EX-99 3 pressrelease.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 [CBL & ASSOCIATES PROPERTIES LETTERHEAD] Contact: Katie Reinsmidt Director, Investor Relations (423) 855-0001 CBL & ASSOCIATES PROPERTIES REPORTS FOURTH QUARTER AND ANNUAL 2005 RESULTS o 2005 FFO per share up 23.2% to $3.34 per share. o FFO per share rose 6.0% to $0.89 in the fourth quarter. o Same-center NOI for the quarter and year ended December 31, 2005, rose 3.1% and 5.8%, respectively. o Same store sales improved by 4.1% in 2005. o Portfolio occupancy rose 50bps to 94.5% as of December 31, 2005. CHATTANOOGA, Tenn. (February 8, 2006) - CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the fourth quarter and year ended December 31, 2005. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure is located at the end of this news release. Per share amounts have been adjusted to reflect the two-for-one split of the Company's common shares, effective June 16, 2005. Net income available to common shareholders for the fourth quarter ended December 31, 2005, was $25,659,000 compared with $31,141,000 for the prior-year period, representing a decline of 17.6%. Net income available to common shareholders per diluted share was $0.40 in the fourth quarter ended December 31, 2005, compared with $0.48 for the prior-year period, representing a decline of 16.7%. Net income available to common shareholders for the quarter ended December 31, 2005, included a one-time charge of approximately $5.2 million for prepayment penalties and the write-off of unamortized deferred financing costs resulting from favorable refinancing completed in the quarter. Net income available to common shareholders for the year ended December 31, 2005, was $131,907,000 compared with $102,802,000 for the year ended December 31, 2004, representing an increase of 28.3%. On a diluted per share basis, net income available to common shareholders for the year ended December 31, 2005, was $2.03 compared with $1.61 in the prior year, representing an increase of 26.1%. Net income available to common shareholders for the year ended December 31, 2005, included gains and fee income of $39.8 million ($72.5 million before deduction for minority interest in earnings of the operating partnership) resulting from the recent transaction with Galileo America, LLC. Net income available to common shareholders for the year ended December 31, 2005, also included a one-time charge of approximately $5.2 million for prepayment penalties and the write-off of unamortized deferred financing costs resulting from favorable refinancing completed in the fourth quarter. Funds from operations (FFO) increased 7.3% to $103,883,000 for the fourth quarter of 2005 from $96,772,000 for the fourth quarter of 2004. FFO per share on a diluted, fully converted basis increased 6.0% to $0.89 for the fourth quarter of 2005 from $0.84 in the prior-year period. FFO increased 25.6% to $389,958,000 for the year ended December 31, 2005, from $310,405,000 for the year ended December 31, 2004. FFO per share increased 23.2% on a diluted, fully converted basis for the year ended December 31, 2005, to $3.34 from $2.71 per share in the prior year. FFO for the year ended December 31, 2005, included gains and fee income of $0.26 per share resulting from the recent transaction with Galileo America, LLC. FFO for the quarter and year ended December 31, 2005, included a one-time charge of approximately $0.045 per share for prepayment penalties and the write-off of unamortized deferred financing costs resulting from favorable refinancing completed in the quarter. -MORE- 1 CBL Reports Fourth Quarter Results Page 2 February 8, 2006 HIGHLIGHTS |X| Total revenues increased 16.9% in the fourth quarter 2005 to $262,611,000 from $224,700,000 in the prior-year period. Total revenues increased 16.3% in the year ended December 31, 2005, to $908,712,000 from $781,433,000 in 2004. |X| Same center net operating income for the portfolio improved for the quarter and year ended December 31, 2005, by 3.1% and 5.8%, respectively, compared with a 6.8% and 3.1% increase, respectively, for the prior-year periods. |X| Same-store sales for mall tenants of 10,000 square feet or less for stabilized malls for the year ended