Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2006
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
Three Months Ended
March 31,
-------------------------
2006 2005
----------- -----------
REVENUES:
Minimum rents $ 152,152 $ 130,295
Percentage rents 6,353 8,090
Other rents 3,880 3,125
Tenant reimbursements 75,991 65,526
Management, development and leasing fees 1,077 3,046
Other 5,866 4,629
----------- -----------
Total revenues 245,319 214,711
----------- -----------
EXPENSES:
Property operating 40,737 35,638
Depreciation and amortization 54,766 41,275
Real estate taxes 19,265 15,421
Maintenance and repairs 12,693 12,319
General and administrative 9,587 9,186
Loss on impairment of real estate assets - 262
Other 4,169 3,430
----------- -----------
Total expenses 141,217 117,531
----------- -----------
Income from operations 104,102 97,180
Interest income 1,732 1,683
Interest expense (63,929) (48,921)
Loss on extinguishment of debt - (884)
Gain on sales of real estate assets 900 2,714
Equity in earnings of unconsolidated affiliates 2,068 3,091
Minority interest in earnings:
Operating partnership (18,129) (20,826)
Shopping center properties (588) (1,397)
----------- -----------
Income before discontinued operations 26,156 32,640
Operating income of discontinued operations 2,099 405
Loss on discontinued operations - (32)
----------- -----------
Net income 28,255 33,013
Preferred dividends (7,642) (7,642)
----------- -----------
Net income available to common shareholders $ 20,613 $ 25,371
=========== ===========
Basic per share data:
Income before discontinued operations, net of preferred dividends $ 0.30 $ 0.40
Discontinued operations 0.03 0.01
----------- -----------
Net income available to common shareholders $ 0.33 $ 0.41
=========== ===========
Weighted average common shares outstanding 62,655 62,448
Diluted per share data:
Income before discontinued operations, net of preferred dividends $ 0.29 $ 0.39
Discontinued operations 0.03 -
----------- -----------
Net income available to common shareholders $ 0.32 $ 0.39
=========== ===========
Weighted average common and potential dilutive
common shares outstanding 64,323 64,794
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2006
The Company's calculation of FFO is as follows (in thousands, except per share
data):
Three Months Ended
March 31,
-------------------------
2006 2005
----------- -----------
Net income available to common shareholders $ 20,613 $ 25,371
Add:
Depreciation and amortization from consolidated properties 54,766 41,275
Depreciation and amortization from unconsolidated affiliates 3,278 1,710
Depreciation and amortization from discontinued operations 515 11
Minority interest in earnings of operating partnership 18,129 20,826
Less:
Gain on sales of operating real estate assets - (223)
Minority investors' share of depreciation and amortization (539) (362)
Loss on discontinued operations - 32
Depreciation and amortization of non-real estate assets (195) (179)
----------- -----------
Funds from operations $ 96,567 $ 88,461
=========== ===========
Funds from operations applicable to Company shareholders $ 52,545 $ 48,582
=========== ===========
Basic per share data:
Funds from operations $ 0.84 $ 0.78
=========== ===========
Weighted average common shares outstanding with operating partnership
units fully converted 115,147 113,709
Diluted per share data:
Funds from operations $ 0.83 $ 0.76
=========== ===========
Weighted average common and potential dilutive common shares
outstanding with operating partnership units fully converted 116,815 116,055
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees $ 5,868 $ 2,249
Lease termination fees per share $ 0.05 $ 0.02
Straight-line rental income $ 965 $ 1,767
Straight-line rental income per share $ 0.01 $ 0.02
