CBL & Associates Properties, Inc. (NYSE:CBL):
-
Same-center NOI increased 2.0% and 0.7% for the fourth quarter and
year ended December 31, 2015, respectively over the prior-year periods.
-
2015 FFO per diluted share, as adjusted, grew 6.0% to $0.71 in the
fourth quarter 2015 and 1.8% to $2.32 for 2015, compared with the
prior-year periods.
-
Average gross rent per square foot increased 6.5% for stabilized
mall leases signed in the fourth quarter 2015 and 9.2% for the
full-year 2015 over the prior rate.
-
Total portfolio occupancy at December 31, 2015 increased 120 basis
points from third quarter 2015 and declined 110 basis points from the
prior year-end to 93.6%.
-
Same-center sales per square foot increased 3.9% for 2015 to $374
per square foot.
-
CBL completed more than $1.7 billion of financing activity in 2015
and completed more than $158 million in dispositions.
CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the
fourth quarter and year ended December 31, 2015. A description of each
non-GAAP financial measure and the related reconciliation to the
comparable GAAP financial measure is located at the end of this news
release.
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Three Months
Ended December 31,
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Year Ended
December 31,
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2015
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2014
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2015
|
|
2014
|
|
Funds from Operations ("FFO") per diluted share
|
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|
$
|
0.71
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|
|
$
|
0.82
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|
|
|
|
$
|
2.41
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|
$
|
2.73
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|
FFO, as adjusted, per diluted share (1)
|
|
|
$
|
0.71
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|
|
$
|
0.67
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|
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$
|
2.32
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|
$
|
2.28
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(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, 2015 excludes a $16.6 million gain on investment
related to the sale of marketable securities, a partial litigation
settlement of $1.3 million, net of related expense and a $0.3
million gain on extinguishment of debt. 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.
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"CBL's operating expertise and the strong positioning of our portfolio
of market-dominant shopping centers was clearly demonstrated in 2015.
Despite this year's many challenges, we generated solid FFO and NOI
growth, healthy lease spreads, steady sales improvement and year-end
portfolio occupancy of 93.6%," said Stephen Lebovitz, president and CEO
of CBL & Associates Properties, Inc. "We are highly focused on our
strategic objectives to transform into a higher-growth portfolio and to
continue to strengthen our balance sheet. In 2015, we used equity
proceeds from the more than $150 million of dispositions executed to
reduce leverage and invest in value-added development and redevelopment
projects. Given the current economic and retail climate, we remain
cautious but are confident that we are well-positioned to further
advance our portfolio and balance sheet strategies this year."
Net loss attributable to common shareholders for the fourth quarter 2015
was $33.5 million, or $0.20 per diluted share, compared with net income
of $65.3 million, or $0.38 per diluted share for the fourth quarter 2014.
Net income attributable to common shareholders for 2015 was $58.5
million, or $0.34 per diluted share, compared with net income of $174.3
million, or $1.02 per diluted share for 2014.
Net income for the fourth quarter and full-year 2015 included a $100.0
million loss on impairment of real estate related to the write-down of
the book value of Chesterfield Mall in Chesterfield, MO to its estimated
fair value.
Percentage change in same-center Net Operating Income ("NOI")(1):
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Three Months
Ended December 31,
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Year Ended
December 31,
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2015
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2015
|
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Portfolio same-center NOI
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|
2.0%
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0.7%
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Mall same-center NOI
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1.6%
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0.2%
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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 ITEMS IMPACTING SAME-CENTER NOI RESULTS FOR 2015
-
Same-center revenues for 2015 grew $1.5 million as compared with 2014.
Major items included:
-
a $0.3 million increase in minimum rents;
-
a $0.7 million increase in percentage rents due to sales increases
throughout the year;
-
relatively flat other income as declines in specialty leasing
income were offset by increases in branding income; and
-
a $0.6 million increase in tenant reimbursements and other revenue.
-
Same-center expenses for 2015 were $3.6 million lower in 2015 compared
with the prior year. Major items included:
-
a $3.1 million decrease in maintenance and repair expenses
primarily driven by lower janitorial and snow removal expenses;
-
a $4.3 million decline in operating expenses, primarily due to
lower utility and central energy expenses, marketing and
advertising expenses and security expenses compared with the prior
year; and
-
an increase of $3.7 million in real estate tax expenses.
PORTFOLIO OPERATIONAL RESULTS
Occupancy:
|
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|
As of December 31,
|
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2015
|
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2014
|
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Portfolio occupancy
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93.6%
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94.7%
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Mall portfolio
|
|
93.1%
|
|
94.9%
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|
Same-center stabilized malls
|
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93.3%
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|
94.9%
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Stabilized malls
|
|
93.3%
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94.8%
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Non-stabilized malls (1)
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91.3%
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98.1%
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Associated centers
|
|
94.6%
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|
93.7%
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Community centers
|
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97.1%
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97.4%
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(1)
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Includes Fremaux Town Center, The Outlet Shoppes at Atlanta and
The Outlet Shoppes of the Bluegrass as of December 31, 2015.
