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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 | 22:34:07 |
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, 2012. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure is located at the end of this news release.
Three Months Ended
June 30,
Six Months EndedJune 30,
2012 20112012
2011(1)
Funds from Operations (“FFO”) per diluted share $ 0.53 $ 0.50 $ 1.02 $ 0.97(1) FFO for the six months ended June 30, 2011 excludes the gain on extinguishment of debt of $0.17 per share recorded in the first quarter 2011.
“This was a strong quarter for CBL in all respects, and we exceeded expectations in all of our primary metrics,” said Stephen Lebovitz, CBL’s president and chief executive officer. “Occupancy improved year-over-year and, sequentially, rental spreads were up nicely on both new and renewal leasing and sales in the mall portfolio continued their positive trend. We enter the second half of the year with a more positive outlook. The NOI and FFO growth we generated in the quarter has enabled us to raise our full year 2012 guidance, while the significant refinancing activity has addressed almost all of our 2012 maturities and provided significant excess loan proceeds.
“We successfully sourced attractive growth opportunities in the quarter that complement our outlet center development program. The acquisition of Dakota Square Mall and the long-term contract to manage six malls for Starwood will enable us to leverage our leasing and management capabilities. With nearly full availability on our credit facilities and potential non-core disposition activity planned, we are well-positioned to pursue additional growth opportunities and fund capital needs for the foreseeable future.”
FFO allocable to common shareholders for the second quarter of 2012 was $79,950,000, or $0.53 per diluted share, compared with $73,763,000, or $0.50 per diluted share, for the second quarter of 2011. FFO of the operating partnership for the second quarter of 2012 was $100,782,000, compared with $94,653,000, for the second quarter 2011.
Net income attributable to common shareholders for the second quarter of 2012 was $18,797,000, or $0.12 per diluted share, compared with net income of $9,782,000, or $0.07 per diluted share for the second quarter of 2011.
HIGHLIGHTS
PORTFOLIO OCCUPANCY
June 30, 2012 2011 Portfolio occupancy 92.3 % 90.6 % Mall portfolio 92.4 % 90.4 % Stabilized malls 92.3 % 90.5 % Non-stabilized malls (1) 100.0 % 85.2 % Associated centers 93.4 % 91.2 % Community centers 91.1 % 91.9 %(1) The Non-stabilized mall category included The Outlet Shoppes at Oklahoma City for 2012 and Pearland Town Center for 2011.
THIRD PARTY MANAGEMENT
During the quarter, CBL was awarded a two-year contract to provide management services for six malls acquired by Starwood Capital Group. CBL will provide day-to-day onsite property management and accounting services for the six malls located in California, Florida, Illinois, Nebraska, and Ohio. CBL will also provide marketing, specialty retail and branding services which includes business opportunities for cart, kiosk and temporary in-line space as well as targeted advertising and sponsorship.
ACQUISITIONS
In May, CBL closed on the acquisition of Dakota Square Mall in Minot, ND, from The Lightstone Group. The mall was acquired for a total consideration of $91.475 million, including the assumption of a $59.0 million loan that matures in November 2016 and bears a fixed interest rate of 6.23%.
In April, CBL acquired interests in The Outlet Shoppes at El Paso in El Paso, TX, and The Outlet Shoppes at Gettysburg in Gettysburg, PA, from Horizon Group Properties and its affiliates. CBL acquired a 75% interest in The Outlet Shoppes at El Paso and a 50% interest in The Outlet Shoppes at Gettysburg, for a total investment of $108.7 million, including the assumption of $70.5 million of debt.
DISPOSITIONS
In July, CBL closed on the sale of Massard Crossing, a community center in Fort Smith, AR. The property was sold for $7.8 million.
FINANCING ACTIVITY
Year-to-date, CBL has completed more than $456.2 million in mortgage financings, generating excess proceeds of approximately $140.0 million. The eight non-recourse mortgage loans were individually secured by Arbor Place in Atlanta (Douglasville), GA; Fashion Square in Saginaw, MI; Jefferson Mall in Louisville, KY; Northwoods Mall in Charleston, SC; Southpark Mall in Richmond (Colonial Heights), VA; Westgate Mall in Spartanburg, SC; York Town Center in York, PA and CBL Centers I and II in Chattanooga, TN.
