CBL & Associates Properties, Inc. (NYSE:CBL):
-
Same-center NOI increased 2.9% and 2.4% for the fourth quarter and
year ended December 31, 2014, respectively over the prior-year periods.
-
2014 FFO per diluted share, as adjusted, grew 6.3% to $0.67 in the
fourth quarter 2014 and 2.7% to $2.28 for 2014, compared with the
prior-year periods.
-
Average gross rent per square foot increased 12.6% for stabilized
mall leases signed in the fourth quarter 2014 and full-year 2014 over
the prior rate.
-
Same-center stabilized mall occupancy at December 31, 2014 remained
high at 94.8%, flat with the prior year-end.
-
Same-center sales per square foot increased 3.9% for the fourth
quarter 2014 and declined 0.3% for 2014.
-
In the fourth quarter 2014, CBL's Board of Directors declared an
8.2% increase in the quarterly cash dividend for the Company’s Common
Stock to $0.265 per share.
CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the
fourth quarter and year ended December 31, 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 December 31,
|
|
Year Ended
December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Funds from Operations ("FFO") per diluted share
|
|
$
|
0.82
|
|
|
$
|
0.63
|
|
|
$
|
2.73
|
|
|
$
|
2.23
|
|
FFO, as adjusted, per diluted share (1)
|
|
$
|
0.67
|
|
|
$
|
0.63
|
|
|
$
|
2.28
|
|
|
$
|
2.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) FFO, as adjusted, for the three months ended December 31, 2014
excludes a $7.0 million partial litigation settlement, net of
related expenses, and a $23.8 million gain on extinguishment of
debt, net of default interest expense, related to the conveyance of
Columbia Place to the lender. FFO, as adjusted, for the year ended
December 31, 2014 excludes an $83.2 million gain on extinguishment
of debt, net of non-cash default interest expense, primarily related
to the conveyance of Chapel Hill Mall and Columbia Place and the
foreclosure of Citadel Mall. It also excludes a partial litigation
settlement of $7.8 million, net of related expenses. FFO, as
adjusted, for the year ended December 31, 2013, excludes a $9.1
million loss on extinguishment of debt, a $2.4 million gain on
investment and an $8.2 million partial litigation settlement.
|
|
|
"We are pleased to end 2014 with such strong performance, achieving the
high end of our guidance range for same-center NOI growth and FFO as
well as double-digit lease spreads," said Stephen Lebovitz, president
and CEO of CBL & Associates Properties, Inc. "We are not resting on
these significant accomplishments with goals for 2015 of sustaining our
momentum, investing to grow our core portfolio and disposing of non-core
and mature properties.
"We are making positive headway on our disposition program, with a
number of transactions in various stages, including a newly executed
contract on Triangle Town Center and Place. While we are cautious not to
make preliminary announcements, the level of disposition activity we are
involved in is encouraging and we look forward to communicating
additional progress."
Net income attributable to common shareholders for the fourth quarter
2014 was $65.3 million, or $0.38 per diluted share, compared with a net
loss of $2.4 million, or a loss of $0.01 per diluted share for the
fourth quarter 2013. Net income in the fourth quarter 2014 included a
$23.8 million gain on extinguishment of debt, net of non-cash default
interest expense, related to the conveyance of Columbia Place Mall to
the lender. Net income in the fourth quarter 2013 included a $49.0
million loss on impairment.
Net income attributable to common shareholders for 2014 was $174.3
million, or $1.02 per diluted share, compared with net income of $40.3
million, or $0.24 per diluted share for 2013. Net income for 2014
included an $83.2 million gain on extinguishment of debt, net of default
interest expense, compared with a $9.1 million loss on extinguishment of
debt related to the early retirement of two loans in the prior year. Net
income for 2014 also included a $17.9 million loss on impairment of real
estate compared with $70.0 million in the prior year.
|
|
|
|
|
|
|
Percentage change in same-center Net Operating Income ("NOI")(1):
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
Year Ended
December 31,
|
|
|
|
2014
|
|
2014
|
|
Portfolio same-center NOI
|
|
2.9%
|
|
2.4%
|
|
Mall same-center NOI
|
|
2.6%
|
|
2.3%
|
|
|
|
|
|
|
|
(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 ITEMS IMPACTING SAME-CENTER NOI RESULTS FOR THE FOURTH QUARTER
2014
-
Top line revenue benefited from a $2.8 million increase in minimum
rents and a $1.9 million increase in tenant reimbursements primarily
due to contributions from double-digit lease spreads as well as an
increase in other rents, including sponsorship and branding income.
-
Percentage rents declined by $0.4 million during the fourth quarter
2014 compared with the prior-year period.
-
Maintenance and repair expenses declined $0.8 million, primarily due
to a decline of $0.4 million in snow removal expenditures and a
decline of $0.4 million in parking lot repairs and equipment
maintenance in the fourth quarter 2014 compared with the prior-year
period.
