CBL & Associates Properties, Inc. (NYSE:CBL):
- Full-year 2012 FFO per share guidance
increased.
- FFO per diluted share increased 6.0% to
$0.53 for the second quarter 2012, compared with the prior-year
period.
- Same-store sales increased 4.0% to $341
per square foot for mall tenants 10,000 square feet or less for
stabilized malls for the rolling twelve months ended June 30,
2012.
- Portfolio occupancy at June 30, 2012,
increased 170 basis points to 92.3%, from the prior-year
period.
- Same-center NOI, excluding lease
termination fees, increased 2.7% in the second quarter 2012, over
the prior-year period.
- Average gross rent for stabilized mall
leases signed in the second quarter 2012 increased 10.2% over the
prior gross rent per square foot.
CBL & Associates Properties, Inc. (NYSE:CBL) announced
results for the second quarter ended June 30, 2012. 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
June 30,
Six Months Ended
June 30,
2012 2011
2012
2011(1)
Funds from Operations (“FFO”) per diluted share
$
0.53 $ 0.50
$ 1.02 $ 0.97
(1) FFO for the six months ended June 30,
2011 excludes the gain on extinguishment of debt of $0.17 per share
recorded in the first quarter 2011.
“This was a strong quarter for CBL in all respects, and we
exceeded expectations in all of our primary metrics,” said Stephen
Lebovitz, CBL’s president and chief executive officer. “Occupancy
improved year-over-year and, sequentially, rental spreads were up
nicely on both new and renewal leasing and sales in the mall
portfolio continued their positive trend. We enter the second half
of the year with a more positive outlook. The NOI and FFO growth we
generated in the quarter has enabled us to raise our full year 2012
guidance, while the significant refinancing activity has addressed
almost all of our 2012 maturities and provided significant excess
loan proceeds.
“We successfully sourced attractive growth opportunities in the
quarter that complement our outlet center development program. The
acquisition of Dakota Square Mall and the long-term contract to
manage six malls for Starwood will enable us to leverage our
leasing and management capabilities. With nearly full availability
on our credit facilities and potential non-core disposition
activity planned, we are well-positioned to pursue additional
growth opportunities and fund capital needs for the foreseeable
future.”
FFO allocable to common shareholders for the second quarter of
2012 was $79,950,000, or $0.53 per diluted share, compared with
$73,763,000, or $0.50 per diluted share, for the second quarter of
2011. FFO of the operating partnership for the second quarter of
2012 was $100,782,000, compared with $94,653,000, for the second
quarter 2011.
Net income attributable to common shareholders for the second
quarter of 2012 was $18,797,000, or $0.12 per diluted share,
compared with net income of $9,782,000, or $0.07 per diluted share
for the second quarter of 2011.
HIGHLIGHTS
- Portfolio same-center net operating
income (“NOI”), excluding lease termination fees, for the quarter
ended June 30, 2012, increased 2.7% compared with an increase of
1.4% for the prior-year period. Same-center NOI, excluding lease
terminations fees, for the six months ended June 30, 2012,
increased 1.7% compared with an increase of 0.9% for the prior-year
period.
- Average gross rent on stabilized mall
leases signed during the second quarter of 2012 for tenants 10,000
square feet or less increased 10.2% over the prior gross rent per
square foot.
- Same-store sales per square foot for
mall tenants 10,000 square feet or less for stabilized malls for
the rolling twelve months ended June 30, 2012, increased 4.0% to
$341 per square foot compared with $328 per square foot in the
prior year period. Same-store sales per square foot for mall
tenants 10,000 square feet or less for stabilized malls
year-to-date through June 30, 2012, increased 4.3%.
- Consolidated and unconsolidated
variable rate debt of $933,993,000, as of June 30, 2012,
represented 9.6% of the total market capitalization for the
Company, compared with 13.0% in the prior-year period, and 17.2% of
the Company's share of total consolidated and unconsolidated debt,
compared with 22.1% in the prior-year period.
