EX-99.1 2 ex991erandsupplemental-930.htm EXHIBIT 99.1 Ex 99.1 ER and Supplemental - 9.30.2014
Exhibit 99.1










Earnings Release and
Supplemental Financial and Operating Information

For the Three and Nine Months Ended
September 30, 2014





Earnings Release and Supplemental Financial and Operating Information
Table of Contents


 
 
Page
 
 
 
 
 
 
 
 
Reconciliations of Non-GAAP Financial Measures:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Contact: Katie Reinsmidt, Senior Vice President - Investor Relations/Corporate Investments, 423.490.8301, katie_reinsmidt@cblproperties.com
CBL & ASSOCIATES PROPERTIES REPORTS THIRD QUARTER
2014 RESULTS AND RAISES FULL YEAR GUIDANCE

•
Same-center NOI growth accelerated to 3.0% for the third quarter in the Total Portfolio and 3.3% in the Mall Portfolio.
•
FFO per diluted share, as adjusted, increased 5.8% to $0.55 for the third quarter 2014, over the prior-year period.
•
Average gross rent per square foot for stabilized mall leases signed in the third quarter 2014 increased 17.6% over the prior gross rent per square foot.
•
Same-center Mall occupancy increased 40 basis points to 93.3% in the third quarter 2014 from June 30, 2014.
•
Same-store sales per square foot increased 0.8% during the third quarter 2014.

CHATTANOOGA, Tenn. (October 29, 2014) – CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the third quarter ended September 30, 2014. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure is located at the end of this news release.
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2014
 
2013
 
2014
 
2013
Funds from Operations ("FFO") per diluted share
 
$
0.63

 
$
0.56

 
$
1.91

 
$
1.60

FFO, as adjusted, per diluted share (1)
 
$
0.55

 
$
0.52

 
$
1.61

 
$
1.60

(1) FFO, as adjusted, for the three months ended September 30, 2014 excludes $16.8 million of gain on extinguishment of debt, net of non-cash default interest expense, related to the conveyance of Chapel Hill Mall in Akron, OH to the lender by a deed-in-lieu of foreclosure. FFO, as adjusted for the nine months ended September 30, 2014 excludes $59.4 million primarily related to gain on extinguishment of debt, net of non-cash default interest expense, related to the conveyance of Chapel Hill Mall and the foreclosure of Citadel Mall. It also excludes a partial litigation settlement of $0.8 million. FFO, as adjusted, for the three and nine months ended September 30, 2013 excludes a partial litigation settlement of $8.2 million and for the nine months ended September 30, 2013 also excludes a loss on extinguishment of debt of $9.1 million and a gain on investment of $2.4 million.
    
CBL's President and Chief Executive Officer Stephen Lebovitz commented, "We are pleased with the acceleration of our same-center NOI growth and lease spread results in the third quarter. Year-to-date same-center NOI growth is above the top end of our guidance range providing further confirmation of our operating expertise. Our focus on upgrading the quality of our tenant merchandising mix and redeveloping underperforming locations has directly contributed to our improved growth rate across the portfolio.

 
1


"We are also making progress upgrading our balance sheet and lowering our cost of capital. This month we executed a 10-year, $300 million offering of senior unsecured notes at an attractive 4.6% coupon and added Mall del Norte, one of our highest productivity assets, to our unencumbered pool. Recent progress on our dispositions includes the completion of a community center sale. We will also execute a non-binding contract for the sale of an additional community center this week. CBL remains fully committed to successfully executing our strategic transformation within the two-to-three year time horizon we have established."
FFO allocable to common shareholders, as adjusted, for the third quarter 2014 was $93.0 million, or $0.55 per diluted share, compared with $87.3 million, or $0.52 per diluted share, for the third quarter 2013. FFO of the operating partnership, as adjusted, for the third quarter 2014 was $109.1 million compared with $102.5 million, for the third quarter 2013. The increase in adjusted FFO during the quarter was driven by contributions from recent openings of new development projects, increased rental rates on new and renewal leases and lower operating expenses. These improvements were partially offset by lost income from sold properties and higher net interest expense.
Net income attributable to common shareholders for the third quarter 2014 was $38.1 million, or $0.22 per diluted share, compared with net income of $23.1 million, or $0.14 per diluted share, for the third quarter 2013.
Percentage change in same-center Net Operating Income ("NOI")(1):
 
Three Months Ended
September 30, 2014
Portfolio same-center NOI
3.0%
Mall same-center NOI
3.3%
(1) CBL's definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items of straight line rents and net amortization of acquired above and below market leases. NOI is for real estate properties and excludes income of the Company's subsidiary that provides maintenance, janitorial and security services.


MAJOR VARIANCES IMPACTING SAME-CENTER NOI RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2014

•
Contributions from rent growth, including increased new and renewal lease spreads, resulted in $3.0 million of growth in minimum rent and a $2.2 million increase in tenant reimbursements compared with the prior-year period.
•
Contributions from percentage rents turned positive in the quarter, with an increase of $0.1 million.
•
Operating and maintenance and repair expenses improved by $0.8 million in the quarter primarily as a result of continued expense controls and cost saving measures. This was partially offset by an increase of $0.2 in real estate taxes.

PORTFOLIO OPERATIONAL RESULTS

Occupancy:
 
 
As of September 30,
 
 
2014
 
2013
Portfolio occupancy
 
93.7%
 
93.8%
Mall portfolio
 
93.5%
 
93.5%
Same-center stabilized malls
 
93.3%
 
93.6%
Stabilized malls 
 
93.3%
 
93.4%
Non-stabilized malls
 
97.4%
 
97.1%
Associated centers
 
93.7%
 
94.6%
Community centers
 
97.6%
 
96.1%


 
2


New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:
% Change in Average Gross Rent Per Square Foot
 
 
Three Months Ended
September 30, 2014
Stabilized Malls
 
17.6%
New leases
 
23.0%
Renewal leases
 
15.5%

Same-Store Sales Per Square Foot for Mall Tenants 10,000 Square Feet or Less:
 
Twelve Months Ended September 30,
 
 
 
2014
 
2013
 
% Change
Stabilized mall same-store sales per square foot
$
356

 
$
363

 
(1.9)%

DEVELOPMENT
On July 31st, the Company celebrated the Grand Opening of The Outlet Shoppes of the Bluegrass in Louisville (Simpsonville), KY. The 375,000-square-foot outlet center opened 100% leased or committed with more than 80 stores, including Michael Kors, Nike, Saks Fifth Avenue off 5th and The North Face.

TRANSACTIONS
During the quarter, CBL closed on the sale of Pemberton Plaza in Vicksburg, MS for $1.98 million.

FINANCING ACTIVITY
On October 1, CBL retired the $113.4 million loan secured by Mall del Norte in Laredo, TX, adding one of CBL's most productive properties to the unencumbered pool.

On October 8, CBL closed a $300 million offering of 4.60% Senior Notes Due 2024 under its existing shelf registration statement. The notes mature on October 15, 2024. Net proceeds from the offering were approximately $297.7 million, after deducting the underwriting discount and other offering expenses payable by the Operating Partnership, and were used to reduce amounts outstanding under its unsecured revolving credit facilities and for general business purposes.

BofA Merrill Lynch, J.P. Morgan, RBC Capital Markets, US Bancorp and Wells Fargo Securities served as Joint Book-Running Managers.

During the quarter, the deed for Chapel Hill Mall in Akron, OH, was accepted by the lender in lieu of a foreclosure. As a result, CBL recorded a gain on extinguishment of $18.3 million and non-cash default interest of $1.5 million during the third quarter.













 
3



OUTLOOK AND GUIDANCE
Based on its current outlook, the Company is increasing 2014 Adjusted FFO guidance to the range of $2.24 - $2.28 per diluted share. CBL's guidance also assumes an increased same-center NOI growth range of 1.25-2.25% in 2014.
The guidance also assumes the following:
•
$2-3 million increase in annual interest expense (net of non-cash default interest)
•
$2.0 million to $4.0 million of outparcel sales
•
0-25 basis point increase in total portfolio occupancy as well as stabilized mall occupancy at year-end
•
No additional unannounced acquisition or disposition activity
•
No unannounced capital markets activity - equity or debt
 
Low
 
High
Expected diluted earnings per common share
$
0.99

 
$
1.03

Adjust to fully converted shares from common shares
(0.14
)
 
(0.15
)
Expected earnings per diluted, fully converted common share
0.85

 
0.88

Depreciation and amortization
1.64

 
1.64

Noncontrolling interest in earnings of Operating Partnership
0.14

 
0.15

Impairment of real estate
0.09

 
0.09

Expected FFO per diluted, fully converted common share
$
2.72

 
$
2.76

Net gain on debt extinguishment and litigation settlement (1)
(0.48
)
 
(0.48
)
Expected adjusted FFO per diluted, fully converted common share
$
2.24

 
$
2.28

(1)  CBL anticipates receiving a $6.2 million partial insurance settlement in the fourth quarter 2014. This settlement is excluded from adjusted FFO.

    
INVESTOR CONFERENCE CALL AND WEBCAST
CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m. ET on Thursday, October 30, 2014, to discuss its third quarter results. The number to call for this interactive teleconference is (800) 736-4594 or (212) 231-2902. A replay of the conference call will be available through November 6, 2014, by dialing (800) 633-8284 or (402) 977-9140 and entering the confirmation number, 21706210. 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 webcast and rebroadcast of its 2014 third quarter earnings release conference call. The live broadcast of the quarterly conference call will be available online at cblproperties.com on Thursday, October 30, 2014 beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for one year.

ABOUT CBL & ASSOCIATES PROPERTIES, INC.    
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 148 properties, including 89 regional malls/open-air centers. The properties are located in 30 states and total 84.2 million square feet including 6.5 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

 
4


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 third quarter 2014, the Company recognized an $18.3 million gain on the extinguishment of debt and $1.5 million of non-cash default interest expense in connection with the conveyance of Chapel Hill Mall to the lender. During first quarter 2014, the Company recognized a $42.7 million net gain on the extinguishment of debt in connection with the foreclosure of the mortgage loan encumbering Citadel Mall and the early retirement of the mortgage loan encumbering St. Clair Square. Additionally, the Company received income of $0.8 million as a partial settlement of ongoing litigation. During the three and nine month periods ended September 30, 2013, the Company recorded $2.4 million of gains on investment, $9.1 million of loss on extinguishment of debt and a partial legal settlement of $8.2 million. Considering the significance and nature of these items, the Company believes it is important to identify their impact on 2014 FFO measures for readers to have a complete understanding on the Company's results of operations. Therefore, the Company has also presented adjusted FFO measures for 2014, excluding these items.

Same-Center Net Operating Income
NOI is a supplemental measure of the operating performance of the Company's shopping centers and other properties. The Company defines NOI as property 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.
As described above, during the three months ended September 30, 2014, the Company recognized a $16.8 million gain on the extinguishment of debt net of default interest upon the transfer of the deed for Chapel Hill Mall to the lender in lieu of foreclosure. During first quarter 2014, the Company recognized a $42.7 million net gain on the extinguishment of debt in connection with the foreclosure of the mortgage loan encumbering Citadel Mall and the early retirement of the mortgage loan encumbering St. Clair Square and received $0.8 million as a partial settlement of ongoing litigation. During the three and nine month periods ended September 30, 2013, the Company recorded $2.4 million of gain on investment, $9.1 million of loss on extinguishment of debt and a partial legal settlement of $8.2 million. Considering the significance and nature of these items, the Company believes it is important to identify their impact on 2014 FFO measures for readers to have a complete understanding on the Company's results of operations. Therefore, the Company has also presented adjusted FFO measures for 2014, excluding these items.

