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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 |
CBL & Associates Properties, Inc. (NYSE:CBL):
CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the second quarter ended June 30, 2009. 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. All share and per share information for the periods presented have been adjusted to reflect the issuance of common stock and common units, as applicable, in connection with the Company’s dividend payment on April 15, 2009. For the second quarter 2009, the per share results include a weighted average adjustment for the 66.63 million shares issued in the June 2009 equity offering discussed in more detail in the section titled - Capital Market Activity.
Funds from Operations (“FFO”) allocable to common shareholders for the quarter ended June 30, 2009, was $59,205,000, or $0.71 per diluted share, compared with $54,545,000, or $0.77 per diluted share for the quarter ended June 30, 2008. FFO allocable to common shareholders for the six months ended June 30, 2009, was $110,369,000, or $1.43 per diluted share, compared with $108,141,000, or $1.52 per diluted share for the six months ended June 30, 2008.
FFO of the operating partnership for the quarter ended June 30, 2009, was $96,299,000, compared with $94,434,000 for the quarter ended June 30, 2008, representing an increase of 2.0%. FFO of the operating partnership for the six months ended June 30, 2009, was $184,749,000, compared with $187,289,000 for the six months ended June 30, 2008. The decline in FFO of the operating partnership for the six months ended June 30, 2009, was primarily the result of a $7,706,000 non-cash impairment charge related to the Company’s investment in a mall real estate development company located in Nanjing, China.
Net income available to common shareholders for the quarter ended June 30, 2009, was $8,137,000, or $0.10 per diluted share, compared with net income of $9,665,000, or $0.14 per diluted share for the prior-year period. Net income available to common shareholders for the six months ended June 30, 2009, was $9,849,000, or $0.13 per diluted share, compared with $15,837,000, or $0.22 per diluted share, for the six months ended June 30, 2008. The decline in net income available to common shareholders for the six months ended June 30, 2009, was primarily the result of a $4,373,000 (adjusted for non-controlling interest) non-cash impairment charge related to the Company’s investment in a mall real estate development company located in Nanjing, China.
HIGHLIGHTS
CBL’s Chairman and Chief Executive Officer, Charles B. Lebovitz, said, “I am pleased to report on the significant progress we have made this quarter enhancing our balance sheet flexibility and strengthening our liquidity position. We have secured 99% of the underlying lending commitments to extend the $560 million unsecured and the $525 million secured credit facilities. In addition, we closed $91 million in permanent financings. Combined with the $382 million in capital raised through our June equity offering, these transactions allow us to address all of our 2009 debt maturities and have identified capital to address all of our CMBS maturities through 2011.
“The commitment of the CBL team and the resiliency of our properties were also evident in the quarter. In the face of a deteriorating retail environment, we posted an increase in NOI in the mall portfolio, signed over one million square feet of leases and maintained the sequential stabilized mall occupancy rate. While leasing rates continue to reflect the tough economic climate, we remain confident in our properties and our markets.”
PORTFOLIO OCCUPANCY
June 30,
2009
2008
Portfolio occupancy 88.0% 91.4% Mall portfolio 88.7% 90.9% Stabilized malls 89.1% 91.0% Non-stabilized malls 72.2% 89.5% Associated centers 88.7% 94.1% Community centers 78.5% 92.4%CAPITAL MARKET ACTIVITY
During the second quarter, CBL sold a total of 66,630,000 of newly-issued common stock in an underwritten public offering for net proceeds of approximately $382.0 million, after deducting the underwriting discount and other estimated offering expenses. The Company used the net proceeds from the offering to repay outstanding borrowings under its credit facilities.
FINANCING
CBL has received commitments from lenders representing approximately 99% of the aggregate underlying facility amounts for the extension and modification of its $525 million secured line of credit and its $560 million unsecured line of credit. The commitments include lenders representing $512 million of its $525 million secured facility and 100% of its $560 million unsecured facility. The commitments reflect an extension of the $525 million secured facility from February 2010 to February 2012, with an option to extend the maturity for one additional year to February 2013 (subject to continued compliance with the terms of the facility). The commitments provide that the $560 million unsecured facility will be converted over an 18-month period into a secured facility, and that the maturity of the facility will be extended from August 2011 to April 2014. The Company anticipates closing on the extension and modification of the secured and unsecured lines of credit in the third quarter 2009. Full terms and conditions of the facility will be announced at that time.
