CBL & Associates Properties Reports First Quarter 2015 Results

CHATTANOOGA, Tenn.--()--CBL & Associates Properties, Inc. (NYSE:CBL):

  • Same-center sales per square foot increased 6.9% during the first quarter 2015 over the prior-year period.
  • Average gross rent per square foot for stabilized mall leases signed in the first quarter 2015 increased 10.6% over the prior gross rent per square foot.
  • FFO per diluted share, as adjusted, was $0.52 for the first quarter 2015, consistent with FFO in the prior-year period.
  • Same-center NOI for the first quarter increased 0.6% in the Total Portfolio and was flat in the Mall Portfolio compared with the prior-year period.
  • Total portfolio occupancy was 90.9% as of March 31, 2015, compared with 92.5% as of March 31, 2014.

CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the first quarter ended March 31, 2015. 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
March 31,

2015     2014

Funds from Operations (“FFO”) per diluted share

$ 0.62 $ 0.73
FFO, as adjusted, per diluted share (1) $ 0.52 $ 0.52
 
(1) FFO, as adjusted, for the quarter ended March 31, 2015, excludes a partial litigation settlement, net of related expenses, of $4.7 million and a $16.6 million gain on investment related to the sale of marketable securities. FFO, as adjusted, for the quarter ended March 31, 2014, excludes a partial litigation settlement of $0.8 million and a net gain on extinguishment of debt of $42.7 million primarily related to the foreclosure of the mortgage loan secured by Citadel Mall in January 2014.
 

CBL’s President and Chief Executive Officer Stephen Lebovitz commented, “First quarter highlights include an impressive 7% increase in same-center sales and the continuation of double-digit lease spreads. Same-center NOI and occupancy were impacted by the lost income from bankruptcy-related store closures; however, continued healthy demand from higher quality retailers will result in a stronger tenant mix across the CBL portfolio.

“We are making solid progress in executing our disposition program. We closed on the sale of one mall this week and expect to make additional announcements in the near future. We are growing our portfolio with Fremaux Town Center Phase II and Ambassador Town Center now under construction as well as expansions to our Atlanta and Bluegrass outlets. Redevelopments, such as the former Sears at CoolSprings Galleria and Fayette Mall, bring exciting new retailers and restaurants to our centers and enhance our long-term growth rate.”

FFO allocable to common shareholders, as adjusted, for the first quarter 2015 was $87.9 million, or $0.52 per diluted share, compared with $87.7 million, or $0.52 per diluted share, for the first quarter 2014. FFO of the Operating Partnership, as adjusted, for the first quarter 2015 was $102.9 million compared with $102.9 million for the first quarter of 2014.

Net income attributable to common shareholders for the first quarter of 2015 was $34.9 million, or $0.20 per diluted share, compared with net income of $44.1 million, or $0.26 per diluted share, for the first quarter of 2014.

Percentage change in same-center Net Operating Income (“NOI”)(1):

   

Three Months
Ended
March 31, 2015

Portfolio same-center NOI 0.6 %
Mall same-center NOI 0.0 %
 

(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 MARCH 31, 2015

  • New leasing and positive renewal spreads contributed to a $0.9 million increase in same-center minimum rents. Minimum rents were impacted by lost income from bankruptcy related store closures.
  • Percentage rents increased by $0.4 million due to positive sales growth.
  • Tenant reimbursement of real estate tax expense increased by $1.4 million, offset by a $2.3 million increase in real estate tax expense.
  • Property operating expense increased by $0.8 million, primarily as a result of a negative variance of $1.1 million due to an insurance adjustment in the prior year period and a $0.4 million increase in bad debt expense.
  • Maintenance and repairs declined by $1.2 million, primarily as a result of a $0.5 million decline in snow removal expense and a decline in other expenses.