December 31, 2005, increased 4.1% to $331 per square foot for those tenants who have reported sales, compared with a 2.8% increase for the prior year period. |X| The debt-to-total-market capitalization ratio as of December 31, 2005, was 47.8% based on the common stock closing price of $39.51 and a fully converted common stock share count of 115,438,000 shares as of the same date. The debt-to-total-market capitalization ratio as of December 31, 2004, was 42.4% based on the split-adjusted common stock closing price of $38.175 and a fully converted common stock share count of 113,928,000 shares as of the same date. |X| Consolidated and unconsolidated variable rate debt of $1,086,000 represents 11.4% of the total market capitalization for the Company and 24.0% of the Company's share of total consolidated and unconsolidated debt. CBL's Chairman and Chief Executive Officer, Charles B. Lebovitz, said, "The combination of occupancy gains, healthy rental rate increases from leasing, continued growth in mall shop sales, and contributions from new developments and acquisitions led to an impressive performance in the fourth quarter and a strong finish for the year. The impressive results in 2005 are indicative of our opportunistic strategy that emphasizes sustainable long-term growth and financial discipline. We opened 2.5 million square feet of new developments and expansions during the year with initial unleveraged returns ranging from 9% - 11%. We also completed more than $1.0 billion of acquisitions, all of which were immediately accretive to earnings and were consistent with our strict investment criteria and strategic growth objectives. We deployed our capital efficiently to finance this growth on attractive terms. "Looking ahead, we are excited about the continued strength in our business and our focus on dominant regional malls in middle markets where we are well-positioned to take advantage of continuing population and employment growth." PORTFOLIO OCCUPANCY
December 31, 2005 2004 ------------- ------------- Portfolio occupancy 94.5% 94.0% Mall portfolio 94.4% 94.3% Stabilized malls (74) 94.7% 94.4% Non-stabilized malls (5) 89.4% 92.8% Associated centers (30) 94.1% 91.8% Community centers (6) 95.3% 94.0%
ACQUISITIONS In November, CBL announced that it had acquired a portfolio of three malls for a total consideration of $516.9 million. The acquired properties included Oak Park Mall in Overland Park (Kansas City), KS; Hickory Point Mall in Decatur, IL; and Eastland Mall in Bloomington, IL. CBL also announced in November that it had closed on the acquisition of Layton Hills Mall in Layton (Salt Lake City), UT. CBL acquired the mall for approximately $121.4 million. -MORE- 2 CBL Reports Fourth Quarter Results Page 3 February 8, 2006 OTHER SIGNIFICANT EVENTS In November, the Richard E. Jacobs Group, Inc. and CBL announced that they had formed a 50/50 joint venture to own Triangle Town Center and its associated and lifestyle centers, Triangle Town Place and Triangle Town Commons, in Raleigh, NC. The joint venture is valued at $283.5 million. Additionally, during the quarter CBL announced that it had closed on five separate ten-year fixed rate non-recourse loans totaling $452.0 million with a weighted average interest rate of 5.0%. The financings replaced seven loans totaling $289.5 million that had a weighted average interest rate of 7.0% and were maturing over the next 18-months. As a result of the early extinguishment of the loans, CBL incurred a one-time charge of approximately $5.2 million for prepayment penalties and the write-off of unamortized deferred financing costs, which was included in GAAP Net Income and FFO in the fourth quarter and year ended December 31, 2005. OUTLOOK AND GUIDANCE Based on today's outlook and the Company's fourth quarter results, the Company is providing guidance for 2006 FFO in the range of $3.28 to $3.33 per share. The full year guidance assumes same center NOI growth in the range of 2.5% to 3.5% and excludes the impact of any future unannounced acquisitions, lease termination fee income, gains on sales of outparcels, and gains on sales of non-operating properties. The Company expects to update its annual guidance after each quarter's results.