The Company also announced that it had closed two 10-year, non-recourse loans including a $33.6 million loan secured by Honey Creek Mall in Terre Haute, IN and a $57.8 million loan secured by Volusia Mall in Daytona Beach, FL. The loans are with the existing institutional lender and have an interest rate of 8.0%. These loans replace an existing $30.1 million loan secured by Honey Creek Mall and a $51.2 million loan secured by Volusia Mall. CBL used the approximately $10.1 million of excess proceeds, plus cash on hand, to pay off the $30.2 million loan secured by Bonita Lakes Mall in Meridian, MS. These advancements successfully address all of the Company’s 2009 loan maturities, except for a $53.0 million non-recourse loan secured by Eastgate Mall in Cincinnati, OH which may be paid-off using amounts made available on the $560 million credit facility from the June equity offering.
DIVIDEND
During the quarter, CBL’s Board of Directors established its Common Stock dividend policy for the remainder of 2009. The Board determined to reduce the dividend for the remainder of 2009 to the minimum level required to distribute 100% of the Company’s estimated taxable income. Future dividends payable will be determined by the Company’s Board of Directors based upon circumstances at the time of declaration.
Pursuant to the 2009 Common Stock dividend policy the Board declared a quarterly cash dividend for the Company’s Common Stock of $0.11 per share for the quarter ending June 30, 2009. The dividend was paid on July 15, 2009, to shareholders of record as of June 30, 2009.
OUTLOOK AND GUIDANCE
Based on today’s outlook and the Company’s second quarter results, the Company is maintaining 2009 FFO guidance of $2.28 to $2.39 per share. The guidance incorporates the dilution from the June 2009 equity offering and assumes the closing of the secured and unsecured credit facilities in third quarter 2009. The full year guidance also assumes $6.0 million to $9.0 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 $ 0.36 $ 0.46 Adjust to fully converted shares from common shares (0.12 ) (0.15 ) Expected earnings per diluted, fully converted common share 0.24 0.31 Add: depreciation and amortization 1.91 1.91 Add: noncontrolling interest in earnings of Operating Partnership 0.13 0.17 Expected FFO per diluted, fully converted common share $ 2.28$ 2.39INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m. ET on Wednesday, August 5, 2009, to discuss the second quarter results. The number to call for this interactive teleconference is (480) 629-9738. A seven-day replay of the conference call will be available by dialing (303) 590-3030 and entering the passcode 4065610. 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 2009 second quarter earnings release conference call. The live broadcast of CBL’s quarterly conference call will be available online at the Company’s Web site at cblproperties.com, as well as http://www.talkpoint.com/viewer/starthere.asp?Pres=126803 on Wednesday, August 5, 2009, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue through August 13, 2009.
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 160 properties, including 88 regional malls/open-air centers. The properties are located in 27 states and total 86.4 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has four projects under construction totaling 2.3 million square feet including Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; The Promenade in D’Iberville (Biloxi/Gulfport), MS; and one community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas, 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 (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, 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 measure of liquidity.
