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 | |
Emerging growth company o | ||
CBL & Associates Limited Partnership | ||
Large accelerated filer o | Accelerated filer o | |
Non-accelerated filer x | 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) | September 30, 2018 | December 31, 2017 | |||||
Real estate assets: | |||||||
Land | $ | 818,436 | $ | 813,390 | |||
Buildings and improvements | 6,544,019 | 6,723,194 | |||||
7,362,455 | 7,536,584 | ||||||
Accumulated depreciation | (2,514,904 | ) | (2,465,095 | ) | |||
4,847,551 | 5,071,489 | ||||||
Held for sale | 14,807 | — | |||||
Developments in progress | 73,530 | 85,346 | |||||
Net investment in real estate assets | 4,935,888 | 5,156,835 | |||||
Cash and cash equivalents | 20,695 | 32,627 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $2,214 and $2,011 in 2018 and 2017, respectively | 77,095 | 83,552 | |||||
Other, net of allowance for doubtful accounts of $838 in 2017 | 7,109 | 7,570 | |||||
Mortgage and other notes receivable | 8,171 | 8,945 | |||||
Investments in unconsolidated affiliates | 275,884 | 249,192 | |||||
Intangible lease assets and other assets | 166,177 | 166,087 | |||||
$ | 5,491,019 | $ | 5,704,808 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness, net | $ | 4,115,808 | $ | 4,230,845 | |||
Accounts payable and accrued liabilities | 247,490 | 228,650 | |||||
Total liabilities (1) | 4,363,298 | 4,459,495 | |||||
Commitments and contingencies (Note 7 and Note 11) | |||||||
Redeemable noncontrolling interests | 6,228 | 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, 172,663,873 and 171,088,778 issued and outstanding in 2018 and 2017, respectively | 1,727 | 1,711 | |||||
Additional paid-in capital | 1,967,882 | 1,974,537 | |||||
Dividends in excess of cumulative earnings | (927,416 | ) | (836,269 | ) | |||
Total shareholders' equity | 1,042,218 | 1,140,004 | |||||
Noncontrolling interests | 79,275 | 96,474 | |||||
Total equity | 1,121,493 | 1,236,478 | |||||
$ | 5,491,019 | $ | 5,704,808 |
(1) | As of September 30, 2018, includes $621,616 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $414,923 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 142,248 | $ | 150,836 | $ | 441,097 | $ | 468,195 | |||||||
Percentage rents | 2,429 | 3,000 | 6,610 | 7,127 | |||||||||||
Other rents | 2,347 | 3,790 | 6,898 | 11,171 | |||||||||||
Tenant reimbursements | 55,374 | 63,055 | 172,601 | 192,577 | |||||||||||
Management, development and leasing fees | 2,658 | 2,718 | 8,022 | 8,747 | |||||||||||
Other | 1,822 | 1,251 | 6,448 | 4,079 | |||||||||||
Total revenues | 206,878 | 224,650 | 641,676 | 691,896 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 30,004 | 31,295 | 92,357 | 96,250 | |||||||||||
Depreciation and amortization | 71,945 | 71,732 | 217,261 | 225,461 | |||||||||||
Real estate taxes | 19,433 | 21,573 | 61,737 | 62,343 | |||||||||||
Maintenance and repairs | 11,475 | 11,254 | 36,713 | 36,322 | |||||||||||
General and administrative | 16,051 | 13,568 | 47,845 | 45,402 | |||||||||||
Loss on impairment | 14,600 | 24,935 | 84,644 | 71,401 | |||||||||||
Other | 38 | 132 | 377 | 5,151 | |||||||||||
Total operating expenses | 163,546 | 174,489 | 540,934 | 542,330 | |||||||||||
Income from operations | 43,332 | 50,161 | 100,742 | 149,566 | |||||||||||
Interest and other income (loss) | 283 | (200 | ) | 714 | 1,235 | ||||||||||
Interest expense | (55,194 | ) | (53,913 | ) | (163,164 | ) | (165,179 | ) | |||||||
Gain on extinguishment of debt | — | 6,452 | — | 30,927 | |||||||||||
Gain (loss) on investments | — | (354 | ) | 387 | (6,197 | ) | |||||||||
Income tax benefit (provision) | (1,034 | ) | 1,064 | 1,846 | 4,784 | ||||||||||