Low High -------- -------- Expected diluted earnings per common share $1.30 $1.35 Adjust to fully converted shares from common shares (0.59) (0.61) -------- -------- Expected earnings per diluted, fully converted common share 0.71 0.74 Add: depreciation and amortization 1.97 1.97 Add: minority interest in earnings of Operating Partnership 0.60 0.62 -------- -------- Expected FFO per diluted, fully converted common share $3.28 $3.33 ======== ========
INVESTOR CONFERENCE CALL AND SIMULCAST CBL & Associates Properties, Inc. will conduct a conference call at 10:00 a.m. EST on February 9, 2006, to discuss the fourth quarter results. The number to call for this interactive teleconference is 913-981-5532. A seven-day replay of the conference call will be available by dialing 719-457-0820 and entering the passcode 1458819. A transcript of the Company's prepared remarks will be furnished on a Form 8-K following the conference call. To receive the CBL & Associates Properties, Inc., fourth quarter earnings release and supplemental information please visit our website at cblproperties.com or contact Investor Relations at 423-490-8292. The Company will also provide an online Web simulcast and rebroadcast of its 2005 fourth quarter earnings release conference call. The live broadcast of CBL's quarterly conference call will be available online at the Company's Web site at cblproperties.com, as well as www.streetevents.com and www.earnings.com, on February 9, 2006, beginning at 10:00 a.m. EST. The online replay will follow shortly after the call and continue through February 23, 2006. CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 132 properties, including 79 regional malls/open-air centers. The properties are located in 26 states and total 74.0 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has eleven projects under construction totaling 2.3 million square feet including Phase II of Gulf Coast Town Center in Ft. Myers, FL; two open-air shopping centers; a community center, two associated center and five expansions. In addition to its regional office in Boston (Waltham), MA, CBL's corporate office is located in Chattanooga, TN. Additional information can be found at cblproperties.com -MORE- 3 CBL Reports Fourth Quarter Results Page 3 February 8, 2006 NON-GAAP FINANCIAL MEASURES Funds From Operations FFO is a widely used measure of the operating performance of real estate companies that supplements net income determined in accordance with generally accepted accounting principles ("GAAP"). The National Association of Real Estate Investment Trusts defines FFO as net income (computed in accordance with GAAP) excluding gains or losses on sales of operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company believes that FFO provides an additional indicator of the operating performance of the Company's properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets decline predictably over time. Since values of well-maintained real estate assets have historically risen or fallen with market conditions, the Company believes that FFO enhances investors' understanding of the Company's operating performance. FFO does not represent cash flow from operations as defined by accounting principles generally accepted in the United States, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income for purposes of evaluating the Company's operating performance or to cash flow as a measure of liquidity. Same-Center Net Operating Income Net operating income ("NOI") is a supplemental measure of the operating performance of the Company's shopping centers. The Company defines NOI as operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). Similar to FFO, the Company computes NOI based on its pro rata share of both consolidated and unconsolidated properties. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's NOI may not be comparable to that of other companies. A reconciliation of same-center NOI to net income is located at the end of this earnings release. Since NOI includes only those revenues and expenses related to the continuing operations of its shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates and operating costs and the impact of those trends on the Company's results of operations. Pro Rata Share of Debt The Company presents debt based on its pro rata ownership share (including the Company's pro rata share of unconsolidated affiliates and excluding minority investors' share of consolidated properties) because it believes this provides investors a clearer understanding of the Company's total debt obligations which affect the Company's liquidity. A reconciliation of the Company's pro rata share of debt to the amount of debt on the Company's consolidated balance sheet is located at the end of this earnings release. Reclassification Certain prior period amounts in the consolidated statements of operations have been reclassified to present marketing fund revenues and expenses on a gross basis in accordance with Emerging Issues Task Force Issue No. 99-19, Reporting Revenue Gross as a Principal versus Net as an Agent. As a result, the following amounts in the consolidated statements of operations have changed from the previously reported amounts for the three months and year ended December 31, 2004: tenant reimbursements have increased by $9,533,000 and $27,281,000 respectively, other revenues have decreased by $789,000 and $3,093,000 respectively, and property operating expenses have increased by $8,744,000 and $24,188,000 respectively. This reclassification did not change previously reported amounts of net income available to common shareholders. Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties. -MORE- 4 CBL Reports Fourth Quarter Results Page 5 February 8, 2006 CBL & Associates Properties, Inc. Consolidated Statements of Operations (Unaudited; in thousands, except per share amounts)
