0000910612-13-000068.txt : 20131106 0000910612-13-000068.hdr.sgml : 20131106 20131106150104 ACCESSION NUMBER: 0000910612-13-000068 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20131105 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131106 DATE AS OF CHANGE: 20131106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CBL & ASSOCIATES PROPERTIES INC CENTRAL INDEX KEY: 0000910612 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 621545718 STATE OF INCORPORATION: DE FISCAL YEAR END: 0502 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12494 FILM NUMBER: 131196177 BUSINESS ADDRESS: STREET 1: 2030 HAMILTON PLACE BVLD, SUITE 500 STREET 2: CBL CENTER CITY: CHATTANOOGA STATE: TN ZIP: 37421 BUSINESS PHONE: 4238550001 MAIL ADDRESS: STREET 1: 2030 HAMILTON PLACE BVLD, SUITE 500 STREET 2: CBL CENTER CITY: CHATTANOOGA STATE: TN ZIP: 37421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CBL & ASSOCIATES LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000915140 IRS NUMBER: 621542285 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-182515-01 FILM NUMBER: 131196178 BUSINESS ADDRESS: STREET 1: 2030 HAMILTON PLACE BVLD STREET 2: SUITE 500 CITY: CHATTANOOGA STATE: TN ZIP: 37421 BUSINESS PHONE: (423)855-0001 MAIL ADDRESS: STREET 1: 2030 HAMILTON PLACE BVLD STREET 2: SUITE 500 CITY: CHATTANOOGA STATE: TN ZIP: 37421 8-K 1 form8-k3q2013.htm 8-K Form 8-K 3Q2013


SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C.  20549
 

FORM 8-K
 
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported):  November 5, 2013
 

CBL & ASSOCIATES PROPERTIES, INC.

CBL & ASSOCIATES LIMITED PARTNERSHIP

(Exact Name of Registrant as Specified in its Charter)
 
Delaware
 
1-12494
 
62-1545718
Delaware
 
333-182515-01
 
62-1542285
(State or Other Jurisdiction of
Incorporation)
 
(Commission File
 Number)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421
(Address of principal executive office, including zip code)
 
 
 
 
 
423.855.0001
(Registrant's telephone number, including area code)
 
 
 
 
 
N/A
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






ITEM 2.02 Results of Operations and Financial Condition

On November 5, 2013, CBL & Associates Properties, Inc. (the "Company") reported its results for the third quarter ended September 30, 2013. The Company's earnings release for the third quarter ended September 30, 2013 is attached as Exhibit 99.1. On November 6, 2013, the Company held a conference call to discuss the results for the third quarter ended September 30, 2013. The transcript of the conference call is attached as Exhibit 99.2. The Company has posted to its website certain supplemental financial and operating information for the three months and nine months ended September 30, 2013, which is attached as Exhibit 99.3.

The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 Financial Statements and Exhibits

(a)
Financial Statements of Businesses Acquired

Not applicable

(b)
Pro Forma Financial Information

Not applicable

(c)
Shell Company Transactions

Not applicable

(d)
Exhibits



Exhibit
Number Description

99.1 Earnings Release - CBL & Associates Properties Reports Third Quarter 2013 Results
99.2 Investor Conference Call Script - Third Quarter Ended September 30, 2013
99.3 Supplemental Financial and Operating Information - For The Three and Nine Months Ended September 30, 2013







SIGNATURES
 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


CBL & ASSOCIATES PROPERTIES, INC.


/s/ Farzana K. Mitchell
___________________________________
Farzana K. Mitchell
Executive Vice President -
Chief Financial Officer and Treasurer


CBL & ASSOCIATES LIMITED PARTNERSHIP

By: CBL HOLDINGS I, INC., its general partner


/s/ Farzana K. Mitchell
___________________________________
Farzana K. Mitchell
Executive Vice President -
Chief Financial Officer and Treasurer
                             


Date: November 6, 2013



EX-99.1 2 ex991newsreleasecbl3q13.htm EXHIBIT 99.1 Ex 99.1 News Release CBL 3Q13


EXHIBIT 99.1
Contact: Katie Reinsmidt, Senior Vice President - Investor Relations/Corporate Investments, 423.490.8301, katie_reinsmidt@cblproperties.com

CBL & ASSOCIATES PROPERTIES REPORTS
THIRD QUARTER 2013 RESULTS

•
Portfolio occupancy at September 30, 2013, increased 80 basis points to 93.8% from 93.0% for the prior-year period.
•
Average gross rent per square foot for stabilized mall leases signed in the third quarter of 2013 increased 12.8% over the prior gross rent per square foot.
•
Same-store sales increased 0.9% to $358 per square foot for mall tenants 10,000 square feet or less for stabilized malls for the rolling twelve months ended September 30, 2013, compared with the prior-year period.
•
Same-center NOI increased 1.6% for the nine months ended September 30, 2013 over the prior-year period, excluding lease termination fees and a one-time bankruptcy settlement included in the prior-year period.

CHATTANOOGA, Tenn. (November 5, 2013) – CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the third quarter ended September 30, 2013. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure is located at the end of this news release.
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
2012
 
2013
2012
Funds from Operations ("FFO") per diluted share
$
0.56

$
0.54

 
$
1.60

$
1.55

FFO, as adjusted, per diluted share
$
0.52

$
0.54

 
$
1.60

$
1.55


“Increased occupancy, double-digit leasing spreads and strong FFO were the highlights of our third quarter as retailers continued to expand in our portfolio of market dominant malls,” noted Stephen Lebovitz, CBL’s president and chief executive officer. “The limited new supply in our markets and high rate of occupancy in our malls will enable us to offset the industry-wide slowdown in retail sales performance this quarter. Despite lower percentage rents and one-time items impacting our NOI results for the quarter, we remain on pace for our projected growth in NOI and FFO for the year.

 
-MORE-

CBL Reports Third Quarter 2013 Results
Page 2
November 5, 2013


“We made tremendous progress on our balance sheet strategy this quarter. Most significantly, we fully retired the Westfield preferred units on a leverage neutral basis with $210 million of equity raised earlier in the year through our ATM program and $220 million of portfolio-enhancing dispositions. This clearly demonstrates our ongoing ability to source capital on attractive terms. Our balance sheet is now straightforward and strong. By maintaining a proactive asset recycling program, we will generate additional liquidity to fund our new growth initiatives as well as continue to improve the quality of our portfolio.”

FFO, as adjusted, excludes a partial litigation settlement received in August 2013 of $8,240,000 included in Interest and Other Income in the third quarter of 2013. The partial settlement is related to a lawsuit filed by the Company seeking recovery of alleged property and related damages occurring at The Promenade in D'Iberville, Mississippi.

FFO allocable to common shareholders, as adjusted, for the third quarter of 2013 was $87,290,000, or $0.52 per diluted share, compared with $84,808,000, or $0.54 per diluted share, for the third quarter of 2012. FFO of the operating partnership, as adjusted, for the third quarter of 2013 was $102,465,000, compared with $101,652,000, for the third quarter of 2012. The decline in FFO per share in the quarter was primarily the result of the $0.02 per diluted share impact of the 8.4 million shares issued year-to-date through the ATM program and a $0.02 per diluted share impact from the sale of properties including the write-off of straight line rents receivable.

Net income attributable to common shareholders for the third quarter of 2013 was $23,101,000, or $0.14 per diluted share, compared with a net loss of $2,520,000, or a net loss of $0.02 per diluted share for the third quarter of 2012.

HIGHLIGHTS

▪
Portfolio same-center NOI for the nine months ended September 30, 2013, increased 1.6% over the prior year period, excluding lease termination fees and a one-time bankruptcy settlement of $1.2 million received in the prior year period.

▪
Portfolio same-center NOI for the quarter ended September 30, 2013, increased 0.8% compared with an increase of 1.2% for the prior-year period, excluding lease termination fees. Results were negatively impacted by the following items:
*
Lower percentage rent of approximately $0.3 million due to lower sales for the nine months ended September 30, 2013, as compared with the prior year period.
*
A decline of $1.2 million in real estate tax reimbursement revenue. The decline in real estate tax reimbursement revenue was primarily the result of the timing of adjustments to reflect actual billings and current estimates.
*
A decline in straight line rents and net amortization of acquired above and below market leases of $1.0 million.

▪
Portfolio same-center NOI for the quarter ended September 30, 2013, increased 1.4% over the prior year period, excluding the impact of lease termination fees, non-cash straight line rents and net amortization of above and below market leases.

▪
Average gross rent per square foot for stabilized mall leases signed during the third quarter of 2013 for tenants 10,000 square feet or less increased 12.8% over the prior gross rent per square foot.

▪
Same-store sales per square foot for mall tenants 10,000 square feet or less for stabilized malls for the rolling twelve months ended September 30, 2013, increased 0.9% to $358 per square foot compared with $355 per square foot in the prior-year period. Year-to-date same-store sales per square foot for mall tenants 10,000 square feet or less for stabilized malls declined 0.6%.







-MORE-

CBL Reports Third Quarter 2013 Results
Page 3
November 5, 2013


HIGHLIGHTS CONTINUED

▪
The Company’s share of consolidated and unconsolidated variable rate debt of $1,482,986,000, as of September 30, 2013, represented 14.8% of the total market capitalization for the Company, compared with 10.0% as of September 30, 2012, and 26.5% of the Company's share of total consolidated and unconsolidated debt, compared with 18.6% as of September 30, 2012.

▪
Debt-to-total market capitalization was 55.7% as of September 30, 2013, compared with 54.0% as of September 30, 2012.

▪
The ratio of earnings before interest, taxes, depreciation and amortization (“EBITDA”) to interest expense was 2.9 times for the third quarter of 2013, compared with 2.6 times for the third quarter of 2012.

PORTFOLIO OCCUPANCY
 
 
September 30,
 
 
2013
 
2012
Portfolio occupancy
 
93.8%
 
93.0%
Mall portfolio
 
93.5%
 
93.1%
Stabilized malls
 
93.4%
 
93.0%
Non-stabilized malls (1)
 
97.1%
 
100.0%
Associated centers
 
94.6%
 
94.0%
Community centers
 
96.1%
 
91.5%
(1) Non-stabilized malls category includes The Outlet Shoppes at Oklahoma City and The Outlet Shoppes at Atlanta as of September 30, 2013. Category includes The Outlet Shoppes at Oklahoma City as of September 30, 2012.


DISPOSITION ACTIVITY
During the third quarter, CBL closed on the sale of three malls and three related associated centers in a portfolio transaction for a gross sales price of $176.0 million in cash. The properties were Georgia Square Mall and Georgia Square Plaza in Athens, GA; Panama City Mall and The Shoppes at Panama City in Panama City, FL; and RiverGate Mall and Village at RiverGate in Nashville, TN. The properties were purchased by an offshore investor with an Atlanta-based partner, Hendon Properties, who will also lease and manage the malls.

FINANCING ACTIVITY
In July, CBL closed on a $400 million unsecured term loan with a term of five years. Based on the Company’s current credit ratings, the loan has a floating interest rate of 150 basis points over LIBOR.

In October, CBL closed on a new $80.0 million loan secured by The Outlet Shoppes at Atlanta, its 75/25 joint venture with Horizon Group Properties, located in Atlanta (Woodstock), GA. The new 10-year non-recourse loan bears interest at a fixed rate of 4.9%. Proceeds from the loan were primarily used to repay a $53.2 million recourse construction loan and to reduce outstanding balances on the Company’s unsecured credit facilities.

CAPITAL MARKETS ACTIVITY
During the third quarter of 2013, CBL completed the redemption of all outstanding perpetual preferred joint venture units of its joint venture, CW Joint Venture, LLC, (“CWJV”) with Westfield America Limited Partnership (“Westfield”). The units were redeemed for approximately $408.6 million (plus any accrued and unpaid preferred return). The preferred units were originally issued in 2007 as part of the acquisition of four malls in St. Louis, MO, by CWJV.

During the third quarter, CBL did not complete any sales under its At-The-Market (“ATM”) equity offering program. Year-to-date, CBL has sold 8.4 million shares generating net proceeds of $209.6 million through the ATM program. CBL has approximately $88.5 million available for issuance under the ATM program.



-MORE-

CBL Reports Third Quarter 2013 Results
Page 4
November 5, 2013




OUTLOOK AND GUIDANCE
Based on third quarter results, including the impact of dispositions completed during the quarter, the Company is providing 2013 FFO guidance in the range of $2.18 - $2.22 per share, after adjusting for the net impact of one-time items included in the third quarter 2013 results. The Company is also guiding to the low-to-mid-point of the previously issued same-center NOI growth range of 1.0% - 3.0%. The guidance assumes $2.0 million to $4.0 million of outparcel sales and a 25-50 basis point increase in year-end occupancy. The guidance excludes the impact of any future unannounced transactions.

 
Low
 
High
Expected diluted earnings per common share
$
0.44

 
$
0.48

Adjust to fully converted shares from common shares
(0.06
)
 
(0.07
)
Expected earnings per diluted, fully converted common share
0.38

 
0.41

Add: depreciation and amortization
1.59

 
1.59

Add: loss on impairment
0.12

 
0.12

Add: noncontrolling interest in earnings of Operating Partnership
0.09

 
0.10

Expected FFO per diluted, fully converted common share
$
2.18

 
$
2.22


INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m. ET on Wednesday, November 6, 2013, to discuss its third quarter results. The number to call for this interactive teleconference is (800) 736-4594 or (212) 231-2901. A replay of the conference call will be available through November 13, 2013, by dialing (800) 633-8284 or (402) 977-9140 and entering the confirmation number, 21646865. A transcript of the Company's prepared remarks will be furnished on a Form 8-K following the conference call.

To receive the CBL & Associates Properties, Inc., third quarter earnings release and supplemental information please visit our website at cblproperties.com or contact Investor Relations at 423-490-8312.

The Company will also provide an online web simulcast and rebroadcast of its 2013 third quarter earnings release conference call. The live broadcast of the quarterly conference call will be available online at cblproperties.com on Wednesday, November 6, 2013, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for one year.

CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 156 properties, including 95 regional malls/open-air centers. The properties are located in 30 states and total 90.7 million square feet including 10.7 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com.

NON-GAAP FINANCIAL MEASURES
Funds From Operations
FFO is a widely used measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO allocable to common shareholders as defined above by NAREIT less dividends on preferred stock. The Company’s method of calculating FFO allocable to its common shareholders may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
 

-MORE-

CBL Reports Third Quarter 2013 Results
Page 5
November 5, 2013



The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure. The Company presents both FFO of its operating partnership and FFO allocable to its common shareholders, as it believes that both are useful performance measures. The Company believes FFO of its operating partnership is a useful performance measure since it conducts substantially all of its business through its operating partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the operating partnership. The Company believes FFO allocable to its common shareholders is a useful performance measure because it is the performance measure that is most directly comparable to net income (loss) attributable to its common shareholders.

