EX-99 5 supplemental.txt EXHIBIT 99.3 SUPPLEMENTAL Exhibit 99.3 CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Three Months And Nine Months Ended September 30, 2006 Consolidated Statements of Operations (Unaudited; in thousands, except per share amounts)
Three Months Ended Nine Months Ended September 30, September 30, -------------------------------- -------------------------------- 2006 2005 2006 2005 -------------------------------- -------------------------------- REVENUES: Minimum rents $ 156,136 $ 135,645 $ 457,746 $ 393,191 Percentage rents 3,413 3,114 11,716 12,963 Other rents 3,094 2,400 10,547 8,320 Tenant reimbursements 77,046 70,820 227,786 199,650 Management, development and leasing fees 1,181 11,109 3,945 17,927 Other 5,679 4,692 17,109 13,474 ------------ ------------ ----------- ----------- Total revenues 246,549 227,780 728,849 645,525 ------------ ------------ ----------- ----------- EXPENSES: Property operating 41,389 40,306 119,113 108,473 Depreciation and amortization 62,604 45,453 171,841 130,048 Real estate taxes 20,266 16,020 60,059 47,332 Maintenance and repairs 13,846 12,373 40,112 36,607 General and administrative 9,402 10,221 28,051 28,641 Loss on impairment of real estate assets - - 274 262 Other 5,127 3,769 13,815 10,256 ------------ ------------ ----------- ----------- Total expenses 152,634 128,142 433,265 361,619 ------------ ------------ ----------- ----------- Income from operations 93,915 99,638 295,584 283,906 Interest income 2,009 1,937 5,687 6,214 Interest expense (63,884) (52,646) (191,474) (151,822) Loss on extinguishment of debt (935) (44) (935) (928) Gain on sales of real estate assets 3,901 46,485 6,831 53,581 Gain on sales of management contracts - 21,619 - 21,619 Equity in earnings of unconsolidated affiliates 621 995 3,807 6,769 Minority interest in earnings: Operating partnership (12,075) (49,455) (47,930) (87,176) Shopping center properties (1,402) (1,086) (2,663) (3,661) ------------ ------------ ----------- ----------- Income before discontinued operations 22,150 67,443 68,907 128,502 Operating income (loss) of discontinued operations (173) 290 2,680 755 Gain (loss) on discontinued operations 2 2 7,217 (84) ------------ ------------ ----------- ----------- Net income 21,979 67,735 78,804 129,173 Preferred dividends (7,642) (7,642) (22,926) (22,926) Net income available to common shareholders $ 14,337 $ 60,093 $ 55,878 $ 106,247 ============ ============ =========== =========== Basic per share data: Income before discontinued operations, net of preferred dividends $ 0.23 $ 0.95 $ 0.72 $ 1.68 Discontinued operations (0.01) - 0.16 0.01 ------------ ------------ ----------- ----------- Net income available to common shareholders $ 0.22 $ 0.95 $ 0.88 $ 1.69 ============ ============ =========== =========== Weighted average common shares outstanding 64,174 62,940 63,616 62,693 Diluted per share data: Income before discontinued operations, net of preferred dividends $ 0.22 $ 0.92 $ 0.71 $ 1.62 Discontinued operations - - 0.15 0.02 ------------ ------------ ----------- ----------- Net income available to common shareholders $ 0.22 $ 0.92 $ 0.86 $ 1.64 ============ ============ =========== =========== Weighted average common and potential dilutive common shares outstanding 65,496 65,253 65,086 64,973
CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Three Months And Nine Months Ended September 30, 2006 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 September 30, September 30, 2006 2005 2006 2005 ---------------------------------------------------------------------- Net income available to common shareholders $ 14,337 $ 60,093 $ 55,878 $ 106,247 Minority interest in earnings of operating partnership 12,075 49,455 47,930 87,176 Depreciation and amortization expense of: Consolidated properties 62,604 45,453 171,841 130,048 Unconsolidated affiliates 3,377 2,207 10,020 6,127 Discontinued operations - 585 515 615 Non-real estate assets (218) (188) (623) (553) Minority investors' share of depreciation and amortization (568) (311) (1,675) (962) (Gain) loss on: Sales of operating real estate assets 49 (42,882) 87 (42,708) Discontinued operations (2) (2) (7,217) 84 ----------------- ---------------- ----------------- -------------- Funds from operations of the operating partnership 91,654 114,410 276,756 286,074 Percentage allocable to Company shareholders (1) 55.55% 54.86% 55.14% 54.90% ----------------- ---------------- ----------------- -------------- Funds from operations allocable to Company shareholders $ 50,910 $ 62,761 $ 152,604 $ 157,052 ================= ================ ================= ============== Basic per share data: Funds from operations $ 0.79 $ 1.00 $ 2.40 $ 2.51 ================= ================ ================= ============== Weighted average common shares outstanding with operating partnership units fully converted 115,534 114,737 115,371 114,197 Diluted per share data: Funds from operations $ 0.78 $ 0.98 $ 2.37 $ 2.46 ================= ================ ================= ============== Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted 116,856 117,050 116,840 116,477 (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. SUPPLEMENTAL FFO INFORMATION: Lease termination fees (2) $ 4,945 $ 1,221 $ 13,239 $ 3,648 Lease termination fees per share $ 0.04 $ 0.01 $ 0.11 $ 0.03 Straight-line rental income $ 1,767 $ 1,667 $ 3,986 $ 4,755 Straight-line rental income per share $ 0.02 $ 0.01 $ 0.03 $ 0.04 Gains on outparcel sales $ 3,625 $ 2,544 $ 8,133 $ 11,177 Gains on outparcel sales per share $ 0.03 $ 0.02 $ 0.07 $ 0.10 Amortization of acquired above- and below-market leases (3) $ 4,815 $ 1,668 $ 9,730 $ 4,532 Amortization of acquired above- and below-market leases $ 0.08 per share $ 0.04 $ 0.01 $ 0.04 Amortization of debt premiums $ 1,889 $ 1,948 $ 5,599 $ 5,605 Amortization of debt premiums per share $ 0.02 $ 0.02 $ 0.05 $ 0.05 Gain on sales of non operating properties $ - $ 1,288 $ - $ 2,509 Gain on sales of non operating properties per share $ - $ 0.01 $ - $ 0.02 Loss on impairment of real estate assets $ - $ - $ (274) $ (262) Loss on impairment of real estate assets per share $ - $ - $ - $ - (2) The amounts for the three months and nine months ended September 30, 2006, include $3,415 and $5,223, respectively, that is attributable to properties that are not included in same-center comparisons. (3) The amounts for the three months and nine months ended September 30, 2006, include $3,711 and $5,152, respectively, that is attributable to properties that are not included in same-center comparisons.
CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Three Months And Nine Months Ended September 30, 2006 Same-Center Net Operating Income (Dollars in thousands)
Three Months Ended Nine Months Ended September 30, September 30, --------------------------- ------------------------- 2006 2005 2006 2005 --------------------------- ------------------------- Net income $ 21,979 $ 67,735 $ 78,804 $129,173 Adjustments: Depreciation and amortization 62,604 45,453 171,841 130,048 Depreciation and amortization from unconsolidated affiliates 3,377 2,207 10,020 6,127 Depreciation and amortization from discontinued operations - 585 515 615 Minority investors' share of depreciation and amortization in shopping center properties (568) (311) (1,675) (962) Interest expense 63,884 52,646 191,474 151,822 Interest expense from unconsolidated affiliates 4,485 3,009 13,154 9,069 Minority investors' share of interest expense in shopping center properties (1,276) (390) (3,627) (1,160) Loss on extinguishment of debt 935 44 935 928 Abandoned projects expense 359 336 294 475 Gain on sales of real estate assets (3,901) (68,104) (6,831) (75,200) Loss on impairment of real estate assets - - 274 262 Gain on sales of real estate assets of unconsolidated affiliates (795) (227) (2,302) (2,850) Minority interest in earnings of operating partnership 12,075 49,455 47,930 87,176 (Gain) loss on discontinued operations (2) (2) (7,217) 84 -------------- ----------- ------------- ---------- Operating partnership's share of total NOI 163,156 152,436 493,589 435,607 General and administrative expenses 9,402 10,221 28,051 28,641 Management fees and non-property level revenues (4,527) (12,385) (15,433) (25,202) -------------- ----------- ------------- ---------- Operating partnership's share of property NOI 168,031 150,272 506,207 439,046 NOI of non-comparable centers (24,645) (6,848) (69,009) (12,022) -------------- ----------- ------------- ---------- Total same center NOI $ 143,386 $143,424 $ 437,198 $427,024 ============== =========== ============= ========== Malls $ 132,541 $133,226 $ 403,624 $395,986 Associated centers 7,108 6,373 20,642 19,136 Community centers 843 1,131 2,965 3,502 Other 2,894 2,694 9,967 8,400 -------------- ----------- ------------- ---------- Total same center NOI $ 143,386 $143,424 $ 437,198 $427,024 ============== =========== ============= ==========
Percentage Change: Malls -0.5% 1.9% Associated centers 11.5% 7.9% Community centers -25.5% -15.3% Other 7.4% 18.7% --------------- ------------- Total same center NOI 0.0% 2.4% =============== =============
CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Three Months And Nine Months Ended September 30, 2006 Company's Share of Consolidated and Unconsolidated Debt (Dollars in thousands)
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% ===================== ==================== ===================
September 30, 2005 -------------------------------------------------------------- Fixed Rate Variable Rate Total --------------------- -------------------- ------------------- Consolidated debt $ 2,710,984 $ 953,102 $ 3,664,086 Minority investors' share of consolidated debt (52,168) - (52,168) Company's share of unconsolidated affiliates' debt 116,637 26,600 143,237 --------------------- -------------------- ------------------- Company's share of consolidated and unconsolidated debt $ 2,775,453 $ 979,702 $ 3,755,155 ===================== ==================== =================== Weighted average interest rate 6.37% 4.81% 5.96% ===================== ==================== ===================
Debt-To-Total-Market Capitalization Ratio as of September 30, 2006 (In thousands, except stock price)
Shares Outstanding Stock Price (1) Value --------------------- -------------------- ------------------- Common stock and operating partnership units 116,137 $ 41.91 $ 4,867,302 8.75% Series B Cumulative Redeemable Preferred Stock 2,000 50.00 100,000 7.75% Series C Cumulative Redeemable Preferred Stock 460 250.00 115,000 7.375% Series D Cumulative Redeemable Preferred Stock 700 250.00 175,000 ------------------- Total market equity 5,257,302 Company's share of total debt 4,651,739 ------------------- Total market capitalization $ 9,909,041 =================== Debt-to-total-market capitalization ratio 46.9% =================== (1) Stock price for common stock and operating partnership units equals the closing price of the common stock on September 29, 2006. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.