-
Operating expenses were $1.2 million lower in the fourth quarter 2014
compared with the prior-year period, primarily due to a $0.5 million
positive variance in bad debt expense, a $0.4 million decline in
utility and central energy expense and a $0.4 million decline in
insurance expense.
-
Real estate taxes were $1.1 million higher in the fourth quarter
compared with the prior-year period.
MAJOR ITEMS IMPACTING SAME-CENTER NOI RESULTS FOR 2014
-
Top line revenues for 2014 benefited from a $13.4 million increase in
minimum rent, a $4.1 million increase in tenant reimbursements and a
$0.6 million increase in other rents, including sponsorship and
branding, partially offset by a $1.5 million decline in other revenues
primarily due to litigation settlement income received in the prior
year.
-
Percentage rents declined by $1.9 million during 2014 compared with
the prior year primarily due to the 0.3% decline in sales for the full
year.
-
Maintenance and repair expenses were relatively flat in 2014,
primarily due to a decline in maintenance and supplies offset by an
increase of $1.0 million in snow removal expenditures compared with
2013.
-
Operating expenses were $2.2 million lower in 2014 compared with 2013
primarily due to lower insurance, security and legal/consulting
expense compared with the prior year, partially offset by a $0.7
million increase in bad debt expense.
-
Real estate taxes increased $0.6 million in 2014.
PORTFOLIO OPERATIONAL RESULTS
|
|
|
|
|
|
Occupancy:
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
|
|
|
|
2014
|
|
2013
|
|
|
Portfolio occupancy
|
|
94.7%
|
|
94.7%
|
|
|
Mall portfolio
|
|
94.9%
|
|
94.9%
|
|
|
Same-center stabilized malls
|
|
94.8%
|
|
94.8%
|
|
|
Stabilized malls
|
|
94.8%
|
|
94.7%
|
|
|
Non-stabilized malls (1)
|
|
98.1%
|
|
98.0%
|
|
|
Associated centers
|
|
93.7%
|
|
94.5%
|
|
|
Community centers
|
|
97.4%
|
|
96.7%
|
|
|
|
|
|
|
|
|
(1)
|
Includes The Outlet Shoppes at Oklahoma City, The Outlet Shoppes
at Atlanta and The Outlet Shoppes of the Bluegrass as of December
31, 2014. Includes The Outlet Shoppes at Oklahoma City and The
Outlet Shoppes at Atlanta as of December 31, 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31,
|
|
Year Ended
December 31,
|
|
|
|
|
|
2014
|
|
2014
|
|
|
|
Stabilized Malls
|
|
12.6%
|
|
12.6%
|
|
|
|
New leases
|
|
30.4%
|
|
29.6%
|
|
|
|
Renewal leases
|
|
8.0%
|
|
7.1%
|
|
|
|
|
|
|
|
|
|
|
|
Same-Center Sales Per Square Foot for Mall Tenants 10,000 Square
Feet or Less:
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
% Change
|
|
|
|
Stabilized mall same-center sales per square foot
|
|
|
$
|
360
|
|
|
$
|
361
|
|
|
|
(0.3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDEND
In November 2014, CBL's Board of Directors declared an 8.2% increase in
the quarterly cash dividend for the Company’s Common Stock to $0.265 per
share for the quarter ending December 31, 2014. The increased quarterly
dividend represents an annualized dividend rate of $1.06 per share
compared with the previous annualized dividend rate of $0.98 per share.
The dividend was payable on January 15, 2015, to shareholders of record
as of December 30, 2014.
DISPOSITION ACTIVITY
In 2014, CBL completed the sale of one enclosed regional mall, a
community center and an associated center expansion for an aggregate
price of $18.6 million.
CBL currently has one community center under contract for sale for $22.8
million. Due diligence has expired and the buyer has committed funds in
escrow. CBL anticipates closing on the sale in the second quarter,
subject to customary closing conditions and approval of the loan
assumption by the lender.
CBL and its 50/50 joint venture partner, The R.E. Jacobs Group, executed
a contract to sell Triangle Town Center and Triangle Town Place for
$181.0 million to a new partnership between CBL and an institutional
investor. Following the close of the transaction, the investor will own
85% of the assets with CBL retaining 15% ownership and providing leasing
and management services. The transaction is expected to close in the
third quarter 2015, subject to the assumption of the $175.1 million loan
secured by Triangle Town Center and Place and other customary closing
conditions.
In 2014, CBL announced that it had entered into a contract to sell a
mall and its associated center. In January 2015, CBL terminated the
pending contract due to non-performance of the buyer. CBL is currently
negotiating a contract on the mall with a new buyer, and is marketing
the associated center separately.
CBL has additional transactions in various stages and will provide
additional information in its conference call.
