CBL - CBL Properties Reports Results for Third Quarter 2019
Results In-Line; Guidance Range Maintained
CBL Properties (NYSE:CBL) announced results for the third quarter ended September 30, 2019. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.
|
Three Months Ended |
|
Nine Months Ended |
|
2019 |
|
2018 |
|
% |
|
2019 |
|
2018 |
|
% |
Net loss attributable to common shareholders per diluted share |
$ |
(0.26 |
) |
|
$ |
(0.07 |
) |
|
(271.4 |
)% |
|
$ |
(0.75 |
) |
|
$ |
(0.34 |
) |
|
(120.6 |
)% |
Funds from Operations ("FFO") per diluted share |
$ |
0.45 |
|
|
$ |
0.39 |
|
|
15.4 |
% |
|
$ |
1.01 |
|
|
$ |
1.26 |
|
|
(19.8 |
)% |
FFO, as adjusted, per diluted share (1) |
$ |
0.34 |
|
|
$ |
0.40 |
|
|
(15.0 |
)% |
|
$ |
0.98 |
|
|
$ |
1.28 |
|
|
(23.4 |
)% |
|
(1) For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company's reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 11 of this news release.
KEY TAKEAWAYS:
- Same-center sales per square foot for the stabilized mall portfolio for the third quarter improved 3.2%. For the twelve-months ended September 30, 2019, same-center sales increased 1.1% to $383 per square foot compared with the prior-year period.
- CBL made significant progress on its anchor redevelopment program, including 27 former anchor spaces committed, under construction or with replacements already open featuring dining, entertainment, fitness and other mixed-use components.
- FFO per diluted share, as adjusted, was $0.34 for the third quarter 2019, compared with $0.40 per share for the third quarter 2018. Third quarter 2019 FFO per share was impacted by $0.02 per share of dilution from asset sales completed since the prior-year period and $0.04 per share of lower property NOI.
- Total Portfolio Same-center NOI declined 5.9% for the three months and declined 5.5% for the nine months ended September 30, 2019, as compared with the prior-year periods.
- Portfolio occupancy as of September 30, 2019, was 90.5%, representing a 30 basis point improvement sequentially, and a 150 basis point decline compared with 92.0% as of September 30, 2018. Same-center mall occupancy was 88.7% as of September 30, 2019, a 60 basis point improvement sequentially and a 200 basis point decline compared with 90.7% as of September 30, 2018.
- Year-to-date, CBL has completed or announced gross asset sales totaling $161.4 million (details herein).
"Third quarter results demonstrated the resiliency of our portfolio of market dominant properties. With adjusted FFO per share of $0.34 and portfolio same-center NOI of (5.9)%, we are on track to achieve full-year results within the mid-to-high end of our reaffirmed guidance range,” said Stephen D. Lebovitz, Chief Executive Officer. "Operational results were also in-line with improved sales and spreads on new leasing, and our reserve was able to offset additional retailer bankruptcies, store closings and restructurings. For the third quarter, portfolio sales increased 3.2%, bringing our rolling twelve-month sales to $383 per square foot. This trend should provide a positive backdrop for us during the holiday season as well as on future lease negotiations.
"Last week, we celebrated the grand opening of the redevelopment of the former Sears at Brookfield Square in Milwaukee, which represents a milestone in our portfolio transformation strategy. The project has generated a huge amount of excitement with new-to-market entertainment users Whirlyball and Movie Tavern by Marcus Theatres and in-demand restaurants, services and shops. The adjacent city-owned hotel and convention center opening next year will provide an added source of traffic.
"The Brookfield Square project is a great example of our strategy of utilizing redevelopments to transform our properties into suburban town centers. In this case, we are combining successful retail, entertainment, restaurants, fitness and non-retail elements, including medical office and the hotel/convention center. Across our portfolio, we are diversifying our tenant mix in our shop leasing efforts, and we are pursuing opportunities to make more productive use of available land. Year-to-date, 74% of new mall leasing was executed with non-apparel tenants. We also recently commenced construction with joint venture partners on two new self-storage projects and a hotel and have several additional non-retail projects on the drawing board. These projects demonstrate the tangible progress and creativity that helps bring us closer to our goal of stabilizing revenues and returning to growth."
Net loss attributable to common shareholders for the third quarter 2019 was $44.1 million, or a loss of $0.26 per diluted share, compared with a net loss of $12.6 million, or a loss of $0.07 per diluted share, for the third quarter 2018. Net loss for the third quarter 2019 was impacted by an $82.6 million loss on impairment of real estate to write down the carrying value of Mid Rivers Mall to the property's estimated fair value. The impairment was primarily a result of declines in projected future cash flows. Net loss for the third quarter 2019 also included a $22.7 million reduction to the class-action litigation expense accrued during the first quarter 2019. The majority of the reduction relates to past tenants that did not submit a claim pursuant to the terms of the settlement agreement with the remainder relating to tenants that opted out of the lawsuit.
FFO allocable to common shareholders, as adjusted, for the third quarter 2019 was $58.7 million, or $0.34 per diluted share, compared with $68.6 million, or $0.40 per diluted share, for the third quarter 2018. FFO allocable to the Operating Partnership common unitholders, as adjusted, for the third quarter 2019 was $67.8 million compared with $79.2 million for the third quarter 2018.
