EX-99 7 exhibit99_3.htm EXHIBIT 99.3 SUPPLEMENTAL INFORMATION

Exhibit 99.3 Supplemental Information


CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Six Months Ended June 30, 2008

Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 


 


 

 

 

2008

 

2007

 

2008

 

2007

 

 

 


 


 


 


 

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Minimum rents

 

$

175,390

 

$

154,871

 

$

347,268

 

$

309,120

 

Percentage rents

 

 

1,607

 

 

1,852

 

 

6,597

 

 

8,334

 

Other rents

 

 

4,204

 

 

3,947

 

 

9,215

 

 

8,362

 

Tenant reimbursements

 

 

79,567

 

 

74,975

 

 

165,818

 

 

152,646

 

Management, development and leasing fees

 

 

2,484

 

 

3,954

 

 

5,422

 

 

5,175

 

Other

 

 

6,275

 

 

6,690

 

 

13,304

 

 

11,670

 

 

 



 



 



 



 

Total revenues

 

 

269,527

 

 

246,289

 

 

547,624

 

 

495,307

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating

 

 

43,794

 

 

38,764

 

 

91,815

 

 

81,829

 

Depreciation and amortization

 

 

73,064

 

 

60,491

 

 

146,680

 

 

117,099

 

Real estate taxes

 

 

23,749

 

 

19,862

 

 

47,604

 

 

40,508

 

Maintenance and repairs

 

 

14,780

 

 

14,003

 

 

32,487

 

 

29,294

 

General and administrative

 

 

11,114

 

 

10,570

 

 

23,645

 

 

20,767

 

Other

 

 

6,541

 

 

4,802

 

 

13,540

 

 

8,441

 

 

 



 



 



 



 

Total expenses

 

 

173,042

 

 

148,492

 

 

355,771

 

 

297,938

 

 

 



 



 



 



 

Income from operations

 

 

96,485

 

 

97,797

 

 

191,853

 

 

197,369

 

Interest and other income

 

 

2,182

 

 

2,883

 

 

4,909

 

 

5,628

 

Interest expense

 

 

(76,455

)

 

(68,814

)

 

(156,679

)

 

(134,941

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(227

)

Gain on sales of real estate assets

 

 

4,273

 

 

2,698

 

 

7,349

 

 

6,228

 

Equity in earnings (losses) of unconsolidated affiliates

 

 

(186

)

 

1,084

 

 

793

 

 

1,682

 

Income tax provision

 

 

(3,838

)

 

(948

)

 

(4,195

)

 

(1,751

)

Minority interest in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating partnership

 

 

(7,385

)

 

(9,035

)

 

(12,127

)

 

(22,598

)

Shopping center properties

 

 

(6,402

)

 

(3,567

)

 

(12,451

)

 

(4,297

)

 

 



 



 



 



 

Income from continuing operations

 

 

8,674

 

 

22,098

 

 

19,452

 

 

47,093

 

Operating income of discontinued operations

 

 

3,335

 

 

590

 

 

4,183

 

 

693

 

Gain (loss) on discontinued operations

 

 

3,112

 

 

 

 

3,112

 

 

(55

)

 

 



 



 



 



 

Net income

 

 

15,121

 

 

22,688

 

 

26,747

 

 

47,731

 

Preferred dividends

 

 

(5,454

)

 

(11,223

)

 

(10,909

)

 

(18,865

)

 

 



 



 



 



 

Net income available to common shareholders

 

$

9,667

 

$

11,465

 

$

15,838

 

$

28,866

 

 

 



 



 



 



 

Basic per share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations, net of preferred dividends

 

$

0.05

 

$

0.17

 

$

0.13

 

$

0.43

 

Discontinued operations

 

 

0.10

 

 

0.01

 

 

0.11

 

 

0.01

 

 

 



 



 



 



 

Net income available to common shareholders

 

$

0.15

 

$

0.18

 

$

0.24

 

$

0.44

 

 

 



 



 



 



 

Weighted average common shares outstanding

 

 

65,982

 

 

65,246

 

 

65,940

 

 

65,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted per share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations, net of preferred dividends

 

$

0.05

 

$

0.16

 

$

0.13

 

$

0.43

 

Discontinued operations

 

 

0.10

 

 

0.01

 

 

0.11

 

 

0.01

 

 

 



 



 



 



 

Net income available to common shareholders

 

$

0.15

 

$

0.17

 

$

0.24

 

$

0.44

 

 

 



 



 



 



 

Weighted average common and potential dilutive common shares outstanding

 

 

66,206

 

 

65,922

 

 

66,146

 

 

65,905

 

1



CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2008

The Company’s calculation of FFO allocable to Company shareholders is as follows (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 


 


 

 

 

2008

 

2007

 

2008

 

2007

 

 

 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

9,667

 

$

11,465

 

$

15,838

 

$

28,866

 

Minority interest in earnings of operating partnership

 

 

7,385

 

 

9,035

 

 

12,127

 

 

22,598

 

Depreciation and amortization expense of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated properties

 

 

73,064

 

 

60,491

 

 

146,680

 

 

117,099

 

Unconsolidated affiliates

 

 

6,694

 

 

3,621

 

 

13,371

 

 

7,125

 

Discontinued operations

 

 

117

 

 

474

 

 

2,357

 

 

934

 

Non-real estate assets

 

 

(259

)

 

(234

)

 

(502

)

 

(462

)

Minority investors’ share of depreciation and amortization

 

 

(303

)

 

1,096

 

 

(651

)

 

490

 

(Gain) loss on discontinued operations

 

 

(3,112

)

 

 

 

(3,112

)

 

55

 

Income tax provision on disposal of discontinued operations

 

 

1,183

 

 

 

 

1,183

 

 

 

 

 



 



 



 



 

Funds from operations of the operating partnership

 

$

94,436

 

$

85,948

 

$

187,291

 

$

176,705

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds from operations per diluted share

 

$

0.81

 

$

0.74

 

$

1.60

 

$

1.52

 

 

 



 



 



 



 

Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted

 

 

116,841

 

 

116,583

 

 

116,781

 

 

116,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds from operations of the operating partnership

 

$

94,436

 

$

85,948

 

$

187,291

 

$

176,705

 

Percentage allocable to Company shareholders (1)

 

 

56.58

%

 

56.29

%

 

56.56

%

 

56.24

%

 

 



 



 



 



 

Funds from operations allocable to Company shareholders

 

$

53,432

 

$

48,380

 

$

105,932

 

$

99,379

 

 

 



 



 



 



 


 

 

 

 

(1)

Represents the weighted average number of common shares outstanding for the period divided by the sum of the weighted average number of common shares and the weighted average number of operating partnership units outstanding during the period. See the reconciliation of shares and operating partnership units on page 4.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL FFO INFORMATION:

 

Lease termination fees

 

$

4,458

 

$

2,082

 

$

5,918

 

$

5,639

 

Lease termination fees per share

 

$

0.04

 

$

0.02

 

$

0.05

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rental income

 

$

1,738

 

$

1,260

 

$

3,151

 

$

2,384

 

Straight-line rental income per share

 

$

0.01

 

$

0.01

 

$

0.03

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains on outparcel sales

 

$

4,188

 

$

3,352

 

$

7,548

 

$

7,138

 

Gains on outparcel sales per share

 

$

0.04

 

$

0.03

 

$

0.06

 

$

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of acquired above- and below-market leases

 

$

2,405

 

$

2,762

 

$

5,108

 

$

5,692

 

Amortization of acquired above- and below-market leases per share

 

$

0.02

 

$

0.02

 

$

0.04

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of debt premiums

 

$

1,961

 

$

1,928

 

$

3,936

 

$

3,830

 

Amortization of debt premiums per share

 

$

0.02

 

$

0.02

 

$

0.03

 

$

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

$

(2,655

)

$

(948

)

$

(3,012

)

$

(1,751

)

Income tax provision per share

 

$

(0.02

)

$

(0.01

)

$

(0.03

)

$

(0.02

)

2



CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2008

Same-Center Net Operating Income
(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 


 


 

 

 

2008

 

2007

 

2008

 

2007

 

 

 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

15,121

 

$

22,688

 

$

26,747

 

$

47,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

73,064

 

 

60,491

 

 

146,680

 

 

117,099

 

Depreciation and amortization from unconsolidated affiliates

 