PORTFOLIO OCCUPANCY
June 30, 2012 2011 Portfolio
occupancy 92.3 % 90.6 % Mall portfolio 92.4 % 90.4 % Stabilized
malls 92.3 % 90.5 % Non-stabilized malls (1) 100.0 % 85.2 %
Associated centers 93.4 % 91.2 % Community centers 91.1 % 91.9 %
(1) The Non-stabilized mall category
included The Outlet Shoppes at Oklahoma City for 2012 and Pearland
Town Center for 2011.
THIRD PARTY MANAGEMENT
During the quarter, CBL was awarded a two-year contract to
provide management services for six malls acquired by Starwood
Capital Group. CBL will provide day-to-day onsite property
management and accounting services for the six malls located in
California, Florida, Illinois, Nebraska, and Ohio. CBL will also
provide marketing, specialty retail and branding services which
includes business opportunities for cart, kiosk and temporary
in-line space as well as targeted advertising and sponsorship.
ACQUISITIONS
In May, CBL closed on the acquisition of Dakota Square Mall in
Minot, ND, from The Lightstone Group. The mall was acquired for a
total consideration of $91.475 million, including the assumption of
a $59.0 million loan that matures in November 2016 and bears a
fixed interest rate of 6.23%.
In April, CBL acquired interests in The Outlet Shoppes at El
Paso in El Paso, TX, and The Outlet Shoppes at Gettysburg in
Gettysburg, PA, from Horizon Group Properties and its affiliates.
CBL acquired a 75% interest in The Outlet Shoppes at El Paso and a
50% interest in The Outlet Shoppes at Gettysburg, for a total
investment of $108.7 million, including the assumption of $70.5
million of debt.
DISPOSITIONS
In July, CBL closed on the sale of Massard Crossing, a community
center in Fort Smith, AR. The property was sold for $7.8
million.
FINANCING ACTIVITY
Year-to-date, CBL has completed more than $456.2 million in
mortgage financings, generating excess proceeds of approximately
$140.0 million. The eight non-recourse mortgage loans were
individually secured by Arbor Place in Atlanta (Douglasville), GA;
Fashion Square in Saginaw, MI; Jefferson Mall in Louisville, KY;
Northwoods Mall in Charleston, SC; Southpark Mall in Richmond
(Colonial Heights), VA; Westgate Mall in Spartanburg, SC; York Town
Center in York, PA and CBL Centers I and II in Chattanooga, TN.
During the quarter, CBL completed an extension of its $105.0
million secured line of credit to June 2015, with one 12-month
extension available at the Company’s option. All other material
terms of the facility were unchanged.
OUTLOOK AND GUIDANCE
Based on second quarter results and today's outlook, the Company
is increasing 2012 FFO to a range of $2.00 - $2.10 per share from
the previously issued range of $1.95 - $2.03 per share. The Company
is also increasing its assumption for same-center NOI growth to a
range of 1.0% - 2.0%, excluding applicable lease termination fees,
compared with the previously issued range of 0.0% - 1.0%. The full
year guidance assumes $3.0 million to $5.0 million of outparcel
sales and a 50 - 100 basis point increase in year-end occupancy as
compared with the prior year. The guidance excludes the impact of
any future unannounced acquisitions or dispositions. The Company
expects to update its annual guidance after each quarter's
results.
Low High Expected diluted earnings per
common share $ 0.42 $ 0.52 Adjust to fully converted shares from
common shares (0.09 ) (0.11 ) Expected earnings per
diluted, fully converted common share 0.33 0.41 Add: depreciation
and amortization 1.58 1.58 Add: noncontrolling interest in earnings
of Operating Partnership 0.09 0.11
Expected FFO per diluted, fully converted common share $ 2.00
$ 2.10
INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference
call at 11:00 a.m. ET on Friday, July 27, 2012, to discuss its
second quarter results. The numbers to call for this interactive
teleconference are (800) 734-8592 or (212) 231-2900. A
seven-day replay of the conference call will be available by
dialing (402) 977-9140 and entering the passcode 21544168. 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., second
quarter earnings release and supplemental information please visit
our website at cblproperties.com or contact Investor Relations at
423-490-8312.