Gains on outparcel sales $ 1,633 $ 2,610
Gains on outparcel sales per share $ 0.01 $ 0.02
Amortization of acquired above- and below-market leases $ 2,602 $ 1,164
Amortization of acquired above- and below-market leases per share $ 0.02 $ 0.01
Amortization of debt premiums $ 1,842 $ 1,709
Amortization of debt premiums per share $ 0.02 $ 0.01
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 $ - $ -
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2006
Same-Center Net Operating Income
(Dollars in thousands)
Three Months Ended
March 31,
-------------------------
2006 2005
----------- -----------
Net income $ 28,255 $ 33,013
Adjustments:
Depreciation and amortization 54,766 41,275
Depreciation and amortization from unconsolidated affiliates 3,278 1,710
Depreciation and amortization from discontinued operations 515 11
Minority investors' share of depreciation and amortization in
shopping center properties (539) (362)
Interest expense 63,929 48,921
Interest expense from unconsolidated affiliates 4,394 2,522
Minority investors' share of interest expense in
shopping center properties (1,162) (378)
Loss on extinguishment of debt - 884
Abandoned projects expense (5) 121
Gain on sales of real estate assets (900) (2,714)
Loss on impairment of real estate assets - 262
Gain on sales of real estate assets of unconsolidated affiliates (733) (934)
Minority interest in earnings of operating partnership 18,129 20,826
Loss on discontinued operations - 32
- -
Operating partnership's share of total NOI 169,927 145,189
General and administrative expenses 9,587 9,186
Management fees and non-property level revenues (4,661) (5,539)
----------- -----------
Operating partnership's share of property NOI 174,853 148,836
NOI of non-comparable centers (22,718) (1,945)
----------- -----------
Total same center NOI $ 152,135 $ 146,891
=========== ===========
Malls $ 140,194 $ 136,245
Associated centers 6,698 6,272
Community centers 1,588 1,410
Other 3,655 2,964
----------- -----------
Total same center NOI $ 152,135 $ 146,891
=========== ===========
Percentage Change:
Malls 2.9%
Associated centers 6.8%
Community centers 12.6%
Other 23.3%
-----------
Total same center NOI 3.6%
===========
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2006
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
March 31, 2006
-----------------------------------------------
Fixed Rate Variable Rate Total
-------------- ------------- ----------------
Consolidated debt $ 3,262,444 $ 1,131,444 $ 4,393,888
Minority investors' share of consolidated debt (51,686) - (51,686)
Company's share of unconsolidated affiliates' debt 225,238 26,550 251,788
-------------- ------------- ----------------
Company's share of consolidated and unconsolidated debt $ 3,435,996 $ 1,157,994 $ 4,593,990
============== ============= ================
Weighted average interest rate 5.99% 5.55% 5.88%
============== ============= ================
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%
============== ============= ================
Debt-To-Total-Market Capitalization Ratio as of March 31, 2006
(In thousands, except stock price) Shares
Outstanding Stock Price (1) Value
-------------- -------------------------------
Common stock and operating partnership units 115,669 $ 42.45 $44,910,149
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 5,300,149
Company's share of total debt 4,593,990
----------------
Total market capitalization $ 9,894,139
================
Debt-to-total-market capitalization ratio 46.4%
================
(1) Stock price for common stock and operating partnership units equals the
closing price of the common stock on March 31, 2006. 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
March 31,
-----------------------------
2006: Basic Diluted
------------- --------------
