Delaware | 1-12494 | 62-1545718 | ||
Delaware | 333-182515-01 | 62-1542285 | ||
(State or Other Jurisdiction of Incorporation or Organization) | (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) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(a) | Financial Statements of Businesses Acquired |
(b) | Pro Forma Financial Information |
(c) | Shell Company Transactions |
(d) | Exhibits |
Exhibit Number | Description | |
99.1 | Earnings Release dated October 29, 2015 and Supplemental Financial and Operating Information - For the Three Months and Nine Months Ended September 30, 2015 | |
99.2 | Investor Conference Call Script - Third Quarter Ended September 30, 2015 |
Page | ||
Reconciliations of Non-GAAP Financial Measures: | ||
• | Same-center sales per square foot increased 4.2% to $371 per square foot for the twelve months ended September 30, 2015 over the prior-year period. |
• | Average gross rent per square foot for stabilized mall leases signed in the third quarter 2015 increased 11.1% over the prior gross rent per square foot. |
• | FFO per diluted share, as adjusted, was $0.56 for the third quarter 2015, compared with $0.55 in the prior-year period. |
• | Same-center NOI for the third quarter was flat in the Total Portfolio compared with the prior-year period. |
• | Total portfolio occupancy was 92.4% as of September 30, 2015 compared with 93.7% as of September 30, 2014. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Funds from Operations ("FFO") per diluted share | $ | 0.56 | $ | 0.63 | $ | 1.70 | $ | 1.91 | ||||||||
FFO, as adjusted, per diluted share (1) | $ | 0.56 | $ | 0.55 | $ | 1.61 | $ | 1.61 | ||||||||
(1) FFO, as adjusted, for the three months ended September 30, 2015 excludes $0.3 million of expense related to a litigation settlement. FFO, as adjusted, for the nine months ended September 30, 2015 excludes a partial litigation settlement, net of related expenses, of $1.3 million, $16.6 million gain on investment related to the sale of marketable securities and a $0.3 million gain on extinguishment of debt. FFO, as adjusted, for the three months ended September 30, 2014 excludes $16.8 million of gain on extinguishment of debt, net of non-cash default interest expense, related to the conveyance of Chapel Hill Mall to the lender. FFO, as adjusted, for the nine months ended September 30, 2014 excludes a partial litigation settlement of $0.8 million and a net gain on extinguishment of debt of $59.4 million primarily related to the foreclosure of Citadel Mall and conveyance of Chapel Hill Mall to the respective lenders. |
1 |
Three Months Ended September 30, 2015 | |
Portfolio same-center NOI | 0.0% |
Mall same-center NOI | (0.8)% |
(1) CBL's definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items of straight line rents and net amortization of acquired above and below market leases. NOI is for real estate properties and excludes the Company's subsidiary that provides maintenance, janitorial and security services. |
• | Same-center revenues increased $2.1 million, offset by a $2.1 million increase in expenses. |
• | Minimum rents increased $0.2 million during the quarter and other rents increased $0.4 million as a result of increases in sponsorship and branding revenue. |
• | Percentage rents increased by $0.7 million due to positive sales growth. |
• | Tenant reimbursement increased by $0.8 million, offset by a $1.8 million variance in real estate tax expense and a $0.4 million increase in maintenance and repair expense. |
As of September 30, | ||||
2015 | 2014 | |||
Portfolio occupancy | 92.4% | 93.7% | ||
Mall portfolio | 91.7% | 93.5% | ||
Same-center stabilized malls | 91.6% | 93.4% | ||
Stabilized malls | 91.6% | 93.3% | ||
Non-stabilized malls (1) | 95.0% | 97.4% | ||
Associated centers | 93.8% | 93.7% | ||
Community centers | 96.6% | 97.6% | ||
(1) Represents occupancy for Fremaux Town Center, The Outlet Shoppes at Atlanta and The Outlet Shoppes of the Bluegrass as of September 30, 2015. Represents The Outlet Shoppes of the Bluegrass, The Outlet Shoppes at Oklahoma City and The Outlet Shoppes at Atlanta as of September 30, 2014. |
2 |
% Change in Average Gross Rent Per Square Foot | ||
Three Months Ended September 30, 2015 | ||
Stabilized Malls | 11.1% | |
New leases | 24.9% | |
Renewal leases | 6.1% |
Twelve Months Ended September 30, | |||||||||
2015 | 2014 | % Change | |||||||
Stabilized mall same-center sales per square foot | $ | 371 | $ | 356 | 4.2% |
3 |
• | $3.0 million to $4.0 million of outparcel sales; |
• | Full-year G&A expense of $57- $59 million (net of litigation expense, which is excluded from adjusted FFO); |
• | No additional unannounced acquisition or disposition activity; |
• | No unannounced capital markets activity; |
• | Year-end portfolio occupancy in the range of 92.7% - 93.2%. |
Low | High | ||||||
Expected diluted earnings per common share | $ | 0.81 | $ | 0.88 | |||
Adjust to fully converted shares from common shares | (0.12 | ) | (0.13 | ) | |||
Expected earnings per diluted, fully converted common share | 0.69 | 0.75 | |||||
Add: depreciation and amortization | 1.58 | 1.58 | |||||
Less: Gain on operating properties, net of taxes | (0.06 | ) | (0.06 | ) | |||
Add: Loss on impairment | 0.01 | 0.01 | |||||
Add: noncontrolling interest in earnings of Operating Partnership | 0.12 | 0.13 | |||||
Expected FFO per diluted, fully converted common share | 2.34 | 2.41 | |||||
Adjustment for gain on investment | (0.08 | ) | (0.08 | ) | |||
Adjustment for litigation settlement, net of related expenses | (0.01 | ) | (0.01 | ) | |||
Expected adjusted FFO per diluted, fully converted common share | $ | 2.25 | $ | 2.32 |
4 |
5 |
6 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 170,422 | $ | 169,097 | $ | 505,931 | $ | 506,005 | |||||||
Percentage rents | 3,869 | 3,060 | 10,418 | 8,490 | |||||||||||
Other rents | 4,156 | 3,813 | 13,748 | 13,708 | |||||||||||
Tenant reimbursements | 72,461 | 71,330 | 214,818 | 214,322 | |||||||||||
Management, development and leasing fees | 2,754 | 3,228 | 8,195 | 9,176 | |||||||||||
Other | 8,974 | 8,186 | 24,278 | 25,189 | |||||||||||
Total revenues | 262,636 | 258,714 | 777,388 | 776,890 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 35,859 | 36,668 | 107,629 | 112,206 | |||||||||||
Depreciation and amortization | 74,045 | 72,488 | 221,550 | 212,180 | |||||||||||
Real estate taxes | 23,579 | 22,202 | 68,913 | 65,638 | |||||||||||
Maintenance and repairs | 12,480 | 12,603 | 39,103 | 41,391 | |||||||||||
General and administrative | 12,995 | 9,474 | 46,440 | 35,583 | |||||||||||
Loss on impairment | 884 | 497 | 3,665 | 17,753 | |||||||||||
Other | 8,787 | 7,396 | 21,191 | 21,331 | |||||||||||
Total operating expenses | 168,629 | 161,328 | 508,491 | 506,082 | |||||||||||
Income from operations | 94,007 | 97,386 | 268,897 | 270,808 | |||||||||||
Interest and other income | 579 | 463 | 6,242 | 3,535 | |||||||||||
Interest expense | (56,451 | ) | (60,214 | ) | (174,362 | ) | (179,997 | ) | |||||||
Gain on extinguishment of debt | — | 18,282 | 256 | 60,942 | |||||||||||
Gain on investment | — | — | 16,560 | — | |||||||||||
Equity in earnings of unconsolidated affiliates | 3,508 | 3,936 | 12,212 | 11,038 | |||||||||||
Income tax provision | (448 | ) | (3,083 | ) | (2,004 | ) | (4,266 | ) | |||||||
Income from continuing operations before gain on sales of real estate assets | 41,195 | 56,770 | 127,801 | 162,060 | |||||||||||
Gain on sales of real estate assets | 3,237 | 434 | 18,167 | 3,513 | |||||||||||
Income from continuing operations | 44,432 | 57,204 | 145,968 | 165,573 | |||||||||||
Operating income (loss) of discontinued operations | — | 78 | — | (480 | ) | ||||||||||
Gain on discontinued operations | — | (2 | ) | — | 88 | ||||||||||
Net income | 44,432 | 57,280 | 145,968 | 165,181 | |||||||||||
Net income attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | (4,665 | ) | (6,576 | ) | (15,783 | ) | (18,847 | ) | |||||||
Other consolidated subsidiaries | (2,198 | ) | (1,362 | ) | (4,557 | ) | (3,740 | ) | |||||||
Net income attributable to the Company | 37,569 | 49,342 | 125,628 | 142,594 | |||||||||||
Preferred dividends | (11,223 | ) | (11,223 | ) | (33,669 | ) | (33,669 | ) | |||||||
Net income attributable to common shareholders | $ | 26,346 | $ | 38,119 | $ | 91,959 | $ | 108,925 | |||||||