Three Months Ended Year Ended December 31, December 31, ------------------------ ------------------------ 2005 2004 2005 2004 ----------- ----------- ----------- ---------- REVENUES: Minimum rents $ 155,704 $ 133,782 $ 549,368 $ 476,568 Percentage rents 10,194 5,502 23,166 15,951 Other rents 9,354 8,776 17,674 16,102 Tenant reimbursements 78,754 69,718 278,498 246,016 Management, development and leasing fees 2,594 3,412 20,521 9,791 Other 6,011 3,510 19,485 17,005 ----------- ----------- ----------- ---------- Total revenues 262,611 224,700 908,712 781,433 ----------- ----------- ----------- ---------- EXPENSES: Property operating 42,782 38,277 151,280 139,349 Depreciation and amortization 49,564 38,700 179,651 142,012 Real estate taxes 20,741 15,494 68,116 58,066 Maintenance and repairs 13,909 11,879 50,559 43,527 General and administrative 10,556 10,832 39,197 35,338 Loss on impairment of real estate assets 1,072 3,080 1,334 3,080 Other 5,188 2,737 15,444 16,373 ----------- ----------- ----------- ---------- Total expenses 143,812 120,999 505,581 437,745 ----------- ----------- ----------- ---------- Income from operations 118,799 103,701 403,131 343,688 Interest income 617 933 6,831 3,355 Interest expense (56,361) (47,945) (208,183) (177,219) Loss on extinguishment of debt (5,243) - (6,171) - Gain on sales of real estate assets 2 2,970 53,583 29,272 Gain on sales of management contracts - - 21,619 - Equity in earnings of unconsolidated affiliates 1,726 3,355 8,495 10,308 Minority interest in earnings: Operating partnership (24,885) (25,688) (112,061) (85,186) Shopping center properties (1,218) (1,333) (4,879) (5,365) ----------- ----------- ----------- ---------- Income before discontinued operations 33,437 35,993 162,365 118,853 Operating income (loss) of discontinued operations (138) 209 192 1,413 Gain (loss) on discontinued operations 2 - (82) 845 ----------- ----------- ----------- ---------- Net income 33,301 36,202 162,475 121,111 Preferred dividends (7,642) (5,061) (30,568) (18,309) ----------- ----------- ----------- ---------- Net income available to common shareholders $ 25,659 $ 31,141 $ 131,907 $ 102,802 =========== =========== =========== ========== Basic per share data: Income before discontinued operations, net of preferred dividends $ 0.41 $ 0.50 $ 2.09 $ 1.63 Discontinued operations - - 0.01 0.04 ----------- ----------- ----------- ---------- Net income available to common shareholders $ 0.41 $ 0.50 $ 2.10 $ 1.67 =========== =========== =========== ========== Weighted average common shares outstanding 62,806 62,150 62,956 61,602 Diluted per share data: Income before discontinued operations, net of preferred dividends $ 0.40 $ 0.48 $ 2.02 $ 1.57 Discontinued operations - - 0.01 0.04 ----------- ----------- ----------- ---------- Net income available to common shareholders $ 0.40 $ 0.48 $ 2.03 $ 1.61 =========== =========== =========== ========== Weighted average common and potential dilutive common shares outstanding 64,717 64,588 65,115 64,004
5 CBL Reports Fourth Quarter Results Page 6 February 8, 2006 The Company's calculation of FFO is as follows (in thousands, except per share data):
Three Months Ended Year Ended December 31, December 31, ------------------------ ------------------------- 2005 2004 2005 2004 ---------- ----------- ----------- ---------- Net income available to common shareholders $ 25,659 $ 31,141 $131,907 $102,802 Add: Depreciation and amortization from consolidated properties 49,564 38,700 179,651 142,012 Depreciation and amortization from unconsolidated affiliates 3,083 1,539 9,210 6,144 Depreciation and amortization from discontinued operations 1,284 125 1,860 618 Minority interest in earnings of operating partnership 24,885 25,688 112,061 85,186 Less: (Gain) loss on sales of operating real estate assets 146 69 (42,562) (23,696) Minority investors' share of depreciation and amortization (428) (331) (1,390) (1,230) (Gain) loss on discontinued operations (2) - 82 (845) Depreciation and amortization of non-real estate assets (308) (159) (861) (586) ---------- ----------- ----------- ---------- Funds from operations $103,883 $ 96,772 $389,958 $310,405 ========== =========== =========== ========== Funds from operations applicable to Company shareholders $ 56,607 $ 53,028 $213,596 $169,725 ========== =========== =========== ========== Basic per share data: Funds from operations $ 0.90 $ 0.85 $ 3.41 $ 2.76 ========== =========== =========== ========== Weighted average common shares outstanding with operating partnership units fully converted 115,160 113,418 114,440 112,280 Diluted per share data: Funds from operations $ 0.89 $ 0.84 $ 3.34 $ 2.71 ========== =========== =========== ========== Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted 117,071 115,854 116,599 114,684 SUPPLEMENTAL FFO INFORMATION: Lease termination fees $ 1,892 $ 521 $ 5,540 $ 3,864 Lease termination fees per share $ 0.02 $ - $ 0.05 $ 0.03 Straight-line rental income $ 1,987 $ 484 $ 6,770 $ 2,684 Straight-line rental income per share $ 0.02 $ - $ 0.06 $ 0.02 Gains on outparcel sales $ 1,258 $ 1,226 $ 12,665 $ 3,449 Gains on outparcel sales per share $ 0.01 $ 0.01 $ 0.11 $ 0.03 Amortization of acquired above- and below-market leases $ 1,874 $ 1,280 $ 6,507 $ 3,656 Amortization of acquired above- and below-market leases per share $ 0.02 $ 0.01 $ 0.06 $ 0.03 Amortization of debt premiums $ 1,842 $ 1,698 $ 7,347 $ 5,418 Amortization of debt premiums per share $ 0.02 $ 0.01 $ 0.06 $ 0.05 Gain (loss) on sales of non operating properties $ (274) $ 2,965 $ 2,245 $ 4,285 Gain on sales of non operating properties per share $ - $ 0.03 $ 0.02 $ 0.04 Loss on impairment of real estate assets $ (1,072) $ (3,080) $ (1,334) $ (3,080) Loss on impairment of real estate assets per share $ (0.01) $ (0.03) $ (0.01) $ (0.03)
