DELAWARE (CBL & ASSOCIATES PROPERTIES, INC.) | 62-1545718 | |
DELAWARE (CBL & ASSOCIATES LIMITED PARTNERSHIP) | 62-1542285 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | |||
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller Reporting Company o |
CBL & Associates Limited Partnership | |||
Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller Reporting Company o |
CBL & Associates Properties, Inc. | Yes o | No x | |
CBL & Associates Limited Partnership | Yes o | No x |
• | enhances investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business; |
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation, since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and |
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
• | condensed consolidated financial statements; |
• | certain accompanying notes to condensed consolidated financial statements, including Note 5 - Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments; Note 7 - Comprehensive Income; and Note 11 - Earnings Per Share and Earnings Per Unit; |
• | controls and procedures in Item 4 of Management's Discussion and Analysis; and |
• | certifications of the Chief Executive Officer and Chief Financial Officer included as Exhibits 31.1 through 32.4. |
PART I | FINANCIAL INFORMATION | |
CBL & Associates Properties, Inc. | ||
CBL & Associates Limited Partnership | ||
CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
ASSETS | September 30, 2013 | December 31, 2012 | |||||
Real estate assets: | |||||||
Land | $ | 882,723 | $ | 905,339 | |||
Buildings and improvements | 7,100,354 | 7,228,293 | |||||
7,983,077 | 8,133,632 | ||||||
Accumulated depreciation | (2,017,610 | ) | (1,972,031 | ) | |||
5,965,467 | 6,161,601 | ||||||
Held for sale | — | 29,425 | |||||
Developments in progress | 161,841 | 137,956 | |||||
Net investment in real estate assets | 6,127,308 | 6,328,982 | |||||
Cash and cash equivalents | 74,588 | 78,248 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $2,204 and $1,977 in 2013 and 2012, respectively | 77,914 | 78,963 | |||||
Other, net of allowance for doubtful accounts of $1,283 and $1,270 in 2013 and 2012, respectively | 20,696 | 8,467 | |||||
Mortgage and other notes receivable | 24,976 | 25,967 | |||||
Investments in unconsolidated affiliates | 279,666 | 259,810 | |||||
Intangible lease assets and other assets | 261,517 | 309,299 | |||||
$ | 6,866,665 | $ | 7,089,736 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness | $ | 4,867,717 | $ | 4,745,683 | |||
Accounts payable and accrued liabilities | 348,237 | 358,874 | |||||
Total liabilities | 5,215,954 | 5,104,557 | |||||
Commitments and contingencies (Notes 5 and 12) | |||||||
Redeemable noncontrolling interests: | |||||||
Redeemable noncontrolling partnership interests | 37,170 | 40,248 | |||||
Redeemable noncontrolling preferred joint venture interest | — | 423,834 | |||||
Total redeemable noncontrolling interests | 37,170 | 464,082 | |||||
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, 169,905,892 and 161,309,652 issued and outstanding in 2013 and 2012, respectively | 1,699 | 1,613 | |||||
Additional paid-in capital | 1,967,067 | 1,773,630 | |||||
Accumulated other comprehensive income | 6,466 | 6,986 | |||||
Dividends in excess of cumulative earnings | (526,739 | ) | (453,561 | ) | |||
Total shareholders' equity | 1,448,518 | 1,328,693 | |||||
Noncontrolling interests | 165,023 | 192,404 | |||||
Total equity | 1,613,541 | 1,521,097 | |||||
$ | 6,866,665 | $ | 7,089,736 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 167,703 | $ | 160,999 | $ | 498,632 | $ | 473,011 | |||||||
Percentage rents | 2,797 | 3,152 | 9,847 | 8,183 | |||||||||||
Other rents | 3,837 | 3,653 | 13,503 | 13,241 | |||||||||||