Percentage change in same-center Net Operating Income ("NOI")(1): |
|
|
Three Months Ended |
|
Nine Months Ended |
Portfolio same-center NOI |
|
(5.9 |
)% |
|
(5.5 |
)% |
Mall same-center NOI |
|
(6.9 |
)% |
|
(6.4 |
)% |
(1) CBL's definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of acquired above and below market leases.
Major variances impacting same-center NOI for the quarter ended September 30, 2019, include:
- Same-center NOI declined $8.7 million, due to a $10.0 million decrease in revenues offset by a $1.3 million decline in operating expenses.
- Rental revenues declined $12.5 million, including a $6.9 million decline in tenant reimbursements and a $5.6 million decline in minimum and other rents. Percentage rents were flat.
- Property operating expenses declined $1.1 million compared with the prior year. Maintenance and repair expenses declined $0.3 million. Real estate tax expenses increased $0.1 million.
PORTFOLIO OPERATIONAL RESULTS
Occupancy(1): |
|
|
As of September 30, |
|
|
2019 |
|
2018 |
Portfolio occupancy |
|
90.5 |
% |
|
92.0 |
% |
Mall portfolio |
|
88.7 |
% |
|
90.5 |
% |
Same-center malls |
|
88.7 |
% |
|
90.7 |
% |
Stabilized malls |
|
88.8 |
% |
|
90.8 |
% |
Non-stabilized malls (2) |
|
83.8 |
% |
|
73.6 |
% |
Associated centers |
|
96.3 |
% |
|
97.2 |
% |
Community centers |
|
96.3 |
% |
|
96.8 |
% |
(1) Occupancy for malls represents percentage of mall store gross leasable area under 20,000 square feet occupied. Occupancy for associated and community centers represents percentage of gross leasable area occupied.
(2) Represents occupancy for The Outlet Shoppes at Laredo.
New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:
% Change in Average Gross Rent Per Square Foot: |
|
Three Months |
|
Nine Months |
Stabilized Malls |
(6.3 |
)% |
|
(6.9 |
)% |
New leases |
18.9 |
% |
|
9.3 |
% |
Renewal leases |
(11.0 |
)% |
|
(9.6 |
)% |
Same-Center Sales Per Square Foot for Mall Tenants 10,000 Square Feet or Less: |
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
% Change |
Stabilized mall same-center sales per square foot |
$ |
|
383 |
|
$ |
|
379 |
|
1.1 |
% |
Stabilized mall sales per square foot |
$ |
|
383 |
|
$ |
|
378 |
|
1.3 |
% |
DISPOSITIONS
Year-to-date, CBL has closed on $161.4 million in asset sales, as detailed below.
In August, CBL closed on the sale of a 25% interest in The Outlet Shoppes at El Paso to its existing joint venture partner, Horizon Group Properties ("Horizon"), for cash of $9.3 million and the assumption of 25% interest in the existing loan (representing $18.5 million at closing). Following the completion of the sale, CBL and Horizon each own a 50% interest, with Horizon continuing to lease and manage the asset.
Property |
Location |
Date |
Gross Sales |
Cary Towne Center(1) |
Cary, NC |
January |
$ |
31.5 |
Honey Creek Mall (1) |
Terre Haute, IN |
April |
$ |
14.6 |
The Shoppes at Hickory Point |
Forsyth, IL |
April |
$ |
2.5 |
Courtyard by Marriott at Pearland Town Center |
Pearland, TX |
June |
$ |
15.1 |
The Forum at Grandview |
Madison, MS |
July |
$ |
31.8 |
850 Greenbrier Circle |
Chesapeake, VA |
July |
$ |
10.5 |
Various parcels |
Various |
Various |
$ |
27.6 |
25% interest in The Outlet Shoppes at El Paso (2) |
El Paso, TX |
August |
$ |
27.8 |
Total |
|
|
$ |
161.4 |
(1) 100% of sale proceeds utilized to retire existing secured loans.
(2) Gross amount shown above is comprised of $9.3 million in equity and 25% interest in loan balance at closing of $18.5 million.
DIVIDEND
In March 2019, CBL suspended its quarterly common dividend for two quarters. Prior to year-end, CBL will complete its review of taxable income projections and announce its common dividend policy for 2020. Consistent with CBL's strategy of maximizing internal cash flow available for investing and debt reduction, CBL intends to pay the minimum common dividend required, if any, to distribute taxable income.
ANCHOR REPLACEMENT PROGRESS AND REDEVELOPMENT
CBL recently marked the completion of the Sears redevelopment at Brookfield Square in Milwaukee, Wisconsin. Construction on the approximately 120,000-square-foot project, which included razing the entire Sears building, began in April 2018, and delivered new-to-market dining, entertainment, and other uses to the property.
