Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2005
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
-----------------------------------------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
REVENUES:
Minimum rents $ 136,676 $ 120,859 $ 394,485 $ 342,796
Percentage rents 3,114 2,290 12,972 10,447
Other rents 2,400 2,084 8,320 7,326
Tenant reimbursements 65,498 60,032 184,598 158,551
Management, development and leasing fees 11,109 2,868 17,927 6,379
Other 5,372 5,503 15,768 15,799
---------- ---------- ---------- ----------
Total revenues 224,169 193,636 634,070 541,298
---------- ---------- ---------- ----------
EXPENSES:
Property operating 35,513 31,642 95,539 85,637
Depreciation and amortization 46,038 37,901 130,663 103,335
Real estate taxes 16,283 15,407 47,626 42,582
Maintenance and repairs 12,402 11,283 36,673 31,650
General and administrative 10,221 8,280 28,641 24,505
Loss on impairment of real estate assets - - 262 -
Other 3,769 5,681 10,256 13,636
---------- ---------- ---------- ----------
Total expenses 124,226 110,194 349,660 301,345
---------- ---------- ---------- ----------
Income from operations 99,943 83,442 284,410 239,953
Interest income 1,937 836 6,214 2,422
Interest expense (52,646) (46,042) (151,822) (129,274)
Loss on extinguishment of debt (44) - (928) -
Gain on sales of real estate assets 46,485 1,522 53,581 26,302
Gain on sales of management contracts 21,619 - 21,619 -
Equity in earnings of unconsolidated affiliates 995 1,407 6,769 6,953
Minority interest in earnings:
Operating partnership (49,455) (16,624) (87,176) (59,498)
Shopping center properties (1,086) (974) (3,661) (4,034)
---------- ---------- ---------- ----------
Income before discontinued operations 67,748 23,567 129,006 82,824
Operating income (loss) of discontinued operations (15) 288 251 1,240
Gain (loss) on discontinued operations 2 325 (84) 845
---------- ---------- ---------- ----------
Net income 67,735 24,180 129,173 84,909
Preferred dividends (7,642) (4,416) (22,926) (13,248)
---------- ---------- ---------- ----------
Net income available to common shareholders $ 60,093 $ 19,764 $ 106,247 $ 71,661
========== ========== ========== ==========
Basic per share data:
Income before discontinued operations,
net of preferred dividends $ 0.95 $ 0.31 $ 1.69 $ 1.14
Discontinued operations - 0.01 - 0.03
---------- ---------- ---------- ----------
Net income available to common shareholders $ 0.95 $ 0.32 $ 1.69 $ 1.17
========== ========== ========== ==========
Weighted average common shares outstanding 62,940 61,540 62,693 61,130
Diluted per share data:
Income before discontinued operations,
net of preferred dividends $ 0.92 $ 0.30 $ 1.63 $ 1.09
Discontinued operations - 0.01 0.01 0.04
---------- ---------- ---------- ----------
Net income available to common shareholders $ 0.92 $ 0.31 $ 1.64 $ 1.13
========== ========== ========== ==========
Weighted average common and potential dilutive
common shares outstanding 65,253 63,966 64,973 63,554
1
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2005
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,
------------------------- --------------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net income available to common shareholders $ 60,093 $ 19,764 $ 106,247 $ 71,661
Add:
Depreciation and amortization from consolidated properties 46,038 37,901 130,663 103,335
Depreciation and amortization from unconsolidated affiliates 2,207 1,862 6,127 4,605
Depreciation and amortization from discontinued operations - 125 - 470
Minority interest in earnings of operating partnership 49,455 16,624 87,176 59,498
Less:
Gain on sales of operating real estate assets (42,882) (200) (42,708) (23,765)
Minority investors' share of depreciation and amortization (311) (302) (962) (899)
(Gain) loss on discontinued operations (2) (325) 84 (845)
Depreciation and amortization of non-real estate assets (188) (214) (553) (427)
---------- ---------- ---------- ----------
Funds from operations $ 114,410 $ 75,235 $ 286,074 $ 213,633
========== ========== ========== ==========
Funds from operations applicable to Company shareholders $ 62,761 $ 40,883 $ 157,052 $ 116,708
========== ========== ========== ==========
Basic per share data:
Funds from operations $ 1.00 $ 0.66 $ 2.51 $ 1.91
========== ========== ========== ==========