 
5


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.
    

 
6

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Nine Months Ended September 30, 2014
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
REVENUES:
 
 
 
 
 
 
 
Minimum rents
$
169,097

 
$
167,703

 
$
506,005

 
$
498,632

Percentage rents
3,060

 
2,797

 
8,490

 
9,847

Other rents
3,813

 
3,837

 
13,708

 
13,503

Tenant reimbursements
71,330

 
70,576

 
214,322

 
213,524

Management, development and leasing fees
3,228

 
3,118

 
9,176

 
9,042

Other
8,186

 
9,518

 
25,189

 
27,067

Total revenues
258,714

 
257,549

 
776,890

 
771,615

OPERATING EXPENSES:
 
 
 
 
 
 
 
Property operating
36,668

 
38,375

 
112,206

 
111,170

Depreciation and amortization
72,488

 
68,941

 
212,180

 
206,115

Real estate taxes
22,202

 
22,607

 
65,638

 
66,411

Maintenance and repairs
12,603

 
13,387

 
41,391

 
40,808

General and administrative
9,474

 
10,160

 
35,583

 
36,459

Loss on impairment
497

 
—

 
17,753

 
21,038

Other
7,396

 
6,371

 
21,331

 
21,217

Total operating expenses
161,328

 
159,841

 
506,082

 
503,218

Income from operations
97,386

 
97,708

 
270,808

 
268,397

Interest and other income
463

 
8,809

 
3,535

 
10,197

Interest expense
(60,214
)
 
(56,341
)
 
(179,997
)
 
(173,374
)
Gain (loss) on extinguishment of debt
18,282

 
—

 
60,942

 
(9,108
)
Gain on sales of real estate assets
434

 
58

 
3,513

 
1,058

Gain on investment
—

 
—

 
—

 
2,400

Equity in earnings of unconsolidated affiliates
3,936

 
2,270

 
11,038

 
7,618

Income tax provision
(3,083
)
 
(271
)
 
(4,266
)
 
(854
)
Income from continuing operations
57,204

 
52,233

 
165,573

 
106,334

Operating income (loss) of discontinued operations
78

 
(8,346
)
 
(480
)
 
(5,195
)
Gain on discontinued operations
(2
)
 
290

 
88

 
1,162

Net income
57,280

 
44,177

 
165,181

 
102,301

Net income attributable to noncontrolling interests in:
 
 
 
 
 
 
 
Operating Partnership
(6,576
)
 
(4,075
)
 
(18,847
)
 
(7,602
)
Other consolidated subsidiaries
(1,362
)
 
(5,778
)
 
(3,740
)
 
(18,338
)
Net income attributable to the Company
49,342

 
34,324

 
142,594

 
76,361

Preferred dividends
(11,223
)
 
(11,223
)
 
(33,669
)
 
(33,669
)
Net income attributable to common shareholders
$
38,119

 
$
23,101

 
$
108,925

 
$
42,692

 
 
 
 
 
 
 
 
Basic and diluted per share data attributable to common shareholders:
 
 
 
 
 
 
Income from continuing operations, net of preferred dividends
$
0.22

 
$
0.18

 
$
0.64

 
$
0.28

Discontinued operations
0.00

 
(0.04
)
 
0.00

 
(0.02
)
Net income attributable to common shareholders
$
0.22

 
$
0.14

 
$
0.64

 
$
0.26

Weighted-average common and potential dilutive common shares outstanding
170,262

 
169,906

 
170,242

 
166,048

 
 
 
 
 
 
 
 
Amounts attributable to common shareholders:
 
 
 
 
 
 
 
Income from continuing operations, net of preferred dividends
$
38,054

 
$
29,965

 
$
109,259

 
$
46,116

Discontinued operations
65

 
(6,864
)
 
(334
)
 
(3,424
)
Net income attributable to common shareholders
$
38,119

 
$
23,101

 
$
108,925

 
$
42,692


7

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2014

The Company's calculation of FFO allocable to Company shareholders is as follows:
(in thousands, except per share data)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
Net income attributable to common shareholders
$
38,119

 
$
23,101

 
$
108,925

 
$
42,692

Noncontrolling interest in income of Operating Partnership
6,576

 
4,075

 
18,847

 
7,602

Depreciation and amortization expense of:
 
 
 
 

 
 
 Consolidated properties
72,488

 
68,941

 
212,180

 
206,115

 Unconsolidated affiliates
10,537

 
9,877

 
30,654

 
29,748

 Discontinued operations
—

 
1,634

 
—

 
6,638

 Non-real estate assets
(628
)
 
(572
)
 
(1,825
)
 
(1,530
)
Noncontrolling interests' share of depreciation and amortization
(1,729
)
 
(1,403
)
 
(4,831
)
 
(4,292
)
Loss on impairment, net of tax benefit
497

 
5,234

 
18,434

 
26,051

Gain on depreciable property
(3
)
 
(8
)
 
(937
)
 
(10
)
Gain on discontinued operations, net of taxes
1

 
(174
)
 
(86
)
 
(714
)
Funds from operations of the Operating Partnership
125,858

 
110,705

 
381,361

 
312,300

Litigation settlement
—

 
(8,240
)
 
(800
)
 
(8,240
)
Gain on investment
—

 
—

 
—

 
(2,400
)
Non cash default interest expense
1,514

 
—

 
1,514

 
—

(Gain) loss on extinguishment of debt
(18,282
)
 
—

 
(60,942
)
 
9,108

Funds from operations of the Operating Partnership, as adjusted
$
109,090

 
$
102,465

 
$
321,133

 
$
310,768

 
 
 
 
 
 
 
 
Funds from operations per diluted share
$
0.63

 
$
0.56

 
$
1.91

 
$
1.60

 
 
 
 
 
 
 
 
Funds from operations, as adjusted, per diluted share
$
0.55

 
$
0.52

 
$
1.61

 
$
1.60

 
 
 
 
 
 
 
 
 Weighted average common and potential dilutive common shares
       outstanding with Operating Partnership units fully converted
199,631

 
199,451

 
199,699

 
195,594

 
 
 
 
 
 
 
 
Reconciliation of FFO of the Operating Partnership
       to FFO allocable to common shareholders:
 
 
 
 
 
 
 
Funds from operations of the Operating Partnership
$
125,858

 
$
110,705

 
$
381,361

 
$
312,300

Percentage allocable to common shareholders (1)
85.29
%
 
85.19
%
 
85.25
%
 
84.89
%
Funds from operations allocable to common shareholders
$
107,344

 
$
94,310

 
$
325,110

 
$
265,111

 
 
 
 
 
 
 
 
Funds from operations of the Operating Partnership, as adjusted
$
109,090

 
$
102,465

 
$
321,133

 
$
310,768

Percentage allocable to common shareholders (1)
85.29
%
 
85.19
%
 
85.25
%
 
84.89
%
Funds from operations allocable to common shareholders, as adjusted
$
93,043

 
$
87,290

 
$
273,766

 
$
263,811

 
 
 
 
 
 
 
 
(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 12.
 
 
 
 
 
 
 
 

8

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
SUPPLEMENTAL FFO INFORMATION:
 
 
 
 
 
 
 
Lease termination fees
$
1,044

 
$
887

 
$
2,395

 
$
3,425

    Lease termination fees per share
$
0.01

 
$
—

 
$
0.01

 
$
0.02

 
 
 
 
 
 
 
 
Straight-line rental income
$
1,201

 
$
(2,755
)
 
$
2,484

 
$
81

    Straight-line rental income per share
$
0.01

 
$
(0.01
)
 
$
0.01

 
$
—

 
 
 
 
 
 
 
 
Gains on outparcel sales
$
316

 
$
35

 
$
2,461

 
$
1,035

    Gains on outparcel sales per share
$
—

 
$
—

 
$
0.01

 
$
0.01

 
 
 
 
 
 
 
 
Net amortization of acquired above- and below-market leases
$
139

 
$
642

 
$
544

 
$
1,271

Net amortization of acquired above- and below-market leases per share
$
—

 
$
—

 
$
—

 
$
0.01

 
 
 
 
 
 
 
 
Net amortization of debt premiums and discounts
$
545

 
$
639

 
$
1,625

 
$
1,715

    Net amortization of debt premiums and discounts per share
$
—

 
$
—

 
$
0.01

 
$
0.01

 
 
 
 
 
 
 
 
 Income tax provision
$
(3,083
)
 
$
(271
)
 
$
(4,266
)
 
$
(854
)
    Income tax provision per share
$
(0.02
)
 
$
—

 
$
(0.02
)
 
$
—

 
 
 
 
 
 
 
 
Loss on impairment from continuing operations
$
(497
)
 
$
—

 
$
(17,753
)
 
$
(21,038
)
    Loss on impairment from continuing operations per share
$
—

 
$
—

 
$
(0.09
)
 
$
(0.11
)
 
 
 
 
 
 
 
 
Loss on impairment from discontinued operations
$
—

 
$
(5,234
)
 
$
(681
)

$
(5,234
)
    Loss on impairment from discontinued operations per share
$
—

 
$
(0.03
)
 
$
—

 
$
(0.03
)
 
 
 
 
 
 
 
 
 Gain (loss) on extinguishment of debt
$
18,282

 
$
—

 
$
60,942


$
(9,108
)
    Gain (loss) on extinguishment of debt per share
$
0.09

 
$
—

 
$
0.31

 
$
(0.05
)
 
 
 
 
 
 
 
 
 Gain on investment
$
—

 
$
—

 
$
—

 
$
2,400

     Gain on investment per share
$
—

 
$
—

 
$
—

 
$
0.01

 
 
 
 
 
 
 
 
Interest capitalized
$
1,672

 
$
1,277

 
$
4,538

 
$
3,206

     Interest capitalized per share
$
0.01

 
$
0.01

 
$
0.02

 
$
0.02

 
 
 
 
 
 
 
 
Litigation settlement
$
—

 
$
8,240

 
$
800

 
$
8,240

     Litigation settlement per share
$
—

 
$
0.04

 
$
—

 
$
0.04


 
As of September 30,
 
2014
 
2013
Straight-line rent receivable
$
64,123

 
$
61,640



9

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2014

Same-center Net Operating Income
(Dollars in thousands)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
Net income attributable to the Company
$
49,342

 
$
34,324

 
$
142,594

 
$
76,361

Adjustments:
 
 
 
 
 
 
 
Depreciation and amortization
72,488

 
68,941

 
212,180

 
206,115

Depreciation and amortization from unconsolidated affiliates
10,537

 
9,877

 
30,654

 
29,748

Depreciation and amortization from discontinued operations
—

 
1,634

 
—

 
6,638

Noncontrolling interests' share of depreciation and amortization in
     other consolidated subsidiaries
(1,729
)
 
(1,403
)
 
(4,831
)
 
(4,292
)
Interest expense
60,214

 
56,341

 
179,997

 
173,374

Interest expense from unconsolidated affiliates
9,719

 
9,840

 
28,872

 
29,677

Interest expense from discontinued operations
—

 
—

 
—

 
1

Noncontrolling interests' share of interest expense in
     other consolidated subsidiaries
(1,375
)
 
(1,076
)
 
(3,993
)
 
(3,029
)
Abandoned projects expense
47

 
140

 
81

 
141

Gain on sales of real estate assets
(434
)
 