PORTFOLIO OPERATIONAL RESULTS

Occupancy:

   
As of March 31,
2015     2014
Portfolio occupancy 90.9 % 92.5 %
Mall portfolio 89.8 % 92.3 %
Same-center stabilized malls 89.5 % 92.6 %
Stabilized malls 89.5 % 92.2 %
Non-stabilized malls (1) 97.1 % 96.9 %
Associated centers 94.2 % 94.8 %
Community centers 97.5 % 94.4 %
 
(1) Represents occupancy for Fremaux Town Center, The Outlet Shoppes at Atlanta and The Outlet Shoppes of the Bluegrass in 2015 and in 2014 represents The Outlet Shoppes of Oklahoma City and The Outlet Shoppes at Atlanta.
 

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
March 31, 2015

Stabilized Malls 10.6 %
New leases 35.1 %
Renewal leases 3.4 %
 

Same-Center Sales Per Square Foot for Mall Tenants 10,000 Square Feet or Less:

       
Twelve Months Ended March 31,
2015     2014 % Change
Stabilized mall same-center sales per square foot $ 365 $ 355 3 %
 

TRANSACTIONS

Subsequent to the quarter-end, CBL completed the sale of Madison Square Mall in Huntsville, AL for $5.0 million, cash.

CBL has additional transactions in various stages. Further updates on the disposition program will be provided on its conference call.

OUTLOOK AND GUIDANCE

Based on its current outlook, the Company is reiterating FFO guidance to the range of $2.24 - $2.31 per diluted share. CBL’s guidance assumes a same-center NOI growth range of 0% -2.0% in 2015.

The guidance also assumes the following:

  • $2.0 million to $4.0 million of outparcel sales;
  • No additional unannounced acquisition or disposition activity;
  • No unannounced capital markets activity.
       
Low High
Expected diluted earnings per common share $ 0.75 $ 0.82
Adjust to fully converted shares from common shares (0.10 ) (0.11 )
Expected earnings per diluted, fully converted common share 0.65 0.71
Add: depreciation and amortization 1.59 1.59
Add: noncontrolling interest in earnings of Operating Partnership 0.10 0.11
Adjustment for gain on investment (0.08 ) (0.08 )
Adjustment for litigation settlement (0.02 ) (0.02 )
Expected adjusted FFO per diluted, fully converted common share $ 2.24   $ 2.31  
 

INVESTOR CONFERENCE CALL AND WEBCAST

CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m. ET on Wednesday, April 29, 2015, to discuss its first quarter results. The number to call for this interactive teleconference is (888) 317-6003 or (412) 317-6061, and entering confirmation code 3004179. A replay of the conference call will be available through May 7, 2015, by dialing (877) 344-7529 or (412) 317-0088 and entering the confirmation number, 10061512. 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., first 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 2015 first quarter earnings release conference call. The live broadcast of the quarterly conference call will be available online at cblproperties.com on Wednesday, April 29, 2015, 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 83.6 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 NAREIT less dividends on preferred stock. The Company’s method of calculating FFO allocable to its common shareholders may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure. The Company presents both FFO of its Operating Partnership and FFO allocable to its common shareholders, as it believes that both are useful performance measures. The Company believes FFO of its Operating Partnership is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company believes FFO allocable to its common shareholders is a useful performance measure because it is the performance measure that is most directly comparable to net income (loss) attributable to its common shareholders.

In the reconciliation of net income attributable to the Company’s common shareholders to FFO allocable to its common shareholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of its Operating Partnership. The Company then applies a percentage to FFO of its Operating Partnership to arrive at FFO allocable to its common shareholders. The percentage is computed by taking the weighted average number of common shares outstanding for the period and dividing it by the sum of the weighted average number of common shares and the weighted average number of Operating Partnership units outstanding during the period.

FFO does not represent cash flows from operations as defined by accounting principles generally accepted in the United States, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity.

As described above, during the first quarter of 2015, the Company recognized a $16.6 million gain on investment related to the sale of marketable securities and received income of $4.7 million, net of related expense, as a partial settlement of ongoing litigation. During the first quarter of 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. Considering the significance and nature of these items, the Company believes it is important to identify their impact on its FFO measures for readers to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods.

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.