 

6,694

 

 

3,621

 

 

13,371

 

 

7,125

 

Depreciation and amortization from discontinued operations

 

 

117

 

 

474

 

 

2,357

 

 

934

 

Minority investors’ share of depreciation and amortization in shopping center properties

 

 

(303

)

 

1,096

 

 

(651

)

 

490

 

Interest expense

 

 

76,455

 

 

68,814

 

 

156,679

 

 

134,941

 

Interest expense from unconsolidated affiliates

 

 

7,208

 

 

4,206

 

 

13,834

 

 

8,398

 

Minority investors’ share of interest expense in shopping center properties

 

 

(455

)

 

1,294

 

 

(903

)

 

107

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

227

 

Abandoned projects expense

 

 

1,198

 

 

551

 

 

2,911

 

 

600

 

Gain on sales of real estate assets

 

 

(4,273

)

 

(2,698

)

 

(7,349

)

 

(6,228

)

Gain on sales of real estate assets of unconsolidated affiliates

 

 

(145

)

 

(654

)

 

(429

)

 

(910

)

Minority investors’ share of gain on sales of shopping center real estate assets

 

 

230

 

 

 

 

230

 

 

 

Income tax provision

 

 

3,838

 

 

948

 

 

4,195

 

 

1,751

 

Minority interest in earnings of operating partnership

 

 

7,385

 

 

9,035

 

 

12,127

 

 

22,598

 

(Gain) loss on discontinued operations

 

 

(3,112

)

 

 

 

(3,112

)

 

55

 

 

 



 



 



 



 

Operating partnership’s share of total NOI

 

 

183,022

 

 

169,866

 

 

366,687

 

 

334,918

 

General and administrative expenses

 

 

11,114

 

 

10,570

 

 

23,645

 

 

20,767

 

Management fees and non-property level revenues

 

 

(6,136

)

 

(12,352

)

 

(14,565

)

 

(19,057

)

 

 



 



 



 



 

Operating partnership’s share of property NOI

 

 

188,000

 

 

168,084

 

 

375,767

 

 

336,628

 

NOI of non-comparable centers

 

 

(23,154

)

 

(1,914

)

 

(44,628

)

 

(3,112

)

 

 



 



 



 



 

Total same-center NOI

 

$

164,846

 

$

166,170

 

$

331,139

 

$

333,516

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls

 

$

151,417

 

$

152,996

 

$

304,358

 

$

307,570

 

Associated centers

 

 

7,748

 

 

8,163

 

 

15,858

 

 

16,248

 

Community centers

 

 

1,636

 

 

1,688

 

 

3,317

 

 

3,072

 

Other

 

 

4,045

 

 

3,323

 

 

7,606

 

 

6,626

 

 

 



 



 



 



 

Total same-center NOI

 

 

164,846

 

 

166,170

 

 

331,139

 

 

333,516

 

Less lease termination fees

 

 

(3,758

)

 

(2,082

)

 

(4,568

)

 

(5,639

)

 

 



 



 



 



 

Total same-center NOI, excluding lease termination fees

 

$

161,088

 

$

164,088

 

$

326,571

 

$

327,877

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage Change:

 

 

 

 

 

 

 

 

 

 

 

 

 

Malls

 

 

-1.0

%

 

 

 

 

-1.0

%

 

 

 

Associated centers

 

 

-5.1

%

 

 

 

 

-2.4

%

 

 

 

Community centers

 

 

-3.1

%

 

 

 

 

8.0

%

 

 

 

Other

 

 

21.7

%

 

 

 

 

14.8

%

 

 

 

 

 



 

 

 

 



 

 

 

 

Total same-center NOI

 

 

-0.8

%

 

 

 

 

-0.7

%

 

 

 

 

 



 

 

 

 



 

 

 

 

Total same-center NOI, excluding lease termination fees

 

 

-1.8

%

 

 

 

 

-0.4

%

 

 

 

 

 



 

 

 

 



 

 

 

 

3



CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2008

 

 

 

 

 

 

 

 

 

 

 

Company’s Share of Consolidated and Unconsolidated Debt

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

June 30, 2008

 

 

 


 

 

 

Fixed Rate

 

Variable Rate

 

Total

 

 

 


 


 


 

Consolidated debt

 

$

4,653,373

 

$

1,344,785

 

$

5,998,158

 

Minority investors’ share of consolidated debt

 

 

(23,909

)

 

(910

)

 

(24,819

)

Company’s share of unconsolidated affiliates’ debt

 

 

409,702

 

 

74,145

 

 

483,847

 

 

 



 



 



 

Company’s share of consolidated and unconsolidated debt

 

$

5,039,166

 

$

1,418,020

 

$

6,457,186

 

 

 



 



 



 

Weighted average interest rate

 

 

5.79

%

 

3.59

%

 

5.30

%

 

 



 



 



 

 

 

 

June 30, 2007

 

 

 


 

 

 

Fixed Rate

 

Variable Rate

 

Total

 

 

 


 


 


 

Consolidated debt

 

$

4,066,960

 

$

884,746

 

$

4,951,706

 

Minority investors’ share of consolidated debt

 

 

(119,955

)

 

 

 

(119,955

)

Company’s share of unconsolidated affiliates’ debt

 

 

217,532

 

 

36,858

 

 

254,390

 

 

 



 



 



 

Company’s share of consolidated and unconsolidated debt

 

$

4,164,537

 

$

921,604

 

$

5,086,141

 

 

 



 



 



 

Weighted average interest rate

 

 

5.91

%

 

6.20

%

 

5.96

%

 

 



 



 



 

 

Debt-To-Total-Market Capitalization Ratio as of June 30, 2008

 

 

 

 

 

 

 

 

 

 

(In thousands, except stock price)

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
Outstanding

 

Stock Price (1)

 

Value

 

 

 


 


 


 

Common stock and operating partnership units

 

 

116,960

 

$

22.84

 

$

2,671,366

 

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

 

 

 

 

 

 

 

 

2,961,366

 

Company’s share of total debt

 

 

 

 

 

 

 

 

6,457,186

 

 

 

 

 

 

 

 

 



 

Total market capitalization

 

 

 

 

 

 

 

$

9,418,552

 

 

 

 

 

 

 

 

 



 

Debt-to-total-market capitalization ratio

 

 

 

 

 

 

 

 

68.6

%

 

 

 

 

 

 

 

 



 


 

 

(1)

Stock price for common stock and operating partnership units equals the closing price of the common stock on June 30, 2008. 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
June 30,

 

Six Months Ended
June 30,

 

 

 






 






 

 

 

Basic

 

Diluted

 

Basic

 

Diluted

 

 

 



 



 



 



 

2008:

 

 

 

 

 

 

 

 

 

Weighted average shares - EPS

 

 

65,982

 

 

66,206

 

 

65,940

 

 

66,146

 

Weighted average operating partnership units

 

 

50,635

 

 

50,635

 

 

50,635

 

 

50,635

 

 

 



 



 



 



 

Weighted average shares- FFO

 

 

116,617

 

 

116,841

 

 

116,575

 

 

116,781

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2007:

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares - EPS

 

 

65,246

 

 

65,922

 

 

65,178

 

 

65,905

 

Weighted average operating partnership units

 

 

50,661

 

 

50,661

 

 

50,706

 

 

50,706

 

 

 



 



 



 



 

Weighted average shares- FFO

 

 

115,907

 

 

116,583

 

 

115,884

 

 

116,611

 

 

 



 



 



 



 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Payout Ratio

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 


 


 

 

 

 

2008

 

 

2007

 

 

2008

 

 

2007

 

 

 



 



 



 



 

Weighted average dividend per share

 

$

0.55047

 

$

0.51031

 

$

1.10094

 

$

1.02063

 

FFO per diluted, fully converted share

 

$

0.81

 

$

0.74

 

$

1.60

 

$

1.52

 

 

 



 



 



 



 

Dividend payout ratio

 

 

68.0

%

 

69.0

%

 

68.8

%

 

67.1

%

 

 



 



 



 



 

4



CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2008

Consolidated Balance Sheets
(Unaudited, in thousands except share data)

 

 

 

 

 

 

 

 

 

 

June 30,
2008

 

December 31,
2007

 

 

 



 



 

ASSETS

 

 

 

 

 

 

 

Real estate assets:

 

 

 