Includes The Outlet Shoppes at Oklahoma City, The Outlet Shoppes
at Atlanta and The Outlet Shoppes of the Bluegrass as of December
31, 2014.
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New and Renewal Leasing Activity of Same Small Shop Space Less Than
10,000 Square Feet:
|
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|
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% Change in Average Gross Rent Per Square Foot
|
|
|
|
Three Months
Ended December 31,
|
|
Year Ended
December 31,
|
|
|
|
2015
|
|
2015
|
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Stabilized Malls
|
|
6.5%
|
|
9.2%
|
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New leases
|
|
18.6%
|
|
26.3%
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Renewal leases
|
|
1.8%
|
|
3.7%
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Same-center Sales Per Square Foot for Mall Tenants 10,000 Square Feet or
Less:
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|
|
Year Ended December 31,
|
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|
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2015
|
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2014
|
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% Change
|
|
Stabilized mall same-center sales per square foot
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|
$
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374
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$
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360
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3.9%
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FINANCING ACTIVITY
During 2015, CBL completed more than $1.7 billion in financing activity
including:
-
the multi-year extension and modification of its three major unsecured
credit facilities totaling $1.1 billion, reducing the borrowing spread
by 20 basis points to a rate of LIBOR plus 120 basis points, based
upon CBL's current credit rating;
-
a new four-year (including extension options) $350 million term loan
bearing interest at LIBOR plus 135 basis points, based upon CBL's
current credit rating; and
-
$314.5 million of new secured non-recourse financings at a weighted
average interest rate of 4.07%, representing a 178 basis point
improvement compared with the interest rate borne by the maturing
loans.
Additionally, during 2015 CBL retired approximately $432 million of
consolidated property-specific loans, adding more than $742 million of
undepreciated book value to its unencumbered pool. Currently more than
45% of CBL's consolidated NOI is generated by high-quality unencumbered
assets.
CBL and its prospective joint venture partner have agreed in principle
with the lender to restructure the existing non-recourse $171.1 million
loan secured by Triangle Town Center and Triangle Town Place in Raleigh,
NC. Terms are being finalized with an anticipated closing date in the
first quarter 2016. Concurrent with the closing of the new loan, CBL
expects to enter into a new 10/90 joint venture with an institutional
investor, with CBL responsible for leasing and management of the
property.
CBL continues to negotiate a loan restructure with the lender of the
existing $27.6 million non-recourse loan secured by Hickory Point Mall
in Forsyth, IL. If a favorable restructure agreement is reached, the new
non-recourse loan is expected to close during the second quarter 2016.
DISPOSITIONS
During 2015, CBL completed the disposition of one mall, five
associated/community centers, interests in two Class-A apartment
complexes and other non-core assets generating proceeds of more than
$158 million.
Major dispositions announced in the fourth quarter 2015 include:
In November, CBL closed on the disposition of Waynesville Commons, a
128,000-square-foot community center located in Waynesville, NC, for
$14.5 million to an affiliate of Yale Realty Services Corp.
Additionally, CBL and its partner closed on the sale of a 340-unit Class
A apartment complex in Austin, TX, located adjacent to a retail property
previously developed and sold by CBL. CBL held a participatory ground
lease position in the apartment complex and received $18.4 million in
net proceeds.
In December, CBL completed the sale of Mayfaire Community Center for
$56.3 million to Principal Real Estate Investors. Mayfaire Community
Center is the 210,000-square-foot center located adjacent to CBL’s
Mayfaire Towne Center in Wilmington, NC, which CBL acquired in June of
2015. CBL is providing leasing and management services for the new
owners.
In December, CBL closed on the sale of Chapel Hill Crossing, an
associated center in Akron, OH, for $2.3 million.
CBL and its 50/50 joint venture partner have entered into a binding
agreement for the sale of 100% of Renaissance Center, the
363,000-square-foot community shopping center located in Durham, NC.
Renaissance Center will be sold to an institutional investor for a gross
purchase price of $129.2 million ($64.6 million at each partner’s
share). The transaction is scheduled to close during the first quarter
of 2016, subject to the assumption of a $16.0 million loan secured by
the property’s second phase, defeasance of the $31.7 million loan
secured by the property’s first phase and other customary closing
conditions.
OUTLOOK AND GUIDANCE
The Company is providing 2016 FFO guidance in the range of $2.32 - $2.38
per share. CBL is assuming same-center NOI growth of 0.5% - 2% in 2016.
The guidance also assumes the following:
-
$3.0 million to $5.0 million of outparcel sales;
-
25-75 basis point increase in total portfolio occupancy as well as
stabilized mall occupancy throughout 2016;
-
G&A expense of $58 million to $60 million; and
-
no unannounced capital markets or disposition activity.