The Company will also provide an online web simulcast and
rebroadcast of its 2012 second quarter earnings release conference
call. The live broadcast of the quarterly conference call will be
available online at cblproperties.com on Friday, July 27, 2012,
beginning at 11:00 a.m. ET. The online replay will follow shortly
after the call and continue through August 3, 2012.
CBL is one of the largest and most active owners and developers
of malls and shopping centers in the United States. CBL owns, holds
interest in or manages 164 properties, including 95 regional
malls/open-air centers. The properties are located in 28 states and
total 93.4 million square feet including 9.4 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 www.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 operating 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. In October 2011, NAREIT
clarified that FFO should exclude the impact of losses on
impairment of depreciable properties. The Company has calculated
FFO for all periods presented in accordance with this
clarification. The Company defines FFO allocable to its common
shareholders as defined above by NAREIT less dividends on preferred
stock. The Company’s method of calculating FFO allocable to its
common shareholders may be different from methods used by other
REITs and, accordingly, may not be comparable to such other
REITs.
The Company believes that FFO provides an additional indicator
of the operating performance of its properties without giving
effect to real estate depreciation and amortization, which assumes
the value of real estate assets declines predictably over time.
Since values of well-maintained real estate assets have
historically risen with market conditions, the Company believes
that FFO enhances investors’ understanding of its operating
performance. The use of FFO as an indicator of financial
performance is influenced not only by the operations of the
Company’s properties and interest rates, but also by its capital
structure. The Company presents both FFO of its operating
partnership and FFO allocable to its common shareholders, as it
believes that both are useful performance measures. The Company
believes FFO of its operating partnership is a useful performance
measure since it conducts substantially all of its business through
its operating partnership and, therefore, it reflects the
performance of the properties in absolute terms regardless of the
ratio of ownership interests of the Company’s common shareholders
and the noncontrolling interest in the operating partnership. The
Company believes FFO allocable to its common shareholders is a
useful performance measure because it is the performance measure
that is most directly comparable to net income (loss) attributable
to its common shareholders.
In the reconciliation of net income attributable to the
Company's common shareholders to FFO allocable to its common
shareholders, located in this earnings release, the Company makes
an adjustment to add back noncontrolling interest in income (loss)
of its operating partnership in order to arrive at FFO of its
operating partnership. The Company then applies a percentage to FFO
of its operating partnership to arrive at FFO allocable to its
common shareholders. The percentage is computed by taking the
weighted average number of common shares outstanding for the period
and dividing it by the sum of the weighted average number of common
shares and the weighted average number of operating partnership
units outstanding during the period.
FFO does not represent cash flows from operations as defined by
accounting principles generally accepted in the United States, is
not necessarily indicative of cash available to fund all cash flow
needs and should not be considered as an alternative to net income
(loss) for purposes of evaluating the Company’s operating
performance or to cash flow as a measure of liquidity.
During 2011, the Company recorded a gain on extinguishment of
debt from discontinued operations. Considering the significance and
nature of this item, the Company believes that it is important to
identify the impact of the change 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 its FFO
measures excluding this item.
Same-Center Net Operating Income
NOI is a supplemental measure of the operating performance of
the Company's shopping centers. The Company defines NOI as
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. A reconciliation of
same-center NOI to net income is located at the end of this
earnings release.
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.
Additionally, there are instances when tenants terminate their
leases prior to the scheduled expiration date and pay the Company
one-time, lump-sum termination fees. These one-time lease
termination fees 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 properties. Therefore, the Company
believes that presenting same-center NOI, excluding lease
termination fees, is useful to investors.