In the reconciliation of net income attributable to the Company's common shareholders to FFO allocable to its common shareholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its operating partnership in order to arrive at FFO of its operating partnership. The Company then applies a percentage to FFO of its operating partnership to arrive at FFO allocable to its common shareholders. The percentage is computed by taking the weighted average number of common shares outstanding for the period and dividing it by the sum of the weighted average number of common shares and the weighted average number of operating partnership units outstanding during the period.

FFO does not represent cash flows from operations as defined by accounting principles generally accepted in the United States, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity.

As described above, during the three and nine months ended September 30, 2013, the Company received income of $8.2 million as a partial settlement of ongoing litigation. Additionally, during the nine months ended September 30, 2013, the Company recorded $2.4 million of gain on investment and $9.1 million of loss on extinguishment of debt. Considering the significance and nature of these items, the Company believes that it is important to identify their impact on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items.

Same-Center Net Operating Income
NOI is a supplemental measure of the operating performance of the Company's shopping centers. The Company defines NOI as operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).

Similar to FFO, the Company computes NOI based on its pro rata share of both consolidated and unconsolidated properties. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's NOI may not be comparable to that of other companies. A reconciliation of same-center NOI to net income is located at the end of this earnings release.

Since NOI includes only those revenues and expenses related to the operations of its shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates and operating costs and the impact of those trends on the Company's results of operations. Additionally, there are instances when tenants terminate their leases prior to the scheduled expiration date and pay the Company one-time, lump-sum termination fees. These one-time lease termination fees may distort same-center NOI trends and may result in same-center NOI that is not indicative of the ongoing operations of the Company's shopping center properties. Therefore, the Company believes that presenting same-center NOI, excluding lease termination fees, is useful to investors.






-MORE-

CBL Reports Third Quarter 2013 Results
Page 6
November 5, 2013





Pro Rata Share of Debt
The Company presents debt based on its pro rata ownership share (including the Company's pro rata share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties) because it believes this provides investors a clearer understanding of the Company's total debt obligations which affect the Company's liquidity. A reconciliation of the Company's pro rata share of debt to the amount of debt on the Company's consolidated balance sheet is located at the end of this earnings release.

Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K, and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.


-MORE-

CBL Reports Third Quarter 2013 Results
Page 7
November 5, 2013


CBL & Associates Properties, Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
 REVENUES:
 
 
 
 
 
 
 
Minimum rents
$
167,703

 
$
160,999

 
$
498,632

 
$
473,011

Percentage rents
2,797

 
3,152

 
9,847

 
8,183

Other rents
3,837

 
3,653

 
13,503

 
13,241

Tenant reimbursements
70,576

 
70,348

 
213,524

 
206,814

Management, development and leasing fees
3,118

 
3,139

 
9,042

 
7,574

Other
9,518

 
7,895

 
27,067

 
23,772

Total revenues
257,549

 
249,186

 
771,615

 
732,595

OPERATING EXPENSES:
 
 
 
 
 
 
 
Property operating
38,375

 
35,326

 
111,170

 
104,331

Depreciation and amortization
68,941

 
63,994

 
206,115

 
188,606

Real estate taxes
22,607

 
22,286

 
66,411

 
66,626

Maintenance and repairs
13,387

 
13,218

 
40,808

 
38,057

General and administrative
10,160

 
10,171

 
36,459

 
35,964

Loss on impairment
—

 
3,912

 
21,038

 
3,912

Other
6,371

 
5,871

 
21,217

 
19,188

Total operating expenses
159,841

 
154,778

 
503,218

 
456,684

Income from operations
97,708

 
94,408

 
268,397

 
275,911

Interest and other income
8,809

 
822

 
10,197

 
3,192

Interest expense
(56,341
)
 
(61,768
)
 
(173,374
)
 
(181,593
)
Gain (loss) on extinguishment of debt
—

 
178

 
(9,108
)
 
178

Gain on sales of real estate assets
58

 
1,659

 
1,058

 
1,753

Gain on investment
—

 
—

 
2,400

 
—

Equity in earnings of unconsolidated affiliates
2,270

 
2,062

 
7,618

 
5,401

Income tax provision
(271
)
 
(1,195
)
 
(854
)
 
(1,234
)
Income from continuing operations
52,233

 
36,166

 
106,334

 
103,608

Operating loss from discontinued operations
(8,346
)
 
(23,762
)
 
(5,195
)
 
(16,155
)
Gain on discontinued operations
290

 
88

 
1,162

 
983

Net income
44,177

 
12,492

 
102,301

 
88,436

Net (income) loss attributable to noncontrolling interests in:
 
 
 
 
 
 
 
Operating partnership
(4,075
)
 
1,776

 
(7,602
)
 
(7,783
)
Other consolidated subsidiaries
(5,778
)
 
(6,194
)
 
(18,338
)
 
(17,139
)
Net income attributable to the Company
34,324

 
8,074

 
76,361

 
63,514

Preferred dividends
(11,223
)
 
(10,594
)
 
(33,669
)
 
(31,782
)
Net income (loss) attributable to common shareholders
$
23,101

 
$
(2,520
)
 
$
42,692

 
$
31,732

 
 
 
 
 
 
 
 
Basic per share data attributable to common shareholders:
 
 
 
 
 
 
 
Income from continuing operations, net of preferred dividends
$
0.18

 
$
0.11

 
$
0.28

 
$
0.29

Discontinued operations
(0.04
)
 
(0.13
)
 
(0.02
)
 
(0.08
)
Net income (loss) attributable to common shareholders
$
0.14

 
$
(0.02
)
 
$
0.26

 
$
0.21

Weighted-average common shares outstanding
169,906

 
158,689

 
166,048

 
152,721

 
 
 
 
 
 
 
 
Diluted per share data attributable to common shareholders:
 
 
 
 
 
 
 
Income from continuing operations, net of preferred dividends
$
0.18

 
$
0.11

 
$
0.28

 
$
0.29

Discontinued operations
(0.04
)
 
(0.13
)
 
(0.02
)
 
(0.08
)
Net income (loss) attributable to common shareholders
$
0.14

 
$
(0.02
)
 
$
0.26

 
$
0.21

Weighted average common and potential dilutive common shares outstanding
169,906

 
158,731

 
166,048

 
152,765

 
 
 
 
 
 
 
 
Amounts attributable to common shareholders:
 
 
 
 
 
 
 
Income from continuing operations, net of preferred dividends
$
29,965

 
$
17,233

 
$
46,116

 
$
43,916

Discontinued operations
(6,864
)
 
(19,753
)
 
(3,424
)
 
(12,184
)
Net income attributable (loss) to common shareholders
$
23,101

 
$
(2,520
)
 
$
42,692

 
$
31,732


-MORE-

CBL Reports Third Quarter 2013 Results
Page 8
November 5, 2013



The Company's calculation of FFO allocable to its shareholders is as follows:
(in thousands, except per share data)
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
Net income (loss) attributable to common shareholders
$
23,101

 
$
(2,520
)
 
$
42,692

 
$
31,732

Noncontrolling interest in income (loss) of operating partnership
4,075

 
(1,776
)
 
7,602

 
7,783

Depreciation and amortization expense of:
 
 
 
 
 
 
 
 Consolidated properties
68,941

 
63,994

 
206,115

 
188,606

 Unconsolidated affiliates
9,877

 
10,828

 
29,748

 
32,877

 Discontinued operations
1,634

 
3,306

 
6,638

 
10,093

 Non-real estate assets
(572
)
 
(478
)
 
(1,530
)
 
(1,366
)
Noncontrolling interests' share of depreciation and amortization
(1,403
)
 
(1,208
)
 
(4,292
)
 
(3,537
)
Loss on impairment, net of tax benefit
5,234

 
29,773

 
26,051

 
29,969

Gain on depreciable property
(8
)
 
—

 
(10
)
 
(493
)
Gain on discontinued operations, net of taxes
(174
)
 
(89
)
 
(714
)
 
(644
)
Funds from operations of the operating partnership
110,705

 
101,830

 
312,300

 
295,020

Litigation settlement
(8,240
)
 
—

 
(8,240
)
 
—

Gain on investment
—

 
—

 
(2,400
)
 
—

(Gain) loss on extinguishment of debt
—

 
(178
)
 
9,108

 
(178
)
Funds from operations of the operating partnership, as adjusted
$
102,465

 
$
101,652

 
$
310,768

 
$
294,842

 
 
 
 
 
 
 
 
Funds from operations per diluted share
$
0.56

 
$
0.54

 
$
1.60

 
$
1.55

Litigation settlement
(0.04
)
 
—

 
(0.04
)
 
—

Gain on investment
—

 
—

 
(0.01
)
 
—

(Gain) loss on extinguishment of debt
—

 
—

 
0.05

 
—

Funds from operations, as adjusted, per diluted share
$
0.52

 
$
0.54

 
$
1.60

 
$
1.55

 
 
 
 
 
 
 
 
 Weighted average common and potential dilutive common shares
outstanding with operating partnership units fully converted
199,451

 
190,236

 
195,594

 
190,226

 
 
 
 
 
 
 
 
Reconciliation of FFO of the operating partnership
to FFO allocable to common shareholders:
 
 
 
 
 
 
 
Funds from operations of the operating partnership
$
110,705

 
$
101,830

 
$
312,300

 
$
295,020

Percentage allocable to common shareholders (1)
85.19
%
 
83.43
%
 
84.89
%
 
80.30
%
Funds from operations allocable to common shareholders
$
94,310

 
$
84,957

 
$
265,111

 
$
236,901

 
 
 
 
 
 
 
 
Funds from operations of the operating partnership, as adjusted
$
102,465

 
$
101,652

 
$
310,768

 
$
294,842

Percentage allocable to common shareholders (1)
85.19
%
 
83.43
%
 
84.89
%
 
80.30
%
Funds from operations allocable to common shareholders, as adjusted
$
87,290

 
$
84,808

 
$
263,811

 
$
236,758

 
 
 
 
 
 
 
 
(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 outstanding on page 11.

-MORE-

CBL Reports Third Quarter 2013 Results
Page 9
November 5, 2013


 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
SUPPLEMENTAL FFO INFORMATION:
 
 
 
 
 
 
 
Lease termination fees
$
887

 
$
815

 
$
3,425

 
$
2,973

    Lease termination fees per share
$
—

 
$
—

 
$
0.02

 
$
0.02

 
 
 
 
 
 
 
 
Straight-line rental income
$
(2,755
)
 
$
2,181

 
$
81

 
$
4,403

    Straight-line rental income per share
$
(0.01
)
 
$
0.01

 
$
—

 
$
0.02

 
 
 
 
 
 
 
 
Gains on outparcel sales
$
35

 
$
2,275

 
$
1,035

 
$
5,128

    Gains on outparcel sales per share
$
—

 
$
0.01

 
$
0.01

 
$
0.03

 
 
 
 
 
 
 
 
Net amortization of acquired above- and below-market leases
$
642

 
$
795

 
$
1,271

 
$
1,575

    Net amortization of acquired above- and below-market leases per share
$
—

 
$
—

 
$
0.01

 
$
0.01

 
 
 
 
 
 
 
 
Net amortization of debt premiums (discounts)
$
639

 
$
652

 
$
1,715

 
$
1,707

    Net amortization of debt premiums (discounts) per share
$
—

 
$
—

 
$
0.01

 
$
0.01

 
 
 
 
 
 
 
 
 Income tax provision
$
(271
)
 
$
(1,195
)
 
$
(854
)
 
$
(1,234
)
    Income tax provision per share
$
—

 
$
(0.01
)
 
$
—

 
$
(0.01
)
 
 
 
 
 
 
 
 
Loss on impairment from continuing operations
$
—

 
$
(3,912
)
 
$
(21,038
)
 
$
(3,912
)
    Loss on impairment from continuing operations per share
$
—

 
$
(0.02
)
 
$
(0.11
)
 
$
(0.02
)
 
 
 
 
 
 
 
 
Loss on impairment from discontinued operations
$
(5,234
)
 
$
(26,208
)
 
$
(5,234
)
 
$
(26,501
)
    Loss on impairment from discontinued operations per share
$
(0.03
)
 
$
(0.14
)
 
$
(0.03
)
 
$
(0.14
)
 
 
 
 
 
 
 
 
 Gain (loss) on extinguishment of debt from continuing operations
$
—

 
$
178

 
$
(9,108
)
 
$
178

    Gain (loss) on extinguishment of debt from continuing operations per share
$
—

 
$
—

 
$
(0.05
)
 
$
—

 
 
 
 
 
 
 
 
 Gain on investment
$
—

 
$
—

 
$
2,400

 
$
—

     Gain on investment per share
$
—

 
$
—

 
$
0.01

 
$
—

 
 
 
 
 
 
 
 
Litigation settlement
$
8,240

 
$
—

 
$
8,240

 
$
—

Litigation settlement per share
$
0.04

 
$
—

 
$
0.04

 
$
—




-MORE-

CBL Reports Third Quarter 2013 Results
Page 10
November 5, 2013


Same-Center Net Operating Income
(Dollars in thousands)
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
Net income attributable to the Company
$
34,324

 
$
8,074

 
$
76,361

 
$
63,514

Adjustments:
 
 
 
 
 
 
 
Depreciation and amortization
68,941

 
63,994

 
206,115

 
188,606

Depreciation and amortization from unconsolidated affiliates
9,877

 
10,828

 
29,748

 
32,877

Depreciation and amortization from discontinued operations
1,634

 
3,306

 
6,638

 
10,093

Noncontrolling interests' share of depreciation and amortization in
other consolidated subsidiaries
(1,403
)
 
(1,208
)
 
(4,292
)
 
(3,537
)
Interest expense
56,341

 
61,768

 
173,374

 
181,593

Interest expense from unconsolidated affiliates
9,840

 
11,022

 
29,677

 
33,289

Interest expense from discontinued operations
—

 
665

 
1

 
2,302

Noncontrolling interests' share of interest expense in
other consolidated subsidiaries
(1,076
)
 
(1,014
)
 
(3,029
)
 
(2,476
)
Abandoned projects expense
140

 
8

 
141

 
(115
)
Gain on sales of real estate assets
(58
)
 
(1,659
)
 
(1,058
)
 
(1,753
)
Gain on sales of real estate assets from discontinued operations
—

 
—

 
—

 
(3,036
)
Gain on sales of real estate assets of unconsolidated affiliates
(11
)
 
(636
)
 
(11
)
 
(851
)
Gain on investment
—

 
—

 
(2,400
)
 
—

(Gain) loss on extinguishment of debt
—

 
(178
)
 
9,108

 
(178
)
Loss on impairment
—

 
3,912

 
21,038

 
3,912

Loss on impairment from discontinued operations
5,234

 
26,208

 
5,234

 
26,501

Income tax provision
271

 
1,195

 
854

 
1,234

Net income (loss) attributable to noncontrolling interest
in earnings of operating partnership
4,075

 
(1,776
)
 
7,602

 
7,783

Gain on discontinued operations
(290
)
 
(88
)
 
(1,162
)
 
(983
)
Operating partnership's share of total NOI
187,839

 
184,421

 
553,939

 
538,775

General and administrative expenses
10,160

 
10,171

 
36,459

 
35,964

Management fees and non-property level revenues
(6,272
)
 
(6,775
)
 
(21,956
)
 
(19,038
)
Operating partnership's share of property NOI
191,727

 
187,817

 
568,442

 
555,701

Non-comparable NOI
(17,632
)
 
(15,216
)
 
(44,392
)
 
(39,283
)
Total same-center NOI
$
174,095

 
$
172,601

 
$
524,050

 
$
516,418

Total same-center NOI percentage change
0.9
 %
 
 
 
1.5
%
 
 
 
 
 
 
 
 
 
 
Total same-center NOI
$
174,095

 
$
172,601

 
$
524,050

 
$
516,418

Less lease termination fees
(799
)
 
(751
)
 
(3,168
)
 
(2,378
)
Total same-center NOI, excluding lease termination fees
$
173,296

 
$
171,850

 
$
520,882

 
$
514,040

 
 
 
 
 
 
 
 
Malls
$
154,563

 
$
155,428

 
$
467,322

 
$
465,120

Associated centers
8,046

 
8,269

 
24,623

 
24,584

Community centers
5,457

 
4,241

 
14,348

 
12,384

Offices and other
5,230

 
3,912

 
14,589

 
11,952

Total same-center NOI, excluding lease termination fees
$
173,296

 
$
171,850

 
$
520,882

 
$
514,040

 
 
 
 
 
 
 
 
Percentage Change:
 
 
 
 
 
 
 
Malls *
(0.6
)%
 
 
 
0.5
%
 
 
Associated centers
(2.7
)%
 
 
 
0.2
%
 
 
Community centers
28.7
 %
 
 
 
15.9
%
 
 
Offices and other
33.7
 %
 
 
 
22.1
%
 
 
Total same-center NOI, excluding lease termination fees *
0.8
 %
 
 
 
1.3
%
 
 
 
 
 
 
 
 
 
 
* Same-Center NOI for the nine months ended September 30, 2012, included a one-time bankruptcy settlement of $1.2 million. Excluding the settlement, the increase in same-center mall NOI for the nine months ended September 30, 2013 was 0.7%. Excluding the settlement, the change in total same-center NOI for the nine months ended September 30, 2013 was 1.6%.

