Exhibit 99.3
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2007
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
||||||||
|
|
|
2007 |
|
2006 |
|
|
|
2007 |
|
2006 |
|
||||
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
155,815 |
|
$ |
155,095 |
|
|
|
$ |
465,223 |
|
$ |
454,661 |
|
|
Percentage rents |
|
|
3,506 |
|
|
3,447 |
|
|
|
|
11,840 |
|
|
11,554 |
|
|
Other rents |
|
|
3,580 |
|
|
3,041 |
|
|
|
|
11,942 |
|
|
10,438 |
|
|
Tenant reimbursements |
|
|
83,095 |
|
|
76,601 |
|
|
|
|
235,810 |
|
|
226,536 |
|
|
Management, development and leasing fees |
|
|
1,390 |
|
|
1,182 |
|
|
|
|
6,565 |
|
|
3,945 |
|
|
Other |
|
|
3,837 |
|
|
5,677 |
|
|
|
|
15,507 |
|
|
17,096 |
|
|
Total revenues |
|
|
251,223 |
|
|
245,043 |
|
|
|
|
746,887 |
|
|
724,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating |
|
|
42,081 |
|
|
40,964 |
|
|
|
|
123,997 |
|
|
117,914 |
|
|
Depreciation and amortization |
|
|
58,893 |
|
|
62,142 |
|
|
|
|
176,067 |
|
|
170,546 |
|
|
Real estate taxes |
|
|
24,527 |
|
|
20,098 |
|
|
|
|
65,039 |
|
|
59,548 |
|
|
Maintenance and repairs |
|
|
12,544 |
|
|
13,715 |
|
|
|
|
41,856 |
|
|
39,716 |
|
|
General and administrative |
|
|
8,305 |
|
|
9,402 |
|
|
|
|
29,072 |
|
|
28,051 |
|
|
Loss on impairment of real estate assets |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
274 |
|
|
Other |
|
|
3,647 |
|
|
5,127 |
|
|
|
|
12,088 |
|
|
13,815 |
|
|
Total expenses |
|
|
149,997 |
|
|
151,448 |
|
|
|
|
448,119 |
|
|
429,864 |
|
|
Income from operations |
|
|
101,226 |
|
|
93,595 |
|
|
|
|
298,768 |
|
|
294,366 |
|
|
Interest and other income |
|
|
1,990 |
|
|
2,009 |
|
|
|
|
7,618 |
|
|
5,687 |
|
|
Interest expense |
|
|
(72,790 |
) |
|
(63,884 |
) |
|
|
|
(207,730 |
) |
|
(191,474 |
) |
|
Loss on extinguishment of debt |
|
|
— |
|
|
(935 |
) |
|
|
|
(227 |
) |
|
(935 |
) |
|
Gain on sales of real estate assets |
|
|
4,337 |
|
|
3,901 |
|
|
|
|
10,565 |
|
|
6,831 |
|
|
Equity in earnings of unconsolidated affiliates |
|
|
1,086 |
|
|
621 |
|
|
|
|
2,768 |
|
|
3,807 |
|
|
Income tax provision |
|
|
(2,609 |
) |
|
— |
|
|
|
|
(4,360 |
) |
|
— |
|
|
Minority interest in earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating partnership |
|
|
(13,288 |
) |
|
(12,075 |
) |
|
|
|
(35,886 |
) |
|
(47,930 |
) |
|
Shopping center properties |
|
|
(2,121 |
) |
|
(1,402 |
) |
|
|
|
(6,418 |
) |
|
(2,663 |
) |
|
Income from continuing operations |
|
|
17,831 |
|
|
21,830 |
|
|
|
|
65,098 |
|
|
67,689 |
|
|
Operating income from discontinued operations |
|
|
754 |
|
|
147 |
|
|
|
|
1,274 |
|
|
3,898 |
|
|
Gain on disposal of discontinued operations |
|
|
3,957 |
|
|
2 |
|
|
|
|
3,902 |
|
|
7,217 |
|
|
Net income |
|
|
22,542 |
|
|
21,979 |
|
|
|
|
70,274 |
|
|
78,804 |
|
|
Preferred dividends |
|
|
(5,455 |
) |
|
(7,642 |
) |
|
|
|
(24,320 |
) |
|
(22,926 |
) |
|
Net income available to common shareholders |
|
$ |
17,087 |
|
$ |
14,337 |
|
|
|
$ |
45,954 |
|
$ |
55,878 |
|
|
Basic per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of preferred dividends |
|
$ |
0.19 |
|
$ |
0.22 |
|
|
|
$ |
0.63 |
|
$ |
0.70 |
|
|
Discontinued operations |
|
|
0.07 |
|
|
— |
|
|
|
|
0.07 |
|
|
0.18 |
|
|
Net income available to common shareholders |
|
$ |
0.26 |
|
$ |
0.22 |
|
|
|
$ |
0.70 |
|
$ |
0.88 |
|
|
Weighted average common shares outstanding |
|
|
65,343 |
|
|
64,174 |
|
|
|
|
65,233 |
|
|
63,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of preferred dividends |
|
$ |
0.19 |
|
$ |
0.22 |
|
|
|
$ |
0.62 |
|
$ |
0.69 |
|
|
Discontinued operations |
|
|
0.07 |
|
|
— |
|
|
|
|
0.08 |
|
|
0.17 |
|
|
Net income available to common shareholders |
|
$ |
0.26 |
|
$ |
0.22 |
|
|
|
$ |
0.70 |
|
$ |
0.86 |
|
|
Weighted average common and potential dilutive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common and potential
dilutive |
|
|
65,876 |
|
|
65,496 |
|
|
|
|
65,900 |
|
|
65,086 |
|
1
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2007
The Company's calculation of FFO allocable to Company shareholders is as follows (in thousands, except per share data):
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
||||||||
|
|
|
2007 |
|
2006 |
|
|
|
2007 |
|
2006 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders |
|
$ |
17,087 |
|
$ |
14,337 |
|
|
|
$ |
45,954 |
|
$ |
55,878 |
|
|
Minority interest in earnings of operating partnership |
|
|
13,288 |
|
|
12,075 |
|
|
|
|
35,886 |
|
|
47,930 |
|
|
Depreciation and amortization expense of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated properties |
|
|
58,893 |
|
|
62,142 |
|
|
|
|
176,067 |
|
|
170,546 |
|
|
Unconsolidated affiliates |
|
|
3,425 |
|
|
3,377 |
|
|
|
|
10,550 |
|
|
10,020 |
|
|
Discontinued operations |
|
|
— |
|
|
462 |
|
|
|
|
859 |
|
|
1,810 |
|
|
Non-real estate assets |
|
|
(228 |
) |
|
(218 |
) |
|
|
|
(690 |
) |
|
(623 |
) |
|
Minority investors' share of depreciation and amortization |
|
|
(300 |
) |
|
(568 |
) |
|
|
|
190 |
|
|
(1,675 |
) |
|
(Gain) loss on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of operating real estate assets |
|
|
— |
|
|
49 |
|
|
|
|
— |
|
|
87 |
|
|
Disposal of discontinued operations |
|
|
(3,957 |
) |
|
(2 |
) |
|
|
|
(3,902 |
) |
|
(7,217 |
) |
|
Funds from operations of the operating partnership |
|
$ |
88,208 |
|
$ |
91,654 |
|
|
|
$ |
264,914 |
|
$ |
276,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations per diluted share |
|
$ |
0.76 |
|
$ |
0.78 |
|
|
|
$ |
2.27 |
|
$ |
2.37 |
|
|
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted |
|
|
116,513 |
|
|
116,856 |
|
|
|
|
116,583 |
|
|
116,840 |
|
(1) Represents the weighted average number of common shares outstanding for the period divided by the sum of the weighted average
|
|
