CBL & Associates Properties, Inc. (NYSE:CBL):
- Same-center sales per square foot
increased 6.9% during the first quarter 2015 over the prior-year
period.
- Average gross rent per square foot for
stabilized mall leases signed in the first quarter 2015 increased
10.6% over the prior gross rent per square foot.
- FFO per diluted share, as adjusted, was
$0.52 for the first quarter 2015, consistent with FFO in the
prior-year period.
- Same-center NOI for the first quarter
increased 0.6% in the Total Portfolio and was flat in the Mall
Portfolio compared with the prior-year period.
- Total portfolio occupancy was 90.9% as
of March 31, 2015, compared with 92.5% as of March 31, 2014.
CBL & Associates Properties, Inc.
(NYSE:CBL) announced results for the first quarter ended
March 31, 2015. 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 EndedMarch
31,
2015 2014
Funds from Operations (“FFO”) per diluted
share
$ 0.62 $ 0.73 FFO, as adjusted, per diluted share (1)
$ 0.52 $ 0.52 (1) FFO, as adjusted, for the
quarter ended March 31, 2015, excludes a partial litigation
settlement, net of related expenses, of $4.7 million and a $16.6
million gain on investment related to the sale of marketable
securities. FFO, as adjusted, for the quarter ended March 31, 2014,
excludes a partial litigation settlement of $0.8 million and a net
gain on extinguishment of debt of $42.7 million primarily related
to the foreclosure of the mortgage loan secured by Citadel Mall in
January 2014.
CBL’s President and Chief Executive Officer Stephen Lebovitz
commented, “First quarter highlights include an impressive 7%
increase in same-center sales and the continuation of double-digit
lease spreads. Same-center NOI and occupancy were impacted by the
lost income from bankruptcy-related store closures; however,
continued healthy demand from higher quality retailers will result
in a stronger tenant mix across the CBL portfolio.
“We are making solid progress in executing our disposition
program. We closed on the sale of one mall this week and expect to
make additional announcements in the near future. We are growing
our portfolio with Fremaux Town Center Phase II and Ambassador Town
Center now under construction as well as expansions to our Atlanta
and Bluegrass outlets. Redevelopments, such as the former Sears at
CoolSprings Galleria and Fayette Mall, bring exciting new retailers
and restaurants to our centers and enhance our long-term growth
rate.”
FFO allocable to common shareholders, as adjusted, for the first
quarter 2015 was $87.9 million, or $0.52 per diluted share,
compared with $87.7 million, or $0.52 per diluted share, for the
first quarter 2014. FFO of the Operating Partnership, as adjusted,
for the first quarter 2015 was $102.9 million compared with $102.9
million for the first quarter of 2014.
Net income attributable to common shareholders for the first
quarter of 2015 was $34.9 million, or $0.20 per diluted share,
compared with net income of $44.1 million, or $0.26 per diluted
share, for the first quarter of 2014.
Percentage change in same-center Net Operating
Income (“NOI”)(1):
Three MonthsEndedMarch
31, 2015
Portfolio same-center NOI
0.6 % Mall same-center NOI
0.0 %
(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 income of the Company’s subsidiary that provides
maintenance, janitorial and security services.
MAJOR VARIANCES IMPACTING SAME-CENTER NOI RESULTS FOR THE
QUARTER ENDED MARCH 31, 2015
- New leasing and positive renewal
spreads contributed to a $0.9 million increase in same-center
minimum rents. Minimum rents were impacted by lost income from
bankruptcy related store closures.
- Percentage rents increased by $0.4
million due to positive sales growth.
- Tenant reimbursement of real estate tax
expense increased by $1.4 million, offset by a $2.3 million
increase in real estate tax expense.
- Property operating expense increased by
$0.8 million, primarily as a result of a negative variance of $1.1
million due to an insurance adjustment in the prior year period and
a $0.4 million increase in bad debt expense.
- Maintenance and repairs declined by
$1.2 million, primarily as a result of a $0.5 million decline in
snow removal expense and a decline in other expenses.
