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x
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
(State or other jurisdiction of incorporation or organization)
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62-1545718
(I.R.S. Employer Identification No.)
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2030 Hamilton Place Blvd., Suite 500
Chattanooga, TN
(Address of principal executive offices)
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37421
(Zip Code)
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Title of each Class
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Name of each exchange on
which registered
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Common Stock, $0.01 par value
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New York Stock Exchange
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7.75% Series C Cumulative Redeemable Preferred Stock, $0.01 par value
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New York Stock Exchange
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7.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value
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New York Stock Exchange
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Yes x | No o |
Yes o | No x |
Yes x | No o |
Yes x | No o |
Large accelerated filer x | Accelerated filer o |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller Reporting Company o |
Yes o | No x |
·
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general industry, economic and business conditions;
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·
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interest rate fluctuations, costs and availability of capital and capital requirements;
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·
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costs and availability of real estate;
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·
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inability to consummate acquisition opportunities;
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·
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competition from other companies and retail formats;
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·
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changes in retail rental rates in our markets;
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shifts in customer demands;
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tenant bankruptcies or store closings;
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·
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changes in vacancy rates at our properties;
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·
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changes in operating expenses;
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·
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changes in applicable laws, rules and regulations; and
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the ability to obtain suitable equity and/or debt financing and the continued availability of financing in the amounts and on the terms necessary to support our future refinancing requirements and business.
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§
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controlling interests in 76 regional malls/open-air centers (the “Malls”), 30 associated centers (the “Associated Centers”), 8 community centers (the “Community Centers”) and 14 office buildings, including our corporate office building (the “Office Buildings”);
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§
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noncontrolling interests in seven regional malls, four associated centers, four community centers and six office buildings;
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§
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an interest in one open-air center expansion, one community center expansion and one outlet center, owned in a 75/25 joint venture, that are currently under construction (the “Construction Properties”), as well as options to acquire certain shopping center development sites; and
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§
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mortgages on eight properties, seven that are secured by first mortgages and one that is secured by a wrap-around mortgage on the underlying real estate and related improvements (the “Mortgages”).
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§
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GLA – refers to gross leasable area of retail space in square feet, including anchors and mall tenants.
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§
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Anchor – refers to a department store or other large retail store.
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§
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Freestanding – property locations that are not attached to the primary complex of buildings that comprise the mall shopping center.
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§
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Outparcel – land used for freestanding developments, such as retail stores, banks and restaurants, which are generally on the periphery of the Properties.
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Market
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Percentage
Total of
Revenues
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|||
St. Louis, MO
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9.7 | % | ||
Nashville, TN
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4.0 | % | ||
Kansas City (Overland Park), KS
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3.1 | % | ||
Madison, WI
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2.9 | % | ||
Chattanooga, TN
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2.7 | % |
Tenant
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Number
of Stores
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Square Feet
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Percentage
of Total
Revenues
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|||||||||
Limited Brands, LLC (1)
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159 | 804,848 | 3.16 | % | ||||||||
Foot Locker, Inc.
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177 | 677,686 | 2.51 | % | ||||||||
Abercrombie & Fitch, Co.
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96 | 651,171 | 2.23 | % | ||||||||
The Gap, Inc.
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87 | 949,234 | 2.21 | % | ||||||||
AE Outfitters Retail Company
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84 | 494,397 | 2.18 | % | ||||||||
Signet Group plc (2)
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115 | 205,104 | 1.91 | % | ||||||||
Dick's Sporting Goods, Inc.
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21 | 1,226,221 | 1.59 | % | ||||||||
Genesco Inc. (3)
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191 | 277,182 | 1.57 | % | ||||||||
Luxottica Group, S.P.A. (4)
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140 | 309,267 | 1.52 | % | ||||||||
Zale Corporation
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134 | 136,563 | 1.34 | % | ||||||||
Express Fashions
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48 | 401,113 | 1.30 | % | ||||||||
JC Penney Company, Inc. (5)
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73 | 8,436,794 | 1.29 | % | ||||||||
Finish Line, Inc.
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72 | 374,276 | 1.25 | % | ||||||||
New York & Company, Inc.
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55 | 391,967 | 1.22 | % | ||||||||
Dress Barn, Inc. (6)
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99 | 435,007 | 1.09 | % | ||||||||
Charlotte Russe Holding, Inc.
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51 | 353,385 | 1.06 | % | ||||||||
Aeropostale, Inc.
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76 | 261,199 | 1.06 | % | ||||||||
Pacific Sunwear of California
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67 | 248,824 | 0.96 | % | ||||||||
The Buckle, Inc.
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49 | 244,601 | 0.95 | % | ||||||||
Forever 21 Retail, Inc.
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21 | 304,522 | 0.95 | % | ||||||||
Sun Capital Partners, Inc. (7)
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55 | 614,044 | 0.92 | % | ||||||||
Barnes & Noble Inc.
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20 | 704,452 | 0.91 | % | ||||||||
The Regis Corporation
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154 | 185,467 | 0.86 | % | ||||||||
The Children's Place Retail Stores, Inc.
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54 | 228,965 | 0.86 | % | ||||||||
Claire's Stores, Inc.
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116 | 136,801 | 0.86 | % | ||||||||
2,214 | 19,053,090 | 35.76 | % |
(1)
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Limited Brands, LLC operates Victoria's Secret and Bath & Body Works.
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(2)
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Signet Group plc operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers and Rogers Jewelers.
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(3)
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Genesco Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat Zone, and Cap Factory stores.
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(4)
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Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearl Vision.
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(5)
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JC Penney Co., Inc. owns 36 of these stores.
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(6)
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Dress Barn, Inc. operates Justice, dressbarn and maurices.