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
June 30,
Six Months Ended
June 30,
2012 2011 2012 2011 REVENUES:
Minimum rents
$ 167,609 $ 168,288
$
328,397 $ 339,202 Percentage rents
1,756 2,062
5,222 5,802 Other rents
4,683 4,582
9,996
9,590 Tenant reimbursements
71,732 77,022
142,219
153,832 Management, development and leasing fees
1,966 1,568
4,435 2,905 Other
7,852 8,597
16,001 17,957 Total
revenues
255,598 262,119
506,270 529,288
OPERATING
EXPENSES: Property operating
36,562 35,984
74,923
76,143 Depreciation and amortization
68,126 71,839
131,283 139,538 Real estate taxes
23,756 25,124
46,602 49,450 Maintenance and repairs
13,419 14,044
26,575 30,052 General and administrative
11,993
11,241
25,793 23,041 Other
6,559
7,046
13,317 15,349 Total
operating expenses
160,415 165,278
318,493 333,573
Income
from operations 95,183 96,841
187,777 195,715
Interest and other income
1,298 612
2,373 1,157
Interest expense
(61,400 ) (70,914 )
(121,460
) (139,127 ) Gain on extinguishment of debt
- -
- 581 Gain (loss) on sales of real estate assets
2,543 (97 )
3,130 712 Equity in earnings of
unconsolidated affiliates
2,073 1,455
3,339 3,233
Income tax (provision) benefit
(267 )
4,653
(39 ) 6,423
Income from continuing operations 39,430 32,550
75,120 68,694 Operating income (loss) of discontinued
operations
(21 ) (3,156 )
(71 ) 24,594
Gain (loss) on discontinued operations
(16 )
138
895 152
Net
income 39,393 29,532
75,944 93,440 Net income
attributable to noncontrolling interests in: Operating partnership
(5,197 ) (2,752 )
(9,559 ) (13,203 )
Other consolidated subsidiaries
(4,805 )
(6,404 )
(10,945 ) (12,542 )
Net income attributable to the Company 29,391 20,376
55,440 67,695 Preferred dividends
(10,594
) (10,594 )
(21,188 )
(21,188 )
Net income attributable to common shareholders
$ 18,797 $ 9,782
$ 34,252
$ 46,507
Basic per share data
attributable to common shareholders: Income from continuing
operations, net of preferred dividends
$ 0.12 $ 0.08
$ 0.22 $ 0.18 Discontinued operations
-
(0.01 )
0.01 0.13
Net income attributable to common shareholders
$ 0.12
$ 0.07
$ 0.23 $ 0.31
Weighted average common shares outstanding
150,913 148,356
149,704 148,214
Diluted earnings per share data
attributable to common shareholders: Income from continuing
operations, net of preferred dividends
$ 0.12 $ 0.08
$ 0.22 $ 0.18 Discontinued operations
-
(0.01 )
0.01 0.13
Net income attributable to common shareholders
$ 0.12
$ 0.07
$ 0.23 $ 0.31
Weighted average common and potential
dilutive common shares outstanding
150,954 148,398
149,746 148,262
Amounts
attributable to common shareholders: Income from continuing
operations, net of preferred dividends
$ 18,826 $
12,134
$ 33,603 $ 27,233 Discontinued operations
(29 ) (2,352 )
649
19,274 Net income attributable to common shareholders
$ 18,797 $ 9,782
$ 34,252
$ 46,507
Dividends declared
per common share $ 0.22 $ 0.21
$
0.44 $ 0.42
The Company's calculation of FFO allocable to its
shareholders is as follows: (in thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2012 2011 2012 2011 Net
income attributable to common shareholders
$ 18,797 $
9,782
$ 34,252 $ 46,507 Noncontrolling interest in
income of operating partnership
5,197 2,752
9,559
13,203 Depreciation and amortization expense of: Consolidated
properties
68,126 71,839
131,283 139,538
Unconsolidated affiliates
11,008 8,597
22,119 14,112
Discontinued operations
