CBL & Associates Properties, Inc. (NYSE:CBL):
- Portfolio same-center net operating
income for the second quarter 2011 improved 1.4% over the
prior-year period, excluding lease termination fees.
- Reported FFO per diluted share of $0.49
for the second quarter 2011 compared with $0.36 for the prior-year
period.
- Same-store sales per square foot for
mall tenants 10,000 square feet or less for stabilized malls for
the second quarter 2011 increased 5.4%.
- Portfolio occupancy increased 100 basis
points to 90.6% as of June 30, 2011, compared with the prior-year
period.
CBL & Associates Properties, Inc. (NYSE:CBL) announced
results for the second quarter ended June 30, 2011. A description
of each non-GAAP financial measure and the related reconciliation
to the comparable GAAP measure is located at the end of this news
release.
Funds from Operations (“FFO”) allocable to common shareholders
for the second quarter 2011 was $72,005,000, or $0.49 per diluted
share, compared with $49,876,000, or $0.36 per diluted share, for
second quarter 2010. FFO of the operating partnership for the
second quarter 2011 was $92,397,000 compared with $68,643,000 for
the prior-year period. FFO for the second quarter 2011 included
non-cash impairments of real estate of $2,256,000, net of taxes,
related to a development property in Pittsburgh, compared with a
non-cash impairment of $25,435,000 in the second quarter 2010.
Net income attributable to common shareholders for the second
quarter 2011 was $9,782,000, or $0.07 per diluted share, compared
with net loss of $7,242,000, or a $0.05 loss per diluted share for
the second quarter 2010. Net income for the second quarters of 2011
and 2010 were impacted by non-cash impairments of real estate
recorded in each period.
“The strong operating momentum in our portfolio continued
through the second quarter and underscores the positive outlook for
our business,” said Stephen Lebovitz, CBL’s president and chief
executive officer. “We are gaining greater traction on the leasing
front with improved leasing spreads, occupancy and year-over-year
growth in same-center NOI. Retailer store-opening plans remain
healthy – a theme we heard at both ICSC and our annual leasing
event in Chattanooga. The enhanced demand for space is supporting
more favorable lease negotiations.
“The $1.1 billion joint venture we announced during the second
quarter with TIAA-CREF signaled confidence in our company from one
of the industry’s largest and most respected investors, enabling us
to reduce debt by $480 million and create an avenue for future
growth with a proven partner. We have made further strides in
enhancing our capital structure with last month’s term extensions
and lower interest rates on our three major credit facilities. Our
financial flexibility is now allowing us to increasingly focus on
new growth opportunities such as The Outlet Shoppes in Oklahoma
City that will open this week 98% leased/committed.”
HIGHLIGHTS
- Same-store sales per square foot for
mall tenants 10,000 square feet or less for stabilized malls for
the second quarter 2011 increased 5.4%. Same-store sales per square
foot for mall tenants 10,000 square feet or less for stabilized
malls for the rolling twelve months ended June 30, 2011, increased
3.6% to $328 per square foot compared with $316 per square foot in
2010.
- Same-center net operating income
(“NOI”), excluding lease termination fees, for the quarter ended
June 30, 2011, increased 1.4% compared with a decline of 3.3%
for the prior-year period. Same-center NOI, excluding lease
terminations fees, for the six months ended June 30, 2011,
increased 0.9% compared with a decline of 2.2% for the prior-year
period.
- Consolidated and unconsolidated
variable rate debt of $1,264,328,000 represented 13.0% of the total
market capitalization for the Company and 22.1% of the Company's
share of total consolidated and unconsolidated debt as of June 30,
2011. This compares favorably to variable rate debt in the prior
year period of 18.3% of total market capitalization and 26.8% of
the Company’s share of total consolidated and unconsolidated debt
as of June 30, 2010.
PORTFOLIO OCCUPANCY
June 30, 2011 2010
Portfolio occupancy 90.6 % 89.6 % Mall portfolio 90.4 % 89.8 %
Stabilized malls 90.5 % 90.1 % Non-stabilized malls 85.2 % 76.9 %
Associated centers 91.2 % 91.9 % Community centers 91.9 % 86.4 %
JOINT VENTURE ACTIVITY
During the second quarter CBL and TIAA-CREF announced a $1.09
billion real estate joint venture to invest in market dominant
shopping malls. TIAA-CREF will invest in four of CBL’s malls: Oak
Park Mall in Kansas City, KS; West County Center in St. Louis, MO;
CoolSprings Galleria in Nashville, TN; and Pearland Town Center in
Pearland, TX.