PORTFOLIO OPERATIONAL RESULTS
Occupancy:
As of March 31, 2015
2014 Portfolio occupancy
90.9 % 92.5 % Mall
portfolio
89.8 % 92.3 % Same-center stabilized malls
89.5 % 92.6 % Stabilized malls
89.5 %
92.2 % Non-stabilized malls (1)
97.1 % 96.9 %
Associated centers
94.2 % 94.8 % Community centers
97.5 % 94.4 % (1) Represents occupancy for
Fremaux Town Center, The Outlet Shoppes at Atlanta and The Outlet
Shoppes of the Bluegrass in 2015 and in 2014 represents The Outlet
Shoppes of Oklahoma City and The Outlet Shoppes at Atlanta.
New and Renewal Leasing Activity of Same Small
Shop Space Less Than 10,000 Square Feet:
% Change in Average Gross Rent Per Square Foot
Three Months EndedMarch 31,
2015
Stabilized Malls
10.6 % New leases
35.1
% Renewal leases
3.4 %
Same-Center Sales Per Square Foot for Mall
Tenants 10,000 Square Feet or Less:
Twelve Months Ended March 31,
2015 2014 % Change Stabilized
mall same-center sales per square foot
$ 365 $ 355 3
%
TRANSACTIONS
Subsequent to the quarter-end, CBL completed the sale of Madison
Square Mall in Huntsville, AL for $5.0 million, cash.
CBL has additional transactions in various stages. Further
updates on the disposition program will be provided on its
conference call.
OUTLOOK AND GUIDANCE
Based on its current outlook, the Company is reiterating FFO
guidance to the range of $2.24 - $2.31 per diluted share. CBL’s
guidance assumes a same-center NOI growth range of 0% -2.0% in
2015.
The guidance also assumes the following:
- $2.0 million to $4.0 million of
outparcel sales;
- No additional unannounced acquisition
or disposition activity;
- No unannounced capital markets
activity.
Low High Expected diluted
earnings per common share $ 0.75 $ 0.82 Adjust to fully converted
shares from common shares (0.10 ) (0.11 ) Expected earnings per
diluted, fully converted common share 0.65 0.71 Add: depreciation
and amortization 1.59 1.59 Add: noncontrolling interest in earnings
of Operating Partnership 0.10 0.11 Adjustment for gain on
investment (0.08 ) (0.08 ) Adjustment for litigation settlement
(0.02 ) (0.02 ) Expected adjusted FFO per diluted, fully converted
common share $ 2.24 $ 2.31
INVESTOR CONFERENCE CALL AND WEBCAST
CBL & Associates Properties, Inc. will conduct a conference
call at 11:00 a.m. ET on Wednesday, April 29, 2015, to discuss its
first quarter results. The number to call for this interactive
teleconference is (888) 317-6003 or (412) 317-6061, and entering
confirmation code 3004179. A replay of the conference call will be
available through May 7, 2015, by dialing (877) 344-7529 or (412)
317-0088 and entering the confirmation number, 10061512. 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., first
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 webcast and rebroadcast
of its 2015 first quarter earnings release conference call. The
live broadcast of the quarterly conference call will be available
online at cblproperties.com on Wednesday, April 29, 2015, beginning
at 11:00 a.m. ET. The online replay will follow shortly after the
call and continue for one year.
ABOUT CBL & ASSOCIATES PROPERTIES, INC.
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 148 properties, including 89 regional
malls/open-air centers. The properties are located in 30 states and
total 83.6 million square feet including 6.5 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.
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 first quarter of 2015, the
Company recognized a $16.6 million gain on investment related to
the sale of marketable securities and received income of $4.7
million, net of related expense, as a partial settlement of ongoing
litigation. During the first quarter of 2014, the Company
recognized a $42.7 million net gain on the extinguishment of debt
in connection with the foreclosure of the mortgage loan encumbering
Citadel Mall and the early retirement of the mortgage loan
encumbering St. Clair Square. Additionally, the Company received
income of $0.8 million as a partial settlement of ongoing
litigation. Considering the significance and nature of these items,
the Company believes it is important to identify their impact on
its FFO measures for readers to have a complete understanding of
the Company’s results of operations. Therefore, the Company has
also presented adjusted FFO measures excluding these items from the
applicable periods.
Same-center Net Operating Income
NOI is a supplemental measure of the operating performance of
the Company’s shopping centers and other properties. The Company
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).
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.
