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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| CBL and Associates Properties Inc | NYSE:CBL | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.47 | 1.84% | 25.96 | 26.24 | 25.60 | 25.67 | 112,211 | 00:19:22 |
From Jul 2019 to Jul 2024
CBL & Associates Properties, Inc. (NYSE:CBL):
CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the second quarter ended June 30, 2010. 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.
Funds from Operations (“FFO”) allocable to common shareholders for the second quarter ended June 30, 2010, was $68,357,000, or $0.49 per diluted share, excluding a non-cash impairment of real estate of $0.13 per diluted share. FFO allocable to common shareholders for the six months ended June 30, 2010, was $136,327,000, or $0.99 per diluted share, excluding the non-cash impairment of real estate.
FFO of the operating partnership for the second quarter ended June 30, 2010, was $94,078,000, excluding the non-cash impairment of real estate, compared with $96,299,000 in the prior-year period. FFO of the operating partnership for the six months ended June 30, 2010, was $187,649,000, excluding the non-cash impairment of real estate, compared with $184,749,000 in the prior-year period.
Net loss attributable to common shareholders for the second quarter ended June 30, 2010, was $7,242,000, or $0.05 per diluted share. Net loss in the current quarter was impacted by the non-cash impairment of real estate related to an operating property. Net income available to common shareholders for the six months ended June 30, 2010, was $3,686,000, or $0.03 per diluted share.
CBL’s President and Chief Executive Officer, Stephen D. Lebovitz, commented, “Our strategic focus on creating revenue growth in our portfolio was evident in the quarter with the 160 basis point gain in occupancy as junior anchor and mall shop leasing had a positive impact. While the current retail real estate environment remains challenging, we are managing through what we see as a slow recovery with more efficient operations, an aggressive leasing strategy and continued success in securing capital at favorable terms.
“We are encouraged by the expansion plans announced by many retailers at ICSC's RECon in May as well as the 25% increase in attendance at our annual Connection leasing conference in June. The momentum from these gatherings helped us achieve 1.3 million square feet in lease signings. During the quarter, we also announced more than $298 million in financings that provided over $50.0 million in excess proceeds and positioned us to address all of our remaining 2010 debt maturities well before year-end. We will look to build on these achievements and improve the performance of our portfolio over the balance of the year.”
HIGHLIGHTS
PORTFOLIO OCCUPANCY
June 30, 2010 2009 Portfolio occupancy 89.6% 88.0% Mall portfolio 89.8% 88.7% Stabilized malls 90.1% 89.1% Non-stabilized malls 76.9% 72.2% Associated centers 91.9% 88.7% Community centers 86.4% 78.5%
PROPERTY REVIEW
During the course of the Company's normal quarterly review, the Company determined that it was appropriate to write-down the depreciated book value of its operating property, Oak Hollow Mall in High Point, NC, to its estimated fair value. The write-down resulted in a non-cash impairment of real estate in the second quarter 2010 of $25.4 million or $0.13 per diluted share. The Company has entered into a contract to sell Oak Hollow Mall, subject to due diligence and customary closing conditions. In conjunction with the anticipated sale, the Company has also reached an agreement with the lender holding the non-recourse loan secured by Oak Hollow Mall, to modify the balance of the loan outstanding of $39.6 million to equal the net sales price. The Company expects to record a gain on the extinguishment of debt of approximately $27.6 million at the completion of the disposition.
FINANCING ACTIVITY
During the second quarter, CBL announced $298.8 million in non-recourse financing activity at a combined estimated weighted average interest rate of 6.58%. The Company closed five separate non-recourse loans including one new loan and the refinancing of four existing loans, generating total net proceeds of $51.5 million, after repayment of the existing loans.
The Company closed a new $14.8 million loan secured by The Terrace, an associated center in Chattanooga, TN. The ten-year loan bears a fixed interest rate of 7.25%. CBL also closed an eight-year $115.0 million loan secured by CoolSprings Galleria in Nashville, TN, with a fixed interest rate of 6.98%. The loan replaced the existing $120.5 million loan, which was scheduled to mature in September 2010.