Anchor replacements recently opened or pending include (complete list and additional information can be found in the financial supplement):
Property |
Prior Tenant |
|
New Tenant(s) |
Construction/Opening Status |
CherryVale Mall |
Bergner's |
|
Choice Home Center |
Open |
Eastland Mall |
JCPenney |
|
H&M, Planet Fitness |
Open |
Jefferson Mall |
Macy's |
|
Round1 |
Open |
Northwoods Mall |
Sears |
|
Burlington |
Open |
Kentucky Oaks Mall |
Sears |
|
Burlington, Ross Dress for Less |
Open |
West Towne |
Sears |
|
Dave & Busters, Total Wine |
Open |
Hanes Mall |
Shops |
|
Dave & Busters |
Open |
Parkdale Mall |
Macy's |
|
Dick's, Five Below, HomeGoods |
Open |
Brookfield Square |
Sears |
|
Marcus Theatres, Whirlyball |
Open |
Laurel Park Place |
Carson's |
|
Dunham's Sports |
Open |
Meridian Mall |
Younkers |
|
High Caliber Karts |
Open |
Stroud Mall |
Boston |
|
Shoprite |
Open |
Kentucky Oaks Mall |
Elder Beerman |
|
HomeGoods and Five Below |
November 2019 |
Frontier Mall |
Sears |
|
Jax Outdoor Gear |
November 2019 |
Stroud Mall |
Sears |
|
Furniture Outlet |
December 2019 |
Dakota Square |
Herberger's |
|
Ross Dress for Less |
January 2020 |
Hamilton Place |
Sears |
|
Dick's Sporting Goods, Dave & Busters, Aloft Hotel, office |
Under construction -Spring 2020/ 2021 (Aloft) |
CherryVale Mall |
Sears |
|
Tilt |
Under construction - Q1/Q2 '20 |
Imperial Valley |
Sears |
|
Hobby Lobby |
Under construction - 2020 |
Westmoreland Mall |
BonTon |
|
Stadium Live! Casino |
2020 |
York Galleria |
Sears |
|
Penn National Casino |
2020 |
Richland Mall |
Sears |
|
Dillard's |
2020 |
Cross Creek Mall |
Sears |
|
Entertainment User |
Construction start in 2020 |
South County Center |
Sears |
|
Round1 |
Opening TBD |
Hanes Mall |
Sears |
|
Novant Health |
Opening TBD |
West Towne Mall |
Sears |
|
Von Maur |
2021 |
OUTLOOK AND GUIDANCE
CBL anticipates achieving 2019 FFO, as adjusted, in the range of $1.30 - $1.35 per diluted share, which is consistent with guidance provided in the prior quarter. Guidance incorporates a reserve in the range of $5.0 - $15.0 million (the "Reserve") for potential future unbudgeted loss in rent from tenant bankruptcies, store closures or lease modifications that may occur in 2019. Based on bankruptcy and leasing activity year-to-date, including the impact of any co-tenancy, CBL currently expects to utilize approximately $8 - $10 million of the Reserve.
Key assumptions underlying guidance are as follows:
|
Low |
|
High |
2019 FFO, as adjusted, per share (includes the Reserve) |
1.30 |
|
1.35 |
2019 Change in Same-Center NOI ("SC NOI") (includes the Reserve) |
(7.75)% |
|
(6.25)% |
Reserve for unbudgeted lost rents included in SC NOI and FFO |
$15.0 million |
|
$5.0 million |
Updated expectation for gains on outparcel sales |
$2.0 million |
|
$4.0 million |
Reconciliation of GAAP net income (loss) to 2019 FFO, as adjusted, per share guidance:
|
Low |
|
High |
Expected diluted earnings per common share |
$ |
(0.83 |
) |
|
$ |
(0.78 |
) |
Adjust to fully converted shares from common shares |
0.11 |
|
|
0.11 |
|
Expected earnings per diluted, fully converted common share |
(0.72 |
) |
|
(0.67 |
) |
Add: depreciation and amortization |
1.53 |
|
|
1.53 |
|
Less: gain on depreciable property |
(0.11 |
) |
|
(0.11 |
) |
Add: loss on impairment |
0.74 |
|
|
0.74 |
|
Add: noncontrolling interest in loss of Operating Partnership |
(0.10 |
) |
|
(0.10 |
) |
Expected FFO, as adjusted, per diluted, fully converted common share |
$ |
1.34 |
|
|
$ |
1.39 |
|
Add: Litigation settlement |
0.32 |
|
|
0.32 |
|
Adjustment for certain significant items |
(0.36 |
) |
|
(0.36 |
) |
Expected adjusted FFO per diluted, fully converted common share |
$ |
1.30 |
|
|
$ |
1.35 |
|
INVESTOR CONFERENCE CALL AND WEBCAST
CBL Properties will host a conference call on Friday, November 1, 2019, at 11:00 a.m. ET. To access this interactive teleconference, dial (888) 317?6003 or (412) 317-6061 and enter the confirmation number, 7355952. A replay of the conference call will be available through November 8, 2019, by dialing (877) 344-7529 or (412) 317?0088 and entering the confirmation number, 10134286.
The Company will also provide an online webcast and rebroadcast of its third quarter 2019 earnings release conference call. The live broadcast of the quarterly conference call will be available online at cblproperties.com on Friday, November 1, 2019, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call.
To receive the CBL Properties third quarter earnings release and supplemental information, please visit the Invest section of our website at cblproperties.com.
ABOUT CBL PROPERTIES
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 108 properties totaling 68.2 million square feet across 26 states, including 68 high-quality enclosed, outlet and open-air retail centers and 9 properties managed for third parties. CBL continuously strengthens its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.
ADOPTION OF NEW LEASE ACCOUNTING STANDARD
The Company adopted Accounting Standards Codification ("ASC") 842, Leases, effective January 1, 2019, which resulted in the Company revising the presentation of rental revenues in its consolidated statements of operations. In the past, certain components of rental revenues were shown separately in the consolidated statements of operations. Upon the adoption of ASC 842, these amounts have been combined into a single line item. Please see the Company’s Supplemental Financial and Operating Information located in the Invest section of the Company’s website for more information regarding the components of rental revenues.
