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 (Do not check if a smaller reporting company) | Smaller reporting company o | |
Emerging growth company o | ||
CBL & Associates Limited Partnership | ||
Large accelerated filer o | Accelerated filer o | |
Non-accelerated filer x (Do not check if a smaller reporting company) | Smaller reporting company o | |
Emerging growth 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; |
• |
• | controls and procedures in Item 4 of Part I of this report; |
• | information concerning unregistered sales of equity securities and use of proceeds in Item 2 of Part II of this report; 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 (1) | June 30, 2018 | December 31, 2017 | |||||
Real estate assets: | |||||||
Land | $ | 797,045 | $ | 813,390 | |||
Buildings and improvements | 6,590,133 | 6,723,194 | |||||
7,387,178 | 7,536,584 | ||||||
Accumulated depreciation | (2,501,864 | ) | (2,465,095 | ) | |||
4,885,314 | 5,071,489 | ||||||
Held for sale | 17,412 | — | |||||
Developments in progress | 114,398 | 85,346 | |||||
Net investment in real estate assets | 5,017,124 | 5,156,835 | |||||
Cash and cash equivalents | 23,428 | 32,627 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $2,097 and $2,011 in 2018 and 2017, respectively | 76,367 | 83,552 | |||||
Other, net of allowance for doubtful accounts of $838 in 2018 and 2017 | 6,056 | 7,570 | |||||
Mortgage and other notes receivable | 8,429 | 8,945 | |||||
Investments in unconsolidated affiliates | 278,167 | 249,192 | |||||
Intangible lease assets and other assets | 172,438 | 166,087 | |||||
$ | 5,582,009 | $ | 5,704,808 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness, net | $ | 4,172,353 | $ | 4,230,845 | |||
Accounts payable and accrued liabilities | 224,509 | 228,650 | |||||
Total liabilities (1) | 4,396,862 | 4,459,495 | |||||
Commitments and contingencies (Note 7 and Note 11) | |||||||
Redeemable noncontrolling interests | 8,694 | 8,835 | |||||
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, 172,661,708 and 171,088,778 issued and outstanding in 2018 and 2017, respectively | 1,727 | 1,711 | |||||
Additional paid-in capital | 1,966,491 | 1,974,537 | |||||
Dividends in excess of cumulative earnings | (880,292 | ) | (836,269 | ) | |||
Total shareholders' equity | 1,087,951 | 1,140,004 | |||||
Noncontrolling interests | 88,502 | 96,474 | |||||
Total equity | 1,176,453 | 1,236,478 | |||||
$ | 5,582,009 | $ | 5,704,808 |
(1) | As of June 30, 2018, includes $638,301 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $351,039 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 6. |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 148,488 | $ | 157,609 | $ | 298,849 | $ | 317,359 | |||||||
Percentage rents | 2,138 | 1,738 | 4,181 | 4,127 | |||||||||||
Other rents | 2,496 | 3,729 | 4,551 | 7,381 | |||||||||||
Tenant reimbursements | 56,614 | 62,231 | 117,227 | 129,522 | |||||||||||
Management, development and leasing fees | 2,643 | 2,577 | 5,364 | 6,029 | |||||||||||
Other | 2,219 | 1,349 | 4,626 | 2,828 | |||||||||||
Total revenues | 214,598 | 229,233 | 434,798 | 467,246 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 29,527 | 30,041 | 62,353 | 64,955 | |||||||||||
Depreciation and amortization | 73,566 | 82,509 | 145,316 | 153,729 | |||||||||||
Real estate taxes | 20,456 | 18,687 | 42,304 | 40,770 | |||||||||||
Maintenance and repairs | 12,059 | 11,716 | 25,238 | 25,068 | |||||||||||
General and administrative | 13,490 | 15,752 | 31,794 | 31,834 | |||||||||||