Weighted average common shares outstanding with operating
partnership units fully converted 114,737 113,248 114,197 111,898
Diluted per share data:
Funds from operations $ 0.98 $ 0.65 $ 2.46 $ 1.87
========== ========== ========== ==========
Weighted average common and potential dilutive common shares
outstanding with operating partnership units fully converted 117,050 115,674 116,477 114,322
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees $ 1,221 $ 736 $ 3,648 $ 3,336
Lease termination fees per share $ 0.01 $ 0.01 $ 0.03 $ 0.03
Straight-line rental income $ 1,671 $ 965 $ 4,765 $ 2,207
Straight-line rental income per share $ 0.01 $ 0.01 $ 0.04 $ 0.02
Gains on outparcel sales $ 2,544 $ 42 $ 11,177 $ 2,078
Gains on outparcel sales per share $ 0.02 $ - $ 0.10 $ 0.02
Amortization of acquired above- and below-market leases $ 2,186 $ 1,139 $ 4,629 $ 2,381
Amortization of acquired above- and below-market
leases per share $ 0.02 $ 0.01 $ 0.04 $ 0.02
Amortization of debt premiums $ 1,948 $ 1,584 $ 5,605 $ 3,720
Amortization of debt premiums per share $ 0.02 $ 0.01 $ 0.05 $ 0.03
Gain on sales of non operating properties $ 1,288 $ 1,313 $ 2,509 $ 1,313
Gain on sales of non operating properties per share $ 0.01 $ 0.01 $ 0.02 $ 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 and Nine Months Ended September 30, 2005
Same-Center Net Operating Income
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net income $ 67,735 $ 24,180 $ 129,173 $ 84,909
Adjustments:
Depreciation and amortization 46,038 37,901 130,663 103,335
Depreciation and amortization from unconsolidated affiliates 2,207 1,862 6,127 4,605
Depreciation and amortization from discontinued operations - 125 - 470
Minority investors' share of depreciation and amortization in
shopping center properties (311) (302) (962) (899)
Interest expense 52,646 46,042 151,822 129,274
Interest expense from unconsolidated affiliates 3,009 1,658 9,069 4,734
Interest expense from discontinued operations - - - 20
Minority investors' share of interest expense in
shopping center properties (390) (348) (1,160) (1,049)
Loss on extinguishment of debt 44 - 928 -
Abandoned projects expense 336 1,629 474 3,314
Gain on sales of real estate assets and management contracts (68,104) (1,522) (75,200) (26,302)
Loss on impairment of real estate assets - - 262 -
Gain on sales of real estate assets of unconsolidated affiliates (227) - (2,850) (592)
Minority interest in earnings of operating partnership 49,455 16,624 87,176 59,498
(Gain) loss on discontinued operations (2) (325) 84 (845)
---------- ---------- ---------- ----------
Operating partnership's share of total NOI 152,436 127,524 435,606 360,472
General and administrative expenses 10,221 8,280 28,641 24,505
Management fees and non-property level revenues (12,270) (4,886) (24,973) (12,697)
---------- ---------- ---------- ----------
Operating partnership's share of property NOI 150,387 130,918 439,274 372,280
NOI of non-comparable centers (30,016) (17,811) (78,121) (34,289)
---------- ---------- ---------- ----------
Total same center NOI $ 120,371 $ 113,107 $ 361,153 $ 337,991
========== ========== ========== =========
Malls $ 111,212 $ 103,873 $ 333,172 $ 310,455
Associated centers 5,424 5,163 16,519 16,540
Community centers 1,627 2,316 4,976 4,693
Other 2,108 1,755 6,486 6,303
---------- ---------- ---------- ----------
Total same center NOI $ 120,371 $ 113,107 $ 361,153 $ 337,991
========== ========== ========== =========
Percentage Change:
Malls 7.1% 7.3%
Associated centers 5.1% -0.1%
Community centers -29.7% 6.0%
Other 20.1% 2.9%
---------- ----------
Total same center NOI 6.4% 6.9%
========== ==========
3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2005
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
September 30, 2005
----------------------------------------------------
Fixed Rate Variable Rate Total
------------------ -------------- -----------------
Consolidated debt $ 2,710,984 $ 953,102 $ 3,664,086
Minority investors' share of consolidated debt (52,168) - (52,168)
Company's share of unconsolidated affiliates' debt 116,637 26,600 143,237
------------------ -------------- -----------------
Company's share of consolidated and unconsolidated debt $ 2,775,453 $ 979,702 $ 3,755,155
================== ============== =================