Reconciliation of Shares and Operating Partnership Units Outstanding (In thousands)
Three Months Ended Nine Months Ended September 30, September 30, ------------------------------------------- -------------------------------------- 2006: Basic Diluted Basic Diluted --------------------- ------------------- ---------------- ------------------- 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 ===================== =================== ================ =================== 2005: Weighted average shares - EPS 62,940 65,253 62,693 64,973 Weighted average operating partnership units 51,797 51,797 51,504 51,504 ------------------------------------------- ---------------- ------------------- Weighted average shares- FFO 114,737 117,050 114,197 116,477 =========================================== ================ ===================
Dividend Payout Ratio Three Months Ended Nine Months Ended September 30, September 30, ------------------------------------------- -------------------------------------- 2006 2005 2006 2005 ------------------------------------------- ---------------- ------------------- Weighted average dividend per share $ 0.46387 $ 0.41110 $ 1.39164 $ 1.22910 FFO per diluted, fully converted share $ 0.78 $ 0.98 $ 2.37 $ 2.46 ------------------------------------------- ---------------- ------------------- Dividend payout ratio 59.5% 41.9% 58.7% 50.0% =========================================== ================ ===================
CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Three Months And Nine Months Ended September 30, 2006 Consolidated Balance Sheets (Unaudited, in thousands except share data)
September 30, December 31, 2006 2005 --------------- --------------- ASSETS Real estate assets: Land $ 769,655 $ 776,989 Buildings and improvements 5,781,710 5,698,669 --------------- --------------- 6,551,365 6,475,658 Less: accumulated depreciation (872,048) (727,907) --------------- --------------- 5,679,317 5,747,751 Real estate assets held for sale - 63,168 Developments in progress 318,033 133,509 --------------- --------------- Net investment in real estate assets 5,997,350 5,944,428 Cash and cash equivalents 33,560 28,838 Receivables: Tenant, net of allowance 61,068 55,056 Other 9,304 6,235 Mortgage notes receivable 19,373 18,117 Investment in unconsolidated affiliates 87,819 84,138 Other assets 207,737 215,510 --------------- --------------- $ 6,416,211 $ 6,352,322 =============== =============== LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage and other notes payable $ 4,464,416 $ 4,341,055 Accounts payable and accrued liabilities 314,054 320,270 --------------- --------------- Total liabilities 4,778,470 4,661,325 --------------- --------------- Commitments and contingencies Minority interests 562,722 609,475 --------------- --------------- Shareholders' equity: Preferred Stock, $.01 par value, 15,000,000 shares authorized: 8.75% Series B Cumulative Redeemable Preferred Stock, 2,000,000 shares outstanding 20 20 7.75% Series C Cumulative Redeemable Preferred Stock, 460,000 shares outstanding 5 5 7.375% Series D Cumulative Redeemable Preferred Stock, 700,000 shares outstanding 7 7 Common Stock, $.01 par value, 180,000,000 shares authorized, 64,778,624 and 62,512,816 issued and outstanding in 2006 and 2005, respectively 648 625 Additional paid-in capital 1,054,487 1,037,764 Deferred Compensation - (8,895) Accumulated other comprehensive income 907 288 Retained earnings 18,945 51,708 --------------- --------------- Total shareholders' equity 1,075,019 1,081,522 --------------- --------------- $ 6,416,211 $ 6,352,322 =============== ===============
CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Three Months And Nine Months Ended September 30, 2006 The Company presents the ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest because the Company believes that the EBITDA to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt. Ratio of EBITDA to Interest Expense (Dollars in thousands)