number of common shares and the weighted average number of operating partnership units outstanding during the period. See the |
|
|
reconciliation of shares and operation partnership units outstanding on page 9. |
SUPPLEMENTAL FFO INFORMATION:
|
Lease termination fees |
|
$ |
157 |
|
$ |
4,945 |
|
|
|
$ |
5,795 |
|
$ |
13,239 |
|
|
Lease termination fees per share |
|
$ |
— |
|
$ |
0.04 |
|
|
|
$ |
0.05 |
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line rental income |
|
$ |
1,364 |
|
$ |
1,767 |
|
|
|
$ |
3,748 |
|
$ |
3,986 |
|
|
Straight-line rental income per share |
|
$ |
0.01 |
|
$ |
0.02 |
|
|
|
$ |
0.03 |
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on outparcel sales |
|
$ |
4,011 |
|
$ |
3,625 |
|
|
|
$ |
11,051 |
|
$ |
8,133 |
|
|
Gains on outparcel sales per share |
|
$ |
0.03 |
|
$ |
0.03 |
|
|
|
$ |
0.09 |
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired above- and below-market leases |
|
$ |
2,588 |
|
$ |
4,815 |
|
|
|
$ |
8,280 |
|
$ |
9,730 |
|
|
Amortization of acquired above- and below-market leases per share |
|
$ |
0.02 |
|
$ |
0.04 |
|
|
|
$ |
0.07 |
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt premiums |
|
$ |
1,949 |
|
$ |
1,889 |
|
|
|
$ |
5,779 |
|
$ |
5,599 |
|
|
Amortization of debt premiums per share |
|
$ |
0.02 |
|
$ |
0.02 |
|
|
|
$ |
0.05 |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
$ |
(2,609 |
) |
$ |
— |
|
|
|
$ |
(4,360 |
) |
$ |
— |
|
|
Income tax provision per share |
|
$ |
(0.02 |
) |
$ |
— |
|
|
|
$ |
(0.04 |
) |
$ |
— |
|
3
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2007
Same-Center Net Operating Income
(Dollars in thousands)
|
|
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended |
|
||||||||
|
|
|
2007 |
|
2006 |
|
|
|
2007 |
|
2006 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
22,542 |
|
$ |
21,979 |
|
|
|
$ |
70,274 |
|
$ |
78,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
58,893 |
|
|
62,142 |
|
|
|
|
176,067 |
|
|
170,546 |
|
|
Depreciation and amortization from unconsolidated affiliates |
|
|
3,425 |
|
|
3,377 |
|
|
|
|
10,550 |
|
|
10,020 |
|
|
Depreciation and amortization from discontinued operations |
|
|
— |
|
|
462 |
|
|
|
|
859 |
|
|
1,810 |
|
|
Minority investors' share of depreciation and amortization in shopping center properties |
|
|
(300 |
) |
|
(568 |
) |
|
|
|
190 |
|
|
(1,675 |
) |
|
Interest expense |
|
|
72,790 |
|
|
63,884 |
|
|
|
|
207,730 |
|
|
191,474 |
|
|
Interest expense from unconsolidated affiliates |
|
|
4,178 |
|
|
4,485 |
|
|
|
|
12,576 |
|
|
13,154 |
|
|
Minority investors' share of interest expense in shopping center properties |
|
|
(472 |
) |
|
(1,276 |
) |
|
|
|
(365 |
) |
|
(3,627 |
) |
|
Loss on extinguishment of debt |
|
|
— |
|
|
935 |
|
|
|
|
227 |
|
|
935 |
|
|
Abandoned projects expense |
|
|
356 |
|
|
359 |
|
|
|
|
955 |
|
|
294 |
|
|
Gain on sales of real estate assets |
|
|
(4,337 |
) |
|
(3,901 |
) |
|
|
|
(10,565 |
) |
|
(6,831 |
) |
|
Loss on impairment of real estate assets |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
274 |
|
|
Gain on sales of real estate assets of unconsolidated affiliates |
|
|
(295 |
) |
|
(795 |
) |
|
|
|
(1,218 |
) |
|
(2,302 |
) |
|
Minority investors' share of gain on sales of real estate assets |
|
|
621 |
|
|
— |
|
|
|
|
621 |
|
|
— |
|
|
Income tax provision |
|
|
2,609 |
|
|
— |
|
|
|
|
4,360 |
|
|
— |
|
|
Minority interest in earnings of operating partnership |
|
|
13,288 |
|
|
12,075 |
|
|
|
|
35,886 |
|
|
47,930 |
|
|
Gain on discontinued operations |
|
|
(3,957 |
) |
|
(2 |
) |
|
|
|
(3,902 |
) |
|
(7,217 |
) |
|
Operating partnership's share of total NOI |
|
|
169,341 |
|
|
163,156 |
|
|
|
|
504,245 |
|
|
493,589 |
|
|
General and administrative expenses |
|
|
8,305 |
|
|
9,402 |
|
|
|
|
29,072 |
|
|
28,051 |
|
|
Management fees and non-property level revenues |
|
|
(5,665 |
) |
|
(4,114 |
) |
|
|
|
(22,580 |
) |
|
(14,412 |
) |
|
Operating partnership's share of property NOI |
|
|
171,981 |
|
|
168,444 |
|
|
|
|
510,737 |
|
|
507,228 |
|
|
NOI of non-comparable centers |
|
|
(3,639 |
) |
|
(1,657 |
) |
|
|
|
(9,039 |
) |
|
(7,588 |
) |
|
Total same center NOI |
|
$ |
168,342 |
|
$ |
166,787 |
|
|
|
$ |
501,698 |
|
$ |
499,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Malls |
|
$ |
154,288 |
|
$ |
155,332 |
|
|
|
$ |
464,335 |
|
$ |
464,462 |
|
|
Associated centers |
|
|
7,372 |
|
|
7,718 |
|
|
|
|
21,888 |
|
|
22,246 |
|
|
Community centers |
|
|
1,271 |
|
|
843 |
|
|
|
|
3,321 |
|
|
2,965 |
|
|
Other |
|
|
5,411 |
|
|
2,894 |
|
|
|
|
12,154 |
|
|
9,967 |
|
|
Total same center NOI |
|
|
168,342 |
|
|
166,787 |
|
|
|
|
501,698 |
|
|
499,640 |
|
|
Less lease termination fees |
|
|
(157 |
) |
|
(4,945 |
) |
|
|
|
(5,795 |
) |
|
(13,239 |
) |
|
Total same-center NOI, excluding lease termination fees |
|
$ |
168,185 |
|
$ |
161,842 |
|
|
|
$ |
495,903 |
|
$ |
486,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Malls |
|
|
-0.7 |
% |
|
|
|
|
|
|
0.0 |
% |
|
|
|
|
Associated centers |
|
|
-4.5 |
% |
|
|
|
|
|
|
-1.6 |
% |
|
|
|
|
Community centers |
|
|
50.8 |
% |
|
|
|
|
|
|
12.0 |
% |
|
|
|
|
Other |
|
|
87.0 |
% |
|
|
|
|
|
|
21.9 |
% |
|
|
|
|
Total same center NOI |
|
|
0.9 |
% |
|
|
|
|
|
|
0.4 |
% |
|
|
|
|
Total same-center NOI, excluding lease termination fees |
|
|
3.9 |
% |
|
|
|
|
|
|
2.0 |
% |
|
|
|
4
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2007
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
|
|
|
September 30, 2007 |
|
|||||||
|
|
|
Fixed Rate |
|
Variable Rate |
|
Total |
|
|||
|
Consolidated debt |
|
$ |
4,049,524 |
|
$ |
1,002,742 |
|
$ |
5,052,266 |
|
|
Minority investors' share of consolidated debt |
|
|
(119,797 |
) |
|
(288 |
) |
|
(120,085 |
) |
|
Company's share of unconsolidated affiliates' debt |
|
|
219,032 |
|
|
42,074 |
|
|
261,106 |
|
|