NON-GAAP FINANCIAL MEASURES
Funds From Operations
FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT less dividends on preferred stock of the Company or distributions on preferred units of the Operating Partnership, as applicable. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure.
The Company presents both FFO allocable to Operating Partnership common unitholders and FFO allocable to common shareholders, as it believes that both are useful performance measures. The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company believes FFO allocable to its common shareholders is a useful performance measure because it is the performance measure that is most directly comparable to net income (loss) attributable to its common shareholders.
In the reconciliation of net income (loss) attributable to the Company's common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders. The Company then applies a percentage to FFO of the Operating Partnership common unitholders 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 held by noncontrolling interests during the period.
FFO does not represent cash flows from operations as defined by GAAP, 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.
The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company's results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 11 of this news release for a description of these adjustments.
Same-center Net Operating Income
NOI is a supplemental non-GAAP measure of the operating performance of the Company's shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).
The Company computes NOI based on the Operating Partnership's pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company 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's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies.
Since NOI includes only those revenues and expenses related to the operations of the Company's shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company's results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income is located at the end of this earnings release.
Pro Rata Share of Debt
The Company presents debt based on its pro rata ownership share (including the Company's pro rata share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties) because it believes this provides investors a clearer understanding of the Company's total debt obligations which affect the Company's liquidity. A reconciliation of the Company's pro rata share of debt to the amount of debt on the Company's condensed 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 |
|
Nine Months Ended |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
REVENUES (1): |
|
|
|
|
|
|
|
|
Rental revenues |
$ |
179,071 |
|
|
$ |
200,311 |
|
|
$ |
555,444 |
|
|
$ |
620,608 |
|
|
Management, development and leasing fees |
2,216 |
|
|
2,658 |
|
|
7,325 |
|
|
8,022 |
|
|
Other |
5,964 |
|
|
3,909 |
|
|
15,889 |
|
|
13,046 |
|
|
Total revenues |
187,251 |
|
|
206,878 |
|
|
578,658 |
|
|
641,676 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
Property operating |
(27,344 |
) |
|
(30,004 |
) |
|
(82,856 |
) |
|
(92,357 |
) |
|
Depreciation and amortization |
(64,168 |
) |
|
(71,945 |
) |
|
(198,438 |
) |
|
(217,261 |
) |
|
Real estate taxes |
(18,699 |
) |
|
(19,433 |
) |
|
(57,766 |
) |
|
(61,737 |
) |
|
Maintenance and repairs |
(10,253 |
) |
|
(11,475 |
) |
|
(34,327 |
) |
|
(36,713 |
) |
|
General and administrative |
(12,467 |
) |
|
(16,051 |
) |
|
(48,901 |
) |
|
(47,845 |
) |
|
Loss on impairment |
(82,611 |
) |
|
(14,600 |
) |
|
(149,044 |
) |
|
(84,644 |
) |
|
Litigation settlement |
22,688 |
|
|
— |
|
|
(65,462 |
) |
|
— |
|
|
Other |
(7 |
) |
|
(38 |
) |
|
(41 |
) |
|
(377 |
) |
|
Total operating expenses |
(192,861 |
) |
|
(163,546 |
) |
|
(636,835 |
) |
|
(540,934 |
) |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
Interest and other income |
1,367 |
|
|
283 |
|
|
2,212 |
|
|
714 |
|
|
Interest expense |
(50,515 |
) |
|
(55,194 |
) |
|
(156,995 |
) |
|
(163,164 |
) |
|
Gain on extinguishment of debt |
— |
|
|
— |
|
|
71,722 |
|
|
— |
|
|
Gain on investments/deconsolidation |
11,174 |
|
|
— |
|
|
11,174 |
|
|
387 |
|
|
Gain on sales of real estate assets |
8,056 |
|
|
7,880 |
|
|
13,811 |
|
|
15,998 |
|
|
Income tax benefit (provision) |
(1,670 |
) |
|
(1,034 |
) |
|
(2,622 |
) |
|
1,846 |
|
|
Equity in earnings (losses) of unconsolidated affiliates |
(1,759 |
) |
|
1,762 |
|
|
3,421 |
|
|
9,869 |
|
|
Total other expenses |
(33,347 |
) |
|
(46,303 |
) |
|
(57,277 |
) |
|
(134,350 |
) |
|
Net loss |
(38,957 |
) |
|
(2,971 |
) |
|
(115,454 |
) |
|
(33,608 |
) |
|
Net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
Operating Partnership |
6,808 |
|
|
1,628 |
|
|
20,020 |
|
|
8,978 |
|
|
Other consolidated subsidiaries |
(763 |
) |
|
(24 |
) |
|
(631 |
) |
|
369 |
|
|
Net loss attributable to the Company |
(32,912 |
) |
|
(1,367 |
) |
|
(96,065 |
) |
|
(24,261 |
) |
|
Preferred dividends |
(11,223 |
) |
|
(11,223 |
) |
|
(33,669 |
) |
|
(33,669 |
) |
|
Net loss attributable to common shareholders |
$ |
(44,135 |
) |
|
$ |
(12,590 |
) |
|
$ |
(129,734 |
) |
|
$ |
(57,930 |
) |
|
|
|
|
|
|
|
|
|
|
Basic and diluted per share data attributable to common shareholders: |
|
|
|
|
|
|
|
|
Net loss attributable to common shareholders |
$ |
(0.26 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.34 |
) |
|
Weighted-average common and potential dilutive common shares outstanding |
173,471 |
|
|
172,665 |
|
|
173,400 |
|
|
172,426 |
|
|
|
|
|
|
|
|
|
|
|
(1) See "Adoption of New Lease Accounting Standard" on page 6 for further information on the presentation of rental revenues in accordance with the new standard adopted effective January 1, 2019.