Weighted average shares - EPS 62,655 64,323
Weighted average operating partnership units 52,492 52,492
------------- --------------
Weighted average shares - FFO 115,147 116,815
============= ==============
2005:
Weighted average shares - EPS 62,448 64,794
Weighted average operating partnership units 51,261 51,261
------------- --------------
Weighted average shares - FFO 113,709 116,055
============= ==============
Dividend Payout Ratio Three Months Ended
March 31,
-----------------------------
2006 2005
------------- --------------
Dividend per share $ 0.4639 $ 0.4094
FFO per diluted, fully converted share $ 0.83 $ 0.76
------------- --------------
Dividend payout ratio 55.9% 53.9%
============= ==============
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2006
Consolidated Balance Sheets
(Preliminary and unaudited, in thousands)
March 31, December 31,
2006 2005
------------- -------------
ASSETS
Real estate assets:
Land $ 766,431 $ 776,989
Buildings and improvements 5,680,097 5,698,669
------------- -------------
6,446,528 6,475,658
Less: accumulated depreciation (774,049) (727,907)
------------- -------------
5,672,479 5,747,751
Real estate assets held for sale 98,073 63,168
Developments in progress 170,137 133,509
------------- -------------
Net investment in real estate assets 5,940,689 5,944,428
Cash and cash equivalents 41,490 28,838
Receivables:
Tenant, net of allowance 57,274 55,056
Other 9,726 6,235
Mortgage notes receivable 18,077 18,117
Investments in unconsolidated affiliates 81,442 84,138
Other assets 209,354 215,510
------------- -------------
$ 6,358,052 $ 6,352,322
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable $ 4,393,888 $ 4,341,055
Accounts payable and accrued liabilities 284,190 320,270
------------- -------------
Total liabilities 4,678,078 4,661,325
------------- -------------
Commitments and contingencies
Minority interests 586,436 609,475
------------- -------------
Shareholders' equity:
Preferred Stock, $.01 par value, 15,000,000 shares authorized:
8.75% Series B Cumulative Redeemable Preferred Stock, 20 20
2,000,000 shares outstanding
7.75% Series C Cumulative Redeemable Preferred Stock, 5 5
460,000 shares outstanding
7.375% Series D Cumulative Redeemable Preferred Stock, 7 7
700,000 shares outstanding
Common Stock, $.01 par value, 180,000,000 shares authorized, 642 625
64,243,646 and 62,512,816 issued and outstanding in 2006 and
2005, respectively
Additional paid-in capital 1,047,701 1,028,869
Accumulated other comprehensive income 1,095 288
Retained earnings 44,068 51,708
------------- -------------
Total shareholders' equity 1,093,538 1,081,522
------------- -------------
$ 6,358,052 $ 6,352,322
============= =============
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2006
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,
------------------------
2006 2005
--------- ---------
EBITDA:
Net Income $ 28,255 $ 33,013
Adjustments:
Depreciation and amortization 54,766 41,275
Depreciation and amortization from unconsolidated affiliates 3,278 1,710
Depreciation and amortization from discontinued operations 515 11
Minority investors' share of depreciation and amortization in
shopping center properties (539) (362)
Interest expense 63,929 48,921
Interest expense from unconsolidated affiliates 4,394 2,522
Minority investors' share of interest expense in
shopping center properties (1,162) (378)
Income taxes 220 355
Loss on extinguishment of debt - 884
Loss on impairment of real estate assets - 262
Abandoned projects expense (5) 121
Gain on sales of operating real estate assets - (223)
Minority interest in earnings of operating partnership 18,129 20,826
Loss on discontinued operations - 32
--------- ---------
Company's share of total EBITDA $171,780 $148,969
========= =========
Interest Expense:
Interest expense $ 63,929 $ 48,921
Interest expense from unconsolidated affiliates 4,394 2,522
Minority investors' share of interest expense in
shopping center properties (1,162) (378)
--------- ---------
Company's share of total interest expense $ 67,161 $ 51,065
========= =========
Ratio of EBITDA to Interest Expense 2.56 2.92
========= =========
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
Three Months Ended
March 31,
-------------------------
2006 2005
--------- ---------
Company's share of total EBITDA $171,780 $148,969
Interest expense (63,929) (48,921)
Minority interest's share of interest expense 1,162 378
Income taxes (220) (355)
Amortization of deferred financing costs and non real estate
depreciation included in operating expense 1,776 2,021
Amortization of debt premiums (1,842) (1,678)
Amortization of above and below market leases (2,602) (1,531)
Depreciation and interest expense from unconsolidated affiliates (7,672) (4,232)
Minority investors' share of depreciation and amortization in
shopping center properties 539 362
Equity in earnings net of distributions from unconsolidated affiliates (301) -
Minority interest in earnings - shopping center properties 588 1,407
Gains on outparcel sales (900) (2,491)
Stock based compensation expense 2,195 1,131
Changes in operating assets and liabilities (26,174) (18,703)
--------- ---------
Cash flows provided by operating activities $ 74,400 $ 76,357
========= =========
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2006
Schedule of Mortgage and Other Notes Payable as of March 31, 2006
(Dollars In thousands )
Balance
Maturity Interest Balance ---------------------
Location Property Date Rate March 31, 2006 Fixed Variable
- -----------------------------------------------------------------------------------------------------------------------------------
Chesapeake, VA Greenbrier Mall Apr-06 5.688% $ 92,650 $ - $ 92,650
Layton, UT Layton Hills Mall May-06 5.620% 102,850 - 102,850
Akron, OH Chapel Hill Mall May-06 5.660% 64,000 - 64,000
Akron, OH Chapel Hill Surburban May-06 5.760% 2,500 - 2,500
Midland, MI Midland Mall Jun-06 5.813% 30,000 - 30,000
Chattanooga, TN Hamilton Place Mar-07 7.000% 61,125 61,125 -
Cincinnati, OH Eastgate Crossing Apr-07 6.380% 9,925 9,925 -
Charleston, SC Citadel Mall May-07 7.390% 29,700 29,700 -
Highpoint, NC Oak Hollow Mall Feb-08 7.310% 42,670 42,670 -
Winston-Salem, NC Hanes Mall Jul-08 7.310% 105,241 105,241 -
Nashville, TN Hickory Hollow Mall Aug-08 6.770% 85,660 85,660 -
Nashville, TN Courtyard At Hickory Hollow Aug-08 6.770% 3,988 3,988 -
Nashville, TN Rivergate Mall Aug-08 6.770% 69,230 69,230 -
Nashville, TN Village At Rivergate Aug-08 6.770% 3,270 3,270 -
Lansing, MI Meridian Mall Oct-08 4.520% 90,513 90,513 -
Cary, NC Cary Towne Center Mar-09 6.850% 85,818 85,818 -
Joplin, MO Northpark Mall Mar-09 5.500% 40,473 40,473 -
Daytona Beach, FL Volusia Mall Mar-09 4.750% 53,555 53,555 -
Fairview Heights, IL St. Clair Square Apr-09 7.000% 65,151 65,151 -
Terre Haute, IN Honey Creek Mall Apr-09 4.750% 32,040 32,040 -
Meridian, MS Bonita Lakes Mall Oct-09 6.820% 25,602 25,602 -
Meridian, MS Bonita Lakes Crossing Oct-09 6.820% 8,022 8,022 -
Cincinnati, OH Eastgate Mall Dec-09 4.550% 56,099(a) 56,099 -
Little Rock, AR Park Plaza Mall May-10 4.900% 40,644 40,644 -
Spartanburg, SC Westgate Crossing Jul-10 8.420% 9,456 9,456 -
Burnsville, MN Burnsville Center Aug-10 8.000% 67,911 67,911 -
Roanoke, VA Valley View Mall Sep-10 5.100% 43,692 43,692 -
Beaumont, TX Parkdale Mall Sep-10 5.010% 53,952 53,952 -
Beaumont, TX Parkdale Crossing Sep-10 5.010% 8,519 8,519 -
Nashville, TN Coolsprings Galleria Sep-10 6.222% 128,141 128,141 -
Stroud, PA Stroud Mall Dec-10 8.420% 31,166 31,166 -
Wausau, WI Wausau Center Dec-10 6.700% 12,833 12,833 -