Loss on impairment | 51,983 | 43,203 | 70,044 | 46,466 | |||||||||||
Other | 245 | 5,019 | 339 | 5,019 | |||||||||||
Total operating expenses | 201,326 | 206,927 | 377,388 | 367,841 | |||||||||||
Income from operations | 13,272 | 22,306 | 57,410 | 99,405 | |||||||||||
Interest and other income | 218 | 31 | 431 | 1,435 | |||||||||||
Interest expense | (54,203 | ) | (55,065 | ) | (107,970 | ) | (111,266 | ) | |||||||
Gain on extinguishment of debt | — | 20,420 | — | 24,475 | |||||||||||
Gain (loss) on investments | 387 | (5,843 | ) | 387 | (5,843 | ) | |||||||||
Income tax benefit | 2,235 | 2,920 | 2,880 | 3,720 | |||||||||||
Equity in earnings of unconsolidated affiliates | 4,368 | 6,325 | 8,107 | 11,698 | |||||||||||
Income (loss) from continuing operations before gain on sales of real estate assets | (33,723 | ) | (8,906 | ) | (38,755 | ) | 23,624 | ||||||||
Gain on sales of real estate assets | 3,747 | 79,533 | 8,118 | 85,521 | |||||||||||
Net income (loss) | (29,976 | ) | 70,627 | (30,637 | ) | 109,145 | |||||||||
Net (income) loss attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | 5,685 | (5,093 | ) | 7,350 | (8,783 | ) | |||||||||
Other consolidated subsidiaries | 494 | (24,138 | ) | 393 | (24,851 | ) | |||||||||
Net income (loss) attributable to the Company | (23,797 | ) | 41,396 | (22,894 | ) | 75,511 | |||||||||
Preferred dividends | (11,223 | ) | (11,223 | ) | (22,446 | ) | (22,446 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | (35,020 | ) | $ | 30,173 | $ | (45,340 | ) | $ | 53,065 | |||||
Basic and diluted per share data attributable to common shareholders: | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | (0.20 | ) | $ | 0.18 | $ | (0.26 | ) | $ | 0.31 | |||||
Weighted-average common and potential dilutive common shares outstanding | 172,662 | 171,095 | 172,304 | 171,042 | |||||||||||
Dividends declared per common share | $ | 0.200 | $ | 0.265 | $ | 0.400 | $ | 0.530 |
Equity | |||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||
Balance, January 1, 2017 | $ | 17,996 | $ | 25 | $ | 1,708 | $ | 1,969,059 | $ | (742,078 | ) | $ | 1,228,714 | $ | 112,138 | $ | 1,340,852 | ||||||||||||||
Net income | 485 | — | — | — | 75,511 | 75,511 | 33,149 | 108,660 | |||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | (90,680 | ) | (90,680 | ) | — | (90,680 | ) | ||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | (22,446 | ) | (22,446 | ) | — | (22,446 | ) | ||||||||||||||||||||
Issuances of 336,475 shares of common stock and restricted common stock | — | — | 3 | 423 | — | 426 | — | 426 | |||||||||||||||||||||||
Cancellation of 34,478 shares of restricted common stock | — | — | — | (304 | ) | — | (304 | ) | — | (304 | ) | ||||||||||||||||||||
Performance stock units | — | — | — | 729 | — | 729 | — | 729 | |||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 2,275 | — | 2,275 | — | 2,275 | |||||||||||||||||||||||
Redemption of Operating Partnership common units | — | — | — | — | — | — | (530 | ) | (530 | ) | |||||||||||||||||||||
Adjustment for noncontrolling interests | 1,483 | — | — | (3,821 | ) | — | (3,821 | ) | 2,338 | (1,483 | ) | ||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (4,286 | ) | — | — | 3,709 | — | 3,709 | 577 | 4,286 | ||||||||||||||||||||||
Deconsolidation of investment | — | — | — | — | — | — | (2,232 | ) | (2,232 | ) | |||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 263 | 263 | |||||||||||||||||||||||
Distributions to noncontrolling interests | (2,286 | ) | — | — | — | — | — | (38,857 | ) | (38,857 | ) | ||||||||||||||||||||