Basic per share data attributable to common shareholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.15 | $ | 0.22 | $ | 0.54 | $ | 0.64 | |||||||
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
Net income attributable to common shareholders | $ | 0.15 | $ | 0.22 | $ | 0.54 | $ | 0.64 | |||||||
Weighted-average common shares outstanding | 170,494 | 170,262 | 170,470 | 170,242 | |||||||||||
Diluted per share data attributable to common shareholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.15 | $ | 0.22 | $ | 0.54 | $ | 0.64 | |||||||
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
Net income attributable to common shareholders | $ | 0.15 | $ | 0.22 | $ | 0.54 | $ | 0.64 | |||||||
Weighted-average common and potential dilutive common shares outstanding | 170,494 | 170,262 | 170,500 | 170,242 | |||||||||||
Amounts attributable to common shareholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 26,346 | $ | 38,054 | $ | 91,959 | $ | 109,259 | |||||||
Discontinued operations | — | 65 | — | (334 | ) | ||||||||||
Net income attributable to common shareholders | $ | 26,346 | $ | 38,119 | $ | 91,959 | $ | 108,925 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income attributable to common shareholders | $ | 26,346 | $ | 38,119 | $ | 91,959 | $ | 108,925 | |||||||
Noncontrolling interest in income of Operating Partnership | 4,665 | 6,576 | 15,783 | 18,847 | |||||||||||
Depreciation and amortization expense of: | |||||||||||||||
Consolidated properties | 74,045 | 72,488 | 221,550 | 212,180 | |||||||||||
Unconsolidated affiliates | 10,734 | 10,537 | 31,354 | 30,654 | |||||||||||
Non-real estate assets | (711 | ) | (628 | ) | (2,284 | ) | (1,825 | ) | |||||||
Noncontrolling interests' share of depreciation and amortization | (2,154 | ) | (1,729 | ) | (6,936 | ) | (4,831 | ) | |||||||
Loss on impairment | 884 | 497 | 3,665 | 18,434 | |||||||||||
Gain on depreciable property, net of taxes | (2,849 | ) | (3 | ) | (15,045 | ) | (937 | ) | |||||||
Gain on discontinued operations, net of taxes | — | 1 | — | (86 | ) | ||||||||||
FFO allocable to Operating Partnership common unitholders | 110,960 | 125,858 | 340,046 | 381,361 | |||||||||||
Litigation settlements, net of related expenses (1) | 325 | — | (1,329 | ) | (800 | ) | |||||||||
Gain on investment | — | — | (16,560 | ) | — | ||||||||||
Non cash default interest expense | — | 1,514 | — | 1,514 | |||||||||||
Gain on extinguishment of debt | — | (18,282 | ) | (256 | ) | (60,942 | ) | ||||||||
FFO allocable to Operating Partnership common unitholders, as adjusted | $ | 111,285 | $ | 109,090 | $ | 321,901 | $ | 321,133 | |||||||
FFO per diluted share | $ | 0.56 | $ | 0.63 | $ | 1.70 | $ | 1.91 | |||||||
FFO, as adjusted, per diluted share | $ | 0.56 | $ | 0.55 | $ | 1.61 | $ | 1.61 | |||||||
Weighted average common and potential dilutive common shares outstanding with Operating Partnership units fully converted | 199,751 | 199,631 | 199,758 | 199,699 | |||||||||||
Reconciliation of FFO allocable to Operating Partnership common unitholders to FFO allocable to common shareholders: | |||||||||||||||
FFO allocable to Operating Partnership common unitholders | $ | 110,960 | $ | 125,858 | $ | 340,046 | $ | 381,361 | |||||||
Percentage allocable to common shareholders (2) | 85.35 | % | 85.29 | % | 85.35 | % | 85.25 | % | |||||||
FFO allocable to common shareholders | $ | 94,704 | $ | 107,344 | $ | 290,229 | $ | 325,110 | |||||||
FFO allocable to Operating Partnership common unitholders, as adjusted | $ | 111,285 | $ | 109,090 | $ | 321,901 | $ | 321,133 | |||||||
Percentage allocable to common shareholders (2) | 85.35 | % | 85.29 | % | 85.35 | % | 85.25 | % | |||||||
FFO allocable to common shareholders, as adjusted | $ | 94,982 | $ | 93,043 | $ | 274,743 | $ | 273,766 | |||||||
(1) Litigation settlement is included in Interest and Other Income in the Consolidated Statements of Operations. Litigation expense, including settlements paid, is included in General and Administrative expense in the Consolidated Statements of Operations. | |||||||||||||||
(2) 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 12. | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
SUPPLEMENTAL FFO INFORMATION: | |||||||||||||||
Lease termination fees | $ | 1,346 | $ | 1,044 | $ | 4,383 | $ | 2,395 | |||||||
Lease termination fees per share | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.01 | |||||||
Straight-line rental income | $ | 1,412 | $ | 1,201 | $ | 2,975 | $ | 2,484 | |||||||
Straight-line rental income per share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||
Gains on outparcel sales | $ | 627 | $ | 316 | $ | 3,150 | $ | 2,461 | |||||||
Gains on outparcel sales per share | $ | — | $ | — | $ | 0.02 | $ | 0.01 | |||||||
Net amortization of acquired above- and below-market leases | $ | 1,043 | $ | 139 | $ | 1,881 | $ | 544 | |||||||
Net amortization of acquired above- and below-market leases per share | $ | 0.01 | $ | — | $ | 0.01 | $ | — | |||||||
Net amortization of debt premiums and discounts | $ | 404 | $ | 545 | $ | 1,437 | $ | 1,625 | |||||||
Net amortization of debt premiums and discounts per share | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||
Income tax provision | $ | (448 | ) | $ | (3,083 | ) | $ | (2,004 | ) | $ | (4,266 | ) | |||
Income tax provision per share | $ | — | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||
Gain on extinguishment of debt | $ | — | $ | 18,282 | $ | 256 | $ | 60,942 | |||||||
Gain on extinguishment of debt per share | $ | — | $ | 0.09 | $ | — | $ | 0.31 | |||||||
Gain on investment | $ | — | $ | — | $ | 16,560 | $ | — | |||||||
Gain on investment per share | $ | — | $ | — | $ | 0.08 | $ | — | |||||||
Abandoned projects expense | $ | 2,058 | $ | 47 | $ | 2,183 | $ | 81 | |||||||
Abandoned projects expense per share | $ | 0.01 | $ | — | $ | 0.01 | $ | — | |||||||
Interest capitalized | $ | 909 | $ | 1,672 | $ | 3,141 | $ | 4,538 | |||||||
Interest capitalized per share | $ | — | $ | 0.01 | $ | 0.02 | $ | 0.02 | |||||||
Litigation settlements income | $ | — | $ | — | $ | 4,875 | $ | 800 | |||||||
Litigation settlements income per share | $ | — | $ | — | $ | 0.02 | $ | — | |||||||
Litigation settlements expenses | $ | (325 | ) | $ | — | $ | (3,546 | ) | $ | — | |||||
Litigation settlements expenses per share | $ | — | $ | — | $ | (0.02 | ) | $ | — |
As of September 30, | |||||||
2015 | 2014 | ||||||
Straight-line rent receivable | $ | 66,334 | $ | 64,123 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income | $ | 44,432 | $ | 57,280 | $ | 145,968 | $ | 165,181 | |||||||
Adjustments: | |||||||||||||||
Depreciation and amortization | 74,045 | 72,488 | 221,550 | 212,180 | |||||||||||
Depreciation and amortization from unconsolidated affiliates | 10,734 | 10,537 | 31,354 | 30,654 | |||||||||||
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | (2,154 | ) | (1,729 | ) | (6,936 | ) | (4,831 | ) | |||||||
Interest expense | 56,451 | 60,214 | 174,362 | 179,997 | |||||||||||
Interest expense from unconsolidated affiliates | 9,601 | 9,719 | 28,873 | 28,872 | |||||||||||
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | (1,693 | ) | (1,375 | ) | (5,090 | ) | (3,993 | ) | |||||||
Abandoned projects expense | 2,058 | 47 | 2,183 | 81 | |||||||||||
Gain on sales of real estate assets | (3,237 | ) | (434 | ) | (18,167 | ) | (3,513 | ) | |||||||
Gain on sales of real estate assets of unconsolidated affiliates | (566 | ) | (698 | ) | (1,730 | ) | (698 | ) | |||||||
Gain on investment | — | — | (16,560 | ) | — | ||||||||||
Gain on extinguishment of debt | — | (18,282 | ) | (256 | ) | (60,942 | ) | ||||||||
Loss on impairment | 884 | 497 | 3,665 | 17,753 | |||||||||||
Loss on impairment from discontinued operations | — | — | — | 681 | |||||||||||
Income tax provision | 448 | 3,083 | 2,004 | 4,266 | |||||||||||
Lease termination fees | (1,346 | ) | (1,044 | ) | (4,383 | ) | (2,395 | ) | |||||||
Straight-line rent and above- and below-market lease amortization | (2,455 | ) | (1,340 | ) | (4,856 | ) | (3,028 | ) | |||||||
Net income attributable to noncontrolling interests in other consolidated subsidiaries | (2,198 | ) | (1,362 | ) | (4,557 | ) | (3,740 | ) | |||||||
Gain on discontinued operations | — | 2 | — | (88 | ) | ||||||||||