-MORE-

CBL Reports Third Quarter 2013 Results
Page 11
November 5, 2013


Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
 
 
As of September 30, 2013
 
 
Fixed Rate
 
Variable Rate
 
Total
Consolidated debt
 
$
3,517,089

 
$
1,350,628

 
$
4,867,717

Noncontrolling interests' share of consolidated debt
 
(67,828
)
 
(5,684
)
 
(73,512
)
Company's share of unconsolidated affiliates' debt
 
655,340

 
138,042

 
793,382

Company's share of consolidated and unconsolidated debt
 
$
4,104,601

 
$
1,482,986

 
$
5,587,587

Weighted average interest rate
 
5.52
%
 
2.01
%
 
4.59
%
 
 
 
 
 
 
 
 
 
As of September 30, 2012
 
 
Fixed Rate
 
Variable Rate
 
Total
Consolidated debt
 
$
3,822,271

 
$
879,119

 
$
4,701,390

Noncontrolling interests' share of consolidated debt
 
(70,585
)
 
—

 
(70,585
)
Company's share of unconsolidated affiliates' debt
 
670,282

 
129,696

 
799,978

Company's share of consolidated and unconsolidated debt
 
$
4,421,968

 
$
1,008,815

 
$
5,430,783

Weighted average interest rate
 
5.47
%
 
2.47
%
 
4.91
%

Debt-To-Total-Market Capitalization Ratio as of September 30, 2013
(In thousands, except stock price)
 
 
Shares
Outstanding
 
Stock Price (1)
 
Value
Common stock and operating partnership units
 
199,451

 
$19.10
 
$
3,809,514

7.375% Series D Cumulative Redeemable Preferred Stock
 
1,815

 
250.00
 
453,750

6.625% Series E Cumulative Redeemable Preferred Stock
 
690

 
250.00
 
172,500

Total market equity
 
 
 
 
 
4,435,764

Company's share of total debt
 
 
 
 
 
5,587,587

Total market capitalization
 
 
 
 
 
$
10,023,351

Debt-to-total-market capitalization ratio
 
 
 
 
 
55.7
%
 
 
 
 
 
 
 
(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on September 30, 2013. The stock prices for the preferred stocks represent the liquidation preference of each respective series.

Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
 
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
2013:
 
Basic
 
Diluted
 
Basic
 
Diluted
Weighted average shares - EPS
 
169,906
 
169,906
 
166,048
 
166,048
Weighted average operating partnership units
 
29,545
 
29,545
 
29,546
 
29,546
Weighted average shares- FFO
 
199,451
 
199,451
 
195,594
 
195,594
 
 
 
 
 
 
 
 
 
2012:
 
 
 
 
 
 
 
 
Weighted average shares - EPS
 
158,689
 
158,731
 
152,721
 
152,765
Weighted average operating partnership units
 
31,506
 
31,505
 
37,461
 
37,461
Weighted average shares- FFO
 
190,195
 
190,236
 
190,182
 
190,226

Dividend Payout Ratio
 
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
 
2013
 
2012
 
2013
 
2012
Weighted average cash dividend per share
 
$
0.23838

 
$
0.22896

 
$
0.7154

 
$
0.68688

FFO as adjusted, per diluted fully converted share
 
$
0.52

 
$
0.54

 
$
1.60

 
$
1.55

Dividend payout ratio
 
45.8
%
 
42.4
%
 
44.7
%
 
44.3
%


-MORE-

CBL Reports Third Quarter 2013 Results
Page 12
November 5, 2013



Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
 
 As of
 
September 30, 2013
 
December 31, 2012
 ASSETS
 
 
 
 Real estate assets:
 
 
 
 Land
$
882,723

 
$
905,339

 Buildings and improvements
7,100,354

 
7,228,293

 
7,983,077

 
8,133,632

 Accumulated depreciation
(2,017,610
)
 
(1,972,031
)
 
5,965,467

 
6,161,601

 Held for sale
—

 
29,425

 Developments in progress
161,841

 
137,956

 Net investment in real estate assets
6,127,308

 
6,328,982

 Cash and cash equivalents
74,588

 
78,248

 Receivables:
 
 
 
 Tenant, net of allowance for doubtful accounts of $2,204
     and $1,977 in 2013 and 2012, respectively
77,914

 
78,963

 Other, net of allowance for doubtful accounts of $1,283
     and $1,270 in 2013 and 2012, respectively
20,696

 
8,467

 Mortgage and other notes receivable
24,976

 
25,967

 Investments in unconsolidated affiliates
279,666

 
259,810

 Intangible lease assets and other assets
261,517

 
309,299

 
$
6,866,665

 
$
7,089,736

 
 
 
 
 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
 
 
 Mortgage and other indebtedness
$
4,867,717

 
$
4,745,683

 Accounts payable and accrued liabilities
348,237

 
358,874

 Total liabilities
5,215,954

 
5,104,557

 Commitments and contingencies
 
 
 
 Redeemable noncontrolling interests:
 
 
 
 Redeemable noncontrolling partnership interests
37,170

 
40,248

 Redeemable noncontrolling preferred joint venture interest
—

 
423,834

 Total redeemable noncontrolling interests
37,170

 
464,082

 Shareholders' equity:
 
 
 
 Preferred stock, $.01 par value, 15,000,000 shares authorized:
 
 
 
 7.375% Series D Cumulative Redeemable Preferred
     Stock, 1,815,000 shares outstanding
18

 
18

 6.625% Series E Cumulative Redeemable Preferred
     Stock, 690,000 shares outstanding
7

 
7

 Common stock, $.01 par value, 350,000,000 shares
     authorized, 169,905,892 and 161,309,652 issued and
     outstanding in 2013 and 2012, respectively
1,699

 
1,613

 Additional paid-in capital
1,967,067

 
1,773,630

 Accumulated other comprehensive income
6,466

 
6,986

 Dividends in excess of cumulative earnings
(526,739
)
 
(453,561
)
 Total shareholders' equity
1,448,518

 
1,328,693

 Noncontrolling interests
165,023

 
192,404

 Total equity
1,613,541

 
1,521,097

 
$
6,866,665

 
$
7,089,736



-END-
 EX-99.2 3 ex992conferencecallcbl3q13.htm EXHIBIT 99.2 Ex 99.2 Conference Call CBL 3Q13
11/6/2013
Page 1



EXHIBIT 99.2


CBL & ASSOCIATES PROPERTIES, INC.
CONFERENCE CALL, THIRD QUARTER
November 6, 2013 @ 11:00 AM ET

Stephen:

Thank you and good morning. We appreciate your participation in the CBL & Associates Properties, Inc. conference call to discuss third quarter results. Joining me today are Farzana Mitchell, Executive Vice President and Chief Financial Officer and Katie Reinsmidt, Senior Vice President - Investor Relations and Corporate Investments, who will begin by reading our Safe Harbor disclosure.

Katie:

This conference call contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties. Future events and actual results, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. We direct you to the Company’s various filings with the Securities and Exchange Commission including, without limitation, the Company’s most recent Annual Report on Form 10-K. During our discussion today, references made to per share amounts are based upon a fully diluted converted share basis.

During this call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each non-GAAP financial measure to the comparable GAAP financial measure will be included in today’s earnings release that is furnished on Form 8-K along with a transcript of today’s comments and additional supplemental schedules. This call will also be available for replay on the Internet through a link on our website at cblproperties.com.

Stephen:

Thank you, Katie.

At the start of this year we set forth a number of strategic priorities and goals. Foremost among these was to upgrade the quality of our portfolio, improve the operating performance of our properties and simplify and strengthen our balance sheet.
We made meaningful progress during the third quarter and year-to-date in each of these areas.

This quarter, we completed the sale of three lower productivity malls and their related associated centers at attractive pricing, both upgrading the remaining portfolio and raising $176 million, a significant amount of equity. We also have a number of major improvements at our existing centers underway including expansions and redevelopments at three of our most productive centers, Cross Creek Mall, CoolSprings Galleria and Fayette Mall. Once complete, these additions will contribute significantly to stronger future growth rates. While the transformation and upgrade of our portfolio will take time, we have made material progress. Since 2011, we have reduced the number of malls in our core portfolio with sales under $250 per square foot from 12 to three, and are committed to continuing this strategy. The end result will be a stronger, more resilient and better performing portfolio of market dominant regional malls.




11/6/2013
Page 2



During the third quarter we generated additional improvements in our occupancy and leasing metrics. Double-digit growth in lease spreads has been a major focus of ours this year. We are experiencing healthy rent growth from the new leases we are signing and improvements in rollover spreads as well as occupancy growth and expect that momentum to build over time. Increases in top-line revenue contributed to same center NOI growth for the quarter, offset by timing related adjustments and non-cash items.

Another major accomplishment this quarter was the redemption of the Westfield preferred units on a leverage neutral basis using proceeds raised earlier this year from our ATM program and asset sales. This removes a major cloud from our balance sheet. We have also made significant progress in our goal of accessing the unsecured debt markets as the result of our two investment grade ratings by Moody’s and Fitch.

LEASING AND OCCUPANCY
Portfolio occupancy increased 80 basis points to 93.8% at quarter-end. Looking back, we have made tremendous progress in growing occupancy over the past few years with a 280 basis point increase from the 91% occupancy we reported in third quarter 2010. Stabilized mall occupancy increased 40 basis points from the prior year, and 80 basis points from the second quarter, to 93.4%.

We’ve been encouraged by the ongoing demand by retailers for space in our properties despite the recent slowing in sales. With limited new supply coming online and our consistently high occupancy rate, our leasing metrics have accelerated. During the third quarter, leases for stabilized malls were signed at a 12.8% increase over the average prior gross rent per square foot. New leases were signed at a 26.1% increase over prior rents and renewal rents were signed at a 9.5% increase. Short term leases as a percent of the total remain roughly in-line with last quarter.

RETAIL SALES:
Retail sales growth has moderated throughout the year including the back to school sales season. We saw weakness from children’s retailers, juniors and family shoes, with cosmetics, eyewear and jewelry posting better results. Year-to-date sales in our stabilized mall portfolio are down 60 basis points with rolling-12-month sales up 90 basis points to $358 per square foot. We are hopeful that sales over the holiday season will rebound; however, the government shut-down in October and the shortened holiday shopping season made for a difficult start. Retailers are definitely positioning to be highly promotional.

Before I turn the call over to Katie, with all of the buzz and rumors circulating around JCPenney recently we felt that it was important on this call to clarify the risk and exposure we have to this retailer. The level of concern that the market is pricing into our stock surrounding JCPenney is far greater than the level of risk that is actually associated with our exposure.

Our 71 JCPenney stores represent approximately $19.5 million or 1.5% of total annual revenues and comprise 8.2 million square feet. The average store size is 115,000 square feet. 38 of the stores are owned by JCPenney and 33 of the stores are leased. The average occupancy cost of the leased JCPenney stores is less than 5%, allowing the vast majority to be profitable on a four wall basis. We have an equally weighted maturity schedule for the leased locations with four leases on average maturing annually over the next several years. We have either completed or are in the process of executing extensions for the four 2014 maturities. We have approached JCPenney on a number of occasions about buying back certain stores and they have not been willing to pursue these sales primarily because the stores are profitable.

While we are expecting a positive outcome, we believe that it is prudent to plan for the worst by having contingency plans for all of their locations. We have evaluated our store base and identified a replacement prospect or strategy. Looking back to the end of 2009 following the multiple anchor and large space user


11/6/2013
Page 3



bankruptcies, we reported 35 vacant anchor locations in our 10K. Today, other than stores that are currently under redevelopment, we have no vacant anchors in our core portfolio. The replacement opportunities have varied from other anchors - traditional or non-traditional - to splitting into boxes and restaurants, to adding additional shop space, to creating outparcels. On redevelopments we have consistently achieved a solid stand-alone unleveraged return, generally 7% to 9%, in addition to the ancillary enhancement to the mall overall. Anchor closures have always been an opportunity for us to create value in our malls, increasing income and upgrading the tenant mix and we would view any closures by JC Penney in that same light.

Co-tenancy provisions are not uncommon in national leases; however, for traditional regional malls the triggers are very limited. The vast majority of these provisions would not be activated by one anchor store closing or even two anchors closing. Also, these provisions often provide a time to cure before any alternative rent option becomes valid and the retailer immediately returns to full rent if the vacancy is cured. For example, at Hamilton Place Mall in Chattanooga, only one lease would have a co-tenancy triggered if JCPenney closed their store. If both JCPenney and Sears closed, approximately 8% of the leases would have a relevant co-tenancy.

We have been encouraged by the recent news from JCPenney reporting a moderation in the sales declines and rising customer conversions. We believe that a turnaround is achievable. The stores have been upgraded and our malls are reporting improvements in traffic. JCPenney’s capital raising activity has allowed them to create sufficient liquidity to fund their operations going forward. While we understand the ongoing concerns in the market and we are keeping a close eye on their performance, we believe our risk is more than manageable.