Three Months Ended Nine Months Ended September 30, September 30, -------------------------- ----------------------- 2006 2005 2006 2005 -------------------------- ----------------------- EBITDA: Net Income $ 21,979 $ 67,735 $ 78,804 $129,173 Adjustments: Depreciation and amortization 62,604 45,453 171,841 130,048 Depreciation and amortization from unconsolidated affiliates 3,377 2,207 10,020 6,127 Depreciation and amortization from discontinued operations - 585 515 615 Minority investors' share of depreciation and amortization in shopping center properties (568) (311) (1,675) (962) Interest expense 63,884 52,646 191,474 151,822 Interest expense from unconsolidated affiliates 4,485 3,009 13,154 9,069 Minority investors' share of interest expense in shopping center properties (1,276) (390) (3,627) (1,160) Income taxes 380 369 2,680 1,671 Loss on extinguishment of debt 935 44 935 928 Loss on impairment of real estate assets - - 274 262 Abandoned projects expense 359 336 294 475 Gain on sales of management contracts - (21,619) - (21,619) (Gain) loss on sales of operating real estate assets 49 (42,882) 87 (42,708) Minority interest in earnings of operating partnership 12,075 49,455 47,930 87,176 (Gain) loss on discontinued operations (2) (2) (7,217) 84 ------------- ----------- ------------ ---------- Company's share of total EBITDA $168,281 $ 156,635 $ 505,489 $451,001 ============= =========== ============ ========== Interest Expense: Interest expense $ 63,884 $ 52,646 $ 191,474 $151,822 Interest expense from unconsolidated affiliates 4,485 3,009 13,154 9,069 Minority investors' share of interest expense in shopping center properties (1,276) (390) (3,627) (1,160) ------------- ----------- ------------ ---------- Company's share of total interest expense $ 67,093 $ 55,265 $ 201,001 $159,731 ============= =========== ============ ========== Ratio of EBITDA to Interest Expense 2.51 2.83 2.51 2.82 ============= =========== ============ ==========
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities (In thousands)
Three Months Ended Nine Months Ended September 30, September 30, -------------------------- ----------------------- 2006 2005 2006 2005 -------------------------- ----------------------- Company's share of total EBITDA $168,281 $ 156,635 $ 505,489 $451,001 Interest expense (63,884) (52,646) (191,474) (151,822) Minority investors' share of interest expense in shopping center properties 1,276 390 3,627 1,160 Income taxes (380) (369) (2,680) (1,671) Amortization of deferred financing costs and non real estate depreciation included in operating expense 1,651 2,318 5,466 5,694 Amortization of debt premiums (1,889) (1,921) (5,599) (5,506) Amortization of above and below market leases (4,815) (1,738) (9,738) (4,551) Depreciation and interest expense from unconsolidated affiliates (7,862) (5,216) (23,174) (15,196) Minority investors' share of depreciation and amortization in shopping center properties 568 311 1,675 962 Minority interest in earnings - shopping center properties 1,402 1,086 2,663 3,661 Gains on outparcel sales (3,950) (3,603) (6,918) (10,873) Equity in earnings of unconsolidated affiliates (621) (6,769) (3,807) (6,769) Distributions from unconsolidated affiliates 2,108 5,637 6,517 5,637 Stock based compensation expense 1,280 1,828 4,934 3,520 Changes in operating assets and liabilities (16,621) 2,587 (18,331) (4,721) ------------- ------------ ------------ ---------- Cash flows provided by operating activities $ 76,544 $ 98,530 $ 268,650 $270,526 ============= ============ ============ ==========
CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Three Months And Nine Months Ended September 30, 2006 Schedule of Mortgage and Other Notes Payable as of September 30, 2006 (Dollars In thousands )
Balance Maturity Interest ---------------------- Location Property Date Rate Balance Fixed Variable ----------------------------------------------------------------------------------------------------------- Operating Properties: Cincinnati, OH Eastgate Crossing Apr-07 6.38% $ 9,811 $ 9,811 $ - Charleston, SC Citadel Mall May-07 7.39% 29,293 29,293 - Highpoint, NC Oak Hollow Mall Feb-08 7.31% 41,875 41,875 - Winston-Salem, NC Hanes Mall Jul-08 7.31% 103,702 103,702 - Nashville, TN Courtyard At Hickory Hollow Aug-08 6.77% 3,945 3,945 - Nashville, TN Hickory Hollow Mall Aug-08 6.77% 84,746 84,746 - Nashville, TN Rivergate Mall Aug-08 6.77% 68,492 68,492 - Nashville, TN The Village At Rivergate Aug-08 6.77% 3,235 3,235 - Lansing, MI Meridian Mall Oct-08 4.52% 89,340 89,340 - Cary, NC Cary Towne Center Mar-09 6.85% 85,210 85,210 - Joplin, MO Northpark Mall Mar-09 5.50% 40,072 40,072 - Daytona Beach, FL Volusia Mall Mar-09 4.75% 53,215 53,215 - Fairview Heights, IL St. Clair Square Apr-09 7.00% 64,238 64,238 - Terre Haute, IN Honey Creek Mall Apr-09 