FINANCING ACTIVITY
During 2014 CBL retired more than $285.0 million of consolidated
property-specific loans, adding more than $470.5 million of
undepreciated book value to its unencumbered pool. Currently 36.2% of
CBL's consolidated NOI is generated by unencumbered assets.
During the fourth quarter, CBL retired the $113.4 million loan secured
by Mall del Norte in Laredo, TX, the $2.5 million loan secured by
Janesville Mall in Janesville, WI and the $47.7 million loan secured by
the community center, The Promenade in D'Iberville, MS, using
availability under its lines of credit.
In October 2014, CBL's majority-owned operating partnership
subsidiary completed a $300 million offering of 4.6% Senior Notes Due
2024 under its existing shelf registration statement, representing a 65
basis point (bps) improvement in rate from its inaugural offering.
In October, CBL completed the conveyance of Columbia Place in Columbia,
SC, to the lender in lieu of foreclosure. The resulting $23.8 million
gain on extinguishment of debt, net of default interest expense, was
recorded in the fourth quarter 2014.
In November, CBL closed on a $77.5 million ($50.4 million at CBL's
share) non-recourse loan secured by The Outlet Shoppes of the Bluegrass.
The ten-year loan bears interest at 4.045%. A portion of the proceeds
from the loan were used to retire the $42.3 million construction loan
utilized for the development of the property.
In January 2015, CBL completed an amendment to its $50.0 million
unsecured term loan, reducing the borrowing rate by 35 bps to 155 bps
over LIBOR. No other terms of the loan changed.
OUTLOOK AND GUIDANCE
The Company is providing 2015 FFO guidance in the range of $2.24 - $2.31
per share. CBL is assuming same-center NOI growth of 0% - 2.0% in 2015.
The low end of the guidance range for FFO and NOI includes a provision
of $10.0 million for lost income from bankruptcies and store closures as
a result of increased retailer bankruptcy announcements to-date. This
provision is reduced proportionally by lease-up assumptions to achieve
the top end of guidance.
As is the Company's normal practice, the guidance excludes future
unannounced acquisition or disposition activity. While CBL maintains an
active disposition program, the impact of the program on annual results
will vary with the timing and scale of potential dispositions and
available reinvestment opportunities. Therefore, the Company believes it
is more meaningful to provide a guidance range excluding the impact of
potential transactions.
The guidance also assumes the following:
-
$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 throughout 2015;
-
No unannounced capital markets activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Low
|
|
High
|
|
|
|
|
Expected diluted earnings per common share
|
|
$
|
0.67
|
|
|
$
|
0.74
|
|
|
|
|
|
Adjust to fully converted shares from common shares
|
|
(0.09
|
)
|
|
(0.10
|
)
|
|
|
|
|
Expected earnings per diluted, fully converted common share
|
|
0.58
|
|
|
0.64
|
|
|
|
|
|
Add: depreciation and amortization
|
|
1.59
|
|
|
1.59
|
|
|
|
|
|
Add: noncontrolling interest in earnings of Operating Partnership
|
|
0.10
|
|
|
0.11
|
|
|
|
|
|
Adjustment for litigation settlement
|
|
(0.03
|
)
|
|
(0.03
|
)
|
|
|
|
|
Expected 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, February 4, 2015, to discuss its fourth
quarter and full year 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 February 12, 2015, by dialing
(800) 633-8284 or (402) 977-9140 and entering the confirmation number
21706211. A transcript of the Company's prepared remarks will be
furnished on a Form 8-K following the conference call.
To receive the CBL & Associates Properties, Inc., fourth quarter and
full year earnings release and supplemental information please visit the
Investing section of 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 fourth quarter and full year earnings release conference call. The
live broadcast of the quarterly conference call will be available online
at cblproperties.com
on Wednesday, February 4, 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 147 properties, including 89 regional malls/open-air centers.
The properties are located in 30 states and total 84.4 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 held by noncontrolling interests 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 2014, the Company recognized an $83.2 million
of gain on the extinguishment of debt, net of non-cash default interest
expense, in connection with the conveyance of Chapel Hill Mall and
Columbia Place to the respective lenders and the foreclosure of Citadel
Mall, and received income of $7.8 million, net of related expenses, as
partial settlements of ongoing litigation. During 2013, the Company
received income of $8.2 million as a partial settlement of ongoing
litigation, recorded $2.4 million of gain on investment and $9.1 million
of loss on extinguishment of debt. Considering the significance and
nature of these items, the Company believes that it is important to
identify their impact on its FFO measures for a reader to have a
complete understanding of the Company’s results of operations.