Since NOI includes only those revenues and expenses related to
the operations of its shopping center and other 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. The Company’s calculation of same-center NOI also
excludes lease termination income, straight-line rent adjustments,
and amortization of above and below market lease intangibles in
order to enhance the comparability of results from one period to
another, as these items can be impacted by one-time events that 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 and other properties. A reconciliation of
same-center NOI to net income is located at the end of this
earnings release.
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.
CBL & Associates Properties, Inc. Consolidated
Statements of Operations (Unaudited; in thousands, except per
share amounts)
Three Months
EndedMarch 31, 2015 2014
REVENUES: Minimum rents
$ 169,081 $ 169,277
Percentage rents
4,137 3,606 Other rents
5,171 5,282
Tenant reimbursements
72,133 72,218 Management, development
and leasing fees
2,778 3,135 Other
7,609 7,725
Total revenues
260,909 261,243
OPERATING EXPENSES: Property operating
38,904 40,011
Depreciation and amortization
76,266 69,083 Real estate
taxes
22,785 21,347 Maintenance and repairs
14,216
16,165 General and administrative
17,230 14,773 Loss on
impairment
— 17,150 Other
6,476 6,545
Total operating expenses
175,877 185,074
Income from operations 85,032 76,169 Interest and
other income
5,274 1,528 Interest expense
(59,157
) (60,506 ) Gain on extinguishment of debt
— 42,660
Gain on investment
16,560 — Equity in earnings of
unconsolidated affiliates
3,823 3,684 Income tax (provision)
benefit
916 (397 )
Income from continuing
operations before gain on sales of real estate assets
52,448 63,138 Gain on sales of real estate assets
757
1,154
Income from continuing operations
53,205 64,292 Operating loss of discontinued operations
— (499 ) Loss on discontinued operations
— (17
)
Net income 53,205 63,776 Net income attributable to
noncontrolling interests in: Operating Partnership
(6,172
) (7,651 ) Other consolidated subsidiaries
(869
) (831 )
Net income attributable to the Company
46,164 55,294 Preferred dividends
(11,223 )
(11,223 )
Net income attributable to common shareholders
$ 34,941 $ 44,071
Basic per
share data attributable to common shareholders: Income from
continuing operations, net of preferred dividends
$
0.21 $ 0.26 Discontinued operations
0.00 0.00
Net income attributable to common shareholders
$
0.21 $ 0.26 Weighted-average common shares
outstanding
170,420 170,196
Diluted per share data
attributable to common shareholders: Income from continuing
operations, net of preferred dividends
$ 0.20 $ 0.26
Discontinued operations
0.00 0.00 Net income
attributable to common shareholders
$ 0.20 $
0.26 Weighted-average common and potential dilutive common
shares outstanding
170,510 170,196
Amounts
attributable to common shareholders: Income from continuing
operations, net of preferred dividends
$ 34,941 $
44,511 Discontinued operations
— (440 ) Net income
attributable to common shareholders
$ 34,941 $
44,071
The Company’s calculation of FFO
allocable to Company shareholders is as follows:
(in thousands, except per share data)
Three Months EndedMarch 31,
2015 2014 Net income attributable to
common shareholders
$ 34,941 $ 44,071 Noncontrolling
interest in income of Operating Partnership
6,172 7,651
Depreciation and amortization expense of: Consolidated properties
76,266 69,083 Unconsolidated affiliates
10,317 9,861
Non-real estate assets
(842 ) (594 )
Noncontrolling interests’ share of
depreciation and amortization
(2,631 ) (1,533 ) Loss on impairment
— 17,831
Gain on depreciable property
(67 ) 18
Funds
from operations of the Operating Partnership 124,156
146,388 Litigation settlement, net of related expenses
(4,658 ) (800 ) Gain on investment
(16,560
) — Gain on extinguishment of debt
— (42,660 )
Funds from operations of the Operating Partnership, as
adjusted $ 102,938 $ 102,928
Funds from operations per diluted share $ 0.62
$ 0.73
Funds from operations, as adjusted,
per diluted share $ 0.52 $ 0.52
Weighted average common and potential
dilutive common shares outstanding with Operating Partnership units
fully converted
199,771 199,741
Reconciliation of FFO of the Operating
Partnership to FFO allocable to common shareholders:
Funds from operations of the Operating Partnership $
124,156 $ 146,388 Percentage allocable to common
shareholders (1)
85.35 % 85.21 %
Funds from
operations allocable to common shareholders $
105,967 $ 124,737
Funds from
operations of the Operating Partnership, as adjusted $
102,938 $ 102,928 Percentage allocable to common
shareholders (1)
85.35 % 85.21 %
Funds from
operations allocable to common shareholders, as adjusted
$ 87,858 $ 87,705 (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.