 

 

 

 

Land

 

$

861,234

 

$

917,578

 

Buildings and improvements

 

 

7,229,632

 

 

7,263,907

 

 

 



 



 

 

 

 

8,090,866

 

 

8,181,485

 

Accumulated depreciation

 

 

(1,213,790

)

 

(1,102,767

)

 

 



 



 

 

 

 

6,877,076

 

 

7,078,718

 

Held for Sale

 

 

137,936

 

 

 

Developments in progress

 

 

408,587

 

 

323,560

 

 

 



 



 

Net investment in real estate assets

 

 

7,423,599

 

 

7,402,278

 

Cash and cash equivalents

 

 

66,450

 

 

65,826

 

Cash in escrow

 

 

2,650

 

 

 

Receivables:

 

 

 

 

 

 

 

Tenant, net of allowance

 

 

65,738

 

 

72,570

 

Other

 

 

12,810

 

 

10,257

 

Mortgage and other notes receivable

 

 

48,883

 

 

135,137

 

Investments in unconsolidated affiliates

 

 

221,365

 

 

142,550

 

Intangible lease assets and other assets

 

 

251,406

 

 

276,429

 

 

 



 



 

 

 

$

8,092,901

 

$

8,105,047

 

 

 



 



 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Mortgage and other notes payable

 

$

5,998,158

 

$

5,869,318

 

Accounts payable and accrued liabilities

 

 

353,744

 

 

394,884

 

 

 



 



 

Total liabilities

 

 

6,351,902

 

 

6,264,202

 

 

 



 



 

Commitments and contingencies

 

 

 

 

 

 

 

Minority interests

 

 

875,211

 

 

920,297

 

 

 



 



 

Shareholders’ equity:

 

 

 

 

 

 

 

Preferred Stock, $.01 par value, 15,000,000 shares authorized:

 

 

 

 

 

 

 

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, 66,325,420 and 66,179,747 issued and outstanding in 2008 and 2007, respectively

 

 

663

 

 

662

 

Additional paid-in capital

 

 

997,821

 

 

990,048

 

Accumulated other comprehensive loss

 

 

(6,192

)

 

(20

)

Accumulated deficit

 

 

(126,516

)

 

(70,154

)

 

 



 



 

Total shareholders’ equity

 

 

865,788

 

 

920,548

 

 

 



 



 

 

 

$

8,092,901

 

$

8,105,047

 

 

 



 



 

5



CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2008

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
June 30,

 

Six Months Ended
June 30,

 

 

 


 


 

 

 

2008

 

2007

 

2008

 

2007

 

 

 


 


 


 


 

EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

15,121

 

$

22,688

 

$

26,747

 

$

47,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

73,064

 

 

60,491

 

 

146,680

 

 

117,099

 

Depreciation and amortization from unconsolidated affiliates

 

 

6,694

 

 

3,621

 

 

13,371

 

 

7,125

 

Depreciation and amortization from discontinued operations

 

 

117

 

 

474

 

 

2,357

 

 

934

 

Minority investors’ share of depreciation and amortization in shopping center properties

 

 

(303

)

 

1,096

 

 

(651

)

 

490

 

Interest expense

 

 

76,455

 

 

68,814

 

 

156,679

 

 

134,941

 

Interest expense from unconsolidated affiliates

 

 

7,208

 

 

4,206

 

 

13,834

 

 

8,398

 

Minority investors’ share of interest expense in shopping center properties

 

 

(455

)

 

1,294

 

 

(903

)

 

107

 

Income taxes

 

 

5,258

 

 

2,246

 

 

5,914

 

 

3,317

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

227

 

Abandoned projects

 

 

1,198

 

 

551

 

 

2,911

 

 

600

 

Minority interest in earnings of operating partnership

 

 

7,385

 

 

9,035

 

 

12,127

 

 

22,598

 

(Gain) loss on discontinued operations

 

 

(3,112

)

 

 

 

(3,112

)

 

55

 

 

 



 



 



 



 

Company’s share of total EBITDA

 

$

188,630

 

$

174,516

 

$

375,954

 

$

343,622

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

76,455

 

$

68,814

 

$

156,679

 

$

134,941

 

Interest expense from unconsolidated affiliates

 

 

7,208

 

 

4,206

 

 

13,834

 

 

8,398

 

Minority investors’ share of interest expense in shopping center properties

 

 

(455

)

 

1,294

 

 

(903

)

 

107

 

 

 



 



 



 



 

Company’s share of total interest expense

 

$

83,208

 

$

74,314

 

$

169,610

 

$

143,446

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of EBITDA to Interest Expense

 

 

2.27

 

 

2.35

 

 

2.22

 

 

2.40

 

 

 



 



 



 



 

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 


 


 

 

 

2008

 

2007

 

2008

 

2007

 

 

 


 


 


 


 

Company’s share of total EBITDA

 

$

188,630

 

$

174,516

 

$

375,954

 

$

343,622

 

Interest expense

 

 

(76,455

)

 

(68,814

)

 

(156,679

)

 

(134,941

)

Minority investors’ share of interest expense in shopping center properties

 

 

455

 

 

(1,294

)

 

903

 

 

(107

)

Income taxes

 

 

(5,258

)

 

(2,246

)

 

(5,914

)

 

(3,317

)

Amortization of deferred financing costs and non-real estate depreciation included in operating expense

 

 

2,292

 

 

2,262

 

 

4,411

 

 

3,844

 

Amortization of debt premiums

 

 

(1,961

)

 

(1,928

)

 

(3,936

)

 

(3,830

)

Amortization of above- and below- market leases

 

 

(2,511

)

 

(2,762

)

 

(5,108

)

 

(5,692

)

Depreciation and interest expense from unconsolidated affiliates

 

 

(13,902

)

 

(7,827

)

 

(27,205

)

 

(15,523

)

Minority investors’ share of depreciation and amortization in shopping center properties

 

 

303

 

 

(1,096

)

 

651

 

 

(490

)

Minority interest in earnings - shopping center properties

 

 

6,402

 

 

3,567

 

 

12,451

 

 

4,297

 

Gains on outparcel sales

 

 

(4,273

)

 

(2,698

)

 

(7,349

)

 

(6,228

)

Income tax benefit from stock options

 

 

2,235

 

 

 

 

3,736

 

 

1,139

 

Equity in (earnings) losses of unconsolidated affiliates

 

 

186

 

 

(1,084

)

 

(793

)

 

(1,682

)

Distributions from unconsolidated affiliates

 

 

2,780

 

 

2,128

 

 

6,943

 

 

3,019

 

Share-based compensation expense

 

 

1,139

 

 

1,084

 

 

2,727

 

 

3,210

 

Changes in operating assets and liabilities

 

 

(2,082

)

 

12,258

 

 

(9,860

)

 

17,059

 

 

 



 



 



 



 

Cash flows provided by operating activities

 

$

97,980

 

$

106,066

 

$

190,932

 

$

204,380

 

 

 



 



 



 



 

6



CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2008

Schedule of Mortgage and Other Notes Payable as of June 30, 2008
(Dollars in thousands )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance

 

 

 

 

 

Maturity
Date

 

Interest
Rate

 

 

 


 

Location

 

Property

 

 

 

Balance

 

Fixed

 

Variable

 










 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Winston-Salem, NC

 

Hanes Mall

 

Jul-08

 

7.31

%

 

$

97,849

 

$

97,849

 

$

 

Nashville, TN

 

Hickory Hollow Mall

 

Aug-08

 

6.77

%

 

 

81,205

 

 

81,205

 

 

 

Nashville, TN

 

The Courtyard at Hickory Hollow Mall

 

Aug-08

 

6.77

%

 

 

3,780

 

 

3,780

 

 

 

Nashville, TN

 

Rivergate Mall

 

Aug-08

 

6.77

%

 

 

65,629

 

 

65,629

 

 

 

Nashville, TN

 

The Village at Rivergate

 

Aug-08

 

6.77

%

 

 

3,100

 

 

3,100

 

 

 

Lansing, MI

 

Meridian Mall

 

Oct-08

 

4.52

%

 

 

85,018

 

 

85,018

 

 

 

Stillwater, OK

 

Lakeview Pointe

 

Nov-08

 

3.48

%

 

 

19,239

 

 

 

 

19,239

 

Milford, CT

 

Milford Marketplace

 