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” incorporated by reference 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,
2009 2008 2009 2008 REVENUES: Minimum rents $ 170,491 $ 177,943 $ 342,428 $ 352,474 Percentage rents 1,604 1,610 6,408 6,606 Other rents 4,142 4,204 8,422 9,218 Tenant reimbursements 81,695 79,952 163,179 166,375 Management, development and leasing fees 1,615 2,484 4,080 5,422 Other 6,977 6,290 13,067 13,320Total revenues
266,524 272,483 537,584 553,415 EXPENSES: Property operating 39,355 44,094 83,372 92,386 Depreciation and amortization 75,793 73,064 154,104 148,144 Real estate taxes 24,449 23,898 48,603 48,077 Maintenance and repairs 13,416 15,003 29,410 32,919 General and administrative 10,893 11,114 22,372 23,645 Other 5,914 6,541 11,071 13,540Total expenses
169,820 173,714 348,932 358,711 Income from operations 96,704 98,769 188,652 194,704 Interest and other income 1,362 2,182 2,943 4,909 Interest expense (72,842 ) (76,455 ) (144,727 ) (156,679 ) Impairment of investment - - (7,706 ) - Gain (loss) on sales of real estate assets 72 4,269 (67 ) 7,345 Equity in earnings (losses) of unconsolidated affiliates 62 (186 ) 1,596 793 Income tax provision (152 ) (3,838 ) (755 ) (4,195 ) Income from continuing operations 25,206 24,741 39,936 46,877 Operating income of discontinued operations 86 1,053 20 1,335 Gain (loss) on discontinued operations (12 ) 3,112 (72 ) 3,112 Net income 25,280 28,906 39,884 51,324 Net income attributable to noncontrolling interests: Operating partnership (5,109 ) (7,385 ) (6,415 ) (12,127 ) Other consolidated subsidiaries (6,580 ) (6,402 ) (12,711 ) (12,451 ) Net income attributable to the Company 13,591 15,119 20,758 26,746 Preferred dividends (5,454 ) (5,454 ) (10,909 ) (10,909 ) Net income available to common shareholders $ 8,137 $ 9,665 $ 9,849 $ 15,837 Basic per share data attributable to common shareholders: Income from continuing operations, net of preferred dividends $ 0.10 $ 0.10 $ 0.13 $ 0.19 Discontinued operations - 0.04 - 0.03 Net income available to common shareholders $ 0.10 $ 0.14 $ 0.13 $ 0.22 Weighted average common shares outstanding 82,918 71,062 77,072 71,027 Diluted per share data attributable to common shareholders: Income from continuing operations, net of preferred dividends $ 0.10 $ 0.10 $ 0.13 $ 0.19 Discontinued operations - 0.04 - 0.03 Net income available to common shareholders $ 0.10 $ 0.14 $ 0.13 $ 0.22Weighted average common and potential dilutive common shares outstanding
82,957 71,250 77,109 71,209 Amounts attributable to common shareholders: Income from continuing operations, net of preferred dividends $ 8,092 $ 7,259 $ 9,880 $ 13,269 Discontinued operations 45 2,406 (31 ) 2,568 Net income available to common shareholders $ 8,137 $ 9,665 $ 9,849 $ 15,837 The Company's calculation of FFO allocable to Company shareholders is as follows: (in thousands, except per share data) Three Months EndedJune 30,
Six Months EndedJune 30,
2009 2008 2009 2008 Net income available to common shareholders $ 8,137 $ 9,665 $ 9,849 $ 15,837 Noncontrolling interest in earnings of operating partnership 5,109 7,385 6,415 12,127 Depreciation and amortization expense of: Consolidated properties 75,793 73,064 154,104 148,144 Unconsolidated affiliates 7,555 6,694 15,064 13,371 Discontinued operations - 117 - 892 Non-real estate assets (243 ) (259 ) (490 ) (502 ) Noncontrolling interests' share of depreciation and amortization (64 ) (303 ) (265 ) (651 ) (Gain) loss on discontinued operations 12 (3,112 ) 72 (3,112 ) Income tax provision on disposal of discontinued operations - 1,183 - 1,183 Funds from operations of the operating partnership $ 96,299 $ 94,434 $ 184,749 $ 187,289 Funds from operations per diluted share $ 0.71 $ 0.77 $ 1.43 $ 1.52Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted
134,906 123,223 129,058 123,183
Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership $ 96,299 $ 94,434$ 184,749 $ 187,289
Percentage allocable to Company shareholders(1)
61.48 % 57.76 % 59.74 % 57.74 % Funds from operations allocable to Company shareholders $ 59,205 $ 54,545 $ 110,369 $ 108,141(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 on page 9.