Company's share of consolidated and unconsolidated debt |
|
$ |
4,148,759 |
|
$ |
1,044,528 |
|
$ |
5,193,287 |
|
|
Weighted average interest rate |
|
|
5.92 |
% |
|
6.33 |
% |
|
6.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2006 |
|
|||||||
|
|
|
Fixed Rate |
|
Variable Rate |
|
Total |
|
|||
|
Consolidated debt |
|
$ |
3,488,207 |
|
$ |
976,209 |
|
$ |
4,464,416 |
|
|
Minority investors' share of consolidated debt |
|
|
(56,862 |
) |
|
— |
|
|
(56,862 |
) |
|
Company's share of unconsolidated affiliates' debt |
|
|
217,585 |
|
|
26,600 |
|
|
244,185 |
|
|
Company's share of consolidated and unconsolidated debt |
|
$ |
3,648,930 |
|
$ |
1,002,809 |
|
$ |
4,651,739 |
|
|
Weighted average interest rate |
|
|
5.97 |
% |
|
6.26 |
% |
|
6.03 |
% |
Debt-To-Total-Market Capitalization Ratio as of September 30, 2007
(In thousands, except stock price)
|
|
|
|
|
Shares Outstanding |
|
|
|
Stock Price (1) |
|
|
|
Value |
|
||
|
Common stock and operating partnership units |
|
|
|
116,348 |
|
|
|
$ |
35.05 |
|
|
|
$ |
4,077,997 |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,367,997 |
|
|
Company's share of total debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,193,287 |
|
|
Total market capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,561,284 |
|
|
Debt-to-total-market capitalization ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
54.3 |
% |
|
|
(1) |
Stock price for common stock and operating partnership units equals the closing price of the common stock on September 28, 2007. 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 September 30, |
|
|
|
Nine Months Ended September 30, |
|
||||||||
|
2007: |
|
|
|
Basic |
|
|
|
Diluted |
|
|
|
Basic |
|
|
|
Diluted |
|
|
Weighted average shares - EPS |
|
|
|
65,343 |
|
|
|
65,876 |
|
|
|
65,233 |
|
|
|
65,900 |
|
|
Weighted average operating partnership units |
|
|
|
50,637 |
|
|
|
50,637 |
|
|
|
50,683 |
|
|
|
50,683 |
|
|
Weighted average shares- FFO |
|
|
|
115,980 |
|
|
|
116,513 |
|
|
|
115,916 |
|
|
|
116,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - EPS |
|
|
|
64,174 |
|
|
|
65,496 |
|
|
|
63,616 |
|
|
|
65,086 |
|
|
Weighted average operating partnership units |
|
|
|
51,360 |
|
|
|
51,360 |
|
|
|
51,755 |
|
|
|
51,754 |
|
|
Weighted average shares- FFO |
|
|
|
115,534 |
|
|
|
116,856 |
|
|
|
115,371 |
|
|
|
116,840 |
|
Dividend Payout Ratio
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||||||||||||
|
|
|
|
|
2007 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
2006 |
|
||||
|
Weighted average dividend per share |
|
|
|
$ |
0.51031 |
|
|
|
$ |
0.46387 |
|
|
|
$ |
1.53225 |
|
|
|
$ |
1.39164 |
|
|
FFO per diluted, fully converted share |
|
|
|
$ |
0.76 |
|
|
|
$ |
0.78 |
|
|
|
$ |
2.27 |
|
|
|
$ |
2.37 |
|
|
Dividend payout ratio |
|
|
|
|
67.1 |
% |
|
|
|
59.5 |
% |
|
|
|
67.5 |
% |
|
|
|
58.7 |
% |
5
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2007
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
|
|
|
September 30, |
|
December 31, |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
Real estate assets: |
|
|
|
|
|
|
|
|
Land |
|
$ |
828,905 |
|
$ |
779,727 |
|
|
Buildings and improvements |
|
|
6,239,802 |
|
|
5,944,476 |
|
|
|
|
|
7,068,707 |
|
|
6,724,203 |
|
|
Less: accumulated depreciation |
|
|
(1,053,459 |
) |
|
(924,297 |
) |
|
|
|
|
6,015,248 |
|
|
5,799,906 |
|
|
Developments in progress |
|
|
271,331 |
|
|
294,345 |
|
|
Net investment in real estate assets |
|
|
6,286,579 |
|
|
6,094,251 |
|
|
Cash and cash equivalents |
|
|
48,880 |
|
|
28,700 |
|
|
Cash in Escrow |
|
|
33,202 |
|
|
— |
|
|
Receivables: |
|
|
|
|
|
|
|
|
Tenant, net of allowance |
|
|
70,121 |
|
|
71,573 |
|
|
Other |
|
|
13,734 |
|
|
9,656 |
|
|
Mortgage notes receivable |
|
|
34,851 |
|
|
21,559 |
|
|
Investment in unconsolidated affiliates |
|
|
99,212 |
|
|
78,826 |
|
|
Intangible lease assets and other assets |
|
|
228,417 |
|
|
214,245 |
|
|
|
|
$ |
6,814,996 |
|
$ |
6,518,810 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Mortgage and other notes payable |
|
$ |
5,052,266 |
|
$ |
4,564,535 |
|
|
Accounts payable and accrued liabilities |
|
|
324,711 |
|
|
309,969 |
|
|
Total liabilities |
|
|
5,376,977 |
|
|
4,874,504 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Minority interests |
|
|
505,104 |
|
|
559,450 |
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Preferred Stock, $.01 par value, 15,000,000 shares authorized: |
|
|
|
|
|
|
|
|
8.75% Series B Cumulative Redeemable Preferred
Stock, |
|
|
— |
|
|
20 |
|
|
7.75% Series C Cumulative Redeemable Preferred
Stock, |
|
|
5 |
|
|
5 |
|
|
7.375% Series D Cumulative Redeemable Preferred
Stock, |
|
|
7 |
|
|
7 |
|
|
Common Stock, $.01 par value, 180,000,000 shares
authorized, |
|
|
657 |
|
|
654 |
|
|
Additional paid-in capital |
|
|
984,323 |
|
|
1,074,450 |
|
|
Accumulated other comprehensive (loss) income |
|
|
(4,707 |
) |
|
19 |
|
|
(Accumulated deficit) retained earnings |
|
|
(47,370 |
) |
|
9,701 |
|
|
Total shareholders' equity |
|
|
932,915 |
|
|
1,084,856 |
|
|
|
|
$ |
6,814,996 |
|
$ |
6,518,810 |
|
6
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2007
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 September 30, |
|
|
|
Nine Months Ended |
|
||||||||
|
|
|
2007 |
|
2006 |
|
|
|
2007 |
|
2006 |
|
||||
|
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
22,542 |
|
$ |
21,979 |
|
|
|
$ |
70,274 |
|
$ |
78,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
58,893 |
|
|
62,142 |
|
|
|
|
176,067 |
|
|
170,546 |
|
|
Depreciation and amortization from unconsolidated affiliates |
|
|
3,425 |
|
|
3,377 |
|
|
|
|
10,550 |
|
|
10,020 |
|
|
Depreciation and amortization from discontinued operations |
|
|
— |
|
|
462 |
|
|
|
|
859 |
|
|
1,810 |
|
|