York, PA York Galleria Dec-10 8.340% 49,824 49,824 -
Lexington, KY Fayette Mall Jul-11 7.000% 92,698 92,698 -
Chattanooga, TN Hamilton Corner Aug-11 10.125% 1,956 1,956 -
Asheville, NC Asheville Mall Sep-11 6.980% 67,543 67,543 -
Ft. Smith, AR Massard Crossing Feb-12 7.540% 5,775 5,775 -
Houston, TX Willowbrook Plaza Feb-12 7.540% 29,547 29,547 -
Vicksburg, MS Pemberton Plaza Feb-12 7.540% 1,973 1,973 -
Fayetteville, NC Cross Creek Mall Apr-12 5.000% 62,451 62,451 -
Colonial Heights, VA Southpark Mall May-12 5.100% 36,468 36,468 -
Asheboro, NC Randolph Mall Jul-12 6.500% 14,661 14,661 -
Douglasville, GA Arbor Place Jul-12 6.510% 76,116 76,116 -
Douglasville, GA The Landing At Arbor Place Jul-12 6.510% 8,592 8,592 -
Jackson, TN Old Hickory Mall Jul-12 6.510% 33,622 33,622 -
Louisville, KY Jefferson Mall Jul-12 6.510% 42,401 42,401 -
North Charleston, SC Northwoods Mall Jul-12 6.510% 60,706 60,706 -
Racine, WI Regency Mall Jul-12 6.510% 33,248 33,248 -
Saginaw, MI Fashion Square Jul-12 6.510% 58,278 58,278 -
Spartanburg, SC Westgate Mall Jul-12 6.500% 52,669 52,669 -
Chattanooga, TN CBL Center Aug-12 6.250% 14,316 14,316 -
Panama City, FL Panama City Mall Aug-12 7.300% 39,163 39,163 -
Livonia, MI Laurel Park Place Dec-12 5.000% 50,119 50,119 -
Monroeville, PA Monroeville Mall Jan-13 5.300% 129,259 129,259 -
Greensburg, PA Westmoreland Mall Jan-13 5.050% 79,506 79,506 -
Columbia, SC Columbia Place Oct-13 5.450% 32,289 32,289 -
Laredo, TX Mall del Norte Dec-14 5.040% 113,400 113,400 -
Brookfield, IL Brookfield Square Nov-15 5.075% 104,499 104,499 -
Madison, WI East Towne Mall Nov-15 5.000% 79,613 79,613 -
Madison, WI West Towne Mall Nov-15 5.000% 112,454 112,454 -
Rockford, IL Cherryvale Mall Nov-15 5.000% 93,315 93,315 -
Bloominton, IL Eastland Mall Dec-15 5.850% 59,400 59,400 -
Decatur, IL Hickory Point Mall Dec-15 5.850% 33,048 33,048 -
Overland Park, KS Oak Park Mall Dec-15 5.850% 275,700 275,700 -
Janesville, WI Janesville Mall Apr-16 8.375% 12,619 12,619 -
----------- ----------- ----------
3,513,624 3,221,624 292,000
----------- ----------- ----------
Weighted average interest rate 6.01% 6.04% 5.67%
Debt Premiums:
Daytona Beach, FL Volusia Mall Apr-09 4.750% 2,859 2,859 -
Terre Haute, IN Honey Creek Mall Apr-09 4.750% 2,010 2,010 -
Little Rock, AR Park Plaza Mall May-10 4.900% 5,534 5,534 -
Roanoke, VA Valley View Mall Sep-10 5.100% 5,967 5,967 -
Fayetteville, NC Cross Creek Mall Apr-12 5.000% 7,521 7,521 -
Colonial Heights, VA Southpark Mall May-12 5.100% 3,408 3,408 -
Joplin, MO Northpark Mall Jul-12 5.500% 595 595 -
Livonia, MI Laurel Park Place Dec-12 5.000% 9,488 9,488 -
Monroeville, PA Monroeville Mall Jan-13 5.300% 2,963 2,963 -
----------- ----------- ----------
40,345 40,345 -
----------- ----------- ----------
Weighted average interest rate 5.01% 5.01% -
SUBTOTAL 3,553,969 3,261,969 292,000
----------- ----------- ----------
Weighted average interest rate 5.99% 6.02% 5.67%
CONSTRUCTION LOANS:
Ft. Myers, FL Gulf Coast Town Center Phase I Aug-06 6.05% 48,072 - 48,072
Southaven, MS Southaven Towne Center Jun-07 5.67% 25,423 - 25,423
Stillwater, OK Lakeview Pointe Nov-08 5.91% 5,019 - 5,019
Ft. Myers, FL Gulf Coast Town Center Phase II Jan-09 6.05% 1,199 - 1,199
Lexington, KY The Plaza at Fayette May-09 6.00% 12,308 - 12,308
Burlington, NC Alamance Crossing Sep-09 6.11% 8,273 - 8,273
----------- ----------- ---------
100,294 - 100,294
----------- ----------- ----------
5.95% - 5.95%
LINES OF CREDIT 5.46% 739,150 - 739,150
----------- ----------- ----------
OTHER 475 475 -
----------- ----------- ----------
TOTAL CONSOLIDATED BALANCE SHEET $ 4,393,888 $ 3,262,444 $1,131,444
Weighted average interest rate 5.90% 6.02% 5.56%
Plus CBL Share Of Unconsolidated Affiliates:
Paducah, KY Kentucky Oaks Mall Jun-07 9.00% 15,207 15,207 -