Equity in earnings of unconsolidated affiliates | 1,762 | 4,706 | 9,869 | 16,404 | |||||||||||
Income (loss) from continuing operations before gain on sales of real estate assets | (10,851 | ) | 7,916 | (49,606 | ) | 31,540 | |||||||||
Gain on sales of real estate assets | 7,880 | 1,383 | 15,998 | 86,904 | |||||||||||
Net income (loss) | (2,971 | ) | 9,299 | (33,608 | ) | 118,444 | |||||||||
Net (income) loss attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | 1,628 | 81 | 8,978 | (8,702 | ) | ||||||||||
Other consolidated subsidiaries | (24 | ) | (415 | ) | 369 | (25,266 | ) | ||||||||
Net income (loss) attributable to the Company | (1,367 | ) | 8,965 | (24,261 | ) | 84,476 | |||||||||
Preferred dividends | (11,223 | ) | (11,223 | ) | (33,669 | ) | (33,669 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | (12,590 | ) | $ | (2,258 | ) | $ | (57,930 | ) | $ | 50,807 | ||||
Basic and diluted per share data attributable to common shareholders: | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | (0.07 | ) | $ | (0.01 | ) | $ | (0.34 | ) | $ | 0.30 | ||||
Weighted-average common and potential dilutive common shares outstanding | 172,665 | 171,096 | 172,426 | 171,060 | |||||||||||
Dividends declared per common share | $ | 0.200 | $ | 0.265 | $ | 0.600 | $ | 0.795 |
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 | 481 | — | — | — | 84,476 | 84,476 | 33,487 | 117,963 | |||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | (136,021 | ) | (136,021 | ) | — | (136,021 | ) | ||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | (33,669 | ) | (33,669 | ) | — | (33,669 | ) | ||||||||||||||||||||
Issuances of 342,008 shares of common stock and restricted common stock | — | — | 3 | 471 | — | 474 | — | 474 | |||||||||||||||||||||||
Cancellation of 37,758 shares of restricted common stock | — | — | — | (327 | ) | — | (327 | ) | — | (327 | ) | ||||||||||||||||||||
Performance stock units | — | — | — | 1,115 | — | 1,115 | — | 1,115 | |||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 3,135 | — | 3,135 | — | 3,135 | |||||||||||||||||||||||
Redemptions of Operating Partnership common units | — | — | — | — | — | — | (593 | ) | (593 | ) | |||||||||||||||||||||
Adjustment for noncontrolling interests | 2,224 | — | — | (5,635 | ) | — | (5,635 | ) | 3,413 | (2,222 | ) | ||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (4,196 | ) | — | — | 3,629 | — | 3,629 | 566 | 4,195 | ||||||||||||||||||||||
Deconsolidation of investment | — | — | — | — | — | — | (2,232 | ) | (2,232 | ) | |||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 263 | 263 | |||||||||||||||||||||||
Distributions to noncontrolling interests | (3,429 | ) | — | — | — | — | — | (48,477 | ) | (48,477 | ) | ||||||||||||||||||||
Balance, September 30, 2017 | $ | 13,076 | $ | 25 | $ | 1,711 | $ | 1,971,447 | $ | (827,292 | ) | $ | 1,145,891 | $ | 98,565 | $ | 1,244,456 |
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 | (515 | ) | — | — | — | (24,261 | ) | (24,261 | ) | (8,832 | ) | (33,093 | ) | ||||||||||||||||||
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 | — | — | — | — | (103,597 | ) | (103,597 | ) | — | (103,597 | ) | ||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | (33,669 | ) | (33,669 | ) | — | (33,669 | ) | ||||||||||||||||||||
Issuances of 716,290 shares of common stock and restricted common stock | — | — | 7 | 810 | — | 817 | — | 817 | |||||||||||||||||||||||
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 56,533 shares of restricted common stock | — | — | — | (249 | ) | — | (249 | ) | — | (249 | ) | ||||||||||||||||||||
Performance stock units | — | — | — | 993 | — | 993 | — | 993 | |||||||||||||||||||||||