Since NOI includes only those revenues and expenses related to the operations of its shopping center and other 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. The Company’s calculation of same-center NOI also excludes lease termination income, straight-line rent adjustments, and amortization of above and below market lease intangibles in order to enhance the comparability of results from one period to another, as these items can be impacted by one-time events that 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 and other properties. A reconciliation of same-center NOI to net income is located at the end of this earnings release.

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
March 31,
2015     2014
REVENUES:
Minimum rents $ 169,081 $ 169,277
Percentage rents 4,137 3,606
Other rents 5,171 5,282
Tenant reimbursements 72,133 72,218
Management, development and leasing fees 2,778 3,135
Other 7,609   7,725  
Total revenues 260,909   261,243  
OPERATING EXPENSES:
Property operating 38,904 40,011
Depreciation and amortization 76,266 69,083
Real estate taxes 22,785 21,347
Maintenance and repairs 14,216 16,165
General and administrative 17,230 14,773
Loss on impairment 17,150
Other 6,476   6,545  
Total operating expenses 175,877   185,074  
Income from operations 85,032 76,169
Interest and other income 5,274 1,528
Interest expense (59,157 ) (60,506 )
Gain on extinguishment of debt 42,660
Gain on investment 16,560
Equity in earnings of unconsolidated affiliates 3,823 3,684
Income tax (provision) benefit 916   (397 )
Income from continuing operations before gain on sales of real estate assets 52,448 63,138
Gain on sales of real estate assets 757   1,154  
Income from continuing operations 53,205 64,292
Operating loss of discontinued operations (499 )
Loss on discontinued operations   (17 )
Net income 53,205 63,776
Net income attributable to noncontrolling interests in:
Operating Partnership (6,172 ) (7,651 )
Other consolidated subsidiaries (869 ) (831 )
Net income attributable to the Company 46,164 55,294
Preferred dividends (11,223 ) (11,223 )
Net income attributable to common shareholders $ 34,941   $ 44,071  
 
Basic per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends $ 0.21 $ 0.26
Discontinued operations 0.00   0.00  
Net income attributable to common shareholders $ 0.21   $ 0.26  
Weighted-average common shares outstanding 170,420 170,196
 
Diluted per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends $ 0.20 $ 0.26
Discontinued operations 0.00   0.00  
Net income attributable to common shareholders $ 0.20   $ 0.26  
Weighted-average common and potential dilutive common shares outstanding 170,510 170,196
 
Amounts attributable to common shareholders:
Income from continuing operations, net of preferred dividends $ 34,941 $ 44,511
Discontinued operations   (440 )
Net income attributable to common shareholders $ 34,941   $ 44,071  
 
 

The Company’s calculation of FFO allocable to Company shareholders is as follows:

(in thousands, except per share data)

 
    Three Months Ended
March 31,
2015     2014
Net income attributable to common shareholders $ 34,941 $ 44,071
Noncontrolling interest in income of Operating Partnership 6,172 7,651
Depreciation and amortization expense of:
Consolidated properties 76,266 69,083
Unconsolidated affiliates 10,317 9,861
Non-real estate assets (842 ) (594 )

Noncontrolling interests’ share of depreciation and amortization

(2,631 ) (1,533 )
Loss on impairment 17,831
Gain on depreciable property (67 ) 18  
Funds from operations of the Operating Partnership 124,156 146,388
Litigation settlement, net of related expenses (4,658 ) (800 )
Gain on investment (16,560 )
Gain on extinguishment of debt   (42,660 )
Funds from operations of the Operating Partnership, as adjusted $ 102,938   $ 102,928  
 
Funds from operations per diluted share $ 0.62   $ 0.73  
 
Funds from operations, as adjusted, per diluted share $ 0.52   $ 0.52  
 

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

199,771 199,741
 

Reconciliation of FFO of the Operating Partnership to FFO allocable to common shareholders:

Funds from operations of the Operating Partnership $ 124,156 $ 146,388
Percentage allocable to common shareholders (1) 85.35 % 85.21 %
Funds from operations allocable to common shareholders $ 105,967   $ 124,737  
 
Funds from operations of the Operating Partnership, as adjusted $ 102,938 $ 102,928
Percentage allocable to common shareholders (1) 85.35 % 85.21 %
Funds from operations allocable to common shareholders, as adjusted $ 87,858   $ 87,705  
 
(1) Represents the weighted average number of common shares outstanding for the period divided by the sum of the weighted average number of common shares and the weighted average number of Operating Partnership units outstanding during the period. See the reconciliation of shares and Operating Partnership units outstanding on page 11.
 
