CBL & Associates Properties, Inc. (NYSE:CBL):
-
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 $0.55 for the
third quarter 2014, over the prior-year period.
-
Average gross rent per square foot for stabilized mall leases
signed in the third quarter 2014 increased 17.6% over the prior gross
rent per square foot.
-
Same-center Mall occupancy increased 40 basis points to 93.3% in
the third quarter 2014 from June 30, 2014.
-
Same-store sales per square foot increased 0.8% during the third
quarter 2014.
CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the
third quarter ended September 30, 2014. A description of each non-GAAP
financial measure and the related reconciliation to the comparable GAAP
measure is located at the end of this news release.
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2014
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2013
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2014
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2013
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Funds from Operations (“FFO”) per diluted share
|
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$
|
0.63
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$
|
0.56
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|
|
$
|
1.91
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|
|
|
$
|
1.60
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|
|
FFO, as adjusted, per diluted share (1)
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$
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0.55
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$
|
0.52
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|
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$
|
1.61
|
|
|
|
$
|
1.60
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(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.
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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.
“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.
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Percentage change in same-center Net Operating Income (“NOI”)(1):
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Three Months
Ended
September 30, 2014
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Portfolio same-center NOI
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3.0%
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Mall same-center NOI
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3.3%
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|
(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.
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|
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:
|
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|
As of September 30,
|
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|
2014
|
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2013
|
|
Portfolio occupancy
|
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93.7%
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93.8%
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|
Mall portfolio
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93.5%
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93.5%
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|
Same-center stabilized malls
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93.3%
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93.6%
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|
Stabilized malls
|
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93.3%
|
|
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93.4%
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|
Non-stabilized malls
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97.4%
|
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|
97.1%
|
|
Associated centers
|
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93.7%
|
|
|
94.6%
|
|
Community centers
|
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|
97.6%
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|
96.1%
|
|
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|
New and Renewal Leasing Activity of Same Small Shop Space Less Than
10,000 Square Feet:
|
% Change in Average Gross Rent Per Square Foot
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|
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|
|
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|
|
Three Months Ended
September 30, 2014
|
|
Stabilized Malls
|
|
|
17.6%
|
|
New leases
|
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|
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
|
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% Change
|
|
Stabilized mall same-store sales per square foot
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$
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356
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$
|
363
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(1.9
|
)%
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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.
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
|
|
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|
Low
|
|
|
High
|
|
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|
|
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 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.
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
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
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.
|
|
|
|
|
|
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
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
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|
Copyright Business Wire 2014