CBL & Associates Properties, Inc. (NYSE:CBL):
- FFO per share was $0.80 and
$3.22 in the fourth quarter and year ended December 31, 2008,
respectively.
- Portfolio occupancy was 92.3% as
of December 31, 2008 compared with 93.2% as of December 31,
2007.
- Same Center NOI declined 1.5%
for the year ended December 31, 2008.
- The Company entered into more
than $1.0 billion of new financings and loan extensions in the year
ended December 31, 2008.
CBL & Associates Properties, Inc. (NYSE:CBL) announced
results for the fourth quarter and year ended December 31, 2008. 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 fourth quarter ended December 31, 2008 was $52,774,000 or
$0.80 per diluted share, compared with $54,519,000, or $0.83 per
diluted share for the fourth quarter ended December 31, 2007. FFO
allocable to common shareholders for the year ended December 31,
2008 was $212,933,000, or $3.22 per diluted share, compared with
$203,613,000, or $3.10 per diluted share, for the year ended
December 31, 2007, representing an increase of 3.9% on a per
diluted share basis. FFO allocable to common shareholders for the
fourth quarter and year ended December 31, 2008 was impacted by an
increase in abandoned projects expense of $8,146,000 and
$10,135,000, respectively, related to the write-off of
predevelopment costs for projects the Company is no longer
pursuing. The write-offs were related to projects in various stages
of pre-development, but did not impact any projects that are
currently under construction.
FFO of the operating partnership for the fourth quarter ended
December 31, 2008, was $93,207,000, compared with $96,614,000 for
the fourth quarter ended December 31, 2007. FFO of the operating
partnership for the year ended December 31, 2008, was $376,273,000,
compared with $361,528,000 for the year ended December 31,
2007.
Net loss available to common shareholders for the fourth quarter
ended December 31, 2008, was ($10,055,000), or ($0.15) per diluted
share, compared with net income of $13,418,000, or $0.20 per
diluted share�for the prior-year period. Net income available to
common shareholders for the year ended December 31, 2008, was
$9,768,000, or $0.15 per diluted share, compared with $59,372,000,
or $0.90 per diluted share, for the year ended December 31,
2007.
Net income (loss) available to common shareholders for the
fourth quarter and year ended December 31, 2008 included
$29,298,000 and $40,300,000, respectively, of additional
depreciation expense resulting from the write-offs of tenant
improvements, deferred lease costs, and in-place lease intangibles
for tenants that closed during the fourth quarter 2008. Net income
(loss) available to common shareholders for the fourth quarter and
year ended December 31, 2008 was also impacted by an increase in
abandoned projects expense over the prior year periods of
$8,146,000 and $10,135,000, respectively, related to the write-off
of predevelopment costs for projects the Company is no longer
pursuing.
HIGHLIGHTS
- Total revenues increased 2.0%
during the fourth quarter ended December 31, 2008, to $299,398,000
from $293,638,000 in the prior-year period. Total revenues
increased 9.4% during the year ended December 31, 2008 to
$1,138,218,000 from $1,039,944,000 in the prior year.
- Same-center net operating income
(�NOI�), for the fourth quarter and year ended December 31, 2008,
declined 4.0% and 1.5%, respectively, over the prior year periods.
Same-center NOI was primarily impacted by loss of rent and an
increase in bad debt expense from bankruptcy and stores
closures.
- Same-store sales for mall
tenants of 10,000 square feet or less for stabilized malls as of
December 31, 2008, declined 4.3% to $331 per square foot compared
with $346 per square foot in the prior year period.
- The debt-to-total-market
capitalization ratio as of December 31, 2008, was 86.3% based on
the common stock closing price of $6.50 and a fully converted
common stock share count of 117,010,000 shares as of the same date.
The debt-to-total-market capitalization ratio as of December 31,
2007, was 64.0% based on the common stock closing price of $23.91
and a fully converted common stock share count of 116,814,000
shares as of the same date.