CBL closed two separate ten-year, CMBS loans including an $83.0 million loan secured by Burnsville Center in Minneapolis, MN, and a $21.0 million loan (representing CBL’s 50% share) secured by Parkway Place in Huntsville, AL. Subsequent to the quarter end, CBL closed a ten-year, $65.0 million non-recourse CMBS loan secured by Valley View Mall in Roanoke, VA. The loan secured by Burnsville Center bears a fixed interest rate of 6.0% and the loans secured by Parkway Place and Valley View Mall bear a fixed interest rate of 6.5%. These loans replaced three existing loans secured by these properties, aggregating $126.8 million that were scheduled to mature in 2010.
In July, CBL closed the extension and modification of its secured credit facility with total capacity of $105.0 million. The facility was extended to June 2012 at its existing interest rate of 300 basis points over the LIBOR with a floor rate of 4.5%. First Tennessee Bank NA serves as Administrative Agent.
Additionally, subsequent to the quarter end, CBL repaid the $48.0 million loan secured by Parkdale Mall and the $7.6 million loan secured by Parkdale Crossing in Beaumont, TX. Both properties were pledged to the Company’s $560 million credit facility.
DISPOSITIONS
During the quarter, CBL completed the sale of its interest in Plaza del Sol, a 260,000-square-foot shopping center in Del Rio, TX. The Company used the net proceeds to reduce outstanding borrowings on its lines of credit.
OUTLOOK AND GUIDANCE
Based on today's outlook and the Company's second quarter results, the Company is providing 2010 FFO guidance of $1.87 - $1.95 per share, which is $0.05 per share higher than the previously issued guidance. The full year guidance incorporates the impact on FFO of the $25.4 million impairment of real estate recognized in the second quarter 2010 as well as an estimated $27.6 million gain on extinguishment of debt expected to be recognized before year-end. The full year guidance also assumes $3.0 million to $5.0 million of outparcel sales and same-center NOI growth in the range of (1.5%) to (3.5%), excluding the impact of lease termination fees from both applicable periods. The guidance excludes the impact of any future unannounced acquisitions or dispositions. The Company expects to update its annual guidance after each quarter's results.
Low High Expected diluted earnings per common share $ 0.21 0.29 Adjust to fully converted shares from common shares (0.06 ) (0.08 ) Expected earnings per diluted, fully converted common share 0.15 0.21 Add: depreciation and amortization 1.66 1.66 Add: noncontrolling interest in earnings of Operating Partnership 0.06 0.08 Expected FFO per diluted, fully converted common share $ 1.87 $ 1.95INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m. EDT on Wednesday, August 4, 2010, to discuss its second quarter results. The number to call for this interactive teleconference is (212) 231-2900. A seven-day replay of the conference call will be available by dialing (402) 977-9140 and entering the passcode 21463739. 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., second quarter earnings release and supplemental information please visit our website at cblproperties.com or contact Investor Relations at 423-490-8312.
The Company will also provide an online web simulcast and rebroadcast of its 2010 second quarter earnings release conference call. The live broadcast of the quarterly conference call will be available online at cblproperties.com on Wednesday, August 4, 2010, beginning at 11:00 a.m. EDT. The online replay will follow shortly after the call and continue through August 11, 2010.
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 162 properties, including 86 regional malls/open-air centers. The properties are located in 27 states and total 85.9 million square feet including 2.2 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 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 operating 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. The Company defines FFO allocable to its 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 available to its common shareholders.
In the reconciliation of net income available to the Company's common shareholders to FFO allocable to its common shareholders, located at the end of this earnings release, the Company makes an adjustment to add back noncontrolling interest in earnings 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 for purposes of evaluating the Company’s operating performance or to cash flow as a measures of liquidity.