Three Months EndedMarch 31,
2015 2014 SUPPLEMENTAL FFO
INFORMATION: Lease termination fees
$ 1,306 $ 932
Lease termination fees per share
$ 0.01 $ —
Straight-line rental income
$ 684 $ 482 Straight-line
rental income per share
$ — $ — Gains on
outparcel sales
$ 1,107 $ 1,145 Gains on outparcel
sales per share
$ 0.01 $ 0.01 Net amortization
of acquired above- and below-market leases
$ 646 $
217 Net amortization of acquired above- and below-market leases per
share
$ — $ — Net amortization of debt
premiums and discounts
$ 583 $ 541 Net amortization
of debt premiums and discounts per share
$ — $ —
Income tax (provision) benefit
$ 916 $ (397 )
Income tax (provision) benefit per share
$ — $ —
Gain on extinguishment of debt
$ — $ 42,660
Gain on extinguishment of debt per share
$ — $ 0.21
Gain on investment
$ 16,560 $ — Gain on
investment per share
$ 0.08 $ — Interest
capitalized
$ 1,208 $ 1,409 Interest capitalized per
share
$ 0.01 $ 0.01 Litigation settlement, net
of related expenses
$ 4,658 $ 800 Litigation
settlement, net of related expenses, per share
$ 0.02
$ —
As of March 31,
2015
2014
Straight-line rent receivable
$
64,340
$
62,971
Same-center Net Operating
Income
(Dollars in thousands)
Three Months EndedMarch 31,
2015 2014 Net income attributable to
the Company
$ 46,164 $ 55,294 Adjustments:
Depreciation and amortization
76,266 69,083 Depreciation and
amortization from unconsolidated affiliates
10,317 9,861
Noncontrolling interests’ share of
depreciation and amortization in other consolidated
subsidiaries
(2,631 ) (1,533 ) Interest expense
59,157
60,506 Interest expense from unconsolidated affiliates
9,685
9,491
Noncontrolling interests’ share of
interest expense in other consolidated subsidiaries
(1,695 ) (1,311 ) Abandoned projects expense
125 1 Gain on sales of real estate assets
(757
) (1,154 ) Gain on sales of real estate assets of
unconsolidated affiliates
(563 ) — Gain on investment
(16,560 ) — Gain on extinguishment of debt
—
(42,660 ) Loss on impairment
— 17,150 Loss on impairment
from discontinued operations
— 681 Income tax provision
(benefit)
(916 ) 397 Lease termination fees
(1,306 ) (932 ) Straight-line rent and above- and
below-market lease amortization
(1,330 ) (698 )
Net income attributable to noncontrolling
interest in earnings of Operating Partnership
6,172 7,651 Loss on discontinued operations
— 17
General and administrative expenses
17,230 14,773 Management
fees and non-property level revenues
(11,458 ) (7,706
)
Company’s share of property NOI
187,900 188,911 Non-comparable NOI
(11,280 )
(13,301 ) Total same-center NOI (1)
$ 176,620
$ 175,610 Total same-center NOI percentage change
0.6
% Malls
$ 160,642 $ 160,712 Associated
centers
8,263 7,855 Community centers
5,544 5,115
Offices and other
2,171 1,928 Total
same-center NOI (1)
$ 176,620 $ 175,610
Percentage Change: Malls
0.0 %
Associated centers
5.2 % Community centers
8.4
% Offices and other
12.6 % Total
same-center NOI (1) 0.6 %
(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 March 31 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 March 31, 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 non-core properties,
properties under major redevelopment, properties being considered
for repositioning and properties where we intend to renegotiate the
terms of the debt secured by the related property.