   
Three Months Ended
March 31,
2015     2014
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees $ 1,306 $ 932
Lease termination fees per share $ 0.01 $
 
Straight-line rental income $ 684 $ 482
Straight-line rental income per share $ $
 
Gains on outparcel sales $ 1,107 $ 1,145
Gains on outparcel sales per share $ 0.01 $ 0.01
 
Net amortization of acquired above- and below-market leases $ 646 $ 217
Net amortization of acquired above- and below-market leases per share $ $
 
Net amortization of debt premiums and discounts $ 583 $ 541
Net amortization of debt premiums and discounts per share $ $
 
Income tax (provision) benefit $ 916 $ (397 )
Income tax (provision) benefit per share $ $
 
Gain on extinguishment of debt $ $ 42,660
Gain on extinguishment of debt per share $ $ 0.21
 
Gain on investment $ 16,560 $
Gain on investment per share $ 0.08 $
 
Interest capitalized $ 1,208 $ 1,409
Interest capitalized per share $ 0.01 $ 0.01
 
Litigation settlement, net of related expenses $ 4,658 $ 800
Litigation settlement, net of related expenses, per share $ 0.02 $
 
 

As of March 31,

2015

2014

Straight-line rent receivable

$

64,340

$

62,971

 
 

Same-center Net Operating Income

(Dollars in thousands)

 
    Three Months Ended
March 31,
2015     2014
Net income attributable to the Company $ 46,164 $ 55,294
 
Adjustments:
Depreciation and amortization 76,266 69,083
Depreciation and amortization from unconsolidated affiliates 10,317 9,861

Noncontrolling interests’ share of depreciation and amortization in other consolidated subsidiaries

(2,631 ) (1,533 )
Interest expense 59,157 60,506
Interest expense from unconsolidated affiliates 9,685 9,491

Noncontrolling interests’ share of interest expense in other consolidated subsidiaries

(1,695 ) (1,311 )
Abandoned projects expense 125 1
Gain on sales of real estate assets (757 ) (1,154 )
Gain on sales of real estate assets of unconsolidated affiliates (563 )
Gain on investment (16,560 )
Gain on extinguishment of debt (42,660 )
Loss on impairment 17,150
Loss on impairment from discontinued operations 681
Income tax provision (benefit) (916 ) 397
Lease termination fees (1,306 ) (932 )
Straight-line rent and above- and below-market lease amortization (1,330 ) (698 )

Net income attributable to noncontrolling interest in earnings of Operating Partnership

6,172 7,651
Loss on discontinued operations 17
General and administrative expenses 17,230 14,773
Management fees and non-property level revenues (11,458 ) (7,706 )

Company’s share of property NOI

187,900 188,911
Non-comparable NOI (11,280 ) (13,301 )
Total same-center NOI (1) $ 176,620   $ 175,610  
Total same-center NOI percentage change 0.6 %
 
Malls $ 160,642 $ 160,712
Associated centers 8,263 7,855
Community centers 5,544 5,115
Offices and other 2,171   1,928  
Total same-center NOI (1) $ 176,620   $ 175,610  
 
Percentage Change:
Malls 0.0 %
Associated centers 5.2 %
Community centers 8.4 %
Offices and other 12.6 %
Total same-center NOI (1) 0.6 %
 

(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 March 31 2015, 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 March 31, 2015. 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 being considered for repositioning and properties where we intend to renegotiate the terms of the debt secured by the related property.