6 CBL Reports Fourth Quarter Results Page 7 February 8, 2006 Same-Center Net Operating Income (Dollars in thousands)
Three Months Ended Year Ended December 31, December 31, --------------------- -------------------- 2005 2004 2005 2004 ---------- ---------- --------- ---------- Net income $ 33,301 $ 36,202 $162,475 $121,111 Adjustments: Depreciation and amortization 49,564 38,700 179,651 142,012 Depreciation and amortization from unconsolidated affiliates 3,083 1,539 9,210 6,144 Depreciation and amortization from discontinued operations 1,284 125 1,860 618 Minority investors' share of depreciation and amortization in shopping center properties (428) (331) (1,390) (1,230) Interest expense 56,361 47,945 208,183 177,219 Interest expense from unconsolidated affiliates 3,514 2,433 12,583 7,169 Interest expense from discontinued operations - - - 20 Minority investors' share of interest expense in shopping center properties (799) (319) (1,959) (1,451) Loss on extinguishment of debt 5,243 - 6,171 53 Abandoned projects expense 86 400 560 3,714 Gain on sales of real estate assets and management contracts (2) (2,970) (75,202) (29,272) Loss on impairment of real estate assets 1,072 3,080 1,334 3,080 Gain on sales of real estate assets of unconsolidated affiliates (821) (1,147) (3,671) (1,886) Minority interest in earnings of operating partnership 24,885 25,688 112,061 85,186 (Gain) loss on discontinued operations (2) - 82 (845) ---------- ---------- --------- ---------- Operating partnership's share of total NOI 176,341 151,345 611,948 511,642 General and administrative expenses 10,556 10,832 39,197 35,338 Management fees and non-property level revenues (4,916) (5,322) (29,113) (17,878) ---------- ---------- --------- ---------- Operating partnership's share of property NOI 181,981 156,855 622,032 529,102 NOI of non-comparable centers (41,778) (20,886) (120,872) (55,577) ---------- ---------- --------- ---------- Total same center NOI $140,203 $135,969 $501,160 $473,525 ========== ========== ========= ========== Malls $130,365 $127,132 $ 463,475 $437,305 Associated centers 5,101 5,212 21,607 21,723 Community centers 1,166 771 4,668 3,976 Other 3,571 2,854 11,410 10,521 ---------- ---------- --------- ---------- Total same center NOI $140,203 $135,969 $501,160 $473,525 ========== ========== ========= ========== Percentage Change: Malls 2.5% 6.0% Associated centers -2.1% -0.5% Community centers 51.2% 17.4% Other 25.1% 8.4% ---------- --------- Total same center NOI 3.1% 5.8% ========== =========
7 CBL Reports Fourth Quarter Results Page 8 February 8, 2006 Company's Share of Consolidated and Unconsolidated Debt (Dollars in thousands)
December 31, 2005 ------------------------------------------------------ Fixed Rate Variable Rate Total ------------------- ------------- ------------------ Consolidated debt $ 3,281,939 $ 1,059,116 $ 4,341,055 Minority investors' share of consolidated debt (51,950) - (51,950) Company's share of unconsolidated affiliates' debt 216,026 26,600 242,626 ------------------- ------------- ------------------ Company's share of consolidated and unconsolidated debt $ 3,446,015 $ 1,085,716 $ 4,531,731 =================== ============= ================== Weighted average interest rate 5.99% 5.33% 5.83% =================== ============= ================== December 31, 2004 ------------------------------------------------------ Fixed Rate Variable Rate Total ------------------- ------------- ------------------ Consolidated debt $ 2,688,186 $ 683,493 $ 3,371,679 Minority investors' share of consolidated debt (52,914) - (52,914) Company's share of unconsolidated affiliates' debt 104,114 68,908 173,022 ------------------- ------------- ------------------ Company's share of consolidated and unconsolidated debt $ 2,739,386 $ 752,401 $ 3,491,787 =================== ============= ================== Weighted average interest rate 6.35% 3.44% 5.72% =================== ============= ==================
Debt-To-Total-Market Capitalization Ratio as of December 31, 2005 (In thousands, except stock price)
Shares Outstanding Stock Price (1) Value ------------------- ------------- ------------------ Common stock and operating partnership units 115,438 $ 39.51 $ 4,560,955 8.75% Series B Cumulative Redeemable Preferred Stock 2,000 $ 50.00 100,000 7.75% Series C Cumulative Redeemable Preferred Stock 460 $ 250.00 115,000 7.375% Series D Cumulative Redeemable Preferred Stock 700 $ 250.00 175,000 ------------------ Total market equity 4,950,955 Company's share of total debt 4,531,731 ------------------ Total market capitalization $ 9,482,686 ================== Debt-to-total-market capitalization ratio 47.8% ================== (1) Stock price for common stock and operating partnership units equals the closing price of the common stock on December 30, 2005. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.