SUPPLEMENTAL FFO INFORMATION: Lease termination fees $ 1,129 $ 4,458 $ 3,671 $ 5,918 Lease termination fees per share $ 0.01 $ 0.04 $ 0.03 $ 0.05 Straight-line rental income $ 1,570 $ 1,837 $ 3,301 $ 3,338 Straight-line rental income per share $ 0.01 $ 0.01 $ 0.03 $ 0.03 Gains on outparcel sales $ 154 $ 4,188 $ 579 $ 7,548 Gains on outparcel sales per share $ - $ 0.03 $ - $ 0.06 Amortization of acquired above- and below-market leases $ 1,532 $ 2,506 $ 3,080 $ 5,103 Amortization of acquired above- and below-market leases per share $ 0.01 $ 0.02 $ 0.02 $ 0.04 Amortization of debt premiums $ 1,707 $ 1,961 $ 3,742 $ 3,936 Amortization of debt premiums per share $ 0.01 $ 0.02 $ 0.03 $ 0.03 Income tax provision $ (152 ) $ (2,655 ) $ (755 ) $ (3,012 ) Income tax provision per share $ - $ (0.02 ) $ (0.01 ) $ (0.02 ) Impairment of investment $ - $ - $ (7,706 ) $ - Impairment of investment per share $ - $ - $ (0.06 ) $ - Abandoned projects $ (67 ) $ (1,199 ) $ (143 ) $ (2,912 ) Abandoned projects per share $ - $ (0.01 ) $ - $ (0.02 ) Same-Center Net Operating Income (Dollars in thousands) Three Months EndedJune 30,
Six Months EndedJune 30,
2009 2008 2009 2008 Net income attributable to the Company $ 13,591 $ 15,119 $ 20,758 $ 26,746 Adjustments: Depreciation and amortization 75,793 73,064 154,104 148,144 Depreciation and amortization from unconsolidated affiliates 7,555 6,694 15,064 13,371 Depreciation and amortization from discontinued operations - 117 - 892Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries
(64 ) (303 ) (265 ) (651 ) Interest expense 72,842 76,455 144,727 156,679 Interest expense from unconsolidated affiliates 7,497 7,208 15,362 13,834Noncontrolling interests' share of interest expense in other consolidated subsidiaries
(189 ) (455 ) (462 ) (903 ) Abandoned projects expense 67 1,199 143 2,912 (Gain) loss on sales of real estate assets (72 ) (4,269 ) 67 (7,345 ) Gain on sales of real estate assets of unconsolidated affiliates (82 ) (145 ) (646 ) (429 ) Impairment of investment - - 7,706 -Noncontrolling interests' share of gain on sales of other consolidated subsidiaries
- 230 - 230 Income tax provision 152 3,838 755 4,195 Noncontrolling interests in earnings of operating partnership 5,109 7,385 6,415 12,127 (Gain) loss on discontinued operations 12 (3,112 ) 72 (3,112 ) Operating partnership's share of total NOI 182,211 183,025 363,800 366,690 General and administrative expenses 10,893 11,114 22,372 23,645 Management fees and non-property level revenues (4,574 ) (6,357 ) (10,606 ) (14,328 ) Operating partnership's share of property NOI 188,530 187,782 375,566 376,007 NOI of non-comparable centers (4,442 ) (2,660 ) (8,380 ) (5,233 ) Total same-center NOI $ 184,088 $ 185,122 $ 367,186 $ 370,774 Malls $ 166,601 $ 166,420 $ 333,226 $ 334,797 Associated centers 8,134 8,865 15,955 17,472 Community centers 3,508 3,732 6,899 7,133 Other 5,845 6,105 11,106 11,372 Total same-center NOI 184,088 185,122 367,186 370,774 Less lease termination fees (1,129 ) (4,438 ) (3,671 ) (5,762 ) Total same-center NOI, excluding lease termination fees $ 182,959 $ 180,684 $ 363,515 $ 365,012 Percentage Change: Malls 0.1 % -0.5 % Associated centers -8.2 % -8.7 % Community centers -6.0 % -3.3 % Other -4.3 % -2.3 % Total same-center NOI -0.6 % -1.0 % Total same-center NOI, excluding lease termination fees 1.3 % -0.4 % Company's Share of Consolidated and Unconsolidated Debt (Dollars in thousands) 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 % June 30, 2008 Fixed Rate Variable Rate Total Consolidated debt $ 4,653,373 $ 1,344,785 $ 5,998,158 Noncontrolling interests' share of consolidated debt (23,909 ) (910 ) (24,819 ) Company's share of unconsolidated affiliates' debt 409,702 74,145 483,847 Company's share of consolidated and unconsolidated debt $ 5,039,166 $ 1,418,020 $ 6,457,186 Weighted average interest rate 5.79 % 3.59 % 5.30 % Debt-To-Total-Market Capitalization Ratio as of June 30, 2009 (In thousands, except stock price)Shares