4.75% 31,756 31,756 - Meridian, MS Bonita Lakes Crossing Oct-09 6.82% 7,902 7,902 - Meridian, MS Bonita Lakes Mall Oct-09 6.82% 25,218 25,218 - Cincinnati, OH Eastgate Mall Dec-09 4.55% 55,620 (a) 55,620 - Little Rock, AR Park Plaza Mall May-10 4.90% 40,450 40,450 - Spartanburg, SC WestGate Crossing Jul-10 8.42% 9,409 9,409 - Burnsville, MN Burnsville Center Aug-10 8.00% 67,165 67,165 - Roanoke, VA Valley View Mall Sep-10 5.10% 43,387 43,387 - Beaumont, TX Parkdale Crossing Sep-10 5.01% 8,415 8,415 - Beaumont, TX Parkdale Mall Sep-10 5.01% 53,296 53,296 - Nashville, TN CoolSprings Galleria Sep-10 6.22% 127,344 127,344 - Stroud, PA Stroud Mall Dec-10 8.42% 31,016 31,016 - Wausau, WI Wausau Center Dec-10 6.70% 12,641 12,641 - York, PA York Galleria Dec-10 8.34% 49,580 49,580 - Lexington, KY Fayette Mall Jul-11 7.00% 92,021 92,021 - Chattanooga, TN Hamilton Corner Aug-11 10.13% 1,817 1,817 - Asheville, NC Asheville Mall Sep-11 6.98% 67,054 67,054 - Ft. Smith, AR Massard Crossing Feb-12 7.54% 5,744 5,744 - Vicksburg, MS Pemberton Plaza Feb-12 7.54% 1,963 1,963 - Houston, TX Willowbrook Plaza Feb-12 7.54% 29,390 29,390 - Fayetteville, NC Cross Creek Mall Apr-12 5.00% 62,050 62,050 - Colonial Heights, VA Southpark Mall May-12 5.10% 36,085 36,085 - Douglasville, GA Arbor Place Jul-12 6.51% 75,278 75,278 - Saginaw, MI Fashion Square Jul-12 6.51% 57,636 57,636 - Louisville, KY Jefferson Mall Jul-12 6.51% 41,934 41,934 - North Charleston, SC Northwoods Mall Jul-12 6.51% 60,037 60,037 - Jackson, TN Old Hickory Mall Jul-12 6.51% 33,251 33,251 - Asheboro, NC Randolph Mall Jul-12 6.50% 14,500 14,500 - Racine, WI Regency Mall Jul-12 6.51% 32,882 32,882 - Douglasville, GA The Landing At Arbor Place Jul-12 6.51% 8,498 8,498 - Spartanburg, SC WestGate Mall Jul-12 6.50% 52,088 52,088 - Chattanooga, TN CBL Center Aug-12 6.25% 14,208 14,208 - Panama City, FL Panama City Mall Aug-12 7.30% 38,934 38,934 - Livonia, MI Laurel Park Place Dec-12 5.00% 49,797 49,797 - Monroeville, PA Monroeville Mall Jan-13 5.30% 127,848 127,848 - Greensburg, PA Westmoreland Mall Jan-13 5.05% 78,506 78,506 - Columbia, SC Columbia Place Oct-13 5.45% 31,918 31,918 - Laredo, TX Mall del Norte Dec-14 5.04% 113,400 113,400 - Brookfield, IL Brookfield Square Nov-15 5.08% 103,732 103,732 - Rockford, IL Cherryvale Mall Nov-15 5.00% 92,731 92,731 - Balance Maturity Interest ---------------------- Location Property Date Rate Balance Fixed Variable ----------------------------------------------------------------------------------------------------------- Madison, WI East Towne Mall Nov-15 5.00% 79,021 79,021 - Madison, WI West Towne Mall Nov-15 5.00% 111,617 111,617 - Bloomington, IL Eastland Mall Dec-15 5.85% 59,400 59,400 - Decatur, IL Hickory Point Mall Dec-15 5.85% 32,838 32,838 - Overland Park, KS Oak Park Mall Dec-15 5.85% 275,700 275,700 - Janesville, WI Janesville Mall Apr-16 8.38% 12,211 12,211 - Akron, OH Chapel Hill Mall Aug-16 6.10% 76,925 76,925 - Chesapeake, VA Greenbrier Mall Aug-16 5.91% 84,914 84,914 - Chattanooga, TN Hamilton Place Aug-16 5.86% 116,880 116,880 - Midland, MI Midland Mall Aug-16 6.10% 37,963 37,963 - ----------- ----------- --------- 3,451,144 3,451,144 - ----------- ----------- --------- Weighted average interest rate 6.01% 6.01% 0.00% Debt Premiums: Joplin, MO Northpark Mall Mar-09 5.50% 560 560 - Daytona Beach, FL Volusia Mall Mar-09 4.75% 2,402 2,402 - Terre Haute, IN Honey Creek Mall Apr-09 4.75% 1,703 1,703 - Little Rock, AR Park Plaza Mall May-10 4.90% 4,885 4,885 - Roanoke, VA Valley View Mall Sep-10 5.10% 5,346 5,346 - Fayetteville, NC Cross Creek Mall Apr-12 5.00% 6,956 6,956 - Colonial Heights, VA Southpark Mall May-12 5.10% 3,148 3,148 - Livonia, MI Laurel Park Place Dec-12 5.00% 8,833 8,833 - Monroeville, PA Monroeville Mall Jan-13 5.30% 2,756 2,756 - ----------- ----------- --------- 36,589 36,589 - ----------- ----------- --------- Weighted average interest rate 5.01% 5.01% Total Loans On Operating Properties And Debt Premiums 3,487,733 3,487,733 - ----------- ----------- --------- Weighted average interest rate 6.00% 6.00% 0.00% Construction Loans: Southaven, MS Southaven Towne Center Jun-07 6.43% 27,730 - 27,730 Ft. Myers, FL Gulf Coast Town Center Ph I Aug-07 6.63% 52,000 - 52,000 Fairview Heights, IL The Shoppes at St. Clair Jun-08 6.57% 13,518 - 13,518 Stillwater, OK Lakeview Pointe Nov-08 6.58% 15,626 - 15,626 Ft. Myers, FL Gulf Coast