I’ll now turn it over to Katie for her comments.

Katie:

Thank you, Stephen.

DISPOSITIONS/CAPITAL MARKETS
We were pleased to announce our company’s largest disposition transaction with the sale of three malls and their related associated centers for $176 million. Panama City Mall and The Shoppes at Panama City; RiverGate Mall and The Village at RiverGate in Nashville and Georgia Square and Georgia Square Plaza in Athens, GA were sold to a foreign buyer in an all cash transaction. Proceeds from the sale were used to reduce outstanding balances on our lines of credit, effectively pre-funding half of the Westfield preferred redemption. The average sales of the three malls were approximately $265 per square foot and they were sold at a cap rate in the low 9% range.

We have an active asset recycling program that uses funds raised from the disposition of lower sales per square foot properties to invest in higher growth assets as well as reduce debt. We would anticipate having one to three mall properties on the market at any given time to gauge pricing and interest levels and will execute when and if we achieve attractive pricing. It is important to keep in mind that these transactions are very sensitive with a number of variables that can impact the certainty of closing. Oftentimes our prospective buyers are listening to our calls. We understand the importance of transparency with our disclosures and make it a priority to provide the market with color and updates as they are available and will continue to balance this consideration with the sensitivity of the sales process. While we do not include any unannounced dispositions in our projections, for modeling purposes we would expect a reasonable estimate of our annual sales to range from $100 million to $200 million. Actual results will ultimately depend on the market and opportunity set.



11/6/2013
Page 4



DEVELOPMENT
If you are in the Atlanta market, we encourage you to visit our newest outlet center, The Outlet Shoppes at Atlanta in Woodstock, GA. The center opened in mid-July 97% leased or committed with 99 stores including Saks Fifth Avenue OFF 5th, Nike, Coach, Asics, Columbia Sportswear, and Juicy Couture. Since the grand opening, the project has seen tremendous results and is currently trending towards $400 per square foot for its first year of sales.

Our next outlet development, The Outlet Shoppes at Louisville, between Louisville and Lexington, is experiencing excellent retailer demand. The center is already 92% leased or committed with a first-class line-up including Coach, Banana Republic, Brooks Brothers, Chico’s, Nike, Saks Fifth Avenue OFF 5TH and more. The center is set to open next summer.

Construction of our new development, Fremaux Town Center in Slidell, LA is on schedule for an opening of phase one next spring. The project is over 95% leased with anchors including TJMaxx, Michael’s, Kohl’s and Dick’s. We are also pre-leasing the more fashion focused phase two, which will be anchored by Dillard’s. Construction is expected to start next spring on the second phase.

Other redevelopment projects include a new 50,000-square-foot Dick’s Sporting Goods at our South County Center in St. Louis. This freestanding building will be located on a pad site inside the ring road and is celebrating its opening today.

Construction is continuing on the redevelopment of the former Dillard’s store at Randolph Mall in Asheboro, NC, into a new Dunham’s Sporting Goods store. The store has an expected grand opening this month just ahead of the holiday sales season.

Our plans for the Sears redevelopment projects at Fayette Mall and CoolSprings Galleria are coming together. We anticipate an early 2014 start of construction and will announce additional details in the near future. These will be significant projects elevating each mall’s future growth rate. We are pursuing other opportunities to redevelop existing anchor locations and believe this will be continue to be one of our best uses of capital going forward.
  
I will now turn the call over to Farzana to provide an update on financing as well as a review of third quarter financial performance.

Farzana:

Thank you, Katie.

A year ago we made the decision to position our company to access the public debt market. We made this bold decision to expand our borrowing options and to reduce our exposure to the volatility of the CMBS market. In addition, unencumbering properties greatly improves our flexibility to expand, redevelop, add major tenants or sell without lender involvement or approval. This allows us to be more nimble and provides us with significant cost savings.

In the past twelve months we have retired $376 million of secured debt, substantially growing our unencumbered pool. With two investment grade ratings, we are poised to access unsecured capital sources at the best time. We are excited about this transformation and believe that having a more balanced structure of secured and unsecured debt will provide us with maximum flexibility to effectively finance our new growth opportunities and lower our overall cost of capital. While in the short-term we are exposed to a higher level


11/6/2013
Page 5



of floating rate debt, our expectation is to quickly reduce this risk. We are working towards executing a $250 to $400 million bond offering later this year or in early 2014, assuming favorable market conditions. While the government shut-down and related political turmoil made September and October market conditions volatile and unfavorable to complete a transaction, we did take the opportunity to meet many of the fixed income investors in non-deal roadshows. We will continue to pursue these relationships to support the success of a future bond offering.

One of our goals as we execute our financing strategy has been to continue to improve our credit metrics. While the metrics related to percentage of secured debt and unencumbered NOI will naturally improve as we pay off maturing loans over the next few years with unsecured debt, we are also focused on growing our existing asset base utilizing our retained cash flow. This allows us to grow EBITDA without adding new debt. Today our debt-to-EBITDA ratio is right around 7 times, but over time this will improve as we invest our free cash flow. For example, this year we have invested over $300 million and expanded our portfolio, while our debt balance has increased by only $143 million. The $157 million difference was funded primarily through retained cash flow.

This quarter we simplified our balance sheet and capital structure with the redemption of the Westfield preferred units. We set out our intentions earlier this year to selectively raise equity through our ATM program and continued disposition activity to minimize dilution and complete the transaction on a leverage neutral basis. We are pleased to have effectively executed these plans.

In July, we closed on a $400 million unsecured term loan at a favorable rate of 150 basis points over LIBOR. Proceeds were used to pay down outstanding balances on our lines of credit and provide us with flexibility to continue to pay off maturing loans. In December, we anticipate taking advantage of the open-to-par window and paying off the $32.9 million loan secured by Northpark Mall due in March 2014.

In October, we closed on an $80.0 million non-recourse loan secured by The Outlet Shoppes at Atlanta, our 75/25 joint venture with Horizon Group Properties. The loan is for a term of 10-years at a 4.9% fixed interest rate. We retired the related construction loan of $53.2 million and, after deduction of remaining construction and tenant related costs, our share of the net proceeds of approximately $12.0 million was used to reduce the lines of credit. With the retirement of the construction loan, the guaranty was eliminated.

In 2014, we have a $113.4 million loan maturing secured by one of our most productive properties, Mall del Norte in Laredo, TX, that we intend to retire with unsecured borrowings. In addition, we expect to refinance the loan for our joint venture property, Coastal Grand in Myrtle Beach, SC, on a secured basis. Our 50% share of this maturing loan is approximately $38.8 million.

We ended the quarter with more than $710 million available on our lines of credit, including cash. Our financial covenants remain very sound, with a fixed charge coverage ratio of 2.15 times as of September 30, 2013 compared with 2.09 times last year. Our debt-to-total market capitalization was 55.7% compared with 54.0% as of the same period last year. The increase is primarily due to our lower stock price.

As we mentioned last quarter, we have been working with the special servicers for the loans secured by Citadel Mall and Columbia Place. We expect a foreclosure sale for Citadel Mall to occur before year-end. The loan balance on this property is $68.2 million. The servicer for the loan secured by Columbia Place mall is also proceeding with a foreclosure. We anticipate this process will take at least until the first quarter of next year. The loan amount secured by Columbia Place is approximately $27.3 million.




11/6/2013
Page 6



FINANCIAL REVIEW:
FFO in the third quarter, as adjusted, was $0.52 per share. The adjustment was made to exclude an $8.2 million partial litigation settlement we received in the quarter. The partial settlement is related to a lawsuit filed by a subsidiary of the Company seeking recovery for alleged property and related damages occurring at The Promenade in D'Iberville, Mississippi. The settlement was recorded in Interest and Other Income during the third quarter. The litigation for this case is ongoing and as such the information we can share is limited.

New properties, rent growth and occupancy improvements as well as interest expense savings contributed to adjusted FFO in the quarter. This growth was offset by two one-time items. FFO in the quarter was negatively impacted by the write-off of straight line rent related to the properties sold and was also impacted by the timing of adjustments to real estate tax reimbursements. Together these one-time items reduced FFO by approximately $0.02 per share in the quarter, which, coupled with the dilution from the property sales, account for the reduction in the top-end of FFO guidance.

G&A as a percentage of total revenues was 4.0% for the quarter compared with 4.1% in the prior-year period. Our cost recovery ratio for the third quarter was 94.9% compared with 99.3% in the prior-year period. The decline was primarily the result of lower real estate tax reimbursements of $1.2 million in the quarter, which were one-time adjustments. Our cost recovery ratio for the year is expected to be approximately 99%.

Same-center NOI in the portfolio increased 80 basis points with a 60 basis point decline in malls. Year-to-date we remain within our guidance range with portfolio NOI increasing 1.3% and mall NOI increasing 50 basis points. Excluding a prior year one-time bankruptcy settlement of $1.2 million, year-to-date portfolio NOI increased 1.6% and malls grew 70 basis points. Occupancy improvements and positive leasing spreads fueled rent growth in the quarter and expenses generally remained in-line. However, there were several negative variances that impacted same-center NOI during the quarter. I’ll spend a few minutes walking through these items, which aggregate to $2.5 million or roughly 150 basis points of NOI.

With the decline in sales experienced during the third quarter, percentage rents in the same-center pool decreased approximately $300,000 compared with the prior-year period. Real estate tax reimbursements were down $1.2 million compared with the prior year. The declines in real estate tax reimbursements were primarily driven by a few properties in which we recorded unfavorable adjustments to reflect current recovery estimates and actual billings. These are generally one-time entries to adjust accruals for the actual real estate tax bills. While these adjustments occur regularly and usually balance out as a normal part of the accounting process, this quarter’s NOI results were disproportionately impacted as a higher percentage of billing adjustments were completed.

Finally, as our same-center NOI numbers are currently reported based on GAAP, the impact of straight line rent and net above and below market lease adjustments can impact quarterly results. This quarter, these items declined $1.0 million as compared with the prior year period. Straight line rents can fluctuate as we complete a high level of new leasing and replace and relocate existing retailers. We are currently evaluating whether we will adjust our NOI reporting to exclude certain non-cash items going forward, and would expect to implement any change at the start of the year. Excluding the non-cash items and the $1.2 million real estate tax reimbursement adjustment, same-center NOI in the mall portfolio would have increased approximately 1% and same-center portfolio NOI would have increased approximately 2%.



GUIDANCE:


11/6/2013
Page 7



We are providing FFO guidance for 2013 in the range of $2.18 to $2.22 per share, which incorporates the dilution and related straight-line rent write-off from the sale of the three malls and their associated centers during the quarter. FFO guidance excludes the impact of the partial litigation settlement included in third quarter results. We are guiding towards mid-point of the NOI growth range of 1.0% to 3.0%. While we are optimistic for a positive holiday sales season, we are now projecting a decline in percentage rents for the fourth quarter to reflect the current trend in sales.

Now I’ll turn the call back to Stephen for closing remarks.

Stephen:

CONCLUSION:
As some of you know, we have just completed a perception study with investors and analysts to help identify strengths and weaknesses in our communication efforts. We appreciate the candid feedback of those that were asked to participate and we will be evaluating the results to identify ways we can better communicate our financing and operating strategy going forward. We are always looking to find ways to do things better and communicate more clearly, and you can expect to see improvements in these areas.

Despite the slowing sales environment, the expansion and redevelopment activity, re-tenanting and dispositions we successfully executed this quarter are positioning CBL for solid growth going forward. We have many exciting initiatives happening across our portfolio. We are pleased with the progress achieved this quarter towards our debut unsecured bond offering and are positioned to execute when market conditions are favorable. While a transition of this significance takes time, we are confident that the flexibility and efficiencies created through access to the public debt markets will contribute to our future success.

Thank you for your participation in today’s call. We look forward to visiting with many of you at NAREIT next week. We will now be happy to answer any questions you may have.



 EX-99.3 4 ex993supplementalcbl3q13.htm EXHIBIT 99.3 Ex 99.3 Supplemental CBL 3Q13
EXHIBIT 99.3












Supplemental Financial and Operating Information

For the Three and Nine Months Ended
September 30, 2013





Supplemental Financial and Operating Information
Table of Contents


 
 
Page
Consolidated Statements of Operations
 
 
 
 
Reconciliations of Non-GAAP Financial Measures:
 
 
     Funds from Operations (FFO)
 
     Same-Center Net Operating Income (NOI)
 
 
 
 
Selected Financial and Equity Information
 
 
 
 
Consolidated Balance Sheets
 
 
 
 
Condensed Combined Financial Statements - Unconsolidated Affiliates
 
 
 
 
Ratio of EBITDA to Interest Expense and Reconciliation of EBITDA to Operating Cash Flows
 
 
 
 
Schedule of Mortgage and Other Indebtedness
 
 
 
 
Schedule of Maturities and Unsecured Debt Covenant Compliance Ratios
 
 
 
 
Leasing Activity and Average Annual Base Rents
 
 
 
 
Top 25 Tenants Based on Percentage of Total Annual Revenues
 
 
 
 
Capital Expenditures
 
 
 
 
Development Activity
 
 
 
 



CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2013
Consolidated Statement of Operations
(Unaudited; in thousands, except per share amounts)

 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
REVENUES:
 
 
 
 
 
 
 
Minimum rents
$
167,703

 
$
160,999

 
$
498,632

 
$
473,011

Percentage rents
2,797

 
3,152

 
9,847

 
8,183

Other rents
3,837

 
3,653

 
13,503

 
13,241

Tenant reimbursements
70,576

 
70,348

 
213,524

 
206,814

Management, development and leasing fees
3,118

 
3,139

 
9,042

 
7,574

Other
9,518

 
7,895

 
27,067

 
23,772

Total revenues
257,549

 
249,186

 
771,615

 
732,595

OPERATING EXPENSES:
 
 
 
 
 
 
 
Property operating
38,375

 
35,326

 
111,170

 
104,331

Depreciation and amortization
68,941

 
63,994

 
206,115

 
188,606

Real estate taxes
22,607

 
22,286

 
66,411

 
66,626

Maintenance and repairs
13,387

 
13,218

 
40,808

 
38,057

General and administrative
10,160

 
10,171

 
36,459

 
35,964

Loss on impairment
—

 
3,912

 
21,038

 
3,912

Other
6,371

 
5,871

 
21,217

 
19,188

Total operating expenses
159,841

 
154,778

 
503,218

 
456,684

Income from operations
97,708

 
94,408

 
268,397

 
275,911

Interest and other income
8,809

 
822

 
10,197

 
3,192

Interest expense
(56,341
)
 
(61,768
)
 
(173,374
)
 
(181,593
)
Gain (loss) on extinguishment of debt
—

 
178

 
(9,108
)
 
178

Gain on sales of real estate assets
58

 
1,659

 
1,058

 
1,753

Gain on investment
—

 
—

 
2,400

 
—

Equity in earnings of unconsolidated affiliates
2,270

 
2,062

 
7,618

 
5,401

Income tax provision
(271
)
 
(1,195
)
 
(854
)
 