Minority investors' share of depreciation and
amortization |
|
|
(300 |
) |
|
(568 |
) |
|
|
|
190 |
|
|
(1,675 |
) |
|
Interest expense |
|
|
72,790 |
|
|
63,884 |
|
|
|
|
207,730 |
|
|
191,474 |
|
|
Interest expense from unconsolidated affiliates |
|
|
4,178 |
|
|
4,485 |
|
|
|
|
12,576 |
|
|
13,154 |
|
|
Minority investors' share of interest expense in shopping center properties |
|
|
(472 |
) |
|
(1,276 |
) |
|
|
|
(365 |
) |
|
(3,627 |
) |
|
Loss on extinguishment of debt |
|
|
— |
|
|
935 |
|
|
|
|
227 |
|
|
935 |
|
|
Abandoned projects expense |
|
|
356 |
|
|
359 |
|
|
|
|
955 |
|
|
294 |
|
|
Loss on impairment of real estate assets |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
274 |
|
|
Income taxes |
|
|
2,981 |
|
|
380 |
|
|
|
|
6,299 |
|
|
3,317 |
|
|
Loss on sales of operating real estate assets |
|
|
— |
|
|
49 |
|
|
|
|
— |
|
|
87 |
|
|
Minority interest in earnings of operating partnership |
|
|
13,288 |
|
|
12,075 |
|
|
|
|
35,886 |
|
|
47,930 |
|
|
Gain on disposal of discontinued operations |
|
|
(3,957 |
) |
|
(2 |
) |
|
|
|
(3,902 |
) |
|
(7,217 |
) |
|
Company's share of total EBITDA |
|
$ |
173,724 |
|
$ |
168,281 |
|
|
|
$ |
517,346 |
|
$ |
506,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
72,790 |
|
$ |
63,884 |
|
|
|
$ |
207,730 |
|
$ |
191,474 |
|
|
Interest expense from unconsolidated affiliates |
|
|
4,178 |
|
|
4,485 |
|
|
|
|
12,576 |
|
|
13,154 |
|
|
Minority investors' share of interest expense in shopping center properties |
|
|
(472 |
) |
|
(1,276 |
) |
|
|
|
(365 |
) |
|
(3,627 |
) |
|
Company's share of total interest expense |
|
$ |
76,496 |
|
$ |
67,093 |
|
|
|
$ |
219,941 |
|
$ |
201,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of EBITDA to Interest Expense |
|
|
2.27 |
|
|
2.51 |
|
|
|
|
2.35 |
|
|
2.52 |
|
7
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2007
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
|
|
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended |
|
||||||||
|
|
|
2007 |
|
2006 |
|
|
|
2007 |
|
2006 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's share of total EBITDA |
|
$ |
173,724 |
|
$ |
168,281 |
|
|
|
$ |
517,346 |
|
$ |
506,126 |
|
|
Interest expense |
|
|
(72,790 |
) |
|
(63,884 |
) |
|
|
|
(207,730 |
) |
|
(191,474 |
) |
|
Minority investors' share of interest expense in shopping center properties |
|
|
472 |
|
|
1,276 |
|
|
|
|
365 |
|
|
3,627 |
|
|
Income taxes |
|
|
(2,981 |
) |
|
(380 |
) |
|
|
|
(6,299 |
) |
|
(3,317 |
) |
|
Amortization of deferred financing costs and non real
estate |
|
|
1,618 |
|
|
1,651 |
|
|
|
|
5,463 |
|
|
5,466 |
|
|
Amortization of debt premiums |
|
|
(1,949 |
) |
|
(1,889 |
) |
|
|
|
(5,779 |
) |
|
(5,599 |
) |
|
Amortization of above and below market leases |
|
|
(2,588 |
) |
|
(4,815 |
) |
|
|
|
(8,280 |
) |
|
(9,738 |
) |
|
Depreciation and interest expense from unconsolidated affiliates |
|
|
(7,603 |
) |
|
(7,862 |
) |
|
|
|
(23,126 |
) |
|
(23,174 |
) |
|
Minority investors' share of depreciation and
amortization in |
|
|
300 |
|
|
568 |
|
|
|
|
(190 |
) |
|
1,675 |
|
|
Minority interest in earnings - shopping center properties |
|
|
2,121 |
|
|
1,402 |
|
|
|
|
6,418 |
|
|
2,663 |
|
|
Gains on outparcel sales |
|
|
(4,337 |
) |
|
(3,950 |
) |
|
|
|
(10,565 |
) |
|
(6,918 |
) |
|
Income tax benefit from stock options |
|
|
3,000 |
|
|
— |
|
|
|
|
4,139 |
|
|
— |
|
|
Equity in earnings of unconsolidated affiliates |
|
|
(1,086 |
) |
|
(621 |
) |
|
|
|
(2,768 |
) |
|
(3,807 |
) |
|
Distributions from unconsolidated affiliates |
|
|
3,905 |
|
|
2,108 |
|
|
|
|
6,924 |
|
|
6,517 |
|
|
Stock based compensation expense |
|
|
1,317 |
|
|
1,280 |
|
|
|
|
4,527 |
|
|
4,934 |
|
|
Changes in operating assets and liabilities |
|
|
10,961 |
|
|
(16,621 |
) |
|
|
|
28,022 |
|
|
(18,332 |
) |
|
Cash flows provided by operating activities |
|
$ |
104,084 |
|
$ |
76,544 |
|
|
|
$ |
308,467 |
|
$ |
268,649 |
|
8
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2007
|
|
Schedule of Mortgage and Other Notes Payable as of September 30, 2007 |
(Dollars in thousands )
|
|
|
|
|
|
|
|
|
|
|
Balance |
|
|||||
|
Location |
|
Property |
|
Maturity Date |
|
Interest Rate |
|
Balance |
|
Fixed |
|
Variable |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
High Point, NC |
|
Oak Hollow Mall |
|
Feb-08 |
|
7.31 |
% |
$ |
40,171 |
|
$ |
40,171 |
|
$ |
— |
|
|
Winston-Salem, NC |
|
Hanes Mall |
|
Jul-08 |
|
7.31 |
% |
|
100,449 |
|
|
100,449 |
|
|
— |
|
|
Nashville, TN |
|
Hickory Hollow Mall |
|
Aug-08 |
|
6.77 |
% |
|
82,773 |
|
|
82,773 |
|
|
— |
|
|
Nashville, TN |
|
The Courtyard At Hickory Hollow Mall |
|
Aug-08 |
|
6.77 |
% |
|
3,853 |
|
|
3,853 |
|
|
— |
|
|
Nashville, TN |
|
Rivergate Mall |
|
Aug-08 |
|
6.77 |
% |
|
66,896 |
|
|
66,896 |
|
|
— |
|
|
Nashville, TN |
|
The Village At Rivergate |
|
Aug-08 |
|
6.77 |
% |
|
3,160 |
|
|
3,160 |
|
|
— |
|
|
Lansing, MI |
|
Meridian Mall |
|
Oct-08 |
|
4.52 |
% |
|
86,912 |
|
|
86,912 |
|
|
— |
|
|
Stillwater, OK |
|
Lakeview Pointe |
|
Nov-08 |
|
6.79 |
% |
|
18,060 |
|
|
— |
|
|
18,060 |
|
|
Cary, NC |
|
Cary Towne Center |
|
Mar-09 |
|
6.85 |
% |
|
83,930 |
|
|
83,930 |
|
|
— |
|
|
Daytona Beach, FL |
|
Volusia Mall |
|
Mar-09 |
|
4.75 |
% |
|
52,500 |
|
|
52,500 |
|
|
— |
|
|
Fairview Heights, IL |
|
St. Clair Square |
|
Apr-09 |
|
7.00 |
% |
|
62,312 |
|
|
62,312 |
|
|
— |
|
|
Terre Haute, IN |
|
Honey Creek Mall |
|
May-09 |
|
4.75 |
% |
|
31,158 |
|
|
31,158 |
|
|
— |
|
|
Burlington, NC |
|
Alamance Crossing |
|
Sep-09 |
|
6.74 |
% |
|
57,161 |
|
|
— |
|
|
57,161 |
|
|
Meridian, MS |
|
Bonita Lakes Mall |
|
Oct-09 |
|
6.82 |
% |
|
24,367 |
|
|
24,367 |
|
|
— |
|
|
Meridian, MS |
|
Bonita Lakes Crossing |
|
Oct-09 |
|
6.82 |
% |
|
7,692 |
|
|
7,692 |
|
|
— |
|
|
Cincinnati, OH |
|
Eastgate Mall |