During the quarter, CBL completed an extension of its $105.0 million secured line of credit to June 2015, with one 12-month extension available at the Company’s option. All other material terms of the facility were unchanged.
OUTLOOK AND GUIDANCE
Based on second quarter results and today's outlook, the Company is increasing 2012 FFO to a range of $2.00 - $2.10 per share from the previously issued range of $1.95 - $2.03 per share. The Company is also increasing its assumption for same-center NOI growth to a range of 1.0% - 2.0%, excluding applicable lease termination fees, compared with the previously issued range of 0.0% - 1.0%. The full year guidance assumes $3.0 million to $5.0 million of outparcel sales and a 50 - 100 basis point increase in year-end occupancy as compared with the prior year. 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 $ 0.42 $ 0.52 Adjust to fully converted shares from common shares (0.09 ) (0.11 ) Expected earnings per diluted, fully converted common share 0.33 0.41 Add: depreciation and amortization 1.58 1.58 Add: noncontrolling interest in earnings of Operating Partnership 0.09 0.11 Expected FFO per diluted, fully converted common share $ 2.00 $ 2.10INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m. ET on Friday, July 27, 2012, to discuss its second quarter results. The numbers to call for this interactive teleconference are (800) 734-8592 or (212) 231-2900. A seven-day replay of the conference call will be available by dialing (402) 977-9140 and entering the passcode 21544168. 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 2012 second quarter earnings release conference call. The live broadcast of the quarterly conference call will be available online at cblproperties.com on Friday, July 27, 2012, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue through August 3, 2012.
CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interest in or manages 164 properties, including 95 regional malls/open-air centers. The properties are located in 28 states and total 93.4 million square feet including 9.4 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 www.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 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. In October 2011, NAREIT clarified that FFO should exclude the impact of losses on impairment of depreciable properties. The Company has calculated FFO for all periods presented in accordance with this clarification. 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 (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.
During 2011, the Company recorded a gain on extinguishment of debt from discontinued operations. Considering the significance and nature of this item, 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 measures excluding this item.
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, 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 EndedJune 30,
Six Months EndedJune 30,
2012 2011 2012 2011 REVENUES: Minimum rents $ 167,609 $ 168,288 $ 328,397 $ 339,202 Percentage rents 1,756 2,062 5,222 5,802 Other rents 4,683 4,582 9,996 9,590 Tenant reimbursements 71,732 77,022 142,219 153,832 Management, development and leasing fees 1,966 1,568 4,435 2,905 Other 7,852 8,597 16,001 17,957 Total revenues 255,598 262,119 506,270 529,288 OPERATING EXPENSES: Property operating 36,562 35,984 74,923 76,143 Depreciation and amortization 68,126 71,839 131,283 139,538 Real estate taxes 23,756 25,124 46,602 49,450 Maintenance and repairs 13,419 14,044 26,575 30,052 General and administrative 11,993 11,241 25,793 23,041 Other 6,559 7,046 13,317 15,349 Total operating expenses 160,415 165,278 318,493 333,573 Income from operations 95,183 96,841 187,777 195,715 Interest and other income 1,298 612 2,373 1,157 Interest expense (61,400 ) (70,914 ) (121,460 ) (139,127 ) Gain on extinguishment of debt - - - 581 Gain (loss) on sales of