Reconciliation of Shares and Operating Partnership Units Outstanding (In thousands)
Three Months Ended Year Ended December 31, December 31, ---------------------------------- --------------------------------- 2005: Basic Diluted Basic Diluted ------------- ------------------- ------------- ------------------ Weighted average shares - EPS 62,806 64,717 62,956 65,115 Weighted average operating partnership units 52,354 52,354 51,484 51,484 ------------- ------------------- ------------- ------------------ Weighted average shares- FFO 115,160 117,071 114,440 116,599 ============= =================== ============= ================== 2004: Weighted average shares - EPS 62,150 64,588 61,602 64,004 Weighted average operating partnership units 51,268 51,266 50,678 50,680 ------------- ------------------- ------------- ------------------ Weighted average shares- FFO 113,418 115,854 112,280 114,684 ============= =================== ============= ==================
Dividend Payout Ratio
Three Months Ended Year Ended December 31, December 31, ---------------------------------- --------------------------------- 2005 2004 2005 2004 ------------- ------------------- ------------- ------------------ Weighted average dividend per share $ 0.5478 $ 0.4094 $ 1.7769 $ 1.5012 FFO per diluted, fully converted share $ 0.89 $ 0.84 $ 3.34 $ 2.71 ------------- ------------------- ------------- ------------------ Dividend payout ratio 61.6% 48.7% 53.2% 55.4% ============= =================== ============= ==================
8 CBL Reports Fourth Quarter Results Page 9 February 8, 2006 Consolidated Balance Sheets (Preliminary and unaudited, in thousands)
December 31, December 31, 2005 2004 ------------ ------------ ASSETS Real estate assets: Land $ 776,989 $ 659,782 Buildings and improvements 5,698,669 4,670,462 ------------ ------------ 6,475,658 5,330,244 Less: accumulated depreciation (727,907) (575,464) ------------ ------------ 5,747,751 4,754,780 Real estate assets held for sale 63,168 61,607 Developments in progress 133,509 78,393 ------------ ------------ Net investment in real estate assets 5,944,428 4,894,780 Cash and cash equivalents 30,056 25,766 Receivables: Tenant, net of allowance 55,038 38,409 Other 6,235 13,706 Mortgage notes receivable 18,117 27,804 Investment in unconsolidated affiliates 84,138 84,782 Other assets 214,292 119,253 ------------ ------------ $6,352,304 $5,204,500 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage and other notes payable $4,341,055 $3,359,466 Mortgage notes payable on real estate assets held for sale - 12,213 Accounts payable and accrued liabilities 320,252 212,064 ------------ ------------ Total liabilities 4,661,307 3,583,743 ------------ ------------ Commitments and contingencies Minority interests 609,475 566,606 ------------ ------------ Shareholders' equity: Preferred stock, $.01 par value 32 32 Common stock, $.01 par value 625 626 Additional paid-in capital 1,037,764 1,025,479 Deferred compensation (8,895) (3,081) Other comprehensive income 288 - Retained earnings 51,708 31,095 ------------ ------------ Total shareholders' equity 1,081,522 1,054,151 ------------ ------------ $6,352,304 $5,204,500 ============ ============
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