- Consolidated and unconsolidated
variable rate debt of $1,629,869,000 represents 21.2% of the total
market capitalization for the Company and 24.6% of the Company's
share of total consolidated and unconsolidated debt.
CBL�s Chairman and Chief Executive Officer, Charles B. Lebovitz,
said, �While 2008 represented the most challenging year in our
history, the underlying strength and resilience of our portfolio
reinforces our dominant mall strategy that has generated an
impressive thirty year track record. In the face of a record level
of bankruptcy activity in 2008, we experienced only a 90 basis
point decline in portfolio occupancy and achieved a record level of
lease signings at positive spreads due to the collective efforts of
the leasing and property level management teams. We will continue
this aggressive and proactive approach in the current economic
environment and are confident that we will be successful despite
the challenges that lay ahead.
�In addition to maximizing the performance of our existing
portfolio, strengthening our balance sheet remains a top priority.
We completed more than $1.0 billion of new financings in 2008 and
are making excellent progress in addressing 2009 loan maturities.
We have continued our efforts to reduce operating expenses and
achieve efficiencies in our organization with meaningful results
to-date. The leadership of CBL will continue to make the prudent
and sometimes difficult decisions necessary to preserve CBL's
long-term shareholder value.�
PORTFOLIO OCCUPANCY
�
December 31,
2008
�
2007
Portfolio occupancy 92.3% 93.2% Mall portfolio 92.6% 93.4%
Stabilized malls 92.9% 93.6% Non-stabilized malls 86.5% 90.0%
Associated centers 92.2% 95.9% Community centers 92.1% 86.7%
DISPOSITIONS
In December 2008, CBL completed the sale of an office building
and adjacent land in Greensboro, NC, for $14.6 million.
In 2008, CBL completed the sale of seven community centers, one
community center expansion and two office buildings for
approximately $67.8 million.
FINANCING
During the fourth quarter, CBL closed the previously announced
$40.0 million term loan secured by Meridian Mall in Lansing,
MI.
In 2008, CBL completed more than $1.0 billion of financings
including eight new construction loans with total capacity of
approximately $331.0 million, more than $365.0 million of new
financings or extensions on maturing mortgages and approximately
$344.0 million of new term facilities.
OUTLOOK AND GUIDANCE
Based on today's outlook and the Company's fourth quarter
results, the Company is providing guidance for 2009 FFO of $3.10 to
$3.25 per share. The full year guidance assumes $0.08 to $0.11 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 $ 0.43 $
0.58 Adjust to fully converted shares from common shares (0.18 )
(0.25 ) Expected earnings per diluted, fully converted common share
0.25 0.33 Add: depreciation and amortization 2.67 2.67 Add:
minority interest in earnings of Operating Partnership 0.18 0.25 �
Expected FFO per diluted, fully converted common share $ 3.10 $
3.25
INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference
call at 11:00 a.m. ET on Thursday, February 5, 2009, to discuss the
fourth quarter results. The number to call for this interactive
teleconference is (303)�262-2130. A seven-day replay of the
conference call will be available by dialing (303)�590-3000 and
entering the passcode 11111004#. 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., fourth
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 2008 fourth 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 www.streetevents.com and www.earnings.com, Thursday,
February 5, 2009, beginning at 11:00 a.m. ET. The online replay
will follow shortly after the call and continue through February
12, 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 158 properties, including 87 regional
malls/open-air centers. The properties are located in 27 states and
total 85.8 million square feet including 2.2 million square feet of
non-owned shopping centers managed for third parties. CBL currently
has seven projects under construction totaling 3.0 million square
feet including Settlers Ridge in Pittsburgh, PA; The Pavilion at
Port Orange in Port Orange, FL; Hammock Landing in West Melbourne,
FL; The Promenade in D�Iberville, MS; two lifestyle/associated
centers, and one mall expansion. 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 (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 minority interests. Adjustments for unconsolidated
partnerships and joint ventures and minority interests are
calculated on the same basis. The Company defines FFO allocable to
common shareholders as defined above by NAREIT less dividends on
preferred stock. The Company�s method of calculating FFO allocable
to 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 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 minority
interest in the operating partnership. The Company believes FFO
allocable to common shareholders is a useful performance measure
because it is the performance measure that is most directly
comparable to net income (loss) available to common
shareholders.