General and administrative expenses | 12,995 | 9,474 | 46,440 | 35,583 | |||||||||||
Management fees and non-property level revenues | (5,877 | ) | (5,328 | ) | (22,914 | ) | (20,249 | ) | |||||||
Operating Partnership's share of property NOI | 192,122 | 191,749 | 570,950 | 571,771 | |||||||||||
Non-comparable NOI | (13,834 | ) | (13,486 | ) | (36,960 | ) | (39,236 | ) | |||||||
Total same-center NOI (1) | $ | 178,288 | $ | 178,263 | $ | 533,990 | $ | 532,535 | |||||||
Total same-center NOI percentage change | 0.0 | % | 0.3 | % | |||||||||||
Malls | $ | 162,089 | $ | 163,348 | $ | 486,483 | $ | 488,066 | |||||||
Associated centers | 8,110 | 7,540 | 24,021 | 22,498 | |||||||||||
Community centers | 5,822 | 5,426 | 16,963 | 15,940 | |||||||||||
Offices and other | 2,267 | 1,949 | 6,523 | 6,031 | |||||||||||
Total same-center NOI (1) | $ | 178,288 | $ | 178,263 | $ | 533,990 | $ | 532,535 | |||||||
Percentage Change: | |||||||||||||||
Malls | (0.8 | )% | (0.3 | )% | |||||||||||
Associated centers | 7.6 | % | 6.8 | % | |||||||||||
Community centers | 7.3 | % | 6.4 | % | |||||||||||
Offices and other | 16.3 | % | 8.2 | % | |||||||||||
Total same-center NOI (1) | 0.0 | % | 0.3 | % |
(1) | CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). Same-center NOI excludes lease termination income, straight-line rent adjustments, and amortization of above and below market lease intangibles. Same-center NOI is for real estate properties and does not include the results of operations of the Company's subsidiary that provides janitorial, security and maintenance services. We include a property in our same-center pool when we own all or a portion of the property as of September 30, 2015, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending September 30, 2015. New properties are excluded from same-center NOI, until they meet this criteria. The only properties excluded from the same-center pool that would otherwise meet this criteria are properties which are under major redevelopment, being considered for repositioning or where we intend to renegotiate the terms of the debt secured by the related property. |
As of September 30, 2015 | |||||||||||
Fixed Rate | Variable Rate | Total | |||||||||
Consolidated debt | $ | 3,502,337 | $ | 1,319,138 | $ | 4,821,475 | |||||
Noncontrolling interests' share of consolidated debt | (112,554 | ) | (7,007 | ) | (119,561 | ) | |||||
Company's share of unconsolidated affiliates' debt | 665,912 | 118,033 | 783,945 | ||||||||
Company's share of consolidated and unconsolidated debt | $ | 4,055,695 | $ | 1,430,164 | $ | 5,485,859 | |||||
Weighted average interest rate | 5.48 | % | 1.70 | % | 4.49 | % | |||||
As of September 30, 2014 | |||||||||||
Fixed Rate | Variable Rate | Total | |||||||||
Consolidated debt | $ | 3,788,890 | $ | 922,531 | $ | 4,711,421 | |||||
Noncontrolling interests' share of consolidated debt | (89,065 | ) | (7,109 | ) | (96,174 | ) | |||||
Company's share of unconsolidated affiliates' debt | 673,412 | 89,220 | 762,632 | ||||||||
Company's share of consolidated and unconsolidated debt | $ | 4,373,237 | $ | 1,004,642 | $ | 5,377,879 | |||||
Weighted average interest rate | 5.44 | % | 1.74 | % | 4.74 | % |
Shares Outstanding | Stock Price (1) | Value | ||||||||
Common stock and operating partnership units | 199,751 | $ | 13.75 | $ | 2,746,576 | |||||
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 | 3,372,826 | |||||||||
Company's share of total debt | 5,485,859 | |||||||||
Total market capitalization | $ | 8,858,685 | ||||||||
Debt-to-total-market capitalization ratio | 61.9 | % |
(1) | Stock price for common stock and Operating Partnership units equals the closing price of the common stock on September 30, 2015. The stock prices for the preferred stocks represent the liquidation preference of each respective series. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2015: | Basic | Diluted | Basic | Diluted | ||||||||
Weighted average shares - EPS | 170,494 | 170,494 | 170,470 | 170,500 | ||||||||
Weighted average Operating Partnership units | 29,257 | 29,257 | 29,258 | 29,258 | ||||||||
Weighted average shares- FFO | 199,751 | 199,751 | 199,728 | 199,758 | ||||||||
2014: | ||||||||||||
Weighted average shares - EPS | 170,262 | 170,262 | 170,242 | 170,242 | ||||||||
Weighted average Operating Partnership units | 29,369 | 29,369 | 29,457 | 29,457 | ||||||||
Weighted average shares- FFO | 199,631 | 199,631 | 199,699 | 199,699 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Weighted average cash dividend per share | $ | 0.27279 | $ | 0.25313 | $ | 0.81837 | $ | 0.75938 | ||||||||
FFO as adjusted, per diluted fully converted share | $ | 0.56 | $ | 0.55 | $ | 1.61 | $ | 1.61 | ||||||||
Dividend payout ratio | 48.7 | % | 46.0 | % | 50.8 | % | 47.2 | % |
Consolidated Balance Sheets (Unaudited; in thousands, except share data) | |||||||
As of | |||||||
September 30, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Real estate assets: | |||||||
Land | $ | 905,628 | $ | 847,829 | |||
Buildings and improvements | 7,410,063 | 7,221,387 | |||||
8,315,691 | 8,069,216 | ||||||
Accumulated depreciation | (2,395,124 | ) | (2,240,007 | ) | |||
5,920,567 | 5,829,209 | ||||||
Developments in progress | 123,233 | 117,966 | |||||
Net investment in real estate assets | 6,043,800 | 5,947,175 | |||||
Cash and cash equivalents | 32,437 | 37,938 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $1,884 and $2,368 in 2015 and 2014, respectively | 87,797 | 81,338 | |||||
Other, net of allowance for doubtful accounts of $1,219 and $1,285 in 2015 and 2014, respectively | 21,232 | 22,577 | |||||
Mortgage and other notes receivable | 18,347 | 19,811 | |||||
Investments in unconsolidated affiliates | 277,374 | 281,449 | |||||
Intangible lease assets and other assets | 214,748 | 226,011 | |||||
$ | 6,695,735 | $ | 6,616,299 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness | $ | 4,821,475 | $ | 4,700,460 | |||
Accounts payable and accrued liabilities | 355,215 | 328,352 | |||||
Total liabilities | 5,176,690 | 5,028,812 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling partnership interests | 28,315 | 37,559 | |||||
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, 170,493,734 and 170,260,273 issued and outstanding in 2015 and 2014, respectively | 1,705 | 1,703 | |||||
Additional paid-in capital | 1,968,947 | 1,958,198 | |||||
Accumulated other comprehensive income | 1,494 | 13,411 | |||||
Dividends in excess of cumulative earnings | (610,368 | ) | (566,785 | ) | |||
Total shareholders' equity | 1,361,803 | 1,406,552 | |||||
Noncontrolling interests | 128,927 | 143,376 | |||||
Total equity | 1,490,730 | 1,549,928 | |||||
$ | 6,695,735 | $ | 6,616,299 |
As of | |||||||
September 30, 2015 | December 31, 2014 | ||||||
ASSETS: | |||||||
Investment in real estate assets | $ | 2,300,650 | $ | 2,266,252 | |||
Accumulated depreciation | (660,584 | ) | (619,558 | ) | |||
1,640,066 | 1,646,694 | ||||||
Developments in progress | 86,038 | 75,877 | |||||
Net investment in real estate assets | 1,726,104 | 1,722,571 | |||||
Other assets | 170,984 | 170,554 | |||||
Total assets | $ | 1,897,088 | $ | 1,893,125 | |||
LIABILITIES: | |||||||
Mortgage and other indebtedness | $ | 1,539,440 | $ | 1,512,826 | |||
Other liabilities | 43,146 | 42,517 | |||||
Total liabilities | 1,582,586 | 1,555,343 | |||||
OWNERS' EQUITY: | |||||||
The Company | 182,249 | 198,261 | |||||
Other investors | 132,253 | 139,521 | |||||
Total owners' equity | 314,502 | 337,782 | |||||
Total liabilities and owners’ equity | $ | 1,897,088 | $ | 1,893,125 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Total revenues | $ | 62,098 | $ | 61,781 | $ | 187,681 | $ | 185,002 | |||||||
Depreciation and amortization | (20,313 | ) | (19,776 | ) | (59,435 | ) | (57,793 | ) | |||||||
Operating expenses | (18,918 | ) | (17,788 | ) | (55,692 | ) | (53,457 | ) | |||||||
Income from operations | 22,867 | 24,217 | 72,554 | 73,752 | |||||||||||
Interest income | 331 | 336 | 998 | 1,015 | |||||||||||
Interest expense | (18,616 | ) | (18,861 | ) | (55,999 | ) | (56,165 | ) | |||||||
Gain on sales of real estate assets | 710 | 1,119 | 2,144 | 1,119 | |||||||||||
Net income | $ | 5,292 | $ | 6,811 | $ | 19,697 | $ | 19,721 |
Company's Share for the Three Months Ended September 30, | Company's Share for the Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Total revenues | $ | 32,660 | $ | 32,371 | $ | 98,453 | $ | 96,389 | |||||||