The Company's reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:
(in thousands, except per share data) |
|
Three Months Ended |
|
Nine Months Ended |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net loss attributable to common shareholders |
$ |
(44,135 |
) |
|
$ |
(12,590 |
) |
|
$ |
(129,734 |
) |
|
$ |
(57,930 |
) |
Noncontrolling interest in loss of Operating Partnership |
(6,808 |
) |
|
(1,628 |
) |
|
(20,020 |
) |
|
(8,978 |
) |
Depreciation and amortization expense of: |
|
|
|
|
|
|
|
Consolidated properties |
64,168 |
|
|
71,945 |
|
|
198,438 |
|
|
217,261 |
|
Unconsolidated affiliates |
14,471 |
|
|
10,438 |
|
|
36,599 |
|
|
31,177 |
|
Non-real estate assets |
(920 |
) |
|
(910 |
) |
|
(2,719 |
) |
|
(2,748 |
) |
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
(2,031 |
) |
|
(2,136 |
) |
|
(6,836 |
) |
|
(6,424 |
) |
Loss on impairment |
82,611 |
|
|
14,600 |
|
|
149,044 |
|
|
84,644 |
|
Loss on impairment of unconsolidated affiliates |
— |
|
|
1,022 |
|
|
— |
|
|
1,022 |
|
Gain on depreciable property, net of taxes |
(16,914 |
) |
|
(3,307 |
) |
|
(21,755 |
) |
|
(5,543 |
) |
FFO allocable to Operating Partnership common unitholders |
90,442 |
|
|
77,434 |
|
|
203,017 |
|
|
252,481 |
|
Litigation settlement, net of taxes (1) |
(22,688 |
) |
|
— |
|
|
64,979 |
|
|
— |
|
Gain on investments, net of taxes (2) |
— |
|
|
— |
|
|
— |
|
|
(287 |
) |
Non-cash default interest expense (3) |
— |
|
|
1,784 |
|
|
542 |
|
|
3,616 |
|
Gain on extinguishment of debt (4) |
— |
|
|
— |
|
|
(71,722 |
) |
|
— |
|
FFO allocable to Operating Partnership common unitholders, as adjusted |
$ |
67,754 |
|
|
$ |
79,218 |
|
|
$ |
196,816 |
|
|
$ |
255,810 |
|
|
|
|
|
|
|
|
|
FFO per diluted share |
$ |
0.45 |
|
|
$ |
0.39 |
|
|
$ |
1.01 |
|
|
$ |
1.26 |
|
|
|
|
|
|
|
|
|
FFO, as adjusted, per diluted share |
$ |
0.34 |
|
|
$ |
0.40 |
|
|
$ |
0.98 |
|
|
$ |
1.28 |
|
|
|
|
|
|
|
|
|
Weighted-average common and potential dilutive common shares outstanding with Operating Partnership units fully converted |
200,230 |
|
|
199,432 |
|
|
200,158 |
|
|
199,630 |
|
|
|
|
|
|
|
|
|
(1) The three months ended September 30, 2019 represents a reduction of $22,688 to the accrued maximum expense of $88,150 related to the settlement of a class action lawsuit that was recorded in the three months ended March 31, 2019. A majority of the reduction of $22,688 relates to past tenants that did not submit a claim pursuant to the terms of the settlement agreement with the remainder relating to tenants that opted out of the lawsuit. The nine months ended September 30, 2019 is comprised of the accrued maximum expense related to the settlement of a class action lawsuit less the reduction recorded in the three months ended September 30, 2019.
(2) The nine months ended September 30, 2018 includes a gain on investment related to the land contributed by the Company to the Self-Storage at Mid Rivers 50/50 joint venture.
(3) The nine months ended September 30, 2019 includes default interest expense related to Acadiana Mall and Cary Towne Center. The three months and nine months ended September 30, 2018 include default interest expense related to Acadiana Mall and Cary Towne Center.
(4) The nine months ended September 30, 2019 includes a gain on extinguishment of debt related to the non-recourse loan secured by Acadiana Mall, which was conveyed to the lender in the first quarter of 2019, and a gain on extinguishment of debt related to the non-recourse loan secured by Cary Towne Center, which was sold in the first quarter of 2019.