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Low
|
|
High
|
|
Expected diluted earnings per common share
|
|
|
$
|
0.74
|
|
|
$
|
0.80
|
|
|
Adjust to fully converted shares from common shares
|
|
|
(0.11
|
)
|
|
(0.12
|
)
|
|
Expected earnings per diluted, fully converted common share
|
|
|
0.63
|
|
|
0.68
|
|
|
Add: depreciation and amortization
|
|
|
1.58
|
|
|
1.58
|
|
|
Add: noncontrolling interest in earnings of Operating Partnership
|
|
|
0.11
|
|
|
0.12
|
|
|
Expected FFO per diluted, fully converted common share
|
|
|
$
|
2.32
|
|
|
$
|
2.38
|
|
|
|
|
|
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|
|
INVESTOR CONFERENCE CALL AND WEBCAST
CBL & Associates Properties, Inc. will conduct a conference call at
11:00 a.m. ET on Thursday, February 4, 2016, to discuss its fourth
quarter and full year results. The number to call for this interactive
teleconference is (888) 317-6003 or (412) 317-6061 and enter the
confirmation number 7812333. A replay of the conference call will be
available through February 11, 2016, by dialing (877) 344-7529 or (412)
317-0088 and entering the confirmation number 10077140. 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
2015 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 Thursday, February 4, 2016 beginning at 11:00 a.m. ET. The online
replay will follow shortly after the call and continue for three months.
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 146 properties, including 90 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
as defined above by NAREIT less dividends on preferred stock of the
Company or distributions on preferred units of the Operating
Partnership, as applicable. The Company’s method of calculating FFO 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 allocable to
Operating Partnership common unitholders and FFO allocable to common
shareholders, as it believes that both are useful performance measures.
The Company believes FFO allocable to Operating Partnership common
unitholders 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 operating partnership common
unitholders, 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 in order to arrive at FFO of the Operating
Partnership common unitholders. 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, in 2015, the Company recognized a $16.6 million gain
on investment related to the sale of marketable securities, a $0.3
million gain on extinguishment of debt and received income of $1.3
million, net of related expense, as a partial settlement of litigation.
During 2014, the Company recognized an $83.2 million 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. 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).
We believe that presenting NOI and same-center NOI (described below)
based on our Operating Partnership’s pro rata share of both consolidated
and unconsolidated properties is useful since we conduct substantially
all of our business through our Operating Partnership and, therefore, it
reflects the performance of the properties in absolute terms regardless
of the ratio of ownership interests of our common shareholders and the
noncontrolling interest in the Operating Partnership. The Company
computes NOI based on the Operating Partnership's 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.
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|
|
|
|
|
|
|
|
CBL & Associates Properties, Inc.
|
|
Consolidated Statements of Operations
|
|
(Unaudited; in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents
|
|
|
$
|
178,378
|
|
|
$
|
176,579
|
|
|
|
$
|
684,309
|
|
|
$
|
682,584
|
|
|
Percentage rents
|
|
|
7,645
|
|
|
8,386
|
|
|
|
18,063
|
|
|
16,876
|
|
|
Other rents
|
|
|
8,186
|
|
|
8,606
|
|
|
|
21,934
|
|
|
22,314
|
|
|
Tenant reimbursements
|
|
|
73,461
|
|
|
76,239
|
|
|
|
288,279
|
|
|
290,561
|
|
|
Management, development and leasing fees
|
|
|
2,758
