plaza Del Sol Aug-10 9.150% 3,388 3,388 0
Myrtle Beach, SC Coastal Grand Oct-14 5.090% 99,165 (b) 99,165 -
Clarksville, TN Governors Square Sep-16 8.230% 31,192 31,192 -
Galileo America LLC Portfolio various 5.074% 371,887 307,737 64,150
----------- ----------- ---------
$ 638,155 $ 472,611 $ 165,544
=========== =========== =========
Weighted average interest rate 4.95% 5.57% 3.19%
<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>
-9-
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
New and Renewal Leasing Activity of Same Small Shop Space Less Than 20,000
Square Feet Excluding Junior Anchors
Prior New New
Base Initial Average
Square Rent Base % Change Base % Change
Property Type Feet PSF Rent PSF Initial Rent PSF Average
- ------------------- -------- ---------- ------------ --------- ---------- ----------
Stabilized malls 688,306 $ 24.30 $ 24.60 1.2% $ 25.14 3.5%
Associated centers 26,466 11.83 16.80 42.0% 17.19 45.3%
Community centers 11,200 8.18 8.34 2.0% 8.44 3.2%
Other 3,087 20.83 24.35 16.9% 24.97 19.9%
TOTAL 729,059 $ 23.58 $ 24.07 2.1% $ 24.59 4.3%
Stabilized Mall Leasing Activity of Same Small Shop Space Less Than 20,000
Square Feet Excluding Junior Anchors
Prior New New
Base Initial Average
Square Rent Base % Change Base % Change
Stabilized Malls Feet PSF Rent PSF Initial Rent PSF Average
- ------------------- -------- ---------- ------------ --------- ---------- ----------
New leases 168,219 $ 24.93 $ 26.69 7.1% $ 27.82 11.6%
Renewal leases 520,087 24.09 23.92 -0.7% 24.27 0.7%
TOTAL 688,306 $ 24.30 $ 24.60 1.2% $ 25.14 3.5%
Total Leasing Activity of All Small Shop Spaces Compared to Expiring Tenants of
Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors
% Change of
Scheduled Unscheduled Total Leased
Lease Scheduled Expiring Unscheduled Expiring To Total
Leased Average Expiring Average Expiring Average Expiring
Square Base Square Base Square Base Average Base
Property Type Feet Rent PSF Feet Rent PSF Feet Rent PSF Rent PSF
- ------------------ --------- ----------- --------------------- ----------- ---------- ------------
Stabilized Malls 764,381 $ 25.29 724,661 $ 23.85 214,458 $ 22.44 7.5%
Associated centers 28,266 17.05 15,690 15.18 1,025 17.03 11.5%
Community centers 19,650 8.25 19,650 8.10 3,060 9.76 -0.8%
Other 3,087 24.97 2,148 20.72 1,695 20.00 22.4%
TOTAL 815,384 $ 24.59 762,149 $ 23.26 220,238 $ 22.22 6.8%
Leasing Activity of Small Shop Space Less Than 20,000 Square Feet Excluding
Junior Anchors
New Leases Renewal Leases Total
--------------------- --------------------- ---------------------
Average Average Average
Square Base Square Base Square Base
Feet Rent PSF Feet Rent PSF Feet Rent PSF
--------- ---------- --------- ---------- ---------- ----------
Stabilized Malls 244,294 $ 27.45 520,087 $ 24.27 764,381 $ 25.29
Associated centers 17,933 17.86 10,333 15.64 28,266 17.05
Community centers - - 19,650 8.25 19,650 8.25
Other 939 28.51 2,148 23.43 3,087 24.98
TOTAL 263,166 $ 26.80 552,218 $ 23.54 815,384 $ 24.59
Total Leasing Activity of Small Shop Space and Junior Anchors
New Leases Renewal Leases Total
--------------------- --------------------- ---------------------
Average Average Average
Square Base Square Base Square Base
Feet Rent PSF Feet Rent PSF Feet Rent PSF
--------- ---------- --------- ---------- ---------- ----------
Stabilized Malls 369,205 $ 21.94 520,087 $ 24.27 889,292 $ 23.30
Associated centers 17,933 17.86 10,333 15.64 28,266 17.05
Community centers - - 19,650 8.25 19,650 8.25
Other 939 28.51 2,148 23.43 3,087 24.98
TOTAL 388,077 $ 21.77 552,218 $ 23.54 940,295 $ 22.81
Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space
Less Than 20,000 Square Feet Excluding Junior Anchors
March 31,
---------------------
2005 2004
--------- ----------
Stabalized malls $ 25.45 $ 25.03
Non-stabalized malls 26.92 27.37
Associated centers 10.05 10.05
Community centers (1) 14.55 10.45
<FN>
(1) Excludes community centers that were contributed to Galileo America
</FN>
-10-
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
Top 25 Based On Percentage Of Total Revenues For The Three Months Ended March
31, 2005:
Annual Percentage
Number of Gross of Total
Tenant Stores Square Feet Rentals (1) Revenues
- ---------------------------------- ----------- --------------- --------------- --------------
1 Limited Brands, Inc. 214 1,325,490 $44,389,305 5.9%