(58
)
 
(3,513
)
 
(1,058
)
Gain on sales of real estate assets of unconsolidated affiliates
(698
)
 
(11
)
 
(698
)
 
(11
)
Gain on investment
—

 
—

 
—

 
(2,400
)
(Gain) loss on extinguishment of debt
(18,282
)
 
—

 
(60,942
)
 
9,108

Loss on impairment
497

 
—

 
17,753

 
21,038

Loss on impairment from discontinued operations
—

 
5,234

 
681

 
5,234

Income tax provision
3,083

 
271

 
4,266

 
854

Lease termination fees
(1,044
)
 
(887
)
 
(2,395
)
 
(3,425
)
Straight-line rent and above- and below-market lease amortization
(1,340
)
 
2,113

 
(3,028
)
 
(1,352
)
Net income attributable to noncontrolling interest in
earnings of Operating Partnership
6,576

 
4,075

 
18,847

 
7,602

Gain on discontinued operations
2

 
(290
)
 
(88
)
 
(1,162
)
General and administrative expenses
9,474

 
10,160

 
35,583

 
36,459

Management fees and non-property level revenues
(4,284
)
 
(10,270
)
 
(18,736
)
 
(14,027
)
Company's share of property NOI
192,793

 
188,955

 
573,284

 
571,594

Non-comparable NOI
(17,570
)
 
(18,838
)
 
(49,942
)
 
(59,415
)
Total same-center NOI (1)
$
175,223

 
$
170,117

 
$
523,342

 
$
512,179

Total same-center NOI percentage change
3.0
 %
 
 
 
2.2
 %
 
 
 
 
 
 
 


 


Malls
$
160,369

 
$
155,211

 
$
479,020

 
$
468,787

Associated centers
7,988

 
7,576

 
23,742

 
23,232

Community centers
4,928

 
5,539

 
14,585

 
14,615

Offices and other
1,938

 
1,791

 
5,995

 
5,545

Total same-center NOI (1)
$
175,223

 
$
170,117

 
$
523,342

 
$
512,179

 
 
 
 
 
 
 
 
Percentage Change:
 
 
 
 
 
 
 
Malls
3.3
 %
 
 
 
2.2
 %
 
 
Associated centers
5.4
 %
 
 
 
2.2
 %
 
 
Community centers
(11.0
)%
 
 
 
(0.2
)%
 
 
Offices and other
8.2
 %
 
 
 
8.1
 %
 
 
Total same-center NOI (1)
3.0
 %
 
 
 
2.2
 %
 
 
 
 
 
 
 
 
 
 
(1) CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). Same-center NOI excludes lease termination income, straight-line rent adjustments, and amortization of above and below market lease intangibles. Same-center NOI is for real estate properties and does not include the results of operations of the Company's subsidiary that provides janitorial, security and maintenance services. We include a property in our same-center pool when we own all or a portion of the property as of September 30, 2014, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending September 30, 2014. New properties are excluded from same-center NOI, until they meet this criteria. The only properties excluded from the same-center pool that would otherwise meet this criteria are non-core properties, properties under major redevelopment, properties where we intend to renegotiate the terms of the debt secured by the related property and properties included in discontinued operations.

10

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2014 and 2013

Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
 
 
As of September 30, 2014
 
 
Fixed Rate
 
Variable Rate
 
Total
Consolidated debt
 
$
3,788,890

 
$
922,531

 
$
4,711,421

Noncontrolling interests' share of consolidated debt
 
(89,065
)
 
(7,109
)
 
(96,174
)
Company's share of unconsolidated affiliates' debt
 
673,412

 
89,220

 
762,632

Company's share of consolidated and unconsolidated debt
 
$
4,373,237

 
$
1,004,642

 
$
5,377,879

Weighted average interest rate
 
5.44
%
 
1.74
%
 
4.74
%
 
 
 
 
 
 
 
 
 
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
%


Debt-To-Total-Market Capitalization Ratio as of September 30, 2014
(In thousands, except stock price)
 
 
Shares
Outstanding
 
Stock
Price (1)
 
Value
Common stock and operating partnership units
 
199,544

 
$
17.90

 
$
3,571,838

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
 
 
 
 
 
4,198,088

Company's share of total debt
 
 
 
 
 
5,377,879

Total market capitalization
 
 
 
 
 
$
9,575,967

Debt-to-total-market capitalization ratio
 
 
 
 
 
56.2
%
 
 
 
 
 
 
 
(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on September 30, 2014. The stock prices for the preferred stocks represent the liquidation preference of each respective series.




11

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2014 and 2013



Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
2014:
 
Basic
 
Diluted
 
Basic
 
Diluted
Weighted average shares - EPS
 
170,262

 
170,262

 
170,242

 
170,242

Weighted average Operating Partnership units
 
29,369

 
29,369

 
29,457

 
29,457

Weighted average shares- FFO
 
199,631

 
199,631

 
199,699

 
199,699

 
 
 
 
 
 
 
 
 
2013:
 
 
 
 
 
 
 
 
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



Dividend Payout Ratio
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2014
 
2013
 
2014
 
2013
Weighted average cash dividend per share
 
$
0.25313

 
$
0.23838

 
$
0.75938

 
$
0.71540

FFO as adjusted, per diluted fully converted share
 
$
0.55

 
$
0.52

 
$
1.61

 
$
1.60

Dividend payout ratio
 
46.0
%
 
45.8
%
 
47.2
%
 
44.7
%

12

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2014
Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
 
 As of
 
September 30,
2014
 
December 31,
2013
 ASSETS
 
 
 
Real estate assets:
 
 
 
Land
$
848,596

 
$
858,619

Buildings and improvements
7,138,545

 
7,125,512

 
7,987,141

 
7,984,131

Accumulated depreciation
(2,183,912
)
 
(2,056,357
)
 
5,803,229

 
5,927,774

Developments in progress
151,670

 
139,383

Net investment in real estate assets
5,954,899

 
6,067,157

Cash and cash equivalents
45,071

 
65,500

Receivables:
 
 
 
Tenant, net of allowance for doubtful accounts of $2,412
     and $2,379 in 2014 and 2013, respectively
79,960

 
79,899

Other, net of allowance for doubtful accounts of $1,158
     and $1,241 in 2014 and 2013, respectively
24,412

 
23,343

Mortgage and other notes receivable
19,513

 
30,424

Investments in unconsolidated affiliates
269,964

 
277,146

Intangible lease assets and other assets
238,892

 
242,502

 
$
6,632,711

 
$
6,785,971

 
 
 
 
 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
 
 
Mortgage and other indebtedness
$
4,711,421

 
$
4,857,523

Accounts payable and accrued liabilities
347,382

 
333,875

Total liabilities
5,058,803

 
5,191,398

Commitments and contingencies
 
 
 
 Redeemable noncontrolling partnership interests  
34,843

 
34,639

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

 
18

 6.625% Series E Cumulative Redeemable Preferred
     Stock, 690,000 shares outstanding
7

 
7

 Common stock, $.01 par value, 350,000,000 shares
     authorized, 170,260,669 and 170,048,144 issued and
     outstanding in 2014 and 2013, respectively
1,703

 
1,700

Additional paid-in capital
1,962,187

 
1,967,644

Accumulated other comprehensive income
12,805

 
6,325

Dividends in excess of cumulative earnings
(587,000
)
 
(570,781
)
Total shareholders' equity
1,389,720

 
1,404,913

Noncontrolling interests
149,345

 
155,021

Total equity
1,539,065

 
1,559,934

 
$
6,632,711

 
$
6,785,971


13

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2014

Condensed Combined Financial Statements - Unconsolidated Affiliates
(Unaudited; in thousands)
 
 As of
 
September 30,
2014
 
December 31,
2013
 ASSETS:
 
 
 
Investment in real estate assets
$
2,243,113

 
$
2,167,227

Accumulated depreciation
(603,622
)
 
(555,174
)
 
1,639,491

 
1,612,053

Developments in progress
57,875

 
103,161

 Net investment in real estate assets
1,697,366

 
1,715,214

Other assets
183,920

 
168,799

 Total assets
$
1,881,286

 
$
1,884,013

 
 
 
 
LIABILITIES:
 
 
 
Mortgage and other indebtedness
$
1,505,907

 
$
1,468,422

Other liabilities
47,765

 
48,203

Total liabilities
1,553,672

 
1,516,625

 
 
 
 
OWNERS' EQUITY:
 
 
 
The Company
187,714

 
213,664

Other investors
139,900

 
153,724

Total owners' equity
327,614

 
367,388

Total liabilities and owners’ equity
$
1,881,286

 
$
1,884,013


 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 Total revenues
$
61,781

 
$
59,348

 
$
185,002

 
$
180,091

 Depreciation and amortization
(19,776
)
 
(18,889
)
 
(57,793
)
 
(57,158
)
 Operating expenses
(17,788
)
 
(18,045
)
 
(53,457
)
 
(54,240
)
 Income from operations
24,217

 
22,414

 
73,752

 
68,693

 Interest income
336

 
340

 
1,015

 
1,017

 Interest expense
(18,861
)
 
(19,150
)
 
(56,165
)
 
(57,861
)
 Gain on sales of real estate assets
1,119

 
21

 
1,119

 
21

 Net income
$
6,811

 
$
3,625

 
$
19,721

 
$
11,870


 
Company's Share for the
Three Months Ended September 30,
 
Company's Share for the
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 Total revenues
$
32,371

 
$
30,556

 
$
96,389

 
$
93,002

 Depreciation and amortization
(10,537
)
 
(9,877
)
 
(30,654
)
 
(29,748
)
 Operating expenses
(9,134
)
 
(8,822
)
 
(27,298
)
 
(26,683
)
 Income from operations
12,700

 
11,857

 
38,437

 
36,571

 Interest income
257

 
242

 
775

 
713

 Interest expense
(9,719
)
 
(9,840
)
 
(28,872
)
 
(29,677
)
 Gain on sales of real estate assets
698

 
11

 
698

 
11

 Net income
$
3,936

 
$
2,270

 
$
11,038

 
$
7,618



14

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2014


The Company presents the ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest because the Company believes that the EBITDA to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt.