TIAA-CREF will receive a 50% pari passu interest in the three
enclosed malls, including Oak Park Mall, West County Center and
CoolSprings Galleria, in addition to a 12% interest in Pearland
Town Center. In total, CBL will reduce its outstanding debt by $480
million through approximately $220 million in cash proceeds and
approximately $268 million of property-specific debt assumed by
TIAA-CREF. CBL will continue to manage and lease the properties.
CBL anticipates closing on the transaction during the third quarter
2011.
FINANCING ACTIVITY
Subsequent to the quarter end, CBL announced that it had closed
the modification of its three major secured credit facilities with
aggregate capacity of $1.15 billion including its $520 million,
$525 million and its $105 million secured credit facilities.
Outstanding balances on all three lines of credit will no longer be
subject to a LIBOR floor and will bear interest at an annual rate
equal to LIBOR plus a range of 200 to 300 basis points, depending
on the Company’s leverage ratio. The reduction in interest rates
represents a more than 200 basis point improvement in average
borrowing cost for the facilities.
The maturity of the $520 million facility remains August 2011,
with an option to extend the facility to April 2014. The maturity
of the $525 million facility was extended by two years, from
February 2012 to February 2014, with an option to extend the
maturity for one additional year to February 2015. The maturity of
the $105 million facility was extended for one year to June
2013.
OUTLOOK AND GUIDANCE
Based on second quarter results and today’s outlook, the Company
is reiterating 2011 FFO guidance of $2.07 - $2.12 per share, which
assumes that the joint venture with TIAA-CREF closes during the
third quarter. The full-year guidance also assumes $4.5 million to
$5.5 million of outparcel sales and same-center NOI growth in the
range of (0.5%) to 1.0%, 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 $ 0.45 $ 0.50 Adjust to fully converted
shares from common shares (0.10 ) (0.11 ) Expected
earnings per diluted, fully converted common share 0.35 0.39 Add:
depreciation and amortization 1.62 1.62 Add: noncontrolling
interest in earnings of Operating Partnership 0.10
0.11 Expected FFO per diluted, fully converted common
share $ 2.07 $ 2.12
INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference
call at 11:00 a.m. EDT on Wednesday, August 3, 2011,
to discuss its second quarter results. The number to call for this
interactive teleconference is (212) 231-2900. A seven-day
replay of the conference call will be available by dialing
(402) 977-9140 and entering the passcode 21515944. 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 2011 second quarter earnings release conference
call. The live broadcast of the quarterly conference call will be
available online at cblproperties.com on
Wednesday, August 3, 2011, beginning at 11:00 a.m.
EDT. The online replay will follow shortly after the call and
continue through August 10, 2011.
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 157 properties, including 85 regional
malls/open-air centers. The properties are located in 26 states and
total 84.9 million square feet including 3.4 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 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. 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 at the end of 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 the first and second quarters of 2011 and the second
quarter of 2010, the Company recorded losses on impairment of
certain of its real estate assets. Considering the significance and
nature of the impairments, 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 these impairment charges.
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 Ended
June 30,
Six Months Ended
June 30,
2011 2010 2011 2010 REVENUES:
Minimum rents
$ 169,081 $ 166,704
$
340,765 $ 332,436 Percentage rents
2,078 2,138
5,854 6,078 Other rents
4,583 4,546
9,591
9,085 Tenant reimbursements
77,179 75,430
154,164
154,006 Management, development and leasing fees
1,568 1,601