Tenant reimbursements | 70,576 | 70,348 | 213,524 | 206,814 | |||||||||||
Management, development and leasing fees | 3,118 | 3,139 | 9,042 | 7,574 | |||||||||||
Other | 9,518 | 7,895 | 27,067 | 23,772 | |||||||||||
Total revenues | 257,549 | 249,186 | 771,615 | 732,595 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 38,375 | 35,326 | 111,170 | 104,331 | |||||||||||
Depreciation and amortization | 68,941 | 63,994 | 206,115 | 188,606 | |||||||||||
Real estate taxes | 22,607 | 22,286 | 66,411 | 66,626 | |||||||||||
Maintenance and repairs | 13,387 | 13,218 | 40,808 | 38,057 | |||||||||||
General and administrative | 10,160 | 10,171 | 36,459 | 35,964 | |||||||||||
Loss on impairment | — | 3,912 | 21,038 | 3,912 | |||||||||||
Other | 6,371 | 5,871 | 21,217 | 19,188 | |||||||||||
Total operating expenses | 159,841 | 154,778 | 503,218 | 456,684 | |||||||||||
Income from operations | 97,708 | 94,408 | 268,397 | 275,911 | |||||||||||
Interest and other income | 8,809 | 822 | 10,197 | 3,192 | |||||||||||
Interest expense | (56,341 | ) | (61,768 | ) | (173,374 | ) | (181,593 | ) | |||||||
Gain (loss) on extinguishment of debt | — | 178 | (9,108 | ) | 178 | ||||||||||
Gain on sales of real estate assets | 58 | 1,659 | 1,058 | 1,753 | |||||||||||
Gain on investment | — | — | 2,400 | — | |||||||||||
Equity in earnings of unconsolidated affiliates | 2,270 | 2,062 | 7,618 | 5,401 | |||||||||||
Income tax provision | (271 | ) | (1,195 | ) | (854 | ) | (1,234 | ) | |||||||
Income from continuing operations | 52,233 | 36,166 | 106,334 | 103,608 | |||||||||||
Operating loss from discontinued operations | (8,346 | ) | (23,762 | ) | (5,195 | ) | (16,155 | ) | |||||||
Gain on discontinued operations | 290 | 88 | 1,162 | 983 | |||||||||||
Net income | 44,177 | 12,492 | 102,301 | 88,436 | |||||||||||
Net (income) loss attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | (4,075 | ) | 1,776 | (7,602 | ) | (7,783 | ) | ||||||||
Other consolidated subsidiaries | (5,778 | ) | (6,194 | ) | (18,338 | ) | (17,139 | ) | |||||||
Net income attributable to the Company | 34,324 | 8,074 | 76,361 | 63,514 | |||||||||||
Preferred dividends | (11,223 | ) | (10,594 | ) | (33,669 | ) | (31,782 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 23,101 | $ | (2,520 | ) | $ | 42,692 | $ | 31,732 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) (Continued) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Basic per share data attributable to common shareholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.18 | $ | 0.11 | $ | 0.28 | $ | 0.29 | |||||||
Discontinued operations | (0.04 | ) | (0.13 | ) | (0.02 | ) | (0.08 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 0.14 | $ | (0.02 | ) | $ | 0.26 | $ | 0.21 | ||||||
Weighted-average common shares outstanding | 169,906 | 158,689 | 166,048 | 152,721 | |||||||||||
Diluted per share data attributable to common shareholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.18 | $ | 0.11 | $ | 0.28 | $ | 0.29 | |||||||
Discontinued operations | (0.04 | ) | (0.13 | ) | (0.02 | ) | (0.08 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 0.14 | $ | (0.02 | ) | $ | 0.26 | $ | 0.21 | ||||||
Weighted-average common and potential dilutive common shares outstanding | 169,906 | 158,731 | 166,048 | 152,765 | |||||||||||
Amounts attributable to common shareholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 29,965 | $ | 17,233 | $ | 46,116 | $ | 43,916 | |||||||
Discontinued operations | (6,864 | ) | (19,753 | ) | (3,424 | ) | (12,184 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 23,101 | $ | (2,520 | ) | $ | 42,692 | $ | 31,732 | ||||||
Dividends declared per common share | $ | 0.23 | $ | 0.22 | $ | 0.69 | $ | 0.66 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 44,177 | $ | 12,492 | $ | 102,301 | $ | 88,436 | |||||||