Balance, June 30, 2017 | $ | 13,392 | $ | 25 | $ | 1,711 | $ | 1,972,070 | $ | (779,693 | ) | $ | 1,194,113 | $ | 106,846 | $ | 1,300,959 |
Equity | |||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||
Balance, January 1, 2018 | $ | 8,835 | $ | 25 | $ | 1,711 | $ | 1,974,537 | $ | (836,269 | ) | $ | 1,140,004 | $ | 96,474 | $ | 1,236,478 | ||||||||||||||
Net loss | (418 | ) | — | — | — | (22,894 | ) | (22,894 | ) | (7,325 | ) | (30,219 | ) | ||||||||||||||||||
Cumulative effect of accounting change (Note 2) | — | — | — | — | 11,433 | 11,433 | — | 11,433 | |||||||||||||||||||||||
Cumulative effect of accounting change (Note 3) | — | — | — | — | 58,947 | 58,947 | — | 58,947 | |||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | (69,063 | ) | (69,063 | ) | — | (69,063 | ) | ||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | (22,446 | ) | (22,446 | ) | — | (22,446 | ) | ||||||||||||||||||||
Issuances of 709,113 shares of common stock and restricted common stock | — | — | 7 | 771 | — | 778 | — | 778 | |||||||||||||||||||||||
Conversion of 915,338 Operating Partnership common units into shares of common stock | — | — | 9 | 3,050 | — | 3,059 | (3,059 | ) | — | ||||||||||||||||||||||
Redemptions of Operating Partnership common units | — | — | — | — | — | — | (2,246 | ) | (2,246 | ) | |||||||||||||||||||||
Cancellation of 51,521 shares of restricted common stock | — | — | — | (236 | ) | — | (236 | ) | — | (236 | ) | ||||||||||||||||||||
Performance stock units | — | — | — | 694 | — | 694 | — | 694 | |||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 2,010 | — | 2,010 | — | 2,010 | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 2,228 | — | — | (14,037 | ) | — | (14,037 | ) | 11,807 | (2,230 | ) | ||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 335 | — | — | (298 | ) | — | (298 | ) | (35 | ) | (333 | ) | |||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 7,859 | 7,859 | |||||||||||||||||||||||
Distributions to noncontrolling interests | (2,286 | ) | — | — | — | — | — | (14,973 | ) | (14,973 | ) | ||||||||||||||||||||
Balance, June 30, 2018 | $ | 8,694 | $ | 25 | $ | 1,727 | $ | 1,966,491 | $ | (880,292 | ) | $ | 1,087,951 | $ | 88,502 | $ | 1,176,453 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ | (30,637 | ) | $ | 109,145 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 145,316 | 153,729 | |||||
Net amortization of deferred financing costs, debt premiums and discounts | 3,593 | 2,126 | |||||
Net amortization of intangible lease assets and liabilities | (1,436 | ) | (883 | ) | |||
Gain on sales of real estate assets | (8,118 | ) | (85,521 | ) | |||
(Gain) loss on investment | (387 | ) | 5,843 | ||||
Write-off of development projects | 339 | 5,019 | |||||
Share-based compensation expense | 3,398 | 3,324 | |||||
Loss on impairment | 70,044 | 46,466 | |||||
Gain on extinguishment of debt | — | (24,475 | ) | ||||
Equity in earnings of unconsolidated affiliates | (8,107 | ) | (11,698 | ) | |||
Distributions of earnings from unconsolidated affiliates | 9,669 | 9,640 | |||||
Provision for doubtful accounts | 2,786 | 2,374 | |||||
Change in deferred tax accounts | (1,993 | ) | 3,750 | ||||
Changes in: | |||||||
Tenant and other receivables | 6,173 | (3,098 | ) | ||||
Other assets | (1,269 | ) | (6,638 | ) | |||
Accounts payable and accrued liabilities | (9,489 | ) | (3,776 | ) | |||
Net cash provided by operating activities | 179,882 | 205,327 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (65,988 | ) | (93,535 | ) | |||
Acquisitions of real estate assets | (2,051 | ) | (79,799 | ) | |||