Therefore, the Company has also presented 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 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
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents
|
|
$
|
176,579
|
|
|
$
|
177,237
|
|
|
$
|
682,584
|
|
|
$
|
675,870
|
|
|
Percentage rents
|
|
8,386
|
|
|
8,724
|
|
|
16,876
|
|
|
18,572
|
|
|
Other rents
|
|
8,606
|
|
|
8,472
|
|
|
22,314
|
|
|
21,974
|
|
|
Tenant reimbursements
|
|
76,239
|
|
|
76,573
|
|
|
290,561
|
|
|
290,097
|
|
|
Management, development and leasing fees
|
|
3,810
|
|
|
3,396
|
|
|
12,986
|
|
|
12,439
|
|
|
Other
|
|
10,229
|
|
|
7,607
|
|
|
35,418
|
|
|
34,673
|
|
|
Total revenues
|
|
283,849
|
|
|
282,009
|
|
|
1,060,739
|
|
|
1,053,625
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating
|
|
37,568
|
|
|
39,956
|
|
|
149,774
|
|
|
151,127
|
|
|
Depreciation and amortization
|
|
79,093
|
|
|
72,797
|
|
|
291,273
|
|
|
278,911
|
|
|
Real estate taxes
|
|
23,643
|
|
|
22,289
|
|
|
89,281
|
|
|
88,701
|
|
|
Maintenance and repairs
|
|
13,451
|
|
|
15,573
|
|
|
54,842
|
|
|
56,379
|
|
|
General and administrative
|
|
14,688
|
|
|
12,407
|
|
|
50,271
|
|
|
48,867
|
|
|
Loss on impairment
|
|
105
|
|
|
49,011
|
|
|
17,858
|
|
|
70,049
|
|
|
Other
|
|
10,966
|
|
|
7,608
|
|
|
32,297
|
|
|
28,826
|
|
|
Total operating expenses
|
|
179,514
|
|
|
219,641
|
|
|
685,596
|
|
|
722,860
|
|
|
Income from operations
|
|
104,335
|
|
|
62,368
|
|
|
375,143
|
|
|
330,765
|
|
|
Interest and other income
|
|
10,586
|
|
|
628
|
|
|
14,121
|
|
|
10,825
|
|
|
Interest expense
|
|
(59,827
|
)
|
|
(58,482
|
)
|
|
(239,824
|
)
|
|
(231,856
|
)
|
|
Gain (loss) on extinguishment of debt
|
|
26,951
|
|
|
—
|
|
|
87,893
|
|
|
(9,108
|
)
|
|
Gain on investment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,400
|
|
|
Equity in earnings of unconsolidated affiliates
|
|
3,765
|
|
|
3,998
|
|
|
14,803
|
|
|
11,616
|
|
|
Income tax provision
|
|
(233
|
)
|
|
(451
|
)
|
|
(4,499
|
)
|
|
(1,305
|
)
|
|
Income from continuing operations before gain on sales of real
estate assets
|
|
85,577
|
|
|
8,061
|
|
|
247,637
|
|
|
113,337
|
|
|
Gain on sales of real estate assets
|
|
1,829
|
|
|
922
|
|
|
5,342
|
|
|
1,980
|
|
|
Income from continuing operations
|
|
87,406
|
|
|
8,983
|
|
|
252,979
|
|
|
115,317
|
|
|
Operating income (loss) of discontinued operations
|
|
258
|
|
|
(896
|
)
|
|
(222
|
)
|
|
(6,091
|
)
|
|
Gain (loss) on discontinued operations
|
|
188
|
|
|
(18
|
)
|
|
276
|
|
|
1,144
|
|
|
Net income
|
|
87,852
|
|
|
8,069
|
|
|
253,033
|
|
|
110,370
|
|
|
Net (income) loss attributable to noncontrolling interests in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Partnership
|
|
(11,259
|
)
|
|
477
|
|
|
(30,106
|
)
|
|
(7,125
|
)
|
|
Other consolidated subsidiaries
|
|
(37
|
)
|
|
297
|
|
|
(3,777
|
)
|
|
(18,041
|
)
|
|
Net income attributable to the Company
|
|
76,556
|
|
|
8,843
|
|
|
219,150
|
|
|
85,204
|
|
|
Preferred dividends
|
|
(11,223
|
)
|
|
(11,223
|
)
|
|
(44,892
|
)
|
|
(44,892
|
)
|
|
Net income (loss) attributable to common shareholders
|
|
$
|
65,333
|
|
|
$
|
(2,380
|
)
|
|
$
|
174,258
|
|
|
$
|
40,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted per share data attributable to common
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of preferred dividends
|
|
$
|
0.38
|
|
|
$
|
(0.01
|
)
|
|
$
|
1.02
|
|
|
$
|
0.27
|
|
|
Discontinued operations
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
(0.03
|
)
|
|
Net income (loss) attributable to common shareholders
|
|
$
|
0.38
|
|
|
$
|
(0.01
|
)
|
|
$
|
1.02
|
|
|
$
|
0.24
|
|
|
Weighted average common shares outstanding
|
|
170,261
|
|
|
169,930
|
|
|
170,247
|
|
|
167,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of preferred dividends
|
|
$
|
64,952
|
|
|
$
