We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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 | |
|---|---|---|---|---|---|---|---|---|
| 0.20 | 0.74% | 27.34 | 27.56 | 26.97 | 27.16 | 20,890 | 17:03:04 |
From Oct 2019 to Oct 2024
CBL & Associates Properties, Inc. (NYSE:CBL):
CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the third quarter ended September 30, 2013. 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 MonthsEnded September 30, Nine MonthsEnded September 30, 2013 2012 2013 2012 Funds from Operations ("FFO") per diluted share $ 0.56 $ 0.54 $ 1.60 $ 1.55 FFO, as adjusted, per diluted share $ 0.52 $ 0.54 $ 1.60 $ 1.55“Increased occupancy, double-digit leasing spreads and strong FFO were the highlights of our third quarter as retailers continued to expand in our portfolio of market dominant malls,” noted Stephen Lebovitz, CBL’s president and chief executive officer. “The limited new supply in our markets and high rate of occupancy in our malls will enable us to offset the industry-wide slowdown in retail sales performance this quarter. Despite lower percentage rents and one-time items impacting our NOI results for the quarter, we remain on pace for our projected growth in NOI and FFO for the year.
“We made tremendous progress on our balance sheet strategy this quarter. Most significantly, we fully retired the Westfield preferred units on a leverage neutral basis with $210 million of equity raised earlier in the year through our ATM program and $220 million of portfolio-enhancing dispositions. This clearly demonstrates our ongoing ability to source capital on attractive terms. Our balance sheet is now straightforward and strong. By maintaining a proactive asset recycling program, we will generate additional liquidity to fund our new growth initiatives as well as continue to improve the quality of our portfolio.”
FFO, as adjusted, excludes a partial litigation settlement received in August 2013 of $8,240,000 included in Interest and Other Income in the third quarter of 2013. The partial settlement is related to a lawsuit filed by the Company seeking recovery of alleged property and related damages occurring at The Promenade in D'Iberville, Mississippi.
FFO allocable to common shareholders, as adjusted, for the third quarter of 2013 was $87,290,000, or $0.52 per diluted share, compared with $84,808,000, or $0.54 per diluted share, for the third quarter of 2012. FFO of the operating partnership, as adjusted, for the third quarter of 2013 was $102,465,000, compared with $101,652,000, for the third quarter of 2012. The decline in FFO per share in the quarter was primarily the result of the $0.02 per diluted share impact of the 8.4 million shares issued year-to-date through the ATM program and a $0.02 per diluted share impact from the sale of properties including the write-off of straight line rents receivable.
Net income attributable to common shareholders for the third quarter of 2013 was $23,101,000, or $0.14 per diluted share, compared with a net loss of $2,520,000, or a net loss of $0.02 per diluted share for the third quarter of 2012.
HIGHLIGHTS
HIGHLIGHTS CONTINUED
PORTFOLIO OCCUPANCY
September 30, 2013 2012 Portfolio occupancy 93.8% 93.0% Mall portfolio 93.5% 93.1% Stabilized malls 93.4% 93.0% Non-stabilized malls (1) 97.1% 100.0% Associated centers 94.6% 94.0% Community centers 96.1% 91.5% (1) Non-stabilized malls category includes The Outlet Shoppes at Oklahoma City and The Outlet Shoppes at Atlanta as of September 30, 2013. Category includes The Outlet Shoppes at Oklahoma City as of September 30, 2012.DISPOSITION ACTIVITY
During the third quarter, CBL closed on the sale of three malls and three related associated centers in a portfolio transaction for a gross sales price of $176.0 million in cash. The properties were Georgia Square Mall and Georgia Square Plaza in Athens, GA; Panama City Mall and The Shoppes at Panama City in Panama City, FL; and RiverGate Mall and Village at RiverGate in Nashville, TN. The properties were purchased by an offshore investor with an Atlanta-based partner, Hendon Properties, who will also lease and manage the malls.