In the reconciliation of net income (loss) available to common
shareholders to FFO allocable to common shareholders, the Company
makes an adjustment to add back minority 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 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.
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 (loss) 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 minority investors' 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 Ended
December
31,
Year Ended
December
31,
2008 2007
2008 2007 REVENUES:
Minimum rents
$ 188,300 $ 181,000
$
716,570 $ 645,753 Percentage rents
8,509 10,632
18,375 22,472 Other rents
9,372 11,179
22,887
23,121 Tenant reimbursements
85,183 83,056
336,173
318,755 Management, development and leasing fees
2,459 1,418
19,393 7,983 Other �
5,575 � �
6,353 � �
24,820 � �
21,860 � Total revenues �
299,398
� �
293,638 � �
1,138,218 � �
1,039,944 � �
EXPENSES: Property operating
49,274 45,646
190,148 169,489 Depreciation and
amortization
102,369 67,576
332,475 243,522 Real
estate taxes
23,658 22,518
95,393 87,552 Maintenance
and repairs
17,258 16,285
65,617 58,111 General and
administrative
11,973 8,780
45,241 37,852 Other �
14,643 � �
6,437 � �
33,333 � �
18,525 � Total expenses
�
219,175 � �
167,242 � �
762,207 � �
615,051 � Income from
operations
80,223 126,396
376,011 424,893 Interest
and other income
2,942 3,305
10,076 10,923 Interest
expense
(79,473 ) (80,154 )
(313,209 )
(287,884 ) Loss on extinguishment of debt
- -
- (227
) Impairment of marketable securities
(11,403 )
(18,456 )
(17,181 ) (18,456 ) Gain on sales of real
estate assets
279 5,005
12,401 15,570 Equity in
earnings of unconsolidated affiliates
1,523 734
2,831
3,502 Income tax provision
(738 ) (4,030 )
(13,495 ) (8,390 ) Minority interest in (earnings)
losses: Operating partnership
7,700 (10,360 )
(7,495
) (46,246 ) Shopping center properties �
(6,010 ) �
(5,797 ) �
(23,959
) �
(12,215 ) Income
(loss) from continuing operations
(4,957 ) 16,643
25,980 81,470 Operating income of discontinued operations
347 76
1,809 1,621 Gain on discontinued operations �
10 � �
2,154 � �
3,798 � �
6,056 � Net income
(loss)
(4,600 ) 18,873
31,587 89,147 Preferred
dividends �
(5,455 ) �
(5,455 ) �
(21,819
) �
(29,775 ) Net
income (loss) available to common shareholders
$ (10,055
) $ 13,418 �
$ 9,768 �
$
59,372 � Basic per share data: Income (loss) from
continuing operations, net of preferred dividends
$
(0.16 ) $ 0.17
$ 0.06 $ 0.79
Discontinued operations �
0.01 � �
0.03 � �
0.09 � �
0.12 � Net income (loss) available to common
shareholders
$ (0.15
) $ 0.20 �
$ 0.15 �
$
0.91 � � Weighted average common shares outstanding
66,085 65,590
66,005 65,323 � Diluted per share data:
Income (loss) from continuing operations, net of preferred
dividends
$ (0.16 ) $ 0.17
$
0.06 $ 0.78 Discontinued operations �
0.01 � �
0.03 � �
0.09 � �
0.12 � Net income (loss)
available to common shareholders
$
(0.15 ) $
0.20 �
$ 0.15
�
$ 0.90 � �
Weighted average common and
potential dilutive common shares outstanding
66,085 65,952
66,148 65,913 The Company's calculation
of FFO allocable to Company shareholders is as follows: (in
thousands, except per share data) �
Three Months
Ended
December
31,
�
Year Ended
December
31,
2008 �
2007
2008 �
2007 � Net income
(loss) available to common shareholders
$ (10,055
) $ 13,418
$ 9,768 $ 59,372 Minority interest
in earnings (losses) of operating partnership
(7,700
) 10,360
7,495 46,246 Depreciation and amortization
expense of: Consolidated properties
102,369 67,576
332,475 243,522 Unconsolidated affiliates
8,875 6,776
29,987 17,326 Discontinued operations
- 317
892 1,297 Non-real estate assets
(257 ) (229 )
(1,027 ) (919 )
Minority investors' share of
depreciation and amortization
(15 ) (322 )
(958 ) (132 ) Gain on
discontinued operations
(10 ) (2,154 )
(3,798
) (6,056 ) Income tax provision on disposal of discontinued
operations �
- � �
872 � �
1,439 � �
872 � Funds from
operations of the operating partnership
$
93,207 �
$ 96,614 �
$ 376,273 �
$
361,528 � � Funds from operations per diluted share
$ 0.80 �
$
0.83 �
$ 3.22
�
$ 3.10 �
Weighted average common and
potential dilutive common shares outstanding with operating
partnership units fully converted
116,806 116,585
116,781 116,584 �
Reconciliation of FFO of the
operating partnership to FFO allocable to Company
shareholders:
Funds from operations of the operating partnership
$
93,207 $ 96,614
$ 376,273 $ 361,528 Percentage
allocable to Company shareholders (1) �
56.62
% �
56.43 % �
56.59 % �
56.32 % Funds from operations allocable
to Company shareholders
$
52,774 �
$ 54,519 �
$ 212,933 �
$
203,613 � �
(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
$ 1,994 $ 612
$ 11,250 $ 6,407 Lease
termination fees per share
$ 0.02 $ 0.01
$
0.10 $ 0.05 � Straight-line rental income
$
2,056 $ 2,143
$ 6,137 $ 5,876 Straight-line
rental income per share
$ 0.02 $ 0.02
$
0.05 $ 0.05 � Gains on outparcel sales
$ 1,720
$ 5,600
$ 15,963 $ 16,651 Gains on outparcel sales
per share
$ 0.01 $ 0.05
$ 0.14 $ 0.14 �
Amortization of acquired above- and below-market leases
$
3,850 $ 2,299
$ 10,735 $ 10,579 Amortization
of acquired above- and below-market leases per share
$
0.03 $ 0.02
$ 0.09 $ 0.09 � Amortization of
debt premiums
$ 1,991 $ 1,935
$ 7,909 $
7,714 Amortization of debt premiums per share
$ 0.02
$ 0.02
$ 0.07 $ 0.07 � Income tax provision
$
(738 ) $ (3,158 )
$ (12,056 ) $
(7,518 ) Income tax provision per share
$ (0.01
) $ (0.03 )
$ (0.10 ) $ (0.06 ) �
Impairment of marketable securities
$ (11,403
) $ (18,456 )
$ (17,181 ) $ (18,456 )
Impairment of marketable securities per share
$ (0.10
) $ (0.16 )
$ (0.15 ) $ (0.16 ) �
Abandoned projects
$ (9,407 ) $
(1,261 ) $ (12,351 ) $
(2,216 ) Abandoned projects per share
$
(0.08 ) $ (0.01 ) $
(0.11 ) $ (0.02 ) (Dollars in
thousands) � � � �
Three Months Ended
December 31,
Year Ended
December 31,
2008 2007
2008 2007 � Net income
(loss)
$ (4,600 ) $ 18,873
$
31,587 $ 89,147 � Adjustments: Depreciation and amortization
102,369 67,576
332,475 243,522 Depreciation and
amortization from unconsolidated affiliates
8,875 6,776
29,987 17,326 Depreciation and amortization from
discontinued operations
- 317
892 1,297
Minority investors' share of
depreciation and amortization in shopping center properties
(15 ) (322 )
(958 ) (132 ) Interest
expense
79,473 80,154
313,209 287,884 Interest
