EX-99 5 supplemental.txt EXHIBIT 99.3 SUPPLEMENTAL INFORMATION Exhibit 99.3 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 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
1 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 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)
2 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 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% ========== =========
3 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 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% ============= =================== ============= ==================
4 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 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 ============ ============
5 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 The Company presents the ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest because the Company believes that the EBITDA to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt. Ratio of EBITDA to Interest Expense (Dollars in thousands)
Three Months Ended Year Ended December 31, December 31, --------------------- --------------------- 2005 2004 2005 2004 ---------- --------- --------- ---------- EBITDA: 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) Income taxes 268 493 1,938 2,066 Loss on extinguishment of debt 5,243 - 6,171 - Loss on impairment of real estate assets 1,072 3,080 1,334 3,080 Abandoned projects expense 86 400 560 3,714 (Gain) loss on sales of operating real estate assets 146 69 (42,562) (23,696) Gain on sales management contracts - - (21,619) - Minority interest in earnings of operating partnership 24,885 25,688 112,061 85,186 (Gain) loss on discontinued operations (2) - 82 (845) ---------- --------- --------- ---------- Company's share of total EBITDA $177,578 $156,024 $628,578 $521,117 ========== ========= ========= ========== Interest Expense: Interest expense $ 56,361 $ 47,945 $ 208,183 $177,219 Interest expense from discontinued operations - - - 20 Interest expense from unconsolidated affiliates 3,514 2,433 12,583 7,169 Minority investors' share of interest expense in shopping center properties (799) (319) (1,959) (1,451) ---------- --------- --------- ---------- Company's share of total interest expense $ 59,076 $ 50,059 $ 218,807 $182,957 ========== ========= ========= ========== Ratio of EBITDA to Interest Expense 3.01 3.12 2.87 2.85 ========== ========= ========= ==========
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities (In thousands)
Three Months Ended Year Ended December 31, December 31, ---------------------- ---------------------- 2005 2004 2005 2004 ---------- ---------- ---------- ---------- Company's share of total EBITDA $ 177,578 $ 156,024 $ 628,578 $ 521,117 Interest expense (56,361) (47,945) (208,183) (177,239) Minority investors' share of interest expense in shopping center properties 799 319 1,959 1,451 Income taxes (268) (493) (1,938) (2,066) Amortization of deferred financing costs and non-real estate 2,013 1,864 7,701 7,199 depreciation included in operating expense Amortization of debt premiums (1,842) (1,660) (7,347) (5,262) Amortization of above and below market leases (1,874) (1,240) (6,507) (3,515) Depreciation and interest expense from unconsolidated affiliates (6,597) (3,972) (21,793) (13,313) Minority investors' share of depreciation and amortization in 428 331 1,390 1,230 shopping center properties Minority interest in earnings - shopping center properties 1,218 1,333 4,879 5,365 Equity in earnings of unconsolidated affiliates (1,726) - (8,495) - Distributions