Town Center PhII Jan-09 6.63% 49,664 - 49,664 Lexington, KY The Plaza at Fayette May-09 6.58% 27,302 - 27,302 Burlington, NC Alamance Crossing Sep-09 6.58% 21,937 - 21,937 ----------- ----------- --------- 207,777 - 207,777 ----------- ----------- --------- Lines Of Credit 6.17% 768,432 - 768,432 ----------- ----------- --------- Other 474 474 - ----------- ----------- --------- Total Consoldiated Debt $4,464,416 $ 3,488,207 $ 976,209 Weighted average interest rate 6.06% 6.00% 6.25% Plus CBL's Share Of Unconsolidated Affiliates' Debt: Paducah, KY Kentucky Oaks Mall Jun-07 9.00% 14,988 14,988 - Huntsville, AL Parkway Place Jun-08 6.33% 26,600 - 26,600 Del Rio, TX Plaza del Sol Aug-10 9.15% 1,321 1,321 - Myrtle Beach, SC Coastal Grand-Myrtle Beach Oct-14 5.09% 48,003 (b) 48,003 - El Centro, CA Imperial Valley Mall Sep-15 4.99% 35,513 35,513 - Raleigh, NC Triangle Town Center Dec-15 5.74% 100,000 100,000 - Clarksville, TN Governor's Square Mall Sep-16 8.23% 14,174 14,174 - Harrisburg, PA High Pointe Commons May-17 5.74% 3,586 3,586 - ----------- ----------- --------- 244,185 217,585 26,600 ----------- ----------- --------- Balance Maturity Interest ---------------------- Location Property Date Rate Balance Fixed Variable ----------------------------------------------------------------------------------------------------------- Less Minority Interests' Share Of Consolidated Debt Chattanooga, TN CBL Center 8.00% 6.25% (1,137) (1,137) - Chattanooga, TN Hamilton Corner 10.00% 10.13% (182) (182) - Chattanooga, TN Hamilton Place 10.00% 7.00% (11,688) (11,688) - Ft. Smith, AR Massard Crossing 90.00% 7.54% (5,169) (5,169) - Highpoint, NC Oak Hollow Mall 25.00% 7.31% (10,469) (10,469) - Houston, TX Willowbrook Plaza 90.00% 7.54% (26,451) (26,451) - Vicksburg, MS Pemberton Plaza 90.00% 7.31% (1,766) (1,766) - ----------- ----------- --------- (56,862) (56,862) - ----------- ----------- --------- Company's Share Of Consolidated And Unconsolidated Debt $4,651,739 $ 3,648,930 $1,002,809 =========== =========== ========= Weighted average interest rate 6.03% 5.97% 6.26% Total Debt of Unconsolidated Affiliates Paducah, KY Kentucky Oaks Mall Jun-07 9.00% $29,976 $ 29,976 $ - Huntsville, AL Parkway Place Jun-08 6.33% 53,200 - 53,200 Del Rio, TX Plaza del Sol Aug-10 9.15% 2,611 2,611 - Myrtle Beach, SC Coastal Grand-Myrtle Beach Oct-14 5.09% 114,007 114,007 - El Centro, CA Imperial Valley Mall Sep-15 4.99% 59,188 59,188 - Raleigh, NC Triangle Town Center Dec-15 5.74% 200,000 200,000 - Clarksville, TN Governor's Square Mall Sep-16 8.23% 29,839 29,839 - Harrisburg, PA High Pointe Commons May-17 5.74% 7,172 7,172 - ----------- ----------- --------- $ 495,993 $ 442,793 $ 53,200 =========== =========== ========= Weighted average interest rate 5.93% 5.88% 6.33% (a) Represents a first mortgage securing the property. In addition to the first mortgage, there is also a $7,750 B-note that is held by the Company. (b) Represents a first mortgage securing the property. In addition to the first mortgage, there is also $18,000 of B-notes that are payable to the Company and its joint venture partner, each of which hold $9,000.
CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Three Months And Nine Months Ended September 30, 2006 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 623,853 $ 23.99 $ 25.78 7.5% $ 26.59 10.8% Associated centers 32,163 12.20 12.39 1.6% 12.53 2.7% Community centers 4,500 21.67 21.67 0.0% 21.67 0.0% TOTAL 660,516 $ 23.40 $ 25.10 7.3% $ 25.87 10.6% Year to Date: Stabilized malls 1,891,754 $ 25.23 $ 26.28 4.1% $ 27.02 7.1% Associated centers 66,075 14.47 15.10 4.3% 15.22 5.2% Community centers 16,802 21.22 22.10 4.1% 22.35 5.3% TOTAL 1,974,631 $ 24.84 $ 25.87 4.1% $ 26.59 7.1%
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 Feet Rent PSF Rent PSF Initial Rent PSF Average -------------- ----------- ---------- ------------ ------------- ----------- Quarter: New leases 295,760 $ 23.92 $ 26.64 11.4% $ 28.06 17.3% Renewal leases 328,093 24.05 25.00 4.0% 25.26 5.0% TOTAL 623,853 $ 23.99 $ 25.78 7.5% $ 26.59 10.8% Year to Date: New leases 770,380 $ 25.01 $ 28.64 14.5% $ 30.03 20.1% Renewal leases 1,121,374 25.38 24.65 -2.9% 24.96 -1.6% TOTAL 1,891,754 $ 25.23 $ 26.28 4.1% $ 27.02 7.1%