- 272
116 640 Non-real estate
assets
(471 ) (589 )
(888 ) (1,227 )
Noncontrolling interests' share of depreciation and amortization
(1,883 ) (153 )
(2,329 ) (302 ) Loss on
impairment of real estate, net of tax benefit
- 2,256
196 5,002 Gain on depreciable property
- -
(493 ) - (Gain) loss on discontinued operations, net
of tax provision
8 (103 )
(557 ) (117 )
Funds from operations of the
operating partnership 100,782 94,653
193,258
217,356 Gain on extinguishment of debt
-
-
- (32,015 )
Funds
from operations of the operating partnership, as adjusted
$ 100,782 $ 94,653
$
193,258 $ 185,341
Funds from
operations per diluted share $ 0.53 $ 0.50
$ 1.02 $ 1.14 Gain on extinguishment of debt(1)
- -
-
(0.17 )
Funds from operations, as adjusted, per diluted
share $ 0.53 $ 0.50
$
1.02 $ 0.97
Weighted average common and potential
dilutive common shares outstanding with operating partnership units
fully converted
190,277 190,415
190,218 190,338
Reconciliation of FFO of the operating
partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership $
100,782 $ 94,653
$ 193,258 $ 217,356
Percentage allocable to common shareholders (2)
79.33
% 77.93 %
78.72 % 77.89 %
Funds from operations allocable to Company shareholders
$ 79,950 $ 73,763
$
152,133 $ 169,299
Funds from
operations of the operating partnership, as adjusted $
100,782 $ 94,653
$ 193,258 $ 185,341
Percentage allocable to common shareholders (2)
79.33
% 77.93 %
78.72 % 77.89 %
Funds from operations allocable to Company shareholders, as
adjusted $ 79,950 $ 73,763
$
152,133 $ 144,362 (1) Diluted per share
amounts presented for reconciliation purposes may differ from
actual diluted per share amounts due to rounding.
(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 9.
SUPPLEMENTAL FFO INFORMATION: Lease termination fees
$ 1,408 $ 610
$ 2,158 $ 2,239 Lease
termination fees per share
$ 0.01 $ -
$
0.01 $ 0.01 Straight-line rental income
$
1,812 $ 557
$ 2,222 $ 1,685 Straight-line
rental income per share
$ 0.01 $ -
$
0.01 $ 0.01 Gains on outparcel sales
$
2,754 $ 1,184
$ 2,853 $ 1,993 Gains on
outparcel sales per share
$ 0.01 $ 0.01
$
0.01 $ 0.01 Net amortization of acquired above- and
below-market leases
$ 638 $ 692
$ 780 $
1,206 Net amortization of acquired above- and below-market leases
per share
$ - $ -
$ - $ 0.01 Net
amortization of debt premiums (discounts)
$ 603 $ 604
$ 1,055 $ 1,357 Net amortization of debt premiums
(discounts) per share
$ - $ -
$ 0.01 $
0.01 Income tax (provision) benefit
$ (267
) $ 4,653
$ (39 ) $ 6,423 Income tax
(provision) benefit per share
$ - $ 0.02
$
- $ 0.03 Loss on impairment of real estate from
discontinued operations
$ - $ (3,950 )
$
(293 ) $ (6,696 ) Loss on impairment of real estate
from discontinued operations per share
$ - $ (0.02 )
$ - $ (0.04 ) Gain on extinguishment of debt
from discontinued operations
$ - $ -
$
- $ 31,434 Gain on extinguishment of debt from discontinued
operations per share
$ - $ -
$ - $ 0.17
Same-Center Net
Operating Income (Dollars in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2012 2011 2012 2011 Net income
attributable to the Company
$ 29,391 $ 20,376
$ 55,440 $ 67,695 Adjustments: Depreciation
and amortization
68,126 71,839
131,283 139,538
Depreciation and amortization from unconsolidated affiliates
11,008 8,597
22,119 14,112 Depreciation and
amortization from discontinued operations
- 272
116
640