|
|
|
3,810
|
|
|
|
10,953
|
|
|
12,986
|
|
|
Other
|
|
|
7,202
|
|
|
10,229
|
|
|
|
31,480
|
|
|
35,418
|
|
|
Total revenues
|
|
|
277,630
|
|
|
283,849
|
|
|
|
1,055,018
|
|
|
1,060,739
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
Property operating
|
|
|
33,401
|
|
|
37,568
|
|
|
|
141,030
|
|
|
149,774
|
|
|
Depreciation and amortization
|
|
|
77,519
|
|
|
79,093
|
|
|
|
299,069
|
|
|
291,273
|
|
|
Real estate taxes
|
|
|
21,886
|
|
|
23,643
|
|
|
|
90,799
|
|
|
89,281
|
|
|
Maintenance and repairs
|
|
|
12,413
|
|
|
13,451
|
|
|
|
51,516
|
|
|
54,842
|
|
|
General and administrative
|
|
|
15,678
|
|
|
14,688
|
|
|
|
62,118
|
|
|
50,271
|
|
|
Loss on impairment
|
|
|
102,280
|
|
|
105
|
|
|
|
105,945
|
|
|
17,858
|
|
|
Other
|
|
|
5,766
|
|
|
10,966
|
|
|
|
26,957
|
|
|
32,297
|
|
|
Total operating expenses
|
|
|
268,943
|
|
|
179,514
|
|
|
|
777,434
|
|
|
685,596
|
|
|
Income from operations
|
|
|
8,687
|
|
|
104,335
|
|
|
|
277,584
|
|
|
375,143
|
|
|
Interest and other income
|
|
|
225
|
|
|
10,586
|
|
|
|
6,467
|
|
|
14,121
|
|
|
Interest expense
|
|
|
(54,981
|
)
|
|
(59,827
|
)
|
|
|
(229,343
|
)
|
|
(239,824
|
)
|
|
Gain on extinguishment of debt
|
|
|
—
|
|
|
26,951
|
|
|
|
256
|
|
|
87,893
|
|
|
Gain on investment
|
|
|
—
|
|
|
—
|
|
|
|
16,560
|
|
|
—
|
|
|
Equity in earnings of unconsolidated affiliates
|
|
|
5,988
|
|
|
3,765
|
|
|
|
18,200
|
|
|
14,803
|
|
|
Income tax provision
|
|
|
(937
|
)
|
|
(233
|
)
|
|
|
(2,941
|
)
|
|
(4,499
|
)
|
|
Income (loss) from continuing operations before gain on sales of
real estate assets
|
|
|
(41,018
|
)
|
|
85,577
|
|
|
|
86,783
|
|
|
247,637
|
|
|
Gain on sales of real estate assets
|
|
|
14,065
|
|
|
1,829
|
|
|
|
32,232
|
|
|
5,342
|
|
|
Income (loss) from continuing operations
|
|
|
(26,953
|
)
|
|
87,406
|
|
|
|
119,015
|
|
|
252,979
|
|
|
Operating income (loss) of discontinued operations
|
|
|
—
|
|
|
258
|
|
|
|
—
|
|
|
(222
|
)
|
|
Gain on discontinued operations
|
|
|
—
|
|
|
188
|
|
|
|
—
|
|
|
276
|
|
|
Net income (loss)
|
|
|
(26,953
|
)
|
|
87,852
|
|
|
|
119,015
|
|
|
253,033
|
|
|
Net (income) loss attributable to noncontrolling interests in:
|
|
|
|
|
|
|
|
|
|
|
|
Operating Partnership
|
|
|
5,612
|
|
|
(11,259
|
)
|
|
|
(10,171
|
)
|
|
(30,106
|
)
|
|
Other consolidated subsidiaries
|
|
|
(916
|
)
|
|
(37
|
)
|
|
|
(5,473
|
)
|
|
(3,777
|
)
|
|
Net income (loss) attributable to the Company
|
|
|
(22,257
|
)
|
|
76,556
|
|
|
|
103,371
|
|
|
219,150
|
|
|
Preferred dividends
|
|
|
(11,223
|
)
|
|
(11,223
|
)
|
|
|
(44,892
|
)
|
|
(44,892
|
)
|
|
Net income (loss) attributable to common shareholders
|
|
|
$
|
(33,480
|
)
|
|
$
|
65,333
|
|
|
|
$
|
58,479
|
|
|
$
|
174,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic per share data attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of preferred dividends
|
|
|
$
|
(0.20
|
)
|
|
$
|
0.38
|
|
|
|
$
|
0.34
|
|
|
$
|
1.02
|
|
|
Discontinued operations
|
|
|
0.00
|
|
|
0.00
|
|
|
|
0.00
|
|
|
0.00
|
|
|
Net income (loss) attributable to common shareholders
|
|
|
$
|
(0.20
|
)
|
|
$
|
0.38
|
|
|
|
$
|
0.34
|
|
|
$
|
1.02
|
|
|
Weighted average common shares outstanding
|
|
|
170,495
|
|
|
170,261
|
|
|
|
170,476
|
|
|
170,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted per share data attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of preferred dividends
|
|
|
$
|
(0.20
|
)
|
|
$
|
0.38
|
|
|
|
$
|
0.34
|
|
|
$
|
1.02
|
|
|
Discontinued operations
|
|
|
0.00
|
|
|
0.00
|
|
|
|
0.00
|
|
|
0.00
|
|
|
Net income (loss) attributable to common shareholders
|
|
|
$
|
(0.20
|
)
|
|
$
|
0.38
|
|
|
|
$
|
0.34
|
|
|
$
|
1.02
|
|
|
Weighted-average common and potential dilutive common shares
outstanding
|
|
|
170,495
|
|
|
170,261
|
|
|
|
170,499
|
|
|
170,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of preferred dividends
|
|
|
$
|
(33,480
|
)
|
|
$
|
64,952
|
|
|
|
$
|