Weighted average interest rate 6.37% 4.81% 5.96%
================== ============== =================
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%
================== ============== =================
Debt-To-Total-Market Capitalization Ratio as of September 30, 2005
(In thousands, except stock price)
Shares
Outstanding Stock Price (1) Value
------------------ -------------- -----------------
Common stock and operating partnership units 115,338 $ 40.99 $44,727,705
8.75% Series B Cumulative Redeemable Preferred Stock 2,000 $ 50.00 50.100,000
7.75% Series C Cumulative Redeemable Preferred Stock 460 $ 250.00 250.115,000
7.375% Series D Cumulative Redeemable Preferred Stock 700 $ 250.00 250.175,000
-----------------
Total market equity 5,117,705
Company's share of total debt 3,755,155
-----------------
Total market capitalization $ 8,872,860
=================
Debt-to-total-market capitalization ratio 42.3%
=================
<FN>
(1) Stock price for common stock and operating partnership units equals the
closing price of the common stock on September 30, 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 Nine Months Ended
September 30, September 30,
---------------------------------- ---------------------------------
2005: Basic Diluted Basic Diluted
-------------- ------------------ -------------- -----------------
Weighted average shares - EPS 62,940 65,253 62,693 64,973
Weighted average operating partnership units 51,797 51,797 51,504 51,504
-------------- ------------------ -------------- -----------------
Weighted average shares- FFO 114,737 117,050 114,197 116,477
============== ================== ============== =================
2004:
Weighted average shares - EPS 61,540 63,966 61,130 63,554
Weighted average operating partnership units 51,708 51,708 50,768 50,768
-------------- ------------------ -------------- -----------------
Weighted average shares- FFO 113,248 115,674 111,898 114,322
============== ================== ============== =================
Dividend Payout Ratio Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------------- ---------------------------------
2005 2004 2005 2004
-------------- ------------------ -------------- -----------------
Weighted average dividend per share $ 0.4111 $ 0.3664 $ 1.2291 $ 1.0956
FFO per diluted, fully converted share $ 0.98 $ 0.65 $ 2.46 $ 1.87
-------------- ------------------ -------------- -----------------
Dividend payout ratio 41.9% 56.4% 50.0% 58.6%
============== ================== ============== =================
4
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2005
Consolidated Balance Sheets
(Preliminary and unaudited, in thousands)
September 30, December 31,
2005 2004
------------- -------------
ASSETS
Real estate assets:
Land $ 702,250 $ 659,782
Buildings and improvements 5,066,292 4,670,462
------------- -------------
5,768,542 5,330,244
Less: accumulated depreciation (683,390) (575,464)
------------- -------------
5,085,152 4,754,780
Real estate assets held for sale - 61,607
Developments in progress 216,318 78,393
------------- -------------
Net investment in real estate assets 5,301,470 4,894,780
Cash and cash equivalents 36,802 25,766
Receivables:
Tenant, net of allowance 41,232 38,409
Other 3,915 13,706
Mortgage notes receivable 18,104 27,804
Investment in unconsolidated affiliates 80,059 84,782
Other assets 140,507 119,253
------------- -------------
$ 5,622,089 $ 5,204,500
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable $ 3,664,086 $ 3,359,466
Mortgage notes payable on real estate assets held for sale - 12,213
Accounts payable and accrued liabilities 247,273 212,064
------------- -------------
Total liabilities 3,911,359 3,583,743
------------- -------------
Commitments and contingencies
Minority interests 606,179 566,606
------------- -------------
Shareholders' equity:
Preferred stock, $.01 par value 32 32
Common stock, $.01 par value 636 626
Additional paid-in capital 1,052,988 1,025,479
Deferred compensation (9,691) (3,081)
Comprehensive income 310 -
Retained earnings 60,276 31,095
------------- -------------
Total shareholders' equity 1,104,551 1,054,151
------------- -------------
$ 5,622,089 $ 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 September 30, 2005.
</FN>
5