Forfeiture of performance stock units | — | — | — | (250 | ) | — | (250 | ) | — | (250 | ) | ||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 2,846 | — | 2,846 | — | 2,846 | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 3,033 | — | — | (15,329 | ) | — | (15,329 | ) | 12,296 | (3,033 | ) | ||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (1,696 | ) | — | — | 1,474 | — | 1,474 | 222 | 1,696 | ||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 7,859 | 7,859 | |||||||||||||||||||||||
Distributions to noncontrolling interests | (3,429 | ) | — | — | — | — | — | (23,439 | ) | (23,439 | ) | ||||||||||||||||||||
Balance, September 30, 2018 | $ | 6,228 | $ | 25 | $ | 1,727 | $ | 1,967,882 | $ | (927,416 | ) | $ | 1,042,218 | $ | 79,275 | $ | 1,121,493 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ | (33,608 | ) | $ | 118,444 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 217,261 | 225,461 | |||||
Net amortization of deferred financing costs, debt premiums and discounts | 5,451 | 2,904 | |||||
Net amortization of intangible lease assets and liabilities | 198 | (1,235 | ) | ||||
Gain on sales of real estate assets | (15,998 | ) | (86,904 | ) | |||
(Gain) loss on investments | (387 | ) | 6,197 | ||||
Write-off of development projects | 377 | 5,151 | |||||
Share-based compensation expense | 4,310 | 4,569 | |||||
Loss on impairment | 84,644 | 71,401 | |||||
Gain on extinguishment of debt | — | (30,927 | ) | ||||
Equity in earnings of unconsolidated affiliates | (9,869 | ) | (16,404 | ) | |||
Distributions of earnings from unconsolidated affiliates | 12,574 | 16,361 | |||||
Provision for doubtful accounts | 3,273 | 3,353 | |||||
Change in deferred tax accounts | (2,706 | ) | 2,911 | ||||
Changes in: | |||||||
Tenant and other receivables | 3,493 | (4,893 | ) | ||||
Other assets | (4,640 | ) | (12,368 | ) | |||
Accounts payable and accrued liabilities | 16,034 | 32,929 | |||||
Net cash provided by operating activities | 280,407 | 336,950 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (107,981 | ) | (149,302 | ) | |||
Acquisitions of real estate assets | (3,301 | ) | (79,799 | ) | |||
Proceeds from sales of real estate assets | 70,419 | 201,291 | |||||
Proceeds from disposal of investment | — | 9,000 | |||||
Additions to mortgage and other notes receivable | — | (4,118 | ) | ||||
Payments received on mortgage and other notes receivable | 775 | 3,443 | |||||
Additional investments in and advances to unconsolidated affiliates | (2,243 | ) | (17,199 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 33,909 | 15,743 | |||||
Changes in other assets | (5,903 | ) | (14,471 | ) | |||
Net cash used in investing activities | (14,325 | ) | (35,412 | ) |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 530,679 | $ | 1,097,006 | |||
Principal payments on mortgage and other indebtedness | (649,904 | ) | (1,159,144 | ) | |||
Additions to deferred financing costs | (238 | ) | (5,003 | ) | |||
Prepayment fees on extinguishment of debt | — | (8,871 | ) | ||||
Proceeds from issuances of common stock | 117 | 150 | |||||
Purchases of noncontrolling interests in the Operating Partnership | (2,246 | ) | (593 | ) | |||
Contributions from noncontrolling interests | 7,859 | 263 | |||||
Payment of tax withholdings for restricted stock awards | (271 | ) | (322 | ) | |||
Distributions to noncontrolling interests | (27,156 | ) | (51,925 | ) | |||
Dividends paid to holders of preferred stock | (33,669 | ) | (33,669 | ) | |||
Dividends paid to common shareholders | (103,280 | ) | (135,941 | ) | |||
Net cash used in financing activities | (278,109 | ) | (298,049 | ) | |||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (12,027 | ) | 3,489 | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 68,172 | 65,069 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 56,145 | $ | 68,558 | |||