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(7)
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Sun Capital Partners, Inc. operates Gordmans, Limited Stores, Fazoli's, Anchor Blue, Smokey Bones, Souper Salad and Bar Louie Restaurants.
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§
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aggressive leasing that seeks to increase occupancy and facilitate an optimal merchandise mix,
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§
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originating and renewing leases at higher base rents per square foot compared to the previous lease,
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§
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merchandising, marketing, sponsorship and promotional activities and
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§
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actively controlling operating costs and resulting tenant occupancy costs.
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Property
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Location
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Total Project
Square Feet
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Opening Date
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||||
Completed in 2010:
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|||||||
The Forum at Grandview (Phase I) (a)
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Madison, MS
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110,690 |
Fall-10
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The Pavilion at Port Orange (Phase I and Phase 1A) (b)
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Port Orange, FL
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494,025 |
Fall-09/Spring-10
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604,715 | |||||||
Currently under construction:
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|||||||
The Outlet Shoppes at Oklahoma City (c)
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Oklahoma City, OK
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325,190 |
Summer-11
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(a)
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The Forum at Grandview is a 75/25 joint venture.
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||||||
(b)
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The Pavilion at Port Orange is a 50/50 joint venture.
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(c)
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The Outlet Shoppes at Oklahoma City is a 75/25 joint venture.
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Property
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Location
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Total Project
Square Feet
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Opening Date
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||||
Currently under construction:
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Alamance West
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Burlington, NC
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236,438 |
Fall 2011
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Settlers Ridge (Phase II)
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Robinson Township, PA
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86,617 |
Summer 2011
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323,055 |
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·
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National, regional and local economic climates, which may be negatively impacted by loss of jobs, production slowdowns, adverse weather conditions, natural disasters, acts of violence, war or terrorism, declines in residential real estate activity and other factors which tend to reduce consumer spending on retail goods.
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Adverse changes in levels of consumer spending, consumer confidence and seasonal spending (especially during the holiday season when many retailers generate a disproportionate amount of their annual profits).
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Local real estate conditions, such as an oversupply of, or reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants.
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Increased operating costs, such as increases in repairs and maintenance, real property taxes, utility rates and insurance premiums.
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Delays or cost increases associated with the opening of new or renovated properties, due to higher than estimated construction costs, cost overruns, delays in receiving zoning, occupancy or other governmental approvals, lack of availability of materials and labor, weather conditions, and similar factors which may be outside our ability to control.
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Perceptions by retailers or shoppers of the safety, convenience and attractiveness of the shopping center.
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The willingness and ability of the shopping center’s owner to provide capable management and maintenance services.
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The convenience and quality of competing retail properties and other retailing options, such as the Internet.
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Adverse changes in governmental regulations, such as local zoning and land use laws, environmental regulations or local tax structures that could inhibit our ability to proceed with development, expansion, or renovation activities that otherwise would be beneficial to our Properties.
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Potential environmental or other legal liabilities that reduce the amount of funds available to us for investment in our Properties.
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Any inability to obtain sufficient financing (including construction financing and permanent debt), or the inability to obtain such financing on commercially favorable terms, to fund repayment of maturing loans, new developments, acquisitions, and property expansions and renovations which otherwise would benefit our Properties.
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An environment of rising interest rates, which could negatively impact both the value of commercial real estate such as retail shopping centers and the overall retail climate.
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actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity;
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changes in our earnings estimates or those of analysts;
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changes in our dividend policy;
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impairment charges affecting the carrying value of one or more of our Properties or other assets;
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publication of research reports about us, the retail industry or the real estate industry generally;
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increases in market interest rates that lead purchasers of our securities to seek higher dividend or interest rate yields;
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changes in market valuations of similar companies;
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adverse market reaction to the amount of our outstanding debt at any time, the amount of our maturing debt in the near and medium term and our ability to refinance such debt and the terms thereof or our plans to incur additional debt in the future;
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additions or departures of key management personnel;
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actions by institutional security holders;
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speculation in the press or investment community;
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the occurrence of any of the other risk factors included in, or incorporated by reference in, this report; and
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general market and economic conditions.
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discount shopping centers;
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outlet malls;
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wholesale clubs;
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direct mail;
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television shopping networks; and
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shopping via the internet.
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result in the acceleration of a significant amount of debt for non-compliance with the terms of such debt or, if such debt contains cross-default or cross-acceleration provisions, other debt;
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result in the loss of assets due to foreclosure or sale on unfavorable terms, which could create taxable income without accompanying cash proceeds;
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materially impair our ability to borrow unused amounts under existing financing arrangements or to obtain additional financing or refinancing on favorable terms or at all;
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require us to dedicate a substantial portion of our cash flow to paying principal and interest on our indebtedness, reducing the cash flow available to fund our business, to pay dividends, including those necessary to maintain our REIT qualification, or to use for other purposes;
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increase our vulnerability to an economic downturn;
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limit our ability to withstand competitive pressures; or
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reduce our flexibility to respond to changing business and economic conditions.
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Impact of adverse changes in exchange rates of foreign currencies;
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Difficulties in the repatriation of cash and earnings;
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Differences in managerial styles and customs;
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Changes in applicable laws and regulations in the United States that affect foreign operations;
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Changes in foreign political, legal and economic environments; and
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Differences in lending practices.
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·
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The Ownership Limit
– As described above, to maintain our status as a REIT under the Internal Revenue Code, not more than 50% in value of our outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code to include certain entities) during the last half of a taxable year. Our certificate of incorporation generally prohibits ownership of more than 6% of the outstanding shares of our capital stock by any single stockholder determined by value (other than Charles Lebovitz, David Jacobs, Richard Jacobs and their affiliates under the Internal Revenue Code’s attribution rules). In addition to preserving our status as a REIT, the ownership limit may have the effect of precluding an acquisition of control of us without the approval of our board of directors.