|
Dec-09 |
|
4.55 |
% |
|
54,629 |
(a) |
|
54,629 |
|
|
— |
|
|
Little Rock, AR |
|
Park Plaza Mall |
|
May-10 |
|
4.90 |
% |
|
40,005 |
|
|
40,005 |
|
|
— |
|
|
Spartanburg, SC |
|
WestGate Crossing |
|
Jul-10 |
|
8.42 |
% |
|
9,301 |
|
|
9,301 |
|
|
— |
|
|
Burnsville, MN |
|
Burnsville Center |
|
Aug-10 |
|
8.00 |
% |
|
65,580 |
|
|
65,580 |
|
|
— |
|
|
Roanoke, VA |
|
Valley View Mall |
|
Sep-10 |
|
5.10 |
% |
|
42,738 |
|
|
42,738 |
|
|
— |
|
|
Beaumont, TX |
|
Parkdale Mall |
|
Sep-10 |
|
5.01 |
% |
|
51,932 |
|
|
51,932 |
|
|
— |
|
|
Beaumont, TX |
|
Parkdale Crossing |
|
Sep-10 |
|
5.01 |
% |
|
8,200 |
|
|
8,200 |
|
|
— |
|
|
Nashville, TN |
|
CoolSprings Galleria |
|
Sep-10 |
|
6.22 |
% |
|
125,614 |
|
|
125,614 |
|
|
— |
|
|
Stroud, PA |
|
Stroud Mall |
|
Dec-10 |
|
8.42 |
% |
|
30,673 |
|
|
30,673 |
|
|
— |
|
|
Wausau, WI |
|
Wausau Center |
|
Dec-10 |
|
6.70 |
% |
|
12,238 |
|
|
12,238 |
|
|
— |
|
|
York, PA |
|
York Galleria |
|
Dec-10 |
|
8.34 |
% |
|
49,023 |
|
|
49,023 |
|
|
— |
|
|
Lexington, KY |
|
Fayette Mall |
|
Jul-11 |
|
7.00 |
% |
|
90,593 |
|
|
90,593 |
|
|
— |
|
|
Panama City, FL |
|
Panama City Mall |
|
Aug-11 |
|
7.30 |
% |
|
38,425 |
|
|
38,425 |
|
|
— |
|
|
Asheville, NC |
|
Asheville Mall |
|
Sep-11 |
|
6.98 |
% |
|
66,025 |
|
|
66,025 |
|
|
— |
|
|
Ft. Smith, AR |
|
Massard Crossing |
|
Feb-12 |
|
7.54 |
% |
|
5,675 |
|
|
5,675 |
|
|
— |
|
|
Houston, TX |
|
Willowbrook Plaza |
|
Feb-12 |
|
7.54 |
% |
|
29,039 |
|
|
29,039 |
|
|
— |
|
|
Vicksburg, MS |
|
Pemberton Plaza |
|
Feb-12 |
|
7.54 |
% |
|
1,939 |
|
|
1,939 |
|
|
— |
|
|
Fayetteville, NC |
|
Cross Creek Mall |
|
Apr-12 |
|
5.00 |
% |
|
61,204 |
|
|
61,204 |
|
|
— |
|
|
Colonial Heights, VA |
|
Southpark Mall |
|
May-12 |
|
5.10 |
% |
|
35,278 |
|
|
35,278 |
|
|
— |
|
|
Asheboro, NC |
|
Randolph Mall |
|
Jul-12 |
|
6.50 |
% |
|
14,160 |
|
|
14,160 |
|
|
— |
|
|
Douglasville, GA |
|
Arbor Place |
|
Jul-12 |
|
6.51 |
% |
|
73,517 |
|
|
73,517 |
|
|
— |
|
|
Douglasville, GA |
|
The Landing At Arbor Place |
|
Jul-12 |
|
6.51 |
% |
|
8,299 |
|
|
8,299 |
|
|
— |
|
|
Jackson, TN |
|
Old Hickory Mall |
|
Jul-12 |
|
6.51 |
% |
|
32,474 |
|
|
32,474 |
|
|
— |
|
|
Louisville, KY |
|
Jefferson Mall |
|
Jul-12 |
|
6.51 |
% |
|
40,953 |
|
|
40,953 |
|
|
— |
|
|
North Charleston, SC |
|
Northwoods Mall |
|
Jul-12 |
|
6.51 |
% |
|
58,633 |
|
|
58,633 |
|
|
— |
|
|
Racine, WI |
|
Regency Mall |
|
Jul-12 |
|
6.51 |
% |
|
32,113 |
|
|
32,113 |
|
|
— |
|
|
Saginaw, MI |
|
Fashion Square |
|
Jul-12 |
|
6.51 |
% |
|
56,288 |
|
|
56,288 |
|
|
— |
|
|
Spartanburg, SC |
|
WestGate Mall |
|
Jul-12 |
|
6.50 |
% |
|
50,868 |
|
|
50,868 |
|
|
— |
|
|
Chattanooga, TN |
|
CBL Center |
|
Aug-12 |
|
6.25 |
% |
|
13,981 |
|
|
13,981 |
|
|
— |
|
|
Livonia, MI |
|
Laurel Park Place |
|
Dec-12 |
|
5.00 |
% |
|
49,074 |
|
|
49,074 |
|
|
— |
|
|
Monroeville, PA |
|
Monroeville Mall |
|
Jan-13 |
|
5.30 |
% |
|
124,835 |
|
|
124,835 |
|
|
— |
|
|
Greensburg, PA |
|
Westmoreland Mall |
|
Jan-13 |
|
5.05 |
% |
|
76,431 |
|
|
76,431 |
|
|
— |
|
9
|
Columbia, SC |
|
Columbia Place |
|
Sep-13 |
|
5.45 |
% |
|
31,145 |
|
|
31,145 |
|
|
— |
|
|
Joplin, MO |
|
Northpark Mall |
|
Mar-14 |
|
5.50 |
% |
|
39,215 |
|
|
39,215 |
|
|
— |
|
|
Laredo, TX |
|
Mall del Norte |
|
Dec-14 |
|
5.04 |
% |
|
113,400 |
|
|
113,400 |
|
|
— |
|
|
Rockford, IL |
|
Cherryvale Mall |
|
Oct-15 |
|
5.00 |
% |
|
91,280 |
|
|
91,280 |
|
|
— |
|
|
Brookfield, IL |
|
Brookfield Square |
|
Nov-15 |
|
5.08 |
% |
|
102,138 |
|
|
102,138 |
|
|
— |
|
|
Madison, WI |
|
East Towne Mall |
|
Nov-15 |
|
5.00 |
% |
|
77,790 |
|
|
77,790 |
|
|
— |
|
|
Madison, WI |
|
West Towne Mall |
|
Nov-15 |
|
5.00 |
% |
|
109,879 |
|
|
109,879 |
|
|
— |
|
|
Bloominton, IL |
|
Eastland Mall |
|
Dec-15 |
|
5.85 |
% |
|
59,400 |
|
|
59,400 |
|
|
— |
|
|
Decatur, IL |
|
Hickory Point Mall |
|
Dec-15 |
|
5.85 |
% |
|
32,401 |
|
|
32,401 |
|
|
— |
|
|
Overland Park, KS |
|
Oak Park Mall |
|
Dec-15 |
|
5.85 |
% |
|
275,700 |
|
|
275,700 |
|
|
— |
|
|
Janesville, WI |
|
Janesville Mall |
|
Apr-16 |
|
8.38 |
% |
|
11,344 |
|
|
11,344 |
|
|
— |
|
|
Akron, OH |
|
Chapel Hill Mall |
|
Aug-16 |
|
6.10 |
% |
|
75,992 |
|
|
75,992 |
|
|
— |
|
|
Chattanooga, TN |
|
Hamilton Place |
|
Aug-16 |
|
5.86 |
% |
|
115,398 |
|
|
115,398 |
|
|
— |
|
|
Chesapeake, VA |
|
Greenbrier Mall |
|
Aug-16 |
|
5.91 |
% |
|
83,847 |
|
|
83,847 |
|
|
— |
|
|
Midland, MI |
|
Midland Mall |
|
Aug-16 |
|
6.10 |
% |
|
37,503 |
|
|
37,503 |
|
|
— |
|
|
Southaven, MS |
|
Southaven Towne Center |
|
Jan-17 |
|
5.50 |
% |
|
45,591 |
|
|
45,591 |
|
|
— |
|
|
Charleston, SC |
|
Citadel Mall |
|
Apr-17 |
|
5.68 |
% |
|
74,798 |
|
|
74,798 |
|
|
— |
|
|
Chattanooga, TN |
|
Hamilton Corner |
|
Apr-17 |
|
5.67 |
% |
|
16,957 |
|
|
16,957 |
|
|
— |
|
|
Fairview Heights, IL |
|
The Shoppes at St. Clair Square |
|
Apr-17 |
|
5.67 |
% |
|
22,380 |
|
|
22,380 |
|
|
— |
|
|
Lafayette, LA |
|
Mall of Acadiana |
|
Apr-17 |
|
5.67 |
% |
|
149,595 |
|
|
149,595 |
|
|
— |
|
|
Layton, UT |
|
Layton Hills Mall |
|
Apr-17 |
|
5.66 |
% |
|
106,923 |
|
|
106,923 |
|
|
— |
|
|
Lexington, KY |
|
The Plaza at Fayette Mall |
|
Apr-17 |
|
5.67 |
% |
|
44,162 |
|
|
44,162 |
|
|
— |
|
|
Cincinnati, OH |
|
Eastgate Crossing |
|
May-17 |
|
5.66 |
% |
|
16,648 |
|
|
16,648 |
|
|
— |
|
|
Ft. Myers, FL |
|
Gulf Coast Town Center |
|
Jul-17 |
|
5.60 |
% |
|
190,800 |
|
|
190,800 |
|
|
— |
|
|
|
|
SUBTOTAL |
|
|
|
|
|
$ |
4,095,417 |
|
$ |
4,020,196 |
|
$ |
75,221 |
|
|
Weighted average interest rate |
|
|
|
|
|
|
5.93 |
% |
|
5.93 |
% |
|
0.00 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Premiums: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daytona Beach, FL |
|
Volusia Mall |
|
Mar-09 |
|
4.75 |
% |
$ |
1,464 |
|
$ |
1,464 |
|
$ |