Reconciliation from condensed consolidated statements of cash flows to condensed consolidated balance sheets: | |||||||
Cash and cash equivalents | $ | 20,695 | $ | 31,351 | |||
Restricted cash (1): | |||||||
Restricted cash | 4,681 | 944 | |||||
Mortgage escrows | 30,769 | 36,263 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 56,145 | $ | 68,558 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest, net of amounts capitalized | $ | 136,301 | $ | 150,816 |
(1) | Included in intangible lease assets and other assets in the condensed consolidated balance sheets. |
ASSETS (1) | September 30, 2018 | December 31, 2017 | |||||
Real estate assets: | |||||||
Land | $ | 818,436 | $ | 813,390 | |||
Buildings and improvements | 6,544,019 | 6,723,194 | |||||
7,362,455 | 7,536,584 | ||||||
Accumulated depreciation | (2,514,904 | ) | (2,465,095 | ) | |||
4,847,551 | 5,071,489 | ||||||
Held for sale | 14,807 | — | |||||
Developments in progress | 73,530 | 85,346 | |||||
Net investment in real estate assets | 4,935,888 | 5,156,835 | |||||
Cash and cash equivalents | 20,695 | 32,627 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $2,214 and $2,011 in 2018 and 2017, respectively | 77,095 | 83,552 | |||||
Other, net of allowance for doubtful accounts of $838 in 2017 | 7,061 | 7,520 | |||||
Mortgage and other notes receivable | 8,171 | 8,945 | |||||
Investments in unconsolidated affiliates | 276,418 | 249,722 | |||||
Intangible lease assets and other assets | 166,057 | 165,967 | |||||
$ | 5,491,385 | $ | 5,705,168 | ||||
LIABILITIES, REDEEMABLE INTERESTS AND CAPITAL | |||||||
Mortgage and other indebtedness, net | $ | 4,115,808 | $ | 4,230,845 | |||
Accounts payable and accrued liabilities | 247,607 | 228,720 | |||||
Total liabilities (1) | 4,363,415 | 4,459,565 | |||||
Redeemable common units | 6,228 | 8,835 | |||||
Partners' capital: | |||||||
Preferred units | 565,212 | 565,212 | |||||
Common units: | |||||||
General partner | 5,540 | 6,735 | |||||
Limited partners | 539,191 | 655,120 | |||||
Total partners' capital | 1,109,943 | 1,227,067 | |||||
Noncontrolling interests | 11,799 | 9,701 | |||||
Total capital | 1,121,742 | 1,236,768 | |||||
$ | 5,491,385 | $ | 5,705,168 |
(1) | As of September 30, 2018, includes $621,616 of assets related to consolidated variable interest entities that can only be used to settle obligations of the consolidated variable interest entities and $414,923 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 142,248 | $ | 150,836 | $ | 441,097 | $ | 468,195 | |||||||
Percentage rents | 2,429 | 3,000 | 6,610 | 7,127 | |||||||||||
Other rents | 2,347 | 3,790 | 6,898 | 11,171 | |||||||||||
Tenant reimbursements | 55,374 | 63,055 | 172,601 | 192,577 | |||||||||||
Management, development and leasing fees | 2,658 | 2,718 | 8,022 | 8,747 | |||||||||||
Other | 1,822 | 1,251 | 6,448 | 4,079 | |||||||||||
Total revenues | 206,878 | 224,650 | 641,676 | 691,896 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 30,004 | 31,295 | 92,357 | 96,250 | |||||||||||
Depreciation and amortization | 71,945 | 71,732 | 217,261 | 225,461 | |||||||||||
Real estate taxes | 19,433 | 21,573 | 61,737 | 62,343 | |||||||||||
Maintenance and repairs | 11,475 | 11,254 | 36,713 | 36,322 | |||||||||||
General and administrative | 16,051 | 13,568 | 47,845 | 45,402 | |||||||||||
Loss on impairment | 14,600 | 24,935 | 84,644 | 71,401 | |||||||||||
Other | 38 | 132 | 377 | 5,151 | |||||||||||
Total operating expenses | 163,546 | 174,489 | 540,934 | 542,330 | |||||||||||
Income from operations | 43,332 | 50,161 | 100,742 | 149,566 | |||||||||||