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·
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Classified Board of Directors; Removal for Cause
– Our certificate of incorporation provides for a board of directors divided into three classes, with one class elected each year to serve for a three-year term. As a result, at least two annual meetings of stockholders may be required for the stockholders to change a majority of our board of directors. In addition, our stockholders can only remove directors for cause and only by a vote of 75% of the outstanding voting stock. Collectively, these provisions make it more difficult to change the composition of our board of directors and may have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts.
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·
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Advance Notice Requirements for Stockholder Proposals
– Our bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders. These procedures generally require advance written notice of any such proposals, containing prescribed information, to be given to our Secretary at our principal executive offices not less than 60 days or no more than 90 days prior to the meeting.
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·
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Vote Required to Amend Bylaws
– A vote of 66
2
/
3
% of our outstanding voting stock (in addition to any separate approval that may be required by the holders of any particular class of stock) is necessary for stockholders to amend our bylaws.
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·
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Delaware Anti-Takeover Statute
– We are a Delaware corporation and are subject to Section 203 of the Delaware General Corporation Law. In general, Section 203 prevents an “interested stockholder” (defined generally as a person owning 15% or more of a company’s outstanding voting stock) from engaging in a “business combination” (as defined in Section 203) with us for three years following the date that person becomes an interested stockholder unless:
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(a)
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before that person became an interested holder, our board of directors approved the transaction in which the interested holder became an interested stockholder or approved the business combination;
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(b)
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upon completion of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owns 85% of our voting stock outstanding at the time the transaction commenced (excluding stock held by directors who are also officers and by employee stock plans that do not provide employees with the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer); or
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(c)
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following the transaction in which that person became an interested stockholder, the business combination is approved by our board of directors and authorized at a meeting of stockholders by the affirmative vote of the holders of at least two-thirds of our outstanding voting stock not owned by the interested stockholder.
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·
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Tax Consequences of the Sale or Refinancing of Certain Properties
– Since certain of our Properties had unrealized gain attributable to the difference between the fair market value and adjusted tax basis in such Properties immediately prior to their contribution to the Operating Partnership, a taxable sale of any such Properties, or a significant reduction in the debt encumbering such Properties, could cause adverse tax consequences to the members of our senior management who owned interests in our predecessor entities. As a result, members of our senior management might not favor a sale of a Property or a significant reduction in debt even though such a sale or reduction could be beneficial to us and the Operating Partnership. Our bylaws provide that any decision relating to the potential sale of any Property that would result in a disproportionately higher taxable income for members of our senior management than for us and our stockholders, or that would result in a significant reduction in such Property’s debt, must be made by a majority of the independent directors of the board of directors. The Operating Partnership is required, in the case of such a sale, to distribute to its partners, at a minimum, all of the net cash proceeds from such sale up to an amount reasonably believed necessary to enable members of our senior management to pay any income tax liability arising from such sale.
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Interests in Other Entities; Policies of the Board of Directors