Huntsville, AL Parkway Place Jun-08 5.30% 26,550 - 26,550
Del Rio, TX Plaza del Sol Aug-10 9.15% 1,458 1,458 -
Myrtle Beach, SC Coastal Grand-Myrtle Beach Oct-14 5.09% 57,543 57,543 -
El Centro, CA Imperial Valley Mall Sep-15 4.99% 35,781 35,781 -
Raleigh, NC Triangle Town Center Dec-15 5.74% 100,000 100,000 -
Clarksville, TN Governor's Square Mall Sep-16 8.23% 14,415 14,415 -
Harrisburg, PA High Pointe Commons May-17 5.75% 834 834 -
----------- ----------- ----------
251,788 225,238 26,550
----------- ----------- ----------
Less Minority Interests' Share: Minority Interest %
Chattanooga, TN CBL Center 8.0% 6.250% (1,145) (1,145) -
Chattanooga, TN Hamilton Corner 10.0% 10.125% (196) (196) -
Chattanooga, TN Hamilton Place 10.0% 7.000% (6,112) (6,112) -
Ft. Smith, AR Massard Crossing 90.0% 7.310% (5,197) (5,197) -
Highpoint, NC Oak Hollow Mall 25.0% 7.310% (10,667) (10,667) -
Houston, TX Willowbrook Plaza 90.0% 7.540% (26,593) (26,593) -
Vicksburg, MS Pemberton Plaza 90.0% 7.310% (1,776) (1,776) -
----------- ----------- ----------
(51,686) (51,686) -
----------- ----------- ----------
TOTAL OBLIGATIONS $ 4,593,990 $ 3,435,996 $1,157,994
=========== =========== ==========
Weighted average interest rate 5.88% 5.99% 5.55%
Total Debt of Unconsolidated Affiliates
El Centro, CA Imperial Valley Mall Dec-06 4.985% $ 59,636 $ 59,636 $ -
Paducah, KY Kentucky Oaks Mall Jun-07 9.000% 30,414 30,414 -
Raleigh, NC Triangle Town Center Jun-07 5.737% 200,000 200,000 -
Huntsville, AL Parkway Place Jun-08 5.300% 53,100 - 53,100
Del Rio, TX Plaza del Sol Aug-10 9.150% 2,881 2,881 -
Myrtle Beach, SC Coastal Grand-Myrtle Beach Oct-14 5.090% 115,086(b) 115,086 -
Clarksville, TN Governor's Square Mall Sep-16 8.230% 30,347 30,347 -
Harrisburg, PA High Pointe Commons May-17 5.750% 1,669 1,669 -
----------- ----------- ----------
$ 493,133 $ 440,033 $ 53,100
========== ========== =========
Weighted average interest rate 5.82% 5.89% 5.30%
<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 Ended March 31, 2006
New and Renewal Leasing Activity of Same Small Shop Space Less Than 20,000
Square Feet Excluding Junior Anchors
Quarter: New New
Square Prior Base Initial Base % Change Average Base % Change
Property Type Feet Rent PSF Rent PSF Initial Rent PSF Average
- --------------- ------------- ----------- ------------ ---------- ------------- ----------
Stabilized Malls 753,970 $ 26.24 $ 26.37 0.5% $ 27.01 2.9%
Associated centers 14,657 17.57 18.86 7.3% 18.87 7.4%
Community centers 5,002 20.62 20.62 0.0% 21.47 4.1%
TOTAL 773,629 $ 26.04 $ 26.19 0.6% $ 26.82 3.0%
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 254,597 $ 26.81 $ 30.70 14.5% $ 32.03 19.5%
Renewal leases 499,373 25.96 24.16 -6.9% 24.45 -5.8% *
TOTAL 753,970 $ 26.24 $ 26.37 0.5% $ 27.01 2.9% *
<FN>
* Excluding Limited store and music store renewal leases, average base rent psf
on renewal leasing increased 4.8% over prior base rent psf, and average base
rent psf for total leasing increased 10.6% over prior base rent psf. 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
</FN>
% Change of Total
Total Leased to Total
Leased Total Expiring Expiring
Leased Average Base Expiring Average Base Average Base
Property Type Square Feet Rent PSF Square Feet Rent PSF Rent PSF
- --------------- ------------- ----------- ------------ ------------ ------------------
Quarter:
Stabilized Malls 779,521 $ 26.95 1,086,156 $ 24.67 9.2% *
Associated centers 14,657 18.87 15,001 17.25 9.4%
Community centers 6,029 21.21 3,900 17.87 18.7%
TOTAL 800,207 $ 26.75 1,105,057 $ 24.55 9.0% *
<FN>
* Excluding Limited store and music store renewal leases, average base rent psf
for stabilized malls increased 16.7% over expiring average base rent psf, and
average base rent psf for total leasing increased 16.2% over expiring average
base rent psf.