of equity in earnings from unconsolidated affiliates 1,721 - 7,359 - Gains on outparcel sales (148) (3,048) (11,021) (5,887) Accelerated vesting of stock-based compensation - - 736 - Issuances of stock under incentive plan (242) 517 609 1,870 Amortization of deferred compensation 553 203 1,826 655 Accrual of deferred compensation 120 431 780 776 Changes in operating assets and liabilities 31,650 7,291 26,932 6,816 ---------- ---------- ---------- ---------- Cash flows provided by operating activities $ 147,022 $ 109,955 $ 417,465 $ 339,197 ========== ========== ========== ==========
6 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 New and Renewal Leasing Activity of Same Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors
New New Square Prior Base Initial Base % Change Average Base % Change Property Type Feet Rent PSF Rent PSF Initial Rent PSF Average ----------------------- ------------ -------------- ----------- ---------- ----------- ----------- Quarter: Stabilized Malls 609,354 $ 24.15 $ 24.43 1.2% $ 24.87 3.0% Associated centers 15,723 15.88 20.40 28.5% 20.52 29.2% Community centers 8,469 18.76 18.51 -1.3% 18.51 -1.3% Other 3,942 12.50 13.59 8.7% 13.59 8.7% TOTAL 637,488 $ 23.80 $ 24.18 1.6% $ 24.61 3.4% Year To Date: Stabilized Malls 2,235,715 $ 25.18 $ 26.10 3.7% $ 26.72 6.1% Associated centers 101,624 13.54 16.91 24.9% 17.26 27.5% Community centers 54,469 16.56 16.67 0.7% 16.69 0.8% Other 8,364 15.69 17.66 12.5% 17.89 14.0% TOTAL 2,400,172 $ 24.46 $ 25.47 4.1% $ 26.06 6.5%
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 196,454 $ 26.94 $ 28.03 4.0% $ 28.92 7.3% Renewal leases 412,900 22.82 22.72 -0.4% 22.95 0.6% 609,354 $ 24.15 $ 24.43 1.2% $ 24.87 3.0% Year To Date: New leases 730,243 $ 26.73 $ 28.97 8.4% $ 30.17 12.9% Renewal leases 1,505,470 24.43 24.72 1.2% 25.04 2.5% 2,235,713 $ 25.18 $ 26.10 3.7% $ 26.72 6.1%
Total Leasing Activity of All Small Shop Spaces Compared to Expiring Tenants of Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors
% Change of Total 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 672,349 $ 25.42 549,517 $ 24.27 4.8% Associated centers 35,103 15.94 28,978 14.32 11.3% Community centers 7,369 20.13 7,369 20.23 -0.5% Other 3,942 13.59 2,106 12.50 8.7% TOTAL 718,763 $ 24.84 587,970 $ 23.68 4.9% Year To Date: Stabilized Malls 2,469,878 $ 26.81 2,534,655 $ 24.50 9.4% Associated centers 125,354 16.36 116,488 14.04 16.5% Community centers 61,819 15.66 56,650 13.06 19.9% Other 12,205 18.24 6,827 17.04 7.0% TOTAL 2,669,256 $ 26.02 2,714,620 $ 23.80 9.3%
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 Over Average % Change Average Expiring Base of New Leases Base Rent Leases Rent Renewal --------------------------- PFS of Average ------------------------- PSF of Average Average Base Expiring Base Average Base Expiring Base Square Feet Rent PSF Leases(1) Rent PSF Square Feet Rent PSF Renewals Rent PSF ------------ -------------- ----------- ---------- ----------- ------------ --------- --------- Quarter: Stabilized Malls 259,449 $ 29.35 $ 28.63 2.5% 412,900 $ 22.95 $ 22.82 0.6% Associated centers 25,375 14.29 14.72 -2.9% 9,728 20.24 13.51 49.8% Community centers 1,200 17.70 19.08 -7.2% 6,169 20.60 20.46 0.7% Other 1,836 13.33 N/A N/A 2,106 13.82 12.50 10.6% TOTAL 287,860 $ 27.88 $ 26.85 3.8% 430,903 $ 22.81 $ 22.52 1.3% Year To Date: Stabilized Malls 964,408 $ 29.56 $ 24.61 20.1% 1,505,470 $ 25.04 $ 24.43 2.5% Associated centers 74,002 16.42 14.18 15.8% 51,352 16.28 13.86 17.4% Community centers 23,000 18.12 14.99 20.9% 38,819 14.21 12.18 16.7% Other 7,951 18.01 17.68 1.8% 4,254 18.67 16.65 12.1% TOTAL 1,069,361 $ 28.32 $ 23.83 18.8% 1,599,895 $ 24.48 $ 23.77 3.0% (1) Excluding Renewals