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 662,707 $ 26.45 587,018 $ 24.56 7.7% Associated centers 32,163 12.53 40,570 11.87 5.6% Community centers 4,500 21.67 3,327 15.84 36.8% TOTAL 699,370 $ 25.78 630,915 $ 23.70 8.8% Year to Date: Stabilized malls 1,978,110 $ 27.02 2,284,753 $ 24.99 8.1% Associated centers 70,075 15.21 73,239 13.89 9.5% Community centers 17,829 22.22 12,227 20.13 10.4% TOTAL 2,066,014 $ 26.57 2,370,219 $ 24.62 7.9%
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
New Leases Average Base % Change over Renewal Leasese Average Base % Change ------------------------ Rent PSF Expiring Leases ------------------------ Rent PSF Of Renewal Square Average Base of Expiring Average Base Square Average Base Of Expring Average Base Feet Rent PSF Leases(1) Rent PSF Feet Rent PSF Renewals Rent PSF --------- -------------- -------------- ---------------- --------- ------------- --------------- ------------- Quarter: Stabilized malls 334,614 $ 27.62 $ 25.21 9.6% 328,093 $ 25.26 $ 24.05 5.0% Associated centers - - 10.63 N/A 32,163 12.53 12.20 2.7% Community centers 4,500 21.67 15.84 36.8% - - - N/A TOTAL 339,114 $ 27.54 $ 24.64 11.8% 360,256 $ 24.12 $ 22.99 4.9% Year to Date: Stabilized malls 856,736 $ 29.70 $ 24.62 20.6% 1,121,374 $ 24.96 $ 25.38 -1.6% Associated centers 23,157 18.44 15.52 18.8% 46,918 13.61 12.97 4.9% Community centers 11,629 20.46 16.67 22.7% 6,200 25.49 23.49 8.5% TOTAL 891,522 $ 29.29 $ 24.38 20.1% 1,174,492 $ 24.51 $ 24.88 -1.5% (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 September 30, -------------------------- 2006 2005 -------------- ----------- Stabilized malls $ 26.74 $ 25.85 Non-stabilized malls 26.80 27.46 Associated centers 10.78 10.16 Community centers 16.68 9.00 Other 19.47 19.33
CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Three Months And Nine Months Ended September 30, 2006 Top 25 Tenants Based On Percentage Of Total Revenues For The Nine Months Ended Septmeber 30, 2006:
Annual Percentage Number of Gross of Total Tenant Stores Square Feet Rentals (1) Revenues --------------------------------------- ------------ ------------- ------------- ------------ 1 Limited Brands, Inc. 228 1,371,219 $47,489,308 4.6% 2 Foot Locker, Inc. 194 750,373 29,472,798 2.8% 3 The Gap Inc. 97 1,074,894 23,966,344 2.3% 4 Abercrombie & Fitch, Co. 79 502,813 18,196,714 1.8% 5 Luxottica Group, S.P.A. (2) 195 352,548 16,845,566 1.6% 6 AE Outfitters Retail Company 73 392,900 16,026,519 1.5% 7 Signet Group plc (3) 107 165,240 15,579,898 1.5% 8 Zale Corporation 145 145,600 14,394,059 1.4% 9 Finish Line, Inc. 75 384,174 14,277,101 1.4% 10 JC Penney Co. Inc. (4) 69 7,669,779 13,240,345 1.3% 11 New York & Company, Inc. 48 355,121 11,604,822 1.1% 12 The Regis Corporation 199 231,241 11,512,599 1.1% 13 Dick's Sporting Goods, Inc. 13 770,686 11,047,354 1.1% 14 Genesco Inc. (5) 147 190,490 10,750,327 1.0% 15 The Children's Place Retail Stores (6) 63 268,632 10,711,267 1.0% 16 Trans World Entertainment (7) 77 330,651 10,387,662 1.0% 17 Pacific Sunwear of California 81 283,274 10,136,679 1.0% 18 Charming Shoppes, Inc. (8) 54 321,104 9,588,442 0.9% 19 Aeropostale, Inc. 68 230,104 9,343,161 0.9% 20 Christopher & Banks, Inc. 70 240,890 8,313,810 0.8% 21 Hallmark Cards, Inc. 66 264,337 8,124,411 0.8% 22 The Buckle, Inc. 45 219,408 7,812,963 0.8% 23 Claire's Stores, Inc. 115 131,011 7,739,379 0.7% 24 Federated Department Stores Inc. (9) 80 5,981,863 7,721,076 0.7% 25 Charlotte Russe Holding, Inc. 34 236,469 7,410,285 0.7% ------------ ------------- ------------- ------------ 2,422 22,864,821 $351,692,890 33.8% ============ ============= ============= ============ (1) Includes annual minimum rent and tenant reimbursements based on amounts in effect at September 30, 2006. (2) Luxottica was previously Lenscrafters and Sunglass Hut. Luxottica purchased Cole National Corporation, which operates Pearl Vision and Things Remembered in October 2004. (3) Signet Group was previously Sterling, Inc. They operate Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, & Rogers Jewelers. (4) J.C. Penney 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 also operates The Disney Store. (7) Trans World Entertainment operates FYE (formerly Camelot Music and Record Town), Sam Goody, Suncoast Motion Picture and Saturday Matinee. (8) Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine's. (9) Federated Department Stores merged with May Company in 2005. They now operate Macy's, After Hours Formalwear, Desmond's Formal Wear, Mitchell's Formal Wear, Tuxedo World and David's Bridal.
CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Three Months And Nine Months Ended September 30, 2006 Capital Expenditures for Three Months and Nine Months Ended September 30 , 2006 (In thousands)
Three Months Nine Months ---------------------------- Tenant allowances $ 15,335 $ 31,069 ------------- ------------ Renovations 27,312 48,164 ------------- ------------ Deferred maintenance: Parking lot and parking lot lighting 4,056 6,162 Roof repairs and replacements 4,111 5,580 Other capital expenditures 3,510 4,349 ------------- ------------ Total deferred maintenance expenditures 11,677 16,091 ------------- ------------ Total capital expenditures $ 54,324 $ 95,324 ============= ============
Deferred Leasing Costs Capitalized (In thousands)
2006 2005 ------------- ------------ Quarter ended: March 31, $ 388 $ 374 June 30, 950 699 September 30, 401 629 December 31, - 581 ------------- ------------ $ 1,739 $ 2,283 ============= ============
CBL & Associates Properties, Inc. Supplemental Financial And Operating Information For The Nine Months Ended September 30, 2006 Announced Properties in Pre-development at September 30, 2006
Total Estimated Project Estimated Square Opening Property Location Feet Date ------------------------ --------------- --------- --------- District at Cherryvale Rockford, IL 82,000 Fall-07 Gulf Coast Town Ctr I Ft.(Myers, FL 187,000 Fall-07 Alamance Crossing East Burlington, NC 194,400 Summer-08 Pearland Town Center Pearland, TX 700,000 Fall-08 --------- 1,163,400 =========
Properties Opened Year-to-date (Dollars in thousands)
Total CBL's Share of Project -------------------- Square Total Cost Date Initial Property Location Feet Cost To Date Opened Yield ------------------------ --------------- --------- --------- --------- ---------- ----- Mall Expansions: Cross Creek Mall - Fayetteville, NC 4,900 1,036 1,036 Apr-06 10.0% Starbucks & Salsarita's Southaven Town Center - Southaven, MS 59,000 7,200 7,200 Apr-06 8.6% Gordman's Coastal Grand - PetSmart Myrtle Beach, SC 20,100 2,600 2,600 May-06 8.0% Hanes Mall - Winston-Salem, NC 66,000 10,200 10,200 Jul-06 10.0% Dick's Sporting Goods Southaven Town Center - Books-A-Million Southaven, MS 15,000 2,530 2,530 Oct-06 10.0% --------- --------- --------- 165,000 $ 23,566 $ 23,566 ========= ========= =========
Announced Property Renovations and Redevelopments (Dollars in thousands)
Total CBL's Share of Project -------------------- Square Total Cost Opening Initial Property Location Feet Cost To Date Date Yield ------------------------ --------------- --------- --------- --------- ---------- ----- Mall Renovations: CoolSprings Galleria Nashville, TN 1,125,914 $ 17,709 $ 17,668 OPEN/May-06 NA Madison Square Huntsville, AL 932,452 11,500 10,409 Fall-06 NA Chapel Hill Mall Akron, OH 861,653 1,700 854 Fall-06 NA Harford Mall Baltimore, MD 490,458 7,400 6,372 Fall-06 NA Park Plaza Little Rock, AR 1,371,870 19,434 16,757 Fall-06 NA Wausau Center Wausau, WI 429,970 3,300 3,015 Fall-06 NA Northpark Mall Joplin, MO 991,076 11,335 8,416 Fall-06 NA Honey Creek Mall Terre Haute, IN 680,890 4,600 126 Spring-07 NA Redevelopments: Burnsville Center Burnsville, MN 82,900 13,000 909 OPEN/April-06 9.0% Hickory Hollow - former JCPenney Nashville, TN 138,189 6,705 5,715 OPEN/June-06 8.5% Hamilton Crossings Chattanooga, TN 185,370 4,613 4,093 OPEN/Sept-06 10.8% Cary Town Center Cary, NC 21,595 4,720 3,225 Nov-06 10.8% Mall del Norte - Theater Laredo, TX 72,000 15,628 204 Spring-07 7.0% --------- --------- --------- 7,384,337 $ 121,644 $ 77,763 ========= ========= =========
Properties Under Development at September 30, 2006 (Dollars in thousands)
Total CBL's Share of Project -------------------- Square Total Cost Opening Initial Property Location Feet Cost To Date Date Yield ------------------------ --------------- --------- --------- --------- ---------- ----- Mall/Lifestyle Expansions: District at Valley View Roanoke, VA 75,576 $ 18,025 $ 5,303 Nov-06/Mar-07 8.1% Brookfield Square Restaurant Addition Brookfield, WI 19,500 6,470 2,879 Spring/Fall 2007 8.6% Open-Air Center Expansions: Gulf Coast Town Center PHII(a) Ft. Myers, FL 866,117 109,641 (b) 68,017 Nov-06/Mar-07 9.2% Associated/Lifestyle Centers: The Plaza at Fayette Mall Lexington, KY 190,309 (c) 38,341 35,392 Jul/Nov-06 9.0% The Shoppes at St. Clair Fairview Heights, 84,080 27,487 22,073 Mar-07 7.0% Milford Marketplace Milford, CT 112,038 25,600 2,968 July-07 8.1% Brookfield Square Brookfield, WI 57,511 9,428 4,233 Spring/Fall 2007 8.6% Community Centers: Lakeview Point Stillwater, OK 207,300 21,537 21,397 Oct-06 9.1% High Pointe Commons (a) Harrisburg, PA 299,395 8,100 7,078 Oct-06 11.3% The Shops at Pineda Ridge Melbourne, FL 169,974 6,445 5,811 Nov-06 9.7% Alamance Crossing East Burlington, NC 622,600 94,357 43,145 Aug-07 8.4% York Town Center (a) York, PA 280,645 20,926 3,918 Oct-07 9.4% --------- --------- --------- 2,985,045 $ 386,357 $ 222,214 ========= ========= ========= (a) 50/50 Joint Venture (b) Amounts shown are 100% of total cost and cost to date. (c) Includes a 59,000 square foot Cinemark Theater, which opened in June 2006