During the second quarter and year to date period ended June 30, 2010, the Company recorded a loss on impairment of real estate assets related to an operating property. Considering the significance and nature of the impairment, the Company believes that it is important to identify the impact of the change on its FFO measures for a reader to have a complete understanding of the Company's results of operations. Therefore, the Company has also presented its FFO measure excluding the impairment charge.
Same-Center Net Operating Income
NOI is a supplemental measure of the operating performance of the Company's shopping centers. The Company defines NOI as operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).
Similar to FFO, the Company computes NOI based on its pro rata share of both consolidated and unconsolidated properties. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's NOI may not be comparable to that of other companies. A reconciliation of same-center NOI to net income is located at the end of this earnings release.
Since NOI includes only those revenues and expenses related to the operations of its shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates and operating costs and the impact of those trends on the Company's results of operations. Additionally, there are instances when tenants terminate their leases prior to the scheduled expiration date and pay the Company one-time, lump-sum termination fees. These one-time lease termination fees may distort same-center NOI trends and may result in same-center NOI that is not indicative of the ongoing operations of the Company's shopping center properties. Therefore, the Company believes that presenting same-center NOI, excluding lease termination fees, is useful to investors.
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 for the year ended December 31, 2009 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 Ended Six Months Ended June 30, June 30, 2010 2009 2010 2009 REVENUES: Minimum rents $ 170,239 $ 170,491 $ 339,060 $ 342,428 Percentage rents 2,127 1,604 6,140 6,408 Other rents 4,598 4,142 9,174 8,422 Tenant reimbursements 76,347 81,695 156,170 163,179 Management, development and leasing fees 1,601 1,615 3,307 4,080 Other 7,234 6,977 14,471 13,067 Total revenues 262,146 266,524 528,322 537,584 EXPENSES: Property operating 37,514 39,355 76,411 83,372 Depreciation and amortization 70,652 75,793 142,664 154,104 Real estate taxes 24,866 24,449 49,858 48,603 Maintenance and repairs 13,561 13,416 29,745 29,410 General and administrative 10,321 10,893 21,395 22,372 Loss on impairment of real estate 25,435 - 25,435 - Other 6,415 5,914 13,116 11,071 Total expenses 188,764 169,820 358,624 348,932 Income from operations 73,382 96,704 169,698 188,652 Interest and other income 948 1,362 1,999 2,943 Interest expense (73,341 ) (72,842 ) (146,801 ) (144,727 ) Loss on impairment of investment - - - (7,706 ) Gain (loss) on sales of real estate assets 1,149 72 2,015 (67 ) Equity in earnings of unconsolidated affiliates 409 62 948 1,596 Income tax benefit (provision) 1,911 (152 ) 3,788 (755 ) Income from continuing operations 4,458 25,206 31,647 39,936 Operating income of discontinued operations 59 86 73 20 Loss on discontinued operations - (12 ) - (72 ) Net income 4,517 25,280 31,720 39,884 Net (income) loss attributable to noncontrolling interests in: Operating partnership 2,723 (5,109 ) (1,387 ) (6,415 ) Other consolidated subsidiaries (6,124 ) (6,580 ) (12,261 ) (12,711 ) Net income attributable to the Company 1,116 13,591 18,072 20,758 Preferred dividends (8,358 ) (5,454 ) (14,386 ) (10,909 ) Net income (loss) attributable to common shareholders $ (7,242 ) $ 8,137 $ 3,686 $ 9,849 Basic per share data attributable to common shareholders: Income (loss) from continuing operations, net of preferred dividends $ (0.05 ) $ 0.10 $ 0.03 $ 0.13 Discontinued operations - - - - Net income (loss) attributable to common shareholders $ (0.05 ) $ 0.10 $ 0.03 $ 0.13 Weighted average common shares outstanding 138,068 82,187 138,018 74,341 Diluted per share data attributable to common shareholders: Income (loss) from continuing operations, net of preferred dividends $ (0.05 ) $ 0.10 $ 0.03 $ 0.13 Discontinued operations - - - - Net income (loss) attributable to common shareholders $ (0.05 ) $ 0.10 $ 0.03 $ 0.13Weighted average common and potential dilutive common shares outstanding