expense from unconsolidated affiliates
7,653 7,904
28,525 20,480
Minority investors' share of
interest expense in shopping center properties
(135 ) (466 )
(1,492 ) (831 ) Loss on
extinguishment of debt
- -
- 227 Abandoned projects
expense
9,407 1,261
12,351 2,216 Gain on sales of
real estate assets
(279 ) (5,005 )
(12,401
) (15,570 ) Gain on sales of real estate assets of
unconsolidated affiliates
(832 ) (473 )
(3,548
) (1,706 ) Impairment of marketable securities
11,403
18,456
17,181 18,456
Minority investors' share of gain
on sales of shopping center real estate assets
- -
- 621 Income tax provision
738 4,030
13,495 8,390 Minority interest in earnings (losses) of
operating partnership
(7,700 ) 10,360
7,495
46,246 Gain on discontinued operations �
(10
) �
(2,154 ) �
(3,798 ) �
(6,056 ) Operating partnership's share of
total NOI
206,347 207,287
765,000 711,517 General and
administrative expenses
11,973 8,780
45,241 37,852
Management fees and non-property level revenues �
(8,025 ) �
(10,020 ) �
(36,607
) �
(35,756 )
Operating partnership's share of property NOI
210,295
206,047
773,634 713,613 NOI of non-comparable centers �
(25,317 ) �
(13,379 ) �
(89,121
) �
(18,934 ) Total
same-center NOI
$ 184,978 �
$ 192,668 �
$
684,513 �
$ 694,679 �
� Malls
$ 171,871 $ 178,979
$ 630,616 $
639,439 Associated centers
7,445 8,068
31,340 32,592
Community centers
1,815 1,903
7,682 6,922 Other �
3,847 � �
3,718 � �
14,875 � �
15,726 � Total
same-center NOI
184,978 192,668
684,513 694,679 Less
lease termination fees �
(601
) �
(600 ) �
(8,425 ) �
(6,397 ) Total same-center NOI, excluding
lease termination fees
$
184,377 �
$ 192,068 �
$ 676,088 �
$
688,282 � �
Percentage Change: Malls
-4.0 % -1.4 % Associated centers
-7.7 % -3.8 % Community centers
-4.6 % 11.0 % Other �
3.5
% �
-5.4 % Total same-center NOI �
-4.0 % �
-1.5 % Total same-center
NOI, excluding lease termination fees �
-4.0 % �
-1.8 % Company's Share of Consolidated and
Unconsolidated Debt (Dollars in thousands) � �
December 31,
2008 Fixed Rate �
Variable Rate �
Total
Consolidated debt
$ 4,608,347 $
1,487,329 $ 6,095,676 Minority investors'
share of consolidated debt
(23,648 ) (928
) (24,576 ) Company's share of unconsolidated
affiliates' debt �
418,761 � �
143,468 � �
562,229 � Company's share of consolidated and unconsolidated
debt
$ 5,003,460 �
$ 1,629,869 �
$ 6,633,329 � Weighted average interest rate �
5.96 % �
2.02 % �
4.99 %
�
December 31, 2007 Fixed Rate Variable Rate
Total Consolidated debt $ 4,543,515 $ 1,325,803 $ 5,869,318
Minority investors' share of consolidated debt (24,236 ) (2,517 )
(26,753 ) Company's share of unconsolidated affiliates' debt �
335,903 � � 49,475 � � 385,378 � Company's share of consolidated
and unconsolidated debt $ 4,855,182 � $ 1,372,761 � $ 6,227,943 �
Weighted average interest rate � 5.79 % � 6.14 % � 5.87 % � �
Debt-To-Total-Market Capitalization Ratio as of December 31,
2008 (In thousands, except stock price)
Shares
Outstanding Stock Price (1)
Value Common stock and operating partnership
units 117,010 $ 6.50 $ 760,565 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 1,050,565 Company's share of total debt � 6,633,329 � Total
market capitalization $ 7,683,894 � Debt-to-total-market