– Certain entities owned in whole or in part by members of our senior management, including the construction company that built or renovated most of our Properties, may continue to perform services for, or transact business with, us and the Operating Partnership. Furthermore, certain Property tenants are affiliated with members of our senior management. Accordingly, although our bylaws provide that any contract or transaction between us or the Operating Partnership and one or more of our directors or officers, or between us or the Operating Partnership and any other entity in which one or more of our directors or officers are directors or officers or have a financial interest, must be approved by our disinterested directors or stockholders after the material facts of the relationship or interest of the contract or transaction are disclosed or are known to them, these affiliations could nevertheless create conflicts between the interests of these members of senior management and the interests of the Company, our shareholders and the Operating Partnership in relation to any transactions between us and any of these entities.
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Mall / Location
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Year of Opening/
Acquisition
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Year of
Most
Recent Expansion
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Our
Ownership
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Total
GLA (1)
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Total Mall Store GLA
(2)
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Mall Store
Sales per
Square
Foot (3)
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Percentage
Mall
Store GLA
Leased (4)
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Anchors & Junior Anchors
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Non-Stabilized Malls:
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Pearland Town Center (9)
Pearland, TX
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2008
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N/A | 100 | % | 718,000 | 396,517 | 228 | 82 | % |
Barnes & Noble, Dillard's, Macy's, Sports Authority
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Stabilized Malls:
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Alamance Crossing
Burlington, NC
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2007
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N/A | 100 | % | 690,020 | 256,543 | $ | 206 | 72 | % |
Belk, Barnes & Noble, Carousel Cinemas, Dillard's, JC Penney, Hobby Lobby
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Arbor Place
Atlanta (Douglasville), GA
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1999
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N/A | 62.8 | % | 1,209,318 | 298,985 | $ | 321 | 100 | % |
Bed Bath & Beyond, Belk, Borders, Dillard's, JC Penney, Macy's, Old Navy, Sears
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Asheville Mall
Asheville, NC
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1972/2000 | 2000 | 100 | % | 974,271 | 288,316 | 303 | 95 | % |
Barnes & Noble, Belk, Dillard's, Dillard's West, JC Penney, Old Navy, Sears
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||||||||||||||||||||
Bonita Lakes Mall (5)
Meridian, MS
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1997 | N/A | 100 | % | 632,192 | 154,701 | 242 | 92 | % |
Belk, Dillard's, JC Penney, Sears, Vacancy
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||||||||||||||||||||
Brookfield Square
Brookfield, WI
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1967/2001 | 2007 | 100 | % | 1,099,800 | 287,986 | 374 | 99 | % |
Barnes & Noble, Boston Store, JC Penney, Old Navy, Sears
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||||||||||||||||||||
Burnsville Center
Burnsville, MN
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1977/1998 | N/A | 100 | % | 1,062,799 | 380,777 | 333 | 98 | % |
Dick's Sporting Goods, Gordmans, JC Penney, Macy's, Old Navy, Sears
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||||||||||||||||||||
Cary Towne Center
Cary, NC
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1979/2001 | 1993 | 100 | % | 1,017,004 | 410,272 | 237 | 97 | % |
Belk, Dillard's, JC Penney, Macy's, Sears
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||||||||||||||||||||
Chapel Hill Mall (6)
Akron, OH
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1966/2004 | 1995 | 62.8 | % | 864,102 | 278,768 | 261 | 95 | % |
JC Penney, Macy's, Old Navy, Sears, Shoe Dept Encore
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||||||||||||||||||||
CherryVale Mall
Rockford, IL
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1973/2001 | 2007 | 100 | % | 847,343 | 363,783 | 317 | 98 | % |
Barnes & Noble, Bergner's, JC Penney, Macy's, Sears
|
||||||||||||||||||||
Chesterfield Mall
Chesterfield, MO
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1976/2007 | 2006 | 62.8 | % | 1,284,854 | 489,668 | 281 | 92 | % |
Borders, Dillard's, H&M, Macy's, Old Navy, Sears, AMC Theater