138,112 82,226 138,059 74,378 Amounts attributable to common shareholders: Income (loss) from continuing operations, net of preferred dividends $ (7,285 ) $ 8,092 $ 3,633 $ 9,880 Discontinued operations 43 45 53 (31 ) Net income (loss) attributable to common shareholders $ (7,242 ) $ 8,137 $ 3,686 $ 9,849 The Company's calculation of FFO allocable to Company shareholders is as follows: (in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2010 2009 2010 2009 Net income (loss) attributable to common shareholders $ (7,242 ) $ 8,137 $ 3,686 $ 9,849 Noncontrolling interest in income (loss) of operating partnership (2,723 ) 5,109 1,387 6,415 Depreciation and amortization expense of: Consolidated properties 70,652 75,793 142,664 154,104 Unconsolidated affiliates 8,486 7,555 15,371 15,064 Non-real estate assets (219 ) (243 ) (438 ) (490 ) Noncontrolling interests' share of depreciation and amortization (311 ) (64 ) (456 ) (265 ) Loss on discontinued operations - 12 - 72 Funds from operations of the operating partnership 68,643 96,299 162,214 184,749 Loss on impairment of real estate 25,435 - 25,435 -Funds from operations of the operating partnership, excluding loss on impairment of real estate
$ 94,078 $ 96,299 $ 187,649 $ 184,749 Funds from operations per diluted share $ 0.36 $ 0.72 $ 0.85 $ 1.47 Loss on impairment of real estate per diluted share (1) 0.13 - 0.14 -Funds from operations, excluding loss on impairment of real estate, per diluted share
$ 0.49 $ 0.72 $ 0.99 $ 1.47Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted
190,061 133,969 190,008 125,558Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership $ 68,643 $ 96,299 $ 162,214 $ 184,749 Percentage allocable to common shareholders (2) 72.66 % 61.37 % 72.65 % 59.23 % Funds from operations allocable to common shareholders $ 49,876 $ 59,099 $ 117,848 $ 109,427Funds from operations of the operating partnership, excluding loss on impairment of real estate
$ 94,078 $ 96,299 $ 187,649 $ 184,749 Percentage allocable to common shareholders (2) 72.66 % 61.37 % 72.65 % 59.23 %Funds from operations allocable to Company shareholders, excluding loss on impairment of real estate
$ 68,357 $ 59,099 $ 136,327 $ 109,427 (1) Diluted per share amounts presented for reconciliation purposes may differ from actual diluted per share amounts due to rounding.(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 on page 10.
SUPPLEMENTAL FFO INFORMATION (in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2010 2009 2010 2009 Lease termination fees $ 1,617 $ 1,129 $ 2,148 $ 3,671 Lease termination fees per share $ 0.01 $ 0.01 $ 0.01 $ 0.03 Straight-line rental income $ 1,446 $ 1,570 $ 2,762 $ 3,301 Straight-line rental income per share $ 0.01 $ 0.01 $ 0.01 $ 0.03 Gains on outparcel sales $ 1,244 $ 154 $ 2,060 $ 579 Gains on outparcel sales per share $ 0.01 $ - $ 0.01 $ - Amortization of acquired above- and below-market leases $ 724 $ 1,532 $ 1,562 $ 3,080 Amortization of acquired above- and below-market leases per share $ - $ 0.01 $ 0.01 $ 0.02 Amortization of debt premiums $ 1,268 $ 1,707 $ 2,930 $ 3,742 Amortization of debt premiums per share $ 0.01 $ 0.01 $ 0.02 $ 0.03 Income tax benefit (provision) $ 1,911 $ (152 ) $ 3,788 $ (755 ) Income tax benefit (provision) per share $ 0.01 $ - $ 0.02 $ (0.01 ) Abandoned projects expense $ 260 $ 67 $ 359 $ 143 Abandoned projects expense per share $ - $ - $ - $ - Loss on impairment of real estate $ (25,435 ) $ - $ (25,435 ) $ - Loss on impairment of real estate per share $ (0.13 ) $ - $ (0.13 ) $ - Loss on impairment of investment $ - $ - $ - $ (7,706 ) Loss on impairment of investment per share $ - $ - $ - $ (0.06 ) Same-Center Net Operating Income (Dollars in thousands) Three Months Ended Six Months Ended June 30, June 30, 2010 2009 2010 2009 Net income attributable to the Company $ 1,116 $ 13,591 $ 18,072 $ 20,758 Adjustments: Depreciation and amortization 70,652 75,793 142,664 154,104 Depreciation and amortization from unconsolidated affiliates 8,486 7,555 15,371 15,064Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries
(311 ) (64 ) (456 ) (265 ) Interest expense 73,341 72,842 146,801 144,727 Interest expense from unconsolidated affiliates 8,503 7,497 15,731 15,362Noncontrolling interests' share of interest expense in other consolidated subsidiaries
(379 ) (189 ) (613 ) (462 ) Abandoned projects expense 260 67 359 143 (Gain) loss on sales of real estate assets (1,149 ) (72 ) (2,015 ) 67 Gain on sales of real estate assets of unconsolidated affiliates (160 ) (82 ) (110 ) (646 ) Loss on impairment of investment - - - 7,706 Loss on impairment of real estate 25,435 - 25,435 - Income tax (benefit) provision (1,911 ) 152 (3,788 ) 755Net income (loss) attributable to noncontrolling interests in operating partnership
(2,723 ) 5,109 1,387 6,415 Loss on discontinued operations - 12 - 72 Operating partnership's share of total NOI 181,160 182,211 358,838 363,800 General and administrative expenses 10,321 10,893 21,395 22,372 Management fees and non-property level revenues (6,826 ) (4,594 ) (12,143 ) (10,657 ) Operating partnership's share of property NOI 184,655 188,510 368,090 375,515 Non-comparable NOI (4,831 ) (3,130 ) (8,390 ) (6,454 ) Total same-center NOI $ 179,824 $ 185,380 $ 359,700 $ 369,061 Total same-center NOI percentage change -3.0 % -2.5 % Total same-center NOI $ 179,824 $ 185,380 $ 359,700 $ 369,061 Less lease termination fees (1,617 ) (1,141 ) (2,148 ) (3,614 ) Total same-center NOI, excluding lease termination fees $ 178,207 $ 184,239 $ 357,552 $ 365,447 Malls $ 160,884 $ 165,669 $ 323,189 $ 329,335 Associated centers 7,892 8,131 15,686 15,951 Community centers 4,414 4,449 8,529 8,726 Office and other 5,017 5,990 10,148 11,435 Total same-center NOI, excluding lease termination fees $ 178,207 $ 184,239 $ 357,552 $ 365,447 Percentage Change: Malls -2.9 % -1.9 % Associated centers -2.9 % -1.7 % Community centers -0.8 % -2.3 % Office and other -16.2 % -11.3 % Total same-center NOI, excluding lease termination fees -3.3 % -2.2 % Company's Share of Consolidated and Unconsolidated Debt (Dollars in thousands) June 30, 2010 Fixed Rate Variable Rate Total Consolidated debt $ 4,009,395 $ 1,446,472 $ 5,455,867 Noncontrolling interests' share of consolidated debt (24,850 ) (928 ) (25,778 ) Company's share of unconsolidated affiliates' debt 422,013 167,576 589,589 Company's share of consolidated and unconsolidated debt $ 4,406,558 $ 1,613,120 $ 6,019,678 Weighted average interest rate 5.90 % 2.75 % 5.06 %June 30, 2009 Fixed Rate Variable Rate Total Consolidated debt $ 4,541,048 $ 1,147,554 $ 5,688,602 Noncontrolling interests' share of consolidated debt (23,424 ) (928 ) (24,352 ) Company's share of unconsolidated affiliates' debt 407,022 181,282 588,304 Company's share of consolidated and unconsolidated debt $ 4,924,646 $ 1,327,908 $ 6,252,554 Weighted average interest rate 5.98 % 1.68 % 5.06 % Debt-To-Total-Market Capitalization Ratio as of June 30, 2010 (In thousands, except stock price) Shares Outstanding Stock Price (1) Value Common stock and operating partnership units 190,024 $ 12.44 $ 2,363,899 7.75% Series C Cumulative Redeemable Preferred Stock 460 250.00 115,000 7.375% Series D Cumulative Redeemable Preferred Stock 1,330 250.00 332,500 Total market equity 2,811,399 Company's share of total debt 6,019,678 Total market capitalization $ 8,831,077 Debt-to-total-market capitalization ratio 68.2 %
(1)
Stock price for common stock and operating partnership units equals the closing price of the common stock on June 30, 2010. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.