</FN>
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 % Change
Over Over
Expiring Expiring
New Leases Average Base Leases Renewal Leases Average Base Leases
--------------------------- Rent PSF of Average ----------------------------- Rent PSF of Average
Average Base Expiring Base Rent Average Base Expiring Base Rent
Square Feet Rent PSF Leases(1) PSF Square Feet Rent PSF Leases(1) PSF
------------- ------------ ------------ ---------- -------------- -------------- ------------- ------------
Quarter:
Stabilized Malls 280,148 $ 31.39 $ 23.57 33.2% 499,373 $ 24.45 $ 25.96 -5.8%
Associated centers 12,757 18.92 17.21 9.9% 1,900 18.50 17.50 5.7%
Community centers 4,829 21.94 17.70 24.0% 1,200 18.25 18.25 0.0%
TOTAL 297,734 $ 30.70 $ 23.41 31.2% 502,473 $ 24.41 $ 25.91 -5.8%
<FN>
(1) Excluding Renewals
* Excluding Limited store and music store renewal leases, average base rent psf
for stabilized malls on renewal leases increased 4.8% over average base rent psf
of expiring renewals and average base rent psf for total renewal leasing
increased 4.8% over average base rent psf of expiring renewals.
</FN>
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 March 31,
--------------------------
2006 2005
------------- -----------
Stabilized Malls $ 26.71 $ 25.45
Non-stabilized Malls 27.11 26.92
Associated centers 10.85 10.05
Community centers 9.44 14.55
Other 19.33 19.25
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2006
Top 25 Tenants Based On Percentage Of Total Revenues For The Three Months Ended
March 31, 2006:
Annual Percentage
Number of Gross of Total
Tenant Stores Square Feet Rentals (1) Revenues
- --------------------------------------------------- ----------- ------------- -------------- -------------
1 Limited Brands, Inc. 233 1,437,958 $ 48,926,070 5.2%
2 Foot Locker, Inc. 192 756,378 29,450,459 3.1%
3 The Gap, Inc. 97 989,279 23,363,659 2.5%
4 Abercrombie & Fitch, Co. 78 497,685 17,920,336 1.9%
5 Luxottica Group, S.P.A. (2) 193 345,680 16,646,903 1.8%
6 American Eagle Outfitters, Inc. 73 384,206 15,486,683 1.7%
7 Signet Group PLC (3) 104 160,021 14,884,773 1.6%
8 Zale Corporation 145 147,602 14,080,341 1.5%
9 Finish Line, Inc. 72 373,009 13,693,340 1.5%
10 JC Penney Co. Inc. (4) 70 7,822,441 13,255,323 1.4%
11 The Regis Corporation 198 230,075 11,282,216 1.2%
12 Lerner New York, Inc. 45 344,859 10,862,729 1.2%
13 The Children's Place Retail Stores, Inc. (5) 61 258,951 10,285,549 1.1%
14 Genesco Inc. (6) 141 182,119 10,207,842 1.1%
15 Dick's Sporting Goods, Inc. 12 704,686 10,024,311 1.1%
16 Charming Shoppes, Inc. (7) 58 344,733 9,937,705 1.1%
17 Pacific Sunwear of California 81 279,351 9,788,035 1.0%
18 Aeropostale, Inc. 66 223,772 8,946,502 1.0%
19 Trans World Entertainment (8) 49 254,560 8,279,291 0.9%
20 Hallmark Cards, Inc. (9) 65 261,897 8,026,216 0.8%
21 Federated Department Stores, Inc. (10) 85 6,229,036 7,945,902 0.8%
22 Christopher & Banks, Inc. 67 231,681 7,904,296 0.8%
23 Claire's Stores, Inc. 115 130,573 7,571,360 0.8%
24 The Buckle, Inc. 44 214,117 7,566,382 0.8%
25 Sun Capital Partners, Inc. (11) 61 610,338 7,185,952 0.7%
----------- ------------- -------------- -------------
2,405 23,415,007 $ 343,522,175 36.6%
=========== ============= ============== =============
<FN>
(1) Includes annual minimum rent and tenant reimbursements based on amounts in
effect at March 31, 2006.