|
(1,602
|
)
|
|
$
|
174,212
|
|
|
$
|
44,515
|
|
|
Discontinued operations
|
|
381
|
|
|
(778
|
)
|
|
46
|
|
|
(4,203
|
)
|
|
Net income (loss) attributable to common shareholders
|
|
$
|
65,333
|
|
|
$
|
(2,380
|
)
|
|
$
|
174,258
|
|
|
$
|
40,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company's calculation of FFO allocable to its shareholders is as
follows:
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Net income (loss) attributable to common shareholders
|
|
$
|
65,333
|
|
|
$
|
(2,380
|
)
|
|
$
|
174,258
|
|
|
$
|
40,312
|
|
|
Noncontrolling interest in income (loss) of Operating Partnership
|
|
11,259
|
|
|
(477
|
)
|
|
30,106
|
|
|
7,125
|
|
|
Depreciation and amortization expense of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated properties
|
|
79,093
|
|
|
72,797
|
|
|
291,273
|
|
|
278,911
|
|
|
Unconsolidated affiliates
|
|
11,152
|
|
|
9,844
|
|
|
41,806
|
|
|
39,592
|
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,638
|
|
|
Non-real estate assets
|
|
(486
|
)
|
|
(547
|
)
|
|
(2,311
|
)
|
|
(2,077
|
)
|
|
Noncontrolling interests' share of depreciation and amortization
|
|
(2,011
|
)
|
|
(1,589
|
)
|
|
(6,842
|
)
|
|
(5,881
|
)
|
|
Loss on impairment, net of tax benefit
|
|
—
|
|
|
47,213
|
|
|
18,434
|
|
|
73,485
|
|
|
(Gain) loss on depreciable property
|
|
—
|
|
|
3
|
|
|
(937
|
)
|
|
(7
|
)
|
|
(Gain) loss on discontinued operations, net of taxes
|
|
(187
|
)
|
|
67
|
|
|
(273
|
)
|
|
(647
|
)
|
|
Funds from operations of the Operating Partnership
|
|
164,153
|
|
|
124,931
|
|
|
545,514
|
|
|
437,451
|
|
|
Litigation settlement, net of related expenses
|
|
(6,963
|
)
|
|
—
|
|
|
(7,763
|
)
|
|
(8,240
|
)
|
|
Gain on investment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,400
|
)
|
|
Non cash default interest expense
|
|
3,181
|
|
|
—
|
|
|
4,695
|
|
|
—
|
|
|
(Gain) loss on extinguishment of debt
|
|
(26,951
|
)
|
|
—
|
|
|
(87,893
|
)
|
|
9,108
|
|
|
Funds from operations of the Operating Partnership, as adjusted
|
|
$
|
133,420
|
|
|
$
|
124,931
|
|
|
$
|
454,553
|
|
|
$
|
435,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations per diluted share
|
|
$
|
0.82
|
|
|
$
|
0.63
|
|
|
$
|
2.73
|
|
|
$
|
2.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations, as adjusted, per diluted share
|
|
$
|
0.67
|
|
|
$
|
0.63
|
|
|
$
|
2.28
|
|
|
$
|
2.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common and potential dilutive common shares
outstanding with operating partnership units fully converted
|
|
199,543
|
|
|
199,476
|
|
|
199,660
|
|
|
196,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of FFO of the Operating Partnership to FFO
allocable to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations of the Operating Partnership
|
|
$
|
164,153
|
|
|
$
|
124,931
|
|
|
$
|
545,514
|
|
|
$
|
437,451
|
|
|
Percentage allocable to common shareholders (1)
|
|
85.33
|
%
|
|
85.19
|
%
|
|
85.27
|
%
|
|
84.97
|
%
|
|
Funds from operations allocable to common shareholders
|
|
$
|
140,072
|
|
|
$
|
106,429
|
|
|
$
|
465,160
|
|
|
$
|
371,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations of the Operating Partnership, as adjusted
|
|
$
|
133,420
|
|
|
$
|
124,931
|
|
|
$
|
454,553
|
|
|
$
|
435,919
|
|
|
Percentage allocable to common shareholders (1)
|
|
85.33
|
%
|
|
85.19
|
%
|
|
85.27
|
%
|
|
84.97
|
%
|
|
Funds from operations allocable to common shareholders, as
adjusted
|
|
$
|
113,847
|
|
|
$
|
106,429
|
|
|
$
|
387,597
|
|
|
$
|
370,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
SUPPLEMENTAL FFO INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease termination fees
|
|
$
|
1,413
|
|
|
$
|
792
|
|
|
$
|
3,808
|
|
|
$
|
4,217
|
|
|
Lease termination fees per share
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line rental income