Ratio of EBITDA to Interest Expense
(Dollars in thousands)

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
EBITDA:
 
 
 
 
 
 
 
Net income attributable to the Company
$
49,342

 
$
34,324

 
$
142,594

 
$
76,361

 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
Depreciation and amortization
72,488

 
68,941

 
212,180

 
206,115

Depreciation and amortization from unconsolidated affiliates
10,537

 
9,877

 
30,654

 
29,748

Depreciation and amortization from discontinued operations
—

 
1,634

 
—

 
6,638

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries
(1,729
)
 
(1,403
)
 
(4,831
)
 
(4,292
)
Interest expense
60,214

 
56,341

 
179,997

 
173,374

Interest expense from unconsolidated affiliates
9,719

 
9,840

 
28,872

 
29,677

Interest expense from discontinued operations
—

 
—

 
—

 
1

Noncontrolling interests' share of interest expense in other consolidated subsidiaries
(1,375
)
 
(1,076
)
 
(3,993
)
 
(3,029
)
Income and other taxes
3,394

 
1,823

 
5,897

 
3,326

(Gain) loss on extinguishment of debt
(18,282
)
 
—

 
(60,942
)
 
9,108

Loss on impairment
497

 
—

 
17,753

 
21,038

Loss on impairment from discontinued operations
—

 
5,234

 
681

 
5,234

Abandoned projects
47

 
140

 
81

 
141

Gain on investment
—

 
—

 
—

 
(2,400
)
Net income attributable to noncontrolling interest in earnings of Operating Partnership
6,576

 
4,075

 
18,847

 
7,602

Gain on depreciable property
(3
)
 
(8
)
 
(937
)
 
(10
)
Gain on discontinued operations
2

 
(290
)
 
(88
)
 
(1,152
)
Company's share of total EBITDA
$
191,427

 
$
189,452

 
$
566,765

 
$
557,480

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense:
 
 
 
 
 
 
 
Interest expense
$
60,214

 
$
56,341

 
$
179,997

 
$
173,374

Interest expense from unconsolidated affiliates
9,719

 
9,840

 
28,872

 
29,677

Interest expense from discontinued operations
—

 
—

 
—

 
1

Noncontrolling interests' share of interest expense in other consolidated subsidiaries
(1,375
)
 
(1,076
)
 
(3,993
)
 
(3,029
)
Company's share of total interest expense
$
68,558

 
$
65,105

 
$
204,876

 
$
200,023

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of EBITDA to Interest Expense
2.79

 
2.91

 
2.77

 
2.79


15

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
Company's share of total EBITDA
$
191,427

 
$
189,452

 
$
566,765

 
$
557,480

Interest expense
(60,214
)
 
(56,341
)
 
(179,997
)
 
(173,374
)
Interest expense from discontinued operations
—

 
—

 
—

 
(1
)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries
1,375

 
1,076

 
3,993

 
3,029

Income and other taxes
(3,394
)
 
(1,823
)
 
(5,897
)
 
(3,326
)
Net amortization of deferred financing costs and debt premiums (discounts)
1,200

 
1,148

 
4,557

 
3,650

Net amortization of deferred financing costs and debt premiums (discounts) from discontinued operations
—

 
—

 
—

 
1

Net amortization of intangible lease assets and liabilities
268

 
69

 
535

 
(111
)
Depreciation and interest expense from unconsolidated affiliates
(20,256
)
 
(19,717
)
 
(59,526
)
 
(59,425
)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries
1,729

 
1,403

 
4,831

 
4,292

Noncontrolling interests in earnings of other consolidated subsidiaries
1,362

 
5,778

 
3,740

 
18,338

Gains on outparcel sales
(431
)
 
(58
)
 
(2,576
)
 
(1,058
)
Equity in earnings of unconsolidated affiliates
(3,936
)
 
(2,270
)
 
(11,038
)
 
(7,618
)
Distributions of earnings from unconsolidated affiliates
5,598

 
3,314

 
14,563

 
11,225

Share-based compensation expense
713

 
421

 
3,318

 
2,308

Provision for doubtful accounts
772

 
532

 
2,684

 
1,459

Change in deferred tax assets
925

 
(158
)
 
1,241

 
1,666

Changes in operating assets and liabilities
6,080

 
23,534

 
(17,859
)
 
(22,497
)
Cash flows provided by operating activities
$
123,218

 
$
146,360

 
$
329,334

 
$
336,038




16

Supplemental Financial And Operating Information
As of September 30, 2014



Schedule of Mortgage and Other Indebtedness
(Dollars in thousands )

Property
Location
Original
Maturity
Date
Optional
Extended
Maturity
Date
Interest
Rate
Balance
 
Balance
 
Fixed
 
Variable
 
 
 
 
 
 
 
 
 
 
 
Operating Properties:
 
 
 
 
 
 
 
Columbia Place
Columbia, SC
Sep-13

5.45%
$
27,265

(a)
$
27,265

 
$
—

Mall del Norte
Laredo, TX
Dec-14

5.04%
113,400


113,400

 
—

The Promenade
D'lberville, MS
Dec-14
Dec-18
1.87%
48,110


—

 
48,110

Imperial Valley Mall
El Centro, CA
Sep-15

4.99%
50,285


50,285

 
—

CherryVale Mall
Rockford, IL
Oct-15

5.00%
78,811


78,811

 
—

Brookfield Square
Brookfield, WI
Nov-15

5.08%
88,402


88,402

 
—

East Towne Mall
Madison, WI
Nov-15

5.00%
67,222


67,222

 
—

West Towne Mall
Madison, WI
Nov-15

5.00%
94,951


94,951

 
—

Eastland Mall
Bloomington, IL
Dec-15

5.85%
59,400


59,400

 
—

Hickory Point Mall
Decatur, IL
Dec-15

5.85%
28,508


28,508

 
—

The Outlet Shoppes at Gettysburg
Gettysburg, PA
Feb-16

5.87%
38,859


38,859

 
—

CoolSprings Crossing
Nashville, TN
Apr-16

4.54%
12,069

(b)
12,069

 
—

Gunbarrel Pointe
Chattanooga, TN
Apr-16

4.64%
10,751

(c)
10,751

 
—

Janesville Mall
Janesville, WI
Apr-16

8.38%
2,745


2,745

 
—

Stroud Mall
Stroud, PA
Apr-16

4.59%
32,291

(d)
32,291

 
—

York Galleria
York, PA
Apr-16

4.55%
51,566

(e)
51,566

 
—

Statesboro Crossing
Statesboro, GA
Jun-16
Jun-18
1.95%
11,243


—

 
11,243

Greenbrier Mall
Chesapeake, VA
Aug-16

5.91%
74,325


74,325

 
—

Hamilton Place
Chattanooga, TN
Aug-16

5.86%
102,203


102,203

 
—

Midland Mall
Midland, MI
Aug-16

6.10%
33,362


33,362

 
—

The Outlet Shoppes of the Bluegrass
Simpsonville, KY
Aug-16
Aug-18
2.15%
42,264

 
—

 
42,264

Chesterfield Mall
St. Louis, MO
Sep-16

5.74%
140,000


140,000

 
—

Dakota Square Mall
Minot, ND
Nov-16

6.23%
56,947


56,947

 
—

Southaven Towne Center
Southaven, MS
Jan-17

5.50%
40,254


40,254

 
—

Cary Towne Center
Cary, NC
Mar-17

8.50%
51,877


51,877

 
—

Acadiana Mall
Lafayette, LA
Apr-17

5.67%
132,799


132,799

 
—

Hamilton Corner
Chattanooga, TN
Apr-17

5.67%
15,047


15,047

 
—

Layton Hills Mall
Layton, UT
Apr-17

5.66%
94,906


94,906

 
—

The Plaza at Fayette Mall
Lexington, KY
Apr-17

5.67%
39,204


39,204

 
—

The Shoppes at St. Clair Square
Fairview Heights, IL
Apr-17

5.67%
19,869


19,869

 
—

EastGate Crossing
Cincinnati, OH
May-17

5.66%
14,788


14,788

 
—

The Outlet Shoppes at El Paso
El Paso, TX
Dec-17

7.06%
64,749


64,749

 
—

Kirkwood Mall
Bismarck, ND
Apr-18

5.75%
39,392


39,392

 
—

Hanes Mall
Winston-Salem, NC
Oct-18

6.99%
152,198


152,198

 
—

The Outlet Shoppes at Oklahoma City Phase II
Oklahoma City, OK
Apr-19
Apr-21
2.90%
5,948

 
—


5,948

Honey Creek Mall
Terre Haute, IN
Jul-19

8.00%
29,238


29,238

 
—

Volusia Mall
Daytona Beach, FL
Jul-19

8.00%
50,296


50,296

 
—

The Terrace
Chattanooga, TN
Jun-20

7.25%
13,755


13,755

 
—

Burnsville Center
Burnsville, MN
Jul-20

6.00%
76,216


76,216

 
—

Parkway Place
Huntsville, AL
Jul-20

6.50%
38,789


38,789

 
—

Valley View Mall
Roanoke, VA
Jul-20

6.50%
60,031


60,031

 
—

Parkdale Mall & Crossing
Beaumont, TX
Mar-21

5.85%
88,479


88,479

 
—

EastGate Mall
Cincinnati, OH
Apr-21

5.83%
40,171


40,171

 
—

Hamilton Crossing & Expansion
Chattanooga, TN
Apr-21

5.99%
9,910


9,910

 
—

Park Plaza Mall
Little Rock, AR
Apr-21

5.28%
92,221


92,221

 
—


17

Property
Location
Original
Maturity
Date
Optional
Extended
Maturity
Date
Interest
Rate
Balance
 
Balance
 
Fixed
 
Variable
 
 
 
 
 
 
 
 
 
 
 
Wausau Center
Wausau, WI
Apr-21

5.85%
18,477


18,477

 
—

Fayette Mall
Lexington, KY
May-21

5.42%
172,245


172,245

 
—

Alamance Crossing - East
Burlington, NC
Jul-21

5.83%
48,839


48,839

 
—

Asheville Mall
Asheville, NC
Sep-21

5.80%
73,661


73,661

 
—

Cross Creek Mall
Fayetteville, NC
Jan-22

4.54%
131,456


131,456

 
—

The Outlet Shoppes at Oklahoma City
Oklahoma City, OK
Jan-22

5.73%
56,888


56,888

 
—

Northwoods Mall
North Charleston, SC
Apr-22

5.08%
70,477


70,477

 
—

Arbor Place
Douglasville, GA
May-22

5.10%
117,965


117,965

 
—

CBL Center
Chattanooga, TN
Jun-22

5.00%
20,691


20,691

 
—

Fashion Square
Saginaw, MI
Jun-22

4.95%
39,975


39,975

 
—

Jefferson Mall
Louisville, KY
Jun-22

4.75%
68,760


68,760

 
—

Southpark Mall
Colonial Heights, VA
Jun-22

4.85%
64,754


64,754

 
—

WestGate Mall
Spartanburg, SC
Jul-22

4.99%
38,157


38,157

 
—

The Outlet Shoppes at Atlanta
Woodstock, GA
Nov-23

4.90%
79,003


79,003

 
—

 
 
SUBTOTAL
 
 
 
$
3,436,464

 
$
3,328,899

 
$
107,565

Weighted average interest rate
 
 
 
 
5.42
%
 
5.53
%
 
2.05
%
 
 
 
 
 
 
 
 
 
 
 
Debt Premiums (Discounts): (f)
 
 
 
 
 
 
 
 
 
Imperial Valley Mall
El Centro, CA
Sep-15
 
3.75%
$
614

 
$
614

 
$
—

Chesterfield Mall
St. Louis, MO
Sep-16
 
5.96%
(531
)
 
(531
)
 
—

Dakota Square Mall
Minot, ND
Nov-16
 
5.03%
1,524

 
1,524

 
—

The Outlet Shoppes at El Paso
El Paso, TX
Dec-17
 
4.75%
4,462

 
4,462

 
—

Kirkwood Mall
Bismarck, ND
Apr-18
 
4.25%
2,069

 
2,069

 
—

 
 
SUBTOTAL
 
 
 
$
8,138

 
$
8,138

 
$
—

Weighted average interest rate
 
 
 
 
4.52
%
 
4.52
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Loans On Operating Properties And Debt Premiums (Discounts)
 
 
$
3,444,602

 
$
3,337,037

 
$
107,565

Weighted average interest rate
 
 
 
 
5.42
%
 
5.53
%
 
2.05
%
 
 
 
 
 
 
 
 
 
 
 
Construction Loans:
 
 
 
 
 
 
 
 
 
The Outlet Shoppes at Oklahoma City Phase III
Oklahoma City, OK
Apr-19
Apr-21
2.91%
$
2,146