Interest and other income (loss) | 283 | (200 | ) | 714 | 1,235 | ||||||||||
Interest expense | (55,194 | ) | (53,913 | ) | (163,164 | ) | (165,179 | ) | |||||||
Gain on extinguishment of debt | — | 6,452 | — | 30,927 | |||||||||||
Gain (loss) on investments | — | (354 | ) | 387 | (6,197 | ) | |||||||||
Income tax benefit (provision) | (1,034 | ) | 1,064 | 1,846 | 4,784 | ||||||||||
Equity in earnings of unconsolidated affiliates | 1,762 | 4,706 | 9,869 | 16,404 | |||||||||||
Income (loss) from continuing operations before gain on sales of real estate assets | (10,851 | ) | 7,916 | (49,606 | ) | 31,540 | |||||||||
Gain on sales of real estate assets | 7,880 | 1,383 | 15,998 | 86,904 | |||||||||||
Net income (loss) | (2,971 | ) | 9,299 | (33,608 | ) | 118,444 | |||||||||
Net (income) loss attributable to noncontrolling interests | (24 | ) | (415 | ) | 369 | (25,266 | ) | ||||||||
Net income (loss) attributable to the Operating Partnership | (2,995 | ) | 8,884 | (33,239 | ) | 93,178 | |||||||||
Distributions to preferred unitholders | (11,223 | ) | (11,223 | ) | (33,669 | ) | (33,669 | ) | |||||||
Net income (loss) attributable to common unitholders | $ | (14,218 | ) | $ | (2,339 | ) | $ | (66,908 | ) | $ | 59,509 | ||||
Basic and diluted per unit data attributable to common unitholders: | |||||||||||||||
Net income (loss) attributable to common unitholders | $ | (0.07 | ) | $ | (0.01 | ) | $ | (0.34 | ) | $ | 0.30 | ||||
Weighted-average common and potential dilutive common units outstanding | 199,432 | 199,321 | 199,630 | 199,325 | |||||||||||
Distributions declared per common unit | $ | 0.209 | $ | 0.273 | $ | 0.627 | $ | 0.819 |
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 | 481 | — | — | 33,669 | 607 | 58,421 | 92,697 | 25,266 | 117,963 | |||||||||||||||||||||||||
Distributions declared - common units | (3,429 | ) | — | — | — | (1,600 | ) | (158,124 | ) | (159,724 | ) | — | (159,724 | ) | ||||||||||||||||||||
Distributions declared - preferred units | — | — | — | (33,669 | ) | — | — | (33,669 | ) | — | (33,669 | ) | ||||||||||||||||||||||
Issuances of common units | — | — | 342 | — | — | 474 | 474 | — | 474 | |||||||||||||||||||||||||
Redemptions of common units | — | — | (73 | ) | — | — | (593 | ) | (593 | ) | — | (593 | ) | |||||||||||||||||||||
Cancellation of restricted common stock | — | — | (38 | ) | — | — | (327 | ) | (327 | ) | — | (327 | ) | |||||||||||||||||||||
Performance stock units | — | — | — | — | 11 | 1,104 | 1,115 | — | 1,115 | |||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | 32 | 3,103 | 3,135 | — | 3,135 | |||||||||||||||||||||||||
Allocation of partners' capital | 2,224 | — | — | — | (68 | ) | (2,191 | ) | (2,259 | ) | — | (2,259 | ) | |||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | (4,196 | ) | — | — | — | 43 | 4,152 | 4,195 | — | 4,195 | ||||||||||||||||||||||||
Deconsolidation of investment | — | — | — | — | — | — | — | (2,232 | ) | (2,232 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 263 | 263 | |||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (24,774 | ) | (24,774 | ) | |||||||||||||||||||||||
Balance, September 30, 2017 | $ | 13,076 | 25,050 | 199,316 | $ | 565,212 | $ | 6,806 | $ | 662,102 | $ | 1,234,120 | $ | 10,626 | $ | 1,244,746 |
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) | (515 | ) | — | — | 33,669 | (682 | ) | (65,711 | ) | (32,724 | ) | (369 | ) | (33,093 | ) | ||||||||||||||||||
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 | (3,429 | ) | — | — | — | (1,207 | ) | (120,436 | ) | (121,643 | ) | — | (121,643 | ) | |||||||||||||||||||
Distributions declared - preferred units | — | — | — | (33,669 | ) | — | — | (33,669 | ) | — | (33,669 | ) | |||||||||||||||||||||