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 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 NinerMonths Ended
September 30, September 30,
---------------------- ---------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
EBITDA:
Net Income $ 67,735 $ 24,180 $ 129,173 $ 84,909
Adjustments:
Depreciation and amortization 46,038 37,901 130,663 103,335
Depreciation and amortization from unconsolidated affiliates 2,207 1,862 6,127 4,605
Depreciation and amortization from discontinued operations - 125 - 470
Minority investors' share of depreciation and amortization in
shopping center properties (311) (302) (962) (899)
Interest expense 52,646 46,042 151,822 129,274
Interest expense from unconsolidated affiliates 3,009 1,658 9,069 4,734
Interest expense from discontinued operations - - - 20
Minority investors' share of interest expense in
shopping center properties (390) (348) (1,160) (1,049)
Income taxes 369 307 1,671 1,573
Loss on extinguishment of debt 44 - 928 -
Loss on impairment of real estate assets - - 262 -
Abandoned projects expense 336 1,629 474 3,314
(Gain) loss on sales of operating real estate assets (42,882) (200) (42,708) (23,765)
(Gain) loss on sales management contracts (21,619) - (21,619) -
Minority interest in earnings of operating partnership 49,455 16,624 87,176 59,498
(Gain) loss on discontinued operations (2) (325) 84 (845)
---------- ---------- ---------- ----------
Company's share of total EBITDA $ 156,635 $ 129,153 $ 451,000 $ 365,174
========== ========== ========== ==========
Interest Expense:
Interest expense $ 52,646 $ 46,042 $ 151,822 $ 129,274
Interest expense from discontinued operations - - - 20
Interest expense from unconsolidated affiliates 3,009 1,658 9,069 4,734
Minority investors' share of interest expense in
shopping center properties (390) (348) (1,160) (1,049)
---------- ---------- ---------- ----------
Company's share of total interest expense $ 55,265 $ 47,352 $ 159,731 $ 132,979
========== ========== ========== ==========
Ratio of EBITDA to Interest Expense 2.83 2.73 2.82 2.75
========== ========== ========== ==========
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
-----------------------------------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
Company's share of total EBITDA $ 156,635 $ 129,153 $ 451,000 $ 365,174
Interest expense (52,646) (46,042) (151,822) (129,294)
Minority investors' share of interest expense in
shopping center properties 390 348 1,160 1,049
Income taxes (369) (307) (1,671) (1,573)
Amortization of deferred financing costs and non-real estate 2,296 1,855 5,695 5,273
depreciation included in operating expense
Amortization of debt premiums (1,921) (1,544) (5,506) (3,601)
Amortization of above and below market leases (1,713) (1,104) (4,551) (2,275)
Depreciation and interest expense from unconsolidated affiliates (5,216) (3,520) (15,196) (9,339)
Minority investors' share of depreciation and amortization in 311 302 962 899
shopping center properties
Minority interest in earnings - shopping center properties 1,086 974 3,661 4,034
Equity in earnings of unconsolidated affiliates (995) (1,407) (6,769) (6,953)
Distributions of equity in earnings from unconsolidated affiliates 2,628 2,993 5,637 6,241
Gains on outparcel sales (3,603) (1,322) (10,873) (2,848)
Accelerated vesting of stock-based compensation 736 - 736 -
Issuances of stock under incentive plan 474 154 850 1,422
Amortization of deferred compensation 199 197 1,273 454
Accrual of deferred compensation 408 112 659 342
Changes in operating assets and liabilities 20,991 (152) 13,686 (475)
---------- ---------- ---------- ----------
Cash flows provided by operating activities $ 119,691 $ 80,690 $ 288,931 $ 228,530
========== ========== ========== ==========
6
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2005
New and Renewal Leasing Activity of Same Small Shop Space Less Than
20,000 Square Feet Excluding Junior Anchors
New New
Square Prior Base Initial Base % Change Average Base % Change
Property Type Feet Rent PSF Rent PSF Initial Rent PSF Average
- --------------- ------------- ----------- ------------- ---------- ------------- -----------
Quarter:
Stabilized malls 465,697 $ 28.23 $ 28.89 2.3% $ 29.70 5.2%
Associated centers 36,568 12.10 14.58 20.5% 15.03 24.2%
Community centers 7,500 19.45 19.88 2.2% 19.93 2.5%