Other comprehensive income: | |||||||||||||||
Unrealized holding gain (loss) on available-for-sale securities | (1,749 | ) | 522 | (2,000 | ) | 2,101 | |||||||||
Reclassification to net income of realized gain on available-for-sale securities | — | — | — | (160 | ) | ||||||||||
Unrealized loss on hedging instruments | (451 | ) | (801 | ) | (289 | ) | (2,411 | ) | |||||||
Reclassification to net income of hedging loss | 568 | 567 | 1,687 | 1,696 | |||||||||||
Total other comprehensive income (loss) | (1,632 | ) | 288 | (602 | ) | 1,226 | |||||||||
Comprehensive income | 42,545 | 12,780 | 101,699 | 89,662 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | (3,831 | ) | 1,729 | (7,520 | ) | (8,047 | ) | ||||||||
Other consolidated subsidiaries | (5,778 | ) | (6,194 | ) | (18,338 | ) | (17,139 | ) | |||||||
Comprehensive income attributable to the Company | $ | 32,936 | $ | 8,315 | $ | 75,841 | $ | 64,476 |
Equity | |||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Partnership Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, January 1, 2012 | $ | 32,271 | $ | 23 | $ | 1,484 | $ | 1,657,927 | $ | 3,425 | $ | (399,581 | ) | $ | 1,263,278 | $ | 207,113 | $ | 1,470,391 | ||||||||||||||||
Net income | 2,441 | — | — | — | — | 63,514 | 63,514 | 6,993 | 70,507 | ||||||||||||||||||||||||||
Other comprehensive income | 10 | — | — | — | 962 | — | 962 | 254 | 1,216 | ||||||||||||||||||||||||||
Costs of preferred stock offering | — | — | — | (134 | ) | — | — | (134 | ) | — | (134 | ) | |||||||||||||||||||||||
Conversion of Operating Partnership common units to shares of common stock | — | — | 103 | 48,174 | — | — | 48,277 | (48,277 | ) | — | |||||||||||||||||||||||||
Redemption of Operating Partnership common units | — | — | — | — | — | — | — | (9,836 | ) | (9,836 | ) | ||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (102,581 | ) | (102,581 | ) | — | (102,581 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (31,782 | ) | (31,782 | ) | — | (31,782 | ) | |||||||||||||||||||||||
Issuances of common stock and restricted common stock | — | — | 2 | 367 | — | — | 369 | — | 369 | ||||||||||||||||||||||||||
Cancellation of restricted common stock | — | — | — | (261 | ) | — | — | (261 | ) | — | (261 | ) | |||||||||||||||||||||||
Exercises of stock options | — | — | 2 | 4,432 | — | — | 4,434 | — | 4,434 | ||||||||||||||||||||||||||
Accrual under deferred compensation arrangements | — | — | — | 44 | — | — | 44 | — | 44 | ||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 1,957 | — | — | 1,957 | — | 1,957 | ||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 5,559 | 5,559 | ||||||||||||||||||||||||||
Distributions to noncontrolling interests | (6,221 | ) | — | — | — | — | — | — | (25,716 | ) | (25,716 | ) | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 2,379 | — | — | (5,929 | ) | — | — | (5,929 | ) | 3,550 | (2,379 | ) | |||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 10,049 | — | — | (4,256 | ) | — | — | (4,256 | ) | (5,793 | ) | (10,049 | ) | ||||||||||||||||||||||
Acquire controlling interest in shopping center properties | — | — | — | — | — | — | — | 14,498 | 14,498 | ||||||||||||||||||||||||||
Balance, September 30, 2012 | $ | 40,929 | $ | 23 | $ | 1,591 | $ | 1,702,321 | $ | 4,387 | $ | (470,430 | ) | $ | 1,237,892 | $ | 148,345 | $ | 1,386,237 |
Equity | |||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Partnership Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 40,248 | $ | 25 | $ | 1,613 | $ | 1,773,630 | $ | 6,986 | $ | (453,561 | ) | $ | 1,328,693 | $ | 192,404 | $ | 1,521,097 | ||||||||||||||||
Net income | 3,182 | — | — | — | — | 76,361 | 76,361 | 8,114 | 84,475 | ||||||||||||||||||||||||||