Noncontrolling interests' share of
depreciation and amortization in other consolidated
subsidiaries
(1,883 ) (153 )
(2,329 ) (302 )
Interest expense
61,400 70,914
121,460 139,127
Interest expense from unconsolidated affiliates
11,093 8,658
22,296 14,460 Interest expense from discontinued operations
1 1
2 179
Noncontrolling interests' share of
interest expense in other consolidated subsidiaries
(1,002 ) (256 )
(1,462 ) (500 )
Abandoned projects expense
1 51
(123 ) 51
(Gain) loss on sales of real estate assets
(2,543 )
97
(3,130 ) (712 ) Gain on sales of real estate
assets of unconsolidated affiliates
(220 ) (1,246 )
(215 ) (1,246 ) Gain on extinguishment of debt
- -
- (581 ) Gain on extinguishment of debt from
discontinued operations
- -
- (31,434 ) Writedown of
mortgage notes receivable
- -
- 1,500 Loss on
impairment of real estate from discontinued operations
-
3,950
293 6,696 Income tax provision (benefit)
267
(4,653 )
39 (6,423 )
Net income attributable to noncontrolling
interest in earnings of operating partnership
5,197 2,752
9,559 13,203 (Gain) loss on discontinued
operations
16 (138 )
(895
) (152 ) Operating partnership's share of total NOI
180,852 181,061
354,453 355,851 General and
administrative expenses
11,993 11,241
25,793 23,041
Management fees and non-property level revenues
(6,523 ) (7,857 )
(13,285
) (10,344 ) Operating partnership's share of property
NOI
186,322 184,445
366,961 368,548 Non-comparable
NOI
(7,957 ) (11,385 )
(13,220 ) (20,775 ) Total same-center NOI
$ 178,365 $ 173,060
$
353,741 $ 347,773 Total same-center NOI
percentage change
3.1 % 1.7
% Total same-center NOI
$ 178,365 $
173,060
$ 353,741 $ 347,773 Less lease termination fees
(1,186 ) (500 )
(1,942
) (2,014 ) Total same-center NOI, excluding lease
termination fees
$ 177,179 $ 172,560
$ 351,799 $ 345,759 Malls
$ 159,328 $ 154,768
$ 315,203 $ 309,284
Associated centers
8,194 7,742
16,287 15,589
Community centers
4,991 4,749
10,123 9,909 Offices
and other
4,666 5,301
10,186 10,977 Total same-center NOI,
excluding lease termination fees
$ 177,179 $
172,560
$ 351,799 $ 345,759
Percentage Change: Malls
2.9 %
1.9 % Associated centers
5.8 %
4.5 % Community centers
5.1 %
2.2 % Offices and other
-12.0 %
-7.2 % Total same-center NOI, excluding
lease termination fees 2.7 %
1.7 %
Company's Share of Consolidated and Unconsolidated
Debt (Dollars in thousands)
As of June 30, 2012
Fixed Rate Variable Rate Total
Consolidated debt
$ 3,886,105 $ 807,103
$ 4,693,208 Noncontrolling interests' share of
consolidated debt
(69,684 ) - (69,684
) Company's share of unconsolidated affiliates' debt
673,154 126,890
800,044 Company's share of consolidated and
unconsolidated debt
$ 4,489,575 $
933,993 $ 5,423,568 Weighted
average interest rate
5.47 %
2.53 % 4.96 %
As of June 30, 2011 Fixed Rate Variable Rate
Total Consolidated debt $ 4,079,044 $ 1,115,053 $ 5,194,097
Noncontrolling interests' share of consolidated debt (15,554 ) (928
) (16,482 ) Company's share of unconsolidated affiliates' debt
395,222 150,203 545,425
Company's share of consolidated and unconsolidated debt $ 4,458,712
$ 1,264,328 $ 5,723,040 Weighted average
interest rate 5.64 % 2.59 % 4.97 %
Debt-To-Total-Market Capitalization Ratio as of June 30,
2012
(In thousands, except stock price)
Shares Outstanding
Stock Price (1)
Value Common stock and operating partnership units 190,194 $