Depreciation and amortization | (10,734 | ) | (10,537 | ) | (31,354 | ) | (30,654 | ) | |||||||
Operating expenses | (9,638 | ) | (9,134 | ) | (28,511 | ) | (27,298 | ) | |||||||
Income from operations | 12,288 | 12,700 | 38,588 | 38,437 | |||||||||||
Interest income | 255 | 257 | 767 | 775 | |||||||||||
Interest expense | (9,601 | ) | (9,719 | ) | (28,873 | ) | (28,872 | ) | |||||||
Gain on sales of real estate assets | 566 | 698 | 1,730 | 698 | |||||||||||
Net income | $ | 3,508 | $ | 3,936 | $ | 12,212 | $ | 11,038 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
EBITDA: | |||||||||||||||
Net income | $ | 44,432 | $ | 57,280 | $ | 145,968 | $ | 165,181 | |||||||
Adjustments: | |||||||||||||||
Depreciation and amortization | 74,045 | 72,488 | 221,550 | 212,180 | |||||||||||
Depreciation and amortization from unconsolidated affiliates | 10,734 | 10,537 | 31,354 | 30,654 | |||||||||||
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | (2,154 | ) | (1,729 | ) | (6,936 | ) | (4,831 | ) | |||||||
Interest expense | 56,451 | 60,214 | 174,362 | 179,997 | |||||||||||
Interest expense from unconsolidated affiliates | 9,601 | 9,719 | 28,873 | 28,872 | |||||||||||
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | (1,693 | ) | (1,375 | ) | (5,090 | ) | (3,993 | ) | |||||||
Income and other taxes | 666 | 3,394 | 3,216 | 5,897 | |||||||||||
Gain on investment | — | — | (16,560 | ) | — | ||||||||||
Gain on extinguishment of debt | — | (18,282 | ) | (256 | ) | (60,942 | ) | ||||||||
Loss on impairment | 884 | 497 | 3,665 | 17,753 | |||||||||||
Loss on impairment from discontinued operations | — | — | — | 681 | |||||||||||
Abandoned projects | 2,058 | 47 | 2,183 | 81 | |||||||||||
Net income attributable to noncontrolling interests in earnings of other consolidated subsidiaries | (2,198 | ) | (1,362 | ) | (4,557 | ) | (3,740 | ) | |||||||
Gain on depreciable property | (2,783 | ) | (3 | ) | (16,253 | ) | (937 | ) | |||||||
Gain on discontinued operations | — | 2 | — | (88 | ) | ||||||||||
Company's share of total EBITDA | $ | 190,043 | $ | 191,427 | $ | 561,519 | $ | 566,765 | |||||||
Interest Expense: | |||||||||||||||
Interest expense | $ | 56,451 | $ | 60,214 | $ | 174,362 | $ | 179,997 | |||||||
Interest expense from unconsolidated affiliates | 9,601 | 9,719 | 28,873 | 28,872 | |||||||||||
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | (1,693 | ) | (1,375 | ) | (5,090 | ) | (3,993 | ) | |||||||
Company's share of total interest expense | $ | 64,359 | $ | 68,558 | $ | 198,145 | $ | 204,876 | |||||||
Ratio of EBITDA to Interest Expense | 2.95 | 2.79 | 2.83 | 2.77 |
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities (In thousands) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Company's share of total EBITDA | $ | 190,043 | $ | 191,427 | $ | 561,519 | $ | 566,765 | |||||||
Interest expense | (56,451 | ) | (60,214 | ) | (174,362 | ) | (179,997 | ) | |||||||
Noncontrolling interests' share of interest expense in other consolidated subsidiaries | 1,693 | 1,375 | 5,090 | 3,993 | |||||||||||
Income and other taxes | (666 | ) | (3,394 | ) | (3,216 | ) | (5,897 | ) | |||||||
Net amortization of deferred financing costs and debt premiums and discounts | 1,120 | 1,200 | 3,745 | 4,557 | |||||||||||
Net amortization of intangible lease assets and liabilities | (646 | ) | 268 | (613 | ) | 535 | |||||||||
Depreciation and interest expense from unconsolidated affiliates | (20,335 | ) | (20,256 | ) | (60,227 | ) | (59,526 | ) | |||||||
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | 2,154 | 1,729 | 6,936 | 4,831 | |||||||||||
Noncontrolling interests in earnings of other consolidated subsidiaries | 2,198 | 1,362 | 4,557 | 3,740 | |||||||||||
Gains on outparcel sales | (454 | ) | (431 | ) | (1,914 | ) | (2,576 | ) | |||||||
Equity in earnings of unconsolidated affiliates | (3,508 | ) | (3,936 | ) | (12,212 | ) | (11,038 | ) | |||||||
Distributions of earnings from unconsolidated affiliates | 5,917 | 5,598 | 15,697 | 14,563 | |||||||||||
Share-based compensation expense | 917 | 713 | 4,323 | 3,318 | |||||||||||
Provision for doubtful accounts | (275 | ) | 772 | 1,663 | 2,684 | ||||||||||
Change in deferred tax assets | (212 | ) | 925 | (59 | ) | 1,241 | |||||||||
Changes in operating assets and liabilities | 18,994 | 6,080 | 8,955 | (17,859 | ) | ||||||||||
Cash flows provided by operating activities | $ | 140,489 | $ | 123,218 | $ | 359,882 | $ | 329,334 |
Property | Location | Original Maturity Date | Optional Extended Maturity Date | Interest Rate | Balance | Balance | |||||||||
Fixed | Variable | ||||||||||||||
Operating Properties: | |||||||||||||||
Hickory Point Mall | Forsyth, IL | Dec-15 | 5.85% | $ | 27,811 | $ | 27,811 | $ | — | ||||||
CoolSprings Crossing | Nashville, TN | Apr-16 | 4.54% | 11,571 | (1) | 11,571 | — | ||||||||
Gunbarrel Pointe | Chattanooga, TN | Apr-16 | 4.64% | 10,311 | (2) | 10,311 | — | ||||||||
Stroud Mall | Stroudsburg, PA | Apr-16 | 4.59% | 30,963 | (3) | 30,963 | — | ||||||||
York Galleria | York, PA | Apr-16 | 4.55% | 49,438 | (4) | 49,438 | — | ||||||||
Statesboro Crossing | Statesboro, GA | Jun-16 | Jun-18 | 1.99% | 11,118 | — | 11,118 | ||||||||
Greenbrier Mall | Chesapeake, VA | Aug-16 | 5.91% | 72,615 | 72,615 | — | |||||||||
Hamilton Place | Chattanooga, TN | Aug-16 | 5.86% | 99,837 | 99,837 | — | |||||||||
Midland Mall | Midland, MI | Aug-16 | 6.10% | 32,613 | 32,613 | — | |||||||||
Chesterfield Mall | Chesterfield, MO | Sep-16 | 5.74% | 140,000 | 140,000 | — | |||||||||
Dakota Square Mall | Minot, ND | Nov-16 | 6.23% | 55,967 | 55,967 | — | |||||||||
Southaven Towne Center | Southaven, MS | Jan-17 | 5.50% | 39,310 | 39,310 | — | |||||||||
Cary Towne Center | Cary, NC | Mar-17 | 8.50% | 49,289 | 49,289 | — | |||||||||
Acadiana Mall | Lafayette, LA | Apr-17 | 5.67% | 129,810 | 129,810 | — | |||||||||
Hamilton Corner | Chattanooga, TN | Apr-17 | 5.67% | 14,709 | 14,709 | — | |||||||||
Layton Hills Mall | Layton, UT | Apr-17 | 5.66% | 92,768 | 92,768 | — | |||||||||
The Plaza at Fayette Mall | Lexington, KY | Apr-17 | 5.67% | 38,322 | 38,322 | — | |||||||||
The Shoppes at St. Clair Square | Fairview Heights, IL | Apr-17 | 5.67% | 19,422 | 19,422 | — | |||||||||
The Outlet Shoppes at El Paso | El Paso, TX | Dec-17 | 7.06% | 63,728 | 63,728 | — | |||||||||
Kirkwood Mall | Bismarck, ND | Apr-18 | 5.75% | 38,787 | 38,787 | — | |||||||||
The Outlet Shoppes at El Paso - Phase II | El Paso, TX | Apr-18 | 2.96% | 6,910 | — | 6,910 | |||||||||
Hanes Mall | Winston-Salem, NC | Oct-18 | 6.99% | 149,677 | 149,677 | — | |||||||||
The Outlet Shoppes at Oklahoma City - Phase II | Oklahoma City, OK | Apr-19 | Apr-21 | 2.95% | 5,792 | — | 5,792 | ||||||||
The Outlet Shoppes at Oklahoma City - Phase III | Oklahoma City, OK | Apr-19 | Apr-21 | 2.95% | 2,894 | — | 2,894 | ||||||||
Honey Creek Mall | Terre Haute, IN | Jul-19 | 8.00% | 28,166 | 28,166 | — | |||||||||
Volusia Mall | Daytona Beach, FL | Jul-19 | 8.00% | 48,452 | 48,452 | — | |||||||||
The Outlet Shoppes at Atlanta - Parcel Development | Woodstock, GA | Dec-19 | 2.70% | 1,784 | — | 1,784 | |||||||||
The Terrace | Chattanooga, TN | Jun-20 | 7.25% | 13,459 | 13,459 | — | |||||||||
Burnsville Center | Burnsville, MN | Jul-20 | 6.00% | 74,320 | 74,320 | — | |||||||||
Parkway Place | Huntsville, AL | Jul-20 | 6.50% | 37,880 | 37,880 | — | |||||||||
Valley View Mall | Roanoke, VA | Jul-20 | 6.50% | 58,625 | 58,625 | — | |||||||||
Parkdale Mall & Crossing | Beaumont, TX | Mar-21 | 5.85% | 86,358 | 86,358 | — | |||||||||
EastGate Mall | Cincinnati, OH | Apr-21 | 5.83% | 38,865 | 38,865 | — | |||||||||
Hamilton Crossing & Expansion | Chattanooga, TN | Apr-21 | 5.99% | 9,678 | 9,678 | — | |||||||||
Park Plaza Mall | Little Rock, AR | Apr-21 | 5.28% | 89,864 | 89,864 | — | |||||||||
Wausau Center | Wausau, WI | Apr-21 | 5.85% | 18,037 | 18,037 | — | |||||||||
Fayette Mall | Lexington, KY | May-21 | 5.42% | 167,948 | 167,948 | — | |||||||||
Alamance Crossing - East | Burlington, NC | Jul-21 | 5.83% | 48,117 | 48,117 | — | |||||||||
Asheville Mall | Asheville, NC | Sep-21 | 5.80% | 72,032 | 72,032 | — | |||||||||
Cross Creek Mall | Fayetteville, NC | Jan-22 | 4.54% | 127,976 | 127,976 | — | |||||||||