 
$
—

 
$
2,146

The Outlet Shoppes at El Paso Phase II
El Paso, TX
Apr-18
 
2.90%
4,596

 
—

 
4,596

 
 
SUBTOTAL
 
 

$
6,742

 
$
—

 
$
6,742

 
 
 
 
 
 
 
 
 
 
 
Operating Partnership Debt:
 
 
 
 
 
 
 
 
 
Unsecured credit facilities:
 
 
 
 
 
 
 
 
 
   $600,000 capacity
 
Nov-15
Nov-16
1.55%
$
201,841

 
$
—

 
$
201,841

   $100,000 capacity
 
Feb-16

1.56%
7,000

 
—

 
7,000

   $600,000 capacity
 
Nov-16
Nov-17
1.55%
149,383

 
—

 
149,383

 
 
SUBTOTAL
 
 

$
358,224

 
$
—

 
$
358,224

 
 
 
 
 
 
 
 
 
 
Unsecured term loans:
 
 
 
 
 
 
 
 
 
   $50,000 term loan
 
Feb-18
 
2.06%
$
50,000

 
$
—

 
$
50,000

   $400,000 term loan
 
Jul-18
 
1.65%
400,000

 
—

 
400,000

 
 
SUBTOTAL
 
 

$
450,000

 
$
—

 
$
450,000

Senior unsecured notes:
 
 
 
 
 
 
 
 
  Senior unsecured 5.25% notes
Dec-23
 
5.25%
$
450,000

 
$
450,000

 
$
—

  Senior unsecured 5.25% notes (discount)
Dec-23
 
5.25%
(4,322
)
 
(4,322
)
 
—

 
 
SUBTOTAL
 
 
 
$
445,678

 
$
445,678

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

18

Property
Location
Original
Maturity
Date
Optional
Extended
Maturity
Date
Interest
Rate
Balance
 
Balance
 
Fixed
 
Variable
 
 
 
 
 
 
 
 
 
 
 
Other:
 
 
 
 
 
 
 
 
ERMC note (term loan)
May-17
 
3.50%
$
6,175

 
$
6,175

 
$
—

 
 
 
 
 
 
 
 
 
 
Total Consolidated Debt
 
 
 
 
$
4,711,421

 
$
3,788,890

 
$
922,531

Weighted average interest rate
 
 
 
 
4.75
%
 
5.49
%
 
1.69
%
 
 
 
 
 
 
 
 
 
 
 
Plus CBL's Share Of Unconsolidated Affiliates' Debt:
 
 
 
 
 
 
 
 
Gulf Coast Town Center Phase III
Ft. Myers, FL
Jul-15

2.75%
$
5,840


$
—

 
$
5,840

Hammock Landing Phase I
West Melbourne, FL
Nov-15
Nov-17
2.15%
20,218


—

 
20,218

Hammock Landing Phase II
West Melbourne, FL
Nov-15
Nov-17
2.40%
5,379


—

 
5,379

The Pavilion at Port Orange
Port Orange, FL
Nov-15
Nov-17
2.15%
30,551


—

 
30,551

Oak Park Mall
Overland Park, KS
Dec-15
 
5.85%
137,850


137,850

 
—

Triangle Town Center
Raleigh, NC
Dec-15
 
5.74%
88,109


88,109

 
—

Renaissance Center Phase I
Durham, NC
Jul-16

5.61%
16,304


16,304

 
—

Fremaux Town Center Phase I
Slidell, LA
Aug-16
Aug-18
2.16%
24,466

 
—

 
24,466

Fremaux Town Center Phase II
Slidell, LA
Aug-16
Aug-18
2.16%
2,045

 
—

 
2,045

Governor's Square
Clarksville, TN
Sep-16
 
8.23%
8,638


8,638

 
—

Kentucky Oaks Mall
Paducah, KY
Jan-17
 
5.27%
11,094


11,094

 
—

The Shops at Friendly Center
Greensboro, NC
Jan-17
 
5.90%
19,852


19,852

 
—

High Pointe Commons
Harrisburg, PA
May-17
 
5.74%
6,613


6,613

 
—

Gulf Coast Town Center Phase I
Ft. Myers, FL
Jul-17
 
5.60%
95,400


95,400

 
—

High Pointe Commons Phase II
Harrisburg, PA
Jul-17
 
6.10%
2,638


2,638

 
—

CoolSprings Galleria
Nashville, TN
Jun-18
 
6.98%
53,021


53,021

 
—

York Town Center
York, PA
Feb-22
 
4.90%
17,982


17,982

 
—

York Town Center - Pier 1
York, PA
Feb-22
 
2.91%
721


—

 
721

West County Center
St. Louis, MO
Dec-22
 
3.40%
95,000


95,000

 
—

Friendly Shopping Center
Greensboro, NC
Apr-23
 
3.48%
50,000


50,000

 
—

Renaissance Center Phase II
Durham, NC
Apr-23
 
3.49%
8,000


8,000

 
—

Coastal Grand-Myrtle Beach
Myrtle Beach, SC
Aug-24
 
4.09%
60,015

 
60,015

 
—

Coastal Grand Outparcel-Myrtle Beach
Myrtle Beach, SC
Aug-24
 
4.09%
2,896

 
2,896

 
—

 
 
SUBTOTAL
 
 
 
$
762,632

 
$
673,412

 
$
89,220

 
 
 
 
 
 
 
 
 
 
 
Less Noncontrolling Interests' Share Of Consolidated Debt:
Noncontrolling
Interest %
 
 
 
 
 
 
 
The Outlet Shoppes at Gettysburg
Gettysburg, PA
50%
 
5.87%
$
(19,429
)
 
$
(19,429
)
 
$
—

Statesboro Crossing
Statesboro, GA
50%
 
1.95%
(5,622
)
 
—

 
(5,622
)
Hamilton Place
Chattanooga, TN
10%
 
5.86%
(10,220
)
 
(10,220
)
 
—

Hamilton Corner
Chattanooga, TN
10%
 
5.67%
(1,505
)
 
(1,505
)
 
—

ERMC note (term loan)
Chattanooga, TN
50%
 
3.50%
(3,087
)
 
(3,087
)
 
—

The Outlet Shoppes at El Paso
El Paso, TX
25%
 
7.06%
(16,187
)
 
(16,187
)
 
—

The Outlet Shoppes at Oklahoma City Phase II
Oklahoma City, OK
25%
 
2.90%
(1,487
)
 
—

 
(1,487
)
The Terrace
Chattanooga, TN
8%
 
7.25%
(1,100
)
 
(1,100
)
 
—

Hamilton Crossing & Expansion
Chattanooga, TN
8%
 
5.99%
(793
)
 
(793
)
 
—

The Outlet Shoppes at Oklahoma City
Oklahoma City, OK
25%
 
5.73%
(14,222
)
 
(14,222
)
 
—

CBL Center
Chattanooga, TN
8%
 
5.00%
(1,655
)
 
(1,655
)
 
—

The Outlet Shoppes at Atlanta
Woodstock, GA
25%
 
4.90%
(19,751
)
 
(19,751
)
 
—

 
 
SUBTOTAL
 
 
 
$
(95,058
)
 
$
(87,949
)
 
$
(7,109
)
 
 
 
 
 
 
 
 
 
 
 
Less Noncontrolling Interests' Share Of Debt Premiums: (f)
 
 
 
 
 
 
 
The Outlet Shoppes at El Paso
El Paso, TX
25%
 
4.75%
$
(1,116
)
 
$
(1,116
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
Company's Share Of Consolidated And Unconsolidated Debt
 
 
$
5,377,879

 
$
4,373,237

 
$
1,004,642

Weighted average interest rate
 
 
 
 
4.74
%
 
5.44
%
 
1.74
%
 
 
 
 
 
 
 
 
 
 
 

19

Property
Location
Original
Maturity
Date
Optional
Extended
Maturity
Date
Interest
Rate
Balance
 
Balance
 
Fixed
 
Variable
 
 
 
 
 
 
 
 
 
 
 
Total Debt of Unconsolidated Affiliates:
 
 
 
 
 
 
 
 
Gulf Coast Town Center Phase III
Ft. Myers, FL
Jul-15

2.75%
$
5,840


$
—

 
$
5,840

Hammock Landing Phase I
West Melbourne, FL
Nov-15
Nov-17
2.15%
40,435


—

 
40,435

Hammock Landing Phase II
West Melbourne, FL
Nov-15
Nov-17
2.40%
10,757


—

 
10,757

The Pavilion at Port Orange
Port Orange, FL
Nov-15
Nov-17
2.15%
61,102


—

 
61,102

Oak Park Mall
Overland Park, KS
Dec-15
 
5.85%
275,700


275,700

 
—

Triangle Town Center
Raleigh, NC
Dec-15
 
5.74%
176,217


176,217

 
—

Renaissance Center Phase I
Durham, NC
Jul-16

5.61%
32,607


32,607

 
—

Fremaux Town Center Phase I
Slidell, LA
Aug-16
Aug-18
2.16%
37,641

 
—

 
37,641

Fremaux Town Center Phase II
Slidell, LA
Aug-16
Aug-18
2.16%
2,045

 
—

 
2,045

Governor's Square
Clarksville, TN
Sep-16
 
8.23%
18,185


18,185

 
—

Kentucky Oaks Mall
Paducah, KY
Jan-17
 
5.27%
22,189


22,189

 
—

The Shops at Friendly Center
Greensboro, NC
Jan-17
 
5.90%
39,704


39,704

 
—

High Pointe Commons
Harrisburg, PA
May-17
 
5.74%
13,227


13,227

 
—

Gulf Coast Town Center Phase I
Ft. Myers, FL
Jul-17
 
5.60%
190,800


190,800

 
—

High Pointe Commons Phase II
Harrisburg, PA
Jul-17
 
6.10%
5,276


5,276

 
—

CoolSprings Galleria
Nashville, TN
Jun-18
 
6.98%
106,042


106,042

 
—

York Town Center
York, PA
Feb-22
 
4.90%
35,965


35,965

 
—

York Town Center - Pier 1
York, PA
Feb-22
 
2.91%
1,442


—

 
1,442

West County Center
St. Louis, MO
Dec-22
 
3.40%
190,000


190,000

 
—

Friendly Shopping Center
Greensboro, NC
Apr-23
 
3.48%
100,000


100,000

 
—

Renaissance Center Phase II
Durham, NC
Apr-23
 
3.49%
16,000


16,000

 
—

Coastal Grand-Myrtle Beach
Myrtle Beach, SC
Aug-24
 
4.09%
120,030


120,030

 
—

Coastal Grand Outparcel-Myrtle Beach
Myrtle Beach, SC
Aug-24
 
4.09%
5,792

 
5,792

 
—

 
 
 
 
 
 
$
1,506,996

 
$
1,347,734

 
$
159,262

Weighted average interest rate
 
 
 
 
4.85
%
 
5.17
%
 
2.20
%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Subsequent to September 30, 2014, the property was transferred to the lender in a deed-in-lieu of foreclosure in satisfaction of the non-recourse mortgage loan secured by the property.
(b)
The Company has an interest rate swap on a notional amount of $12,069, amortizing to $11,313 over the term of the swap, related to CoolSprings Crossing to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(c)
The Company has an interest rate swap on a notional amount of $10,751, amortizing to $10,083 over the term of the swap, related to Gunbarrel Pointe to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(d)
The Company has an interest rate swap on a notional amount of $32,291, amortizing to $30,276 over the term of the swap, related to Stroud Mall to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(e)
The Company has an interest rate swap on a notional amount of $51,566, amortizing to $48,337 over the term of the swap, related to York Galleria to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(f)
The weighted average interest rates used for debt premiums (discounts) reflect the market interest rate in effect as of the assumption of the related debt.