2,905 3,307 Other
8,597 7,234
17,957 14,471 Total
revenues
263,086 257,653
531,236 519,383
OPERATING
EXPENSES: Property operating
36,054 36,472
76,250
74,192 Depreciation and amortization
72,111 68,772
140,092 139,221 Real estate taxes
25,401 24,502
49,681 49,120 Maintenance and repairs
14,067 13,191
30,099 28,633 General and administrative
11,241
10,321
23,041 21,395 Loss on impairment of real estate
4,457 -
4,457 - Other
7,046
6,415
15,349 13,116
Total operating expenses
170,377
159,673
338,969 325,677
Income from operations 92,709 97,980
192,267
193,706 Interest and other income
612 948
1,157 1,999
Interest expense
(70,915 ) (72,494 )
(139,128
) (144,874 ) Gain on extinguishment of debt
- -
581 - Gain (loss) on sales of real estate assets
(62
) 1,149
747 2,015 Equity in earnings of
unconsolidated affiliates
1,455 409
3,233 948 Income
tax benefit
4,653 1,911
6,423 3,788
Income from continuing
operations 28,452 29,903
65,280 57,582 Operating
income (loss) of discontinued operations
977 (25,386 )
28,043 (25,862 ) Gain on discontinued operations
103 -
117 -
Net income 29,532 4,517
93,440 31,720
Net (income) loss attributable to noncontrolling interests in:
Operating partnership
(2,752 ) 2,723
(13,203
) (1,387 ) Other consolidated subsidiaries
(6,404 ) (6,124 )
(12,542
) (12,261 )
Net income attributable to the
Company 20,376 1,116
67,695 18,072 Preferred
dividends
(10,594 ) (8,358 )
(21,188 ) (14,386 )
Net income (loss)
attributable to common shareholders $ 9,782
$ (7,242 )
$ 46,507 $ 3,686
Basic per share data attributable to common
shareholders: Income from continuing operations, net of
preferred dividends
$ 0.06 $ 0.08
$
0.17 $ 0.16 Discontinued operations
0.01
(0.13 )
0.14 (0.13 ) Net
income (loss) attributable to common shareholders
$
0.07 $ (0.05 )
$ 0.31 $ 0.03
Weighted average common shares outstanding
148,356
138,068
148,214 138,018
Diluted earnings per share
data attributable to common shareholders: Income from
continuing operations, net of preferred dividends
$
0.06 $ 0.08
$ 0.17 $ 0.16 Discontinued
operations
0.01 (0.13 )
0.14 (0.13 ) Net income (loss) attributable to
common shareholders
$ 0.07 $ (0.05 )
$
0.31 $ 0.03
Weighted average common and potential
dilutive common shares outstanding
148,398 138,112
148,262 138,059
Amounts
attributable to common shareholders: Income from continuing
operations, net of preferred dividends
$ 8,941 $
11,203
$ 24,574 $ 22,475 Discontinued operations
841 (18,445 )
21,933
(18,789 ) Net income (loss) attributable to common
shareholders
$ 9,782 $ (7,242 )
$
46,507 $ 3,686
The Company's calculation of FFO allocable to
its shareholders is as follows: (in thousands, except per share
data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2011 2010 2011 2010
Net income (loss) attributable to common shareholders
$ 9,782 $ (7,242 )
$ 46,507 $ 3,686
Noncontrolling interest in income (loss) of operating partnership
2,752 (2,723 )
13,203 1,387 Depreciation and
amortization expense of: Consolidated properties
72,111
68,772
140,092 139,221 Unconsolidated affiliates
8,597 8,486
14,112 15,371 Discontinued operations
- 1,880
86 3,443 Non-real estate assets
(589
) (219 )
(1,227 ) (438 ) Noncontrolling
interests' share of depreciation and amortization
(153
) (311 )
(302 ) (456 ) Gain on discontinued
operations
(103 ) -
(117 ) -
Funds from operations of
the operating partnership 92,397 68,643
212,354
162,214 Net loss on impairment of real estate, net of tax benefit
2,256 25,435
5,002
25,435
Funds from operations of the operating
partnership, excluding loss on impairment of real estate
$ 94,653 $ 94,078
$
217,356 $ 187,649
Funds from
operations per diluted share $ 0.49 $ 0.36
$ 1.12 $ 0.85 Net loss on impairment of real estate,
net of tax benefit (1)
0.01 0.13
0.02 0.14
Funds from operations, excluding loss
on impairment of real estate, per diluted share
$ 0.50 $ 0.49
$ 1.14
$ 0.99
Weighted average common and potential
dilutive common shares outstanding with operating partnership units
fully converted
190,415 190,061
190,338 190,008
Reconciliation of FFO of the operating
partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership $
92,397 $ 68,643
$ 212,354 $ 162,214 Percentage
allocable to common shareholders (2)
77.93 %
72.66 %
77.89 % 72.65 %
Funds
from operations allocable to Company shareholders $
72,005 $ 49,876
$ 165,403
$ 117,848
Funds from operations of the operating
partnership, excluding loss on impairment of real estate
$ 94,653 $ 94,078
$ 217,356 $ 187,649
Percentage allocable to common shareholders (2)
77.93
% 72.66 %
77.89 % 72.65 %
Funds from operations allocable to
Company shareholders, excluding loss on impairment of real
estate
$ 73,763 $ 68,357
$
169,299 $ 136,327
(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
$ 641 $ 1,617
$ 2,239 $ 2,148 Lease
termination fees per share
$ - $ 0.01
$
0.01 $ 0.01 Straight-line rental income
$
603 $ 1,490
$ 1,685 $ 2,806 Straight-line
rental income per share
$ - $ 0.01
$
0.01 $ 0.01 Gains on outparcel sales
$
1,184 $ 1,828
$ 1,993 $ 2,644 Gains on
outparcel sales per share
$ 0.01 $ 0.01
$
0.01 $ 0.01 Net amortization of acquired above- and
below-market leases
$ 678 $ 724
$ 1,206
$ 1,562 Net amortization of acquired above- and below-market leases
per share
$ - $ -
$ 0.01 $ 0.01
Net amortization of debt premiums (discounts)
$ 604 $
1,268
$ 1,357 $ 2,930 Net amortization of debt
premiums (discounts) per share
$ - $ 0.01
$
0.01 $ 0.02 Income tax benefit
$ 4,653
$ 1,911
$ 6,423 $ 3,788 Income tax benefit per share
$ 0.02 $ 0.01
$ 0.03 $ 0.02 Loss
on impairment of real estate from continuing operations
$
(4,457 ) $ -
$ (4,457 ) $ - Loss
on impairment of real estate from continuing operations per share
$ (0.02 ) $ -
$ (0.02 ) $
- Gain (loss) on impairment of real estate from discontinued
operations
$ 507 $ (25,435 )
$ (2,239
) $ (25,435 ) (Loss) on impairment of real estate from
discontinued operations per share
$ - $ (0.13 )
$ (0.01 ) $ (0.13 ) Gain on
extinguishment of debt from discontinued operations
$
- $ -
$ 32,015 $ - Gain on extinguishment of
debt from discontinued operations per share
$ - $ -
$ 0.17 $ -
Same-Center Net Operating Income (Dollars in
thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2011 2010 2011 2010 Net income
attributable to the Company
$ 20,376 $ 1,116
$
67,695 $ 18,072 Adjustments: Depreciation and
amortization
72,111 68,772
140,092 139,221
Depreciation and amortization from unconsolidated affiliates
8,597 8,486
14,112 15,371 Depreciation and
amortization from discontinued operations
- 1,880
86
3,443
Noncontrolling interests' share of
depreciation and amortization in other consolidated
subsidiaries
(153 ) (311 )
(302 ) (456 ) Interest
expense
70,915 72,494
139,128 144,874 Interest
expense from unconsolidated affiliates
8,658 8,503
14,460 15,731 Interest expense from discontinued operations
- 847
178 1,927
Noncontrolling interests' share of
interest expense in other consolidated subsidiaries
(256 ) (379 )
(500 ) (613 ) Abandoned
projects expense
51 260
51 359 (Gain) loss on sales
of real estate assets
62 (1,149 )
(747 )
(2,015 ) Gain on sales of real estate assets of unconsolidated
affiliates
(1,246 ) (679 )
(1,246 )
(629 ) Gain on extinguishment of debt
- -
(581
) - Gain on extinguishment of debt from discontinued
operations
- -
(31,434 ) - Writedown of
mortgage note receivable
- -
1,500 - Loss on
impairment of real estate
4,457 -
4,457 - (Gain) loss
on impairment of real estate from discontinued operations
(507 ) 25,435
2,239 25,435 Income tax benefit
(4,653 ) (1,911 )
(6,423 ) (3,788 )
Net income (loss) attributable to
noncontrolling interest in earnings of operating partnership
2,752 (2,723 )
13,203 1,387 Gain on discontinued
operations
(103 ) -
(117 ) - Operating partnership's share
of total NOI
181,061 180,641
355,851 358,319 General
and administrative expenses
11,241 10,321
23,041
21,395 Management fees and non-property level revenues
(7,961 ) (4,942 )
(10,466
) (8,623 ) Operating partnership's share of property
NOI
184,341 186,020
368,426 371,091 Non-comparable
NOI
(2,331 ) (5,521 )
(3,676 ) (9,736 ) Total same-center NOI
$ 182,010 $ 180,499
$
364,750 $ 361,355 Total same-center NOI
percentage change
0.8 % 0.9
% Total same-center NOI
$ 182,010 $
180,499