The Outlet Shoppes at Oklahoma City | Oklahoma City, OK | Jan-22 | 5.73% | 55,593 | 55,593 | — | |||||||||
Northwoods Mall | North Charleston, SC | Apr-22 | 5.08% | 69,333 | 69,333 | — | |||||||||
Arbor Place | Atlanta (Douglasville), GA | May-22 | 5.10% | 116,071 | 116,071 | — | |||||||||
CBL Center | Chattanooga, TN | Jun-22 | 5.00% | 20,061 | 20,061 | — |
Property | Location | Original Maturity Date | Optional Extended Maturity Date | Interest Rate | Balance | Balance | |||||||||
Fixed | Variable | ||||||||||||||
Fashion Square | Saginaw, MI | Jun-22 | 4.95% | 39,000 | 39,000 | — | |||||||||
Jefferson Mall | Louisville, KY | Jun-22 | 4.75% | 67,589 | 67,589 | — | |||||||||
Southpark Mall | Colonial Heights, VA | Jun-22 | 4.85% | 63,670 | 63,670 | — | |||||||||
WestGate Mall | Spartanburg, SC | Jul-22 | 4.99% | 37,237 | 37,237 | — | |||||||||
The Outlet Shoppes at Atlanta | Woodstock, GA | Nov-23 | 4.90% | 77,751 | 77,751 | — | |||||||||
The Outlet Shoppes of the Bluegrass | Simpsonville, KY | Dec-24 | 4.05% | 76,490 | 76,490 | — | |||||||||
The Outlet Shoppes at Gettysburg | Gettysburg, PA | Oct-25 | 4.80% | 38,450 | 38,450 | — | |||||||||
SUBTOTAL | 2,776,468 | 2,747,970 | 28,498 | ||||||||||||
Weighted-average interest rate | 5.65 | % | 5.68 | % | 2.56 | % | |||||||||
Debt Premiums (Discounts): (5) | |||||||||||||||
Chesterfield Mall | Chesterfield, MO | Sep-16 | 5.96% | (269 | ) | (269 | ) | — | |||||||
Dakota Square Mall | Minot, ND | Nov-16 | 5.03% | 836 | 836 | — | |||||||||
The Outlet Shoppes at El Paso | El Paso, TX | Dec-17 | 4.75% | 3,098 | 3,098 | — | |||||||||
Kirkwood Mall | Bismarck, ND | Apr-18 | 4.25% | 1,509 | 1,509 | — | |||||||||
SUBTOTAL | 5,174 | 5,174 | — | ||||||||||||
Weighted-average interest rate | 4.59 | % | 4.59 | % | |||||||||||
Total Loans On Operating Properties And Debt Premiums (Discounts) | 2,781,642 | 2,753,144 | 28,498 | ||||||||||||
Weighted-average interest rate | 5.65 | % | 5.68 | % | 2.56 | % | |||||||||
Construction Loans: | |||||||||||||||
The Outlet Shoppes at Atlanta - Phase II | Woodstock, GA | Dec-19 | 2.70% | 2,841 | — | 2,841 | |||||||||
The Outlet Shoppes of the Bluegrass - Phase II | Simpsonville, KY | Jul-20 | 2.69% | 5,701 | — | 5,701 | |||||||||
SUBTOTAL | 8,542 | — | 8,542 | ||||||||||||
Operating Partnership Debt: | |||||||||||||||
Unsecured credit facilities: | |||||||||||||||
$600,000 capacity | Nov-15 | Nov-16 | 1.60% | 221,230 | — | 221,230 | |||||||||
$100,000 capacity | Feb-16 | 1.59% | 26,200 | — | 26,200 | ||||||||||
$600,000 capacity | Nov-16 | Nov-17 | 1.60% | 584,668 | — | 584,668 | |||||||||
SUBTOTAL | 832,098 | — | 832,098 | ||||||||||||
Unsecured term loans: | |||||||||||||||
$50,000 Term Loan | Feb-18 | 1.74% | 50,000 | — | 50,000 | ||||||||||
$400,000 Term Loan | Jul-18 | 1.69% | 400,000 | — | 400,000 | ||||||||||
SUBTOTAL | 450,000 | — | 450,000 | ||||||||||||
Senior unsecured notes: | |||||||||||||||
Senior unsecured 5.25% notes | Dec-23 | 5.25% | 450,000 | 450,000 | — | ||||||||||
Senior unsecured 5.25% notes (discount) | Dec-23 | 5.25% | (3,946 | ) | (3,946 | ) | — | ||||||||
Senior unsecured 4.60% notes | Oct-24 | 4.60% | 300,000 | 300,000 | — | ||||||||||
Senior unsecured 4.60% notes (discount) | Oct-24 | 4.60% | (69 | ) | (69 | ) | — | ||||||||
SUBTOTAL | 745,985 | 745,985 | — | ||||||||||||
Other: | |||||||||||||||
Other subsidiary term loan | May-17 | 3.50% | 3,208 | 3,208 | — | ||||||||||
Total Consolidated Debt | $ | 4,821,475 | $ | 3,502,337 | $ | 1,319,138 | |||||||||
Weighted-average interest rate | 4.47 | % | 5.53 | % | 1.66 | % | |||||||||
Plus CBL's Share Of Unconsolidated Affiliates' Debt: | |||||||||||||||
Hammock Landing - Phase I | West Melbourne, FL | Nov-15 | Nov-17 | 2.20% | $ | 19,833 | $ | — | $ | 19,833 | |||||
Hammock Landing - Phase II | West Melbourne, FL | Nov-15 | Nov-17 | 2.20% | 8,700 | — | 8,700 | ||||||||
The Pavilion at Port Orange | Port Orange, FL | Nov-15 | Nov-17 | 2.20% | 29,554 | — | 29,554 |
Property | Location | Original Maturity Date | Optional Extended Maturity Date | Interest Rate | Balance | Balance | |||||||||
Fixed | Variable | ||||||||||||||
Oak Park Mall | Overland Park, KS | Dec-15 | 5.85% | 137,850 | 137,850 | — | |||||||||
Triangle Town Center | Raleigh, NC | Dec-15 | 5.74% | 85,923 | 85,923 | — | |||||||||
Renaissance Center - Phase I | Durham, NC | Jul-16 | 5.61% | 15,937 | 15,937 | — | |||||||||
Fremaux Town Center - Phase I | Slidell, LA | Aug-16 | Aug-18 | 2.21% | 26,345 | — | 26,345 | ||||||||
Fremaux Town Center - Phase II | Slidell, LA | Aug-16 | Aug-18 | 2.21% | 13,198 | — | 13,198 | ||||||||
Governor's Square Mall | Clarksville, TN | Sep-16 | 8.23% | 7,661 | 7,661 | — | |||||||||
Kentucky Oaks Mall | Paducah, KY | Jan-17 | 5.27% | 10,457 | 10,457 | — | |||||||||
The Shops at Friendly Center | Greensboro, NC | Jan-17 | 5.90% | 19,410 | 19,410 | — | |||||||||
High Pointe Commons | Harrisburg, PA | May-17 | 5.74% | 6,402 | 6,402 | — | |||||||||
Gulf Coast Town Center - Phase I | Ft. Myers, FL | Jul-17 | 5.60% | 95,400 | 95,400 | — | |||||||||
Gulf Coast Town Center - Phase III | Ft. Myers, FL | Jul-17 | 2.25% | 2,624 | — | 2,624 | |||||||||
High Pointe Commons - Phase II | Harrisburg, PA | Jul-17 | 6.10% | 2,556 | 2,556 | — | |||||||||
Ambassador Town Center | Lafayette, LA | Dec-17 | Dec-19 | 2.00% | 12,063 | — | 12,063 | ||||||||
Ambassador Town Center Infrastructure Improvements | Lafayette, LA | Dec-17 | Dec-19 | 2.20% | 5,016 | — | 5,016 | ||||||||
CoolSprings Galleria | Nashville, TN | Jun-18 | 6.98% | 51,966 | 51,966 | — | |||||||||
York Town Center | York, PA | Feb-22 | 4.90% | 17,537 | 17,537 | — | |||||||||
York Town Center - Pier 1 | York, PA | Feb-22 | 2.95% | 700 | — | 700 | |||||||||
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 | — | |||||||||
Coastal Grand Outparcel | Myrtle Beach, SC | Aug-24 | 4.09% | 2,845 | 2,845 | — | |||||||||
Coastal Grand | Myrtle Beach, SC | Aug-24 | 4.09% | 58,968 | 58,968 | — | |||||||||
SUBTOTAL | 783,945 | 665,912 | 118,033 | ||||||||||||
Less Noncontrolling Interests' Share Of Consolidated Debt: | Noncontrolling Interest % | ||||||||||||||
Statesboro Crossing | Statesboro, GA | 50% | 1.99% | (5,559 | ) | — | (5,559 | ) | |||||||
Hamilton Place | Chattanooga, TN | 10% | 5.86% | (9,984 | ) | (9,984 | ) | — | |||||||
Hamilton Corner | Chattanooga, TN | 10% | 5.67% | (1,471 | ) | (1,471 | ) | — | |||||||
Other subsidiary term loan | Chattanooga, TN | 50% | 3.50% | (1,604 | ) | (1,604 | ) | — | |||||||
The Outlet Shoppes at El Paso | El Paso, TX | 25% | 7.06% | (15,932 | ) | (15,932 | ) | — | |||||||
The Outlet Shoppes at Oklahoma City Phase II | Oklahoma City, OK | 25% | 2.95% | (1,448 | ) | — | (1,448 | ) | |||||||
The Terrace | Chattanooga, TN | 8% | 7.25% | (1,077 | ) | (1,077 | ) | — | |||||||
Hamilton Crossing & Expansion | Chattanooga, TN | 8% | 5.99% | (774 | ) | (774 | ) | — | |||||||
The Outlet Shoppes at Oklahoma City | Oklahoma City, OK | 25% | 5.73% | (13,898 | ) | (13,898 | ) | — | |||||||
CBL Center | Chattanooga, TN | 8% | 5.00% | (1,605 | ) | (1,605 | ) | — | |||||||
The Outlet Shoppes at Atlanta | Woodstock, GA | 25% | 4.90% | (19,438 | ) | (19,438 | ) | — | |||||||
The Outlet Shoppes of the Bluegrass | Simpsonville, KY | 35% | 4.05% | (26,771 | ) | (26,771 | ) | — | |||||||
The Outlet Shoppes at Gettysburg | Gettysburg, PA | 50% | 4.80% | (19,225 | ) | (19,225 | ) | — | |||||||
(118,786 | ) | (111,779 | ) | (7,007 | ) | ||||||||||
Less Noncontrolling Interests' Share Of Debt Premiums: (5) | |||||||||||||||
The Outlet Shoppes at El Paso | El Paso, TX | 25% | 4.75% | (775 | ) | (775 | ) | — | |||||||
SUBTOTAL | (119,561 | ) | (112,554 | ) | (7,007 | ) | |||||||||
Company's Share Of Consolidated And Unconsolidated Debt | $ | 5,485,859 | $ | 4,055,695 | $ | 1,430,164 | |||||||||
Weighted-average interest rate | 4.49 | % | 5.48 | % | 1.70 | % | |||||||||
Total Debt of Unconsolidated Affiliates: | |||||||||||||||
Hammock Landing Phase I | West Melbourne, FL | Nov-15 | Nov-17 | 2.20% | $ | 39,667 | $ | — | $ | 39,667 | |||||
Hammock Landing Phase II | West Melbourne, FL | Nov-15 | Nov-17 | 2.20% | 16,757 | — | 16,757 | ||||||||
The Pavilion at Port Orange | Port Orange, FL | Nov-15 | Nov-17 | 2.20% | 59,108 | — | 59,108 | ||||||||
Oak Park Mall | Overland Park, KS | Dec-15 | 5.85% | 275,700 | 275,700 | — |