Other 1,335 13.24 14.19 7.2% 14.19 7.2%
TOTAL 511,100 $ 26.91 $ 27.70 2.9% $ 28.47 5.8%
Year To Date:
Stabilized malls 1,626,359 $ 25.57 $ 26.73 4.5% $ 27.41 7.2%
Associated centers 85,901 13.11 16.27 24.1% 16.66 27.1%
Community centers 46,000 16.15 16.33 1.1% 16.36 1.3%
Other 4,422 18.54 21.28 14.8% 21.72 17.2%
TOTAL 1,762,682 $ 24.70 $ 25.94 5.0% $ 26.58 7.6%
Stabilized Mall Leasing Activity of Same Small Shop Space Less Than
20,000 Square Feet Excluding Junior Anchors
New New
Square Prior Base Initial Base % Change Average Base % Change
Stabilized Malls Feet Rent PSF Rent PSF Initial Rent PSF Average
- --------------- ------------- ----------- ------------- ---------- ------------- -----------
Quarter:
New leases 158,851 $ 30.04 $ 33.21 10.6% $ 34.89 16.1%
Renewal leases 306,846 27.29 26.66 -2.3% 27.01 -1.0%
TOTAL 465,697 $ 28.23 $ 28.89 2.3% $ 29.70 5.2%
Year To Date:
New leases 533,789 $ 26.65 $ 29.31 10.0% $ 30.63 14.9%
Renewal leases 1,092,570 25.04 25.47 1.7% 25.83 3.2%
TOTAL 1,626,359 $ 25.57 $ 26.73 4.5% $ 27.41 7.2%
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 Total
Scheduled Unscheduled Leased to Scheduled
Leased Scheduled Expiring Unscheduled Expiring and Unscheduled
Leased Average Base Expiring Average Base Expiring Average Base Expiring Average
Property Type Square Feet Rent PSF Square Feet Rent PSF Square Feet Rent PSF Base Rent PSF
- --------------- ------------- ----------- ------------- ------------ ----------- ------------ -------------------
Quarter:
Stabilized Malls 502,691 $ 29.65 340,563 $ 27.07 171,740 $ 25.43 11.8%
Associated centers 36,568 15.03 22,301 14.40 17,400 10.54 18.3%
Community centers 7,500 19.93 3,000 19.16 6,200 19.60 2.5%
Other 5,176 17.76 878 13.20 - - 34.6%
TOTAL 551,935 $ 28.44 366,742 $ 26.20 195,340 $ 23.92 11.9%
Year To Date:
Stabilized Malls 1,797,529 $ 27.33 1,342,298 $ 25.60 630,758 $ 23.73 9.3%
Associated centers 90,251 16.52 68,102 14.78 31,490 14.52 12.4%
Community centers 54,450 15.06 32,650 12.91 16,631 14.70 11.4%
Other 8,263 20.46 3,026 20.72 1,695 20.00 7.3%
TOTAL 1,950,493 $ 26.46 1,446,076 $ 24.79 680,574 $ 23.07 9.2%
7
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2005
Leasing Activity of Small Shop Space Less Than 20,000 Square Feet Excluding
Junior Anchors
New Leases Renewal Leases Total
------------------------- ------------------------- -------------------------
Average Average Average
Base Base Base
Square Feet Rent PSF Square Feet Rent PSF Square Feet Rent PSF
------------- ----------- ------------- ---------- ------------- -----------
Quarter:
Stabilized Malls 195,845 $ 33.78 306,846 $ 27.01 502,691 $ 29.65
Associated centers 15,317 16.38 21,251 14.06 36,568 15.03
Community centers 4,500 20.44 3,000 19.16 7,500 19.93
Other 5,176 17.76 - - 5,176 17.76
TOTAL 220,838 $ 31.93 331,097 $ 26.11 551,935 $ 28.44
Year To Date:
Stabilized Malls 704,959 $ 29.64 1,092,570 $ 25.83 1,797,529 $ 27.33
Associated centers 48,627 17.53 41,624 15.35 90,251 16.52
Community centers 21,800 18.14 32,650 13.00 54,450 15.06
Other 6,115 19.41 2,148 23.43 8,263 20.46
TOTAL 781,501 $ 28.49 1,168,992 $ 25.10 1,950,493 $ 26.45
Total Leasing Activity of Small Shop Space and Junior Anchors
New Leases Renewal Leases Total
------------------------- ------------------------- -------------------------
Average Average Average
Base Base Base
Square Feet Rent PSF Square Feet Rent PSF Square Feet Rent PSF
------------- ----------- ------------- ---------- ------------- -----------
Quarter:
Stabilized Malls 195,845 $ 33.78 338,704 $ 25.34 534,549 $ 28.43
Associated centers 15,317 16.38 21,251 14.06 36,568 15.03
Community centers 4,500 20.44 3,000 19.16 7,500 19.93
Other 5,176 17.76 - - 5,176 17.76
TOTAL 220,838 $ 31.93 362,955 $ 24.63 583,793 $ 27.39
Year To Date:
Stabilized Malls 829,870 $ 26.86 1,124,428 $ 25.36 1,954,298 $ 26.00
Associated centers 48,627 17.52 41,624 15.35 90,251 16.52
Community centers 21,800 18.14 32,650 13.00 54,450 15.06
Other 6,115 19.41 2,148 23.43 8,263 20.46
TOTAL 906,412 $ 26.10 1,200,850 $ 24.67 2,107,262 $ 25.29
Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space
Less Than 20,000 Square Feet Excluding Junior Anchors
As of September 30,
-------------------------
2005 2004
------------- -----------
Stabalized malls $ 25.85 $ 24.79
Non-stabalized malls 27.46 26.62