Other comprehensive loss | (4 | ) | — | — | — | (520 | ) | — | (520 | ) | (78 | ) | (598 | ) | |||||||||||||||||||||
Redemption of redeemable noncontrolling preferred joint venture interest | — | — | — | 10,000 | — | — | 10,000 | — | 10,000 | ||||||||||||||||||||||||||
Issuances of common stock and restricted common stock | — | — | 86 | 209,445 | — | — | 209,531 | — | 209,531 | ||||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (115,870 | ) | (115,870 | ) | — | (115,870 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (33,669 | ) | (33,669 | ) | — | (33,669 | ) | |||||||||||||||||||||||
Cancellation of restricted common stock | — | — | — | (711 | ) | — | — | (711 | ) | — | (711 | ) | |||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 2,287 | — | — | 2,287 | — | 2,287 | ||||||||||||||||||||||||||
Distributions to noncontrolling interests | (4,980 | ) | — | — | — | — | — | — | (22,889 | ) | (22,889 | ) | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 3,803 | — | — | (32,135 | ) | — | — | (32,135 | ) | 28,388 | (3,747 | ) | |||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (5,079 | ) | — | — | 4,551 | — | — | 4,551 | 528 | 5,079 | |||||||||||||||||||||||||
Acquire controlling interest in shopping center property | — | — | — | — | — | — | — | (41,444 | ) | (41,444 | ) | ||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 37,170 | $ | 25 | $ | 1,699 | $ | 1,967,067 | $ | 6,466 | $ | (526,739 | ) | $ | 1,448,518 | $ | 165,023 | $ | 1,613,541 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2013 | 2012 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 102,301 | $ | 88,436 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 212,752 | 198,700 | |||||
Net amortization of deferred finance costs and debt premiums | 3,651 | 5,563 | |||||
Net amortization of intangible lease assets and liabilities | (111 | ) | (551 | ) | |||
Gain on sales of real estate assets | (1,058 | ) | (4,789 | ) | |||
Gain on investment | (2,400 | ) | — | ||||
Gain on sale of discontinued operations | (1,162 | ) | (983 | ) | |||
Write-off of development projects | 141 | (115 | ) | ||||
Share-based compensation expense | 2,308 | 2,211 | |||||
Net realized gain on sale of available-for-sale securities | — | (160 | ) | ||||
Loss on impairment | 21,038 | 3,912 | |||||
Loss on impairment from discontinued operations | 5,234 | 26,501 | |||||
Gain (loss) on extinguishment of debt | 9,108 | (178 | ) | ||||
Equity in earnings of unconsolidated affiliates | (7,618 | ) | (5,401 | ) | |||
Distributions of earnings from unconsolidated affiliates | 11,225 | 11,724 | |||||
Provision for doubtful accounts | 1,459 | 1,310 | |||||
Change in deferred tax accounts | 1,666 | 3,681 | |||||
Changes in: | |||||||
Tenant and other receivables | (7,430 | ) | (7,374 | ) | |||
Other assets | 754 | (3,152 | ) | ||||
Accounts payable and accrued liabilities | (15,821 | ) | 284 | ||||
Net cash provided by operating activities | 336,037 | 319,619 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (233,202 | ) | (159,414 | ) | |||
Acquisition of real estate assets | (26,444 | ) | (61,289 | ) | |||
Additions to restricted cash | (2,909 | ) | (2,595 | ) | |||
Proceeds from sales of real estate assets | 219,800 | 49,366 | |||||
Additions to mortgage and other notes receivable | (2,700 | ) | (3,584 | ) | |||
Payments received on mortgage and other notes receivable | 3,743 | 2,962 | |||||
Proceeds from sales of investments and available-for-sale securities | 15,877 | — | |||||
Additional investments in and advances to unconsolidated affiliates | (31,969 | ) | (4,994 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 8,706 | 17,620 | |||||
Changes in other assets | (14,295 | ) | (1,759 | ) | |||