The reconciliation of diluted EPS to FFO per diluted share is as follows: |
|
Three Months Ended |
|
Nine Months Ended |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Diluted EPS attributable to common shareholders |
$ |
(0.26 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.34 |
) |
Eliminate amounts per share excluded from FFO: |
|
|
|
|
|
|
|
Depreciation and amortization expense, including amounts from consolidated properties, unconsolidated affiliates, non-real estate assets and excluding amounts allocated to noncontrolling interests |
0.38 |
|
|
0.40 |
|
|
1.13 |
|
|
1.20 |
|
Loss on impairment |
0.42 |
|
|
0.08 |
|
|
0.74 |
|
|
0.43 |
|
Gain on depreciable property, net of taxes |
(0.09 |
) |
|
(0.02 |
) |
|
(0.11 |
) |
|
(0.03 |
) |
FFO per diluted share |
$ |
0.45 |
|
|
$ |
0.39 |
|
|
$ |
1.01 |
|
|
$ |
1.26 |
|
The reconciliations of FFO allocable to Operating Partnership common unitholders to FFO allocable to common shareholders, including and excluding the adjustments noted above, are as follows:
|
Three Months Ended |
|
Nine Months Ended |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
FFO allocable to Operating Partnership common unitholders |
$ |
90,442 |
|
|
$ |
77,434 |
|
|
$ |
203,017 |
|
|
$ |
252,481 |
|
Percentage allocable to common shareholders (1) |
86.64 |
% |
|
86.58 |
% |
|
86.63 |
% |
|
86.37 |
% |
FFO allocable to common shareholders |
$ |
78,359 |
|
|
$ |
67,042 |
|
|
$ |
175,874 |
|
|
$ |
218,068 |
|
|
|
|
|
|
|
|
|
FFO allocable to Operating Partnership common unitholders, as adjusted |
$ |
67,754 |
|
|
$ |
79,218 |
|
|
$ |
196,816 |
|
|
$ |
255,810 |
|
Percentage allocable to common shareholders (1) |
86.64 |
% |
|
86.58 |
% |
|
86.63 |
% |
|
86.37 |
% |
FFO allocable to common shareholders, as adjusted |
$ |
58,702 |
|
|
$ |
68,587 |
|
|
$ |
170,502 |
|
|
$ |
220,943 |
|
|
|
|
|
|
|
|
|
(1) 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 16.
SUPPLEMENTAL FFO INFORMATION: |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Lease termination fees |
$ |
848 |
|
|
$ |
783 |
|
|
$ |
2,938 |
|
|
$ |
9,788 |
|
Lease termination fees per share |
$ |
— |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
Straight-line rental income |
$ |
1,348 |
|
|
$ |
388 |
|
|
$ |
2,302 |
|
|
$ |
(3,923 |
) |
Straight-line rental income per share |
$ |
0.01 |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
Gains on outparcel sales, net of taxes |
$ |
1,961 |
|
|
$ |
4,548 |
|
|
$ |
2,894 |
|
|
$ |
11,033 |
|
Gains on outparcel sales, net of taxes per share |
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
Net amortization of acquired above- and below-market leases |
$ |
533 |
|
|
$ |
(1,210 |
) |
|
$ |
2,032 |
|
|
$ |
982 |
|
Net amortization of acquired above- and below-market leases per share |
$ |
— |
|
|
$ |
(0.01 |
) |
|
$ |
0.01 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Net amortization of debt premiums and discounts |
$ |
333 |
|
|
$ |
314 |
|
|
$ |
982 |
|
|
$ |
727 |
|
Net amortization of debt premiums and discounts per share |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Income tax benefit (provision) |
$ |
(1,670 |
) |
|
$ |
(1,034 |
) |
|
$ |
(2,622 |
) |
|
$ |
1,846 |
|
Income tax benefit (provision) per share |
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
Gain on extinguishment of debt |
$ |
— |
|
|
$ |
— |
|
|
$ |
71,722 |
|
|
$ |
— |
|
Gain on extinguishment of debt per share |
$ |
— |
|
|
$ |
— |
|
|
$ |
0.36 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Gain on investments, net of taxes |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
287 |
|
Gain on investments, net of taxes per share |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Non-cash default interest expense |
$ |
— |
|
|
$ |
(1,784 |
) |
|
$ |
(542 |
) |
|
$ |
(3,616 |
) |
Non-cash default interest expense per share |
$ |
— |
|
|
$ |
(0.01 |
) |
|
$ |
— |
|
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
Abandoned projects expense |
$ |
(7 |
) |
|
$ |
(38 |
) |
|
$ |
(41 |
) |
|
$ |
(377 |
) |
Abandoned projects expense per share |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Interest capitalized |