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||||||||||||||||||||
Citadel Mall
Charleston, SC
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1981/2001 | 2000 | 100 | % | 1,128,799 | 346,971 | 197 | 93 | % |
Belk, Dillard's, JC Penney, Sears, Target, Dick's Sporting Goods
|
||||||||||||||||||||
Coastal Grand-Myrtle Beach
Myrtle Beach, SC
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2004 | 2007 | 50 | % | 1,046,080 | 342,330 | 311 | 98 | % |
Bed Bath & Beyond, Belk, Books A Million, Dick's Sporting Goods, Dillard's, Old Navy, Sears, JC Penney
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||||||||||||||||||||
College Square
Morristown, TN
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1988 | 1999 | 100 | % | 486,714 | 148,373 | 257 | 96 | % |
Belk, Carmike Cinema, Goody's (16), JC Penney, Kohl's, Sears, vacancy
|
||||||||||||||||||||
Columbia Place
Columbia, SC
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1977/2001 | N/A | 100 | % | 1,092,247 | 242,267 | 182 | 80 | % |
Burlington Coat Factory, Macy's, Sears, three vacancies
|
||||||||||||||||||||
CoolSprings Galleria
Nashville, TN
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1991 | 1994 | 100 | % | 1,117,593 | 362,957 | 413 | 100 | % |
Belk, Dillard's, JC Penney, Macy's, Sears
|
||||||||||||||||||||
Cross Creek Mall
Fayetteville, NC
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1975/2003 | 2000 | 100 | % | 1,046,423 | 251,491 | 531 | 98 | % |
Belk, JC Penney, Macy's, Sears
|
||||||||||||||||||||
East Towne Mall
Madison, WI
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1971/2001 | 2004 | 100 | % | 824,194 | 265,570 | 312 | 96 | % |
Barnes & Noble, Boston Store, Dick's Sporting Goods, Gordman's, JC Penney, Sears, Steinhafels
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Mall / Location
|
Year of Opening/
Acquisition
|
Year of Most Recent Expansion
|
Our Ownership
|
Total
GLA (1)
|
Total Mall Store GLA (2)
|
Mall Store
Sales per
Square
Foot (3)
|
Percentage Mall
Store GLA
Leased (4)
|
Anchors & Junior Anchors
|
||||||||||||||||||||||
EastGate Mall (7)
Cincinnati, OH
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1980/2003 | 1995 | 100 | % | 959,367 | 272,261 | 280 | 94 | % |
Dillard's, JC Penney, Kohl's, MMA Big Show, Sears, Toys R Us
|
||||||||||||||||||||
Eastland Mall
Bloomington, IL
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1967/2005 | N/A | 100 | % | 765,098 | 225,441 | 331 | 97 | % |
Bergner's, JC Penney, Kohl's, Macy's, Old Navy, Sears
|
||||||||||||||||||||
Fashion Square
Saginaw, MI
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1972/2001 | 1993 | 100 | % | 795,717 | 282,954 | 263 | 90 | % |
JC Penney, Macy's, Sears, Shoe Dept. Encore
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||||||||||||||||||||
Fayette Mall
Lexington, KY
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1971/2001 | 1993 | 100 | % | 1,212,733 | 357,179 | 503 | 100 | % |
Dick's Sporting Goods, Dillard's, JC Penney, Macy's, Sears
|
||||||||||||||||||||
Foothills Mall
Maryville, TN
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1983/1996 | 2004 | 95 | % | 481,555 | 184,859 | 225 | 89 | % |
Belk for Women, Belk for Men, Goody's (16), Kids & Home, JC Penney, Sears, TJ Maxx
|
||||||||||||||||||||
Friendly Shopping Center and The Shops at Friendly
Greensboro, NC
|
1957/ 2006/ 2007
|
1996 | 50 | % | 1,304,074 | 517,257 | 425 | 91 | % |
Barnes & Noble, Belk, Macy's, Old Navy, Sears, Harris Teeter, REI
|
||||||||||||||||||||
Frontier Mall
Cheyenne, WY
|
1981 | 1997 | 100 | % | 536,340 | 191,470 | 279 | 88 | % |
Dillard's I, Dillard's II, Sports Authority, JC Penney, Sears, Sports Authority, Carmike Cinema
|
||||||||||||||||||||
Georgia Square
Athens, GA
|
1981 | N/A | 100 | % | 670,999 | 249,445 | 230 | 99 | % |
Belk, JC Penney, Macy's, Sears
|
||||||||||||||||||||
Governor's Square
Clarksville, TN
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1986 | 1999 | 47.5 | % | 729,545 | 254,509 | 344 | 96 | % |
Belk, Best Buy, Borders, Dick's Sporting Goods, Dillard's, JC Penney,Old Navy, Sears
|
||||||||||||||||||||
Greenbrier Mall
Chesapeake, VA
|
1981/2004 | 2004 | 63 | % | 898,922 | 299,653 | 304 | 91 | % |
Dillard's, JC Penney, Macy's, Sears
|
||||||||||||||||||||
Gulf Coast Town Center
Ft. Myers, FL
|
2005 | N/A | 50 | % | 1,242,240 | 317,233 | 267 | 89 | % |
Babies R Us, Bass Pro Outdoor World, Belk, Best Buy, Borders, Golf Galaxy, JC Penney, Jo-Ann Fabrics, Marshall's, PETCO, Ron Jon Surf Shop, Ross, Staples, Target, Regal Cinema
|
||||||||||||||||||||
Hamilton Place
Chattanooga, TN
|
1987 | 1998 | 90 | % | 1,170,585 | 339,705 | 378 | 100 | % |
Dillard's for Men, Kids & Home, Dillard's for Women, JC Penney, Belk for Men, Kids & Home, Belk for Women, Sears, Barnes & Noble
|
||||||||||||||||||||
Hanes Mall
Winston-Salem, NC
|
1975/2001 | 1990 | 100 | % | 1,564,263 | 551,048 | 293 | 93 | % |
Belk, Dillard's, JC Penney, Macy's, Old Navy, Sears, Dick's Sporting Goods
|
||||||||||||||||||||
Harford Mall
Bel Air, MD
|