Company’s Share of Consolidated and
Unconsolidated Debt
(Dollars in thousands)
As of March 31, 2015 Fixed Rate
VariableRate
Total Consolidated debt
$
3,984,876 $ 684,835 $ 4,669,711
Noncontrolling interests’ share of
consolidated debt
(114,519 ) (7,058 ) (121,577
)
Company’s share of unconsolidated
affiliates’ debt
669,691 98,940 768,631
Company’s share of consolidated and
unconsolidated debt
$ 4,540,048 $ 776,717
$ 5,316,765 Weighted average interest rate
5.45 % 1.75 % 4.91 %
As of March 31, 2014 Fixed Rate
VariableRate
Total Consolidated debt $ 3,887,298 $ 912,519 $ 4,799,817
Noncontrolling interests’ share of
consolidated debt
(86,931 ) (5,653 ) (92,584 )
Company’s share of unconsolidated
affiliates’ debt
651,550 103,096 754,646
Company’s share of consolidated and
unconsolidated debt
$ 4,451,917 $ 1,009,962 $ 5,461,879 Weighted
average interest rate 5.47 % 1.72 % 4.78 %
Debt-To-Total-Market Capitalization
Ratio as of March 31, 2015
(In thousands, except stock price)
SharesOutstanding
StockPrice (1)
Value Common stock and operating partnership
units 199,750 $ 19.80 $ 3,955,050 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 4,581,300
Company’s share of total debt
5,316,765 Total market capitalization $ 9,898,065
Debt-to-total-market capitalization ratio 53.7 % (1) Stock
price for common stock and operating partnership units equals the
closing price of the common stock on March 31, 2015. 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 EndedMarch 31,
2015: Basic Diluted Weighted
average shares - EPS
170,420 170,510 Weighted average
Operating Partnership units
29,261 29,261 Weighted
average shares- FFO
199,681 199,771
2014: Weighted average shares - EPS 170,196 170,196 Weighted
average Operating Partnership units 29,545 29,545 Weighted average
shares- FFO 199,741 199,741
Dividend Payout Ratio
Three Months EndedMarch 31,
2015 2014 Weighted average cash
dividend per share
$ 0.27279 $ 0.25312 FFO as
adjusted, per diluted fully converted share
$ 0.52
$ 0.52 Dividend payout ratio
52.5 %
48.7 %
Consolidated Balance Sheets
(Unaudited; in thousands, except share
data)
As of March 31, 2015
December 31,2014
ASSETS Real estate assets: Land
$ 849,076 $
847,829 Buildings and improvements
7,228,732
7,221,387
8,077,808 8,069,216 Accumulated
depreciation
(2,284,224 ) (2,240,007 )
5,793,584 5,829,209 Developments in progress
105,120
117,966 Net investment in real estate assets
5,898,704 5,947,175 Cash and cash equivalents
37,978
37,938 Receivables:
Tenant, net of allowance for doubtful
accounts of $1,829 and $2,368 in 2015 and 2014, respectively
81,052 81,338
Other, net of allowance for doubtful
accounts of $1,239 and $1,285 in 2015 and 2014, respectively
21,440 22,577 Mortgage and other notes receivable
19,609 19,811 Investments in unconsolidated affiliates
280,971 281,449 Intangible lease assets and other assets
203,846 226,011
$ 6,543,600
$ 6,616,299
LIABILITIES, REDEEMABLE NONCONTROLLING
INTERESTS AND EQUITY Mortgage and other indebtedness
$
4,669,711 $ 4,700,460 Accounts payable and accrued
liabilities
314,979 328,352 Total liabilities
4,984,690 5,028,812 Commitments and
contingencies Redeemable noncontrolling partnership interests
37,468 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, 170,492,985 and 170,260,273 issued and
outstanding in 2015 and 2014, respectively
1,705 1,703 Additional paid-in capital
1,958,570
1,958,198 Accumulated other comprehensive income
607 13,411
Dividends in excess of cumulative earnings
(577,024 )
(566,785 )
Total shareholders’ equity
1,383,883 1,406,552 Noncontrolling interests
137,559
143,376 Total equity
1,521,442
1,549,928
$ 6,543,600 $ 6,616,299
CBL & Associates Properties, Inc.Katie Reinsmidt,
423-490-8301Senior Vice President - Investor Relations/Corporate
Investmentskatie.reinsmidt@cblproperties.com
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