|
|
$
|
(352
|
)
|
|
$
|
1,110
|
|
|
$
|
2,132
|
|
|
$
|
1,191
|
|
|
Straight-line rental income per share
|
|
$
|
—
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on outparcel sales
|
|
$
|
2,774
|
|
|
$
|
923
|
|
|
$
|
5,235
|
|
|
$
|
1,958
|
|
|
Gains on outparcel sales per share
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net amortization of acquired above- and below-market leases
|
|
$
|
683
|
|
|
$
|
295
|
|
|
$
|
1,227
|
|
|
$
|
1,566
|
|
|
Net amortization of acquired above- and below-market leases per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net amortization of debt premiums and discounts
|
|
$
|
547
|
|
|
$
|
(1,162
|
)
|
|
$
|
2,172
|
|
|
$
|
553
|
|
|
Net amortization of debt premiums and discounts per share
|
|
$
|
—
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
$
|
(233
|
)
|
|
$
|
(451
|
)
|
|
$
|
(4,499
|
)
|
|
$
|
(1,305
|
)
|
|
Income tax provision per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abandoned projects expense
|
|
$
|
55
|
|
|
$
|
193
|
|
|
$
|
136
|
|
|
$
|
334
|
|
|
Abandoned projects expense per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on extinguishment of debt
|
|
$
|
26,951
|
|
|
$
|
—
|
|
|
$
|
87,893
|
|
|
$
|
(9,108
|
)
|
|
Gain (loss) on extinguishment of debt per share
|
|
$
|
0.14
|
|
|
$
|
—
|
|
|
$
|
0.44
|
|
|
$
|
(0.05
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non cash default interest expense
|
|
$
|
(3,181
|
)
|
|
$
|
—
|
|
|
$
|
(4,695
|
)
|
|
$
|
—
|
|
|
Non cash default interest expense per share
|
|
$
|
(0.02
|
)
|
|
$
|
—
|
|
|
$
|
(0.02
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on investment
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,400
|
|
|
Gain on investment per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation settlement, net of related expenses
|
|
$
|
6,963
|
|
|
$
|
—
|
|
|
$
|
7,763
|
|
|
$
|
8,240
|
|
|
Litigation settlement, net of related expenses, per share
|
|
$
|
0.03
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest capitalized
|
|
$
|
2,576
|
|
|
$
|
1,205
|
|
|
$
|
7,288
|
|
|
$
|
4,411
|
|
|
Interest capitalized per share
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.04
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Straight-line rent receivable
|
|
|
|
|
|
|
|
|
|
$
|
63,731
|
|
|
$
|
62,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Center Net Operating Income
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
Net income attributable to the Company
|
|
$
|
76,556
|
|
|
$
|
8,843
|
|
|
$
|
219,150
|
|
|
$
|
85,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
79,093
|
|
|
72,797
|
|
|
291,273
|
|
|
278,911
|
|
|
|
Depreciation and amortization from unconsolidated affiliates
|
|
11,152
|
|
|
9,844
|
|
|
41,806
|
|
|
39,592
|
|
|
|
Depreciation and amortization from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,638
|
|
|
|
Noncontrolling interests' share of depreciation and amortization
in other consolidated subsidiaries
|
|
(2,011
|
)
|
|
(1,589
|
)
|
|
(6,842
|
)
|
|
(5,881
|
)
|
|
|
Interest expense
|
|
59,827
|
|
|
58,482
|
|
|
239,824
|
|
|
231,856
|
|
|
|
Interest expense from unconsolidated affiliates
|
|
9,586
|
|
|
9,723
|
|
|
38,458
|
|
|
39,399
|
|
|
|
Interest expense from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
|
Noncontrolling interests' share of interest expense in other
consolidated subsidiaries
|
|
(1,620
|
)
|
|
(1,384
|
)
|
|
(5,613
|
)
|
|
(4,413
|
)
|
|
|
Abandoned projects expense
|
|
55
|
|
|
193
|
|
|
136
|
|
|
334
|
|
|
|
Gain on sales of real estate assets
|
|
(1,829
|
)
|
|
(922
|
)
|
|
(5,342
|
)
|
|
(1,980
|
)
|
|
|
Gain on sales of real estate assets of unconsolidated affiliates
|
|
(289
|
)
|
|
(11
|
)
|
|
(987
|
)
|
|
(22
|
)
|
|
|