Reconciliation of Shares and Operating Partnership Units Outstanding (In thousands) Three Months Ended Six Months Ended June 30, June 30, 2010: Basic Diluted Basic Diluted Weighted average shares - EPS 138,068 138,112 138,018 138,059 Weighted average operating partnership units 51,949 51,949 51,949 51,949 Weighted average shares- FFO 190,017 190,061 189,967 190,008 2009: Weighted average shares - EPS 82,187 82,226 74,341 74,378 Weighted average operating partnership units 51,743 51,743 51,180 51,180 Weighted average shares- FFO 133,930 133,969 125,521 125,558 Dividend Payout Ratio Three Months Ended Six Months Ended June 30, June 30, 2010 2009 2010 2009 Weighted average dividend per share $ 0.22690 $ 0.15385 $ 0.45796 $ 0.53291 FFO per diluted, fully converted share $ 0.36 $ 0.72 $ 0.85 $ 1.47 Dividend payout ratio 63.0 % 21.4 % 53.9 % 36.3 % Consolidated Balance Sheets (Unaudited, in thousands except share data) ASSETS June 30, December 31, 2010 2009 Real estate assets: Land $ 943,492 $ 946,750 Buildings and improvements 7,557,570 7,569,015 8,501,062 8,515,765 Accumulated depreciation (1,612,950 ) (1,505,840 ) 6,888,112 7,009,925 Developments in progress 99,748 85,110 Net investment in real estate assets 6,987,860 7,095,035 Cash and cash equivalents 60,649 48,062 Receivables: Tenant, net of allowance 69,268 73,170 Other 13,240 8,162 Mortgage and other notes receivable 38,025 38,208 Investments in unconsolidated affiliates 214,682 186,523 Intangible lease assets and other assets 273,253 279,950 $ 7,656,977 $ 7,729,110 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Mortgage and other indebtedness $ 5,455,867 $ 5,616,139 Accounts payable and accrued liabilities 290,347 248,333 Total liabilities 5,746,214 5,864,472 Commitments and contingencies Redeemable noncontrolling interests: Redeemable noncontrolling partnership interests 25,933 22,689 Redeemable noncontrolling preferred joint venture interest 421,562 421,570 Total redeemable noncontrolling interests 447,495 444,259 Shareholders' equity: Preferred Stock, $.01 par value, 15,000,000 shares authorized:7.75% Series C Cumulative Redeemable Preferred Stock, 460,000 shares outstanding
5 57.375% Series D Cumulative Redeemable Preferred Stock, 1,330,000 and 700,000 shares outstanding in 2010 and 2009, respectively
13 7Common Stock, $.01 par value, 350,000,000 shares authorized, 138,075,609 and 137,888,408 issued and outstanding in 2010 and 2009, respectively
1,381 1,379 Additional paid-in capital 1,508,116 1,399,654 Accumulated other comprehensive income 4,310 491 Accumulated deficit (335,173 ) (283,640 ) Total shareholders' equity 1,178,652 1,117,896 Noncontrolling interests 284,616 302,483 Total equity 1,463,268 1,420,379 $ 7,656,977 $ 7,729,110
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