Associated centers 10.16 9.56
Community centers (1) 9.00 7.98
Other 19.33 18.89
<FN>
(1) Excludes community centers that were contributed to Galileo America
</FN>
8
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2005
Schedule of Mortgage and Other Notes Payable as of September 30, 2005
(Dollars In thousands )
Balance
Maturity Interest -----------------------
Location Property Date Rate 9/30/2005 Fixed Variable
- ---------------------------- ----------------------------------- -------- ---------- ---------- --------- -----------
Debt On Operating Properties:
Chesapeake, VA Greenbrier Mall Apr-06 4.63% $ 92,650 $ - $ 92,650
Akron, OH Chapel Hill Mall May-06 4.70% 64,000 - 64,000
Akron, OH Chapel Hill Surburban May-06 4.73% 2,500 - 2,500
Midland, MI Midland Mall Jun-06 4.81% 30,000 - 30,000
Brookfield, IL Brookfield Square (a) Jul-06 7.50% 68,604 68,604 -
Rockford, IL Cherryvale Mall (a) Jul-06 7.38% 43,352 43,352 -
Madison, WI East Towne Mall (a) Jan-07 8.01% 26,558 26,558 -
Madison, WI West Towne Mall (a) Jan-07 8.01% 41,060 41,060 -
Chattanooga, TN Hamilton Place Mar-07 7.00% 62,146 62,146 -
Cincinnati, OH Eastgate Crossing Apr-07 6.38% 10,035 10,035 -
Charleston, SC Citadel Mall May-07 7.39% 30,174 30,174 -
Highpoint, NC Oak Hollow Mall Feb-08 7.31% 43,460 43,460 -
Winston-Salem, NC Hanes Mall Jul-08 7.31% 106,726 106,726 -
Nashville, TN Courtyard At Hickory Hollow Aug-08 6.77% 4,031 4,031 -
Nashville, TN Hickory Hollow Mall Aug-08 6.77% 86,588 86,588 -
Nashville, TN Rivergate Mall Aug-08 6.77% 69,980 69,980 -
Nashville, TN Village At Rivergate Aug-08 6.77% 3,306 3,306 -
Lansing, MI Meridian Mall Oct-08 4.52% 91,661 91,661 -
Cary , NC Cary Towne Center Mar-09 6.85% 86,405 86,405 -
Joplin, MO Northpark Mall Mar-09 5.50% 40,881 40,881 -
Fairview Heights, IL St. Clair Square Apr-09 7.00% 66,033 66,033 -
Daytona Beach, FL Volusia Mall Apr-09 4.75% 53,884 53,884 -
Terre Haute, IN Honey Creek Mall Apr-09 4.75% 32,314 32,314 -
Meridian, MS Bonita Lakes Crossing Oct-09 6.82% 8,138 8,138 -
Meridian, MS Bonita Lakes Mall Oct-09 6.82% 25,973 25,973 -
Cincinnati, OH Eastgate Mall (b) Dec-09 4.55% 56,567 56,567 -
Little Rock, AR Park Plaza Mall May-10 5.00% 40,858 40,858 -
Spartanburg, SC Westgate Crossing Jul-10 8.42% 9,508 9,508 -
Burnsville, MN Burnsville Center Aug-10 8.00% 68,627 68,627 -
Roanoke, VA Valley View Mall Sep-10 5.10% 43,984 43,984 -
Beaumont, TX Parkdale Crossing Sep-10 5.01% 8,620 8,620 -
Beaumont, TX Parkdale Mall Sep-10 5.01% 54,593 54,593 -
Nashville, TN Coolsprings Galleria Sep-10 8.29% 128,979 128,979 -
Stroud, PA Stroud Mall Dec-10 8.42% 31,330 31,330 -
Wausau, WI Wausau Center Dec-10 6.70% 13,018 13,018 -
York, PA York Galleria Dec-10 8.34% 50,094 50,094 -
Lexington, KY Fayette Mall Jul-11 7.00% 93,352 93,352 -
Chattanooga, TN Hamilton Corner Aug-11 10.13% 2,089 2,089 -
Asheville, NC Asheville Mall Sep-11 6.98% 68,014 68,014 -
9
Balance
Maturity Interest -----------------------
Location Property Date Rate 9/30/2005 Fixed Variable
- ---------------------------- ----------------------------------- -------- ---------- ---------- --------- -----------
Ft. Smith, AR Massard Crossing Feb-12 7.54% 5,802 5,802 -
Houston, TX Willowbrook Plaza Feb-12 7.54% 29,687 29,687 -
Vicksburg, MS Pemberton Plaza Feb-12 7.54% 1,982 1,982 -
Fayetteville, NC Cross Creek Mall Apr-12 5.00% 62,836 62,836 -
Colonial Heights, VA Southpark Mall May-12 5.10% 36,838 36,838 -
Asheboro, NC Randolph Mall Jul-12 6.50% 14,818 14,818 -
Douglasville, GA Arbor Place Jul-12 6.51% 76,928 76,928 -
Douglasville, GA The Landing At Arbor Place Jul-12 6.51% 8,684 8,684 -
Jackson, TN Old Hickory Mall Jul-12 6.51% 33,980 33,980 -
Louisville, KY Jefferson Mall Jul-12 6.51% 42,853 42,853 -
North Charleston, SC Northwoods Mall Jul-12 6.51% 61,354 61,354 -
Racine, WI Regency Mall Jul-12 6.51% 33,603 33,603 -
Saginaw, MI Fashion Square Jul-12 6.51% 58,899 58,899 -
Spartanburg, SC Westgate Mall Jul-12 6.50% 53,232 53,232 -
Chattanooga, TN CBL Center Aug-12 6.25% 14,421 14,421 -
Panama City, FL Panama City Mall Aug-12 7.30% 39,406 39,406 -
Livonia, MI Laurel Park Place Dec-12 5.00% 50,461 50,461 -
Monroeville, PA Monroeville Mall Jan-13 5.30% 130,690 130,690 -
Greensburg, PA Westmoreland Mall Jan-13 5.05% 80,480 80,480 -
Columbia, SC Columbia Place Oct-13 5.45% 32,650 32,650 -