Proceeds from sales of real estate assets | 19,556 | 194,632 | |||||
Payments received on mortgage and other notes receivable | 516 | 1,190 | |||||
Additional investments in and advances to unconsolidated affiliates | (1,529 | ) | (4,853 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 31,537 | 11,573 | |||||
Changes in other assets | (4,878 | ) | (11,203 | ) | |||
Net cash provided by (used in) investing activities | (22,837 | ) | 18,005 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 202,160 | $ | 494,103 | |||
Principal payments on mortgage and other indebtedness | (263,486 | ) | (541,729 | ) | |||
Additions to deferred financing costs | (98 | ) | (872 | ) | |||
Prepayment fees on extinguishment of debt | — | (8,500 | ) | ||||
Proceeds from issuances of common stock | 78 | 102 | |||||
Purchases of noncontrolling interests in the Operating Partnership | (2,246 | ) | (530 | ) | |||
Contributions from noncontrolling interests | 7,859 | 263 | |||||
Payment of tax withholdings for restricted stock awards | (232 | ) | (298 | ) | |||
Distributions to noncontrolling interests | (17,547 | ) | (41,162 | ) | |||
Dividends paid to holders of preferred stock | (22,446 | ) | (22,446 | ) | |||
Dividends paid to common shareholders | (68,748 | ) | (90,600 | ) | |||
Net cash used in financing activities | (164,706 | ) | (211,669 | ) | |||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (7,661 | ) | 11,663 | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 68,172 | 65,069 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 60,511 | $ | 76,732 | |||
Reconciliation from condensed consolidated statements of cash flows to condensed consolidated balance sheets: | |||||||
Cash and cash equivalents | $ | 23,428 | $ | 29,622 | |||
Restricted cash (1): | |||||||
Restricted cash | 5,829 | 2,012 | |||||
Mortgage escrows | 31,254 | 45,098 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 60,511 | $ | 76,732 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest, net of amounts capitalized | $ | 100,185 | $ | 116,349 |
(1) | Included in intangible lease assets and other assets in the condensed consolidated balance sheets. |
ASSETS (1) | June 30, 2018 | December 31, 2017 | |||||
Real estate assets: | |||||||
Land | $ | 797,045 | $ | 813,390 | |||
Buildings and improvements | 6,590,133 | 6,723,194 | |||||
7,387,178 | 7,536,584 | ||||||
Accumulated depreciation | (2,501,864 | ) | (2,465,095 | ) | |||
4,885,314 | 5,071,489 | ||||||
Held for sale | 17,412 | — | |||||
Developments in progress | 114,398 | 85,346 | |||||
Net investment in real estate assets | 5,017,124 | 5,156,835 | |||||
Cash and cash equivalents | 23,427 | 32,627 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $2,097 and $2,011 in 2018 and 2017, respectively | 76,367 | 83,552 | |||||
Other, net of allowance for doubtful accounts of $838 in 2018 and 2017 | 6,007 | 7,520 | |||||
Mortgage and other notes receivable | 8,429 | 8,945 | |||||
Investments in unconsolidated affiliates | 278,704 | 249,722 | |||||
Intangible lease assets and other assets | 172,319 | 165,967 | |||||
$ | 5,582,377 | $ | 5,705,168 | ||||
LIABILITIES, REDEEMABLE INTERESTS AND CAPITAL | |||||||
Mortgage and other indebtedness, net | $ | 4,172,353 | $ | 4,230,845 | |||
Accounts payable and accrued liabilities | 224,581 | 228,720 | |||||
Total liabilities (1) | 4,396,934 | 4,459,565 | |||||
Redeemable common units | 8,694 | 8,835 | |||||
Partners' capital: | |||||||
Preferred units | 565,212 | 565,212 | |||||
Common units: | |||||||