Dec-08

 

3.63

%

 

 

18,690

 

 

 

 

18,690

 

High Point, NC

 

Oak Hollow Mall

 

Feb-09

 

7.31

%

 

 

38,810

 

 

38,810

 

 

 

Cary, NC

 

Cary Towne Center

 

Mar-09

 

6.85

%

 

 

82,912

 

 

82,912

 

 

 

Daytona Beach, FL

 

Volusia Mall

 

Mar-09

 

4.75

%

 

 

51,931

 

 

51,931

 

 

 

Fairview Heights, IL

 

St. Clair Square

 

Apr-09

 

7.00

%

 

 

60,778

 

 

60,778

 

 

 

Terre Haute, IN

 

Honey Creek Mall

 

May-09

 

4.75

%

 

 

30,681

 

 

30,681

 

 

 

Chattanooga, TN

 

CBL Center II

 

Aug-09

 

3.71

%

 

 

11,379

 

 

 

 

11,379

 

Burlington, NC

 

Alamance Crossing

 

Sep-09

 

3.70

%

 

 

73,791

 

 

 

 

73,791

 

Meridian, MS

 

Bonita Lakes Mall

 

Oct-09

 

6.82

%

 

 

23,767

 

 

23,767

 

 

 

Meridian, MS

 

Bonita Lakes Crossing

 

Oct-09

 

6.82

%

 

 

7,447

 

 

7,447

 

 

 

Cincinnati, OH

 

Eastgate Mall

 

Dec-09

 

4.55

%

 

 

53,856

 (a)

 

53,856

 

 

 

Little Rock, AR

 

Park Plaza Mall

 

May-10

 

4.90

%

 

 

39,647

 

 

39,647

 

 

 

Spartanburg, SC

 

WestGate Crossing

 

Jul-10

 

8.42

%

 

 

9,215

 

 

9,215

 

 

 

Burnsville, MN

 

Burnsville Center

 

Aug-10

 

8.00

%

 

 

64,307

 

 

64,307

 

 

 

Roanoke, VA

 

Valley View Mall

 

Sep-10

 

5.10

%

 

 

42,212

 

 

42,212

 

 

 

Beaumont, TX

 

Parkdale Mall

 

Sep-10

 

5.01

%

 

 

50,864

 

 

50,864

 

 

 

Beaumont, TX

 

Parkdale Crossing

 

Sep-10

 

5.01

%

 

 

8,031

 

 

8,031

 

 

 

Nashville, TN

 

CoolSprings Galleria

 

Sep-10

 

6.22

%

 

 

124,247

 

 

124,247

 

 

 

Stroud, PA

 

Stroud Mall

 

Dec-10

 

8.42

%

 

 

30,399

 

 

30,399

 

 

 

Wausau, WI

 

Wausau Center

 

Dec-10

 

6.70

%

 

 

11,917

 

 

11,917

 

 

 

York, PA

 

York Galleria

 

Dec-10

 

8.34

%

 

 

48,577

 

 

48,577

 

 

 

Lexington, KY

 

Fayette Mall

 

Jul-11

 

7.00

%

 

 

89,455

 

 

89,455

 

 

 

St. Peters, MO

 

Mid Rivers Mall

 

Jul-11

 

5.66

%

 

 

78,748

 

 

78,748

 

 

 

Panama City, FL

 

Panama City Mall

 

Aug-11

 

7.30

%

 

 

38,020

 

 

38,020

 

 

 

Asheville, NC

 

Asheville Mall

 

Sep-11

 

6.98

%

 

 

65,205

 

 

65,205

 

 

 

Ft. Smith, AR

 

Massard Crossing

 

Feb-12

 

7.54

%

 

 

5,614

 

 

5,614

 

 

 

Houston, TX

 

Willowbrook Plaza

 

Feb-12

 

7.54

%

 

 

28,724

 

 

28,724

 

 

 

Vicksburg, MS

 

Pemberton Plaza

 

Feb-12

 

7.54

%

 

 

1,918

 

 

1,918

 

 

 

Fayetteville, NC

 

Cross Creek Mall

 

Apr-12

 

5.00

%

 

 

60,526

 

 

60,526

 

 

 

Colonial Heights, VA

 

Southpark Mall

 

May-12

 

5.10

%

 

 

34,634

 

 

34,634

 

 

 

Asheboro, NC

 

Randolph Mall

 

Jul-12

 

6.50

%

 

 

13,891

 

 

13,891

 

 

 

Douglasville, GA

 

Arbor Place

 

Jul-12

 

6.51

%

 

 

72,119

 

 

72,119

 

 

 

Douglasville, GA

 

The Landing at Arbor Place

 

Jul-12

 

6.51

%

 

 

8,141

 

 

8,141

 

 

 

Jackson, TN

 

Old Hickory Mall

 

Jul-12

 

6.51

%

 

 

31,856

 

 

31,856

 

 

 

Louisville, KY

 

Jefferson Mall

 

Jul-12

 

6.51

%

 

 

40,174

 

 

40,174

 

 

 

North Charleston, SC

 

Northwoods Mall

 

Jul-12

 

6.51

%

 

 

57,518

 

 

57,518

 

 

 

Racine, WI

 

Regency Mall

 

Jul-12

 

6.51

%

 

 

31,502

 

 

31,502

 

 

 

Saginaw, MI

 

Fashion Square

 

Jul-12

 

6.51

%

 

 

55,217

 

 

55,217

 

 

 

Spartanburg, SC

 

WestGate Mall

 

Jul-12

 

6.50

%

 

 

49,900

 

 

49,900

 

 

 

Chattanooga, TN

 

CBL Center

 

Aug-12

 

6.25

%

 

 

13,802

 

 

13,802

 

 

 

Livonia, MI

 

Laurel Park Place

 

Dec-12

 

5.00

%

 

 

48,493

 

 

48,493

 

 

 

Monroeville, PA

 

Monroeville Mall

 

Jan-13

 

5.30

%

 

 

122,464

 

 

122,464

 

 

 

7



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance

 

 

 

 

 

Maturity
Date

 

Interest
Rate

 

 

 


 

Location

 

Property

 

 

 

Balance

 

Fixed

 

Variable

 










 




 

Greensburg, PA

 

Westmoreland Mall

 

Jan-13

 

5.05

%

 

 

74,804

 

 

74,804

 

 

 

St. Louis, MO

 

West County Center

 

Apr-13

 

5.82

%

 

 

156,773

 

 

156,773

 

 

 

Columbia, SC

 

Columbia Place

 

Sep-13

 

5.45

%

 

 

30,537

 

 

30,537

 

 

 

St. Louis, MO

 

South County Center

 

Oct-13

 

5.50

%

 

 

79,779

 

 

79,779

 

 

 

Joplin, MO

 

Northpark Mall

 

Mar-14

 

5.50

%

 

 

38,540

 

 

38,540

 

 

 

Laredo, TX

 

Mall del Norte

 

Dec-14

 

5.04

%

 

 

113,400

 

 

113,400

 

 

 

Rockford, IL

 

CherryVale Mall

 

Oct-15

 

5.00

%

 

 

90,142

 

 

90,142

 

 

 

Brookfield, IL

 

Brookfield Square

 

Nov-15

 

5.08

%

 

 

100,888

 

 

100,888

 

 

 

Madison, WI

 

East Towne Mall

 

Nov-15

 

5.00

%

 

 

76,826

 

 

76,826

 

 

 

Madison, WI

 

West Towne Mall

 

Nov-15

 

5.00

%

 

 

108,517

 

 

108,517

 

 

 

Bloomington, IL

 

Eastland Mall

 

Dec-15

 

5.85

%

 

 

59,400

 

 

59,400

 

 

 

Decatur, IL

 

Hickory Point Mall

 

Dec-15

 

5.85

%

 

 

32,056

 

 

32,056

 

 

 

Overland Park, KS

 

Oak Park Mall

 

Dec-15

 

5.85

%

 

 

275,700

 

 

275,700

 

 

 

Janesville, WI

 

Janesville Mall

 

Apr-16

 

8.38

%

 

 

10,644

 

 

10,644

 

 

 

Akron, OH

 

Chapel Hill Mall

 

Aug-16

 

6.10

%

 

 

75,254

 

 

75,254

 

 

 

Chattanooga, TN

 

Hamilton Place

 

Aug-16

 