1973/2003 | 2007 | 100 | % | 505,425 | 205,848 | 366 | 100 | % |
Macy's, Old Navy, Sears
|
||||||||||||||||||||
Hickory Hollow Mall
Nashville, TN
|
1978/1998 | 1991 | 100 | % | 1,108,349 | 402,862 | 141 | 80 | % |
Macy's, Sears, Electronic Express, Vacancy
|
||||||||||||||||||||
Hickory Point Mall
Decatur, IL
|
1977/2005 | N/A | 100 | % | 817,347 | 190,771 | 212 | 92 | % |
Bergner's, Cohn Furniture, Encore, JC Penney, Kohl's, Sears, Von Maur
|
||||||||||||||||||||
Honey Creek Mall
Terre Haute, IN
|
1968/2004 | 1981 | 100 | % | 675,936 | 209,813 | 335 | 98 | % |
Elder-Beerman, JC Penney, Macy's, Sears, Shoe Dept. Encore
|
||||||||||||||||||||
Imperial Valley Mall
El Centro, CA
|
2005 | N/A | 60 | % | 761,275 | 212,635 | 345 | 97 | % |
Dillard's, JC Penney, Macy's, Sears, Cinemark
|
||||||||||||||||||||
Janesville Mall
Janesville, WI
|
1973/1998 | 1998 | 100 | % | 614,304 | 166,474 | 291 | 98 | % |
Boston Store, JC Penney, Kohl's, Sears
|
||||||||||||||||||||
Jefferson Mall
Louisville, KY
|
1978/2001 | 1999 | 100 | % | 990,756 | 274,206 | 335 | 100 | % |
Dillard's, JC Penney, Macy's, Old Navy, Sears, Shoe Dept. Encore, Toys R Us
|
Mall / Location
|
Year of Opening/
Acquisition
|
Year of Most Recent Expansion
|
Our Ownership
|
Total
GLA (1)
|
Total Mall Store GLA (2)
|
Mall Store
Sales per
Square
Foot (3)
|
Percentage Mall
Store GLA
Leased (4)
|
Anchors & Junior Anchors
|
||||||||||||||||||||||
Kentucky Oaks Mall
Paducah, KY
|
1982/2001 | 1995 | 50 | % | 1,129,679 | 304,515 | 305 | 86 | % |
Best Buy, Dick's Sporting Goods, Dillard's, Elder-Beerman, JC Penney, Sears, Hobby Lobby, Office Max, Old Navy, Toys R Us
|
||||||||||||||||||||
The Lakes Mall
Muskegon, MI
|
2001 | N/A | 100 | % | 590,698 | 188,792 | 257 | 97 | % |
Bed Bath & Beyond, Dick's Sporting Goods, JC Penney, Sears, Younkers
|
||||||||||||||||||||
Lakeshore Mall
Sebring, FL
|
1992 | 1999 | 100 | % | 489,031 | 115,015 | 227 | 81 | % |
Beall's (8), Belk, JC Penney, Kmart, Sears, Carmike
|
||||||||||||||||||||
Laurel Park Place
Livonia, MI
|
1989/2005 | 1994 | 70 | % | 489,865 | 191,055 | 211 | 97 | % |
Parisian, Von Maur
|
||||||||||||||||||||
Layton Hills Mall
Layton, UT
|
1980/2006 | 1998 | 100 | % | 619,804 | 306,881 | 372 | 99 | % |
JCPenney, Macy's, Mervyn's (vacant), Sports Authority
|
||||||||||||||||||||
Madison Square
Huntsville, AL
|
1984 | 1985 | 100 | % | 928,628 | 295,194 | 254 | 81 | % |
Belk, Dillard's, JC Penney, Sears, two vacancies
|
||||||||||||||||||||
Mall del Norte
Laredo, TX
|
1977/2004 | 1993 | 100 | % | 1,209,191 | 425,448 | 476 | 97 | % |
Beall Bros. (8), Chuck E Cheese, Cinemark, Dillard's, Forever 21, JC Penney, Joe Brand, Macy's, Macy's Home Store, Sears
|
||||||||||||||||||||
Mall of Acadiana
Lafayette, LA
|
1979/2005 | 2004 | 62.8 | % | 994,325 | 302,062 | 410 | 100 | % |
Dillard's, JCPenney, Macy's, Sears
|
||||||||||||||||||||
Meridian Mall (10)
Lansing, MI
|
1969/1998 | 2001 | 100 | % | 973,141 | 413,534 | 257 | 89 | % |
Bed Bath & Beyond, Dick's Sporting Goods, JC Penney, Macy's, Old Navy, Schuler Books, Younkers
|
||||||||||||||||||||
Mid Rivers Mall
St. Peters, MO
|
1987/2007 | 1999 | 62.8 | % | 1,089,213 | 291,181 | 297 | 94 | % |
Borders, Dillard's, JC Penney, Macy's, Sears, Dick's Sporting Goods, Inc., Wehrenberg Theaters
|
||||||||||||||||||||
Midland Mall
Midland, MI
|
1991/2001 | N/A | 100 | % | 508,055 | 190,781 | 284 | 94 | % |
Barnes & Noble, Elder-Beerman, JC Penney, Sears, Target
|
||||||||||||||||||||
Monroeville Mall
Pittsburgh, PA
|
1969/2004 | 2003 | 100 | % | 1,331,901 | 466,253 | 271 | 88 | % |
JC Penney, Macy's, Boscov's (vacant)
|
||||||||||||||||||||
Northpark Mall
Joplin, MO
|
1972/2004 | 1996 | 100 | % | 962,712 | 303,896 | 283 | 91 | % |
Glow Golf, JC Penney, Macy's, Macy's Home Store, Old Navy, Sears, TJ Maxx, Vintage Stock
|
||||||||||||||||||||
Northwoods Mall
Charleston, SC
|
1972/2001 | 1995 | 100 | % | 789,296 | 286,177 | 287 | 93 | % |
Belk, Books A Million, Dillard's, JC Penney, Planet Fitness, Sears
|
||||||||||||||||||||
Oak Hollow Mall (17)
High Point, NC
|
1995 | N/A | 75 | % | 825,713 | 252,913 | 177 | 56 | % |
Belk, Dillard's, JC Penney, Sears, Sears Call Center, Regal Cinema
|
||||||||||||||||||||
Oak Park Mall
Overland Park, KS
|
1974/2005 | 1998 | 100 | % | 1,563,377 | 452,639 | 418 | 97 | % |
American Girl, Barnes & Noble, Dillard's North, Dillard's South, JC Penney, Macy's, Nordstrom, XXI Forever
|
||||||||||||||||||||
Old Hickory Mall
Jackson, TN
|
1967/2001 | 1994 | 100 | % | 556,900 | 179,805 | 323 | 97 | % |
Belk, JC Penney, Macy's, Sears
|
Mall / Location
|
Year of Opening/
Acquisition
|
Year of Most Recent Expansion
|
Our Ownership
|
Total
GLA (1)
|
Total Mall Store GLA (2)
|
Mall Store
Sales per
Square
Foot (3)
|
Percentage Mall
Store GLA
Leased (4)
|
Anchors & Junior Anchors
|
||||||||||||||||||||||
Panama City Mall
Panama City, FL
|
1976/2002 | 1984 | 100 | % | 607,013 | 224,824 | 223 | 98 | % |
Dillard's, JC Penney, Sears
|
||||||||||||||||||||
Park Plaza
Little Rock, AR
|
1988/2004 | N/A | 62.8 | % | 562,149 | 236,784 | 420 | 97 | % |