Laredo, TX Mall del Norte Dec-14 5.04% 113,400 113,400 -
Janesville, WI Janesville Mall Apr-16 8.38% 13,009 13,009 -
---------- --------- -----------
2,856,105 2,666,955 189,150
---------- --------- -----------
Weighted average interest rate 6.31% 6.42% 4.68%
Debt Premiums:
Joplin, MO Northpark Mall Mar-09 5.50% 629 629 -
Daytona Beach, FL Volusia Mall Apr-09 4.75% 3,309 3,309 -
Terre Haute, IN Honey Creek Mall Apr-09 4.75% 2,312 2,312 -
Little Rock, AR Park Plaza Mall May-10 4.90% 6,169 6,169 -
Roanoke, VA Valley View Mall Sep-10 5.10% 6,576 6,576 -
Fayetteville, NC Cross Creek Mall Apr-12 5.00% 8,077 8,077 -
Colonial Heights, VA Southpark Mall May-12 5.10% 3,666 3,666 -
Livonia, MI Laurel Park Place Dec-12 5.00% 10,128 10,128 -
Monroeville, PA Monroeville Mall Jan-13 5.30% 3,163 3,163 -
---------- --------- -----------
44,029 44,029 -
---------- --------- -----------
Weighted average interest rate 5.01% 5.01% -%
Total Loans On Operating Properties And Debt Premiums 2,900,134 2,710,984 189,150
---------- --------- -----------
Weighted average interest rate 6.29% 6.40% 4.68%
Construction Loans:
Lexington, KY The Plaza at Fayette Dec-06 5.28% 8,550 - 8,550
Southaven, MS Southaven Towne Center Jun-07 5.37% 19,543 - 19,543
Ft. Myers, FL Gulf Coast Town Center Sep-08 5.06% 29,574 - 29,574
---------- --------- -----------
57,667 - 57,667
---------- --------- -----------
10
Balance
Maturity Interest -----------------------
Location Property Date Rate 9/30/2005 Fixed Variable
- ---------------------------- ----------------------------------- -------- ---------- ---------- --------- -----------
Lines Of Credit 4.82% 706,285 - 706,285
---------- --------- -----------
Weighted average interest rate
Total Consolidated Debt $ 3,664,086 $ 2,710,984 $ 953,102
Weighted average interest rate 5.99% 6.40% 4.81%
Plus CBL'S Share Of Unconsolidated Affiliates' Debt:
Paducah, KY Kentucky Oaks Mall Jun-07 9.000% 15,379 15,379 -
Huntsville, AL Parkway Place Jun-08 4.700% 26,600 - 26,600
Del Rio, TX Plaza del Sol Aug-10 9.150% 1,589 1,589 -
Myrtle Beach, SC Coastal Grand-Myrtle Beach Oct-14 5.090% 49,069 49,069 -
El Centro, CA Imperial Valley Mall Sep-15 4.985% 36,000 36,000 -
Clarksville, TN Governor's Square Mall Sep-16 8.230% 14,600 14,600 -
---------- --------- -----------
143,237 116,637 26,600
---------- --------- -----------
Less Minority Interests' Share Of Consolidated Debt: Minority Interest %
Chattanooga, TN CBL Center 8.0000% 6.2500% (1,154) (1,154) -
Chattanooga, TN Hamilton Corner 10.0000% 10.1250% (209) (209) -
Chattanooga, TN Hamilton Place 10.0000% 7.0000% (6,215) (6,215) -
Ft. Smith, AR Massard Crossing 10.0000% 7.5400% (5,222) (5,222) -
Highpoint, NC Oak Hollow Mall 25.0000% 7.3100% (10,865) (10,865) -
Houston, TX Willowbrook Plaza 10.0000% 7.5400% (26,719) (26,719) -
Vicksburg, MS Pemberton Plaza 10.0000% 7.3100% (1,784) (1,784) -
---------- --------- -----------
(52,168) (52,168) -
---------- --------- -----------
Company's Share Of Consolidated And Unconsolidated Debt $ 3,755,155 $ 2,775,453 $ 979,702
========== ========= ===========
Weighted average interest rate 5.96% 6.37% 4.81%
Total Debt of Unconsolidated Affiliates:
El Centro, CA Imperial Valley Mall (a) Dec-06 4.985% $ 60,000 $ 60,000 $ -
Paducah, KY Kentucky Oaks Mall Jun-07 9.000% 30,756 30,756 -
Huntsville, AL Parkway Place Jun-08 4.700% 53,200 - 53,200
Del Rio, TX Plaza del Sol Aug-10 9.150% 3,140 3,140 -
Myrtle Beach, SC Coastal Grand-Myrtle Beach (c) Oct-14 5.090% 98,138 98,138 -
Clarksville, TN Governor's Square Mall Sep-16 8.230% 30,738 30,738 -
---------- --------- -----------
$ 275,972 $ 222,772 $ 53,200
========== ========= ===========
Weighted average interest rate 5.82% 6.09% 4.70%
<FN>
(a) These loans were refinanced subsequent to September 30, 2005. Following are
the terms of the new mortgage loans.
Maturity Interest
Location Property Date Rate Amount
- ---------------------------- ----------------------- ---------- --------- -----------
El Centro, CA Imperial Valley Mall Sep-15 4.985% $ 60,000
Rockford, IL Cherryvale Mall Oct-15 5.000% 94,000
Brookfield, IL Brookfield Square Nov-15 5.075% 105,000
Madison, WI East Towne Mall Nov-15 5.000% 80,000
Madison, WI West Towne Mall Nov-15 5.000% 113,000
(b) Eastgate Mall - 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.