FINANCING ACTIVITY
In July, CBL closed on a $400 million unsecured term loan with a term of five years. Based on the Company’s current credit ratings, the loan has a floating interest rate of 150 basis points over LIBOR.
In October, CBL closed on a new $80.0 million loan secured by The Outlet Shoppes at Atlanta, its 75/25 joint venture with Horizon Group Properties, located in Atlanta (Woodstock), GA. The new 10-year non-recourse loan bears interest at a fixed rate of 4.9%. Proceeds from the loan were primarily used to repay a $53.2 million recourse construction loan and to reduce outstanding balances on the Company’s unsecured credit facilities.
CAPITAL MARKETS ACTIVITY
During the third quarter of 2013, CBL completed the redemption of all outstanding perpetual preferred joint venture units of its joint venture, CW Joint Venture, LLC, (“CWJV”) with Westfield America Limited Partnership (“Westfield”). The units were redeemed for approximately $408.6 million (plus any accrued and unpaid preferred return). The preferred units were originally issued in 2007 as part of the acquisition of four malls in St. Louis, MO, by CWJV.
During the third quarter, CBL did not complete any sales under its At-The-Market (“ATM”) equity offering program. Year-to-date, CBL has sold 8.4 million shares generating net proceeds of $209.6 million through the ATM program. CBL has approximately $88.5 million available for issuance under the ATM program.
OUTLOOK AND GUIDANCE
Based on third quarter results, including the impact of dispositions completed during the quarter, the Company is providing 2013 FFO guidance in the range of $2.18 - $2.22 per share, after adjusting for the net impact of one-time items included in the third quarter 2013 results. The Company is also guiding to the low-to-mid-point of the previously issued same-center NOI growth range of 1.0% - 3.0%. The guidance assumes $2.0 million to $4.0 million of outparcel sales and a 25-50 basis point increase in year-end occupancy. The guidance excludes the impact of any future unannounced transactions.
Low High Expected diluted earnings per common share $ 0.44 $ 0.48 Adjust to fully converted shares from common shares (0.06 ) (0.07 ) Expected earnings per diluted, fully converted common share 0.38 0.41 Add: depreciation and amortization 1.59 1.59 Add: loss on impairment 0.12 0.12 Add: noncontrolling interest in earnings of Operating Partnership 0.09 0.10 Expected FFO per diluted, fully converted common share $ 2.18 $ 2.22INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m. ET on Wednesday, November 6, 2013, to discuss its third quarter results. The number to call for this interactive teleconference is (800) 736-4594 or (212) 231-2901. A replay of the conference call will be available through November 13, 2013, by dialing (800) 633-8284 or (402) 977-9140 and entering the confirmation number, 21646865. 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., third 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 2013 third quarter earnings release conference call. The live broadcast of the quarterly conference call will be available online at cblproperties.com on Wednesday, November 6, 2013, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for one year.
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 156 properties, including 95 regional malls/open-air centers. The properties are located in 30 states and total 90.7 million square feet including 10.7 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 three and nine months ended September 30, 2013, the Company received income of $8.2 million as a partial settlement of ongoing litigation. Additionally, during the nine months ended September 30, 2013, the Company recorded $2.4 million of gain on investment and $9.1 million of loss on extinguishment of debt. Considering the significance and nature of these items, the Company believes that it is important to identify their impact 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 adjusted FFO measures excluding these items.