Dillard's I, Dillard's II, XXI Forever
|
||||||||||||||||||||
Parkdale Mall
Beaumont, TX
|
1972/2001 | 1986 | 100 | % | 1,228,150 | 260,884 | 307 | 88 | % |
Beall Bros. (8), Books A Million, Dillard's, Hadley's Furniture, JC Penney, Kaplan College, Macy's, Marshall's, Old Navy, Sears, XXI Forever
|
||||||||||||||||||||
Parkway Place Mall
Huntsville, AL
|
1957/1998 | 2002 | 100 | % | 648,407 | 272,582 | 310 | 95 | % |
Dillard's, Belk
|
||||||||||||||||||||
Post Oak Mall
College Station, TX
|
1982 | 1985 | 100 | % | 774,856 | 317,681 | 302 | 90 | % |
Beall Bros. (8), Dillard's, Dillard's South, JC Penney, Macy's, Sears
|
||||||||||||||||||||
Randolph Mall
Asheboro, NC
|
1982/2001 | 1989 | 100 | % | 363,272 | 125,911 | 226 | 91 | % |
Belk, Books A Million, Dillard's, JC Penney, Sears, Cinemark
|
||||||||||||||||||||
Regency Mall
Racine, WI
|
1981/2001 | 1999 | 100 | % | 815,935 | 210,520 | 230 | 90 | % |
Boston Store, JC Penney, Sears, Target, Flooring Super Center, Burlington Coat Factory
|
||||||||||||||||||||
Richland Mall
Waco, TX
|
1980/2002 | 1996 | 100 | % | 708,301 | 228,823 | 311 | 95 | % |
Beall Bros. (8), Dillard's I, Dillard's II, JC Penney, Sears, XXI Forever
|
||||||||||||||||||||
River Ridge Mall
Lynchburg, VA
|
1980/2003 | 2000 | 100 | % | 763,797 | 206,260 | 276 | 74 | % |
Belk, JC Penney, Macy's, Sears, Regal Cinema
|
||||||||||||||||||||
Rivergate Mall
Nashville, TN
|
1971/1998 | 1998 | 100 | % | 1,152,591 | 262,898 | 287 | 99 | % |
Dillard's, JC Penney, Macy's, Sears, Carmike
|
||||||||||||||||||||
South County Center
St. Louis, MO
|
1963/2007 | 2001 | 62.8 | % | 1,038,713 | 311,516 | 360 | 97 | % |
Dillard's, JC Penney, Macy's, Sears
|
||||||||||||||||||||
Southaven Towne Center
Southave, MS
|
2005 | N/A | 100 | % | 528,971 | 145,876 | 331 | 96 | % |
Bed Bath & Beyond, Books A Million, Cost Plus, Dillard's, Gordman's, HH Gregg, JC Penney, World Market
|
||||||||||||||||||||
Southpark Mall
Colonial Heights, VA
|
1989/2003 | 2007 | 100 | % | 685,675 | 213,393 | 294 | 94 | % |
Dillard's, JC Penney, Macy's, Sears, Regal Cinema
|
||||||||||||||||||||
St. Clair Square (11)
Fairview Heights, IL
|
1974/1996 | 1993 | 62.8 | % | 1,126,562 | 289,854 | 400 | 99 | % |
Dillard's, JC Penney, Macy's, Sears
|
||||||||||||||||||||
Stroud Mall (12)
Stroudsburg, PA
|
1977/1998 | 2005 | 100 | % | 419,470 | 169,287 | 263 | 97 | % |
JC Penney, Sears, Bon-Ton
|
||||||||||||||||||||
Sunrise Mall
Brownsville, TX
|
1979/2003 | 2000 | 100 | % | 752,781 | 238,024 | 384 | 92 | % |
Beall Bros. (8), Cinemark, Dillard’s, JC Penney, Sears, A'gaci
|
||||||||||||||||||||
Towne Mall
Franklin, OH
|
1977/2001 | N/A | 100 | % | 455,601 | 151,989 | 177 | 43 | % |
Elder-Beerman, Sears, Dillard's (vacant)
|
||||||||||||||||||||
Triangle Town Center
Raleigh, NC
|
2002/2005 | N/A | 50 | % | 1,272,204 | 424,730 | 277 | 96 | % |
Barnes & Noble, Belk, Dillard's, Macy's, Sak's Fifth Avenue, Sears
|
||||||||||||||||||||
Turtle Creek Mall
Hattiesburg, MS
|
1994 | 1995 | 100 | % | 843,401 | 190,477 | 323 | 98 | % |
Belk I, Belk II, Dillard's, JC Penney, Sears, United Artist
|
||||||||||||||||||||
Valley View Mall
Roanoke, VA
|
1985/2003 | 2007 | 100 | % | 875,415 | 315,626 | 323 | 99 | % |
Barnes & Noble, Belk, JC Penney, Macy's I, Macy's II, Old Navy, Sears
|
||||||||||||||||||||
Volusia Mall
Daytona Beach, FL
|
1974/2004 | 1982 | 100 | % | 1,071,018 | 252,475 | 315 | 97 | % |
Dillard's East, Dillard's West, Dillard's South, JC Penney, Macy's, Sears
|
||||||||||||||||||||
Walnut Square (13)
Dalton, GA
|
1980 | 1992 | 100 | % | 511,016 | 141,100 | 247 | 94 | % |
Belk, Belk Home & Kids, Carmike Cinema, JC Penney, Sears, The Rush
|
||||||||||||||||||||
Wausau Center (14)
Wausau, WI
|
1983/2001 | 1999 | 100 | % | 423,134 | 149,934 | 255 | 97 | % |
JC Penney, Sears, Younkers
|
Mall / Location
|
Year of Opening/
Acquisition
|
Year of Most Recent Expansion
|
Our Ownership
|
Total
GLA (1)
|
Total Mall Store GLA (2)
|
Mall Store
Sales per
Square
Foot (3)
|
Percentage Mall
Store GLA
Leased (4)
|
Anchors & Junior Anchors
|
||||||||||||||||||||||
West County Center
Des Peres, MO
|
1969/2007 | 2002 | 62.8 | % | 1,210,307 | 427,886 | 465 | 95 | % |
Barnes & Noble, JC Penney, Macy's, Nordstrom, Forever 21, Dick's Sporting Goods
|
||||||||||||||||||||
West Towne Mall
Madison, WI
|
1970/2001 | 2004 | 100 | % | 918,912 | 291,322 | 505 | 96 | % |
Boston Store, Dick's Sporting Goods, JC Penney, Sears, XXI Forever, Toys R Us
|
||||||||||||||||||||
WestGate Mall (15)
Spartanburg, SC
|
1975/1995 | 1996 | 100 | % | 951,010 | 262,404 | 258 | 88 | % |
Bed Bath & Beyond, Belk, Dick's Sporting Goods, Dillard's, JC Penney, Sears, Regal Cinema
|
||||||||||||||||||||
Westmoreland Mall
Greensburg, PA
|
1977/2002 | 1994 | 62.8 | % | 1,005,502 | 332,551 | 310 | 97 | % |
BonTon, JC Penney, Macy's, Macy's Home Store, Old Navy, Sears
|
||||||||||||||||||||
York Galleria
York, PA
|
1989/1999 | N/A | 100 | % | 764,447 | 227,230 | 306 | 96 | % |
Bon Ton, Boscov's, JC Penney, Sears
|
||||||||||||||||||||
Total Stabilized Malls
|