5.86

%

 

 

114,229

 

 

114,229

 

 

 

Chesapeake, VA

 

Greenbrier Mall

 

Aug-16

 

5.91

%

 

 

83,004

 

 

83,004

 

 

 

Midland, MI

 

Midland Mall

 

Aug-16

 

6.10

%

 

 

37,138

 

 

37,138

 

 

 

St. Louis, MO

 

Chesterfield Mall

 

Sep-16

 

5.96

%

 

 

140,000

 

 

140,000

 

 

 

Southaven, MS

 

Southaven Towne Center

 

Jan-17

 

5.50

%

 

 

45,112

 

 

45,112

 

 

 

Charleston, SC

 

Citadel Mall

 

Apr-17

 

5.68

%

 

 

74,051

 

 

74,051

 

 

 

Chattanooga, TN

 

Hamilton Corner

 

Apr-17

 

5.67

%

 

 

16,798

 

 

16,798

 

 

 

Fairview Heights, IL

 

The Shoppes at St. Clair Square

 

Apr-17

 

5.67

%

 

 

22,156

 

 

22,156

 

 

 

Lafayette, LA

 

Mall of Acadiana

 

Apr-17

 

5.67

%

 

 

148,096

 

 

148,096

 

 

 

Layton, UT

 

Layton Hills Mall

 

Apr-17

 

5.66

%

 

 

105,851

 

 

105,851

 

 

 

Lexington, KY

 

The Plaza at Fayette Mall

 

Apr-17

 

5.67

%

 

 

43,720

 

 

43,720

 

 

 

Cincinnati, OH

 

Eastgate Crossing

 

May-17

 

5.66

%

 

 

16,482

 

 

16,482

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 

 

 

SUBTOTAL

 

 

 

 

 

 

$

4,357,096

 

$

4,233,997

 

$

123,099

 

 

 

 

 

 

 

 

 

 



 



 



 

Weighted average interest rate

 

 

 

 

 

 

 

 

 

5.87

%

 

5.93

%

 

3.65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Premiums (Discounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Daytona Beach, FL

 

Volusia Mall

 

Mar-09

 

4.75

%

 

$

741

 

$

741

 

$

 

Terre Haute, IN

 

Honey Creek Mall

 

May-09

 

4.75

%

 

 

598

 

 

598

 

 

 

Little Rock, AR

 

Park Plaza Mall

 

May-10

 

4.90

%

 

 

2,519

 

 

2,519

 

 

 

Roanoke, VA

 

Valley View Mall

 

 Sep-10

 

5.10

%

 

 

3,093

 

 

3,093

 

 

 

St. Peters, MO

 

Mid Rivers Mall

 

  Jul-11

 

5.66

%

 

 

3,957

 

 

3,957

 

 

 

Fayetteville, NC

 

Cross Creek Mall

 

Apr-12

 

5.00

%

 

 

4,903

 

 

4,903

 

 

 

Colonial Heights, VA

 

Southpark Mall

 

May-12

 

5.10

%

 

 

2,212

 

 

2,212

 

 

 

Livonia, MI

 

Laurel Park Place

 

Dec-12

 

5.00

%

 

 

6,464

 

 

6,464

 

 

 

Monroeville, PA

 

Monroeville Mall

 

Jan-13

 

5.30

%

 

 

2,021

 

 

2,021

 

 

 

St. Louis, MO

 

West County Center

 

Apr-13

 

5.82

%

 

 

(3,860

)

 

(3,860

)

 

 

St. Louis, MO

 

South County Center

 

Oct-13

 

5.50

%

 

 

(1,888

)

 

(1,888

)

 

 

Joplin, MO

 

Northpark Mall

 

Mar-14

 

5.50

%

 

 

435

 

 

435

 

 

 

St. Louis, MO

 

Chesterfield Mall

 

Sep-16

 

5.96

%

 

 

(2,203

)

 

(2,203

)

 

 

 

 

 

 

 

 

 

 

 



 



 



 

 

 

SUBTOTAL

 

 

 

 

 

 

$

18,992

 

$

18,992

 

$

 

 

 

 

 

 

 

 

 

 



 



 



 

Weighted average interest rate

 

 

 

 

 

 

 

 

 

4.85

%

 

4.85

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Loans On Operating Properties And Debt Premiums (Discounts)

 

 

 

 

$

4,376,088

 

$

4,252,989

 

$

123,099

 

 

 

 

 

 

 

 

 

 



 



 



 

Weighted average interest rate

 

 

 

 

 

 

 

 

 

5.86

%

 

5.93

%

 

3.65

%

8



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance

 

 

 

 

 

Maturity

 

Interest

 

 

 

 

 


 

Location

 

Property

 

Date

 

Rate

 

Balance

 

 

 

Fixed

 

Variable

 


 

 

 


Construction Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pearland, TX

 

Pearland Town Center

 

Jul-10

 

 

3.65

%

 

$

88,574

 

 

 

$

 

$

88,574

 

Pittsburgh, PA

 

Settler’s Ridge

 

Dec-10

 

 

3.38

%

 

 

9,496

 

 

 

 

 

 

9,496

 

Statesboro, GA

 

Statesboro Crossing

 

Feb-11

 

 

3.48

%

 

 

9,059

 

 

 

 

 

 

9,059

 

St. Louis, MO

 

West County Center Former Lord & Taylor

 

Mar-11

 

 

3.48

%

 

 

9,911

 

 

 

 

 

 

9,911

 

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

SUBTOTAL

 

 

 

 

 

 

 

$

117,040

 

 

 

 

 

$

117,040

 

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Facilities;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured credit facility

 

 

 

Aug-08

 

3.38

%

 

$

407,000

 (b)

 

 

$

 

$

407,000

 

Secured credit facilities

 

 

 

Feb-09 to Mar-10

 

4.10

%

 

 

629,700

 (c)

 

 

 

400,000

 

 

229,700

 

Unsecured term facilities

 

 

 

Nov-10 to Apr-11

 

3.83

%

 

 

467,946

 

 

 

 

 

 

467,946

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

SUBTOTAL

 

 

 

 

 

 

 

$

1,504,646

 

 

 

$

400,000

 

$

1,104,646

 

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

$

384

 

 

 

$

384

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated Debt

 

 

 

 

 

 

 

 

 

$

5,998,158

 

 

 

$

4,653,373

 

$

1,344,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average interest rate

 

 

 

 

 

 

 

 

 

 

5.31

%

 

 

 

5.81

%

 

3.57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus CBL’s Share Of Unconsolidated Affiliates’ Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Melbourne, FL

 

Hammock Landing

 

Sep-08

 

 

4.50

%

 

$

1,537

 

 

 

$

 

$

1,537

 

West Melbourne, FL

 

Hammock Landing

 

Nov-08

 

 

4.50

%

 

 

3,693

 

 

 

 

 

 

3,693

 

Huntsville, AL

 

Parkway Place

 

Jun-09

 

 

3.48

%

 

 

26,600

 

 

 

 

 

 

26,600

 

Ft. Myers, FL

 

Gulf Coast Town Center Phase III

 

Apr-10

 

 

3.97

%

 

 

3,061

 

 

 

 

 

 

3,061

 

Lee’s Summit, MO

 

Summit Fair

 

Jun-10

 

 

5.09

%

 

 

7,513

 (d)

 

 

 

 

 

7,513

 

Del Rio, TX

 

Plaza del Sol

 

Aug-10

 

 

9.15

%

 

 

788

 

 

 

 

788

 

 

 

Port Orange, FL

 

The Pavilion at Port Orange

 

Jun-11

 

 

5.02

%

 

 

7,587

 

 

 

 

 

 

7,587

 

Port Orange, FL

 

The Pavilion at Port Orange

 

Jun-11

 

 

4.25

%

 

 

4,150

 

 

 

 

 

 

4,150

 

York, PA

 

York Town Center

 

Oct-11

 

 

3.70

%

 

 

20,004

 

 

 

 

 

 

20,004

 

Greensboro, NC

 

Friendly Center

 

Apr-13

 

 

5.33

%

 

 

38,812

 

 

 

 

38,812

 

 

 

Greensboro, NC

 

Renaissance Center Phase II

 

Apr-13

 

 

5.22

%

 

 

7,850

 

 

 

 

7,850

 

 

 

Greensboro, NC

 