Net cash used in investing activities | (63,393 | ) | (163,687 | ) |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Nine Months Ended September 30, | |||||||
2013 | 2012 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 1,696,913 | $ | 1,348,822 | |||
Principal payments on mortgage and other indebtedness | (1,568,874 | ) | (1,311,827 | ) | |||
Additions to deferred financing costs | (3,173 | ) | (2,864 | ) | |||
Prepayment fees on extinguishment of debt | (8,708 | ) | — | ||||
Proceeds from issuances of common stock | 209,510 | 128 | |||||
Costs of preferred stock offering | — | (134 | ) | ||||
Proceeds from exercises of stock options | — | 4,434 | |||||
Purchase of noncontrolling interest in the Operating Partnership | — | (9,836 | ) | ||||
Redemption of redeemable noncontrolling preferred joint venture interest | (408,577 | ) | — | ||||
Contributions from noncontrolling interests | — | 5,559 | |||||
Distributions to noncontrolling interests | (47,450 | ) | (49,437 | ) | |||
Dividends paid to holders of preferred stock | (33,669 | ) | (31,782 | ) | |||
Dividends paid to common shareholders | (112,276 | ) | (98,737 | ) | |||
Net cash used in financing activities | (276,304 | ) | (145,674 | ) | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (3,660 | ) | 10,258 | ||||
CASH AND CASH EQUIVALENTS, beginning of period | 78,248 | 56,092 | |||||
CASH AND CASH EQUIVALENTS, end of period | $ | 74,588 | $ | 66,350 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest, net of amounts capitalized | $ | 168,092 | $ | 175,610 |
ASSETS | September 30, 2013 | December 31, 2012 | |||||
Real estate assets: | |||||||
Land | $ | 882,723 | $ | 905,339 | |||
Buildings and improvements | 7,100,354 | 7,228,293 | |||||
7,983,077 | 8,133,632 | ||||||
Accumulated depreciation | (2,017,610 | ) | (1,972,031 | ) | |||
5,965,467 | 6,161,601 | ||||||
Held for sale | — | 29,425 | |||||
Developments in progress | 161,841 | 137,956 | |||||
Net investment in real estate assets | 6,127,308 | 6,328,982 | |||||
Cash and cash equivalents | 74,578 | 78,244 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $2,204 and $1,977 in 2013 and 2012, respectively | 77,914 | 78,963 | |||||
Other, net of allowance for doubtful accounts of $1,283 and $1,270 in 2013 and 2012, respectively | 20,696 | 8,467 | |||||
Mortgage and other notes receivable | 24,976 | 25,967 | |||||
Investments in unconsolidated affiliates | 280,220 | 260,363 | |||||
Intangible lease assets and other assets | 261,397 | 309,239 | |||||
$ | 6,867,089 | $ | 7,090,225 | ||||
LIABILITIES, REDEEMABLE INTERESTS AND CAPITAL | |||||||
Mortgage and other indebtedness | $ | 4,867,717 | $ | 4,745,683 | |||
Accounts payable and accrued liabilities | 348,237 | 358,800 | |||||
Total liabilities | 5,215,954 | 5,104,483 | |||||
Commitments and contingencies (Notes 5 and 12) | |||||||
Redeemable interests: | |||||||
Redeemable noncontrolling interests | 6,633 | 6,413 | |||||
Redeemable common units | 30,537 | 33,835 | |||||
Redeemable noncontrolling preferred joint venture interest | — | 423,834 | |||||
Total redeemable interests | 37,170 | 464,082 | |||||
Partners' capital: | |||||||
Preferred units | 565,212 | 565,212 | |||||
Common units: | |||||||
General partner | 10,702 | 9,904 | |||||
Limited partners | 1,010,964 | 877,363 | |||||
Accumulated other comprehensive income | 5,087 | 5,685 | |||||
Total partners' capital | 1,591,965 | 1,458,164 | |||||
Noncontrolling interests | 22,000 | 63,496 | |||||
Total capital | 1,613,965 | 1,521,660 | |||||
$ | 6,867,089 | $ | 7,090,225 |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Operations (In thousands, except per unit data) (Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 167,703 | $ | 160,999 | $ | 498,632 | $ | 473,011 | |||||||