(1,234
)
Income from continuing operations
52,233

 
36,166

 
106,334

 
103,608

Operating loss from discontinued operations
(8,346
)
 
(23,762
)
 
(5,195
)
 
(16,155
)
Gain on discontinued operations
290

 
88

 
1,162

 
983

Net income
44,177

 
12,492

 
102,301

 
88,436

Net (income) loss attributable to noncontrolling interests in:
 
 
 
 
 
 
 
Operating partnership
(4,075
)
 
1,776

 
(7,602
)
 
(7,783
)
Other consolidated subsidiaries
(5,778
)
 
(6,194
)
 
(18,338
)
 
(17,139
)
Net income attributable to the Company
34,324

 
8,074

 
76,361

 
63,514

Preferred dividends
(11,223
)
 
(10,594
)
 
(33,669
)
 
(31,782
)
Net income (loss) attributable to common shareholders
$
23,101

 
$
(2,520
)
 
$
42,692

 
$
31,732

Basic per share data attributable to common shareholders:
 
 
 
 
 
 
 
Income from continuing operations, net of preferred dividends
$
0.18

 
$
0.11

 
$
0.28

 
$
0.29

Discontinued operations
(0.04
)
 
(0.13
)
 
(0.02
)
 
(0.08
)
Net income (loss) attributable to common shareholders
$
0.14

 
$
(0.02
)
 
$
0.26

 
$
0.21

Weighted-average common shares outstanding
169,906

 
158,689

 
166,048

 
152,721

 
 
 
 
 
 
 
 
Diluted per share data attributable to common shareholders:
 
 
 
 
 
 
Income from continuing operations, net of preferred dividends
$
0.18

 
$
0.11

 
$
0.28

 
$
0.29

Discontinued operations
(0.04
)
 
(0.13
)
 
(0.02
)
 
(0.08
)
Net income (loss) attributable to common shareholders
$
0.14

 
$
(0.02
)
 
$
0.26

 
$
0.21

Weighted-average common and potential dilutive common shares outstanding
169,906

 
158,731

 
166,048

 
152,765

 
 
 
 
 
 
 
 
Amounts attributable to common shareholders:
 
 
 
 
 
 
 
Income from continuing operations, net of preferred dividends
$
29,965

 
$
17,233

 
$
46,116

 
$
43,916

Discontinued operations
(6,864
)
 
(19,753
)
 
(3,424
)
 
(12,184
)
Net income (loss) attributable to common shareholders
$
23,101

 
$
(2,520
)
 
$
42,692

 
$
31,732


1

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2013

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

 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
Net income (loss) attributable to common shareholders
$
23,101

 
$
(2,520
)
 
$
42,692

 
$
31,732

Noncontrolling interest in income (loss) of operating partnership
4,075

 
(1,776
)
 
7,602

 
7,783

Depreciation and amortization expense of:
 
 
 
 
 
 
 
 Consolidated properties
68,941

 
63,994

 
206,115

 
188,606

 Unconsolidated affiliates
9,877

 
10,828

 
29,748

 
32,877

 Discontinued operations
1,634

 
3,306

 
6,638

 
10,093

 Non-real estate assets
(572
)
 
(478
)
 
(1,530
)
 
(1,366
)
Noncontrolling interests' share of depreciation and amortization
(1,403
)
 
(1,208
)
 
(4,292
)
 
(3,537
)
Loss on impairment, net of tax benefit
5,234

 
29,773

 
26,051

 
29,969

Gain on depreciable property
(8
)
 
—

 
(10
)
 
(493
)
Gain on discontinued operations, net of taxes
(174
)
 
(89
)
 
(714
)
 
(644
)
Funds from operations of the operating partnership
110,705

 
101,830

 
312,300

 
295,020

Litigation settlement
(8,240
)
 
—

 
(8,240
)
 
—

Gain on investment
—

 
—

 
(2,400
)
 
—

(Gain) loss on extinguishment of debt
—

 
(178
)
 
9,108

 
(178
)
Funds from operations of the operating partnership, as adjusted
$
102,465

 
$
101,652

 
$
310,768

 
$
294,842

 
 
 
 
 
 
 
 
Funds from operations per diluted share
$
0.56

 
$
0.54

 
$
1.60

 
$
1.55

Litigation settlement
(0.04
)
 
—

 
(0.04
)
 
—

Gain on investment
—

 
—

 
(0.01
)
 
—

(Gain) loss on extinguishment of debt
—

 
—

 
0.05

 
—

Funds from operations, as adjusted, per diluted share
$
0.52

 
$
0.54

 
$
1.60

 
$
1.55

 
 
 
 
 
 
 
 
 Weighted average common and potential dilutive common shares
       outstanding with operating partnership units fully converted
199,451

 
190,236

 
195,594

 
190,226

 
 
 
 
 
 
 
 
Reconciliation of FFO of the operating partnership
     to FFO allocable to common shareholders:
 
 
 
 
 
 
 
Funds from operations of the operating partnership
$
110,705

 
$
101,830

 
$
312,300

 
$
295,020

Percentage allocable to common shareholders (1)
85.19
%
 
83.43
%
 
84.89
%
 
80.30
%
Funds from operations allocable to common shareholders
$
94,310

 
$
84,957

 
$
265,111

 
$
236,901

 
 
 
 
 
 
 
 
Funds from operations of the operating partnership, as adjusted
$
102,465

 
$
101,652

 
$
310,768

 
$
294,842

Percentage allocable to common shareholders (1)
85.19
%
 
83.43
%
 
84.89
%
 
80.30
%
Funds from operations allocable to common shareholders, as adjusted
$
87,290

 
$
84,808

 
$
263,811

 
$
236,758

 
 
 
 
 
 
 
 
(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 outstanding on page 5.
 
 
 
 
 
 
 
 

2

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2013
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
SUPPLEMENTAL FFO INFORMATION:
 
 
 
 
 
 
 
Lease termination fees
$
887

 
$
815

 
$
3,425

 
$
2,973

    Lease termination fees per share
$
—

 
$
—

 
$
0.02

 
$
0.02

 
 
 
 
 
 
 
 
Straight-line rental income
$
(2,755
)
 
$
2,181

 
$
81

 
$
4,403

    Straight-line rental income per share
$
(0.01
)
 
$
0.01

 
$
—

 
$
0.02

 
 
 
 
 
 
 
 
Gains on outparcel sales
$
35

 
$
2,275

 
$
1,035

 
$
5,128

    Gains on outparcel sales per share
$
—

 
$
0.01

 
$
0.01

 
$
0.03

 
 
 
 
 
 
 
 
Net amortization of acquired above- and below-market leases
$
642

 
$
795

 
$
1,271

 
$
1,575

    Net amortization of acquired above- and below-market leases per share
$
—

 
$
—

 
$
0.01

 
$
0.01

 
 
 
 
 
 
 
 
Net amortization of debt premiums (discounts)
$
639

 
$
652

 
$
1,715

 
$
1,707

    Net amortization of debt premiums (discounts) per share
$
—

 
$
—

 
$
0.01

 
$
0.01

 
 
 
 
 
 
 
 
 Income tax provision
$
(271
)
 
$
(1,195
)
 
$
(854
)
 
$
(1,234
)
    Income tax provision per share
$
—

 
$
(0.01
)
 
$
—

 
$
(0.01
)
 
 
 
 
 
 
 
 
Loss on impairment from continuing operations
$
—

 
$
(3,912
)
 
$
(21,038
)
 
$
(3,912
)
    Loss on impairment from continuing operations per share
$
—

 
$
(0.02
)
 
$
(0.11
)
 
$
(0.02
)
 
 
 
 
 
 
 
 
Loss on impairment from discontinued operations
$
(5,234
)
 
$
(26,208
)
 
$
(5,234
)
 
$
(26,501
)
    Loss on impairment from discontinued operations per share
$
(0.03
)
 
$
(0.14
)
 
$
(0.03
)
 
$
(0.14
)
 
 
 
 
 
 
 
 
 Gain (loss) on extinguishment of debt from continuing operations
$
—

 
$
178

 
$
(9,108
)
 
$
178

    Gain (loss) on extinguishment of debt from continuing operations per share
$
—

 
$
—

 
$
(0.05
)
 
$
—

 
 
 
 
 
 
 
 
 Gain on investment
$
—

 
$
—

 
$
2,400

 
$
—

     Gain on investment per share
$
—

 
$
—

 
$
0.01

 
$
—

 
 
 
 
 
 
 
 
Litigation settlement
$
8,240

 
$
—

 
$
8,240

 
$
—

Litigation settlement per share
$
0.04

 
$
—

 
$
0.04

 
$
—




3

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2013

Same-Center Net Operating Income
(Dollars in thousands)

 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
Net income attributable to the Company
$
34,324

 
$
8,074

 
$
76,361

 
$
63,514

Adjustments:
 
 
 
 
 
 
 
Depreciation and amortization
68,941

 
63,994

 
206,115

 
188,606

Depreciation and amortization from unconsolidated affiliates
9,877

 
10,828

 
29,748

 
32,877

Depreciation and amortization from discontinued operations
1,634

 
3,306

 
6,638

 
10,093

Noncontrolling interests' share of depreciation and amortization in
     other consolidated subsidiaries
(1,403
)
 
(1,208
)
 
(4,292
)
 
(3,537
)
Interest expense
56,341

 
61,768

 
173,374

 
181,593

Interest expense from unconsolidated affiliates
9,840

 
11,022

 
29,677

 
33,289

Interest expense from discontinued operations
—

 
665

 
1

 
2,302

Noncontrolling interests' share of interest expense in
     other consolidated subsidiaries
(1,076
)
 
(1,014
)
 
(3,029
)
 
(2,476
)
Abandoned projects expense
140

 
8

 
141

 
(115
)
Gain on sales of real estate assets
(58
)
 
(1,659
)
 
(1,058
)
 
(1,753
)
Gain on sales of real estate assets from discontinued operations
—

 
—

 
—

 
(3,036
)
Gain on sales of real estate assets of unconsolidated affiliates
(11
)
 
(636
)
 
(11
)
 
(851
)
Gain on investment
—

 
—

 
(2,400
)
 
—

(Gain) loss on extinguishment of debt
—

 
(178
)
 
9,108

 
(178
)
Loss on impairment
—

 
3,912

 
21,038

 
3,912

Loss on impairment from discontinued operations
5,234

 
26,208

 
5,234

 
26,501

Income tax provision
271

 
1,195

 
854

 
1,234

Net income (loss) attributable to noncontrolling interest
in earnings of operating partnership
4,075

 
(1,776
)
 
7,602

 
7,783

Gain on discontinued operations
(290
)
 
(88
)
 
(1,162
)
 
(983
)
Operating partnership's share of total NOI
187,839

 
184,421

 
553,939

 
538,775

General and administrative expenses
10,160

 
10,171

 
36,459

 
35,964

Management fees and non-property level revenues
(6,272
)
 
(6,775
)
 
(21,956
)
 
(19,038
)
Operating partnership's share of property NOI
191,727

 
187,817

 
568,442

 
555,701

Non-comparable NOI
(17,632
)
 
(15,216
)
 
(44,392
)
 
(39,283
)
Total same-center NOI
$
174,095

 
$
172,601

 
$
524,050

 
$
516,418

Total same-center NOI percentage change
0.9
 %
 
 
 
1.5
%
 
 
 
 
 
 
 
 
 
 
Total same-center NOI
$
174,095

 
$
172,601

 
$
524,050

 
$
516,418

Less lease termination fees
(799
)
 
(751
)
 
(3,168
)
 
(2,378
)
Total same-center NOI, excluding lease termination fees
$
173,296

 
$
171,850

 
$
520,882

 
$
514,040

 
 
 
 
 
 
 
 
Malls
154,563

 
155,428

 
467,322

 
465,120

Associated centers
8,046

 
8,269

 
24,623

 
24,584

Community centers
5,457

 
4,241

 
14,348

 
12,384

Offices and other
5,230

 
3,912

 
14,589

 
11,952

Total same-center NOI, excluding lease termination fees
$
173,296

 
$
171,850

 
$
520,882

 
$
514,040

 
 
 
 
 
 
 
 
Percentage Change:
 
 
 
 
 
 
 
Malls *
(0.6
)%
 
 
 
0.5
%
 
 
Associated centers
(2.7
)%
 
 
 
0.2
%
 
 
Community centers
28.7
 %
 
 
 
15.9
%
 
 
Offices and other
33.7
 %
 
 
 
22.1
%
 
 
Total same-center NOI, excluding lease termination fees *
0.8
 %
 
 
 
1.3
%
 
 
 
 
 
 
 
 
 
 
* Same-Center NOI for the nine months ended September 30, 2012, included a one-time bankruptcy settlement of $1.2 million. Excluding the settlement, the increase in same-center mall NOI for the nine months ended September 30, 2013 was 0.7%. Excluding the settlement, the change in total same-center NOI for the nine months ended September 30, 2013 was 1.6%.


4

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2013 and 2012

Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
 
 
As of September 30, 2013
 
 
Fixed Rate
 
Variable Rate
 
Total
Consolidated debt
 
$
3,517,089

 
$
1,350,628

 
$
4,867,717

Noncontrolling interests' share of consolidated debt
 
(67,828
)
 
(5,684
)
 
(73,512
)
Company's share of unconsolidated affiliates' debt
 
655,340

 
138,042

 
793,382

Company's share of consolidated and unconsolidated debt
 
$
4,104,601

 
$
1,482,986

 
$
5,587,587

Weighted average interest rate
 
5.52
%
 
2.01
%
 
4.59
%
 
 
 
 
 
 
 
 
 
As of September 30, 2012
 
 
Fixed Rate
 
Variable Rate
 
Total
Consolidated debt
 
$
3,822,271

 
$
879,119

 
$
4,701,390

Noncontrolling interests' share of consolidated debt
 
(70,585
)
 
—

 
(70,585
)
Company's share of unconsolidated affiliates' debt
 
670,282

 
129,696

 
799,978

Company's share of consolidated and unconsolidated debt
 
$
4,421,968

 
$
1,008,815

 
$
5,430,783

Weighted average interest rate
 
5.47
%
 
2.47
%
 
4.91
%

Debt-To-Total-Market Capitalization Ratio as of September 30, 2013
(In thousands, except stock price)
 
 
Shares
Outstanding
 
Stock Price (1)
 
Value
Common stock and operating partnership units
 
199,451

 
$19.10
 
$
3,809,514

7.375% Series D Cumulative Redeemable Preferred Stock
 
1,815

 
250.00
 
453,750

6.625% Series E Cumulative Redeemable Preferred Stock
 
690

 
250.00
 
172,500

Total market equity
 
 
 
 
 
4,435,764

Company's share of total debt
 
 
 
 
 
5,587,587

Total market capitalization
 
 
 
 
 
$
10,023,351

Debt-to-total-market capitalization ratio

 
 
 
 
 
55.7
%
 
 
 
 
 
 
 
(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on September 30, 2013. The stock prices for the preferred stocks represent the liquidation preference of each respective series.

Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
 
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
2013:
 
Basic
 
Diluted
 
Basic
 
Diluted
Weighted average shares - EPS
 
169,906

 
169,906

 
166,048

 
166,048

Weighted average operating partnership units
 
29,545

 
29,545

 
29,546

 
29,546

Weighted average shares- FFO
 
199,451

 
199,451

 
195,594

 
195,594

 
 
 
 
 
 
 
 
 
2012:
 
 
 
 
 
 
 
 
Weighted average shares - EPS
 
158,689

 
158,731

 
152,721

 
152,765

Weighted average operating partnership units
 
31,506

 
31,505

 
37,461

 
37,461

Weighted average shares- FFO
 
190,195

 
190,236

 
190,182

 
190,226

Dividend Payout Ratio
 
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
 
2013
 
2012
 
2013
 
2012
Weighted average cash dividend per share
 
$
0.23838

 
$
0.22896

 
$
0.7154

 
$
0.68688

FFO as adjusted, per diluted fully converted share
 
$
0.52

 
$
0.54

 
$
1.60

 
$
1.55

Dividend payout ratio
 
45.8
%
 
42.4
%
 
44.7
%
 
44.3
%

5

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2013
Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
 
 As of
 
September 30, 2013
 
December 31, 2012
 ASSETS
 
 
 
Real estate assets:
 
 
 
Land
$
882,723

 
$
905,339

Buildings and improvements
7,100,354

 
7,228,293

 
7,983,077

 
8,133,632

Accumulated depreciation
(2,017,610
)
 
(1,972,031
)
 
5,965,467

 
6,161,601

Held for sale
—

 
29,425

Developments in progress
161,841

 
137,956

Net investment in real estate assets
6,127,308

 
6,328,982

Cash and cash equivalents
74,588

 
78,248

Receivables:
 
 
 
 Tenant, net of allowance for doubtful accounts of $2,204
     and $1,977 in 2013 and 2012, respectively
77,914

 
78,963

 Other, net of allowance for doubtful accounts of $1,283
and $1,270 in 2013 and 2012, respectively
20,696

 
8,467

Mortgage and other notes receivable
24,976

 
25,967

Investments in unconsolidated affiliates
279,666

 
259,810

Intangible lease assets and other assets
261,517

 
309,299

 
$
6,866,665

 
$
7,089,736

 
 
 
 
 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
 
 
Mortgage and other indebtedness
$
4,867,717

 
$
4,745,683

Accounts payable and accrued liabilities
348,237

 
358,874

Total liabilities
5,215,954

 
5,104,557

Commitments and contingencies (Notes 5 and 11)
 
 
 
Redeemable noncontrolling interests:  
 
 
 
Redeemable noncontrolling partnership interests  
37,170

 
40,248

Redeemable noncontrolling preferred joint venture interest
—

 
423,834

Total redeemable noncontrolling interests
37,170

 
464,082

Shareholders' equity:
 
 
 
Preferred stock, $.01 par value, 15,000,000 shares authorized:
 
 
 
 7.375% Series D Cumulative Redeemable Preferred
     Stock, 1,815,000 shares outstanding
18

 
18

 6.625% Series E Cumulative Redeemable Preferred
     Stock, 690,000 shares outstanding
7

 
7

 Common stock, $.01 par value, 350,000,000 shares
     authorized, 169,905,892 and 161,309,652 issued and
     outstanding in 2013 and 2012, respectively
1,699

 
1,613

Additional paid-in capital
1,967,067

 
1,773,630

Accumulated other comprehensive income
6,466

 
6,986

Dividends in excess of cumulative earnings
(526,739
)
 
(453,561
)
Total shareholders' equity
1,448,518

 
1,328,693

Noncontrolling interests
165,023

 
192,404

Total equity
1,613,541

 
1,521,097

 
$
6,866,665

 
$
7,089,736


6

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2013

Condensed Combined Financial Statements - Unconsolidated Affiliates
(Unaudited; in thousands)
 
 As of
 
September 30, 2013
 
December 31, 2012
 ASSETS:
 
 
 
Investment in real estate assets
$
2,154,361

 
$
2,143,187

Accumulated depreciation
(538,700
)
 
(492,864
)
 
1,615,661

 
1,650,323

Developments in progress
90,451

 
21,809

 Net investment in real estate assets
1,706,112

 
1,672,132

Other assets
174,744

 
175,540

 Total assets
$
1,880,856

 
$
1,847,672

 
 
 
 
LIABILITIES:
 
 
 
Mortgage and other indebtedness
$
1,456,282

 
$
1,456,622

Other liabilities
55,404

 
48,538

Total liabilities
1,511,686

 
1,505,160

 
 
 
 
OWNERS' EQUITY:
 
 
 
The Company
215,556

 
196,694

Other investors
153,614

 
145,818

Total owners' equity
369,170

 
342,512

Total liabilities and owners’ equity
$
1,880,856

 
$
1,847,672



 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 Total revenues
$
59,348

 
$
61,821

 
$
180,091

 
$
186,320

 Depreciation and amortization
(18,889
)
 
(20,423
)
 
(57,158
)
 
(61,907
)
 Other operating expenses
(17,705
)
 
(18,742
)
 
(53,223
)
 
(55,765
)
 Income from operations
22,754

 
22,656

 
69,710

 
68,648

 Interest expense
(19,150
)
 
(21,002
)
 
(57,861
)
 
(63,199
)
 Gain on sales of real estate assets
21

 
1,271

 
21

 
1,701

 Net income
$
3,625

 
$
2,925

 
$
11,870

 
$
7,150

 
Company's Share for the Three
Months Ended September 30,
 
Company's Share for the Nine
Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 Total revenues
$
30,556

 
$
32,803

 
$
93,002

 
$
99,190

 Depreciation and amortization
(9,877
)
 
(10,828
)
 
(29,748
)
 
(32,877
)
 Other operating expenses
(8,580
)
 
(9,527
)
 
(25,970
)
 
(28,474
)
 Income from operations
12,099

 
12,448

 
37,284

 
37,839

 Interest expense
(9,840
)
 
(11,022
)
 
(29,677
)
 
(33,289
)
 Gain on sales of real estate assets
11

 
636

 
11

 
851

 Net income
$
2,270

 
$
2,062

 
$
7,618

 
$
5,401



7

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2013


The Company presents the ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest because the Company believes that the EBITDA to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt.

Ratio of EBITDA to Interest Expense
(Dollars in thousands)

 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
EBITDA:
 
 
 
 
 
 
 
Net income attributable to the Company
$
34,324

 
$
8,074

 
$
76,361

 
$
63,514

 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
Depreciation and amortization
68,941

 
63,994

 
206,115

 
188,606

Depreciation and amortization from unconsolidated affiliates
9,877

 
10,828

 
29,748

 
32,877

Depreciation and amortization from discontinued operations
1,634

 
3,306

 
6,638

 
10,093

Noncontrolling interests' share of depreciation and amortization in
other consolidated subsidiaries
(1,403
)
 
(1,208
)
 
(4,292
)
 
(3,537
)
Interest expense
56,341

 
61,768

 
173,374

 
181,593

Interest expense from unconsolidated affiliates
9,840

 
11,022

 
29,677

 
33,289

Interest expense from discontinued operations
—

 
665

 
1

 
2,302

Noncontrolling interests' share of interest expense in
other consolidated subsidiaries
(1,076
)
 
(1,014
)
 
(3,029
)
 
(2,476
)
Income and other taxes
1,823

 
1,389

 
3,326

 
2,407

(Gain) loss on extinguishment of debt
—

 
(178
)
 
9,108

 
(178
)
Loss on impairment
—

 
3,912

 
21,038

 
3,912

Loss on impairment from discontinued operations
5,234

 
26,208

 
5,234

 
26,501

Abandoned projects
140

 
8

 
141

 
(115
)
Gain on investment
—

 
—

 
(2,400
)
 
—

Net income (loss) attributable to noncontrolling interest
in earnings of operating partnership
4,075

 
(1,776
)
 
7,602

 
7,783

Gain on depreciable property
(8
)
 
—

 
(10
)
 
(493
)
Gain on discontinued operations
(290
)
 
(88
)
 
(1,152
)
 
(983
)
Company's share of total EBITDA
$
189,452

 
$
186,910

 
$
557,480

 
$
545,095

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense:
 
 
 
 
 
 
 
Interest expense
$
56,341

 
$
61,768

 
$
173,374

 
$
181,593

Interest expense from unconsolidated affiliates
9,840

 
11,022

 
29,677

 
33,289

Interest expense from discontinued operations
—

 
665

 
1

 
2,302

Noncontrolling interests' share of interest expense in
     other consolidated subsidiaries
(1,076
)
 
(1,014
)
 
(3,029
)
 
(2,476
)
Company's share of total interest expense
$
65,105

 
$
72,441

 
$
200,023

 
$
214,708

 
 
 
 
 
 
 
 
Ratio of EBITDA to Interest Expense
2.91

 
2.58

 
2.79

 
2.54


8

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
2013
 
2012
 
2013
 
2012
EBITDA:
 
 
 
 
 
 
 
Company's share of total EBITDA
$
189,452

 
$
186,910

 
$
557,480

 
$
545,095

Interest expense
(56,341
)
 
(61,768
)
 
(173,374
)
 
(181,593
)
Interest expense from discontinued operations
—

 
(665
)
 
(1
)
 
(2,302
)
Noncontrolling interests' share of interest expense in
     other consolidated subsidiaries
1,076

 
1,014

 
3,029

 
2,476

Income and other taxes
(1,823
)
 
(1,389
)
 
(3,326
)
 
(2,407
)
Net amortization of deferred financing costs and debt premiums (discounts)
1,148

 
1,731

 
3,650

 
5,402

Net amortization of deferred financing costs and debt premiums
     (discounts) from discontinued operations
—

 
44

 
1

 
161

Net amortization of intangible lease assets and liabilities
69

 
(404
)
 
(111
)
 
(551
)
Depreciation and interest expense from unconsolidated affiliates
(19,717
)
 
(21,850
)
 
(59,425
)
 
(66,166
)
Noncontrolling interests' share of depreciation and amortization
     in other consolidated subsidiaries
1,403

 
1,208

 
4,292

 
3,537

Noncontrolling interests in earnings of other consolidated subsidiaries
5,778

 
6,194

 
18,338

 
17,139

Gains on outparcel sales
(58
)
 
(1,660
)
 
(1,058
)
 
(4,297
)
Realized gain on available for sale securities
—

 
—

 
—

 
(160
)
Equity in earnings of unconsolidated affiliates
(2,270
)
 
(2,062
)
 
(7,618
)
 
(5,401
)
Distributions of earnings from unconsolidated affiliates
3,314

 
4,410

 
11,225

 
11,724

Share-based compensation expense
421

 
472

 
2,308

 
2,211

Provision for doubtful accounts
532

 
(21
)
 
1,459

 
1,310

Change in deferred tax assets
(158
)
 
1,365

 
1,666

 
3,681

Changes in operating assets and liabilities
23,534

 
(13,702
)
 
(22,497
)
 
(10,241
)
Cash flows provided by operating activities
$
146,360

 
$
99,827

 
$
336,038

 
$
319,618




9

Supplemental Financial And Operating Information
As of September 30, 2013

Schedule of Mortgage and Other Indebtedness
(Dollars in thousands )
Property
 
Location
Original
Maturity
Date
Optional
Extended
Maturity
Date
Interest
Rate
Balance
 
Balance
 
Fixed
 
Variable
 
 
 
 
 
 
 
 
 
 
 
Operating Properties:
 
 
 
 
 
 
 
 
 
Columbia Place
Columbia, SC
Sep-13

5.45%
$
27,265

(a)
$
27,265

 
$
—

North Park Mall
Joplin, MO
Mar-14

5.75%
32,892


32,892

 
—

Mall del Norte
Laredo, TX
Dec-14

5.04%
113,400


113,400

 
—

The Promenade
D'lberville, MS
Dec-14
Dec-18
1.89%
51,960


—

 
51,960

Imperial Valley Mall
El Centro, CA
Sep-15

4.99%
51,601


51,601

 
—

CherryVale Mall
Rockford, IL
Oct-15

5.00%
80,869


80,869

 
—

Brookfield Square
Brookfield, IL
Nov-15

5.08%
90,675


90,675

 
—

East Towne Mall
Madison, WI
Nov-15

5.00%
68,967


68,967

 
—

West Towne Mall
Madison, WI
Nov-15

5.00%
97,416


97,416

 
—

Eastland Mall
Bloomington, IL
Dec-15

5.85%
59,400


59,400

 
—

Hickory Point Mall
Decatur, IL
Dec-15

5.85%
29,166


29,166

 
—

The Outlet Shoppes at Gettysburg
Gettysburg, PA
Feb-16

5.87%
39,626


39,626

 
—

CoolSprings Crossing
Nashville, TN
Apr-16

4.54%
12,546

 (b)
12,546

 
—

Gunbarrel Pointe
Chattanooga, TN
Apr-16

4.64%
11,171

 (c)
11,171

 
—

Janesville Mall
Janesville, WI
Apr-16

8.38%
4,301


4,301

 
—

Stroud Mall
Stroud, PA
Apr-16

4.59%
33,559

 (d)
33,559

 
—

York Galleria
York, PA
Apr-16

4.55%
53,599

 (e)
53,599

 
—

Statesboro Crossing
Statesboro, GA
Jun-16
Jun-18
1.98%
11,369


—

 
11,369

Chapel Hill Mall
Akron, OH
Aug-16

6.10%
69,030


69,030

 
—

Greenbrier Mall
Chesapeake, VA
Aug-16

5.91%
75,937


75,937

 
—

Hamilton Place
Chattanooga, TN
Aug-16

5.86%
104,434


104,434

 
—

Midland Mall
Midland, MI
Aug-16

6.10%
34,067


34,067

 
—

Chesterfield Mall
St. Louis, MO
Sep-16

5.74%
140,000


140,000

 
—

Dakota Square Mall
Minot, ND
Nov-16

6.23%
57,869


57,869

 
—

St. Clair Square
Fairview Heights, IL
Dec-16

3.27%
122,750


—

 
122,750

Southaven Towne Center
Southaven, MS
Jan-17

5.50%
41,148


41,148

 
—

Cary Towne Center
Cary, NC
Mar-17

8.50%
54,254


54,254

 
—

Acadiana Mall
Lafayette, LA
Apr-17

5.67%
135,624


135,624

 
—

Citadel Mall
Charleston, SC
Apr-17

5.68%
68,282

(f)
68,282

 
—

Hamilton Corner
Chattanooga, TN
Apr-17

5.67%
15,367


15,367

 
—

Layton Hills Mall
Layton, UT
Apr-17

5.66%
96,927


96,927

 
—

The Plaza at Fayette Mall
Lexington, KY
Apr-17

5.67%
40,038


40,038

 
—

The Shoppes at St. Clair Square
Fairview Heights, IL
Apr-17

5.67%
20,291


20,291

 
—

EastGate Crossing
Cincinnati, OH
May-17

5.66%
15,101


15,101

 
—

The Outlet Shoppes at El Paso
El Paso, TX
Dec-17

7.06%
65,700


65,700

 
—

Kirkwood Mall
Bismarck, ND
Apr-18

5.75%
39,962


39,962

 
—

Hanes Mall
Winston-Salem, NC
Oct-18

6.99%
154,549


154,549

 
—

Honey Creek Mall
Terre Haute, IN
Jul-19

8.00%
30,228


30,228

 
—

Volusia Mall
Daytona Beach, FL
Jul-19

8.00%
51,999


51,999

 
—

The Terrace
Chattanooga, TN
Jun-20

7.25%
14,030


14,030

 
—

Burnsville Center
Burnsville, MN
Jul-20

6.00%
78,001


78,001

 
—

Parkway Place
Huntsville, AL
Jul-20

6.50%
39,641


39,641

 
—

Valley View Mall
Roanoke, VA
Jul-20

6.50%
61,348


61,348

 
—

Parkdale Mall & Crossing
Beaumont, TX
Mar-21

5.85%
90,480


90,480

 
—

EastGate Mall
Cincinnati, OH
Apr-21

5.83%
41,403


41,403

 
—

Hamilton Crossing & Expansion
Chattanooga, TN
Apr-21

5.99%
10,128


10,128

 
—

Park Plaza Mall
Little Rock, AR
Apr-21

5.28%
94,457


94,457

 
—

Wausau Center
Wausau, WI
Apr-21

5.85%
18,892


18,892

 
—


10

Property
 
Location
Original
Maturity
Date
Optional
Extended
Maturity
Date
Interest
Rate
Balance
 