OutstandingStock Price(1)
Value Common stock and operating partnership units 189,804 $ 5.39 $ 1,023,044 7.75% Series C Cumulative Redeemable Preferred Stock 460 250.00 115,000 7.375% Series D Cumulative Redeemable Preferred Stock 700 250.00 175,000 Total market equity 1,313,044 Company's share of total debt 6,252,554 Total market capitalization $ 7,565,598 Debt-to-total-market capitalization ratio 82.6 %(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on June 30, 2009. 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, 2009: Basic Diluted Basic Diluted Weighted average shares - EPS 82,918 82,957 77,072 77,109 Weighted average operating partnership units 51,949 51,949 51,949 51,949Weighted average shares - FFO
134,867 134,906 129,021 129,058 2008: Weighted average shares - EPS 71,062 71,250 71,027 71,209 Weighted average operating partnership units 51,976 51,973 51,976 51,972Weighted average shares - FFO
123,038 123,223 123,003 123,183 Dividend Payout Ratio Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 Weighted average dividend per share $ 0.15385 $ 0.55047 $ 0.53291 $ 1.10094 FFO per diluted, fully converted share $ 0.71 $ 0.77 $ 1.43 $ 1.52 Dividend payout ratio 21.7 % 71.5 % 37.3 % 72.4 % Consolidated Balance Sheets (Unaudited, in thousands except share data) June 30,2009
December 31,2008
ASSETS Real estate assets: Land $ 926,588 $ 902,504 Buildings and improvements 7,567,502 7,503,334 8,494,090 8,405,838 Accumulated depreciation (1,433,863 ) (1,310,173 ) 7,060,227 7,095,665 Developments in progress 217,207 225,815 Net investment in real estate assets 7,277,434 7,321,480 Cash and cash equivalents 50,789 51,227 Cash in escrow - 2,700 Receivables: Tenant, net of allowance 69,386 74,402 Other 12,725 12,145 Mortgage and other notes receivable 51,380 58,961 Investments in unconsolidated affiliates 196,106 207,618 Intangible lease assets and other assets 285,712 305,802 $ 7,943,532 $ 8,034,335 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Mortgage and other notes payable $ 5,688,602 $ 6,095,676 Accounts payable and accrued liabilities 291,152 329,991 Total liabilities 5,979,754 6,425,667 Commitments and contingencies Redeemable noncontrolling interests: Redeemable noncontrolling partnership interests 91,792 18,393 Redeemable noncontrolling preferred joint venture interest 421,457 421,279 Total redeemable noncontrolling interests 513,249 439,672 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, 700,000 shares outstanding
7 7Common Stock, $.01 par value, 180,000,000 shares authorized, 137,855,513 and 66,394,844 issued and outstanding in 2009 and 2008, respectively
1,378 664 Additional paid-in capital 1,420,214 993,941 Accumulated other comprehensive loss (6,968 ) (12,786 ) Accumulated deficit (223,202 ) (193,307 ) Total shareholders' equity 1,191,434 788,524 Noncontrolling interests 259,095 380,472 Total equity 1,450,529 1,168,996 $ 7,943,532 $ 8,034,335
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