58,479
|
|
|
$
|
174,212
|
|
|
Discontinued operations
|
|
|
—
|
|
|
381
|
|
|
|
—
|
|
|
46
|
|
|
Net income (loss) attributable to common shareholders
|
|
|
$
|
(33,480
|
)
|
|
$
|
65,333
|
|
|
|
$
|
58,479
|
|
|
$
|
174,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company's reconciliation of net income (loss) attributable
to common shareholders to FFO allocable to Operating Partnership
common unitholders is as follows:
|
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
Net income (loss) attributable to common shareholders
|
|
|
$
|
(33,480
|
)
|
|
$
|
65,333
|
|
|
|
$
|
58,479
|
|
|
$
|
174,258
|
|
|
|
Noncontrolling interest in income (loss) of Operating Partnership
|
|
|
(5,612
|
)
|
|
11,259
|
|
|
|
10,171
|
|
|
30,106
|
|
|
|
Depreciation and amortization expense of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated properties
|
|
|
77,519
|
|
|
79,093
|
|
|
|
299,069
|
|
|
291,273
|
|
|
|
Unconsolidated affiliates
|
|
|
9,122
|
|
|
11,152
|
|
|
|
40,476
|
|
|
41,806
|
|
|
|
Non-real estate assets
|
|
|
(799
|
)
|
|
(486
|
)
|
|
|
(3,083
|
)
|
|
(2,311
|
)
|
|
|
Noncontrolling interests' share of depreciation and amortization
|
|
|
(2,109
|
)
|
|
(2,011
|
)
|
|
|
(9,045
|
)
|
|
(6,842
|
)
|
|
|
Loss on impairment
|
|
|
102,280
|
|
|
—
|
|
|
|
105,945
|
|
|
18,434
|
|
|
|
Gain on depreciable property, net of taxes
|
|
|
(5,899
|
)
|
|
—
|
|
|
|
(20,944
|
)
|
|
(937
|
)
|
|
|
Gain on discontinued operations, net of taxes
|
|
|
—
|
|
|
(187
|
)
|
|
|
—
|
|
|
(273
|
)
|
|
|
FFO allocable to Operating Partnership common unitholders
|
|
|
141,022
|
|
|
164,153
|
|
|
|
481,068
|
|
|
545,514
|
|
|
|
Litigation settlements, net of related expenses (1)
|
|
|
—
|
|
|
(6,963
|
)
|
|
|
(1,329
|
)
|
|
(7,763
|
)
|
|
|
Gain on investment
|
|
|
—
|
|
|
—
|
|
|
|
(16,560
|
)
|
|
—
|
|
|
|
Non cash default interest expense
|
|
|
—
|
|
|
3,181
|
|
|
|
—
|
|
|
4,695
|
|
|
|
Gain on extinguishment of debt
|
|
|
—
|
|
|
(26,951
|
)
|
|
|
(256
|
)
|
|
(87,893
|
)
|
|
|
FFO allocable to Operating Partnership common unitholders, as
adjusted
|
|
|
$
|
141,022
|
|
|
$
|
133,420
|
|
|
|
$
|
462,923
|
|
|
$
|
454,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per diluted share
|
|
|
$
|
0.71
|
|
|
$
|
0.82
|
|
|
|
$
|
2.41
|
|
|
$
|
2.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO, as adjusted, per diluted share
|
|
|
$
|
0.71
|
|
|
$
|
0.67
|
|
|
|
$
|
2.32
|
|
|
$
|
2.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common and potential dilutive common shares
outstanding with Operating Partnership units fully converted
|
|
|
199,753
|
|
|
199,543
|
|
|
|
199,757
|
|
|
199,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of FFO allocable to Operating Partnership common
unitholders to FFO allocable to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO of the Operating Partnership
|
|
|
$
|
141,022
|
|
|
$
|
164,153
|
|
|
|
$
|
481,068
|
|
|
$
|
545,514
|
|
|
|
Percentage allocable to common shareholders (2)
|
|
|
85.35
|
%
|
|
85.33
|
%
|
|
|
85.35
|
%
|
|
85.27
|
%
|
|
|
FFO allocable to common shareholders
|
|
|
$
|
120,362
|
|
|
$
|
140,072
|
|
|
|
$
|
410,592
|
|
|
$
|
465,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO allocable to Operating Partnership common unitholders, as
adjusted
|
|
|
$
|
141,022
|
|
|
$
|
133,420
|
|
|
|
$
|
462,923
|
|
|
$
|
454,553
|
|
|
|
Percentage allocable to common shareholders (2)
|
|
|
85.35
|
%
|
|
85.33
|
%
|
|
|
85.35
|
%
|
|
85.27
|
%
|
|
|
FFO allocable to common shareholders, as adjusted
|
|
|
$
|
120,362
|
|
|
$
|
113,847
|
|
|
|
$
|
395,105
|
|
|
$
|
387,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Litigation settlement is included in Interest and Other Income in
the Consolidated Statements of Operations. Litigation expense,
including settlements paid, is included in General and
Administrative expense in the Consolidated Statements of
Operations.