Balance
 
Fixed
 
Variable
 
 
 
 
 
 
 
 
 
 
 
Fayette Mall
Lexington, KY
May-21

5.42%
176,316


176,316

 
—

Alamance Crossing - East
Burlington, NC
Jul-21

5.83%
49,519


49,519

 
—

Asheville Mall
Asheville, NC
Sep-21

5.80%
75,197


75,197

 
—

Cross Creek Mall
Fayetteville, NC
Jan-22

4.54%
134,781


134,781

 
—

The Outlet Shoppes at Oklahoma City
Oklahoma City, OK
Jan-22

5.73%
58,111


58,111

 
—

Northwoods Mall
North Charleston, SC
Apr-22

5.08%
71,563


71,563

 
—

Arbor Place
Douglasville, GA
May-22

5.10%
119,764


119,764

 
—

CBL Center
Chattanooga, TN
Jun-22

5.00%
21,291


21,291

 
—

Fashion Square
Saginaw, MI
Jun-22

4.95%
40,903


40,903

 
—

Jefferson Mall
Louisville, KY
Jun-22

4.75%
69,876


69,876

 
—

Southpark Mall
Colonial Heights, VA
Jun-22

4.85%
65,786


65,786

 
—

WestGate Mall
Spartanburg, SC
Jul-22

4.99%
39,032


39,032

 
—

 
 
SUBTOTAL
 
 
 
$
3,673,858

 
$
3,487,779

 
$
186,079

Weighted average interest rate
 
 
 
 
5.42
%
 
5.56
%
 
2.80
%
 
 
 
 
 
 
 
 
 
 
 
Debt Premiums (Discounts): (g)
 
 
 
 
 
 
 
 
 
Northpark Mall
Joplin, MO
Mar-14
 
5.50%
$
28

 
$
28

 
$
—

Imperial Valley Mall
El Centro, CA
Sep-15
 
3.75%
1,222

 
1,222

 
—

Chesterfield Mall
St. Louis, MO
Sep-16
 
5.96%
(793
)
 
(793
)
 
—

Dakota Square Mall
Minot, ND
Nov-16
 
5.03%
2,188

 
2,188

 
—

The Outlet Shoppes at El Paso
El Paso, TX
Dec-17
 
4.75%
5,787

 
5,787

 
—

Kirkwood Mall
Bismarck, ND
Apr-18
 
4.25%
2,614

 
2,614

 
—

 
 
SUBTOTAL
 
 
 
$
11,046

 
$
11,046

 
$
—

Weighted average interest rate
 
 
 
 
4.49
%
 
4.49
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Loans On Operating Properties And Debt Premiums (Discounts)
 
 
$
3,684,904

 
$
3,498,825

 
$
186,079

Weighted average interest rate
 
 
 
 
5.42
%
 
5.56
%
 
2.80
%
 
 
 
 
 
 
 
 
 
 
 
Construction Loan:
 
 
 
 
 
 
 
 
 
The Outlet Shoppes at Atlanta
Woodstock, GA
Aug-15
Aug-17
2.93%
$
49,641

 
$
—

 
$
49,641

 
 
 
 
 
 
 
 
 
 
 
Credit Facilities:
 
 
 
 
 
 
 
 
 
Unsecured facilities:
 
 
 
 
 
 
 
 
 
   $600,000 capacity
 
Nov-15
Nov-16
1.58%
$
509,525

 
$
—

 
$
509,525

   $100,000 capacity
 
Feb-16

1.58%
31,000

 
—

 
31,000

   $600,000 capacity
 
Nov-16
Nov-17
1.58%
124,383

 
—

 
124,383

      Total unsecured credit facilities ($1,300,000 capacity)
 
 
1.58%
664,908

 
—

 
664,908

 
 
 
 
 
 
 
 
 
 
Unsecured Term loans:
 
 
 
 
 
 
 
 
 
   $50,000 Term Loan
 
Feb-18
 
2.08%
50,000

 
—

 
50,000

   $400,000 Term Loan
 
Jul-18
 
1.68%
400,000

 
—

 
400,000


 
 
1.72%
450,000

 
—

 
450,000

 
 
SUBTOTAL
 
 
1.64%
$
1,114,908

 
$
—

 
$
1,114,908

Other
 
 
 
 
 
 
 
 
 
Pearland Town Center

 
 
 
$
18,264

(h)
$
18,264

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Total Consolidated Debt
 
 
 
 
$
4,867,717

 
$
3,517,089

 
$
1,350,628

Weighted average interest rate
 
 
 
 
4.54
%
 
5.57
%
 
1.85
%

11

Property
 
Location
Original
Maturity
Date
Optional
Extended
Maturity
Date
Interest
Rate
Balance
 
Balance
 
Fixed
 
Variable
 
 
 
 
 
 
 
 
 
 
 
Plus CBL's Share Of Unconsolidated Affiliates' Debt:
 
 
 
 
 
 
 
 
Summit Fair
Lee's Summit, MO
Oct-13
 
5.00%
$
13,451

(i)
$
—

 
$
13,451

Hammock Landing Phase I
West Melbourne, FL
Nov-13
Nov-14
3.69%
40,900


—

 
40,900

Hammock Landing Phase II
West Melbourne, FL
Nov-13
 
3.68%
2,675


—

 
2,675

The Pavilion at Port Orange
Port Orange, FL
Mar-14
Mar-15
3.69%
62,514


—

 
62,514

Coastal Grand-Myrtle Beach
Myrtle Beach, SC
Oct-14
 
5.09%
38,812

(j)
38,812

 
—

Gulf Coast Town Center Phase III
Ft. Myers, FL
Jul-15
 
2.75%
6,395


—

 
6,395

Oak Park Mall
Overland Park, KS
Dec-15
 
5.85%
137,850


137,850

 
—

Triangle Town Center
Raleigh, NC
Dec-15
 
5.74%
90,173


90,173

 
—

Fremaux Town Center
Slidell, LA
Mar-16
Mar-18
2.31%
11,364


—

 
11,364

Renaissance Center Phase I
Durham, NC
Jul-16
 
5.61%
16,650


16,650

 
—

Governor's Square Mall
Clarksville, TN
Sep-16
 
8.23%
9,537


9,537

 
—

Kentucky Oaks Mall
Paducah, KY
Jan-17
 
5.27%
11,699


11,699

 
—

The Shops at Friendly Center
Greensboro, NC
Jan-17
 
5.90%
20,269


20,269

 
—

High Pointe Commons
Harrisburg, PA
May-17
 
5.74%
6,817


6,817

 
—

Gulf Coast Town Center Phase I
Ft. Myers, FL
Jul-17
 
5.60%
95,400


95,400

 
—

High Pointe Commons Phase II
Harrisburg, PA
Jul-17
 
6.10%
2,722


2,722

 
—

CoolSprings Galleria
Nashville, TN
Jun-18
 
6.98%
54,005


54,005

 
—

York Town Center
York, PA
Feb-22
 
4.90%
18,406


18,406

 
—

York Town Center - Pier 1
York, PA
Feb-22
 
2.94%
743


—

 
743

West County Center
St. Louis, MO
Dec-22
 
3.40%
95,000


95,000

 
—

Friendly Shopping Center
Greensboro, NC
Apr-23
 
3.48%
50,000


50,000

 
—

Renaissance Center Phase II
Durham, NC
Apr-23
 
3.49%
8,000


8,000

 
—

 
 
SUBTOTAL
 
 
 
$
793,382

 
$
655,340

 
$
138,042

 
 
 
 
 
 
 
 
 
 
 
Less Noncontrolling Interests' Share Of Consolidated Debt:
Noncontrolling Interest %
 
 
 
 
 
 
 
The Outlet Shoppes at Gettysburg
Gettysburg, PA
50%
 
4.99%
$
(19,813
)
 
$
(19,813
)
 
$
—

Statesboro Crossing
Statesboro, GA
50%
 
1.98%
(5,684
)
 
—

 
(5,684
)
Hamilton Place
Chattanooga, TN
10%
 
5.86%
(10,443
)
 
(10,443
)
 
—

The Outlet Shoppes at El Paso
El Paso, TX
25%
 
7.06%
(16,425
)
 
(16,425
)
 
—

The Terrace
Chattanooga, TN
8%
 
7.25%
(1,122
)
 
(1,122
)
 
—

Hamilton Crossing & Expansion
Chattanooga, TN
8%
 
5.99%
(810
)
 
(810
)
 
—

The Outlet Shoppes at Oklahoma City
Oklahoma City, OK
25%
 
5.73%
(14,528
)
 
(14,528
)
 
—

CBL Center
Chattanooga, TN
8%
 
5.00%
(1,703
)
 
(1,703
)
 
—

Hamilton Corner
Chattanooga, TN
10%
 
5.67%
(1,537
)
 
(1,537
)
 
—

 
 
SUBTOTAL
 
 
 
$
(72,065
)
 
$
(66,381
)
 
$
(5,684
)
 
 
 
 
 
 
 
 
 
 
 
Less Noncontrolling Interests' Share Of Debt Premiums: (e)
 
 
 
 
 
 
 
The Outlet Shoppes at El Paso
El Paso, TX
25%
 
4.75%
$
(1,447
)
 
$
(1,447
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
Company's Share Of Consolidated And Unconsolidated Debt
 
 
$
5,587,587

 
$
4,104,601

 
$
1,482,986

Weighted average interest rate
 
 
 
 
4.59
%
 
5.52
%
 
2.01
%
 
 
 
 
 
 
 
 
 
 
 

12

Property
 
Location
Original
Maturity
Date
Optional
Extended
Maturity
Date
Interest
Rate
Balance
 
Balance
 
Fixed
 
Variable
 
 
 
 
 
 
 
 
 
 
 
Total Debt of Unconsolidated Affiliates:
 
 
 
 
 
 
 
 
Summit Fair
Lee's Summit, MO
Oct-13
 
5.00%
$
49,817


$
—

 
$
49,817

Hammock Landing Phase I
West Melbourne, FL
Nov-13
Nov-14
3.69%
40,900


—

 
40,900

Hammock Landing Phase II
West Melbourne, FL
Nov-13
 
3.68%
2,675


—

 
2,675

The Pavilion at Port Orange
Port Orange, FL
Mar-14
Mar-15
3.69%
62,514


—

 
62,514

Coastal Grand-Myrtle Beach
Myrtle Beach, SC
Oct-14
 
5.09%
77,624

(j)
77,624

 
—

Gulf Coast Town Center Phase III
Ft. Myers, FL
Jul-15
 
2.75%
6,395


—

 
6,395

Oak Park Mall
Overland Park, KS
Dec-15
 
5.85%
275,700


275,700

 
—

Triangle Town Center
Raleigh, NC
Dec-15
 
5.74%
180,346


180,346

 
—

Fremaux Town Center
Slidell, LA
Mar-16
Mar-18
2.31%
11,364


—

 
11,364

Renaissance Center Phase I
Durham, NC
Jul-16
 
5.61%
33,300


33,300

 
—

Governor's Square Mall
Clarksville, TN
Sep-16
 
8.23%
20,079


20,079

 
—

Kentucky Oaks Mall
Paducah, KY
Jan-17
 
5.27%
23,398


23,398

 
—

The Shops at Friendly Center
Greensboro, NC
Jan-17
 
5.90%
40,538


40,538

 
—

High Pointe Commons
Harrisburg, PA
May-17
 
5.74%
13,634


13,634

 
—

Gulf Coast Town Center Phase I
Ft. Myers, FL
Jul-17
 
5.60%
190,800


190,800

 
—

High Pointe Commons Phase II
Harrisburg, PA
Jul-17
 
6.10%
5,443


5,443

 
—

CoolSprings Galleria
Nashville, TN
Jun-18
 
6.98%
108,010


108,010

 
—

York Town Center
York, PA
Feb-22
 
4.90%
36,812


36,812

 
—

York Town Center - Pier 1
York, PA
Feb-22
 
2.94%
1,486


—

 
1,486

West County Center
St. Louis, MO
Dec-22
 
3.40%
190,000


190,000

 
—

Friendly Shopping Center
Greensboro, NC
Apr-23
 
3.48%
100,000


100,000

 
—

Renaissance Center Phase II
Durham, NC
Apr-23
 
3.49%
16,000


16,000

 
—

 
 
 
 
 
 
$
1,486,835

 
$
1,311,684

 
$
175,151

Weighted average interest rate
 
 
 
 
5.12
%
 
5.28
%
 
3.93
%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
The lender notified the Company in the first quarter of 2012 that the loan had been placed in default. The lender receives the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments.
(b)
The Company has an interest rate swap on a notional amount of $12,546, amortizing to $11,313 over the term of the swap, related to CoolSprings Crossing to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(c)
The Company has an interest rate swap on a notional amount of $11,171, amortizing to $10,083 over the term of the swap, related to Gunbarrel Point to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(d)
The Company has an interest rate swap on a notional amount of $33,559, amortizing to $30,276 over the term of the swap, related to Stroud Mall to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(e)
The Company has an interest rate swap on a notional amount of $53,599, amortizing to $48,337 over the term of the swap, related to York Galleria to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(f)
The lender notified the Company in August 2013 that the loan had been placed in default and initiated foreclosure proceedings. The lender receives the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments.
(g)
The weighted average interest rates used for debt premiums (discounts) reflect the market interest rate in effect as of the assumption of the related debt.
(h)
Pearland Town Center is owned 88% by the Company and 12% by a noncontrolling partner. This amount represents the noncontrolling partner's equity contribution that is accounted for as a financing due to certain terms of the joint venture agreement.
(i)
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 approximately $13,451. In October 2013, the Company was released from this guarantee.
(j)
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.
 