Property | Location | Original Maturity Date | Optional Extended Maturity Date | Interest Rate | Balance | Balance | |||||||||
Fixed | Variable | ||||||||||||||
Triangle Town Center | Raleigh, NC | Dec-15 | 5.74% | 171,846 | 171,846 | — | |||||||||
Renaissance Center Phase I | Durham, NC | Jul-16 | 5.61% | 31,874 | 31,874 | — | |||||||||
Fremaux Town Center | Slidell, LA | Aug-16 | Aug-18 | 2.21% | 40,530 | — | 40,530 | ||||||||
Fremaux Town Center Phase II | Slidell, LA | Aug-16 | Aug-18 | 2.21% | 20,304 | — | 20,304 | ||||||||
Governor's Square Mall | Clarksville, TN | Sep-16 | 8.23% | 16,128 | 16,128 | — | |||||||||
Kentucky Oaks Mall | Paducah, KY | Jan-17 | 5.27% | 20,914 | 20,914 | — | |||||||||
The Shops at Friendly Center | Greensboro, NC | Jan-17 | 5.90% | 38,820 | 38,820 | — | |||||||||
High Pointe Commons | Harrisburg, PA | May-17 | 5.74% | 12,804 | 12,804 | — | |||||||||
Gulf Coast Town Center Phase I | Ft. Myers, FL | Jul-17 | 5.60% | 190,800 | 190,800 | — | |||||||||
Gulf Coast Town Center Phase III | Ft. Myers, FL | Jul-17 | 2.25% | 5,248 | — | 5,248 | |||||||||
High Pointe Commons Phase II | Harrisburg, PA | Jul-17 | 6.10% | 5,112 | 5,112 | — | |||||||||
Ambassador Town Center | Lafayette, LA | Dec-17 | Dec-19 | 2.00% | 16,637 | — | 16,637 | ||||||||
Ambassador Town Center Infrastructure Improvements | Lafayette, LA | Dec-17 | Dec-19 | 2.20% | 6,521 | — | 6,521 | ||||||||
CoolSprings Galleria | Nashville, TN | Jun-18 | 6.98% | 103,931 | 103,931 | — | |||||||||
York Town Center | York, PA | Feb-22 | 4.90% | 35,074 | 35,074 | — | |||||||||
York Town Center - Pier 1 | York, PA | Feb-22 | 2.95% | 1,400 | — | 1,400 | |||||||||
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 | — | |||||||||
Coastal Grand Outparcel | Myrtle Beach, SC | Aug-24 | 4.09% | 5,691 | 5,691 | — | |||||||||
Coastal Grand | Myrtle Beach, SC | Aug-24 | 4.09% | 117,937 | 117,937 | — | |||||||||
$ | 1,538,803 | $ | 1,332,631 | $ | 206,172 | ||||||||||
Weighted-average interest rate | 4.76 | % | 5.16 | % | 2.19 | % |
(1) | The Company has an interest rate swap on a notional amount of $11,571, 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. |
(2) | The Company has an interest rate swap on a notional amount of $10,311, amortizing to $10,083 over the term of the swap, related to Gunbarrel Pointe 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. |
(3) | The Company has an interest rate swap on a notional amount of $30,963, 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. |
(4) | The Company has an interest rate swap on a notional amount of $49,438, 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. |
(5) | 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. |
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 | Weighted Average Interest Rate | ||||||||||||||||
2015 | $ | 27,811 | $ | 223,773 | $ | — | $ | 251,584 | 4.58 | % | 5.81 | % | ||||||||||
2016 | 750,745 | 23,598 | (9,984 | ) | 764,359 | 13.92 | % | 4.35 | % | |||||||||||||
2017 | 1,035,234 | 194,936 | (19,007 | ) | 1,211,163 | 22.05 | % | 3.69 | % | |||||||||||||
2018 | 656,492 | 91,509 | (5,559 | ) | 742,442 | 13.52 | % | 3.39 | % | |||||||||||||
2019 | 81,243 | 17,079 | — | 98,322 | 1.90 | % | 6.72 | % | ||||||||||||||
2020 | 189,985 | — | (1,077 | ) | 188,908 | 3.44 | % | 6.24 | % | |||||||||||||
2021 | 539,585 | — | (2,222 | ) | 537,363 | 9.79 | % | 5.57 | % | |||||||||||||
2022 | 596,530 | 113,237 | (15,503 | ) | 694,264 | 12.64 | % | 4.72 | % | |||||||||||||
2023 | 527,751 | 58,000 | (19,438 | ) | 566,313 | 10.31 | % | 5.03 | % | |||||||||||||
2024 | 376,490 | 61,813 | (26,771 | ) | 411,532 | 7.49 | % | 4.46 | % | |||||||||||||
2025 | 38,450 | — | (19,225 | ) | 19,225 | 0.35 | % | 4.80 | % | |||||||||||||
Face Amount of Debt | 4,820,316 | 783,945 | (118,786 | ) | 5,485,475 | 99.99 | % | 4.49 | % | |||||||||||||
Net Premiums on Debt | 1,159 | — | (775 | ) | 384 | 0.01 | % | — | % | |||||||||||||
Total | $ | 4,821,475 | $ | 783,945 | $ | (119,561 | ) | $ | 5,485,859 | 100.00 | % | 4.49 | % |
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 | Weighted Average Interest Rate | ||||||||||||||||
2015 | $ | 249,041 | $ | 281,860 | $ | — | $ | 530,901 | 9.67 | % | 3.66 | % | ||||||||||
2016 | 1,125,301 | 63,141 | (15,543 | ) | 1,172,899 | 21.36 | % | 3.41 | % | |||||||||||||
2017 | 450,566 | 153,928 | (19,007 | ) | 585,487 | 10.77 | % | 5.87 | % | |||||||||||||
2018 | 645,374 | 51,966 | — | 697,340 | 12.70 | % | 3.47 | % | ||||||||||||||
2019 | 89,929 | — | (1,448 | ) | 88,481 | 1.61 | % | 7.31 | % | |||||||||||||
2020 | 189,985 | — | (1,077 | ) | 188,908 | 3.44 | % | 6.24 | % | |||||||||||||
2021 | 530,899 | — | (774 | ) | 530,125 | 9.65 | % | 5.61 | % | |||||||||||||
2022 | 596,530 | 113,237 | (15,503 | ) | 694,264 | 12.64 | % | 4.72 | % | |||||||||||||
2023 | 527,751 | 58,000 | (19,438 | ) | 566,313 | 10.31 | % | 5.03 | % | |||||||||||||
2024 | 376,490 | 61,813 | (26,771 | ) | 411,532 | 7.49 | % | 4.46 | % | |||||||||||||
2025 | 38,450 | — | (19,225 | ) | 19,225 | 0.35 | % | 4.80 | % | |||||||||||||
Face Amount of Debt | 4,820,316 | 783,945 | (118,786 | ) | 5,485,475 | 99.99 | % | 4.49 | % | |||||||||||||
Net Premiums on Debt | 1,159 | — | (775 | ) | 384 | 0.01 | % | — | % | |||||||||||||
Total | $ | 4,821,475 | $ | 783,945 | $ | (119,561 | ) | $ | 5,485,859 | 100.00 | % | 4.49 | % |
Unsecured Debt Covenant Compliance Ratios | Required | Actual | ||
Debt to total asset value | < 60% | 50.3% | ||
Unencumbered asset value to unsecured indebtedness | >1.60x | 2.5x | ||
Unencumbered NOI to unsecured interest expense | >1.75x | 4.5x | ||
EBITDA to fixed charges (debt service) | >1.5x | 2.2x |
Senior Unsecured Notes Compliance Ratios | Required | Actual | ||
Total debt to total assets | < 60% | 53.8% | ||
Secured debt to total assets | < 45% | 30.7% | ||
Total unencumbered assets to unsecured debt | > 150% | 212.7% | ||
Consolidated income available for debt service to annual debt service charge | > 1.5x | 3.3x |
TIER 1 Sales > $375 per square foot | |||||||||||||||||||||
Property | Location | Total GLA | Sales Per Square Foot for the Twelve Months Ended (1) | Mall Occupancy | % of Total Mall NOI for the Nine Months Ended 9/30/15 | ||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | ||||||||||||||||||
Acadiana Mall | Lafayette, LA | 992,532 | |||||||||||||||||||
Asheville Mall | Asheville, NC | 974,465 | |||||||||||||||||||
CoolSprings Galleria (2) | Nashville, TN | 1,131,641 | |||||||||||||||||||
Cross Creek Mall | Fayetteville, NC | 1,040,725 | |||||||||||||||||||
Dakota Square Mall | Minot, ND | 813,732 | |||||||||||||||||||
Fayette Mall | Lexington, KY | 1,191,024 | |||||||||||||||||||
Friendly Center and The Shops at Friendly | Greensboro, NC | 1,137,630 | |||||||||||||||||||
Governor's Square | Clarksville, TN | 732,328 | |||||||||||||||||||
Hamilton Place | Chattanooga, TN | 1,159,553 | |||||||||||||||||||
Jefferson Mall | Louisville, KY | 882,141 | |||||||||||||||||||
Kirkwood Mall | Bismarck, ND | 848,082 | |||||||||||||||||||
Mall del Norte | Laredo, TX | 1,167,364 | |||||||||||||||||||
Mayfaire Town Center and Community Center | Wilmington, NC | 777,400 | |||||||||||||||||||
Oak Park Mall | Overland Park, KS | 1,609,877 | |||||||||||||||||||
The Outlet Shoppes at El Paso | El Paso, TX | 433,046 | |||||||||||||||||||
St. Clair Square | Fairview Heights, IL | 1,081,105 | |||||||||||||||||||
Sunrise Mall | Brownsville, TX | 751,392 | |||||||||||||||||||
Volusia Mall | Daytona Beach, FL | 1,100,086 | |||||||||||||||||||
West County Center | Des Peres, MO | 1,204,730 | |||||||||||||||||||
West Towne Mall | Madison, WI | 829,539 | |||||||||||||||||||
Total Tier 1 Malls | 19,858,392 | $ | 451 | $ | 437 | 94.2 | % | 96.5 | % | 34.6 | % |
TIER 2 Sales of $300 to $375 per square foot | ||||||||||||||
Property | Location | Total GLA | Sales Per Square Foot for the Twelve Months Ended (1) | Mall Occupancy | % of Total Mall NOI for the Nine Months Ended 9/30/15 | |||||||||
9/30/15 | 09/30/14 | 9/30/15 | 9/30/14 | |||||||||||
Arbor Place | Atlanta (Douglasville), GA | 1,163,256 | ||||||||||||
Brookfield Square | Brookfield, WI | 1,008,297 | ||||||||||||
Burnsville Center | Burnsville, MN | 1,046,207 | ||||||||||||
CherryVale Mall | Rockford, IL | 850,253 | ||||||||||||
Coastal Grand | Myrtle Beach, SC | 1,039,847 | ||||||||||||