Issuances of common units | — | — | 715 | — | — | 817 | 817 | — | 817 | ||||||||||||||||||||||||
Redemptions of common units | — | — | (527 | ) | — | — | (2,246 | ) | (2,246 | ) | — | (2,246 | ) | ||||||||||||||||||||
Cancellation of restricted common stock | — | — | (57 | ) | — | — | (249 | ) | (249 | ) | — | (249 | ) | ||||||||||||||||||||
Performance stock units | — | — | — | — | 10 | 983 | 993 | — | 993 | ||||||||||||||||||||||||
Forfeiture of performance stock units | — | — | — | — | (3 | ) | (247 | ) | (250 | ) | — | (250 | ) | ||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | 29 | 2,817 | 2,846 | — | 2,846 | ||||||||||||||||||||||||
Allocation of partners' capital | 3,033 | — | — | — | (81 | ) | (2,994 | ) | (3,075 | ) | — | (3,075 | ) | ||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | (1,696 | ) | — | — | — | 17 | 1,679 | 1,696 | — | 1,696 | |||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 7,859 | 7,859 | ||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (5,392 | ) | (5,392 | ) | ||||||||||||||||||||||
Balance, September 30, 2018 | $ | 6,228 | 25,050 | 199,428 | $ | 565,212 | $ | 5,540 | $ | 539,191 | $ | 1,109,943 | $ | 11,799 | $ | 1,121,742 |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ | (33,608 | ) | $ | 118,444 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 217,261 | 225,461 | |||||
Net amortization of deferred financing costs, debt premiums and discounts | 5,451 | 2,904 | |||||
Net amortization of intangible lease assets and liabilities | 198 | (1,235 | ) | ||||
Gain on sales of real estate assets | (15,998 | ) | (86,904 | ) | |||
(Gain ) loss on investments | (387 | ) | 6,197 | ||||
Write-off of development projects | 377 | 5,151 | |||||
Share-based compensation expense | 4,310 | 4,569 | |||||
Loss on impairment | 84,644 | 71,401 | |||||
Gain on extinguishment of debt | — | (30,927 | ) | ||||
Equity in earnings of unconsolidated affiliates | (9,869 | ) | (16,404 | ) | |||
Distributions of earnings from unconsolidated affiliates | 12,569 | 16,362 | |||||
Provision for doubtful accounts | 3,273 | 3,353 | |||||
Change in deferred tax accounts | (2,706 | ) | 2,911 | ||||
Changes in: | |||||||
Tenant and other receivables | 3,493 | (4,893 | ) | ||||
Other assets | (4,640 | ) | (12,368 | ) | |||
Accounts payable and accrued liabilities | 16,039 | 32,935 | |||||
Net cash provided by operating activities | 280,407 | 336,957 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (107,981 | ) | (149,302 | ) | |||
Acquisition of real estate assets | (3,301 | ) | (79,799 | ) | |||
Proceeds from sales of real estate assets | 70,419 | 201,291 | |||||
Proceeds from disposal of investment | — | 9,000 | |||||
Additions to mortgage and other notes receivable | — | (4,118 | ) | ||||
Payments received on mortgage and other notes receivable | 775 | 3,443 | |||||
Additional investments in and advances to unconsolidated affiliates | (2,243 | ) | (17,199 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 33,909 | 15,743 | |||||
Changes in other assets | (5,903 | ) | (14,471 | ) | |||
Net cash used in investing activities | (14,325 | ) | (35,412 | ) |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 530,679 | $ | 1,097,006 | |||
Principal payments on mortgage and other indebtedness | (649,904 | ) | (1,159,144 | ) | |||
Additions to deferred financing costs | (238 | ) | (5,003 | ) | |||
Prepayment fees on extinguishment of debt | — | (8,871 | ) | ||||
Proceeds from issuances of common units | 117 | 150 | |||||
Redemptions of common units | (2,246 | ) | (593 | ) | |||
Contributions from noncontrolling interests | 7,859 | 263 | |||||
Payment of tax withholdings for restricted stock awards | (271 | ) | (322 | ) | |||