Gain on investment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,400
|
)
|
|
|
(Gain) loss on extinguishment of debt
|
|
(26,951
|
)
|
|
—
|
|
|
(87,893
|
)
|
|
9,108
|
|
|
|
Loss on impairment
|
|
105
|
|
|
49,011
|
|
|
17,858
|
|
|
70,049
|
|
|
|
Loss on impairment from discontinued operations
|
|
—
|
|
|
—
|
|
|
681
|
|
|
5,234
|
|
|
|
Income tax provision
|
|
233
|
|
|
451
|
|
|
4,499
|
|
|
1,305
|
|
|
|
Lease termination fees
|
|
(1,413
|
)
|
|
(792
|
)
|
|
(3,808
|
)
|
|
(4,217
|
)
|
|
|
Straight-line rent and above- and below-market lease amortization
|
|
(331
|
)
|
|
(83
|
)
|
|
(3,359
|
)
|
|
(1,502
|
)
|
|
|
Net income (loss) attributable to noncontrolling interest in
earnings of Operating Partnership
|
|
11,259
|
|
|
(477
|
)
|
|
30,106
|
|
|
7,125
|
|
|
|
(Gain) loss on discontinued operations
|
|
(188
|
)
|
|
18
|
|
|
(276
|
)
|
|
(1,144
|
)
|
|
|
General and administrative expenses
|
|
14,688
|
|
|
12,407
|
|
|
50,271
|
|
|
48,867
|
|
|
|
Management fees and non-property level revenues
|
|
(16,137
|
)
|
|
(8,029
|
)
|
|
(36,386
|
)
|
|
(23,552
|
)
|
|
|
Company's share of property NOI
|
|
211,785
|
|
|
208,482
|
|
|
783,556
|
|
|
778,512
|
|
|
|
Non-comparable NOI
|
|
(16,499
|
)
|
|
(18,623
|
)
|
|
(63,968
|
)
|
|
(75,492
|
)
|
|
|
Total same-center NOI (1)
|
|
$
|
195,286
|
|
|
$
|
189,859
|
|
|
$
|
719,588
|
|
|
$
|
703,020
|
|
|
|
Total same-center NOI percentage change
|
|
2.9
|
%
|
|
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Malls
|
|
$
|
179,900
|
|
|
$
|
175,416
|
|
|
$
|
659,781
|
|
|
$
|
645,157
|
|
|
|
Associated centers
|
|
8,336
|
|
|
7,892
|
|
|
32,077
|
|
|
31,124
|
|
|
|
Community centers
|
|
5,153
|
|
|
4,731
|
|
|
19,802
|
|
|
19,345
|
|
|
|
Offices and other
|
|
1,897
|
|
|
1,820
|
|
|
7,928
|
|
|
7,394
|
|
|
|
Total same-center NOI (1)
|
|
$
|
195,286
|
|
|
$
|
189,859
|
|
|
$
|
719,588
|
|
|
$
|
703,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Malls
|
|
2.6
|
%
|
|
|
|
|
2.3
|
%
|
|
|
|
|
|
Associated centers
|
|
5.6
|
%
|
|
|
|
|
3.1
|
%
|
|
|
|
|
|
Community centers
|
|
8.9
|
%
|
|
|
|
|
2.4
|
%
|
|
|
|
|
|
Offices and other
|
|
4.2
|
%
|
|
|
|
|
7.2
|
%
|
|
|
|
|
|
Total same-center NOI (1)
|
|
2.9
|
%
|
|
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 December
31, 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 December 31, 2014. 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 December 31, 2014
|
|
|
|
Fixed Rate
|
|
Variable Rate
|
|
Total
|
|
Consolidated debt
|
|
$
|
4,004,064
|
|
|
$
|
696,396
|
|
|
$
|
4,700,460
|
|
|
Noncontrolling interests' share of consolidated debt
|
|
(115,390
|
)
|
|
(7,083
|
)
|
|
(122,473
|
)
|
|
Company's share of unconsolidated affiliates' debt
|
|
671,526
|
|
|
96,776
|
|
|
768,302
|
|
|
Company's share of consolidated and unconsolidated debt
|
|
$
|
4,560,200
|
|
|
$
|
786,089
|
|
|
$
|
5,346,289
|
|
|
Weighted average interest rate
|
|
5.37
|
%
|
|
1.75
|
%
|
|
4.84
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2013
|
|
|
|
Fixed Rate
|
|
Variable Rate
|
|
Total
|
|
Consolidated debt
|
|
$
|
3,990,774
|
|
|
$
|
866,749
|
|
|
$
|
4,857,523
|
|
|
Noncontrolling interests' share of consolidated debt
|
|
(87,406
|
)
|
|
(5,669
|
)
|
|
(93,075
|
)
|
|
Company's share of unconsolidated affiliates' debt
|
|
653,429
|
|
|
89,111
|
|
|
742,540
|
|
|
Company's share of consolidated and unconsolidated debt
|
|
$
|
4,556,797
|
|
|
$
|
950,191
|
|
|
$
|
5,506,988
|
|
|
Weighted average interest rate
|
|
5.48
|
%
|
|
1.94
|
%
|
|
4.87
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt-To-Total-Market Capitalization Ratio as of December 31, 2014
|
|
(In thousands, except stock price)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
Outstanding
|
|
Stock Price (1)
|
|
Value
|
|
Common stock and Operating Partnership units
|
|