|
|
|
|
|
(2)
|
Represents the weighted average number of common shares
outstanding for the period divided by the sum of the weighted
average number of common shares and the weighted average number of
Operating Partnership units outstanding during the period. See the
reconciliation of shares and Operating Partnership units
outstanding on page 12.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
SUPPLEMENTAL FFO INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
Lease termination fees
|
|
|
$
|
276
|
|
|
$
|
1,413
|
|
|
|
$
|
4,659
|
|
|
$
|
3,808
|
|
|
Lease termination fees per share
|
|
|
$
|
—
|
|
|
$
|
0.01
|
|
|
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line rental income
|
|
|
$
|
1,232
|
|
|
$
|
(352
|
)
|
|
|
$
|
4,207
|
|
|
$
|
2,132
|
|
|
Straight-line rental income per share
|
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
|
$
|
0.02
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on outparcel sales
|
|
|
$
|
5,779
|
|
|
$
|
2,774
|
|
|
|
$
|
8,929
|
|
|
$
|
5,235
|
|
|
Gains on outparcel sales per share
|
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
|
$
|
0.04
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net amortization of acquired above- and below-market leases
|
|
|
$
|
1,316
|
|
|
$
|
683
|
|
|
|
$
|
3,197
|
|
|
$
|
1,227
|
|
|
Net amortization of acquired above- and below-market leases per share
|
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
|
$
|
0.02
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net amortization of debt premiums and discounts
|
|
|
$
|
404
|
|
|
$
|
547
|
|
|
|
$
|
1,841
|
|
|
$
|
2,172
|
|
|
Net amortization of debt premiums and discounts per share
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
$
|
(937
|
)
|
|
$
|
(233
|
)
|
|
|
$
|
(2,941
|
)
|
|
$
|
(4,499
|
)
|
|
Income tax provision per share
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abandoned projects expense
|
|
|
$
|
(190
|
)
|
|
$
|
(55
|
)
|
|
|
$
|
(2,373
|
)
|
|
$
|
(136
|
)
|
|
Abandoned projects expense per share
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on extinguishment of debt
|
|
|
$
|
—
|
|
|
$
|
26,951
|
|
|
|
$
|
256
|
|
|
$
|
87,893
|
|
|
Gain on extinguishment of debt per share
|
|
|
$
|
—
|
|
|
$
|
0.14
|
|
|
|
$
|
—
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non cash default interest expense
|
|
|
$
|
—
|
|
|
$
|
(3,181
|
)
|
|
|
$
|
—
|
|
|
$
|
(4,695
|
)
|
|
Non cash default interest expense per share
|
|
|
$
|
—
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
—
|
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on investment
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
16,560
|
|
|
$
|
—
|
|
|
Gain on investment per share
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
0.08
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation settlements, net of related expenses
|
|
|
$
|
—
|
|
|
$
|
6,963
|
|
|
|
$
|
1,329
|
|
|
$
|
7,763
|
|
|
Litigation settlements, net of related expenses per share
|
|
|
$
|
—
|
|
|
$
|
0.03
|
|
|
|
$
|
0.01
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest capitalized
|
|
|
$
|
1,027
|
|
|
$
|
2,576
|
|
|
|
$
|
4,168
|
|
|
$
|
7,288
|
|
|
Interest capitalized per share
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
|
|
|
2015
|
|
2014
|
|
Straight-line rent receivable
|
|
$
|
67,477
|
|
|
$
|
63,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-center Net Operating Income
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
Net income (loss)
|
|
|
$
|
(26,953
|
)
|
|
$
|
87,852
|
|
|
|
119,015
|
|
|
$
|
253,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
77,519
|
|
|
79,093
|
|
|
|
299,069
|
|
|
291,273
|
|
|
|
Depreciation and amortization from unconsolidated affiliates
|
|
|
9,122
|
|
|
11,152
|
|
|
|
40,476
|
|
|
41,806
|
|
|
|
Noncontrolling interests' share of depreciation and amortization
in other consolidated subsidiaries
|
|
|
(2,109
|
)
|
|
(2,011
|
)
|
|
|
(9,045
|
)
|
|
(6,842
|
)
|
|
|
Interest expense
|
|
|
54,981
|
|
|
59,827
|
|
|
|
229,343
|
|
|
239,824
|
|
|
|
Interest expense from unconsolidated affiliates
|
|
|
6,591
|
|
|
9,586
|
|
|
|
35,464
|
|
|
38,458
|
|
|
|
Noncontrolling interests' share of interest expense in other
consolidated subsidiaries
|
|
|
(1,670
|
)
|
|
(1,620
|
)
|
|
|
(6,760
|
)
|
|
(5,613
|
)
|
|
|
Abandoned projects expense
|
|
|