— |
|
|
Terre Haute, IN |
|
Honey Creek Mall |
|
Apr-09 |
|
4.75 |
% |
|
1,078 |
|
|
1,078 |
|
|
— |
|
|
Little Rock, AR |
|
Park Plaza Mall |
|
May-10 |
|
4.90 |
% |
|
3,552 |
|
|
3,552 |
|
|
— |
|
|
Roanoke, VA |
|
Valley View Mall |
|
Sep-10 |
|
5.10 |
% |
|
4,075 |
|
|
4,075 |
|
|
— |
|
|
Fayetteville, NC |
|
Cross Creek Mall |
|
Apr-12 |
|
5.00 |
% |
|
5,797 |
|
|
5,797 |
|
|
— |
|
|
Colonial Heights, VA |
|
Southpark Mall |
|
May-12 |
|
5.10 |
% |
|
2,617 |
|
|
2,617 |
|
|
— |
|
|
Livonia, MI |
|
Laurel Park Place |
|
Dec-12 |
|
5.00 |
% |
|
7,495 |
|
|
7,495 |
|
|
— |
|
|
Monroeville, PA |
|
Monroeville Mall |
|
Jan-13 |
|
5.30 |
% |
|
2,339 |
|
|
2,339 |
|
|
— |
|
|
Joplin, MO |
|
Northpark Mall |
|
Mar-14 |
|
5.50 |
% |
|
489 |
|
|
489 |
|
|
— |
|
|
|
|
SUBTOTAL |
|
|
|
|
|
$ |
28,906 |
|
$ |
28,906 |
|
$ |
— |
|
|
Weighted average interest rate |
|
|
|
|
|
|
5.02 |
% |
|
5.02 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans On Operating Properties And Debt Premiums |
|
|
|
|
4,124,323 |
|
|
4,049,102 |
|
|
75,221 |
|
||||
|
Weighted average interest rate |
|
|
|
|
|
|
5.93 |
% |
|
5.93 |
% |
|
0.00 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pearland, TX |
|
Pearland Town Center |
|
Jul-10 |
|
6.96 |
% |
|
19,476 |
|
|
— |
|
|
19,476 |
|
|
Chattanooga, TN |
|
CBL Center II |
|
Aug-09 |
|
6.97 |
% |
|
3,605 |
|
|
— |
|
|
3,605 |
|
|
Milford, CT |
|
Milford Marketplace |
|
Dec-08 |
|
6.40 |
% |
|
11,508 |
|
|
— |
|
|
11,508 |
|
|
|
|
SUBTOTAL |
|
|
|
|
|
|
34,589 |
|
|
— |
|
|
34,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lines Of Credit |
|
|
|
|
|
6.28 |
% |
|
892,932 |
|
|
— |
|
|
892,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
422 |
|
|
422 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consolidated Debt |
|
|
|
|
|
$ |
5,052,266 |
|
$ |
4,049,524 |
|
$ |
1,002,742 |
|
||
|
Weighted average interest rate |
|
|
|
|
|
|
6.01 |
% |
|
5.93 |
% |
|
6.33 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus CBL's Share Of Unconsolidated Affiliates' Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Lee's Summit, MO |
|
Summit Fair(b) |
|
Jun-10 |
|
6.78 |
% |
$ |
4,216 |
(b) |
$ |
— |
|
$ |
4,216 |
|
|
Huntsville, AL |
|
Parkway Place |
|
Jun-08 |
|
6.80 |
% |
|
26,600 |
|
|
— |
|
|
26,600 |
|
10
|
Del Rio, TX |
|
Plaza del Sol |
|
Aug-10 |
|
9.15 |
% |
|
1,027 |
|
|
1,027 |
|
|
— |
|
|
York, PA |
|
York Town Center |
|
Oct-11 |
|
7.26 |
% |
|
11,258 |
|
|
— |
|
|
11,258 |
|
|
Myrtle Beach, SC |
|
Coastal Grand—Myrtle Beach |
|
Oct-14 |
|
5.09 |
% |
|
46,881 |
(c) |
|
46,881 |
|
|
— |
|
|
El Centro, CA |
|
Imperial Valley Mall |
|
Sep-15 |
|
4.99 |
% |
|
34,955 |
|
|
34,955 |
|
|
— |
|
|
Raleigh, NC |
|
Triangle Town Center |
|
Dec-15 |
|
5.74 |
% |
|
100,000 |
|
|
100,000 |
|
|
— |
|
|
Clarksville, TN |
|
Governor's Square Mall |
|
Sep-16 |
|
8.23 |
% |
|
13,670 |
|
|
13,670 |
|
|
— |
|
|
Paducah, KY |
|
Kentucky Oaks Mall |
|
Jan-17 |
|
5.27 |
% |
|
14,719 |
|
|
14,719 |
|
|
— |
|
|
Harrisburg, PA |
|
High Pointe Commons |
|
May-17 |
|
5.74 |
% |
|
7,780 |
|
|
7,780 |
|
|
— |
|
|
|
|
SUBTOTAL |
|
|
|
|
|
$ |
261,106 |
|
$ |
219,032 |
|
$ |
42,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Minority Interests' Share Of Consolidated Debt: |
|
Minority Interest % |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Chattanooga, TN |
|
CBL Center |
|
8.00 |
% |
6.25 |
% |
$ |
(1,118 |
) |
$ |
(1,118 |
) |
$ |
— |
|
|
Chattanooga, TN |
|
CBL Center II |
|
8.00 |
% |
6.97 |
% |
|
(288 |
) |
|
— |
|
|
(288 |
) |
|
Chattanooga, TN |
|
Hamilton Corner |
|
10.00 |
% |
5.67 |
% |
|
(1,696 |
) |
|
(1,696 |
) |
|
— |
|
|
Chattanooga, TN |
|
Hamilton Place |
|
10.00 |
% |
5.86 |
% |
|
(11,540 |
) |
|
(11,540 |
) |
|
— |
|
|
Highpoint, NC |
|
Oak Hollow Mall |
|
25.00 |
% |
7.31 |
% |
|
(10,043 |
) |
|
(10,043 |
) |
|
— |
|
|
Ft Meyers, FL |
|
Gulf Coast Town Center |
|
50.00 |
% |
5.60 |
% |
|
(95,400 |
) |
|
(95,400 |
) |
|
— |
|
|
|
|
SUBTOTAL |
|
|
|
|
|
|
(120,085 |
) |
|
(119,797 |
) |
|
(288 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's Share Of Consolidated And Unconsolidated Debt |
|
|
|
$ |
5,193,287 |
|
$ |
4,148,759 |
|
$ |
1,044,528 |
|
||||
|
Weighted average interest rate |
|
|
|
|
|
|
6.00 |
% |
|
5.92 |
% |
|
6.33 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt of Unconsolidated Affiliates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huntsville, AL |
|
Parkway Place |
|
Jun-08 |
|
6.800 |
% |
$ |
53,200 |
|
$ |
— |
|
$ |
53,200 |
|
|
Del Rio, TX |
|
Plaza del Sol |
|
Aug-10 |
|
9.150 |
% |
|
2,030 |
|
|
2,030 |
|
|
— |
|
|
York, PA |
|
York Town Center |
|
Oct-11 |
|
7.263 |
% |
|
22,516 |
|
|
— |
|
|
22,516 |
|
|
Myrtle Beach, SC |
|
Coastal Grand—Myrtle Beach |
|
Oct-14 |
|
5.090 |
% |
|
93,763 |
|
|
93,763 |
|
|
— |
|
|
El Centro, CA |
|
Imperial Valley Mall |
|
Sep-15 |
|
4.985 |
% |
|
58,259 |
|
|
58,259 |
|
|
— |
|
|
Releigh, NC |
|
Triangle Town Center |
|
Dec-15 |
|
5.737 |
% |
|
200,000 |
|
|
200,000 |
|
|
— |
|
|
Clarksville, TN |
|
Governor's Square Mall |
|
Sep-16 |
|
8.230 |
% |
|
28,780 |
|
|
28,780 |
|
|
— |
|
|
Paducah, KY |
|
Kentucky Oaks Mall |
|
Jan-17 |
|
5.265 |
% |
|
29,438 |
|
|
29,438 |
|
|
— |
|
|
Harrisburg, PA |
|
High Pointe Commons |
|
May-17 |
|
5.740 |
% |
|
15,560 |
|
|
15,560 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
$ |
503,546 |
|
$ |
427,830 |
|
$ |
75,716 |
|
|
Weighted average interest rate |
|
|
|
|
|
|
5.84 |
% |
|
5.64 |
% |
|
6.94 |
% |
||
(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 the 27% share of the outstanding balance of the construction financing that the Company has guaranteed. The maximum amount that the Company has guaranteed is $31,553,737.
(c) 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.