East Towne Mall | Madison, WI | 788,089 | ||||||||||||
EastGate Mall | Cincinnati, OH | 858,784 | ||||||||||||
Fremaux Town Center (3) | Slidell, LA | 267,409 | ||||||||||||
Frontier Mall | Cheyenne, WY | 525,176 | ||||||||||||
Greenbrier Mall | Chesapeake, VA | 896,822 | ||||||||||||
Hanes Mall | Winston-Salem, NC | 1,504,208 | ||||||||||||
Harford Mall | Bel Air, MD | 505,455 | ||||||||||||
Honey Creek Mall | Terre Haute, IN | 677,322 | ||||||||||||
Imperial Valley Mall | El Centro, CA | 826,196 | ||||||||||||
Laurel Park Place | Livonia, MI | 492,222 | ||||||||||||
Layton Hills Mall | Layton, UT | 642,886 | ||||||||||||
Meridian Mall | Lansing, MI | 968,316 | ||||||||||||
Northpark Mall | Joplin, MO | 952,849 | ||||||||||||
Northwoods Mall | North Charleston, SC | 772,737 |
TIER 2 Sales of $300 to $375 per square foot | |||||||||||||||||||||
Property | Location | Total GLA | Sales Per Square Foot for the Twelve Months Ended (1) | Mall Occupancy | % of Total Mall NOI for the Nine Months Ended 9/30/15 | ||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | ||||||||||||||||||
Old Hickory Mall | Jackson, TN | 538,991 | |||||||||||||||||||
The Outlet Shoppes at Atlanta (3) | Woodstock, GA | 380,976 | |||||||||||||||||||
The Outlet Shoppes at Oklahoma City | Oklahoma City, OK | 394,246 | |||||||||||||||||||
The Outlet Shoppes of the Bluegrass (3) | Simpsonville, KY | 374,683 | |||||||||||||||||||
Park Plaza | Little Rock, AR | 540,166 | |||||||||||||||||||
Parkdale Mall | Beaumont, TX | 1,237,418 | |||||||||||||||||||
Parkway Place | Huntsville, AL | 648,260 | |||||||||||||||||||
Pearland Town Center | Pearland, TX | 645,835 | |||||||||||||||||||
Post Oak Mall | College Station, TX | 774,932 | |||||||||||||||||||
Richland Mall | Waco, TX | 686,504 | |||||||||||||||||||
South County Center | St. Louis, MO | 1,043,531 | |||||||||||||||||||
Southpark Mall | Colonial Heights, VA | 672,975 | |||||||||||||||||||
Turtle Creek Mall | Hattiesburg, MS | 846,104 | |||||||||||||||||||
Valley View Mall | Roanoke, VA | 844,515 | |||||||||||||||||||
Westmoreland Mall | Greensburg, PA | 997,947 | |||||||||||||||||||
York Galleria | York, PA | 764,789 | |||||||||||||||||||
Total Tier 2 Malls | 27,178,203 | $ | 352 | $ | 337 | 92.0 | % | 93.6 | % | 45.3 | % |
TIER 3 Sales < $300 per square foot | ||||||||||||||
Property | Location | Total GLA | Sales Per Square Foot for the Twelve Months Ended (1) | Mall Occupancy | % of Total Mall NOI for the Nine Months Ended 9/30/15 | |||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | |||||||||||
Alamance Crossing | Burlington, NC | 881,693 | ||||||||||||
Bonita Lakes Mall | Meridian, MS | 631,929 | ||||||||||||
Cary Towne Center | Cary, NC | 912,138 | ||||||||||||
Chesterfield Mall (2) | Chesterfield, MO | 1,294,083 | ||||||||||||
College Square | Morristown, TN | 450,398 | ||||||||||||
Eastland Mall | Bloomington, IL | 760,814 | ||||||||||||
Fashion Square | Saginaw, MI | 748,337 | ||||||||||||
Foothills Mall | Maryville, TN | 463,591 | ||||||||||||
Hickory Point Mall | Forsyth, IL | 814,177 | ||||||||||||
Janesville Mall | Janesville, WI | 608,706 | ||||||||||||
Kentucky Oaks Mall | Paducah, KY | 1,062,993 | ||||||||||||
The Lakes Mall | Muskegon, MI | 587,973 | ||||||||||||
Mid Rivers Mall | St. Peters, MO | 1,089,418 | ||||||||||||
Midland Mall | Midland, MI | 470,974 | ||||||||||||
Monroeville Mall | Pittsburgh, PA | 1,082,346 | ||||||||||||
Northgate Mall | Chattanooga, TN | 789,169 | ||||||||||||
The Outlet Shoppes at Gettysburg | Gettysburg, PA | 249,937 | ||||||||||||
Randolph Mall | Asheboro, NC | 380,559 | ||||||||||||
Regency Mall | Racine, WI | 789,368 | ||||||||||||
River Ridge Mall | Lynchburg, VA | 764,361 | ||||||||||||
Southaven Towne Center | Southaven, MS | 567,640 | ||||||||||||
Stroud Mall | Stroudsburg, PA | 398,251 | ||||||||||||
Walnut Square | Dalton, GA | 495,970 |
TIER 3 Sales < $300 per square foot | |||||||||||||||||||||
Property | Location | Total GLA | Sales Per Square Foot for the Twelve Months Ended (1) | Mall Occupancy | % of Total Mall NOI for the Nine Months Ended 9/30/15 | ||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | ||||||||||||||||||
Wausau Center (2) | Wausau, WI | 423,774 | |||||||||||||||||||
WestGate Mall | Spartanburg, SC | 954,086 | |||||||||||||||||||
Total Tier 3 Malls | 17,672,685 | $ | 279 | $ | 266 | 87.9 | % | 89.4 | % | 18.4 | % | ||||||||||
Total Mall Portfolio | 64,709,280 | $ | 371 | $ | 356 | 91.7 | % | 93.5 | % | 98.3 | % |
Lender Malls | |||||||||||||||
Property | Location | Total GLA | Sales Per Square Foot for the Twelve Months Ended (1) | Mall Occupancy | % of Total Mall NOI for the Nine Months Ended 9/30/15 | ||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | ||||||||||||
Gulf Coast Town Center | Ft. Myers, FL | 1,233,436 | |||||||||||||
Triangle Town Center | Raleigh, NC | 1,251,566 | |||||||||||||
Total Lender Malls | 2,485,002 | N/A | N/A | N/A | N/A | 1.7 | % |
(1) | Represents same-store sales per square foot for mall tenants 10,000 square feet or less for stabilized malls. |
(2) | Property is under redevelopment in 2015. Operational metrics have been excluded for Chesterfield Mall and Wausau Center, due to proposed significant repositioning. |
(3) | Fremaux Town Center, The Outlet Shoppes at Atlanta and The Outlet Shoppes of the Bluegrass are non-stabilized malls and are excluded from Sales Per Square Foot. |
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) | $ | 460,091 | $ | 43.47 | $ | 46.63 | 7.3 | % | $ | 48.33 | 11.2 | % | ||||||||||
Stabilized malls | 413,804 | 45.31 | 48.54 | 7.1 | % | 50.34 | 11.1 | % | ||||||||||||||
New leases | 131,289 | 38.03 | 44.61 | 17.3 | % | 47.50 | 24.9 | % | ||||||||||||||
Renewal leases | 282,515 | 48.70 | 50.37 | 3.4 | % | 51.65 | 6.1 | % | ||||||||||||||
Year-to-Date: | ||||||||||||||||||||||
All Property Types (1) | $ | 1,502,379 | $ | 42.78 | $ | 45.62 | 6.6 | % | $ | 47.20 | 10.3 | % | ||||||||||
Stabilized malls | 1,366,088 | 44.50 | 47.37 | 6.4 | % | 49.04 | 10.2 | % | ||||||||||||||
New leases | 342,476 | 40.66 | 49.77 | 22.4 | % | 52.84 | 30.0 | % | ||||||||||||||
Renewal leases | 1,023,612 | 45.78 | 46.57 | 1.7 | % | 47.77 | 4.3 | % |
Average Annual Base Rents Per Square Foot (3) By Property Type For Small Shop Space Less Than 10,000 Square Feet: | |||||||||||
Total Leasing Activity: | |||||||||||
Square Feet | As of September 30, | ||||||||||
Quarter: | 2015 | 2014 | |||||||||
Operating portfolio: | Same-center stabilized malls | $ | 31.04 | $ | 30.61 | ||||||
New leases | 450,982 | Stabilized malls | 30.93 | 30.74 | |||||||
Renewal leases | 793,329 | Non-stabilized malls (4) | 25.53 | 25.25 | |||||||
Development portfolio: | Associated centers | 13.32 | 12.87 | ||||||||
New leases | 31,409 | Community centers | 15.65 | 16.09 | |||||||
Total leased | 1,275,720 | Office buildings | 19.45 | 19.38 | |||||||
Year-to-Date: | |||||||||||
Operating Portfolio: | |||||||||||
New leases | 1,156,666 | ||||||||||
Renewal leases | 2,018,121 | ||||||||||
Development Portfolio: | |||||||||||
New leases | 310,027 | ||||||||||
Total leased | 3,484,814 |
(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, 2015, including the impact of any rent concessions. |
(4) | Includes Fremaux Town Center, The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Atlanta as of September 30, 2015 and The Outlet Shoppes of the Bluegrass, The Outlet Shoppes at Atlanta and The Outlet Shoppes at Oklahoma City as of September 30, 2014. |
Number of Leases | Square Feet | Term (in years) | Initial Rent PSF | Average Rent PSF | Expiring Rent PSF | Initial Rent Spread | Average Rent Spread | ||||||||||||||||||||||||||||
Commencement 2015: | |||||||||||||||||||||||||||||||||||
New | 196 | 536,982 | 8.57 | $ | 46.61 | $ | 49.45 | $ | 37.27 | $ | 9.34 | 25.1 | % | $ | 12.18 | 32.7 | % | ||||||||||||||||||
Renewal | 548 | 1,485,827 | 3.92 | 41.48 | 42.57 | 40.27 | 1.21 | 3.0 | % | 2.30 | 5.7 | % | |||||||||||||||||||||||
Commencement 2015 Total | 744 | 2,022,809 | 5.14 | $ | 42.84 | $ | 44.39 | $ | 39.48 | $ | 3.36 | 8.5 | % | $ | 4.91 | 12.4 | % | ||||||||||||||||||
Commencement 2016: | |||||||||||||||||||||||||||||||||||
New | 21 | 54,796 | 8.95 | $ | 60.68 | $ | 63.51 | $ | 51.54 | $ | 9.14 | 17.7 | % | $ | 11.97 | 23.2 | % | ||||||||||||||||||