Friendly Center Office Building

 

Apr-13

 

 

5.33

%

 

 

1,100

 

 

 

 

1,100

 

 

 

Greensboro, NC

 

First National Bank Building

 

Apr-13

 

 

5.33

%

 

 

405

 

 

 

 

405

 

 

 

Greensboro, NC

 

Green Valley Office Building

 

Apr-13

 

 

5.33

%

 

 

971

 

 

 

 

971

 

 

 

Greensboro, NC

 

First Citizens Bank Building

 

Apr-13

 

 

5.33

%

 

 

2,555

 

 

 

 

2,555

 

 

 

Greensboro, NC

 

Bank of America Building

 

Apr-13

 

 

5.33

%

 

 

4,625

 

 

 

 

4,625

 

 

 

Greensboro, NC

 

Wachovia Office Building

 

Apr-13

 

 

5.33

%

 

 

1,533

 

 

 

 

1,533

 

 

 

Myrtle Beach, SC

 

Coastal Grand-Myrtle Beach

 

Oct-14

 

 

5.09

%

 

 

46,002

 (e)

 

 

 

46,002

 

 

 

El Centro, CA

 

Imperial Valley Mall

 

Sep-15

 

 

4.99

%

 

 

34,519

 

 

 

 

34,519

 

 

 

Raleigh, NC

 

Triangle Town Center

 

Dec-15

 

 

5.74

%

 

 

99,268

 

 

 

 

99,268

 

 

 

Greensboro, NC

 

Renaissance Center Phase I

 

Jul-16

 

 

5.61

%

 

 

18,175

 

 

 

 

18,175

 

 

 

Clarksville, TN

 

Governor’s Square Mall

 

Sep-16

 

 

8.23

%

 

 

13,219

 

 

 

 

13,219

 

 

 

Paducah, KY

 

Kentucky Oaks Mall

 

Jan-17

 

 

5.27

%

 

 

14,376

 

 

 

 

14,376

 

 

 

Greensboro, NC

 

Shops at Friendly Center

 

Jan-17

 

 

5.90

%

 

 

22,096

 

 

 

 

22,096

 

 

 

Harrisburg, PA

 

High Pointe Commons

 

May-17

 

 

5.74

%

 

 

7,685

 

 

 

 

7,685

 

 

 

Harrisburg, PA

 

High Pointe Commons Phase II

 

Jul-17

 

 

6.10

%

 

 

323

 

 

 

 

323

 

 

 

Ft. Myers, FL

 

Gulf Coast Town Center

 

Jul-17

 

 

5.60

%

 

 

95,400

 

 

 

 

95,400

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

SUBTOTAL

 

 

 

 

 

 

 

$

483,847

 

 

 

$

409,702

 

$

74,145

 

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority Interest
%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Minority Interests’ Share Of Consolidated Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chattanooga, TN

 

CBL Center

 

8.00%

 

6.25

%

 

$

(1,104

)

 

 

$

(1,104

)

$

 

Chattanooga, TN

 

CBL Center II

 

8.00%

 

3.71

%

 

 

(910

)

 

 

 

 

 

(910

)

Chattanooga, TN

 

Hamilton Corner

 

10.00%

 

5.67

%

 

 

(1,680

)

 

 

 

(1,680

)

 

 

Chattanooga, TN

 

Hamilton Place

 

10.00%

 

5.86

%

 

 

(11,423

)

 

 

 

(11,423

)

 

 

Highpoint, NC

 

Oak Hollow Mall

 

25.00%

 

7.31

%

 

 

(9,702

)

 

 

 

(9,702

)

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

SUBTOTAL

 

 

 

 

 

 

 

 

(24,819

)

 

 

 

(23,909

)

 

(910

)

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company’s Share Of Consolidated And Unconsolidated Debt

 

 

 

 

 

 

 

$

6,457,186

 

 

 

$

5,039,166

 

$

1,418,020

 

 

 

 

 

 

 

 

 



 

 

 



 



 

Weighted average interest rate

 

 

 

 

 

 

 

 

 

 

5.30

%

 

 

 

5.79

%

 

3.59

%

9



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance

 

 

 

 

 

Maturity

 

Interest

 

 

 

 

 


 

Location

 

Property

 

Date

 

Rate

 

Balance

 

 

 

Fixed

 

Variable

 


 

 

 


Total Debt of Unconsolidated Affiliates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Melbourne, FL

 

Hammock Landing

 

Sep-08

 

 

4.50

%

 

$

3,075

 

 

 

$

 

$

3,075

 

West Melbourne, FL

 

Hammock Landing

 

Nov-08

 

 

4.50

%

 

 

7,385

 

 

 

 

 

 

7,385

 

Huntsville, AL

 

Parkway Place

 

Jun-09

 

 

3.48

%

 

 

53,200

 

 

 

 

 

 

53,200

 

Ft. Myers, FL

 

Gulf Coast Town Center Phase III

 

Apr-10

 

 

3.97

%

 

 

3,061

 

 

 

 

 

 

3,061

 

Lee’s Summit, MO

 

Summit Fair

 

Jun-10

 

 

5.09

%

 

 

27,827

 

 

 

 

 

 

27,827

 

Del Rio, TX

 

Plaza del Sol

 

Aug-10

 

 

9.15

%

 

 

1,558

 

 

 

 

1,558

 

 

 

Port Orange, FL

 

The Pavilion at Port Orange

 

Jun-11

 

 

5.02

%

 

 

15,174

 

 

 

 

 

 

15,174

 

Port Orange, FL

 

The Pavilion at Port Orange

 

Jun-11

 

 

4.25

%

 

 

8,300

 

 

 

 

 

 

8,300

 

York, PA

 

York Town Center

 

Oct-11

 

 

3.70

%

 

 

40,008

 

 

 

 

 

 

40,008

 

Greensboro, NC

 

Friendly Center

 

Apr-13

 

 

5.33

%

 

 

77,625

 

 

 

 

77,625

 

 

 

Greensboro, NC

 

Renaissance Center Phase II

 

Apr-13

 

 

5.22

%

 

 

15,700

 

 

 

 

15,700

 

 

 

Greensboro, NC

 

Friendly Center Office Building

 

Apr-13

 

 

5.33

%

 

 

2,199

 

 

 

 

2,199

 

 

 

Greensboro, NC

 

First National Bank Building

 

Apr-13

 

 

5.33

%

 

 

809

 

 

 

 

809

 

 

 

Greensboro, NC

 

Green Valley Office Building

 

Apr-13

 

 

5.33

%

 

 

1,941

 

 

 

 

1,941

 

 

 

Greensboro, NC

 

First Citizens Bank Building

 

Apr-13

 

 

5.33

%

 

 

5,110

 

 

 

 

5,110

 

 

 

Greensboro, NC

 

Bank of America Building

 

Apr-13

 

 

5.33

%

 

 

9,250

 

 

 

 

9,250

 

 

 

Greensboro, NC

 

Wachovia Office Building

 

Apr-13

 

 

5.33

%

 

 

3,066

 

 

 

 

3,066

 

 

 

Myrtle Beach, SC

 

Coastal Grand-Myrtle Beach

 

Oct-14

 

 

5.09

%

 

 

92,004

 

 

 

 

92,004

 

 

 

El Centro, CA

 

Imperial Valley Mall

 

Sep-15

 

 

4.99

%

 

 

57,531

 

 

 

 

57,531

 

 

 

Raleigh, NC

 

Triangle Town Center

 

Dec-15

 

 

5.74

%

 

 

198,536

 

 

 

 

198,536

 

 

 

Greensboro, NC

 

Renaissance Center Phase I

 

Jul-16

 

 

5.61

%

 

 

36,349

 

 

 

 

36,349

 

 

 

Clarksville, TN

 

Governor’s Square Mall

 

Sep-16

 

 

8.23

%

 

 

27,831

 

 

 

 

27,831

 

 

 

Paducah, KY

 

Kentucky Oaks Mall

 

Jan-17

 

 

5.27

%

 

 

28,754

 

 

 

 

28,754

 

 

 

Greensboro, NC

 

Shops at Friendly Center

 

Jan-17

 

 

5.90

%

 

 

44,192

 

 

 

 

44,192

 

 

 

Harrisburg, PA

 

High Pointe Commons

 

May-17

 

 

5.74

%

 

 

15,369

 

 

 

 

15,369

 

 

 

Harrisburg, PA

 

High Pointe Commons Phase II

 

Jul-17

 

 

6.10

%

 

 

647

 

 

 

 

647

 

 

 

Ft. Myers, FL

 

Gulf Coast Town Center

 

Jul-17

 

 

5.60

%

 

 

190,800

 

 

 

 

190,800

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

$

967,301

 

 

 

$

809,271

 

$

158,030

 

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

Weighted average interest rate

 

 

 

 

 

 

 

 

 

 

5.35

%

 

 

 

5.60

%

 

4.09

%


 

 

(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)

The Company intends to exercise one of the three, one-year extension options available on this line of credit to extend the maturity date to August 2009.