11
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2007
New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet
|
Property Type |
|
|
|
Square Feet |
|
|
|
Prior Gross Rent PSF |
|
|
|
New Initial Gross Rent PSF |
|
|
|
% Change Initial |
|
|
|
New Average Gross Rent PSF (2) |
|
|
|
% Change Average |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Property Types (1) |
|
|
|
557,025 |
|
|
|
$ |
35.76 |
|
|
|
$ |
37.35 |
|
|
|
4.4 |
% |
|
|
$ |
38.34 |
|
|
|
7.2 |
% |
|
Stabilized malls |
|
|
|
513,303 |
|
|
|
|
37.28 |
|
|
|
|
38.90 |
|
|
|
4.3 |
% |
|
|
|
39.91 |
|
|
|
7.1 |
% |
|
New leases |
|
|
|
214,293 |
|
|
|
|
40.08 |
|
|
|
|
43.07 |
|
|
|
7.5 |
% |
|
|
|
44.42 |
|
|
|
10.8 |
% |
|
Renewal leases |
|
|
|
299,010 |
|
|
|
|
35.27 |
|
|
|
|
35.92 |
|
|
|
1.8 |
% |
|
|
|
36.68 |
|
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Property Types (1) |
|
|
|
2,092,954 |
|
|
|
$ |
34.09 |
|
|
|
$ |
36.56 |
|
|
|
7.2 |
% |
|
|
$ |
37.32 |
|
|
|
9.5 |
% |
|
Stabilized malls |
|
|
|
1,947,202 |
|
|
|
|
35.30 |
|
|
|
|
37.93 |
|
|
|
7.5 |
% |
|
|
|
38.68 |
|
|
|
9.6 |
% |
|
New leases |
|
|
|
736,242 |
|
|
|
|
37.36 |
|
|
|
|
44.22 |
|
|
|
18.4 |
% |
|
|
|
45.51 |
|
|
|
21.8 |
% |
|
Renewal leases |
|
|
|
1,210,960 |
|
|
|
|
34.05 |
|
|
|
|
34.10 |
|
|
|
0.1 |
% |
|
|
|
34.54 |
|
|
|
1.4 |
% |
Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 10,000 Square Feet
|
|
|
|
|
As of September 30, |
|
|
|
|
|
||
|
|
|
|
|
2007 |
|
|
|
2006 |
|
||
|
Stabilized malls |
|
|
|
$ |
27.99 |
|
|
|
$ |
27.53 |
|
|
Non-stabilized malls |
|
|
|
|
26.88 |
|
|
|
|
27.75 |
|
|
Associated centers |
|
|
|
|
11.74 |
|
|
|
|
10.78 |
|
|
Community centers |
|
|
|
|
14.47 |
|
|
|
|
16.68 |
|
|
Other |
|
|
|
|
19.53 |
|
|
|
|
19.47 |
|
|
(1) |
Includes Stabilized malls, Associated centers, Community centers and Other. |
|
(2) |
Average Gross Rent does not incorporate future annual increases for common area maintenance expense reimbursements. |
12
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2007
Top 25 Tenants Based On Percentage Of Total Revenues For The Nine Months Ended September 30, 2007:
|
|
|
Tenant |
Number of Stores |
|
|
|
Square Feet |
|
|
|
Annual Gross Rentals (1) |
|
|
|
Percentage of Total Revenues |
|
||
|
1 |
|
Limited Brands, LLC |
220 |
|
|
|
1,288,351 |
|
|
|
$ |
45,094,664 |
|
|
|
4.44 |
% |
|
|
2 |
|
Foot Locker, Inc. |
188 |
|
|
|
729,113 |
|
|
|
|
29,127,302 |
|
|
|
2.87 |
% |
|
|
3 |
|
The Gap Inc. |
96 |
|
|
|
1,012,284 |
|
|
|
|
25,062,814 |
|
|
|
2.47 |
% |
|
|
4 |
|
Abercrombie & Fitch, Co. |
79 |
|
|
|
537,258 |
|
|
|
|
19,658,259 |
|
|
|
1.94 |
% |
|
|
5 |
|
AE Outfitters Retail Company |
74 |
|
|
|
423,981 |
|
|
|
|
18,484,837 |
|
|
|
1.82 |
% |
|
|
6 |
|
Signet Group plc(2) |
113 |
|
|
|
189,580 |
|
|
|
|
17,647,603 |
|
|
|
1.74 |
% |
|
|
7 |
|
Finish Line, Inc. |
85 |
|
|
|
424,555 |
|
|
|
|
16,126,339 |
|
|
|
1.59 |
% |
|
|
8 |
|
Zale Corporation |
141 |
|
|
|
150,232 |
|
|
|
|
15,296,880 |
|
|
|
1.51 |
% |
|
|
9 |
|
Luxottica Group, S.P.A.(3) |
140 |
|
|
|
304,995 |
|
|
|
|
14,395,039 |
|
|
|
1.42 |
% |
|
|
10 |
|
JC Penney Co. Inc.(4) |
74 |
|
|
|
7,935,573 |
|
|
|
|
13,810,809 |
|
|
|
1.36 |
% |
|
|
11 |
|
New York & Company, Inc. |
50 |
|
|
|
359,124 |
|
|
|
|
12,944,570 |
|
|
|
1.27 |
% |
|
|
12 |
|
Genesco Inc.(5) |
162 |
|
|
|
215,017 |
|
|
|
|
12,645,123 |
|
|
|
1.24 |
% |
|
|
13 |
|
The Regis Corporation |
199 |
|
|
|
232,984 |
|
|
|
|
11,708,688 |
|
|
|
1.15 |
% |
|
|
14 |
|
Dick's Sporting Goods, Inc. |
13 |
|
|
|
770,686 |
|
|
|
|
10,886,175 |
|
|
|
1.07 |
% |
|
|
15 |
|
The Children's Place Retail Stores(6) |
62 |
|
|
|
263,037 |
|
|
|
|
10,655,829 |
|
|
|
1.05 |
% |
|
|
16 |
|
Pacific Sunwear of California |
76 |
|
|
|
270,920 |
|
|
|
|
10,236,103 |
|
|
|
1.01 |
% |
|
|
17 |
|
Charming Shoppes, Inc.(7) |
52 |
|
|
|
307,537 |
|
|
|
|
9,665,890 |
|
|
|
0.95 |
% |
|
|
18 |
|
Aeropostale, Inc. |
71 |
|
|
|
240,464 |
|
|
|
|
9,792,668 |
|
|
|
0.96 |
% |
|
|
19 |
|
Charlotte Russe Holding, Inc. |
41 |
|
|
|
285,052 |
|
|
|
|
9,383,721 |
|
|
|
0.92 |
% |
|
|
20 |
|
Christopher & Banks, Inc. |
75 |
|
|
|
257,558 |
|
|
|
|
9,226,248 |
|
|
|
0.91 |
% |
|
|
21 |
|
The Buckle, Inc. |
46 |
|
|
|
226,882 |
|
|
|
|
8,601,514 |
|
|
|
0.85 |
% |
|
|
22 |
|
Trans World Entertainment(8) |
59 |
|
|
|
275,799 |
|
|
|
|
8,424,321 |
|
|
|
0.83 |
% |
|
|
23 |
|
Claire's Stores, Inc. |
111 |
|
|
|
132,065 |
|
|
|
|
8,020,727 |
|
|
|
0.79 |
% |
|
|
24 |
|
Hallmark Cards, Inc. |
62 |
|
|
|
243,009 |
|
|
|
|
7,655,219 |
|
|
|
0.75 |
% |
|
|
25 |
|
Steve & Barry's University Sportswear |
17 |
|
|
|
773,047 |
|
|
|
|
7,079,631 |
|
|
|
0.70 |
% |
|
|
|
|
|
2,306 |
|
|
|
17,849,103 |
|
|
|
$ |
361,630,973 |
|
|
|
35.61 |
% |
|
|
|
(1) |
Includes annual minimum rent and tenant reimbursements based on amounts in effect at September 30, 2007. |
|
|
(2) |
Signet Group PLC operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, & Rogers Jewelers. |
|
|
(3) |
Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearl Vision. |
|
|
(4) |
JC Penney Co. Inc. owns 28 of these stores. |
|
|
(5) |
Genesco Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat Zone, and Cap Factory stores. |
|
|
(6) |
The Children's Place Retail Stores, Inc. also operates The Disney Stores. |
|
|
(7) |
Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug, and Catherine's. |
|
|
(8) |
Trans World Entertainment operates FYE , Sam Goody, Suncoast Motion Picture, and Saturday Matinee. |
13
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2007
|
|
Capital Expenditures for Three Months and Nine Months Ended September 30, 2007 |
|
|
(In thousands) |
|
|
|
Three Months |
|
|
|
Nine Months |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Tenant allowances |
|
$ |
18,008 |
|
|
|
$ |
45,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Renovations |
|
|
15,501 |
|
|
|
|
32,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred maintenance: |
|
|
|
|
|
|
|
|
|
|
Parking lot and parking lot lighting |
|
|
1,986 |
|
|
|
|
2,235 |
|
|
Roof repairs and replacements |
|
|
7,653 |
|
|
|
|
12,797 |
|
|
Other capital expenditures |
|
|
2,016 |
|
|
|
|
5,331 |
|
|
Total deferred maintenance expenditures |
|
|
11,655 |
|
|
|
|
20,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital expenditures |
|
$ |
45,164 |
|
|
|
$ |
97,789 |
|
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 to enhance 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) |
|
|
|
2007 |
|
2006 |
|
||
|
Quarter ended: |
|
|
|
|
|
|
|
|
March 31, |
|
$ |
1,001 |
|
$ |
388 |
|
|
June 30, |
|
|
1,593 |
|
|
950 |
|
|
September 30, |
|
|
548 |
|
|
401 |
|
|
December 31, |
|
|
— |
|
|
832 |
|
|
|
|
$ |
3,142 |
|
$ |
2,571 |
|
14
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Nine Months Ended September 30, 2007
Properties Opened Year-to-date
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
CBL's Share of |
|
|
|
|
|
|
|
|
|
|||||||
|
Property |
|
Location |
|
Total Project Square Feet |
|
|
|
Total Cost |
|
|
|
Cost To Date |
|
|
|