$ |
787 |
|
|
$ |
1,198 |
|
|
$ |
1,969 |
|
|
$ |
2,736 |
|
Interest capitalized per share |
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
Litigation settlement, net of taxes |
$ |
22,688 |
|
|
$ |
— |
|
|
$ |
(64,979 |
) |
|
$ |
— |
|
Litigation settlement, net of taxes per share |
$ |
0.11 |
|
|
$ |
— |
|
|
$ |
(0.32 |
) |
|
$ |
— |
|
|
As of September 30, |
|
2019 |
|
2018 |
Straight-line rent receivable |
$ |
55,974 |
|
|
$ |
57,284 |
|
|
Same-center Net Operating Income |
(Dollars in thousands) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net loss |
$ |
(38,957 |
) |
|
$ |
(2,971 |
) |
|
$ |
(115,454 |
) |
|
$ |
(33,608 |
) |
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization |
64,168 |
|
|
71,945 |
|
|
198,438 |
|
|
217,261 |
|
Depreciation and amortization from unconsolidated affiliates |
14,471 |
|
|
10,438 |
|
|
36,599 |
|
|
31,177 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
(2,031 |
) |
|
(2,136 |
) |
|
(6,836 |
) |
|
(6,424 |
) |
Interest expense |
50,515 |
|
|
55,194 |
|
|
156,995 |
|
|
163,164 |
|
Interest expense from unconsolidated affiliates |
6,686 |
|
|
6,551 |
|
|
19,842 |
|
|
18,849 |
|
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
(1,561 |
) |
|
(1,875 |
) |
|
(5,044 |
) |
|
(5,912 |
) |
Abandoned projects expense |
7 |
|
|
38 |
|
|
41 |
|
|
377 |
|
Gain on sales of real estate assets |
(8,056 |
) |
|
(7,880 |
) |
|
(13,811 |
) |
|
(15,998 |
) |
(Gain) loss on sales of real estate assets of unconsolidated affiliates |
— |
|
|
28 |
|
|
(627 |
) |
|
(564 |
) |
Gain on investments/deconsolidation |
(11,174 |
) |
|
— |
|
|
(11,174 |
) |
|
(387 |
) |
Gain on extinguishment of debt |
— |
|
|
— |
|
|
(71,722 |
) |
|
— |
|
Loss on impairment |
82,611 |
|
|
14,600 |
|
|
149,044 |
|
|
84,644 |
|
Litigation settlement |
(22,688 |
) |
|
— |
|
|
65,462 |
|
|
— |
|
Income tax (benefit) provision |
1,670 |
|
|
1,034 |
|
|
2,622 |
|
|
(1,846 |
) |
Lease termination fees |
(848 |
) |
|
(783 |
) |
|
(2,938 |
) |
|
(9,788 |
) |
Straight-line rent and above- and below-market lease amortization |
(1,881 |
) |
|
822 |
|
|
(4,334 |
) |
|
2,941 |
|
Net (income) loss attributable to noncontrolling interests in other consolidated subsidiaries |
(763 |
) |
|
(24 |
) |
|
(631 |
) |
|
369 |
|
General and administrative expenses |
12,467 |
|
|
16,051 |
|
|
48,901 |
|
|
47,845 |
|
Management fees and non-property level revenues |
(2,293 |
) |
|
(2,293 |
) |
|
(9,077 |
) |
|
(9,642 |
) |
Operating Partnership's share of property NOI |
142,343 |
|
|
158,739 |
|
|
436,296 |
|
|
482,458 |
|
Non-comparable NOI |
(3,292 |
) |
|
(10,967 |
) |
|
(14,855 |
) |
|
(36,409 |
) |
Total same-center NOI (1) |
$ |
139,051 |
|
|
$ |
147,772 |
|
|
$ |
421,441 |
|
|
$ |
446,049 |
|
Total same-center NOI percentage change |
(5.9 |
)% |
|
(5.5 |
)% |
|
Same-center Net Operating Income |
(Continued) |
|
Three Months Ended |
|
Nine Months Ended |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Malls |
$ |
124,649 |
|
|
$ |
133,908 |
|
|
$ |
378,364 |
|
|
$ |
404,369 |
|
Associated centers |
8,317 |
|
|
8,133 |
|
|
24,610 |
|
|
24,094 |
|
Community centers |
5,052 |
|
|
4,869 |
|
|
15,216 |
|
|
14,610 |
|
Offices and other |
1,033 |
|
|
862 |
|
|
3,251 |
|
|
2,976 |
|
Total same-center NOI (1) |
$ |
139,051 |
|
|
$ |
147,772 |
|
|
$ |
421,441 |
|
|
$ |
446,049 |
|
|
|
|
|
|
|
|
|
Percentage Change: |
|
|
|
|
|
|
|
Malls |
(6.9 |
)% |
|
|
|
(6.4 |
)% |
|
|
Associated centers |
2.3 |
% |
|
|
|
2.1 |
% |
|
|
Community centers |
3.8 |
% |
|
|
|
4.1 |
% |
|
|
Offices and other |
19.8 |
% |
|
|
|
9.2 |
% |
|
|
Total same-center NOI (1) |
(5.9 |
)% |
|
|
|
(5.5 |
)% |
|
|
(1) CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). Same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of September 30, 2019, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending September 30, 2019. New properties are excluded from same-center NOI, until they meet this criteria. Properties excluded from the same-center pool that would otherwise meet this criteria are properties which are either under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender.