 

 

(c)

The Company has entered into interest rate swaps on a total notional amount of $400,000 related to its largest secured credit facility to effectively fix the interest rate on that portion of the credit line. Therefore, this amount is currently reflected as having a fixed rate.

 

 

(d)

Represents the 27% share of the outstanding balance of the construction financing that the Company has guaranteed. The maximum amount that the Company has guaranteed is $31,554.

 

 

(e)

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 Six Months Ended June 30, 2008

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Type

 

Square Feet

 

Prior Gross
Rent PSF

 

New Initial
Gross Rent
PSF

 

% Change
Initial

 

New Average
Gross Rent
PSF (2)

 

% Change
Average

 


 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Property Types (1)

 

 

642,400

 

$

36.22

 

$

38.33

 

 

5.8

%

$

39.61

 

 

9.4

%

Stabilized malls

 

 

555,570

 

 

38.99

 

 

41.44

 

 

6.3

%

 

42.89

 

 

10.0

%

New leases

 

 

207,535

 

 

40.23

 

 

44.89

 

 

11.6

%

 

47.45

 

 

17.9

%

Renewal leases

 

 

348,035

 

 

38.26

 

 

39.39

 

 

3.0

%

 

40.17

 

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Property Types (1)

 

 

1,515,351

 

$

35.84

 

$

38.84

 

 

8.4

%

$

39.88

 

 

11.3

%

Stabilized malls

 

 

1,375,961

 

 

37.60

 

 

40.86

 

 

8.7

%

 

41.98

 

 

11.6

%

New leases

 

 

376,297

 

 

42.17

 

 

49.05

 

 

16.3

%

 

51.47

 

 

22.1

%

Renewal leases

 

 

999,664

 

 

35.88

 

 

37.78

 

 

5.3

%

 

38.41

 

 

7.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Leasing Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Square
Feet

 

 

 


 

 

 

 

 

Quarter:

 

 

 

Total Leased

 

1,420,088

 

Operating Portfolio

 

862,740

 

Development Portfolio

 

557,348

 

 

 

 

 

Year to Date:

 

 

 

Total Leased

 

3,052,928

 

Operating Portfolio

 

1,735,691

 

Development Portfolio

 

1,317,237

 

Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 10,000 Square Feet

 

 

 

 

 

 

 

 

 

 

As of June 30,

 

 

 


 

 

 

2008

 

2007

 

 

 


 


 

Stabilized malls

 

$

29.17

 

$

28.00

 

Non-stabilized malls

 

 

24.84

 

 

28.29

 

Associated centers

 

 

11.60

 

 

12.09

 

Community centers

 

 

14.05

 

 

15.09

 

Other

 

 

17.52

 

 

19.53

 


 

 

(1)

Includes Stabilized malls, Associated centers, Community centers and Other.

 

 

(2)

Average Gross Rent does not incorporate allowable future increases for recoverable common area expenses.

11



CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2008

Top 25 Tenants Based on Percentage of Annualized Total Revenues as of June 30, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tenant

 

Number of
Stores

 

Square Feet

 

Annual Gross
Rentals (1)

 

Percentage of
Total Annualized
Revenues

 

 

 


 


 


 


 


 

1

 

Limited Brands, LLC

 

157

 

771,269

 

$

31,841,886

 

 

2.70

%

2

 

Foot Locker, Inc.

 

187

 

707,014

 

 

29,554,214

 

 

2.50

%

3

 

The Gap Inc.

 

105

 

1,105,430

 

 

27,372,167

 

 

2.32

%

4

 

Abercrombie & Fitch, Co.

 

96

 

646,066

 

 

23,712,158

 

 

2.01

%

5

 

AE Outfitters Retail Company

 

81

 

467,195

 

 

21,184,833

 

 

1.80

%

6

 

Signet Group plc (2)

 

118

 

197,744

 

 

19,162,897

 

 

1.62

%

7

 

Luxottica Group, S.P.A. (3)

 

155

 

340,250

 

 

17,005,076

 

 

1.44

%

8

 

Finish Line, Inc.

 

90

 

441,012

 

 

16,893,267

 

 

1.43

%

9

 

Zale Corporation

 

145

 

151,162

 

 

16,365,874

 

 

1.39

%

10

 

Genesco Inc. (4)

 

182

 

250,003

 

 

15,457,640

 

 

1.31

%

11

 

JC Penney Co. Inc. (5)

 

75

 

8,512,233

 

 

14,803,830

 

 

1.25

%

12

 

Express Fashions

 

53

 

437,062

 

 

14,716,560

 

 

1.25

%

13

 

New York & Company, Inc.

 

56

 

397,360

 

 

14,604,109

 

 

1.24

%

14

 

Dick’s Sporting Goods, Inc.

 

16

 

954,973

 

 

13,035,042

 

 

1.10

%

15

 

The Regis Corporation

 

211

 

249,086

 

 

12,805,362

 

 

1.09

%

16

 

Charlotte Russe Holding, Inc.

 

49

 

338,641

 

 

11,991,538

 

 

1.02

%

17

 

Christopher & Banks, Inc.

 

89

 

302,351

 

 

11,197,151

 

 

0.95

%

18

 

Aeropostale, Inc.

 

76

 

258,479

 

 

10,879,747

 

 

0.92

%

19

 

Charming Shoppes, Inc. (6)

 

54

 

321,426

 

 

10,479,920

 

 

0.89

%

20

 

Pacific Sunwear of California

 

69

 

253,091

 

 

9,797,344

 

 

0.83

%

21

 

The Buckle, Inc.

 

48

 

238,186

 

 

9,449,680

 

 

0.80

%

22

 

The Children’s Place Retail Stores, Inc. (7)

 

53

 

222,170

 

 

9,143,805

 

 

0.77

%

23

 

Claire’s Stores, Inc.

 

120

 

141,966

 

 

9,016,867

 

 

0.76

%

24

 

Sun Capital Partners, Inc. (8)

 

56

 

712,475

 

 

8,998,059

 

 

0.76

%

25

 

Tween Brands, Inc. (9)

 

64

 

259,324

 

 

8,658,752

 

 

0.73

%

 

 

 

 


 


 



 



 

 

 

 

 

2,405

 

18,675,968

 

$

388,127,778

 

 

32.88

%

 

 

 

 


 


 



 



 


 

 

(1)

Includes annual minimum rent and tenant reimbursements based on amounts in effect at June 30, 2008.

 

 

(2)

Signet Group plc operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw’s Jewelers, Osterman’s Jewelers, LeRoy’s Jewelers, Jared Jewelers, Belden Jewelers and Rogers Jewelers.

 

 

(3)

Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut and Pearl Vision.

 

 

(4)

Genesco Inc. operates Journey’s, Jarman, Underground Station, Hat World, Lids, Hat Zone and Cap Factory stores.

 

 

(5)

JC Penney Co. Inc. owns 30 of these stores.

 

 

(6)

Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine’s.

 

 

(7)

The Children’s Place Retail Stores, Inc. also operates certain of The Disney Stores.

 

 

(8)

Sun Capital Partners, Inc. operates Anchor Blue, Fazoli’s, Friendly’s, Life Uniform, Mattress Firm, Mervyn’s, Shopko, Smokey Bones, Souper Salad and The Limited.

 

 

(9)

Tween Brands, Inc. operates Limited Too and Justice.