 
 

Company’s Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

 
    As of March 31, 2015
Fixed Rate    

Variable
Rate

    Total
Consolidated debt $ 3,984,876 $ 684,835 $ 4,669,711

Noncontrolling interests’ share of consolidated debt

(114,519 ) (7,058 ) (121,577 )

Company’s share of unconsolidated affiliates’ debt

669,691   98,940   768,631  

Company’s share of consolidated and unconsolidated debt

$ 4,540,048   $ 776,717   $ 5,316,765  
Weighted average interest rate 5.45 % 1.75 % 4.91 %
 
As of March 31, 2014
Fixed Rate

Variable
Rate

Total
Consolidated debt $ 3,887,298 $ 912,519 $ 4,799,817

Noncontrolling interests’ share of consolidated debt

(86,931 ) (5,653 ) (92,584 )

Company’s share of unconsolidated affiliates’ debt

651,550   103,096   754,646  

Company’s share of consolidated and unconsolidated debt

$ 4,451,917   $ 1,009,962   $ 5,461,879  
Weighted average interest rate 5.47 % 1.72 % 4.78 %
 
 

Debt-To-Total-Market Capitalization Ratio as of March 31, 2015

(In thousands, except stock price)

 
   

Shares
Outstanding

   

Stock
Price (1)

    Value
Common stock and operating partnership units 199,750 $ 19.80 $ 3,955,050
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 4,581,300

Company’s share of total debt

5,316,765  
Total market capitalization $ 9,898,065  
Debt-to-total-market capitalization ratio 53.7 %
 
(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on March 31, 2015. 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
March 31,
2015: Basic     Diluted
Weighted average shares - EPS 170,420 170,510
Weighted average Operating Partnership units 29,261 29,261
Weighted average shares- FFO 199,681 199,771
 
2014:
Weighted average shares - EPS 170,196 170,196
Weighted average Operating Partnership units 29,545 29,545
Weighted average shares- FFO 199,741 199,741
 
 

Dividend Payout Ratio

 
    Three Months Ended
March 31,
2015     2014
Weighted average cash dividend per share $ 0.27279 $ 0.25312
FFO as adjusted, per diluted fully converted share $ 0.52   $ 0.52  
Dividend payout ratio 52.5 % 48.7 %
 
 
Consolidated Balance Sheets

(Unaudited; in thousands, except share data)

   
As of
March 31, 2015    

December 31,
2014

ASSETS
Real estate assets:
Land $ 849,076 $ 847,829
Buildings and improvements 7,228,732   7,221,387  
8,077,808 8,069,216
Accumulated depreciation (2,284,224 ) (2,240,007 )
5,793,584 5,829,209
Developments in progress 105,120   117,966  
Net investment in real estate assets 5,898,704 5,947,175
Cash and cash equivalents 37,978 37,938
Receivables:

Tenant, net of allowance for doubtful accounts of $1,829 and $2,368 in 2015 and 2014, respectively

81,052 81,338

Other, net of allowance for doubtful accounts of $1,239 and $1,285 in 2015 and 2014, respectively

21,440 22,577
Mortgage and other notes receivable 19,609 19,811
Investments in unconsolidated affiliates 280,971 281,449
Intangible lease assets and other assets 203,846   226,011  
$ 6,543,600   $ 6,616,299  
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other indebtedness $ 4,669,711 $ 4,700,460
Accounts payable and accrued liabilities 314,979   328,352  
Total liabilities 4,984,690   5,028,812  
Commitments and contingencies
Redeemable noncontrolling partnership interests 37,468   37,559  

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, 170,492,985 and 170,260,273 issued and outstanding in 2015 and 2014, respectively

1,705 1,703
Additional paid-in capital 1,958,570 1,958,198
Accumulated other comprehensive income 607 13,411
Dividends in excess of cumulative earnings (577,024 ) (566,785 )

Total shareholders’ equity

1,383,883 1,406,552
Noncontrolling interests 137,559   143,376  
Total equity 1,521,442   1,549,928  
$ 6,543,600   $ 6,616,299  
 

Contacts

CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations/Corporate Investments
katie.reinsmidt@cblproperties.com

Contacts

CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations/Corporate Investments
katie.reinsmidt@cblproperties.com