Company's Share of Consolidated and Unconsolidated Debt |
(Dollars in thousands) |
|
As of September 30, 2019 |
|
Fixed Rate |
|
Variable |
|
Total per Debt |
|
Unamortized |
|
Total |
Consolidated debt |
$ |
2,860,889 |
|
|
$ |
855,758 |
|
|
$ |
3,716,647 |
|
|
$ |
(17,640 |
) |
|
$ |
3,699,007 |
|
Noncontrolling interests' share of consolidated debt |
(74,486 |
) |
|
— |
|
|
(74,486 |
) |
|
516 |
|
|
(73,970 |
) |
Company's share of unconsolidated affiliates' debt |
565,242 |
|
|
82,995 |
|
|
648,237 |
|
|
(2,607 |
) |
|
645,630 |
|
Company's share of consolidated and unconsolidated debt |
$ |
3,351,645 |
|
|
$ |
938,753 |
|
|
$ |
4,290,398 |
|
|
$ |
(19,731 |
) |
|
$ |
4,270,667 |
|
Weighted-average interest rate |
5.10 |
% |
|
4.40 |
% |
|
4.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2018 |
|
Fixed Rate |
|
Variable |
|
Total per Debt |
|
Unamortized |
|
Total |
Consolidated debt |
$ |
3,160,776 |
|
|
$ |
970,508 |
|
|
$ |
4,131,284 |
|
|
$ |
(15,476 |
) |
|
$ |
4,115,808 |
|
Noncontrolling interests' share of consolidated debt |
(94,787 |
) |
|
— |
|
|
(94,787 |
) |
|
611 |
|
|
(94,176 |
) |
Company's share of unconsolidated affiliates' debt |
553,339 |
|
|
96,598 |
|
|
649,937 |
|
|
(2,826 |
) |
|
647,111 |
|
Company's share of consolidated and unconsolidated debt |
$ |
3,619,328 |
|
|
$ |
1,067,106 |
|
|
$ |
4,686,434 |
|
|
$ |
(17,691 |
) |
|
$ |
4,668,743 |
|
Weighted-average interest rate |
5.16 |
% |
|
4.01 |
% |
|
4.90 |
% |
|
|
|
|
Total Market Capitalization as of September 30, 2019 |
(In thousands, except stock price) |
|
Shares |
|
Stock |
|
Value |
Common stock and Operating Partnership units |
200,228 |
|
|
$ |
1.29 |
|
|
$ |
258,294 |
|
7.375% Series D Cumulative Redeemable Preferred Stock |
1,815 |
|
|
250.00 |
|
|
453,750 |
|
6.625% Series E Cumulative Redeemable Preferred Stock |
690 |
|
|
250.00 |
|
|
172,500 |
|
Total market equity |
|
|
|
|
884,544 |
|
Company's share of total debt, excluding unamortized deferred financing costs |
|
|
|
|
4,290,398 |
|
Total market capitalization |
|
|
|
|
$ |
5,174,942 |
|
(1) Stock price for common stock and Operating Partnership units equals the closing price of the common stock on September 30, 2019. 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 |
|
Nine Months Ended |
|
Basic |
|
Diluted |
|
Basic |
|
Diluted |
2019: |
|
|
|
|
|
|
|
Weighted-average shares - EPS |
173,471 |
|
|
173,471 |
|
|
173,400 |
|
|
173,400 |
|
Weighted-average Operating Partnership units |
26,759 |
|
|
26,759 |
|
|
26,758 |
|
|
26,758 |
|
Weighted-average shares - FFO |
200,230 |
|
|
200,230 |
|
|
200,158 |
|
|
200,158 |
|
|
|
|
|
|
|
|
|
2018: |
|
|
|
|
|
|
|
Weighted-average shares - EPS |
172,665 |
|
|
172,665 |
|
|
172,426 |
|
|
172,426 |
|
Weighted-average Operating Partnership units |
26,767 |
|
|
26,767 |
|
|
27,204 |
|
|
27,204 |
|
Weighted-average shares - FFO |
199,432 |
|
|
199,432 |
|
199,630 |
|
199,630 |
|
Consolidated Balance Sheets |
(Unaudited; in thousands, except share data) |
|
As of |
|
September 30, |
|
December 31, |
ASSETS |
|
|
|
Real estate assets: |
|
|
|
Land |
$ |
747,218 |
|
|
$ |
793,944 |
|
Buildings and improvements |
5,916,546 |
|
|
6,414,886 |
|
|
6,663,764 |
|
|
7,208,830 |
|
Accumulated depreciation |
(2,454,859 |
) |
|
(2,493,082 |
) |
|
4,208,905 |
|
|
4,715,748 |
|
Held for sale |
— |
|
|
30,971 |
|
Developments in progress |
63,891 |
|
|
38,807 |
|
Net investment in real estate assets |
4,272,796 |
|
|
4,785,526 |
|
Cash and cash equivalents |
34,565 |
|
|
25,138 |
|
Receivables: |
|
|
|
Tenant, net of allowance for doubtful accounts of $2,337 in 2018 |
76,947 |
|
|
77,788 |
|
Other, net of allowance for doubtful accounts of $838 in 2018 |
6,577 |
|
|
7,511 |
|
Mortgage and other notes receivable |
5,818 |
|
|
7,672 |
|
Investments in unconsolidated affiliates |
279,934 |
|
|
283,553 |
|
Intangible lease assets and other assets |
146,358 |
|
|
153,665 |
|
|
$ |
4,822,995 |
|
|
$ |
5,340,853 |
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|
|
|
Mortgage and other indebtedness, net |
$ |
3,699,007 |
|
|
$ |
4,043,180 |
|
Accounts payable and accrued liabilities |
260,264 |
|
|
218,217 |
|
Liabilities related to assets held for sale |
— |
|
|
43,716 |
|
Total liabilities |
3,959,271 |
|
|
4,305,113 |
|
Commitments and contingencies |
|
|
|
Redeemable noncontrolling interests |
2,278 |
|
|
3,575 |
|
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, 173,469,264 and 172,656,458 issued and outstanding in 2019 and 2018, respectively |
1,735 |
|
|
1,727 |
|
Additional paid-in capital |
1,965,230 |
|
|
1,968,280 |
|
Dividends in excess of cumulative earnings |
(1,148,639 |
) |
|
(1,005,895 |
) |
Total shareholders' equity |
818,351 |
|
|
964,137 |
|
Noncontrolling interests |
43,095 |
|
|
68,028 |
|
Total equity |
861,446 |
|
|
1,032,165 |
|
|
$ |
4,822,995 |
|
|
$ |
5,340,853 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20191031005905/en/
Katie Reinsmidt
Executive Vice President - Chief Investment Officer
423.490.8301
katie.reinsmidt@cblproperties.com