Percentage rents | 2,797 | 3,152 | 9,847 | 8,183 | |||||||||||
Other rents | 3,837 | 3,653 | 13,503 | 13,241 | |||||||||||
Tenant reimbursements | 70,576 | 70,348 | 213,524 | 206,814 | |||||||||||
Management, development and leasing fees | 3,118 | 3,139 | 9,042 | 7,574 | |||||||||||
Other | 9,518 | 7,895 | 27,067 | 23,772 | |||||||||||
Total revenues | 257,549 | 249,186 | 771,615 | 732,595 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 38,375 | 35,326 | 111,170 | 104,331 | |||||||||||
Depreciation and amortization | 68,941 | 63,994 | 206,115 | 188,606 | |||||||||||
Real estate taxes | 22,607 | 22,286 | 66,411 | 66,626 | |||||||||||
Maintenance and repairs | 13,387 | 13,218 | 40,808 | 38,057 | |||||||||||
General and administrative | 10,160 | 10,171 | 36,459 | 35,964 | |||||||||||
Loss on impairment | — | 3,912 | 21,038 | 3,912 | |||||||||||
Other | 6,371 | 5,871 | 21,217 | 19,188 | |||||||||||
Total operating expenses | 159,841 | 154,778 | 503,218 | 456,684 | |||||||||||
Income from operations | 97,708 | 94,408 | 268,397 | 275,911 | |||||||||||
Interest and other income | 8,809 | 822 | 10,197 | 3,192 | |||||||||||
Interest expense | (56,341 | ) | (61,768 | ) | (173,374 | ) | (181,593 | ) | |||||||
Gain (loss) on extinguishment of debt | — | 178 | (9,108 | ) | 178 | ||||||||||
Gain on sales of real estate assets | 58 | 1,659 | 1,058 | 1,753 | |||||||||||
Gain on investment | — | — | 2,400 | — | |||||||||||
Equity in earnings of unconsolidated affiliates | 2,270 | 2,062 | 7,618 | 5,401 | |||||||||||
Income tax provision | (271 | ) | (1,195 | ) | (854 | ) | (1,234 | ) | |||||||
Income from continuing operations | 52,233 | 36,166 | 106,334 | 103,608 | |||||||||||
Operating loss from discontinued operations | (8,346 | ) | (23,762 | ) | (5,195 | ) | (16,155 | ) | |||||||
Gain on discontinued operations | 290 | 88 | 1,162 | 983 | |||||||||||
Net income | 44,177 | 12,492 | 102,301 | 88,436 | |||||||||||
Net income attributable to noncontrolling interests | (5,778 | ) | (6,194 | ) | (18,338 | ) | (17,139 | ) | |||||||
Net income attributable to the Operating Partnership | 38,399 | 6,298 | 83,963 | 71,297 | |||||||||||
Distributions to preferred unitholders | (11,223 | ) | (10,594 | ) | (33,669 | ) | (31,782 | ) | |||||||
Net income (loss) attributable to common unitholders | $ | 27,176 | $ | (4,296 | ) | $ | 50,294 | $ | 39,515 |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Operations (In thousands, except per unit data) (Unaudited) (Continued) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Basic per unit data attributable to common unitholders: | |||||||||||||||
Income from continuing operations, net of preferred distributions | $ | 0.17 | $ | 0.08 | $ | 0.27 | $ | 0.27 | |||||||
Discontinued operations | (0.03 | ) | (0.10 | ) | (0.01 | ) | (0.06 | ) | |||||||
Net income (loss) attributable to common unitholders | $ | 0.14 | $ | (0.02 | ) | $ | 0.26 | $ | 0.21 | ||||||
Weighted-average common units outstanding | 199,451 | 190,195 | 195,594 | 190,182 | |||||||||||
Diluted per unit data attributable to common unitholders: | |||||||||||||||
Income from continuing operations, net of preferred distributions | $ | 0.17 | $ | 0.08 | $ | 0.27 | $ | 0.27 | |||||||
Discontinued operations | (0.03 | ) | (0.10 | ) | (0.01 | ) | (0.06 | ) | |||||||
Net income (loss) attributable to common unitholders | $ | 0.14 | $ | (0.02 | ) | $ | 0.26 | $ | 0.21 | ||||||
Weighted-average common and potential dilutive common units outstanding | 199,451 | 190,236 | 195,594 | 190,226 | |||||||||||
Amounts attributable to common unitholders: | |||||||||||||||
Income from continuing operations, net of preferred distributions | $ | 34,040 | $ | 15,457 | $ | 53,718 | $ | 51,699 | |||||||