(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 29 of these stores.
(5) The Children's Place purchased The Disney Store in November 2004.
(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) 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) Plainfield Asset Management Group purchased the Picture People division of
Hallmark on September 30, 2005.
(10) Federated Department Stores merged with May Company in 2005. They now
operate After Hours Formalwear, Desmond's Formal Wear, Mitchell's Formal
Wear, Tuxedo World, David's Bridal, Burdine's, Famous Barr, Foley's,
Hecht's, Kaufmann's, Lazarus, L.S. Ayers, Macy's, Marshall Field's, Meier &
Frank, Rich's-Macy's, Robinson's May, & The Jones Store.
(11) 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. Musicland Group, which includes Sam Goody
and Suncoast, has filed for banruptcy under Chapter 11.
</FN>
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2006
Capital Expenditures for Three Months Ended March 31, 2006
(In thousands)
Tenant allowances $ 5,084
-------------
Renovations 5,183
-------------
Deferred maintenance:
Parking lot and parking lot lighting 71
Roof repairs and replacements 204
Other capital expenditures 101
-------------
Total deferred maintenancee expenditures 376
-------------
Total capital expenditures $ 10,643
=============
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)
2006 2005
------------- ------------
Quarter ended:
March 31, $ 388 $ 374
============= ============
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months Ended March 31, 2006
Properties Under Development at March 31, 2006
(Dollars in thousands)
Total CBL's Share of
Project ---------------------------
Square Total Cost Opening Initial
Property Location Feet Cost To Date Date Yield
- -------------------------------------- ------------------------ ------------ ------------- ----------- -------------- -------
Mall Expansions:
The District at Valley View Roanoke, VA 75,576 $ 19,700 $ 922 Nov-06/Mar-07 7.3%
Hanes Mall - Dick's Sporting Goods Winston-Salem, NC 66,000 10,150 5,811 Jul-06 10.0%
Open-Air Center Expansions:
Southaven Town Center -
Books-A-Million Southaven, MS 15,000 2,530 2,184 Aug-06 10.6%
Gulf Coast Town Center - Phase II Ft. Myers, FL 750,000 109,641 (a) 23,201 Oct-06/Mar-07 9.0%
Associated Centers:
The Plaza at Fayette Mall Lexington, KY 187,413 38,341 20,898 Jul/Oct-06 9.0%
The Shoppes at St. Clair Fairview Heights, IL 77,330 27,048 13,032 Mar-07 7.0%
Community Centers:
The Shops at Pineda Ridge Melbourne, FL 170,009 6,584 1,171 Nov-06 9.0%
Alamance Crossing Burlington, NC 635,240 103,684 28,245 Jul-07 8.5%
High Pointe Commons Harrisburg, PA 299,935 7,271 5,963 Oct-06 10.0%
Lakeview Point Stillwater, OK 207,300 21,537 9,281 Oct-06 9.0%
------------ ------------- -----------
2,483,803 $ 346,486 $ 110,708
============ ============= ===========
<FN>
(a) Amounts shown are 100% of the cost and cost to date.
</FN>