Renewal | 136 | 369,277 | 3.88 | 45.04 | 46.00 | 42.93 | 2.11 | 4.9 | % | 3.07 | 7.2 | % | |||||||||||||||||||||||
Commencement 2016 Total | 157 | 424,073 | 4.56 | $ | 47.06 | $ | 48.26 | $ | 44.04 | $ | 3.02 | 6.9 | % | $ | 4.22 | 9.6 | % | ||||||||||||||||||
Total 2015/2016 | 901 | 2,446,882 | 5.04 | $ | 43.57 | $ | 45.06 | $ | 40.27 | $ | 3.30 | 8.2 | % | $ | 4.79 | 11.9 | % | ||||||||||||||||||
Tenant | Number of Stores | Square Feet | Percentage of Total Annualized Revenues | ||||||||
1 | L Brands, Inc (1) | 162 | 851,973 | 3.34% | |||||||
2 | Signet Jewelers Limited (2) | 217 | 322,912 | 2.84% | |||||||
4 | Ascena Retail Group, Inc. (3) | 213 | 1,078,683 | 2.64% | |||||||
3 | Foot Locker, Inc. | 135 | 580,110 | 2.30% | |||||||
5 | AE Outfitters Retail Company | 80 | 493,051 | 1.99% | |||||||
6 | Dick's Sporting Goods, Inc. (4) | 27 | 1,479,353 | 1.70% | |||||||
7 | The Gap, Inc. | 67 | 749,382 | 1.68% | |||||||
8 | Genesco Inc. (5) | 191 | 304,703 | 1.67% | |||||||
9 | Luxottica Group, S.P.A. (6) | 120 | 266,372 | 1.23% | |||||||
10 | JC Penney Company, Inc. (7) | 62 | 7,018,814 | 1.23% | |||||||
11 | Abercrombie & Fitch, Co. | 53 | 358,613 | 1.18% | |||||||
12 | Express Fashions | 43 | 352,510 | 1.18% | |||||||
13 | Forever 21 Retail, Inc. | 24 | 449,486 | 1.14% | |||||||
14 | Finish Line, Inc. | 61 | 315,906 | 1.13% | |||||||
15 | Charlotte Russe Holding, Inc. | 53 | 343,659 | 1.06% | |||||||
16 | The Buckle, Inc. | 51 | 261,935 | 1.04% | |||||||
17 | Aeropostale, Inc. | 69 | 262,303 | 1.03% | |||||||
18 | Best Buy Co., Inc. (8) | 63 | 548,312 | 1.01% | |||||||
19 | New York & Company, Inc. | 42 | 281,919 | 0.81% | |||||||
20 | Claire's Stores, Inc. | 111 | 138,847 | 0.81% | |||||||
21 | Barnes & Noble Inc. | 20 | 604,028 | 0.79% | |||||||
22 | The Children's Place Retail Stores, Inc. | 61 | 265,624 | 0.78% | |||||||
23 | Shoe Show, Inc. | 51 | 630,150 | 0.78% | |||||||
24 | Cinemark | 10 | 524,772 | 0.76% | |||||||
25 | The Bon-Ton Stores, Inc. (9) | 21 | 2,263,002 | 0.68% | |||||||
2,007 | 20,746,419 | 34.80% | |||||||||
(1) | L Brands, Inc operates Victoria's Secret, PINK and Bath & Body Works. | ||||||||||
(2) | Signet Jewelers Limited operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Ultra Diamonds and Rogers Jewelers. In 2014, Signet Jewelers acquired Zale Corporation which operates Zale, Peoples and Piercing Pagoda. | ||||||||||
(3) | Ascena Retail Group, Inc. operates Justice, Dressbarn, Maurices, Lane Bryant and Catherines. In September 2015, Ascena acquired Ann Inc. which operates Ann Taylor, LOFT, and Lou & Grey. | ||||||||||
(4) | Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream stores. | ||||||||||
(5) | Genesco Inc. operates Journey's, Underground by Journeys, Hat World, Lids, Hat Zone, and Cap Factory stores. | ||||||||||
(6) | Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearle Vision. | ||||||||||
(7) | JC Penney Co., Inc. owns 31 of these stores. The above chart includes two stores that were closed as of September 30, 2015 but where JC Penney remains obligated for rent under the terms of the respective leases. | ||||||||||
(8) | Best Buy Co., Inc. operates Best Buy and Best Buy Mobile. | ||||||||||
(9) | The Bon-Ton Stores, Inc. operates Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers. The Bon-Ton Stores, Inc. owns 9 of these stores. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Tenant allowances (1) | $ | 17,685 | $ | 10,275 | $ | 49,725 | $ | 34,054 | |||||||
Renovations (2) | 11,227 | 6,130 | 23,273 | 15,441 | |||||||||||
Deferred maintenance: (3) | |||||||||||||||
Parking lot and parking lot lighting | 10,689 | 17,325 | 18,136 | 23,263 | |||||||||||
Roof repairs and replacements | 545 | 1,904 | 2,654 | 3,086 | |||||||||||
Other capital expenditures | 4,610 | 4,351 | 6,769 | 6,238 | |||||||||||
Total deferred maintenance expenditures | 15,844 | 23,580 | 27,559 | 32,587 | |||||||||||
Total capital expenditures | $ | 44,756 | $ | 39,985 | $ | 100,557 | $ | 82,082 |
(1) | Tenant allowances, sometimes made to third-generation tenants, are recovered through minimum rents from the tenants over the term of the lease. |
(2) | Renovation capital expenditures 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. |
(3) | 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. |
2015 | 2014 | ||||||
Quarter ended: | |||||||
March 31, | $ | 695 | $ | 773 | |||
June 30, | 284 | 807 | |||||
September 30, | 806 | 770 | |||||
December 31, | 913 | ||||||
$ | 1,785 | $ | 3,263 |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Opening Date | Initial Unleveraged Yield | ||||||||||||
Community Center: | |||||||||||||||||||
Parkway Plaza | Fort Oglethorpe, GA | 100% | 134,050 | $ | 17,325 | $ | 16,156 | March-15 | 9.0% | ||||||||||
Mall/Outlet Center Expansions: | |||||||||||||||||||
Mid Rivers Mall - Planet Fitness | St Peters, MO | 100% | 13,068 | 2,576 | 2,586 | May-15 | 13.8% | ||||||||||||
The Outlet Shoppes at Atlanta - Parcel Development | Woodstock, GA | 75% | 9,600 | 2,657 | 2,714 | May-15 | 9.3% | ||||||||||||
22,668 | 5,233 | 5,300 | |||||||||||||||||
Community Center Expansions: | |||||||||||||||||||
Hammock Landing - Academy Sports | West Melbourne, FL | 50% | 63,092 | 4,952 | 3,350 | March-15 | 8.6% | ||||||||||||
Statesboro Crossing - Phase II (ULTA) | Statesboro, GA | 50% | 10,000 | 1,246 | 885 | September-15 | 8.1% | ||||||||||||
73,092 | 6,198 | 4,235 | |||||||||||||||||
Mall Redevelopments: | |||||||||||||||||||
Hickory Point Mall - JCP Redevelopment (Hobby Lobby) | Forsyth, IL | 100% | 60,000 | 2,764 | 2,224 | July-15 | 10.7% | ||||||||||||
Janesville Mall - JCP Redevelopment (Dick's Sporting Goods / ULTA) | Janesville, WI | 100% | 149,522 | 11,091 | 8,511 | September-15 | 8.4% | ||||||||||||
Meridian Mall - Gordmans | Lansing, MI | 100% | 50,000 | 7,193 | 5,438 | July-15 | 10.3% | ||||||||||||
Northgate Mall - Streetscape/ULTA | Chattanooga, TN | 100% | 50,852 | 8,989 | 6,549 | September-15 | 10.5% | ||||||||||||
310,374 | 30,037 | 22,722 | |||||||||||||||||
Total Properties Opened | 540,184 | $ | 58,793 | $ | 48,413 |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Expected Opening Date | Initial Unleveraged Yield | ||||||||||||
Community Center: | |||||||||||||||||||
Ambassador Town Center | Lafayette, LA | 65% | 438,230 | $ | 39,847 | $ | 21,114 | Spring-16 | 8.8% | ||||||||||
Mall/Outlet Center Expansions: | |||||||||||||||||||
Fremaux Town Center - Phase II | Slidell, LA | 65% | 281,032 | 24,684 | 17,960 | October-15 | 9.7% | ||||||||||||
High Pointe Commons - Petco | Harrisburg, PA | 100% | 12,885 | 2,025 | 30 | Spring-16 | 10.5% | ||||||||||||
Kirkwood Mall-Self Development (Panera Bread, Verizon, Caribou Coffee) | Bismarck, ND | 100% | 12,500 | 3,820 | 3,893 | Fall-15/ Spring-16 | 10.5% | ||||||||||||
The Outlet Shoppes at Atlanta - Phase II | Woodstock, GA | 75% | 32,944 | 4,174 | 2,498 | Fall-15 | 13.9% | ||||||||||||
The Outlet Shoppes of the Bluegrass - Phase II | Simpsonville, KY | 65% | 53,378 | 7,671 | 5,126 | Fall-15 | 11.0% | ||||||||||||
Sunrise Mall - Dick's Sporting Goods | Brownsville, TX | 100% | 50,000 | 8,278 | 4,198 | October-15 | 8.8% | ||||||||||||
442,739 | 50,652 | 33,705 | |||||||||||||||||
Mall Redevelopments: | |||||||||||||||||||
Brookfield Square - Sears Redevelopment (Blackfin Ameripub, Jason's Deli) | Brookfield, WI | 100% | 21,814 | 7,700 | 5,978 | Fall-15 | 8.0% | ||||||||||||
CoolSprings Galleria - Sears Redevelopment (American Girl, Cheesecake Factory) | Nashville, TN | 50% | 182,163 | 33,199 | 21,499 | May-15/Summer-16 | 7.0% | ||||||||||||
Northpark Mall - (Dunham's Sports) | Joplin, MO | 100% | 80,524 | 3,362 | 628 | Summer-16 | 9.5% | ||||||||||||
Oak Park Mall - Self Development | Overland Park, KS | 50% | 6,735 | 1,207 | 42 | Summer-16 | 8.2% | ||||||||||||
Randolph Mall - JCP Redevelopment (Ross/ULTA) | Asheboro, NC | 100% | 33,796 | 4,372 | 155 | Summer-16 | 7.8% | ||||||||||||
Regency Square - Sears (Dunham's Sports) | Racine, WI | 100% | 89,119 | 3,404 | 2,330 | Fall-15 | 9.0% | ||||||||||||
414,151 | 53,244 | 30,632 | |||||||||||||||||
Total Properties Under Development | 1,295,120 | $ | 143,743 | $ | 85,451 |
(1) | Total Cost is presented net of reimbursements to be received. |
(2) | Cost to Date does not reflect reimbursements until they are received. |