real estate assets 2,543 (97 ) 3,130 712 Equity in earnings of unconsolidated affiliates 2,073 1,455 3,339 3,233 Income tax (provision) benefit (267 ) 4,653 (39 ) 6,423 Income from continuing operations 39,430 32,550 75,120 68,694 Operating income (loss) of discontinued operations (21 ) (3,156 ) (71 ) 24,594 Gain (loss) on discontinued operations (16 ) 138 895 152 Net income 39,393 29,532 75,944 93,440 Net income attributable to noncontrolling interests in: Operating partnership (5,197 ) (2,752 ) (9,559 ) (13,203 ) Other consolidated subsidiaries (4,805 ) (6,404 ) (10,945 ) (12,542 ) Net income attributable to the Company 29,391 20,376 55,440 67,695 Preferred dividends (10,594 ) (10,594 ) (21,188 ) (21,188 ) Net income attributable to common shareholders $ 18,797 $ 9,782 $ 34,252 $ 46,507 Basic per share data attributable to common shareholders: Income from continuing operations, net of preferred dividends $ 0.12 $ 0.08 $ 0.22 $ 0.18 Discontinued operations - (0.01 ) 0.01 0.13 Net income attributable to common shareholders $ 0.12 $ 0.07 $ 0.23 $ 0.31 Weighted average common shares outstanding 150,913 148,356 149,704 148,214 Diluted earnings per share data attributable to common shareholders: Income from continuing operations, net of preferred dividends $ 0.12 $ 0.08 $ 0.22 $ 0.18 Discontinued operations - (0.01 ) 0.01 0.13 Net income attributable to common shareholders $ 0.12 $ 0.07 $ 0.23 $ 0.31Weighted average common and potential dilutive common shares outstanding
150,954 148,398 149,746 148,262 Amounts attributable to common shareholders: Income from continuing operations, net of preferred dividends $ 18,826 $ 12,134 $ 33,603 $ 27,233 Discontinued operations (29 ) (2,352 ) 649 19,274 Net income attributable to common shareholders $ 18,797 $ 9,782 $ 34,252 $ 46,507 Dividends declared per common share $ 0.22 $ 0.21 $ 0.44 $ 0.42 The Company's calculation of FFO allocable to its shareholders is as follows: (in thousands, except per share data) Three Months EndedJune 30,
Six Months EndedJune 30,
2012 2011 2012 2011 Net income attributable to common shareholders $ 18,797 $ 9,782 $ 34,252 $ 46,507 Noncontrolling interest in income of operating partnership 5,197 2,752 9,559 13,203 Depreciation and amortization expense of: Consolidated properties 68,126 71,839 131,283 139,538 Unconsolidated affiliates 11,008 8,597 22,119 14,112 Discontinued operations - 272 116 640 Non-real estate assets (471 ) (589 ) (888 ) (1,227 ) Noncontrolling interests' share of depreciation and amortization (1,883 ) (153 ) (2,329 ) (302 ) Loss on impairment of real estate, net of tax benefit - 2,256 196 5,002 Gain on depreciable property - - (493 ) - (Gain) loss on discontinued operations, net of tax provision 8 (103 ) (557 ) (117 ) Funds from operations of the operating partnership 100,782 94,653 193,258 217,356 Gain on extinguishment of debt - - - (32,015 ) Funds from operations of the operating partnership, as adjusted $ 100,782 $ 94,653 $ 193,258 $ 185,341 Funds from operations per diluted share $ 0.53 $ 0.50 $ 1.02 $ 1.14 Gain on extinguishment of debt(1) - - - (0.17 ) Funds from operations, as adjusted, per diluted share $ 0.53 $ 0.50 $ 1.02 $ 0.97Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted
190,277 190,415 190,218 190,338Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership $ 100,782 $ 94,653 $ 193,258 $ 217,356 Percentage allocable to common shareholders (2) 79.33 % 77.93 % 78.72 % 77.89 % Funds from operations allocable to Company shareholders $ 79,950 $ 73,763 $ 152,133 $ 169,299 Funds from operations of the operating partnership, as adjusted $ 100,782 $ 94,653 $ 193,258 $ 185,341 Percentage allocable to common shareholders (2) 79.33 % 77.93 % 78.72 % 77.89 % Funds from operations allocable to Company shareholders, as adjusted $ 79,950 $ 73,763 $ 152,133 $ 144,362 (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 outstanding on page 9.