Date Opened |
|
|
|
Initial Yield(a) |
|
|||
|
Mall Expansions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Square - Mitchell's Fish Market |
|
Brookfield, WI |
|
7,500 |
|
|
|
$ |
3,044 |
|
|
|
$ |
2,964 |
|
|
|
April-07 |
|
|
|
8.4 |
% |
|
|
Southpark Mall - Regal Cinema |
|
Colonial Heights, VA |
|
68,242 |
|
|
|
|
11,322 |
|
|
|
|
11,322 |
|
|
|
July-07 |
|
|
|
11.0 |
% |
|
|
The District at Valley View - shops |
|
Roanoke, VA |
|
61,200 |
|
|
|
|
18,026 |
|
|
|
|
16,576 |
|
|
|
July/Fall-07 |
|
|
|
7.6 |
% |
|
|
Brookfield Square - Fresh Market |
|
Brookfield, WI |
|
22,400 |
|
|
|
|
4,960 |
|
|
|
|
4,960 |
|
|
|
August-07 |
|
|
|
7.6 |
% |
|
|
Harford Mall - lifestyle expansion |
|
Bel Air, MD |
|
39,222 |
|
( |
b) |
|
9,736 |
|
|
|
|
7,119 |
|
|
|
September-07 |
|
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community/Open-Air Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alamance Crossing East |
|
Burlington, NC |
|
655,630 |
|
|
|
|
79,950 |
|
|
|
|
79,939 |
|
|
|
August-07 |
|
|
|
8.4 |
% |
|
|
York Town Center (c) |
|
York, PA |
|
274,495 |
|
|
|
|
21,085 |
|
|
|
|
16,518 |
|
|
|
September-07 |
|
|
|
9.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open-Air Center Expansion: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gulf Coast Town Center - |
|
Ft. Myers, FL |
|
595,990 |
|
|
|
|
83,286 |
|
|
|
|
83,286 |
|
|
|
Spring-07 |
|
|
|
9.2 |
% |
|
|
Phase II-shops/Costco(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AssociatedCenter: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at St. Clair Square |
|
Fairview Heights, IL |
|
84,080 |
|
|
|
|
27,487 |
|
|
|
|
31,746 |
|
|
|
March-07 |
|
|
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associated Center Renovation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison Plaza |
|
Huntsville, AL |
|
153,085 |
|
|
|
|
1,320 |
|
|
|
|
1,320 |
|
|
|
June-07 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mall del Norte - Theater |
|
Laredo, TX |
|
82,500 |
|
|
|
|
14,403 |
|
|
|
|
10,299 |
|
|
|
Spring-07 |
|
|
|
7.4 |
% |
|
|
Westgate Mall - Former Proffits |
|
Spartanburg, SC |
|
153,000 |
|
|
|
|
N/A |
|
|
|
|
N/A |
|
|
|
August-07 |
|
|
|
N/A |
|
|
Announced Property Renovations and Redevelopments
(Dollars in thousands)
|
|
|
|
|
|
|
CBL's Share of |
|
|
|
|
|
||||
|
Property |
|
Location |
|
Total Project Square Feet |
|
Total Cost |
|
Cost To Date |
|
Opening Date |
|
Initial Yield(a) |
|
||
|
Mall Renovations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Square |
|
Brookfield, WI |
|
1,132,984 |
|
$ |
18,100 |
|
$ |
2,751 |
|
Fall-07 |
|
N/A |
|
|
Mall del Norte |
|
Laredo, TX |
|
1,207,687 |
|
|
20,400 |
|
|
18,810 |
|
Fall-07 |
|
N/A |
|
|
Honey Creek Mall |
|
Terre Haute, IN |
|
678,763 |
|
|
5,600 |
|
|
4,319 |
|
Fall-07 |
|
N/A |
|
|
Georgia Square |
|
Athens, GA |
|
674,738 |
|
|
16,900 |
|
|
5,146 |
|
Spring-08 |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parkdale Mall - Former Dillards (Phase I) |
|
Beaumont, TX |
|
50,720 |
|
|
14,720 |
|
|
8,062 |
|
Fall-07 |
|
4.1 |
% |
|
Northpark Mall - Former Wards |
|
Joplin, MO |
|
90,688 |
|
|
9,750 |
|
|
7,327 |
|
October-07 |
|
7.8 |
% |
|
Columbia Place - Former JCPenney |
|
Columbia, SC |
|
124,819 |
|
|
12,831 |
|
|
11,512 |
|
Aug/Oct-07 |
|
7.0 |
% |
|
|
|
|
|
3,960,399 |
|
$ |
98,301 |
|
$ |
57,927 |
|
|
|
|
|
|
(a) |
Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees. |
|
(b) |
Total square footage includes redevelopement and expansion of 2,641 square feet. |
|
|
(c) |
50/50 Joint Venture. |
|
|
(d) |
50/50 Joint Venture. Amounts shown are 100% of total costs and cost to date as CBL has funded all costs to date. |
15
CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Nine Months Ended September 30, 2007
Properties Under Development at September 30, 2007
(Dollars in thousands)
|
|
|
|
|
|
|
CBL's Share of |
|
|
|
|
|
||||||
|
Property |
|
Location |
|
Total Project Square Feet |
|
Total Cost |
|
|
|
Cost To Date |
|
Opening Date |
|
Initial Yield(a) |
|
||
|
Mall Expansions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The District at CherryVale |
|
Rockford, IL |
|
84,541 |
|
$ |
21,099 |
|
|
|
$ |
14,162 |
|
Fall-07 |
|
7.4 |
% |
|
Coastal Grand - Old Navy |
|
Myrtle Beach, SC |
|
23,269 |
|
|
1,813 |
|
|
|
|
736 |
|
October-07 |
|
7.9 |
% |
|
Southpark Mall - Foodcourt |
|
Colonial Heights, VA |
|
17,150 |
|
|
4,188 |
|
|
|
|
849 |
|
Spring-08 |
|
11.0 |
% |
|
Coastal Grand - JCPenney |
|
Myrtle Beach, SC |
|
103,395 |
|
|
N/A |
|
|
|
|
N/A |
|
Spring-08 |
|
N/A |
|
|
Coastal Grand - Ulta Cosmetics |
|
Myrtle Beach, SC |
|
10,000 |
|
|
1,449 |
|
|
|
|
794 |
|
Spring-08 |
|
8.7 |
% |
|
Cary Towne Center - Mimi's Café |
|
Cary, NC |
|
6,674 |
|
|
2,243 |
|
|
|
|
893 |
|
Spring-08 |
|
15.0 |
% |
|
Brookfield Square - Claim Jumpers |
|
Brookfield, WI |
|
12,000 |
|
|
3,430 |
|
|
|
|
282 |
|
Fall-08 |
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associated/Lifestyle Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Milford Marketplace |
|
Milford, CT |
|
105,638 |
|
|
25,729 |
|
|
|
|
15,372 |
|
October-07 |
|
8.3 |
% |
|
Brookfield Square - Corner Development |
|
Brookfield, WI |
|
19,745 |
|
|
8,372 |
|
|
|
|
1,229 |
|
Fall-08 |
|
8.0 |
% |
|
Imperial Valley Commons (Phase I) (b) |
|
El Centro, CA |
|
610,966 |
|
|
11,471 |
|
|
|
|
15,434 |
|
Fall-08/ Summer-09 |
|
8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBL Center II |
|
Chattanooga, TN |
|
74,598 |
|
|
17,120 |
|
|
|
|
7,564 |
|
January-08 |
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mixed -Use Center: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pearland Town Center (Retail Portion) |
|
Pearland, TX |
|
694,417 |
|
|
160,248 |
|
|
|
|
70,802 |
|
Fall-08 |
|
7.4 |
% |
|
Pearland Town Center (Hotel Portion) |
|
Pearland, TX |
|
72,500 |
|
|
17,886 |
|
|
|
|
476 |
|
Fall-08 |
|
8.3 |
% |
|
Pearland Town Center (Residential Portion) |
|
Pearland, TX |
|
68,110 |
|
|
11,312 |
|
|
|
|
431 |
|
Fall-08 |
|
8.4 |
% |
|
Pearland Town Center (Office Portion) |
|
Pearland, TX |
|
51,560 |
|
|
9,385 |
|
|
|
|
302 |
|
Fall-08 |
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community/Open-Air Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cobblestone Village at Palm Coast |
|
Palm Coast, FL |
|
277,770 |
|
|
10,520 |
|
|
|
|
15,306 |
|
October-07 |
|
7.7 |
% |
|
Alamance Crossing - Theater/Shops |
|
Burlington, NC |
|
82,997 |
|
|
18,882 |
|
|
|
|
29 |
|
Spring-08 |
|
8.4 |
% |
|
Summit Fair |
|
Lee's Summit, MO |
|
512,551 |
|
|
22,000 |
|
|
|
|
22,000 |
|
Fall-08/ Summer-09 |
|
9.6 |
% |
|
Settlers Ridge (b) |
|
Robinson Township, PA |
|
515,444 |
|
|
119,146 |
|
|
|
|
26,689 |
|
Summer-09 |
|
8.6 |
% |
|
|
|
|
|
3,343,325 |
|
$ |
466,293 |
|
|
|
$ |
193,350 |
|
|
|
|
|
|
(a) |
Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees. |
|
(b) |
60/40 Joint Venture. Amounts shown are 100% of total costs and cost to date as CBL has funded all costs to date. Costs to date are gross of applicable reimbursements. |
16