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 December 31 --------------------------- 2005 2004 ------------ -------------- Stabilized Malls $ 26.87 $ 25.60 Non-stabilized Malls 27.41 26.33 Associated centers 10.55 9.77 Community centers 9.61 8.12 Other 19.33 19.10
7 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 Schedule of Mortgage and Other Notes Payable as of December 31, 2005 (Dollars In thousands )
Balance Maturity Interest ------------------------- Location Property Date Rate Balance Fixed Variable ----------------------- ---------------------------- --------- -------- ---------- -------- --------- Operating Properties: Layton, UT Layton Hills Mall Mar-06 5.290% $ 102,850 $ - $ 102,850 Chesapeake, VA Greenbrier Mall Apr-06 5.370% 92,650 - 92,650 Akron, OH Chapel Hill Mall May-06 5.320% 64,000 - 64,000 Akron, OH Chapel Hill Surburban May-06 5.370% 2,500 - 2,500 Midland, MI Midland Mall Jun-06 5.375% 30,000 - 30,000 Chattanooga, TN Hamilton Place Mar-07 7.000% 61,640 61,640 - Cincinnati, OH Eastgate Crossing Apr-07 6.380% 9,980 9,980 - Charleston, SC Citadel Mall May-07 7.390% 29,939 29,939 - Highpoint, NC Oak Hollow Mall Feb-08 7.310% 43,073 43,073 - Winston-Salem, NC Hanes Mall Jul-08 7.310% 105,990 105,990 - Nashville, TN Courtyard At Hickory Hollow Aug-08 6.770% 4,010 4,010 - Nashville, TN Hickory Hollow Mall Aug-08 6.770% 86,136 86,136 - Nashville, TN Rivergate Mall Aug-08 6.770% 69,614 69,614 - Nashville, TN Village At Rivergate Aug-08 6.770% 3,288 3,288 - Lansing, MI Meridian Mall Oct-08 4.520% 91,090 91,090 - Cary, NC Cary Towne Center Mar-09 6.850% 86,114 86,114 - Joplin, MO Northpark Mall Mar-09 5.500% 40,682 40,682 - Daytona Beach, FL Volusia Mall Mar-09 4.750% 53,721 53,721 - Fairview Heights, IL St. Clair Square Apr-09 7.000% 65,596 65,596 - Terre Haute, IN Honey Creek Mall Apr-09 4.750% 32,178 32,178 - Meridian, MS Bonita Lakes Crossing Oct-09 6.820% 8,081 8,081 - Meridian, MS Bonita Lakes Mall Oct-09 6.820% 25,789 25,789 - Cincinnati, OH Eastgate Mall (a) Dec-09 4.550% 56,335 56,335 - Little Rock, AR Park Plaza Mall May-10 4.900% 40,757 40,757 - Spartanburg, SC Westgate Crossing Jul-10 8.420% 9,483 9,483 - Burnsville, MN Burnsville Center Aug-10 8.000% 68,272 68,272 - Roanoke, VA Valley View Mall Sep-10 5.100% 43,840 43,840 - Beaumont, TX Parkdale Crossing Sep-10 5.010% 8,570 8,570 - Beaumont, TX Parkdale Mall Sep-10 5.010% 54,274 54,274 - Nashville, TN Coolsprings Galleria Sep-10 6.222% 128,574 128,574 - Stroud, PA Stroud Mall Dec-10 8.420% 31,252 31,252 - Wausau, WI Wausau Center Dec-10 6.700% 12,927 12,927 - York, PA York Galleria Dec-10 8.340% 49,965 49,965 - Lexington, KY Fayette Mall Jul-11 7.000% 93,028 93,028 - Chattanooga, TN Hamilton Corner Aug-11 10.125% 2,023 2,023 - Asheville, NC Asheville Mall Sep-11 6.980% 67,780 67,780 - Ft. Smith, AR Massard Crossing Feb-12 7.540% 5,792 5,792 - Houston, TX Willowbrook Plaza Feb-12 7.540% 29,636 29,636 - 8 Balance Maturity Interest ------------------------- Location Property Date Rate Balance Fixed Variable ----------------------- ---------------------------- --------- -------- ---------- -------- --------- Vicksburg, MS Pemberton Plaza Feb-12 7.540% 1,979 1,979 - Fayetteville, NC Cross Creek Mall Apr-12 5.000% 62,645 62,645 - Colonial Heights, VA Southpark Mall May-12 5.100% 36,655 36,655 - Asheboro, NC Randolph Mall Jul-12 6.500% 14,740 14,740 - Douglasville, GA