$ 364,750 $ 361,355 Less lease termination fees
(491 ) (1,477 )
(2,044
) (1,987 ) Total same-center NOI, excluding lease
termination fees
$ 181,519 $ 179,022
$ 362,706 $ 359,368 Malls
$ 163,265 $ 161,287
$ 325,365 $ 324,191
Associated centers
8,021 7,828
16,207 15,577
Community centers
4,770 4,186
9,945 8,151 Offices and
other
5,463 5,721
11,189 11,450 Total same-center NOI,
excluding lease termination fees
$ 181,519 $
179,022
$ 362,706 $ 359,369
Percentage Change: Malls
1.2 %
0.4 % Associated centers
2.5 %
4.0 % Community centers
14.0 %
22.0 % Office and other
-4.5 %
-2.3 % Total same-center NOI, excluding
lease termination fees 1.4 %
0.9 %
Company's Share of Consolidated and Unconsolidated
Debt (Dollars in thousands)
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 %
As of June 30, 2010 Fixed Rate Variable
Rate Total Consolidated debt $ 4,009,395 $ 1,446,472 $
5,455,867 Noncontrolling interests' share of consolidated debt
(24,850 ) (928 ) (25,778 ) Company's share of unconsolidated
affiliates' debt 422,013 167,576
589,589 Company's share of consolidated and unconsolidated
debt $ 4,406,558 $ 1,613,120 $ 6,019,678
Weighted average interest rate 5.90 % 2.75 %
5.06 %
Debt-To-Total-Market Capitalization Ratio
as of June 30, 2011 (In thousands, except stock price)
Shares Outstanding
Stock Price (1)
Value Common stock and operating partnership units 190,378 $
18.13 $ 3,451,553 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 4,020,303 Company's share of total debt 5,723,040
Total market capitalization $ 9,743,343
Debt-to-total-market capitalization ratio 58.7 %
(1) Stock price for common stock and
operating partnership units equals the closing price of the common
stock on June 30, 2011. 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,
2011: Basic Diluted Basic
Diluted 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
2010: Weighted average shares - EPS 138,068 138,112 138,018
138,059 Weighted average operating partnership units 51,949
51,949 51,949 51,949
Weighted average shares - FFO
190,017 190,061 189,967
190,008
Dividend Payout Ratio
Three Months Ended Six Months Ended June 30,
June 30, 2011 2010 2011 2010
Weighted average cash dividend per share
$ 0.21913 $
0.22690
$ 0.44947 $ 0.45796 FFO per diluted, fully
converted share
$ 0.49 $ 0.36
$
1.12 $ 0.85 Dividend payout ratio
44.7 % 63.0 %
40.1 %
53.9 %
Consolidated Balance Sheets (Unaudited; in thousands, except
share data)
As of
June 30,
2011
December 31,
2010
ASSETS Real estate assets: Land
$ 926,198 $
928,025 Buildings and improvements
7,543,765 7,543,326
8,469,963 8,471,351 Accumulated depreciation
(1,838,515 )
(1,721,194 ) 6,631,448 6,750,157
Developments in progress
198,590
139,980 Net investment in real estate
assets
6,830,038 6,890,137 Cash and cash equivalents
47,891 50,896 Receivables, net of allowances: Tenant
72,349 77,989 Other
12,579 11,996 Mortgage and other
notes receivable
26,388 30,519 Investments in unconsolidated
affiliates
180,443 179,410 Intangible lease assets and other
assets
275,909
265,607 $
7,445,597 $
7,506,554 LIABILITIES, REDEEMABLE
NONCONTROLLING INTERESTS AND EQUITY Mortgage and other
indebtedness
$ 5,194,097 $ 5,209,747 Accounts payable
and accrued liabilities
293,164
314,651 Total liabilities
5,487,261 5,524,398
Commitments and contingencies Redeemable noncontrolling
interests: Redeemable noncontrolling partnership interests
35,306 34,379 Redeemable noncontrolling preferred joint
venture interest
423,776
423,834 Total redeemable noncontrolling
interests
459,082
458,213 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, 1,815,000 shares outstanding
18 18
Common stock, $.01 par value, 350,000,000
shares authorized, 148,361,580 and 147,923,707 issued and
outstanding in 2011 and 2010, respectively
1,484 1,479 Additional paid-in capital
1,658,149
1,657,507 Accumulated other comprehensive income
7,665 7,855
Accumulated deficit
(382,322
) (366,526 )
Total shareholders' equity
1,284,999 1,300,338
Noncontrolling interests
214,255
223,605 Total equity
1,499,254 1,523,943
$ 7,445,597
$ 7,506,554
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