20

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2014

Schedule of Maturities of Mortgage and Other Indebtedness
(Dollars in thousands)

Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:
Year
 
Consolidated
Debt
 
CBL's Share of Unconsolidated Affiliates' Debt
 
Noncontrolling Interests' Share of Consolidated Debt
 
CBL's Share of Consolidated and Unconsolidated Debt
 
% of Total
 
Weighted Average Interest Rate
2014
 
$
140,665

 
$
—

 
$
—

 
$
140,665

 
2.62
%
 
5.12
%
2015
 
467,579

 
231,799

 
—

 
699,378

 
13.00
%
 
5.36
%
2016
 
763,959

 
24,942

 
(29,649
)
 
759,252

 
14.12
%
 
4.55
%
2017
 
629,051

 
191,745

 
(20,779
)
 
800,017

 
14.88
%
 
4.90
%
2018
 
747,803

 
79,532

 
(5,622
)
 
821,713

 
15.28
%
 
3.27
%
2019
 
79,534

 
—

 
—

 
79,534

 
1.48
%
 
8.00
%
2020
 
188,791

 
—

 
(1,100
)
 
187,691

 
3.49
%
 
6.35
%
2021
 
552,097

 
—

 
(2,280
)
 
549,817

 
10.22
%
 
5.58
%
2022
 
609,123

 
113,703

 
(15,877
)
 
706,949

 
13.15
%
 
4.72
%
2023
 
529,003

 
58,000

 
(19,751
)
 
567,252

 
10.54
%
 
5.03
%
2024
 
—

 
62,911

 
—

 
62,911

 
1.17
%
 
4.09
%
Face Amount of Debt
 
4,707,605

 
762,632

 
(95,058
)
 
5,375,179

 
99.95
%
 
4.81
%
Net Premiums on Debt
 
3,816

 
—

 
(1,116
)
 
2,700

 
0.05
%
 
—
%
Total
 
$
4,711,421

 
$
762,632

 
$
(96,174
)
 
$
5,377,879

 
100.00
%
 
4.81
%

Based on Original Maturity Dates:
Year
 
Consolidated
Debt
 
CBL's Share of Unconsolidated Affiliates' Debt
 
Noncontrolling Interests' Share of Consolidated Debt
 
CBL's Share of Consolidated and Unconsolidated Debt
 
% of Total
 
Weighted Average Interest Rate
2014
 
$
188,775

 
$
—

 
$
—

 
$
188,775

 
3.51
%
 
4.29
%
2015
 
669,420

 
287,947

 
—

 
957,367

 
17.80
%
 
4.37
%
2016
 
765,008

 
51,453

 
(35,271
)
 
781,190

 
14.53
%
 
4.52
%
2017
 
479,668

 
135,597

 
(20,779
)
 
594,486

 
11.05
%
 
5.99
%
2018
 
646,186

 
53,021

 
—

 
699,207

 
13.00
%
 
3.49
%
2019
 
87,628

 
—

 
(1,487
)
 
86,141

 
1.60
%
 
7.61
%
2020
 
188,791

 
—

 
(1,100
)
 
187,691

 
3.49
%
 
6.35
%
2021
 
544,003

 
—

 
(793
)
 
543,210

 
10.10
%
 
5.61
%
2022
 
609,123

 
113,703

 
(15,877
)
 
706,949

 
13.15
%
 
4.72
%
2023
 
529,003

 
58,000

 
(19,751
)
 
567,252

 
10.55
%
 
5.03
%
2024
 
—

 
62,911

 
—

 
62,911

 
1.17
%
 
4.09
%
Face Amount of Debt
 
4,707,605

 
762,632

 
(95,058
)
 
5,375,179

 
99.95
%
 
4.81
%
Net Premiums on Debt
 
3,816

 
—

 
(1,116
)
 
2,700

 
0.05
%
 
—
%
Total
 
$
4,711,421

 
$
762,632

 
$
(96,174
)
 
$
5,377,879

 
100.00
%
 
4.81
%
Unsecured Debt Covenant Compliance Ratios
 
Required
 
Actual
Debt to total asset value
 
<60%
 
50.0%
Unencumbered asset value to unsecured indebtedness
 >1.60x
 
2.42x
Unencumbered NOI to unsecured interest expense
 >1.75x
 
4.47x
EBITDA to fixed charges (debt service)
 >1.50x
 
2.20x
Senior Unsecured 5.25% Notes Compliance Ratios
 
Required
 
Actual
Total debt to total assets
 
< 60%
 
53.8%
Secured debt to total assets
< 45%
 
38.9%
Total unencumbered assets to unsecured debt
> 150%
 
233.4%
Consolidated income available for debt service to annual debt service charge
> 1.5x
 
3.1x

21

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2014
Mall Portfolio Statistics
TIER 1
Sales > $375.00 per square foot
Property
Location
 
Total GLA
 
Sales Per Square Foot for the Twelve Months Ended (1)
 
Mall Occupancy
 
% of Total
Mall NOI
for the Nine Months Ended 9/30/14
 
 
9/30/14
 
9/30/13
 
9/30/14

 
9/30/13

 
Acadiana Mall
Lafayette, LA
 
991,010

 
 
 
 
 
 
 
 
 
 
CoolSprings Galleria (2)
Nashville, TN
 
1,049,421

 
 
 
 
 
 
 
 
 
 
Cross Creek Mall
Fayetteville, NC
 
1,032,995

 
 
 
 
 
 
 
 
 
 
Dakota Square Mall
Minot, ND
 
813,111

 
 
 
 
 
 
 
 
 
 
Fayette Mall (2)
Lexington, KY
 
1,030,914

 
 
 
 
 
 
 
 
 
 
Friendly Center
Greensboro, NC
 
1,110,635

 
 
 
 
 
 
 
 
 
 
Hamilton Place
Chattanooga, TN
 
1,161,500

 
 
 
 
 
 
 
 
 
 
Imperial Valley Mall
El Centro, CA
 
825,826

 
 
 
 
 
 
 
 
 
 
Kirkwood Mall
Bismarck, ND
 
849,808

 
 
 
 
 
 
 
 
 
 
Mall del Norte
Laredo, TX
 
1,168,322

 
 
 
 
 
 
 
 
 
 
Oak Park Mall
Overland Park, KS
 
1,606,086

 
 
 
 
 
 
 
 
 
 
Park Plaza
Little Rock, AR
 
540,267

 
 
 
 
 
 
 
 
 
 
St. Clair Square
Fairview Heights, IL
 
1,078,499

 
 
 
 
 
 
 
 
 
 
Sunrise Mall
Brownsville, TX
 
750,789

 
 
 
 
 
 
 
 
 
 
The Outlet Shoppes at El Paso
El Paso, TX
 
378,955

 
 
 
 
 
 
 
 
 
 
West County Center
Des Peres, MO
 
1,207,630

 
 
 
 
 
 
 
 
 
 
West Towne Mall
Madison, WI
 
828,500

 
 
 
 
 
 
 
 
 
 
Total Tier 1 Malls
 
 
16,424,268

 
$
443

 
$
458

 
96.6
%
 
96.4
%
 
32.0
%
TIER 2
Sales of $300.01 to $375.00 per square foot
Property
Location
 
Total GLA
 
Sales Per Square Foot for the Twelve Months Ended (1)
 
Mall Occupancy
 
% of Total
Mall NOI
for the Nine Months Ended 9/30/14
 
 
09/30/14
 
09/30/13
 
9/30/14
 
9/30/13
 
Arbor Place
Douglasville, GA
 
1,163,364

 
 
 
 
 
 
 
 
 
 
Asheville Mall
Asheville, NC
 
975,444

 
 
 
 
 
 
 
 
 
 
Brookfield Square
Brookfield, WI
 
1,008,340

 
 
 
 
 
 
 
 
 
 
Burnsville Center
Burnsville, MN
 
1,042,548

 
 
 
 
 
 
 
 
 
 
CherryVale Mall
Rockford, IL
 
845,230

 
 
 
 
 
 
 
 
 
 
Coastal Grand - Myrtle Beach
Myrtle Beach, SC
 
1,038,576

 
 
 
 
 
 
 
 
 
 
East Towne Mall
Madison, WI
 
788,120

 
 
 
 
 
 
 
 
 
 
EastGate Mall
Cincinnati, OH
 
845,143

 
 
 
 
 
 
 
 
 
 
Eastland Mall
Bloomington, IL
 
760,915

 
 
 
 
 
 
 
 
 
 
Frontier Mall
Cheyenne, WY
 
525,173

 
 
 
 
 
 
 
 
 
 
Governor's Square
Clarksville, TN
 
731,890

 
 
 
 
 
 
 
 
 
 
Greenbrier Mall
Chesapeake, VA
 
896,728

 
 
 
 
 
 
 
 
 
 
Hanes Mall
Winston-Salem, NC
 
1,507,137

 
 
 
 
 
 
 
 
 
 
Harford Mall
Bel Air, MD
 
505,455

 
 
 
 
 
 
 
 
 
 
Honey Creek Mall
Terre Haute, IN
 
677,370

 
 
 
 
 
 
 
 
 
 
Jefferson Mall
Louisville, KY
 
903,159

 
 
 
 
 
 
 
 
 
 
Laurel Park Place
Livonia, MI
 
489,987

 
 
 
 
 
 
 
 
 
 
Layton Hills Mall
Layton, UT
 
636,702

 
 
 
 
 
 
 
 
 
 
Northpark Mall
Joplin, MO
 
955,216

 
 
 
 
 
 
 
 
 
 
Northwoods Mall
Charleston, SC
 
772,684

 
 
 
 
 
 
 
 
 
 


22



Mall Portfolio Statistics (continued)
TIER 2
Sales of $300.01 to $375.00 per square foot
Property
Location
 
Total GLA
 
Sales Per Square Foot for the Twelve Months Ended (1)
 
Mall Occupancy
 
% of Total
Mall NOI
for the Nine Months Ended 9/30/14
 
 
09/30/14
 
09/30/13
 
9/30/14

 
9/30/13

 
Old Hickory Mall
Jackson, TN
 
538,991

 
 
 
 
 
 
 
 
 
 
Parkdale Mall
Beaumont, TX
 
1,246,076

 
 
 
 
 
 
 
 
 
 
Parkway Place
Huntsville, AL
 
648,211

 
 
 
 
 
 
 
 
 
 
Post Oak Mall
College Station, TX
 
774,922

 
 
 
 
 
 
 
 
 
 
Richland Mall
Waco, TX
 
685,679

 
 
 
 
 
 
 
 
 
 
South County Center
St. Louis, MO
 
1,053,956

 
 
 
 
 
 
 
 
 
 
Southaven Towne Center
Southaven, MS
 
567,640

 
 
 
 
 
 
 
 
 
 
Southpark Mall
Colonial Heights, VA
 
672,902

 
 
 
 
 
 
 
 
 
 
The Outlet Shoppes at Atlanta (3)
Woodstock, GA
 
371,098

 
 
 
 
 
 
 
 
 
 
The Outlet Shoppes at
Oklahoma City (4)
Oklahoma City, OK
 
376,424

 
 
 
 
 
 
 
 
 
 