12



CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2008

 

 

 

 

 

 

 

 

Capital Expenditures for the Three Months and Six Months Ended June 30, 2008

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

Three Months

 

Six Months

 

 

 


 


 

 

Tenant allowances

 

$

13,954

 

$

23,534

 

 

 



 



 

 

Renovations

 

 

6,801

 

 

12,087

 

 

 



 



 

 

Deferred maintenance:

 

 

 

 

 

 

 

Parking lot and parking lot lighting

 

 

1,307

 

 

2,314

 

Roof repairs and replacements

 

 

921

 

 

1,723

 

Other capital expenditures

 

 

1,111

 

 

2,635

 

 

 



 



 

Total deferred maintenance expenditures

 

 

3,339

 

 

6,672

 

 

 



 



 

 

Total capital expenditures

 

$

24,094

 

$

42,293

 

 

 



 



 

The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as deferred maintenance expenditures. These expenditures are billed to tenants as common area maintenance expense and the majority is recovered over a five to fifteen year period. Renovation capital expenditures are for remodelings and upgrades to enhance our competitive position in the market area. A portion of these expenditures covering items such as new floor coverings, painting, lighting and new seating areas are also recovered through tenant billings. The costs of other items such as new entrances, new ceilings and skylights are not recovered from tenants. We estimate that 30% of our renovation expenditures are recoverable from our tenants over a ten to fifteen year period. The third category of capital expenditures is tenant allowances, sometimes made to third-generation tenants. Tenant allowances are recovered through minimum rents from the tenants over the term of the lease.

 

 

 

 

 

 

 

 

Deferred Leasing Costs Capitalized

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

 

 


 


 

 

Quarter ended:

 

 

 

 

 

 

 

March 31,

 

$

596

 

$

1,001

 

June 30,

 

 

990

 

 

1,593

 

September 30,

 

 

 

 

548

 

December 31,

 

 

 

 

1,478

 

 

 



 



 

 

 

$

1,586

 

$

4,620

 

 

 



 



 

13



CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2008

Properties Opened Year-To-Date
(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBL’s Share of

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Property

 

Location

 

Total Project
Square Feet

 

Total Cost

 

Cost To Date

 

Date Opened

 

Initial
Yield (a)

 


 


 


 


 


 


 


 

 

Mall Expansions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cary Towne Center - Mimi’s Café

 

Cary, NC

 

6,674

 

$

2,243

 

$

1,069

 

Spring-08

 

15.0

%

Coastal Grand - Ulta Cosmetics

 

Myrtle Beach, SC

 

10,000

 

 

1,494

 

 

1,494

 

Spring-08

 

8.7

%

Coastal Grand - JCPenney (g)

 

Myrtle Beach, SC

 

103,395

 

 

NA

 

 

NA

 

Spring-08

 

NA

 

Brookfield Square - Claim Jumpers

 

Brookfield, WI

 

12,000

 

 

3,430

 

 

2,802

 

Summer-08

 

11.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBL Center II

 

Chattanooga, TN

 

74,598

 

 

17,120

 

 

12,580

 

January-08

 

8.6

%

 

 

 

 


 



 



 

 

 

 

 

 

 

 

 

206,667

 

$

24,287

 

$

17,945

 

 

 

 

 

 

 

 

 


 



 



 

 

 

 

 

Announced Property Renovations and Redevelopments
(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBL’s Share of

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Property

 

Location

 

Total Project
Square Feet

 

Total Cost

 

Cost To Date

 

Opening Date

 

Initial
Yield (a)

 


 


 


 


 


 


 


 

Redevelopments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parkdale Mall - Former Dillards (Phases I & II)

 

Beaumont, TX

 

70,220

 

$

29,266

 

$

14,723

 

Jan-08/Fall-08

 

6.6

%

West County Center - Former Lord & Taylor

 

St. Louis, MO

 

90,687

 

 

34,149

 

 

14,371

 

Spring-09

 

9.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mall Renovations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brookfield Square

 

Brookfield, WI

 

1,132,984

 

 

18,100

 

 

13,100

 

Fall-08

 

NA

 

Georgia Square

 

Athens, GA

 

674,738

 

 

16,900

 

 

13,801

 

Spring-08

 

NA

 

 

 

 

 


 



 



 

 

 

 

 

 

 

 

 

1,968,629

 

$

98,415

 

$

55,995

 

 

 

 

 

 

 

 

 


 



 



 

 

 

 

 

14



Properties Under Development at June 30, 2008
(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBL’s Share of

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Property

 

Location

 

Total Project
Square Feet

 

Total Cost

 

Cost To Date

 

Opening Date

 

Initial
Yield (a)

 


 


 


 


 


 


 


 

Mall Expansions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asheville Mall - Barnes & Noble

 

Asheville, NC

 

40,000

 

$

11,684

 

$

2,617

 

Spring-09

 

5.3

%

High Pointe Commons - Christmas Tree Shops

 

Harrisburg, PA

 

34,938

 

 

6,247

 

 

1,781

 

Fall-08

 

9.0

%

Laurel Park Place - Food Court

 

Detroit, MI

 

30,051

 

 

4,802

 

 

1,661

 

Winter-08

 

11.2

%

Oak Park Mall - Barnes & Noble

 

Kansas City, KS

 

35,539

 

 

9,619

 

 

4,111

 

Spring-09

 

6.9

%

Southpark Mall - Food Court

 

Colonial Heights, VA

 

17,150

 

 

7,755

 

 

5,199

 

Summer-08

 

11.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associated/Lifestyle Centers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brookfield Square - Corner Development

 

Brookfield, WI

 

19,745

 

 

8,372

 

 

1,537

 

Winter-08

 

8.0

%

Imperial Valley Commons (Phase I) (b)

 

El Centro, CA

 

610,966

 

 

11,471

 

 

22,568

 

Summer-10/Summer-11

 

8.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mixed -Use Center:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pearland Town Center (Retail Portion)

 

Pearland, TX

 

692,604

 

 

150,015

 

 

124,732

 

Summer-08

 

7.8

%

Pearland Town Center (Hotel Portion)

 

Pearland, TX

 

72,500

 

 

17,712

 

 

10,226

 

Summer-08

 

8.4

%

Pearland Town Center (Residential Portion)

 

Pearland, TX

 

68,110

 

 

10,529

 

 

6,081

 

Summer-08

 

8.8

%

Pearland Town Center (Office Portion)

 

Pearland, TX

 

51,560

 

 

9,385

 

 

248

 

Summer-08

 

8.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Community/Open-Air Centers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alamance Crossing - Theater/Shops

 

Burlington, NC

 

82,997

 

 

18,882

 

 

11,342

 

Spring-08

 

8.4

%

Hammock Landing (Phase I) (d)

 

West Melbourne, FL

 

446,369

 

 

38,648

 

 

36,174

 

Spring-09

 

7.5

%

Settlers Ridge (b)

 

Robinson Township, PA

 

508,192

 

 

117,105

 

 

40,195

 

Summer-09

 

7.8

%

Statesboro Crossing (e)

 

Statesboro, GA

 

160,238

 

 

26,206

 

 

16,732

 

Fall-08/Summer-10

 

8.3

%

Summit Fair (c)

 

Lee’s Summit, MO

 

482,051

 

 

22,000

 

 

22,000

 

Fall-08/Summer-09

 

9.8

%

The Pavilion at Port Orange (Phase I) (d)

 

Port Orange, FL

 

490,132

 

 

71,836

 

 

36,094

 

Fall-09

 

7.3

%

The Promenade (f)

 

D’Iberville, MS

 

696,762

 

 

86,161

 

 

36,964

 

Fall-09

 

8.5

%

 

 

 

 








 

 

 

 

 

 

 

 

 

4,539,904

 

$

628,429

 

$

380,262

 

 

 

 

 

 

 

 

 








 

 

 

 

 


 

 

(a)

Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees.

 

 

(b)

60/40 joint venture. Amounts shown are 100% of total cost and cost to date as CBL has funded all costs to date. Cost to date may be gross of applicable reimbursements that have not yet been received.

 

 

(c)

CBL’s interest represents 27% of project cost.

 

 

(d)

50/50 joint venture.

 

 

(e)

50/50 joint venture. Amounts shown are 100% of total cost and cost to date as CBL has funded all costs to date. Cost to date may be gross of applicable reimbursements that have not yet been received.

 

 

(f)

85/15 joint venture. Amounts shown are 100% of total cost and cost to date as CBL has funded all costs to date. Cost to date may be gross of applicable reimbursements that have not yet been received.

 

 

(g)

The Company owns the land and is ground leasing it to JCPenney, which owns the building and improvements.

15