capitalization ratio � 86.3 % � (1) Stock price for common stock
and operating partnership units equals the closing price of the
common stock on December 31, 2008. 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 Year Ended December
31, December 31, 2008: Basic
Diluted Basic Diluted Weighted average shares
- EPS
66,085 66,085 66,005 66,148
Weighted average dilutive shares for FFO (1)
- 93
- - Weighted average operating partnership units �
50,628 � �
50,628 � �
50,633 � �
50,633
� Weighted average shares- FFO �
116,713 � �
116,806
� �
116,638 � �
116,781 � �
2007: Weighted
average shares - EPS 65,590 65,952 65,323 65,913 Weighted average
operating partnership units � 50,637 � � 50,633 � � 50,671 � �
50,671 � Weighted average shares- FFO � 116,227 � � 116,585 � �
115,994 � � 116,584 � � �
Dividend Payout Ratio Three
Months Ended Year Ended December 31, December
31, 2008 2007 2008 2007 Weighted
average dividend per share
$ 0.37255 $ 0.55047
$ 2.02396 $ 2.08260 FFO per diluted, fully converted
share
$ 0.80 � $ 0.83 �
$ 3.22 � $ 3.10
� Dividend payout ratio �
46.7 % � 66.3 % �
62.8 % � 67.2 % � � �
(1) Because the Company incurred a
net loss during the three months ended December 31, 2008, there are
no potentially dilutive shares recognized in the number of diluted
weighted average shares for EPS purposes for that period due to
their anti-dilutive nature. However, because FFO was positive
during the fourth quarter of 2008, the dilutive shares are
recognized in the number of diluted weighted average shares for
purposes of calculating FFO per share.
Consolidated Balance Sheets � � (Unaudited, in thousands
except share data)
December 31,
2008
December 31,
2007
ASSETS Real estate assets: Land
$ 902,504 $
917,578 Buildings and improvements �
7,503,334
� �
7,263,907 �
8,405,838 8,181,485 Accumulated
depreciation �
(1,310,173 )
�
(1,102,767 ) 7,095,665 7,078,718
Developments in progress �
225,815 � �
323,560 � Net investment in real estate assets
7,321,480 7,402,278 Cash and cash equivalents
51,227
65,826 Cash in escrow
2,700 - Receivables: Tenant, net of
allowance
74,402 72,570 Other
12,145 10,257 Mortgage
and other notes receivable
58,961 135,137 Investments in
unconsolidated affiliates
207,618 142,550 Intangible lease
assets and other assets �
305,802 � �
276,429 �
$
8,034,335 �
$
8,105,047 �
LIABILITIES AND SHAREHOLDERS'
EQUITY Mortgage and other notes payable
$
6,095,676 $ 5,869,318 Accounts payable and accrued
liabilities �
329,991 � �
394,884
� Total liabilities �
6,425,667 � �
6,264,202 � Commitments and contingencies Minority
interests �
815,010 � �
920,297 �
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 5
7.375% Series D Cumulative
Redeemable Preferred Stock, 700,000 shares outstanding
7 7
Common Stock, $.01 par value,
180,000,000 shares authorized, 66,394,844 and 66,179,747 issued and
outstanding in 2008 and 2007, respectively
664 662 Additional paid-in capital
1,008,883 990,048
Accumulated other comprehensive loss
(22,594 ) (20 )
Accumulated deficit �
(193,307
) �
(70,154 ) Total
shareholders' equity �
793,658 � �
920,548 �
$
8,034,335 �
$
8,105,047 �
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