The Outlet Shoppes of the Bluegrass (5)
Simpsonville, KY
 
374,681

 
 
 
 
 
 
 
 
 
 
Turtle Creek Mall
Hattiesburg, MS
 
845,945

 
 
 
 
 
 
 
 
 
 
Valley View Mall
Roanoke, VA
 
844,191

 
 
 
 
 
 
 
 
 
 
Volusia Mall
Daytona Beach, FL
 
1,065,830

 
 
 
 
 
 
 
 
 
 
Westmoreland Mall
Greensburg, PA
 
999,641

 
 
 
 
 
 
 
 
 
 
York Galleria
York, PA
 
764,710

 
 
 
 
 
 
 
 
 
 
Total Tier 2 Malls
 
 
28,900,078

 
$
339

 
$
344

 
94.1
%
 
94.1
%
 
45.6
%
TIER 3
Sales < $300.01 per square foot
Property
Location
 
Total GLA
 
Sales Per Square Foot for the Twelve Months Ended (1)
 
Mall Occupancy
 
% of Total
Mall NOI
for the Nine Months Ended 9/30/14
 
 
09/30/14
 
09/30/13
 
9/30/14
 
9/30/13
 
Alamance Crossing
Burlington, NC
 
874,585

 
 
 
 
 
 
 
 
 
 
Bonita Lakes Mall
Meridian, MS
 
631,962

 
 
 
 
 
 
 
 
 
 
Cary Towne Center
Cary, NC
 
910,200

 
 
 
 
 
 
 
 
 
 
Chesterfield Mall (2)
Chesterfield, MO
 
1,289,962

 
 
 
 
 
 
 
 
 
 
College Square
Morristown, TN
 
450,465

 
 
 
 
 
 
 
 
 
 
Fashion Square
Saginaw, MI
 
745,134

 
 
 
 
 
 
 
 
 
 
Foothills Mall
Maryville, TN
 
464,225

 
 
 
 
 
 
 
 
 
 
Hickory Point Mall
Decatur, IL
 
814,213

 
 
 
 
 
 
 
 
 
 
Janesville Mall
Janesville, WI
 
615,506

 
 
 
 
 
 
 
 
 
 
Kentucky Oaks Mall
Paducah, KY
 
1,028,925

 
 
 
 
 
 
 
 
 
 
Meridian Mall
Lansing, MI
 
949,358

 
 
 
 
 
 
 
 
 
 
Mid Rivers Mall
St. Peters, MO
 
1,089,126

 
 
 
 
 
 
 
 
 
 
Midland Mall
Midland, MI
 
468,221

 
 
 
 
 
 
 
 
 
 
Monroeville Mall
Pittsburgh, PA
 
1,037,337

 
 
 
 
 
 
 
 
 
 
Northgate Mall (2)
Chattanooga, TN
 
789,029

 
 
 
 
 
 
 
 
 
 
Pearland Town Center
Pearland, TX
 
644,913

 
 
 
 
 
 
 
 
 
 
Randolph Mall
Asheboro, NC
 
381,307

 
 
 
 
 
 
 
 
 
 
Regency Mall
Racine, WI
 
789,336

 
 
 
 
 
 
 
 
 
 
River Ridge Mall
Lynchburg, VA
 
764,243

 
 
 
 
 
 
 
 
 
 

23


Mall Portfolio Statistics (continued)
TIER 3
Sales < $300.01 per square foot
Property
Location
 
Total GLA
 
Sales Per Square Foot for the Twelve Months Ended (1)
 
Mall Occupancy
 
% of Total
Mall NOI
for the Nine Months Ended 9/30/14
 
 
09/30/14
 
09/30/13
 
9/30/14

 
9/30/13

 
Stroud Mall
Stroudsburg, PA
 
398,146

 
 
 
 
 
 
 
 
 
 
The Lakes Mall
Muskegon, MI
 
588,764

 
 
 
 
 
 
 
 
 
 
The Outlet Shoppes at Gettysburg
Gettysburg, PA
 
249,937

 
 
 
 
 
 
 
 
 
 
Walnut Square
Dalton, GA
 
495,508

 
 
 
 
 
 
 
 
 
 
Wausau Center (2)
Wausau, WI
 
423,768

 
 
 
 
 
 
 
 
 
 
WestGate Mall
Spartanburg, SC
 
954,228

 
 
 
 
 
 
 
 
 
 
Total Tier 3 Malls
 
 
17,848,398

 
$
269

 
$
273

 
89.0
%
 
90.4
%
 
20.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Mall Portfolio
 
 
63,172,744

 
$
356

 
$
363

 
93.5
%
 
93.8
%
 
97.7
%

Non-Core/Lender Malls
 
 
 
 
 
 
 
 
 
 
 
 
 
Property
Location
 
Total GLA
 
Sales Per Square Foot for the Twelve Months Ended (1)
 
Mall Occupancy
 
% of Total
Mall NOI
for the Nine Months Ended 9/30/14
 
 
09/30/14
 
09/30/13
 
9/30/14
 
9/30/13
 
Columbia Place
Columbia, SC
 
1,027,756

 
 
 
 
 
 
 
 
 
 
Gulf Coast Town Center
Ft. Myers, FL
 
1,233,459

 
 
 
 
 
 
 
 
 
 
Madison Square
Huntsville, AL
 
928,536

 
 
 
 
 
 
 
 
 
 
Triangle Town Center
Raleigh, NC
 
1,264,285

 
 
 
 
 
 
 
 
 
 
Total Non-Core/Lender Malls
 
 
4,454,036

 
N/A
 
N/A
 
N/A
 
N/A
 
2.3
%

(1)
Represents same-store sales per square foot for mall tenants 10,000 square feet or less for stabilized malls.
(2)
Properties are under redevelopment in 2014. The Fayette Mall redevelopment project only includes the former Sears building. Operational metrics have been excluded for Chesterfield Mall and Wausau Center, due to proposed significant redevelopment.
(3)
The Outlet Shoppes at Atlanta opened in July 2013 and is excluded from Sales Per Square Foot. It is included in Tier 2 based on a projection of 12-month sales.
(4)
The Outlet Shoppes at Oklahoma City is non-stabilized and is excluded from Sales Per Square Foot.
(5)
The Outlet Shoppes of the Bluegrass opened in July 2014 and is excluded from Sales Per Square Foot. It is included in Tier 2 based on a projection of 12-month sales.



24

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2014

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet
Property Type
 
Square
Feet
 
Prior Gross
Rent PSF
 
New
Initial Gross
Rent PSF
 
% Change
Initial
 
New
Average Gross
Rent PSF (2)
 
% Change
Average
Quarter:
 
 
 
 
 
 
 
 
 
 
 
 
All Property Types (1)
 
482,611

 
$
35.73

 
$
40.61

 
13.7
%
 
$
42.06

 
17.7
%
Stabilized malls
 
441,528

 
37.30

 
42.36

 
13.6
%
 
43.85

 
17.6
%
  New leases
 
98,698

 
45.55

 
52.90

 
16.1
%
 
56.01

 
23.0
%
  Renewal leases
 
342,830

 
34.92

 
39.32

 
12.6
%
 
40.35

 
15.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Year-to-Date:
 
 
 
 
 
 
 
 
 
 
 
 
All Property Types (1)
 
1,572,034

 
$
38.19

 
$
41.59

 
8.9
%
 
$
42.90

 
12.3
%
Stabilized malls
 
1,416,108

 
39.92

 
43.54

 
9.1
%
 
44.92

 
12.5
%
  New leases
 
364,561

 
40.21

 
49.04

 
22.0
%
 
52.01

 
29.3
%
  Renewal leases
 
1,051,547

 
39.82

 
41.63

 
4.6
%
 
42.47

 
6.7
%

 
 
 
 
Average Annual Base Rents Per Square Foot (3) By Property Type For Small Shop Space Less Than 10,000 Square Feet:
Total Leasing Activity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Square Feet
 
 
 
As of September 30,
Quarter:
 
 
 
 
 
2014
 
2013
Operating portfolio:
 
 
 
Same-center stabilized malls
 
$
30.74

 
$
30.19

New leases
 
376,019

 
Stabilized malls
 
30.74

 
29.97

Renewal leases
 
687,830

 
Non-stabilized malls (4)
 
25.25

 
24.61

Development portfolio:
 
 
 
Associated centers
 
12.87

 
11.97

New leases
 
131,993

 
Community centers
 
16.09

 
15.76

Total leased
 
1,195,842

 
Office buildings
 
19.38

 
19.26

 
 
 
 
 
 
 
 
 
Year-to-Date:
 
 
 
 
 
 
 
 
Operating Portfolio:
 
 
 
 
 
 
 
 
New leases
 
1,037,886

 
 
 
 
 
 
Renewal leases
 
2,170,032

 
 
 
 
 
 
Development Portfolio:
 
 
 
 
 
 
 
 
New leases
 
547,294

 
 
 
 
 
 
Total leased
 
3,755,212

 
 
 
 
 
 

(1) 
Includes stabilized malls, associated centers, community centers and other.
(2) 
Average gross rent does not incorporate allowable future increases for recoverable common area expenses.
(3) 
Average annual base rents per square foot are based on contractual rents in effect as of September 30, 2014, including the impact of any
rent concessions.
(4) 
Includes The Outlet Shoppes of the Bluegrass, The Outlet Shoppes at Atlanta and The Outlet Shoppes at Oklahoma City as of September 30, 2014 and The Outlet Shoppes at Atlanta and The Outlet Shoppes at Oklahoma City as of September 30, 2013.


25

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2014


New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet
For the Nine Months Ended September 30, 2014 Based on Commencement Date
 
 
Number
of Leases
 
Square
Feet
 
Term
(in years)
 
Initial
Rent
PSF
 
Average
Rent
PSF
 
Expiring
Rent
PSF
 
Initial Rent
Spread
 
 Average Rent
Spread
Commencement 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
214

 
556,094

 
8.19

 
$
46.09

 
$
48.81

 
$
37.17

 
$
8.92

 
24.0
%
 
$
11.64

 
31.3
%
Renewal
 
537

 
1,536,532

 
4.10

 
38.72

 
39.62

 
36.60

 
2.12

 
5.8
%
 
3.02

 
8.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commencement 2014 Total
 
751

 
2,092,626

 
5.27

 
$
40.68

 
$
42.06

 
$
36.75

 
$
3.93

 
10.7
%
 
$
5.31

 
14.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commencement 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
33

 
85,256

 
9.68

 
$
51.34

 
$
54.71

 
$
40.44

 
$
10.90

 
27.0
%
 
$
14.27

 
35.3
%
Renewal
 
123

 
383,481

 
4.48

 
36.36

 
37.25

 
33.56

 
2.80

 
8.3
%
 
3.69

 
11.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commencement 2015 Total
 
156

 
468,737

 
5.58

 
$
39.08

 
$
40.42

 
$
34.81

 
$
4.27

 
12.3
%
 
$
5.61

 
16.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 2014/2015
 
907

 
2,561,363

 
5.32

 
$
40.39

 
$
41.76

 
$
36.40

 
$
3.99

 
11.0
%
 
$
5.36

 
14.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


26

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2014

  
Top 25 Tenants Based On Percentage Of Total Annual Revenues
 
Tenant
Number of
Stores
 
Square Feet
 
Percentage of
Total Annualized
Revenues
1
Limited Brands, LLC
156

(1)
 
814,358

 
 
3.21%
2
Signet Jewelers Limited
218

(2)
 
322,840

 
 