 
 
 
 
 
 
 
 
 
 






13

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2013

Schedule of Maturities of Mortgage and Other Indebtedness
(Dollars in thousands )

Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:
Year
 
Consolidated Debt
 
CBL's Share of Unconsolidated Affiliates' Debt
 
Noncontrolling Interests' Share of Consolidated Debt
 
CBL's Share of Consolidated and Unconsolidated Debt
 
% of Total
 
 
 
 
 
 
 
 
 
 
 
2013
 
$
27,265

 
$
16,126

 
$
—

 
$
43,391

 
0.78
%
2014
 
164,556

 
79,712

 
—

 
244,268

 
4.37
%
2015
 
478,094

 
296,932

 
—

 
775,026

 
13.87
%
2016
 
1,299,414

 
26,187

 
(30,256
)
 
1,295,345

 
23.18
%
2017
 
726,756

 
136,907

 
(16,425
)
 
847,238

 
15.16
%
2018
 
707,840

 
65,369

 
(5,684
)
 
767,525

 
13.74
%
2019
 
82,227

 
—

 
—

 
82,227

 
1.47
%
2020
 
193,020

 
—

 
(1,122
)
 
191,898

 
3.43
%
2021
 
556,392

 
—

 
(810
)
 
555,582

 
9.94
%
2022
 
621,107

 
114,149

 
(17,768
)
 
717,488

 
12.84
%
2023
 
—

 
58,000

 
—

 
58,000

 
1.04
%
Face Amount of Debt
 
4,856,671

 
793,382

 
(72,065
)
 
5,577,988

 
99.83
%
Net Premiums on Debt
 
11,046

 
—

 
(1,447
)
 
9,599

 
0.17
%
Total
 
$
4,867,717

 
$
793,382

 
$
(73,512
)
 
$
5,587,587

 
100.00
%

Based on Original Maturity Dates:
Year
 
Consolidated Debt
 
CBL's Share of Unconsolidated Affiliates' Debt
 
Noncontrolling Interests' Share of Consolidated Debt
 
CBL's Share of Consolidated and Unconsolidated Debt
 
% of Total
 
 
 
 
 
 
 
 
 
 
 
2013
 
$
27,265

 
$
57,026

 
$
—

 
$
84,291

 
1.51
%
2014
 
216,516

 
101,326

 
—

 
317,842

 
5.69
%
2015
 
1,037,260

 
234,418

 
—

 
1,271,678

 
22.76
%
2016
 
925,641

 
37,551

 
(30,256
)
 
932,936

 
16.70
%
2017
 
552,732

 
136,907

 
(16,425
)
 
673,214

 
12.05
%
2018
 
644,511

 
54,005

 
(5,684
)
 
692,832

 
12.40
%
2019
 
82,227

 
—

 
—

 
82,227

 
1.47
%
2020
 
193,020

 
—

 
(1,122
)
 
191,898

 
3.43
%
2021
 
556,392

 
—

 
(810
)
 
555,582

 
9.94
%
2022
 
621,107

 
114,149

 
(17,768
)
 
717,488

 
12.84
%
2023
 
—

 
58,000

 
—

 
58,000

 
1.04
%
Face Amount of Debt
 
4,856,671

 
793,382

 
(72,065
)
 
5,577,988

 
99.83
%
Net Premiums on Debt
 
11,046

 
—

 
(1,447
)
 
9,599

 
0.17
%
Total
 
$
4,867,717

 
$
793,382

 
$
(73,512
)
 
$
5,587,587

 
100.00
%

Unsecured Debt Covenant Compliance Ratios
For the nine months ended September 30, 2013
Covenant
 
Required
 
Actual
Debt to total asset value *
 
<60%
 
52.7%
Ratio of unencumbered asset value to unsecured indebtedness
 >1.60x
 
2.43x
Ratio of unencumbered NOI to unsecured interest expense *
 >1.75x
 
7.61x
Ratio of EBITDA to fixed charges (debt service) *
 >1.50x
 
2.15x
* Based on rolling twelve months

14

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2013

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)
 
520,983

 
$
40.53

 
$
44.51

 
9.8
%
 
$
45.71

 
12.8
%
Stabilized malls
 
498,532

 
41.25

 
45.29

 
9.8
%
 
46.53

 
12.8
%
  New leases
 
114,074

 
35.73

 
42.81

 
19.8
%
 
45.06

 
26.1
%
  Renewal leases
 
384,458

 
42.89

 
46.03

 
7.3
%
 
46.97

 
9.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Year-to-Date:
 
 
 
 
 
 
 
 
 
 
 
 
All Property Types (1)
 
1,618,695

 
$
39.21

 
$
42.36

 
8.0
%
 
$
43.85

 
11.8
%
Stabilized malls
 
1,502,553

 
40.55

 
43.82

 
8.1
%
 
45.36

 
11.9
%
  New leases
 
401,243

 
40.80

 
49.49

 
21.3
%
 
52.39

 
28.4
%
  Renewal leases
 
1,101,310

 
40.46

 
41.75

 
3.2
%
 
42.80

 
5.8
%


Total Leasing Activity
 
 
Square
Feet
Quarter:
 
 
Operating portfolio:
 
 
New leases
 
351,722

Renewal leases
 
1,202,283

Development portfolio
 
193,503

Total leased
 
1,747,508

 
 
 
Year-to-Date:
 
 
Operating Portfolio
 
 
New leases
 
1,053,472

Renewal leases
 
2,959,292

Development Portfolio
 
644,563

Total leased
 
4,657,327


Average Annual Base Rents Per Square Foot (3) By Property Type For Small Shop Space Less Than 10,000 Square Feet
 
 
As of September 30,
 
 
2013
 
2012
Stabilized malls
 
$
29.97

 
$
29.21

Non-stabilized malls (4)
 
24.61

 
22.77

Associated centers
 
11.97

 
11.85

Community centers
 
15.76

 
15.47

Office buildings
 
19.26

 
18.57


(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.
(3) Average annual base rents per square foot are based on contractual rents in effect as of September 30, 2013, including the impact of any
rent concessions.
(4) Includes The Outlet Shoppes at Atlanta and The Outlet Shoppes at Oklahoma City as of September 30, 2013 and The Outlet Shoppes at
Oklahoma City as of September 30, 2012.

15

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2013
  
Top 25 Tenants Based On Percentage Of Total Annual Revenues

 
Tenant
Number of Stores
 
Square Feet
 
Percentage of Total Annualized Revenues
1
Limited Brands, LLC (1)
160

 
 
825,743

 
 
3.15
%
 
2
Foot Locker, Inc.
148

 
 
609,465

 
 
2.29
%
 
3
AE Outfitters Retail Company
85

 
 
507,964

 
 
2.06
%
 
4
Ascena Retail Group, Inc. (2)
178

 
 
888,240

 
 
1.97
%
 
5
Signet Jewelers Limited (3)
106

 
 
198,525

 
 
1.63
%
 
6
The Gap, Inc.
70

 
 
788,829

 
 
1.60
%
 
7
Genesco Inc. (4)
192

 
 
294,479

 
 
1.55
%
 
8
Dick's Sporting Goods, Inc. (5)
24

 
 
1,344,109

 
 
1.47
%
 
9
JC Penney Company, Inc. (6)
71

 
 
8,168,179

 
 
1.47
%
 
10
Abercrombie & Fitch, Co.
63

 
 
425,775

 
 
1.38
%
 
11
Aeropostale, Inc.
94

 
 
342,216

 
 
1.27
%
 
12
Luxottica Group, S.P.A. (7)
124

 
 
270,867

 
 
1.25
%
 
13
Express Fashions
46

 
 
376,921

 
 
1.19
%
 
14
Zale Corporation
122

 
 
126,974

 
 
1.18
%
 
15
Finish Line, Inc.
64

 
 
335,672

 
 
1.15
%
 
16
Charlotte Russe Holding, Inc.
52

 
 
350,959

 
 
1.07
%
 
17
New York & Company, Inc.
44

 
 
304,084

 
 
1.01
%
 
18
Best Buy Co., Inc. (8)
63

 
 
519,556

 
 
1.00
%
 
19
Forever 21 Retail, Inc.
23

 
 
421,545

 
 
0.94
%
 
20
The Buckle, Inc.
50

 
 
253,335

 
 
0.93
%
 
21
Sun Capital Partners, Inc. (9)
45

 
 
627,049

 
 
0.85
%
 
22
The Children's Place Retail Stores, Inc.
60

 
 
263,625

 
 
0.81
%
 
23
Claire's Stores, Inc.
115

 
 
140,341

 
 
0.78
%
 
24
Barnes & Noble Inc.
19

 
 
579,099

 
 
0.75
%
 
25
Shoe Show, Inc.
49

 
 
549,372

 
 
0.74
%
 
 
 
2,067

 
 
19,512,923

 
 
33.49
%
 
 
 
 
 
 
 
 
 
 
 
(1
)
Limited Brands, LLC operates Victoria's Secret and Bath & Body Works.
 
(2
)
Ascena Retail Group, Inc. operates operates Justice, Dress Barn, Maurices, Lane Bryant, Catherines and Fashion Bug.
 
(3
)
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.
 
(4
)
Genesco Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat Zone, and Cap Factory stores.
 
(5
)
Dick's Sporting Goods, Inc. operates Dick's Sporting Goods and Golf Galaxy stores.
 
(6
)
JC Penney Company, Inc. owns 38 of these stores.
 
(7
)
Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearle Vision.
 
(8
)
Best Buy Co., Inc. operates Best Buy and Best Buy Mobile.
 
(9
)
Sun Capital Partners, Inc. operates Gordmans, Limited Stores, Fazoli's Restaurants, Smokey Bones and Bar Louie Restaurants. SunCapital no longer operates Life Uniforms.
 


16

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2013

Capital Expenditures
(In thousands)
 
 
Three Months
Ended September 30,
 
Nine Months
Ended September 30,
 
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Tenant allowances
 
$
14,796

 
$
12,696

 
$
36,410

 
$
39,080

 
 
 
 
 
 
 
 
 
Renovations
 
10,488

 
11,039

 
22,421

 
16,700

 
 
 
 
 
 
 
 
 
Deferred maintenance:
 
 
 
 
 
 
 
 
Parking lot and parking lot lighting
 
5,980

 
5,192

 
7,085

 
12,233

Roof repairs and replacements
 
2,607

 
2,705

 
5,374

 
6,528

Other capital expenditures
 
3,127

 
5,221

 
5,990

 
12,289

Total deferred maintenance expenditures
 
11,714

 
13,118

 
18,449

 
31,050

 
 
 
 
 
 
 
 
 
Total capital expenditures
 
$
36,998

 
36,853

 
77,280

 
86,830



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)
 
 
2013
 
2012
Quarter ended:
 
 
 
 
March 31,
 
$
461

 
$
533

June 30,
 
356

 
950

September 30,
 
734

 
934

December 31,
 
—

 
768

 
 
$
1,551

 
$
3,185



17

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2013

Properties Opened During the Nine Months Ended September 30, 2013
(Dollars in thousands)
Property
 
Location
 
Total Project Square Feet
 
Total
Cost (a)
 
Cost to
Date (b)
 
Opening Date
 
Initial
Unleveraged
Yield
Outlet Center:
 
 
 
 
 
 
 
 
 
 
 
 
The Outlet Shoppes at Atlanta (c)
 
Woodstock, GA
 
370,456

 
$
80,490

 
$
69,087

 
July-13
 
11.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
Community Center:
 
 
 
 
 
 
 
 
 
 
 
 
The Crossings at Marshalls Creek
 
Middle Smithfield, PA
 
104,525

 
$
18,983

 
$
21,301

 
June-13
 
9.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
Associated Center Redevelopment:
 
 
 
 
 
 
 
 
 
 
 
 
The Shops at Northgate
 
Chattanooga, TN
 
75,018

 
$
6,105

 
$
5,770

 
September-13
 
9.2%
 
 
 
 
 
 
 
 
 
 
 
 
 
Mall Expansions:
 
 
 
 
 
 
 
 
 
 
 
 
West Towne Mall
 
Madison, WI
 
22,500

 
$
5,454

 
$
3,633

 
September-13
 
11.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
Mall Redevelopment:
 
 
 
 
 
 
 
 
 
 
 
 
Southpark Mall - Dick's Sporting Goods
 
Colonial Heights, VA
 
85,322

 
$
9,379

 
$
8,090

 
July-13
 
6.5%
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Properties Opened
 
 
 
657,821

 
$
120,411

 
$
107,881

 
 
 
 

Properties Under Development at September 30, 2013
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Property
 
Location
 
Total Project Square Feet
 
Total
Cost (a)
 
Cost to
Date (b)
 
Expected
Opening Date
 
Initial
Unleveraged
Yield
Outlet Centers:
 
 
 
 
 
 
 
 
 
 
 
 
The Outlet Shoppes at Louisville (d)
 
Simpsonville, KY
 
373,944

 
$
80,472

 
$
13,834

 
August-14
 
10.2%
 
 
 
 
 
 
 
 
 
 
 
 
 
Community Centers:
 
 
 
 
 
 
 
 
 
 
 
 
Fremaux Town Center - Phase I (d)
 
Slidell, LA
 
295,000

 
$
52,396

 
$
36,776

 
Summer-14
 
8.5%
 
 
 
 
 
 
 
 
 
 
 
 
 
Mall Expansions:
 
 
 
 
 
 
 
 
 
 
 
 
Cross Creek Mall - Shops
 
Fayetteville, NC
 
45,620

 
$
15,831

 
$
9,468

 
November-13
 
9.8%
Volusia Mall - Restaurant District
 
Daytona Beach, FL
 
27,500

 
7,114

 
5,783

 
Fall-13
 
10.4%
The Shoppes at Southaven
     Towne Center - Phase II
 
Southaven, MS
 
22,925

 
3,968

 
2,658

 
November-13
 
12.2%
 
 
 
 
96,045

 
$
26,913

 
$
17,909

 
 
 
 
Mall Redevelopments:
 
 
 
 
 
 
 
 
 
 
 
 
Monroeville Mall - JC Penney
    /Cinemark (e)
 
Pittsburgh, PA
 
78,223

 
$
26,178

 
$
20,371

 
October-12/ November-13
 
7.6%
South County - Dick's Sporting Goods
 
St. Louis, MO
 
50,000

 
8,051

 
3,746

 
November-13
 
9.5%
 
 
 
 
128,223

 
$
34,229

 
$
24,117

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Properties Under Development
 
 
 
893,212

 
$
194,010

 
$
92,636

 
 
 
 

(a)
Total Cost is presented net of reimbursements to be received.
(b)
Cost to Date does not reflect reimbursements until they are received.
(c)
This property is a 75/25 joint venture. Total cost and cost to date are reflected at 100%
(d)
This property is a 65/35 joint venture. Total cost and cost to date are reflected at 100%
(e)
JC Penney opened October 2012. Cinemark to open November 2013.


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