General partner | 6,074 | 6,735 | |||||
Limited partners | 591,202 | 655,120 | |||||
Total partners' capital | 1,162,488 | 1,227,067 | |||||
Noncontrolling interests | 14,261 | 9,701 | |||||
Total capital | 1,176,749 | 1,236,768 | |||||
$ | 5,582,377 | $ | 5,705,168 |
(1) | As of June 30, 2018, includes $638,301 of assets related to consolidated variable interest entities that can only be used to settle obligations of the consolidated variable interest entities and $351,039 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Operating Partnership. See Note 6. |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Operations (In thousands, except per unit data) (Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 148,488 | $ | 157,609 | $ | 298,849 | $ | 317,359 | |||||||
Percentage rents | 2,138 | 1,738 | 4,181 | 4,127 | |||||||||||
Other rents | 2,496 | 3,729 | 4,551 | 7,381 | |||||||||||
Tenant reimbursements | 56,614 | 62,231 | 117,227 | 129,522 | |||||||||||
Management, development and leasing fees | 2,643 | 2,577 | 5,364 | 6,029 | |||||||||||
Other | 2,219 | 1,349 | 4,626 | 2,828 | |||||||||||
Total revenues | 214,598 | 229,233 | 434,798 | 467,246 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 29,527 | 30,041 | 62,353 | 64,955 | |||||||||||
Depreciation and amortization | 73,566 | 82,509 | 145,316 | 153,729 | |||||||||||
Real estate taxes | 20,456 | 18,687 | 42,304 | 40,770 | |||||||||||
Maintenance and repairs | 12,059 | 11,716 | 25,238 | 25,068 | |||||||||||
General and administrative | 13,490 | 15,752 | 31,794 | 31,834 | |||||||||||
Loss on impairment | 51,983 | 43,203 | 70,044 | 46,466 | |||||||||||
Other | 245 | 5,019 | 339 | 5,019 | |||||||||||
Total operating expenses | 201,326 | 206,927 | 377,388 | 367,841 | |||||||||||
Income from operations | 13,272 | 22,306 | 57,410 | 99,405 | |||||||||||
Interest and other income | 218 | 31 | 431 | 1,435 | |||||||||||
Interest expense | (54,203 | ) | (55,065 | ) | (107,970 | ) | (111,266 | ) | |||||||
Gain on extinguishment of debt | — | 20,420 | — | 24,475 | |||||||||||
Gain (loss) on investments | 387 | (5,843 | ) | 387 | (5,843 | ) | |||||||||
Income tax benefit | 2,235 | 2,920 | 2,880 | 3,720 | |||||||||||
Equity in earnings of unconsolidated affiliates | 4,368 | 6,325 | 8,107 | 11,698 | |||||||||||
Income (loss) from continuing operations before gain on sales of real estate assets | (33,723 | ) | (8,906 | ) | (38,755 | ) | 23,624 | ||||||||
Gain on sales of real estate assets | 3,747 | 79,533 | 8,118 | 85,521 | |||||||||||
Net income (loss) | (29,976 | ) | 70,627 | (30,637 | ) | 109,145 | |||||||||
Net (income) loss attributable to noncontrolling interests | 494 | (24,138 | ) | 393 | (24,851 | ) | |||||||||
Net income (loss) attributable to the Operating Partnership | (29,482 | ) | 46,489 | (30,244 | ) | 84,294 | |||||||||
Distributions to preferred unitholders | (11,223 | ) | (11,223 | ) | (22,446 | ) | (22,446 | ) | |||||||
Net income (loss) attributable to common unitholders | $ | (40,705 | ) | $ | 35,266 | $ | (52,690 | ) | $ | 61,848 | |||||
Basic and diluted per unit data attributable to common unitholders: | |||||||||||||||
Net income (loss) attributable to common unitholders | $ | (0.20 | ) | $ | 0.18 | $ | (0.26 | ) | $ | 0.31 | |||||
Weighted-average common and potential dilutive common units outstanding | 199,767 | 199,371 | 199,731 | 199,326 | |||||||||||
Distributions declared per common unit | $ | 0.209 | $ | 0.273 | $ | 0.418 | $ | 0.546 |
Number of | Common Units | |||||||||||||||||||||||||||||||||