Arbor Place Jul-12 6.510% 76,525 76,525 - Douglasville, GA The Landing At Arbor Place Jul-12 6.510% 8,638 8,638 - Jackson, TN Old Hickory Mall Jul-12 6.510% 33,803 33,803 - Louisville, KY Jefferson Mall Jul-12 6.510% 42,629 42,629 - North Charleston, SC Northwoods Mall Jul-12 6.510% 61,033 61,033 - Racine, WI Regency Mall Jul-12 6.510% 33,427 33,427 - Saginaw, MI Fashion Square Jul-12 6.510% 58,591 58,591 - Spartanburg, SC Westgate Mall Jul-12 6.500% 52,953 52,953 - Chattanooga, TN CBL Center Aug-12 6.250% 14,369 14,369 - Panama City, FL Panama City Mall Aug-12 7.300% 39,290 39,290 - Livonia, MI Laurel Park Place Dec-12 5.000% 50,297 50,297 - Monroeville, PA Monroeville Mall Jan-13 5.300% 129,990 129,990 - Greensburg, PA Westmoreland Mall Jan-13 5.050% 79,996 79,996 - Columbia, SC Columbia Place Oct-13 5.450% 32,471 32,471 - Laredo, TX Mall del Norte Dec-14 5.040% 113,400 113,400 - Brookfield, WI Brookfield Square Nov-15 5.075% 104,876 104,876 - Madison, WI East Towne Mall Nov-15 5.000% 79,807 79,807 - Madison, WI West Towne Mall Nov-15 5.000% 112,728 112,728 - Rockford, IL Cherryvale Mall Nov-15 5.000% 93,774 93,774 - Bloominton, IL Eastland Mall Dec-15 5.850% 59,400 59,400 - Decatur, IL Hickory Point Mall Dec-15 5.850% 33,116 33,116 - Overland Park, KS Oak Park Mall Dec-15 5.850% 275,700 275,700 - Janesville, WI Janesville Mall Apr-16 8.375% 12,816 12,816 - ----------- ----------- --------- 3,527,077 3,235,077 292,000 ----------- ----------- --------- Weighted average interest rate 5.98% 6.04% 5.33% Debt Premiums: Colonial Heights, VA Southpark Mall May-12 5.100% 3,538 3,538 - Daytona Beach, FL Volusia Mall Apr-09 4.750% 3,085 3,085 - Fayetteville, NC Cross Creek Mall Apr-12 5.000% 7,800 7,800 - Joplin, MO Northpark Mall Jul-12 5.500% 612 612 - Little Rock, AR Park Plaza Mall May-10 4.900% 5,849 5,849 - Livonia, MI Laurel Park Place Dec-12 5.000% 9,806 9,806 - Monroeville, PA Monroeville Mall Jan-13 5.300% 3,063 3,063 - Roanoke, VA Valley View Mall Sep-10 5.100% 6,273 6,273 - Terre Haute, IN Honey Creek Mall Apr-09 4.750% 2,161 2,161 - ----------- ----------- --------- 42,187 42,187 - ----------- ----------- --------- Weighted average interest rate 5.01% 5.01% - Total Loans On Operating Properties And Debt Premiums 3,569,258 3,277,258 292,000 ----------- ----------- --------- Weighted average interest rate 5.97% 6.02% 5.33% Construction Loans: Lexington, KY The Plaza at Fayette Dec-06 5.910% 8,550 - 8,550 9 Balance Maturity Interest ------------------------- Location Property Date Rate Balance Fixed Variable ----------------------- ---------------------------- --------- -------- ---------- -------- --------- Southaven, MS Southaven Towne Center Jun-07 5.970% 23,649 - 23,649 Ft. Myers, FL Gulf Coast Town Center Sep-08 5.625% 42,020 - 42,020 Stillwater, OK Lakeview Pointe Nov-08 5.487% 2,612 - 2,612 ----------- ----------- --------- 76,831 - 76,831 ----------- ----------- --------- Lines of Credit 5.300% 690,285 - 690,285 ----------- ----------- --------- Weighted average interest rate Other 4,681 4,681 - ----------- ----------- --------- Total Consolidated Debt $ 4,341,055 $ 3,281,939 $ 1,059,116 Weighted average interest rate 5.85% 6.02% 5.33% Plus CBL'S Share Of Unconsolidated Affiliates' Debt: Paducah, KY Kentucky Oaks Mall Jun-07 9.000% 15,254 15,254 - Huntsville, AL Parkway Place Jun-08 5.300% 26,600 - 26,600 Del Rio, TX Plaza del Sol Aug-10 9.150% 1,524 1,524 - Myrtle Beach, SC Coastal Grand-Myrtle Beach Oct-14 5.090% 48,808 48,808 - El Centro, CA Imperial Valley Mall Sep-15 4.985% 35,913 