SUPPLEMENTAL FFO INFORMATION: Lease termination fees $ 1,408 $ 610 $ 2,158 $ 2,239 Lease termination fees per share $ 0.01 $ - $ 0.01 $ 0.01 Straight-line rental income $ 1,812 $ 557 $ 2,222 $ 1,685 Straight-line rental income per share $ 0.01 $ - $ 0.01 $ 0.01 Gains on outparcel sales $ 2,754 $ 1,184 $ 2,853 $ 1,993 Gains on outparcel sales per share $ 0.01 $ 0.01 $ 0.01 $ 0.01 Net amortization of acquired above- and below-market leases $ 638 $ 692 $ 780 $ 1,206 Net amortization of acquired above- and below-market leases per share $ - $ - $ - $ 0.01 Net amortization of debt premiums (discounts) $ 603 $ 604 $ 1,055 $ 1,357 Net amortization of debt premiums (discounts) per share $ - $ - $ 0.01 $ 0.01 Income tax (provision) benefit $ (267 ) $ 4,653 $ (39 ) $ 6,423 Income tax (provision) benefit per share $ - $ 0.02 $ - $ 0.03 Loss on impairment of real estate from discontinued operations $ - $ (3,950 ) $ (293 ) $ (6,696 ) Loss on impairment of real estate from discontinued operations per share $ - $ (0.02 ) $ - $ (0.04 ) Gain on extinguishment of debt from discontinued operations $ - $ - $ - $ 31,434 Gain on extinguishment of debt from discontinued operations per share $ - $ - $ - $ 0.17 Same-Center Net Operating Income (Dollars in thousands) Three Months EndedJune 30,
Six Months EndedJune 30,
2012 2011 2012 2011 Net income attributable to the Company $ 29,391 $ 20,376 $ 55,440 $ 67,695 Adjustments: Depreciation and amortization 68,126 71,839 131,283 139,538 Depreciation and amortization from unconsolidated affiliates 11,008 8,597 22,119 14,112 Depreciation and amortization from discontinued operations - 272 116 640Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries
(1,883 ) (153 ) (2,329 ) (302 ) Interest expense 61,400 70,914 121,460 139,127 Interest expense from unconsolidated affiliates 11,093 8,658 22,296 14,460 Interest expense from discontinued operations 1 1 2 179Noncontrolling interests' share of interest expense in other consolidated subsidiaries
(1,002 ) (256 ) (1,462 ) (500 ) Abandoned projects expense 1 51 (123 ) 51 (Gain) loss on sales of real estate assets (2,543 ) 97 (3,130 ) (712 ) Gain on sales of real estate assets of unconsolidated affiliates (220 ) (1,246 ) (215 ) (1,246 ) Gain on extinguishment of debt - - - (581 ) Gain on extinguishment of debt from discontinued operations - - - (31,434 ) Writedown of mortgage notes receivable - - - 1,500 Loss on impairment of real estate from discontinued operations - 3,950 293 6,696 Income tax provision (benefit) 267 (4,653 ) 39 (6,423 )Net income attributable to noncontrolling interest in earnings of operating partnership
5,197 2,752 9,559 13,203 (Gain) loss on discontinued operations 16 (138 ) (895 ) (152 ) Operating partnership's share of total NOI 180,852 181,061 354,453 355,851 General and administrative expenses 11,993 11,241 25,793 23,041 Management fees and non-property level revenues (6,523 ) (7,857 ) (13,285 ) (10,344 ) Operating partnership's share of property NOI 186,322 184,445 366,961 368,548 Non-comparable NOI (7,957 ) (11,385 ) (13,220 ) (20,775 ) Total same-center NOI $ 178,365 $ 173,060 $ 353,741 $ 347,773 Total same-center NOI percentage change 3.1 % 1.7 % Total same-center NOI $ 178,365 $ 173,060$ 353,741 $ 347,773 Less lease termination fees (1,186 ) (500 ) (1,942 ) (2,014 ) Total same-center NOI, excluding lease termination fees $ 177,179 $ 172,560 $ 351,799 $ 345,759 Malls $ 159,328 $ 154,768 $ 315,203 $ 309,284 Associated centers 8,194 7,742 16,287 15,589 Community centers 4,991 4,749 10,123 9,909 Offices and other 4,666 5,301 10,186 10,977 Total same-center NOI, excluding lease termination fees $ 177,179 $ 172,560 $ 351,799 $ 345,759 Percentage Change: Malls 2.9 % 1.9 % Associated centers 5.8 % 4.5 % Community centers 5.1 % 2.2 % Offices and other -12.0 % -7.2 % Total same-center NOI, excluding lease termination fees 2.7 % 1.7 % Company's Share of Consolidated and Unconsolidated Debt (Dollars in thousands) As of June 30, 2012 Fixed Rate Variable Rate Total Consolidated debt $ 3,886,105 $ 807,103 $ 4,693,208 Noncontrolling interests' share of consolidated debt (69,684 ) - (69,684 ) Company's share of unconsolidated affiliates' debt 673,154 126,890 800,044 Company's share of consolidated and unconsolidated debt $ 4,489,575 $ 933,993 $ 5,423,568 Weighted average interest rate 5.47 % 2.53 % 4.96 % As of June 30, 2011 Fixed Rate Variable Rate Total Consolidated debt $ 4,079,044 $ 1,115,053 $ 5,194,097 Noncontrolling interests' share of consolidated debt (15,554 ) (928 ) (16,482 ) Company's share of unconsolidated affiliates' debt 395,222 150,203 545,425 Company's share of consolidated and unconsolidated debt $ 4,458,712 $ 1,264,328 $ 5,723,040 Weighted average interest rate 5.64 % 2.59 % 4.97 % Debt-To-Total-Market Capitalization Ratio as of June 30, 2012
(In thousands, except stock price)
Shares Outstanding
Stock Price (1)
Value Common stock and operating partnership units 190,194 $ 19.54 $ 3,716,391 7.75% Series C Cumulative Redeemable Preferred Stock 460 250.00 115,000 7.375% Series D Cumulative Redeemable Preferred Stock 1,815 250.00 453,750 Total market equity 4,285,141 Company's share of total debt 5,423,568 Total market capitalization $ 9,708,709 Debt-to-total-market capitalization ratio 55.9 %(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on June 29, 2012. The stock prices for the preferred stocks represent the liquidation preference of each respective series.