Redeemable Common Units | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Total Partners' Capital | Noncontrolling Interests | Total Capital | ||||||||||||||||||||||||||
Balance, January 1, 2017 | $ | 17,996 | 25,050 | 199,085 | $ | 565,212 | $ | 7,781 | $ | 756,083 | $ | 1,329,076 | $ | 12,103 | $ | 1,341,179 | ||||||||||||||||||
Net income | 485 | — | — | 22,446 | 631 | 60,732 | 83,809 | 24,851 | 108,660 | |||||||||||||||||||||||||
Distributions declared - common units | (2,286 | ) | — | — | — | (1,066 | ) | (105,423 | ) | (106,489 | ) | — | (106,489 | ) | ||||||||||||||||||||
Distributions declared - preferred units | — | — | — | (22,446 | ) | — | — | (22,446 | ) | — | (22,446 | ) | ||||||||||||||||||||||
Issuances of common units | — | — | 336 | — | — | 426 | 426 | — | 426 | |||||||||||||||||||||||||
Redemption of common units | — | — | — | — | — | (530 | ) | (530 | ) | — | (530 | ) | ||||||||||||||||||||||
Cancellation of restricted common stock | — | — | (35 | ) | — | — | (304 | ) | (304 | ) | — | (304 | ) | |||||||||||||||||||||
Performance stock units | — | — | — | — | 7 | 722 | 729 | — | 729 | |||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | 23 | 2,252 | 2,275 | — | 2,275 | |||||||||||||||||||||||||
Allocation of partners' capital | 1,483 | — | — | — | (52 | ) | (1,457 | ) | (1,509 | ) | — | (1,509 | ) | |||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | (4,286 | ) | — | — | — | 44 | 4,242 | 4,286 | — | 4,286 | ||||||||||||||||||||||||
Deconsolidation of investment | — | — | — | — | — | — | — | (2,232 | ) | (2,232 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 263 | 263 | |||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (23,048 | ) | (23,048 | ) | |||||||||||||||||||||||
Balance, June 30, 2017 | $ | 13,392 | 25,050 | 199,386 | $ | 565,212 | $ | 7,368 | $ | 716,743 | $ | 1,289,323 | $ | 11,937 | $ | 1,301,260 |
Number of | Common Units | ||||||||||||||||||||||||||||||||
Redeemable Common Units | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Total Partners' Capital | Noncontrolling Interests | Total Capital | |||||||||||||||||||||||||
Balance, January 1, 2018 | $ | 8,835 | 25,050 | 199,297 | $ | 565,212 | $ | 6,735 | $ | 655,120 | $ | 1,227,067 | $ | 9,701 | $ | 1,236,768 | |||||||||||||||||
Net income (loss) | (418 | ) | — | — | 22,446 | (537 | ) | (51,735 | ) | (29,826 | ) | (393 | ) | (30,219 | ) | ||||||||||||||||||
Cumulative effect of accounting change (Note 2) | — | — | — | — | 117 | 11,316 | 11,433 | — | 11,433 | ||||||||||||||||||||||||
Cumulative effect of accounting change (Note 3) | — | — | — | — | 605 | 58,342 | 58,947 | — | 58,947 | ||||||||||||||||||||||||
Distributions declared - common units | (2,286 | ) | — | — | — | (805 | ) | (80,325 | ) | (81,130 | ) | — | (81,130 | ) | |||||||||||||||||||
Distributions declared - preferred units | — | — | — | (22,446 | ) | — | — | (22,446 | ) | — | (22,446 | ) | |||||||||||||||||||||
Issuances of common units | — | — | 709 | — | — | 778 | 778 | — | 778 | ||||||||||||||||||||||||
Redemptions of common units | — | — | (527 | ) | — | — | (2,246 | ) | (2,246 | ) | — | (2,246 | ) | ||||||||||||||||||||
Cancellation of restricted common stock | — | — | (51 | ) | — | — | (236 | ) | (236 | ) | — | (236 | ) | ||||||||||||||||||||
Performance stock units | — | — | — | — | 7 | 687 | 694 | — | 694 | ||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | 21 | 1,989 | 2,010 | — | 2,010 | ||||||||||||||||||||||||