2.84%
3
Foot Locker, Inc.
137

 
 
574,480

 
 
2.25%
4
Ascena Retail Group, Inc.
184

(3)
 
921,074

 
 
2.19%
5
AE Outfitters Retail Company
82

 
 
501,968

 
 
2.02%
6
The Gap, Inc.
71

 
 
779,718

 
 
1.68%
7
Genesco Inc.
193

(4)
 
306,643

 
 
1.64%
8
Dick's Sporting Goods, Inc.
26

(5)
 
1,429,353

 
 
1.61%
9
JC Penney Company, Inc.
68

(6)
 
7,826,402

 
 
1.35%
10
Abercrombie & Fitch, Co.
59

 
 
395,863

 
 
1.28%
11
Aeropostale, Inc.
92

 
 
337,596

 
 
1.28%
12
Luxottica Group, S.P.A.
125

(7)
 
271,138

 
 
1.24%
13
Express Fashions
44

 
 
359,278

 
 
1.17%
14
Finish Line, Inc.
62

 
 
319,706

 
 
1.14%
15
Charlotte Russe Holding, Inc.
53

 
 
345,499

 
 
1.09%
16
Forever 21 Retail, Inc.
23

 
 
437,415

 
 
1.01%
17
The Buckle, Inc.
50

 
 
255,561

 
 
0.99%
18
Best Buy Co., Inc.
63

(8)
 
548,048

 
 
0.97%
19
Sun Capital Partners, Inc.
44

(9)
 
623,217

 
 
0.91%
20
New York & Company, Inc.
43

 
 
290,321

 
 
0.89%
21
Claire's Stores, Inc.
111

 
 
137,334

 
 
0.81%
22
The Children's Place Retail Stores, Inc.
62

 
 
270,839

 
 
0.80%
23
Barnes & Noble Inc.
19

 
 
579,099

 
 
0.75%
24
Cinemark
10

 
 
524,772

 
 
0.75%
25
Shoe Show, Inc.
50

 
 
576,860

 
 
0.72%
 
 
2,045

 
 
19,749,382

 
 
34.59%
 
 
 
 
 
 
 
 
 
(1)
Limited Brands, LLC operates Victoria's Secret, Bath & Body Works and PINK.
(2)
Signet Jewelers Limited operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Rogers Jewelers and Ultra Diamonds. In May 2014, Signet Jewelers acquired Zale Corporation which operates Zale, Peoples and Piercing Pagoda.
(3)
Ascena Retail Group, Inc. operates Justice, dressbarn, maurices, Lane Bryant and Catherines.
(4)
Genesco Inc. operates Journey's, Underground by Journey's, Hat World, Lids, Hat Zone, and Cap Factory stores.
(5)
Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Field & Stream and Golf Galaxy stores.
(6)
JC Penney Company, Inc. owns 32 of these stores. Of the 36 leased stores, JC Penney Company, Inc. closed three in May 2014 but remains obligated for rent under the terms of the respective leases.
(7)
Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearle Vision.
(8)
Best Buy Co., Inc. operates Best Buy and Best Buy Mobile.
(9)
Sun Capital Partners, Inc. operates Gordmans, Limited Stores, Fazoli's Restaurants, Smokey Bones, Johnny Rockets and Bar Louie Restaurants.


27

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Nine Months Ended September 30, 2014

Capital Expenditures
(In thousands)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2014
 
2013
 
2014
 
2013
Tenant allowances (1)
 
$
10,275

 
$
14,796

 
$
34,054

 
$
36,410

 
 
 
 
 
 
 
 
 
Renovations (2)
 
6,130

 
10,488

 
15,441

 
22,421

 
 
 
 
 
 
 
 
 
Deferred maintenance: (3)
 
 
 
 
 
 
 
 
Parking lot and parking lot lighting
 
17,325

 
5,980

 
23,263

 
7,085

Roof repairs and replacements
 
1,904

 
2,607

 
3,086

 
5,374

Other capital expenditures
 
4,351

 
3,127

 
6,238

 
5,990

Total deferred maintenance expenditures
 
23,580

 
11,714

 
32,587

 
18,449

 
 
 
 
 
 
 
 
 
Total capital expenditures
 
$
39,985

 
$
36,998

 
$
82,082

 
$
77,280


(1)
Tenant allowances, sometimes made to third-generation tenants, are recovered through minimum rents from the tenants over the term of the lease.
(2)
Renovation capital expenditures for remodelings and upgrades to enhance our competitive position in the market area. A portion of these expenditures covering items such as new floor coverings, painting, lighting and new seating areas are also recovered through tenant billings. The costs of other items such as new entrances, new ceilings and skylights are not recovered from tenants. We estimate that 30% of our renovation expenditures are recoverable from our tenants over a ten to fifteen year period.
(3)
The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as deferred maintenance expenditures. These expenditures are billed to tenants as common area maintenance expense and the majority is recovered over a five to fifteen year period.

 

Deferred Leasing Costs Capitalized
(In thousands)
 
 
2014
 
2013
Quarter ended:
 
 
 
 
March 31,
 
$
773

 
$
461

June 30,
 
807

 
356

September 30,
 
770

 
734

December 31,
 

 
876

 
 
$
2,350

 
$
2,427



28

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2014


Properties Opened During the Nine Months Ended September 30, 2014
(Dollars in thousands)
Property
 
Location
 
Total Project
Square Feet
 
Total
Cost (1)
 
Cost to
Date (2)
 
Opening Date
 
Initial
Unleveraged
Yield
Outlet Center:
 
 
 
 
 
 
 
 
 
 
 
 
The Outlet Shoppes of the Bluegrass (3)
 
Simpsonville, KY
 
374,597

 
$
76,890

 
$
70,918

 
July-14
 
12.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
Mall/Outlet Center Expansions:
 
 
 
 
 
 
 
 
 
 
 
 
The Outlet Shoppes at El Paso - Phase II (4)
 
El Paso, TX
 
44,014

 
7,663

 
6,574

 
August-14
 
12.0%
The Outlet Shoppes at Oklahoma City - Phase III (4)
 
Oklahoma City, OK
 
18,182

 
3,713

 
2,496

 
August-14
 
12.8%
Parkdale Mall - shops
 
Beaumont, TX
 
6,500

 
1,439

 
1,139

 
September-14
 
10.2%
 
 
 
 
68,696

 
12,815

 
10,209

 
 
 
 
Community Center:
 
 
 
 
 
 
 
 
 
 
 
 
Fremaux Town Center - Phase I (3)
 
Slidell, LA
 
341,002

 
55,777

 
49,549

 
March-14
 
8.3%
 
 
 
 
 
 
 
 
 
 
 
 
 
Community Center Expansion:
 
 
 
 
 
 
 
 
 
 
 
 
Hammock Landing - Carmike (5)
 
West Melbourne, FL
 
47,000

 
12,232

 
9,740

 
August-14
 
7.5%
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Properties Opened
 
 
 
831,295

 
$
157,714

 
$
140,416

 
 
 
 


Redevelopment Completed During the Nine Months Ended September 30, 2014
(Dollars in thousands)
Property
 
Location
 
Total Project
Square Feet
 
Total
Cost (1)
 
Cost to
Date (2)
 
Opening Date
 
Initial
Unleveraged
Yield
Mall Redevelopment:
 
 
 
 
 
 
 
 
 
 
 
 
College Square - Longhorn Steakhouse & T.J. Maxx
 
Morristown, TN
 
30,271

 
$
3,078

 
$
2,858

 
April-14
 
10.6%
Monroeville Mall - Dick's Sporting Goods
 
Pittsburgh, PA
 
86,000

 
8,649

 
6,430

 
August-14
 
8.6%
Northgate Mall - Burlington
 
Chattanooga, TN
 
63,000

 
7,554

 
5,373

 
September-14
 
7.4%
Total Redevelopment
 
 
 
179,271

 
$
19,281

 
$
14,661

 
 
 
 

29



CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
As of September 30, 2014


Properties Under Development at September 30, 2014
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Property
 
Location
 
Total Project
Square Feet
 
Total
Cost (1)
 
Cost to
Date (2)
 
Expected
Opening Date
 
Initial
Unleveraged
Yield
Community Center:
 
 
 
 
 
 
 
 
 
 
 
 
Parkway Plaza
 
Fort Oglethorpe, GA
 
134,045

 
$
17,250

 
$
8,504

 
Spring-15
 
8.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
Community Center Expansions:
 
 
 
 
 
 
 
 
 
 
 
 
Fremaux Town Center - Phase II (3)
 
Slidell, LA
 
280,108

 
38,254

 
9,899

 
Fall-15
 
9.3%
Hammock Landing - Academy Sports (5)
 
West Melbourne, FL
 
63,092

 
10,158

 
430

 
Spring-15
 
8.8%
 
 
 
 
343,200

 
48,412

 
10,329

 
 
 
 
Associated Center Redevelopment:
 
 
 
 
 
 
 
 
 
 
 
 
West Towne Crossing - Nordstrom Rack
 
Madison, WI
 
30,750

 
5,693

 
4,909

 
October-14
 
10.3%
 
 
 
 
 
 
 
 
 
 
 
 
 
Mall Redevelopment:
 
 
 
 
 
 
 
 
 
 
 
 
CoolSprings Galleria - Sears Redevelopment (5)
 
Nashville, TN
 
179,048

 
55,888

 
20,875

 
2015/2016
 
7.8%
Fayette Mall - Sears Redevelopment
 
Lexington, KY
 
114,285

 
72,646

 
42,252

 
Fall-14/
Spring-15
 
7.7%
Northgate Mall - Streetscape
 
Chattanooga, TN
 
49,084

 
8,989

 
448

 
Fall-14
 
10.5%
 
 
 
 
342,417

 
137,523

 
63,575

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Properties Under Development
 
 
 
850,412

 
$
208,878

 
$
87,317

 
 
 
 

Shadow Pipeline of Properties Under Development at September 30, 2014
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Property
 
Location
 
Total Project
Square Feet
 
Estimated
 Total
Cost (1)
 
Expected
Opening Date
 
Initial
Unleveraged
Yield
Community Center:
 
 
 
 
 
 
 
 
 
 
 
 
Ambassador Town Center (3)
 
Lafayette, LA
 
400,000

 
$60,000 - $65,000
 
Spring-16
 
8% - 9%
 
 
 
 
 
 
 
 
 
 
 
 
 
Mall Redevelopment:
 
 
 
 
 
 
 
 
 
 
Janesville Mall - JCP Redevelopment
 
Janesville, WI
 
140,000

 
$15,000 - $20,000
 
Fall-15
 
9% - 10%
Hickory Point Mall - JCP Redevelopment
 
Decatur, IL
 
100,000

 
$3,000 - $4,000
 
Fall-15
 
8% - 9%
Meridian Mall - Gordmans
 
Lansing, MI
 
50,000

 
 $7,000 - $8,000
 
Summer-15
 
9% - 10%
 
 
 
 
290,000

 
$25,000 - $32,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Shadow Pipeline
 
690,000

 
$85,000 - $97,000
 
 
 
 

(1)
Total Cost is presented net of reimbursements to be received.
(2)
Cost to Date does not reflect reimbursements until they are received.
(3)
This property is a 65/35 joint venture. Total cost and cost to date are reflected at 100%.
(4)
This property is a 75/25 joint venture. Total cost and cost to date are reflected at 100%.
(5)
This property is a 50/50 joint venture. Total cost and cost to date are reflected at 100%.


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