Discontinued operations | (6,864 | ) | (19,753 | ) | (3,424 | ) | (12,184 | ) | |||||||
Net income (loss) attributable to common unitholders | $ | 27,176 | $ | (4,296 | ) | $ | 50,294 | $ | 39,515 | ||||||
Distributions declared per common unit | $ | 0.23 | $ | 0.22 | $ | 0.69 | $ | 0.66 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 44,177 | $ | 12,492 | $ | 102,301 | $ | 88,436 | |||||||
Other comprehensive income: | |||||||||||||||
Unrealized holding gain (loss) on available-for-sale securities | (1,749 | ) | 522 | (2,000 | ) | 2,101 | |||||||||
Reclassification to net income of realized gain on available-for-sale securities | — | — | — | (160 | ) | ||||||||||
Unrealized loss on hedging instruments | (451 | ) | (801 | ) | (289 | ) | (2,411 | ) | |||||||
Reclassification to net income of hedging loss | 568 | 567 | 1,687 | 1,696 | |||||||||||
Total other comprehensive income (loss) | (1,632 | ) | 288 | (602 | ) | 1,226 | |||||||||
Comprehensive income | 42,545 | 12,780 | 101,699 | 89,662 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (5,778 | ) | (6,194 | ) | (18,338 | ) | (17,139 | ) | |||||||
Comprehensive income of the Operating Partnership | $ | 36,767 | $ | 6,586 | $ | 83,361 | $ | 72,523 |
Redeemable Interests | Common Units | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable Partnership Interests | Redeemable Common Units | Total Redeemable Partnership Interests | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Accumulated Other Comprehensive Income | Total Partners' Capital | Noncontrolling Interests | Total Partners' Capital and Noncontrolling Interests | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2012 | $ | 6,235 | $ | 26,036 | $ | 32,271 | 23 | 190,380 | $ | 509,719 | $ | 10,178 | $ | 944,633 | $ | 1,711 | $ | 1,466,241 | $ | 4,280 | $ | 1,470,521 | |||||||||||||||||||||||
Net income | 2,117 | 324 | 2,441 | — | — | 31,782 | 422 | 38,769 | — | 70,973 | (466 | ) | 70,507 | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | 10 | 10 | — | — | — | — | — | 1,216 | 1,216 | — | 1,216 | |||||||||||||||||||||||||||||||||
Cost of issuing preferred units | — | — | — | — | — | (134 | ) | — | — | — | (134 | ) | — | (134 | ) | ||||||||||||||||||||||||||||||
Redemption of common units | — | — | — | — | (627 | ) | — | — | (9,836 | ) | — | (9,836 | ) | — | (9,836 | ) | |||||||||||||||||||||||||||||
Distributions declared - common units | — | — | — | — | — | — | (1,771 | ) | (100,810 | ) | — | (102,581 | ) | — | (102,581 | ) | |||||||||||||||||||||||||||||
Distributions declared - preferred units | — | — | — | — | — | (31,782 | ) | — | — | — | (31,782 | ) | — | (31,782 | ) | ||||||||||||||||||||||||||||||
Issuances of common units | — | — | — | — | 219 | — | — | 369 | — | 369 | — | 369 | |||||||||||||||||||||||||||||||||
Cancellation of restricted common units | — | — | — | — | (22 | ) | — | — | (261 | ) | — | (261 | ) | — | (261 | ) | |||||||||||||||||||||||||||||
Contributions from CBL related to exercises of stock options | — | — | — | — | 244 | — | — | 4,434 | — | 4,434 | — | 4,434 | |||||||||||||||||||||||||||||||||
Accrual under deferred compensation arrangements | — | — | — | — | — | — | — | 44 | — | 44 | — | 44 | |||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | — | 21 | 1,936 | — | 1,957 | — | 1,957 | |||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | — | — | — | 5,559 | 5,559 | |||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (2,678 | ) | (3,543 | ) | (6,221 | ) | — | — | — | — | (24,638 | ) | — | (24,638 | ) | (1,078 | ) | (25,716 | ) | ||||||||||||||||||||||||||
Allocation of partners' capital | — | 2,379 | 2,379 | — | — | — | 335 | (2,714 | ) | — | (2,379 | ) | — | (2,379 | ) | ||||||||||||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | 542 | 9,507 | 10,049 |