Allocation of partners' capital | 2,228 | — | — | — | (66 | ) | (2,158 | ) | (2,224 | ) | — | (2,224 | ) | ||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | 335 | — | — | — | (3 | ) | (330 | ) | (333 | ) | — | (333 | ) | ||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 7,859 | 7,859 | ||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (2,906 | ) | (2,906 | ) | ||||||||||||||||||||||
Balance, June 30, 2018 | $ | 8,694 | 25,050 | 199,428 | $ | 565,212 | $ | 6,074 | $ | 591,202 | $ | 1,162,488 | $ | 14,261 | $ | 1,176,749 |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ | (30,637 | ) | $ | 109,145 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 145,316 | 153,729 | |||||
Net amortization of deferred financing costs, debt premiums and discounts | 3,593 | 2,126 | |||||
Net amortization of intangible lease assets and liabilities | (1,436 | ) | (883 | ) | |||
Gain on sales of real estate assets | (8,118 | ) | (85,521 | ) | |||
(Gain) loss on investment | (387 | ) | 5,843 | ||||
Write-off of development projects | 339 | 5,019 | |||||
Share-based compensation expense | 3,398 | 3,324 | |||||
Loss on impairment | 70,044 | 46,466 | |||||
Gain on extinguishment of debt | — | (24,475 | ) | ||||
Equity in earnings of unconsolidated affiliates | (8,107 | ) | (11,698 | ) | |||
Distributions of earnings from unconsolidated affiliates | 9,663 | 9,641 | |||||
Provision for doubtful accounts | 2,786 | 2,374 | |||||
Change in deferred tax accounts | (1,993 | ) | 3,750 | ||||
Changes in: | |||||||
Tenant and other receivables | 6,173 | (3,098 | ) | ||||
Other assets | (1,270 | ) | (6,638 | ) | |||
Accounts payable and accrued liabilities | (9,483 | ) | (3,769 | ) | |||
Net cash provided by operating activities | 179,881 | 205,335 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (65,988 | ) | (93,535 | ) | |||
Acquisition of real estate assets | (2,051 | ) | (79,799 | ) | |||
Proceeds from sales of real estate assets | 19,556 | 194,632 | |||||
Payments received on mortgage and other notes receivable | 516 | 1,190 | |||||
Additional investments in and advances to unconsolidated affiliates | (1,529 | ) | (4,853 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 31,537 | 11,573 | |||||
Changes in other assets | (4,878 | ) | (11,203 | ) | |||
Net cash provided by (used in) investing activities | (22,837 | ) | 18,005 |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 202,160 | $ | 494,103 | |||
Principal payments on mortgage and other indebtedness | (263,486 | ) | (541,729 | ) | |||
Additions to deferred financing costs | (98 | ) | (872 | ) | |||
Prepayment fees on extinguishment of debt | — | (8,500 | ) | ||||
Proceeds from issuances of common units | 78 | 102 | |||||
Redemptions of common units | (2,246 | ) | (530 | ) | |||
Contributions from noncontrolling interests | 7,859 | 263 | |||||
Payment of tax withholdings for restricted stock awards | (232 | ) | (298 | ) | |||
Distributions to noncontrolling interests | (5,193 | ) | (25,333 | ) | |||
Distributions to preferred unitholders | (22,446 | ) | (22,446 | ) | |||
Distributions to common unitholders | (81,102 | ) | (106,429 | ) | |||
Net cash used in financing activities | (164,706 | ) | (211,669 | ) | |||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (7,662 | ) | 11,671 | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 68,172 | 65,061 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 60,510 | $ | 76,732 | |||
Reconciliation from condensed consolidated statements of cash flows to condensed consolidated balance sheets: | |||||||
Cash and cash equivalents | $ | 23,427 | $ | 29,622 | |||
Restricted cash (1): | |||||||
Restricted cash |