199,533
|
|
|
$
|
19.42
|
|
|
$
|
3,874,931
|
|
|
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
|
|
|
|
|
|
|
|
4,501,181
|
|
|
Company's share of total debt
|
|
|
|
|
|
|
|
5,346,289
|
|
|
Total market capitalization
|
|
|
|
|
|
|
|
$
|
9,847,470
|
|
|
Debt-to-total-market capitalization ratio
|
|
|
|
|
|
|
|
54.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock price for common stock and operating partnership units
equals the closing price of the common stock on December 31, 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
December 31,
|
|
Year Ended
December 31,
|
|
2014:
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
Weighted average shares - EPS
|
|
170,261
|
|
|
170,261
|
|
|
170,247
|
|
|
170,247
|
|
|
Weighted average operating partnership units
|
|
29,282
|
|
|
29,282
|
|
|
29,413
|
|
|
29,413
|
|
|
Weighted average shares- FFO
|
|
199,543
|
|
|
199,543
|
|
|
199,660
|
|
|
199,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - EPS
|
|
169,930
|
|
|
169,930
|
|
|
167,027
|
|
|
167,027
|
|
|
Weighted average operating partnership units
|
|
29,546
|
|
|
29,546
|
|
|
29,545
|
|
|
29,545
|
|
|
Weighted average shares- FFO
|
|
199,476
|
|
|
199,476
|
|
|
196,572
|
|
|
196,572
|
|
|
Dividend Payout Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Weighted average cash dividend per share
|
|
$
|
0.27280
|
|
|
$
|
0.25313
|
|
|
$
|
1.03218
|
|
|
$
|
0.96853
|
|
|
FFO as adjusted, per diluted fully converted share
|
|
$
|
0.67
|
|
|
$
|
0.63
|
|
|
$
|
2.28
|
|
|
$
|
2.22
|
|
|
Dividend payout ratio
|
|
40.7
|
%
|
|
40.2
|
%
|
|
45.3
|
%
|
|
43.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets
|
|
(Unaudited; in thousands, except share data)
|
|
|
|
|
|
As of December 31,
|
|
|
|
2014
|
|
2013
|
|
ASSETS
|
|
|
|
|
|
|
|
Real estate assets:
|
|
|
|
|
|
|
|
Land
|
|
$
|
847,829
|
|
|
$
|
858,619
|
|
|
Buildings and improvements
|
|
7,221,387
|
|
|
7,125,512
|
|
|
|
|
8,069,216
|
|
|
7,984,131
|
|
|
Accumulated depreciation
|
|
(2,240,007
|
)
|
|
(2,056,357
|
)
|
|
|
|
5,829,209
|
|
|
5,927,774
|
|
|
Developments in progress
|
|
117,966
|
|
|
139,383
|
|
|
Net investment in real estate assets
|
|
5,947,175
|
|
|
6,067,157
|
|
|
Cash and cash equivalents
|
|
37,938
|
|
|
65,500
|
|
|
Receivables:
|
|
|
|
|
|
|
|
Tenant, net of allowance for doubtful accounts of $2,368 and
$2,379 in 2014 and 2013, respectively
|
|
81,338
|
|
|
79,899
|
|
|
Other, net of allowance for doubtful accounts of $1,285 and $1,241
in 2014 and 2013, respectively
|
|
22,577
|
|
|
23,343
|
|
|
Mortgage and other notes receivable
|
|
19,811
|
|
|
30,424
|
|
|
Investments in unconsolidated affiliates
|
|
281,449
|
|
|
277,146
|
|
|
Intangible lease assets and other assets
|
|
226,011
|
|
|
242,502
|
|
|
|
|
$
|
6,616,299
|
|
|
$
|
6,785,971
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
|
|
|
|
|
Mortgage and other indebtedness
|
|
$
|
4,700,460
|
|
|
$
|
4,857,523
|
|
|
Accounts payable and accrued liabilities
|
|
328,352
|
|
|
333,875
|
|
|
Total liabilities
|
|
5,028,812
|
|
|
5,191,398
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
Redeemable noncontrolling partnership interests
|
|
37,559
|
|
|
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,
170,260,273 and 170,048,144 issued and outstanding in 2014 and
2013, respectively
|
|
1,703
|
|
|
1,700
|
|
|
Additional paid-in capital
|
|
1,958,198
|
|
|
1,967,644
|
|
|
Accumulated other comprehensive income
|
|
13,411
|
|
|
6,325
|
|
|
Dividends in excess of cumulative earnings
|
|
(566,785
|
)
|
|
(570,781
|
)
|
|
Total shareholders' equity
|
|
1,406,552
|
|
|
1,404,913
|
|
|
Noncontrolling interests
|
|
143,376
|
|
|
155,021
|
|
|
Total equity
|
|
1,549,928
|
|
|
1,559,934
|
|
|
|
|
$
|
6,616,299
|
|
|
$
|
6,785,971
|
|
Copyright Business Wire 2015