35,913 - Raleigh, NC Triangle Town Center Dec-15 5.737% 100,000 100,000 - Clarksville, TN Governor's Square Mall Sep-16 8.230% 14,527 14,527 - ----------- ----------- --------- 242,626 216,026 26,600 ----------- ----------- --------- Less Minority Interests' Share Of Consolidated Debt: Minority Interest % Chattanooga, TN CBL Center 8.0000% 6.250% (1,150) (1,150) - Chattanooga, TN Hamilton Corner 10.0000% 10.125% (202) (202) - Chattanooga, TN Hamilton Place 10.0000% 7.000% (6,164) (6,164) - Ft. Smith, AR Massard Crossing 10.0000% 7.540% (5,213) (5,213) - Highpoint, NC Oak Hollow Mall 25.0000% 7.310% (10,768) (10,768) - Houston, TX Willowbrook Plaza 10.0000% 7.540% (26,672) (26,672) - Vicksburg, MS Pemberton Plaza 10.0000% 7.310% (1,781) (1,781) - ----------- ----------- --------- (51,950) (51,950) - ----------- ----------- --------- Company's Share Of Consolidated And Unconsolidated Debt $ 4,531,731 $ 3,446,015 $ 1,085,716 =========== ============ =========== Weighted average interest rate 5.83% 5.99% 5.33% Total Debt of Unconsolidated Affiliates: Paducah, KY Kentucky Oaks Mall Jun-07 9.000% $ 30,507 $ 30,507 $ - Huntsville, AL Parkway Place Jun-08 5.300% 53,200 - 53,200 Del Rio, TX Plaza del Sol Aug-10 9.150% 3,012 3,012 - Myrtle Beach, SC Coastal Grand-Myrtle Beach (b) Oct-14 5.090% 97,615 97,615 - El Centro, CA Imperial Valley Mall Sep-15 4.985% 59,855 59,855 - Releigh, NC Triangle Town Center Dec-15 9.000% 200,000 200,000 - Clarksville, TN Governor's Square Mall Sep-16 8.230% 30,584 30,584 - ----------- ----------- --------- $ 474,773 $ 421,573 $ 53,200 ========== ========== ========= Weighted average interest rate 5.85% 5.92% 5.30% (a) Eastgate Mall - Represents a first mortgage securing the property. In addition to the first mortgage, there is also a $7,750 B-note that is held by the Company. (b) Coastal Grand-Myrtle Beach - Represents a first mortgage securing the property. In addition to the first mortgage, there is also $18,000 of B-notes that are payable to the Company and its joint venture partner, each of which hold $9,000.
10 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 Top 25 Based On Percentage Of Total Revenues As Of December 31, 2005:
Annual Percentage Number of Gross of Total Tenant Stores Square Feet Rentals (1) Revenues -------------------------------------------- --------- ------------- ------------- ----------- 1 Limited Brands, Inc. 235 1,451,230 $49,816,597 5.6% 2 Foot Locker, Inc. 193 760,487 28,743,398 3.2% 3 The Gap, Inc. 106 1,052,246 24,849,474 2.8% 4 Luxottica Group, S.P.A. (2) 77 362,187 16,993,141 1.9% 5 Abercrombie & Fitch, Co. 197 479,638 16,737,262 1.9% 6 AE Outfitters Retail Company 73 384,206 15,162,552 1.7% 7 Signet Group PLC (3) 104 158,906 14,502,975 1.6% 8 Zale Corporation 148 148,800 13,637,113 1.5% 9 JC Penney Co. Inc. (4) 69 7,701,909 13,273,150 1.5% 10 Finish Line, Inc. 68 356,479 12,948,490 1.5% 11 New York & Company, Inc. 45 348,612 11,031,050 1.2% 12 The Regis Corporation 198 230,075 11,014,242 1.2% 13 Hallmark Cards, Inc. 88 309,068 10,310,067 1.2% 14 The Children's Place Retail Stores, Inc. (5) 61 258,951 9,898,797 1.1% 15 Genesco Inc. (6) 139 178,211 9,801,639 1.1% 16 Charming Shoppes, Inc. (7) 58 344,733 9,789,050 1.1% 17 Pacific Sunwear of California 81 279,350 9,625,585 1.1% 18 Dick's Sporting Goods, Inc. 11 654,686 9,085,563 1.0% 19 Aeropostale, Inc. 66 223,772 8,736,517 1.0% 20 Trans World Entertainment (8) 50 259,060 8,364,797 0.9% 21 Sun Capital Partners, Inc. (9) 65 441,360 7,988,783 0.9% 22 Federated Department Stores, Inc. (10) 86 6,228,826 