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 MonthsEnded September 30, Nine MonthsEnded September 30, 2013 2012 2013 2012 REVENUES: Minimum rents $ 167,703 $ 160,999 $ 498,632 $ 473,011 Percentage rents 2,797 3,152 9,847 8,183 Other rents 3,837 3,653 13,503 13,241 Tenant reimbursements 70,576 70,348 213,524 206,814 Management, development and leasing fees 3,118 3,139 9,042 7,574 Other 9,518 7,895 27,067 23,772 Total revenues 257,549 249,186 771,615 732,595 OPERATING EXPENSES: Property operating 38,375 35,326 111,170 104,331 Depreciation and amortization 68,941 63,994 206,115 188,606 Real estate taxes 22,607 22,286 66,411 66,626 Maintenance and repairs 13,387 13,218 40,808 38,057 General and administrative 10,160 10,171 36,459 35,964 Loss on impairment — 3,912 21,038 3,912 Other 6,371 5,871 21,217 19,188 Total operating expenses 159,841 154,778 503,218 456,684 Income from operations 97,708 94,408 268,397 275,911 Interest and other income 8,809 822 10,197 3,192 Interest expense (56,341 ) (61,768 ) (173,374 ) (181,593 ) Gain (loss) on extinguishment of debt — 178 (9,108 ) 178 Gain on sales of real estate assets 58 1,659 1,058 1,753 Gain on investment — — 2,400 — Equity in earnings of unconsolidated affiliates 2,270 2,062 7,618 5,401 Income tax provision (271 ) (1,195 ) (854 ) (1,234 ) Income from continuing operations 52,233 36,166 106,334 103,608 Operating loss from discontinued operations (8,346 ) (23,762 ) (5,195 ) (16,155 ) Gain on discontinued operations 290 88 1,162 983 Net income 44,177 12,492 102,301 88,436 Net (income) loss attributable to noncontrolling interests in: Operating partnership (4,075 ) 1,776 (7,602 ) (7,783 ) Other consolidated subsidiaries (5,778 ) (6,194 ) (18,338 ) (17,139 ) Net income attributable to the Company 34,324 8,074 76,361 63,514 Preferred dividends (11,223 ) (10,594 ) (33,669 ) (31,782 ) Net income (loss) attributable to common shareholders $ 23,101 $ (2,520 ) $ 42,692 $ 31,732 Basic per share data attributable to common shareholders: Income from continuing operations, net of preferred dividends $ 0.18 $ 0.11 $ 0.28 $ 0.29 Discontinued operations (0.04 ) (0.13 ) (0.02 ) (0.08 ) Net income (loss) attributable to common shareholders $ 0.14 $ (0.02 ) $ 0.26 $ 0.21 Weighted-average common shares outstanding 169,906 158,689 166,048 152,721 Diluted per share data attributable to common shareholders: Income from continuing operations, net of preferred dividends $ 0.18 $ 0.11 $ 0.28 $ 0.29 Discontinued operations (0.04 ) (0.13 ) (0.02 ) (0.08 ) Net income (loss) attributable to common shareholders $ 0.14 $ (0.02 ) $ 0.26 $ 0.21 Weighted average common and potential dilutive common shares outstanding 169,906 158,731 166,048 152,765 Amounts attributable to common shareholders: Income from continuing operations, net of preferred dividends $ 29,965 $ 17,233 $ 46,116 $ 43,916 Discontinued operations (6,864 ) (19,753 ) (3,424 ) (12,184 ) Net income attributable (loss) to common shareholders $ 23,101 $ (2,520 ) $ 42,692 $ 31,732 The Company's calculation of FFO allocable to its shareholders is as follows: (in thousands, except per share data) Three MonthsEnded September 30, Nine MonthsEnded September 30, 2013 2012 2013 2012 Net income (loss) attributable to common shareholders $ 23,101 $ (2,520 ) $ 42,692 $ 31,732 Noncontrolling interest in income (loss) of operating partnership 4,075 (1,776 ) 7,602 7,783 Depreciation and amortization expense of: Consolidated properties 68,941 63,994 206,115 188,606 Unconsolidated affiliates 9,877 10,828 29,748 32,877 Discontinued operations 1,634 3,306 6,638 10,093 Non-real estate assets (572 ) (478 ) (1,530 ) (1,366 ) Noncontrolling interests' share of depreciation and amortization (1,403 ) (1,208 ) (4,292 ) (3,537 ) Loss on impairment, net of tax benefit 5,234 29,773 26,051 29,969 Gain on depreciable property (8 ) — (10 ) (493 ) Gain on discontinued operations, net of taxes (174 ) (89 ) (714 ) (644 ) Funds from operations of the operating partnership 110,705 101,830 312,300 295,020 Litigation settlement (8,240 ) — (8,240 ) — Gain on investment — — (2,400 ) — (Gain) loss on extinguishment of debt — (178 ) 9,108 (178 ) Funds from operations of the operating partnership, as adjusted $ 102,465 $ 101,652 $ 310,768 $ 294,842 Funds from operations per diluted share $ 0.56 $ 0.54 $ 1.60 $ 1.55 Litigation settlement (0.04 ) — (0.04 ) — Gain on investment — — (0.01 ) — (Gain) loss on extinguishment of debt — — 0.05 — Funds from operations, as adjusted, per diluted share $ 0.52 $ 0.54 $ 1.60 $ 1.55Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted
199,451 190,236 195,594 190,226Reconciliation of FFO of the operating partnership to FFO allocable to common shareholders:
Funds from operations of the operating partnership $ 110,705 $ 101,830 $ 312,300 $ 295,020 Percentage allocable to common shareholders (1) 85.19 % 83.43 % 84.89 % 80.30 % Funds from operations allocable to common shareholders $ 94,310 $ 84,957 $ 265,111 $ 236,901 Funds from operations of the operating partnership, as adjusted $ 102,465 $ 101,652 $ 310,768 $ 294,842 Percentage allocable to common shareholders (1) 85.19 % 83.43 % 84.89 % 80.30 % Funds from operations allocable to common shareholders, as adjusted $ 87,290 $ 84,808 $ 263,811 $ 236,758 (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. SUPPLEMENTAL FFO INFORMATION: Lease termination fees $ 887 $ 815 $ 3,425 $ 2,973 Lease termination fees per share $ — $ — $ 0.02 $ 0.02 Straight-line rental income $ (2,755 ) $ 2,181 $ 81 $ 4,403 Straight-line rental income per share $ (0.01 ) $ 0.01 $ — $ 0.02 Gains on outparcel sales $ 35 $ 2,275 $ 1,035 $ 5,128 Gains on outparcel sales per share $ — $ 0.01 $ 0.01 $ 0.03 Net amortization of acquired above- and below-market leases $ 642 $ 795 $ 1,271 $ 1,575 Net amortization of acquired above- and below-market leases per share $ — $ — $ 0.01 $ 0.01 Net amortization of debt premiums (discounts) $ 639 $ 652 $ 1,715 $ 1,707 Net amortization of debt premiums (discounts) per share $ — $ — $ 0.01 $ 0.01 Income tax provision $ (271 ) $ (1,195 ) $ (854 ) $ (1,234 ) Income tax provision per share $ — $ (0.01 ) $ — $ (0.01 ) Loss on impairment from continuing operations $ — $ (3,912 ) $ (21,038 ) $ (3,912 ) Loss on impairment from continuing operations per share $ — $ (0.02 ) $ (0.11 ) $ (0.02 ) Loss on impairment from discontinued operations $ (5,234 ) $ (26,208 ) $ (5,234 ) $ (26,501 ) Loss on impairment from discontinued operations per share $ (0.03 ) $ (0.14 ) $ (0.03 ) $ (0.14 ) Gain (loss) on extinguishment of debt from continuing operations $ — $ 178 $ (9,108 ) $ 178 Gain (loss) on extinguishment of debt from continuing operations per share $ — $ — $ (0.05 ) $ — Gain on investment $ — $ — $ 2,400 $ — Gain on investment per share $ — $ — $ 0.01 $ — Litigation settlement $ 8,240 $ — $ 8,240 $ — Litigation settlement per share $ 0.04 $ — $ 0.04 $ — Same-Center Net Operating Income(Dollars in thousands)
Three MonthsEnded September 30, Nine MonthsEnded September 30, 2013 2012 2013 2012 Net income attributable to the Company $ 34,324 $ 8,074 $ 76,361 $ 63,514 Adjustments: Depreciation and amortization 68,941 63,994 206,115 188,606 Depreciation and amortization from unconsolidated affiliates 9,877 10,828 29,748 32,877 Depreciation and amortization from discontinued operations 1,634 3,306 6,638 10,093Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries
(1,403 ) (1,208 ) (4,292 ) (3,537 ) Interest expense 56,341 61,768 173,374 181,593 Interest expense from unconsolidated affiliates 9,840 11,022 29,677 33,289 Interest expense from discontinued operations — 665 1 2,302Noncontrolling interests' share of interest expense in other consolidated subsidiaries
(1,076 ) (1,014 ) (3,029 ) (2,476 ) Abandoned projects expense 140 8 141 (115 ) Gain on sales of real estate assets (58 ) (1,659 ) (1,058 ) (1,753 ) Gain on sales of real estate assets from discontinued operations — — — (3,036 ) Gain on sales of real estate assets of unconsolidated affiliates (11 ) (636 ) (11 ) (851 ) Gain on investment — — (2,400 ) — (Gain) loss on extinguishment of debt — (178 ) 9,108 (178 ) Loss on impairment — 3,912 21,038 3,912 Loss on impairment from discontinued operations 5,234 26,208 5,234 26,501 Income tax provision 271 1,195 854 1,234Net income (loss) attributable to noncontrolling interest in earnings of operating partnership
4,075 (1,776 ) 7,602 7,783 Gain on discontinued operations (290 ) (88 ) (1,162 ) (983 ) Operating partnership's share of total NOI 187,839 184,421 553,939 538,775 General and administrative expenses 10,160 10,171 36,459 35,964 Management fees and non-property level revenues (6,272 ) (6,775 ) (21,956 ) (19,038 ) Operating partnership's share of property NOI 191,727 187,817 568,442 555,701 Non-comparable NOI (17,632 ) (15,216 ) (44,392 ) (39,283 ) Total same-center NOI $ 174,095 $ 172,601 $ 524,050 $ 516,418 Total same-center NOI percentage change 0.9 % 1.5 % Total same-center NOI $ 174,095 $ 172,601 $ 524,050 $ 516,418 Less lease termination fees (799 ) (751 ) (3,168 ) (2,378 ) Total same-center NOI, excluding lease termination fees $ 173,296 $ 171,850 $ 520,882 $ 514,040 Malls $ 154,563 $ 155,428 $ 467,322 $ 465,120 Associated centers 8,046 8,269 24,623 24,584 Community centers 5,457 4,241 14,348 12,384 Offices and other 5,230 3,912 14,589 11,952 Total same-center NOI, excluding lease termination fees $ 173,296 $ 171,850 $ 520,882 $ 514,040 Percentage Change: Malls * (0.6 )% 0.5 % Associated centers (2.7 )% 0.2 % Community centers 28.7 % 15.9 % Offices and other 33.7 % 22.1 % Total same-center NOI, excluding lease termination fees * 0.8 % 1.3 % * Same-Center NOI for the nine months ended September 30, 2012, included a one-time bankruptcy settlement of $1.2 million. Excluding the settlement, the increase in same-center mall NOI for the nine months ended September 30, 2013 was 0.7%. Excluding the settlement, the change in total same-center NOI for the nine months ended September 30, 2013 was 1.6%. Company's Share of Consolidated and Unconsolidated Debt(Dollars in thousands)
As of September 30, 2013 Fixed Rate Variable Rate Total Consolidated debt $ 3,517,089 $ 1,350,628 $ 4,867,717 Noncontrolling interests' share of consolidated debt (67,828 ) (5,684 ) (73,512 ) Company's share of unconsolidated affiliates' debt 655,340 138,042 793,382 Company's share of consolidated and unconsolidated debt $ 4,104,601 $ 1,482,986 $ 5,587,587 Weighted average interest rate 5.52 % 2.01 % 4.59 % As of September 30, 2012 Fixed Rate Variable Rate Total Consolidated debt $ 3,822,271 $ 879,119 $ 4,701,390 Noncontrolling interests' share of consolidated debt (70,585 ) — (70,585 ) Company's share of unconsolidated affiliates' debt 670,282 129,696 799,978 Company's share of consolidated and unconsolidated debt $ 4,421,968 $ 1,008,815 $ 5,430,783 Weighted average interest rate 5.47 % 2.47 % 4.91 % Debt-To-Total-Market Capitalization Ratio as of September 30, 2013(In thousands, except stock price)