190
|
|
|
55
|
|
|
|
2,373
|
|
|
136
|
|
|
|
Gain on sales of real estate assets
|
|
|
(14,109
|
)
|
|
(1,829
|
)
|
|
|
(32,276
|
)
|
|
(5,342
|
)
|
|
|
Gain on sales of real estate assets of unconsolidated affiliates
|
|
|
(234
|
)
|
|
(289
|
)
|
|
|
(1,964
|
)
|
|
(987
|
)
|
|
|
Gain on investment
|
|
|
—
|
|
|
—
|
|
|
|
(16,560
|
)
|
|
—
|
|
|
|
Gain on extinguishment of debt
|
|
|
—
|
|
|
(26,951
|
)
|
|
|
(256
|
)
|
|
(87,893
|
)
|
|
|
Loss on impairment
|
|
|
102,280
|
|
|
105
|
|
|
|
105,945
|
|
|
17,858
|
|
|
|
Loss on impairment from discontinued operations
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
681
|
|
|
|
Income tax provision
|
|
|
937
|
|
|
233
|
|
|
|
2,941
|
|
|
4,499
|
|
|
|
Lease termination fees
|
|
|
(277
|
)
|
|
(1,413
|
)
|
|
|
(4,660
|
)
|
|
(3,808
|
)
|
|
|
Straight-line rent and above- and below-market lease amortization
|
|
|
(2,547
|
)
|
|
(331
|
)
|
|
|
(7,403
|
)
|
|
(3,359
|
)
|
|
|
Net income attributable to noncontrolling interest in other
consolidated subsidiaries
|
|
|
(916
|
)
|
|
(37
|
)
|
|
|
(5,473
|
)
|
|
(3,777
|
)
|
|
|
Gain on discontinued operations
|
|
|
—
|
|
|
(188
|
)
|
|
|
—
|
|
|
(276
|
)
|
|
|
General and administrative expenses
|
|
|
15,678
|
|
|
14,688
|
|
|
|
62,118
|
|
|
50,271
|
|
|
|
Management fees and non-property level revenues
|
|
|
(2,044
|
)
|
|
(16,137
|
)
|
|
|
(24,958
|
)
|
|
(36,386
|
)
|
|
|
Operating Partnership's share of property NOI
|
|
|
216,439
|
|
|
211,785
|
|
|
|
787,389
|
|
|
783,556
|
|
|
|
Non-comparable NOI
|
|
|
(14,404
|
)
|
|
(13,732
|
)
|
|
|
(51,994
|
)
|
|
(53,357
|
)
|
|
|
Total same-center NOI (1)
|
|
|
$
|
202,035
|
|
|
$
|
198,053
|
|
|
|
$
|
735,395
|
|
|
$
|
730,199
|
|
|
|
Total same-center NOI percentage change
|
|
|
2.0
|
%
|
|
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Malls
|
|
|
$
|
185,738
|
|
|
$
|
182,898
|
|
|
|
$
|
672,683
|
|
|
$
|
671,410
|
|
|
|
Associated centers
|
|
|
8,578
|
|
|
7,927
|
|
|
|
32,348
|
|
|
30,409
|
|
|
|
Community centers
|
|
|
5,537
|
|
|
5,331
|
|
|
|
21,658
|
|
|
20,452
|
|
|
|
Offices and other
|
|
|
2,182
|
|
|
1,897
|
|
|
|
8,706
|
|
|
7,928
|
|
|
|
Total same-center NOI (1)
|
|
|
$
|
202,035
|
|
|
$
|
198,053
|
|
|
|
$
|
735,395
|
|
|
$
|
730,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change:
|
|
|
|
|
|
|
|
|
|
|
|
|
Malls
|
|
|
1.6
|
%
|
|
|
|
|
0.2
|
%
|
|
|
|
|
Associated centers
|
|
|
8.2
|
%
|
|
|
|
|
6.4
|
%
|
|
|
|
|
Community centers
|
|
|
3.9
|
%
|
|
|
|
|
5.9
|
%
|
|
|
|
|
Offices and other
|
|
|
15.0
|
%
|
|
|
|
|
9.8
|
%
|
|
|
|
|
Total same-center NOI (1)
|
|
|
2.0
|
%
|
|
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 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 December 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 properties which are non-core,
under major redevelopment, being considered for repositioning or
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 December 31, 2015
|
|
|
|
Fixed Rate
|
|
Variable Rate
|
|
Total per
Debt
Schedule
|
|
Unamortized
Deferred
Financing
Costs
|
|
Total
|
|
Consolidated debt
|
|
$
|
3,485,308
|
|
|
$
|
1,241,379
|
|
|
$
|
4,726,687
|
|
|
$
|
(16,059
|
)
|
|
$
|
4,710,628
|
|
|
Noncontrolling interests' share of consolidated debt
|
|
(111,754
|
)
|
|
(6,981
|
)
|
|
(118,735
|
)
|
|
855
|
|
|
(117,880
|
)
|
|
Company's share of unconsolidated affiliates' debt
|
|
664,249
|
|
|
134,970
|
|
|
799,219
|
|
|
(1,486
|
)
|
|
797,733
|
|
|
Company's share of consolidated and unconsolidated debt
|
|
$
|
4,037,803
|
|
|
$
|
1,369,368
|
|
|
$
|
5,407,171
|
|
|
$
|
(16,690
|
)
|
|
$
|
5,390,481
|
|
|
Weighted average interest rate
|
|
5.41
|
%
|
|
1.81
|
%
|
|
4.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014
|
|
|
|
Fixed Rate
|
|
Variable Rate
|
|
Total per
Debt
Schedule
|
|
Unamortized
Deferred
Financing
Costs
|
|
Total
|
|
Consolidated debt
|
|
$
|
4,004,064
|
|
|
$
|
696,396
|
|
|
$
|
4,700,460
|
|
|
$
|
(17,127
|
)
|
|
$
|
4,683,333
|
|
|
Noncontrolling interests' share of consolidated debt
|
|
(115,390
|
)
|
|
(7,083
|
)
|
|
(122,473
|
)
|
|
759
|
|
|
(121,714
|
)
|
|
Company's share of unconsolidated affiliates' debt
|
|
671,526
|
|
|
96,776
|
|
|
768,302
|
|
|
(2,177
|
)
|
|
766,125
|
|
|
Company's share of consolidated and unconsolidated debt
|
|
$
|
4,560,200
|
|
|
$
|
786,089
|
|
|
$
|
5,346,289
|
|
|
$
|
(18,545