7,951,723 0.9% 23 Christopher & Banks, Inc. 67 231,681 7,736,242 0.9% 24 Claire's Stores, Inc. 117 132,167 7,537,292 0.9% 25 The Buckle, Inc. 44 214,094 7,377,496 0.8% --------- ------------- ------------- ----------- 2,446 23,190,735 $342,912,995 38.5% ========= ============= ============= =========== (1) Includes annual minimum rent and tenant reimbursements based on amounts in effect at December 31, 2005. (2) Luxottica was previously Lenscrafters and Sunglass Hut. Luxottica purchased Cole National Corporation, which operates Pearl Vision and Things Remembered in October 2004. (3) Signet Group was previously Sterling, Inc. They operate Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers and Rogers Jewelers. (4) J.C. Penney owns 29 of these stores. (5) The Children's Place Retail Stores, Inc. 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) 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, wich includes Sam Goody and Suncoast, recently filed for bankruptcy under Chapter 11. They represent 178,776 square feet and $6,535,866 in total annual revenue. (10) Federated Department Stores merged with May Company in 2005. They now operate After Hours Formalwear, Desmond's Formal Wear, Mithchell'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 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 Capital Expenditures for Three Months and Year Ended December 31 , 2005 (In thousands)
Three Months Year To Date -------------------------- Tenant allowances $ 18,486 $ 52,773 ------------- ------------ Renovations 5,391 27,514 ------------- ------------ Deferred maintenance: Parking lot and parking lot lighting 4,731 12,360 Roof repairs and replacements 2,966 11,727 Other capital expenditures 2,736 7,401 ------------- ------------ Total deferred maintenancee expenditures 10,433 31,488 ------------- ------------ Total capital expenditures $ 34,310 $ 111,775 ============= ============ 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 term of the lease.
Deferred Leasing Costs Capitalized (In thousands)
2005 2004 ------------- ------------ Quarter ended: March 31, $ 374 $ 492 June 30, 699 242 September 30, 629 524 December 31, 581 628 ------------- ------------ $ 2,283 $ 1,886 ============= ============
12 CBL & Associates Properties, Inc. Supplemental Financial and Operating Information For the Three Months and Year Ended December 31, 2005 Properties Under Development at December 31, 2005 (Dollars in thousands)
CBL's Share of -------------------------- Square Total Costs Opening Initial Property Location Feet Costs To Date Date Yield -------------------------------------- ----------------- ------------ ------------ ----------- ---------------- ------ Mall Expansions: Burnsville Center - Phase II Burnsville, MN 82,900 $ 13,000 $ 1,244 April-06 9% Hanes Mall - Dick's Sporting Goods Winston-Salem, NC 66,000 10,150 3,632 July-06 10% Open-Air Centers: Southaven Town Center - Gordman's Southaven, MS 59,400 7,190 1,405 April-06 9% Lakeview Point Stillwater, OK 207,300 21,095 5,940 October-06 9% Gulf Coast Town Center - Phase II Ft. Myers, FL 739,000 109,641 (a) 14,500 (a) October-06 9% Associated Centers: The Plaza at Fayette - Phase I Lexington, KY 73,400 24,414 15,058 July-06 9% The Shoppes at St. Clair Fairview Heights, IL 75,000 26,957 9,933 March-07 7% Community Center: High Pointe Commons Harrisburg, PA 297,100 7,271 2,787 October-06 10% ------------ ------------ ----------- 1,600,100 $ 219,718 $ 54,499 ============ ============ =========== (a) Amounts shown are 100% of the cost and cost to date.