SharesOutstanding
Stock Price (1) Value Common stock and operating partnership units 199,451 $19.10 $ 3,809,514 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 4,435,764 Company's share of total debt 5,587,587 Total market capitalization $ 10,023,351 Debt-to-total-market capitalization ratio 55.7 % (1) Stock price for common stock and operating partnership units equals the closing price of the common stock on September 30, 2013. 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 MonthsEnded September 30, Nine MonthsEnded September 30, 2013: Basic Diluted Basic Diluted Weighted average shares - EPS 169,906 169,906 166,048 166,048 Weighted average operating partnership units 29,545 29,545 29,546 29,546 Weighted average shares- FFO 199,451 199,451 195,594 195,594 2012: Weighted average shares - EPS 158,689 158,731 152,721 152,765 Weighted average operating partnership units 31,506 31,505 37,461 37,461 Weighted average shares- FFO 190,195 190,236 190,182 190,226Dividend Payout Ratio
Three MonthsEnded September 30, Nine MonthsEnded September 30, 2013 2012 2013 2012 Weighted average cash dividend per share $ 0.23838 $ 0.22896 $ 0.7154 $ 0.68688 FFO as adjusted, per diluted fully converted share $ 0.52 $ 0.54 $ 1.60 $ 1.55 Dividend payout ratio 45.8 % 42.4 % 44.7 % 44.3 % Consolidated Balance Sheets(Unaudited; in thousands, except share data)
As of September 30, 2013 December 31, 2012 ASSETS Real estate assets: Land $ 882,723 $ 905,339 Buildings and improvements 7,100,354 7,228,293 7,983,077 8,133,632 Accumulated depreciation (2,017,610 ) (1,972,031 ) 5,965,467 6,161,601 Held for sale — 29,425 Developments in progress 161,841 137,956 Net investment in real estate assets 6,127,308 6,328,982 Cash and cash equivalents 74,588 78,248 Receivables:Tenant, net of allowance for doubtful accounts of $2,204 and $1,977 in 2013 and 2012, respectively
77,914 78,963Other, net of allowance for doubtful accounts of $1,283 and $1,270 in 2013 and 2012, respectively
20,696 8,467 Mortgage and other notes receivable 24,976 25,967 Investments in unconsolidated affiliates 279,666 259,810 Intangible lease assets and other assets 261,517 309,299 $ 6,866,665 $ 7,089,736 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Mortgage and other indebtedness $ 4,867,717 $ 4,745,683 Accounts payable and accrued liabilities 348,237 358,874 Total liabilities 5,215,954 5,104,557 Commitments and contingencies Redeemable noncontrolling interests: Redeemable noncontrolling partnership interests 37,170 40,248 Redeemable noncontrolling preferred joint venture interest — 423,834 Total redeemable noncontrolling interests 37,170 464,082 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
18 186.625% Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding
7 7Common stock, $.01 par value, 350,000,000 shares authorized, 169,905,892 and 161,309,652 issued and outstanding in 2013 and 2012, respectively
1,699 1,613 Additional paid-in capital 1,967,067 1,773,630 Accumulated other comprehensive income 6,466 6,986 Dividends in excess of cumulative earnings (526,739 ) (453,561 ) Total shareholders' equity 1,448,518 1,328,693 Noncontrolling interests 165,023 192,404 Total equity 1,613,541 1,521,097 $ 6,866,665 $ 7,089,736
CBL & Associates Properties, Inc.Katie Reinsmidt, 423-490-8301Senior Vice President - Investor Relations/Corporate Investmentskatie_reinsmidt@cblproperties.com
1 Year CBL and Associates Prope... Chart |
1 Month CBL and Associates Prope... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