(c) Coastal Grand-Myrtle Beach - 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>
11
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2005
Top 25 Based On Percentage Of Total Revenues As Of September 30, 2005:
Annual Percentage
Number of Gross of Total
Tenant Stores Square Feet Rentals (1) Revenues
- -------------------------------------------------------- --------- ------------ ------------- --------
1 Limited Brands, Inc. 221 1,354,832 $45,608,153 6.0%
2 Foot Locker, Inc. 183 720,470 26,956,807 3.6%
3 The Gap, Inc. 96 948,585 22,907,765 3.0%
4 Luxottica Group, S.P.A. (2) 189 348,406 16,005,127 2.1%
5 Abercrombie & Fitch, Co. 62 428,130 15,089,454 2.0%
6 Signet Group PLC (3) 96 145,984 13,481,396 1.8%
7 American Eagle Outfitters, Inc. 65 340,249 12,861,492 1.7%
8 Zale Corporation 136 134,580 12,373,250 1.6%
9 JC Penney Co. Inc. (4) 66 7,260,464 12,342,111 1.6%
10 Finish Line, Inc. 63 334,930 11,985,248 1.6%
11 The Regis Corporation 181 208,161 10,147,129 1.3%
12 Lerner New York, Inc. 42 328,062 10,039,752 1.3%
13 Hallmark Cards, Inc. 83 285,389 9,331,119 1.2%
14 Genesco Inc. (5) 130 166,449 9,173,612 1.2%
15 The Children's Place Retail Stores, Inc. (6) 57 239,133 9,112,156 1.2%
16 Pacific Sunwear of California 76 259,273 8,887,770 1.2%
17 Charming Shoppes, Inc. (7) 54 321,889 8,831,028 1.2%
18 Dick's Sporting Goods, Inc. 13 583,176 8,044,301 1.1%
19 Trans World Entertainment (8) 48 252,003 7,869,983 1.0%
20 Aeropostale, Inc. 59 198,954 7,801,264 1.0%
21 Barnes & Noble, Inc. 52 307,316 7,109,977 0.9%
22 Christopher & Banks, Inc. 59 204,696 6,980,649 0.9%
23 Claire's Stores, Inc. 108 121,573 6,949,674 0.9%
24 The Shoe Show of Rocky Mount, Inc 50 271,650 6,892,581 0.9%
25 Sun Capital Partners, Inc. (9) 56 323,769 6,860,612 0.9%
--------- ------------ ------------- --------
2,245 16,088,123 $313,642,410 41.2%
======== ============ ============= ========
<FN>
(1) Includes annual minimum rent and tenant reimbursements based on amounts in
effect at September 30, 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 and Rogers Jewelers.
(4) J.C. Penney owns 28 of these stores.
(5) 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.
(6) The Children's Place Retail Stores, Inc. purchased The Disney Store in
November 2004.
(7) Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine's.
(8) Trans World Entertainment operates FYE (formerly Camelot Music and Record
Town) and Saturday Matinee.
(9) 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>
12
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2005
Capital Expenditures for Three Months and Nine Months Ended September 30 , 2005
(In thousands)
Three Months Nine Months
------------- ------------
Tenant allowances $ 14,135 $ 34,287
------------- ------------
Renovations 12,606 22,123
------------- ------------
Deferred maintenance:
Parking lot and parking lot lighting 5,711 7,619
Roof repairs and replacements 3,825 8,742
Other capital expenditures 2,217 4,694
------------- ------------
Total deferred maintenancee expenditures 11,753 21,055
------------- ------------
Total capital expenditures $ 38,494 $ 77,465
============= ============
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)
2005 2004
------------- ------------
Quarter ended:
March 31, $ 374 $ 492
June 30, 699 242
September 30, 629 524
December 31, - 628
------------- ------------
$ 1,702 $ 1,886
============= ============
13
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2005
Properties Under Development at September 30, 2005
(Dollars in thousands)
CBL's Share of
--------------------------
Square Total Costs Opening Initial
Property Location Feet Costs To Date Date Yield
- --------------------------------------- ------------------ ------------ ------------ ------------ ----------------- -------
Mall Expansions:
Fayette Mall Lexington, KY 140,000 $ 22,961 $ 14,525 September-05 11%
Burnsville Center Burnsville, MN 145,000 22,880 9,249 Sep-05/Apr-06 9%
Stroud Mall Stroudsburg, PA 4,513 1,326 640 November-05 9%
Hanes Mall - Dick's Sporting Goods Winston-Salem, NC 66,000 10,150 918 July-06 10%
Open Air Centers:
Southaven Towne Center Southaven, MS 437,600 43,238 32,850 October-05 10%
Gulf Coast Town Center Phase I Ft. Meyers, FL 445,000 72,075 (a) 56,532 (a) October-05 9%
Lakeview Point Stillwater, OK 205,000 20,307 4,647 Fall 2006 9%
Gulf Coast Town Center Phase II Ft. Meyers, FL 743,000 94,047 (a) 886 (a)Fourth Quarter 2006 9%
Associated Center:
The Plaza at Fayette Phase I Lexington, KY 76,000 25,140 11,688 Fall 2006 9%
Community Center:
Cobblestone Village at Royal Palm Royal Palm Beach, FL 225,000 10,029 9,086 December-05 9%
Community Center Expansion:
Fashion Square Orange Park, FL 18,000 3,278 1,650 December-05 10%
------------ ------------ ------------
2,505,113 $ 325,431 $ 142,671
============ ============ ============
<FN>
(a) Amounts shown are 100% of the cost and cost to date. CBL is funding the
cost at this time.
</FN>