Reconciliation of Shares and Operating Partnership Units Outstanding (In thousands) Three Months Ended Six Months Ended June 30, June 30, 2012: Basic Diluted Basic Diluted Weighted average shares - EPS 150,913 150,954 149,704 149,746 Weighted average operating partnership units 39,323 39,323 40,472 40,472 Weighted average shares- FFO 190,236 190,277 190,176 190,218 2011: Weighted average shares - EPS 148,356 148,398 148,214 148,262 Weighted average operating partnership units 42,017 42,017 42,076 42,076 Weighted average shares- FFO 190,373 190,415 190,290 190,338 Dividend Payout Ratio Three Months Ended Six Months Ended June 30, June 30, 2012 2011 2012 2011 Weighted average cash dividend per share $ 0.22896 $ 0.21913 $ 0.45792 $ 0.44947 FFO per diluted, fully converted share, as adjusted $ 0.53 $ 0.50 $ 1.02 $ 0.97 Dividend payout ratio 43.2 % 43.8 % 44.9 % 46.3 % Consolidated Balance Sheets (Unaudited; in thousands, except share data) As of June 30,2012
December 31,2011
ASSETS Real estate assets: Land $ 888,084 $ 851,303 Buildings and improvements 7,020,394 6,777,776 7,908,478 7,629,079 Accumulated depreciation (1,873,310 ) (1,762,149 ) 6,035,168 5,866,930 Held for sale - 14,033 Developments in progress 139,500 124,707 Net investment in real estate assets 6,174,668 6,005,670 Cash and cash equivalents 71,537 56,092 Receivables:Tenant, net of allowance for doubtful accounts of $2,051 and $1,760 in 2012 and 2011, respectively
71,520 74,160Other, net of allowance for doubtful accounts of $1,248 and $1,400 in 2012 and 2011, respectively
8,156 11,592 Mortgage and other notes receivable 25,442 34,239 Investments in unconsolidated affiliates 304,663 304,710 Intangible lease assets and other assets 257,625 232,965 $ 6,913,611 $ 6,719,428 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Mortgage and other indebtedness $ 4,693,208 $ 4,489,355 Accounts payable and accrued liabilities 323,470 303,577 Total liabilities 5,016,678 4,792,932 Commitments and contingencies Redeemable noncontrolling interests: Redeemable noncontrolling partnership interests 38,218 32,271 Redeemable noncontrolling preferred joint venture interest 423,777 423,834 Total redeemable noncontrolling interests 461,995 456,105 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, 1,815,000 shares outstanding
18 18Common stock, $.01 par value, 350,000,000 shares authorized, 158,560,145 and 148,364,037 issued and outstanding in 2012 and 2011, respectively
1,586 1,484 Additional paid-in capital 1,697,943 1,657,927 Accumulated other comprehensive income 4,146 3,425 Dividends in excess of cumulative earnings (432,908 ) (399,581 ) Total shareholders' equity 1,270,790 1,263,278 Noncontrolling interests 164,148 207,113 Total equity 1,434,938 1,470,391 $ 6,913,611 $ 6,719,428
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