|
)
|
|
$
|
5,327,744
|
|
|
Weighted average interest rate
|
|
5.45
|
%
|
|
1.75
|
%
|
|
4.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt-To-Total-Market Capitalization Ratio as of December 31,
2015
|
|
(In thousands, except stock price)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
Outstanding
|
|
Stock Price (1)
|
|
Value
|
|
Common stock and Operating Partnership units
|
|
199,748
|
|
|
$
|
12.37
|
|
|
$
|
2,470,883
|
|
|
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
|
|
|
|
|
|
3,097,133
|
|
|
Company's share of total debt, excluding unamortized deferred
financing costs
|
|
|
|
|
|
5,407,171
|
|
|
Total market capitalization
|
|
|
|
|
|
$
|
8,504,304
|
|
|
Debt-to-total-market capitalization ratio
|
|
|
|
|
|
63.6
|
%
|
|
|
|
|
|
|
|
|
|
(1) Stock price for common stock and operating partnership units
equals the closing price of the common stock on December 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
December 31,
|
|
Year Ended
December 31,
|
|
2015:
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
Weighted average shares - EPS
|
|
170,495
|
|
|
170,495
|
|
|
170,476
|
|
|
170,499
|
|
Weighted average Operating Partnership units
|
|
29,258
|
|
|
29,258
|
|
|
29,258
|
|
|
29,258
|
|
Weighted average shares - FFO
|
|
199,753
|
|
|
199,753
|
|
|
199,734
|
|
|
199,757
|
|
|
|
|
|
|
|
|
|
|
|
2014:
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Payout Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Weighted average cash dividend per share
|
|
$
|
0.27279
|
|
|
$
|
0.27280
|
|
|
$
|
1.09116
|
|
|
$
|
1.03218
|
|
|
FFO as adjusted, per diluted fully converted share
|
|
$
|
0.71
|
|
|
$
|
0.67
|
|
|
$
|
2.32
|
|
|
$
|
2.28
|
|
|
Dividend payout ratio
|
|
38.4
|
%
|
|
40.7
|
%
|
|
47.0
|
%
|
|
45.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets
|
|
|
(Unaudited; in thousands, except share data)
|
|
|
|
|
|
As of December 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Real estate assets:
|
|
|
|
|
|
|
|
Land, buildings and improvements, net of accumulated depreciation
|
|
|
$
|
5,781,962
|
|
|
$
|
5,829,209
|
|
|
|
Developments in progress
|
|
|
75,991
|
|
|
117,966
|
|
|
|
Net investment in real estate assets
|
|
|
5,857,953
|
|
|
5,947,175
|
|
|
|
Cash and cash equivalents
|
|
|
36,892
|
|
|
37,938
|
|
|
|
Receivables:
|
|
|
|
|
|
|
|
Tenant, net of allowance for doubtful accounts of $1,923 and
$2,368 in 2015 and 2014, respectively
|
|
|
87,286
|
|
|
81,338
|
|
|
|
Other, net of allowance for doubtful accounts of $1,276 and $1,285
in 2015 and 2014, respectively
|
|
|
17,958
|
|
|
22,577
|
|
|
|
Mortgage and other notes receivable
|
|
|
18,238
|
|
|
19,811
|
|
|
|
Investments in unconsolidated affiliates
|
|
|
276,383
|
|
|
281,449
|
|
|
|
Intangible lease assets and other assets (1)
|
|
|
185,281
|
|
|
208,884
|
|
|
|
|
|
|
$
|
6,479,991
|
|
|
$
|
6,599,172
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
|
|
|
|
Mortgage and other indebtedness (1)
|
|
|
$
|
4,710,628
|
|
|
$
|
4,683,333
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
344,434
|
|
|
328,352
|
|
|
|
Total liabilities
|
|
|
5,055,062
|
|
|
5,011,685
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests
|
|
|
25,330
|
|
|
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,
170,490,948 and 170,260,273 issued and outstanding in 2015 and
2014, respectively
|
|
|
1,705
|
|
|
1,703
|
|
|
|
Additional paid-in capital
|
|
|
1,970,333
|
|
|
1,958,198
|
|
|
|
Accumulated other comprehensive income
|
|
|
1,935
|
|
|
13,411
|
|
|
|
Dividends in excess of cumulative earnings
|
|
|
(689,028
|
)
|
|
(566,785
|
)
|
|
|
Total shareholders' equity
|
|
|
1,284,970
|
|
|
1,406,552
|
|
|
|
Noncontrolling interests
|
|
|
114,629
|
|
|
143,376
|
|
|
|
Total equity
|
|
|
1,399,599
|
|
|
1,549,928
|
|
|
|
|
|
|
$
|
6,479,991
|
|
|
$
|
6,599,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
In accordance with the adoption in the fourth quarter of 2015 of
accounting standards ASU 2015-03 and 2015-15, unamortized deferred
financing costs, excluding those related to the Company's credit
lines, were reclassified from Intangible Lease Assets and Other
Assets to Mortgage and Other Indebtedness. These reclassifications
consisted of $16,059 and $17,127 as of December 31, 2015 and 2014,
respectively.
|
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