19.54 $ 3,716,391 7.75% Series C Cumulative Redeemable Preferred
Stock 460 250.00 115,000 7.375% Series D Cumulative Redeemable
Preferred Stock 1,815 250.00 453,750 Total market
equity 4,285,141 Company's share of total debt 5,423,568
Total market capitalization $ 9,708,709
Debt-to-total-market capitalization ratio 55.9 %
(1) Stock price for common stock and
operating partnership units equals the closing price of the common
stock on June 29, 2012. 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 Six Months Ended June 30, June
30, 2012: Basic Diluted Basic
Diluted Weighted average shares - EPS
150,913
150,954 149,704 149,746 Weighted average
operating partnership units
39,323
39,323 40,472
40,472 Weighted average shares- FFO
190,236 190,277
190,176 190,218
2011: Weighted average shares - EPS 148,356 148,398 148,214
148,262 Weighted average operating partnership units 42,017
42,017 42,076 42,076
Weighted average shares- FFO 190,373
190,415 190,290 190,338
Dividend Payout Ratio Three Months Ended
Six Months Ended June 30, June 30, 2012
2011 2012 2011 Weighted average cash dividend
per share
$ 0.22896 $ 0.21913
$ 0.45792
$ 0.44947 FFO per diluted, fully converted share, as adjusted
$ 0.53 $ 0.50
$ 1.02
$ 0.97 Dividend payout ratio
43.2
% 43.8 %
44.9 % 46.3 %
Consolidated Balance Sheets (Unaudited; in thousands, except
share data)
As of June
30,
2012
December 31,
2011
ASSETS Real estate assets: Land
$ 888,084 $
851,303 Buildings and improvements
7,020,394 6,777,776
7,908,478 7,629,079 Accumulated depreciation
(1,873,310 )
(1,762,149 ) 6,035,168 5,866,930
Held for sale
- 14,033 Developments in progress
139,500 124,707
Net investment in real estate assets
6,174,668
6,005,670 Cash and cash equivalents
71,537 56,092
Receivables:
Tenant, net of allowance for doubtful
accounts of $2,051 and $1,760 in 2012 and 2011, respectively
71,520 74,160
Other, net of allowance for doubtful
accounts of $1,248 and $1,400 in 2012 and 2011, respectively
8,156 11,592 Mortgage and other notes receivable
25,442 34,239 Investments in unconsolidated affiliates
304,663 304,710 Intangible lease assets and other assets
257,625
232,965 $
6,913,611 $
6,719,428 LIABILITIES, REDEEMABLE
NONCONTROLLING INTERESTS AND EQUITY Mortgage and other
indebtedness
$ 4,693,208 $ 4,489,355 Accounts payable
and accrued liabilities
323,470
303,577 Total liabilities
5,016,678 4,792,932
Commitments and contingencies Redeemable noncontrolling
interests: Redeemable noncontrolling partnership interests
38,218 32,271 Redeemable noncontrolling preferred joint
venture interest
423,777
423,834 Total redeemable noncontrolling
interests
461,995
456,105 Shareholders' equity: Preferred stock,
$.01 par value, 15,000,000 shares authorized:
7.75% Series C Cumulative Redeemable
Preferred Stock, 460,000 shares outstanding
5 5
7.375% Series D Cumulative Redeemable
Preferred Stock, 1,815,000 shares outstanding
18 18
Common stock, $.01 par value, 350,000,000
shares authorized, 158,560,145 and 148,364,037 issued and
outstanding in 2012 and 2011, respectively
1,586 1,484 Additional paid-in capital
1,697,943
1,657,927 Accumulated other comprehensive income
4,146 3,425
Dividends in excess of cumulative earnings
(432,908 )
(399,581 ) Total shareholders' equity
1,270,790 1,263,278 Noncontrolling interests
164,148 207,113
Total equity
1,434,938
1,470,391 $
6,913,611 $
6,719,428
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