2 Foot Locker, Inc. 182 717,151 26,419,652 3.5%
3 The Gap, Inc. 89 907,105 21,753,278 2.9%
4 Luxottica Group, S.P.A. (2) 184 330,855 15,159,120 2.0%
5 Abercrombie & Fitch, Co. 59 403,129 14,565,508 1.9%
6 American Eagle Outfitters, Inc. 65 340,384 13,441,475 1.8%
7 Signet Group PLC (3) 95 142,633 12,874,016 1.7%
8 JC Penney Co. Inc. (4) 66 7,220,834 12,248,851 1.6%
9 Zale Corporation 133 131,400 11,922,855 1.6%
10 Finish Line, Inc. 57 304,047 11,224,826 1.5%
11 The Regis Corporation 178 204,472 9,928,301 1.3%
12 Lerner New York, Inc. 39 310,413 9,056,187 1.2%
13 Charming Shoppes, Inc. (5) 53 323,222 8,980,638 1.2%
14 Genesco Inc. (6) 126 163,125 8,658,520 1.1%
15 Hallmark Cards, Inc. 77 269,065 8,602,278 1.1%
16 Pacific Sunwear of California 69 232,675 8,013,509 1.1%
17 Trans World Entertainment (7) 47 240,214 7,986,136 1.1%
18 Borders Group, Inc. 44 264,806 7,051,429 0.9%
19 The Shoe Show of Rocky Mount, Inc.49 265,199 6,817,168 0.9%
20 Sun Capital Partners, Inc. (8) 58 335,025 6,754,043 0.9%
21 Christopher & Banks, Inc. 56 194,824 6,654,286 0.9%
22 The Buckle, Inc. 39 190,977 6,602,961 0.9%
23 Claire's Stores, Inc. 103 115,698 6,558,597 0.9%
24 Aeropostale, Inc. 50 168,319 6,491,311 0.9%
25 Barnes & Noble, Inc. 49 269,070 6,281,878 0.8%
----------- --------------- --------------- -------------
2,181 15,370,132 $298,436,128 39.6%
=========== =============== =============== =============
<FN>
(1) Includes annual minimum rent and tenant reimbursements based on
amounts in effect at March 31, 2005.
(2) Luxottica was previously Lenscrafters and Sunglass Hut. Luxottica
purchased Cole National Corporation, which operates Pearl Vision
and Things Remembered in October 2004.
(3) Signet Group was previously Sterling, Inc. They operate Kay
Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers,
Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden
Jewelers, & Rogers Jewelers.
(4) J.C. Penney owns 28 of these stores.
(5) Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and
Catherine's.
(6) Genesco Inc. operates Journey's, Jarman and Underground Station.
Genesco purchased Hat World, which operates Hat World, Lids, Hat
Zone, and Cap Factory, as of April 2, 2004.
(7) Trans World Entertainment operates FYE (formerly Camelot Music
and Record Town) and Saturday Matinee.
(8) Sun Capital Partners, Inc. operates Sam Goody, Suncoast Motion
Pictures, Musicland, Life Uniform, Anchor Blue, Mervyn's,
Bruegger's Bagels, Wick's Furniture and the Mattress Firm.
</FN>
-11-
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
Capital Expenditures for Three Months Ended March 31, 2005
(In thousands)
Tenant allowances $ 8,668
-------------
Renovations 1,343
-------------
Deferred maintenance:
Parking lot and parking lot lighting 190
Roof repairs and replacements 1,243
Other capital expenditures 1,148
-------------
Total deferred maintenancee expenditures 2,581
-------------
Total capital expenditures $ 12,592
=============
<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)
2005 2004
------------- ------------
Quarter ended:
March 31, $ 374 $ 492
============= ============
-12-
CBL & ASSOCIATES PROPERTIES, INC.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2005
Properties Under Development at March 31, 2005
(Dollars in thousands)
CBL's Share of
Project --------------------------
Square Total Cost Opening Initial
Property Location Feet Cost To Date Date Yield
- ----------------------------------- ---------------------- ------------ ------------ ------------ ------------------- --------
Mall Expansions:
The District at Monroeville Mall Monroeville, PA 75,000 $ 20,588 $ 13,674 Nov-04/May-05 8%
Citadel Mall Charleston, SC 46,000 6,549 1,539 August-05 9%
Fayette Mall Lexington, KY 144,000 25,532 8,715 October-05 11%
Burnsville Center Burnsville, MN 146,000 24,612 5,786 Nov-05/Mar-06 9%
Open Air Centers:
Southaven Towne Center Southaven, MS 437,600 26,303 24,089 October-05 10%
Associated Centers:
Coastal Grand Crossing Myrtle Beach, SC 15,000 1,946 773 May-05 10%
Community Centers:
Cobblestone Village at Royal Palm Royal Palm, FL 225,000 10,003 6,880 July-05 9%
Chicopee Marketplace Chicopee, MA 156,000 19,743 9,019 September-05 9%
Community Center Expansion:
Fashion Square Orange Park, FL 18,000 6,066 671 July-05 10%
------------ ------------ ------------
1,262,600 $ 141,342 $ 71,146
============ ============ ============
-13-