71,758,722 | 22,724,363 | $ | 310 | 93 | % | ||||||||||||||||||||||||
Grand total
|
71,758,722 | 23,120,880 | $ | 309 | 93 | % |
(1) | Includes total square footage of the anchors (whether owned or leased by the anchor) and mall stores. Does not include future expansion areas. |
(2) | Excludes anchors and cinemas. |
(3) | Totals represent weighted averages. |
(4) | Includes tenants paying rent for executed leases as of December 31, 2010. |
(5) | Bonita Lakes Mall - We are the lessee under a ground lease for 82 acres, which extends through June 30, 2035, plus one 25 - year renewal option. The annual ground rent for 2010 was $34,603, increasing by an average of 2% each year. |
(6) | Chapel Hill Mall - Ground rent is the greater of $10,000 or 30% of aggregate fixed minimum rent paid by tenants of certain store units. The annual ground rent for 2010 was $10,000. |
(7) | Eastgate Mall - Ground rent is $24,000 per year. |
(8) | Lakeshore Mall, Mall del Norte, Parkdale Mall, Post Oak Mall, Richland Mall, and Sunrise Mall - Beall Bros. operating in Texas is unrelated to Beall's operating in Florida. |
(9) | Pearland Town Center is a mixed-use center which conbines retail, hotel, office and residential components. The retail portion of the center is classified in Malls, the office portion is classified in Office Buildings, and the hotel and residential portions are classified as Other. |
(10) | Meridian Mall - We are the lessee under several ground leases in effect through March 2067, with extension options. Fixed rent is $18,700 per year plus 3% to 4% of all rents. |
(11) | St. Clair Square - We are the lessee under a ground lease for 20 acres. Assuming the exercise of renewal options available, at our election, the ground lease expires January 31, 2073. The rental amount is $40,500 per year. In addition to base rent, the landlord receives 0.25% of Dillard's sales in excess of $16,200,000. |
(12) | Stroud Mall - We are the lessee under a ground lease, which extends through July 2089. The current rental amount is $60,000 per year, increasing by $10,000 every ten years through 2059. An additional $100,000 is paid every 10 years. |
(13) | Walnut Square - We are the lessee under several ground leases. Assuming the exercise of renewal options available, at our election, the ground lease expires March 14, 2078. The rental amount is $149,450 per year. In addition to base rent, the landlord receives 20% of the percentage rents collected. The Company has a right of first refusal to purchase the fee. |
(14) | Wausau Center - Ground rent is $76,000 per year plus 10% of net taxable cash flow. |
(15) | WestGate Mall - We are the lessee under several ground leases for approximately 53% of the underlying land. Assuming the exercise of renewal options available, at our election, the ground lease expires October 31, 2084. The rental amount is $130,025 per year. In addition to base rent, the landlord receives 20% of the percentage rents collected. The Company has a right of first refusal to purchase the fee. |
(16) | Scheduled to open in March 2011. |
(17) | We closed on the sale of this property on February 24, 2011. |
Name
|
Property
|
Location
|
||
Dick's Sporting Goods
|
Kentucky Oaks
|
Paducah, KY
|
||
Vintage Stock
|
Northpark Mall
|
Joplin, MO
|
||
Ashley Furniture HomeStore
|
Parkdale Mall
|
Beaumont, TX
|
||
Jo-Ann Fabrics & Crafts
|
Southaven Towne Ctr
|
Southaven, MS
|
||
Encore
|
Honey Creek
|
Terre Haute, IN
|
||
Encore
|
Fashion Square
|
Saginaw, MI
|
||
Encore
|
Jefferson Mall
|
Louisville, KY
|
||
Jillian's
|
Greenbrier Mall
|
Chesapeake, VA
|
||
Dick's Sporting Goods
|
Governor's Square
|
Clarksville, TN
|
||
Best Buy
|
Governor's Square
|
Clarksville, TN
|
||
Cohn Furniture
|
Hickory Point Mall
|
Forsyth, IL
|
||
The Rush Fitness Complex
|
Walnut Square
|
Dalton, GA
|
||
Vintage Stock
|
Northpark Mall
|
Joplin, MO
|
||
Encore
|
Hickory Point Mall
|
Forsyth, IL
|
||
Forever 21
|
Coolsprings Galleria
|
Nashville, TN
|
||
Planet Fitness
|
Northwoods Mall
|
N. Charleson, SC
|
Number of Stores
|
Gross Leaseable Area
|
|||||||||||||||||||||||
Anchor
|
Mall
Leased
|
Anchor
Owned
|
Total
|
Mall
Leased
|
Anchor
Owned
|
Total
|
||||||||||||||||||
JCPenney (1)
|
37 | 35 | 72 | 3,965,668 | 4,357,525 | 8,323,193 | ||||||||||||||||||
Sears (2)
|
20 | 52 | 72 | 2,168,374 | 7,251,172 | 9,419,546 | ||||||||||||||||||
Dillard's (3)
|
4 | 49 | 53 | 660,713 | 6,958,934 | 7,619,647 | ||||||||||||||||||
Sak's
|
- | 1 | 1 | - | 83,066 | 83,066 | ||||||||||||||||||
Macy's (4)
|
15 | 32 | 47 | 1,957,154 | 5,137,196 | 7,094,350 | ||||||||||||||||||
Belk
|
||||||||||||||||||||||||
Belk (5)
|
9 | 26 | 35 | 965,944 | 3,319,296 | 4,285,240 | ||||||||||||||||||
Parisian
|
1 | - | 1 | 148,810 | - | 148,810 | ||||||||||||||||||
Subtotal
|
10 | 26 | 36 | 1,114,754 | 3,319,296 | 4,434,050 | ||||||||||||||||||
Bon-Ton
|
||||||||||||||||||||||||
Bon-Ton
|
2 | 1 | 3 | 186,824 | 131,915 | 318,739 | ||||||||||||||||||
Bergner's
|
- | 3 | 3 | - | 385,401 | 385,401 | ||||||||||||||||||
Boston Store (6)
|
1 | 4 | 5 | 96,000 | 599,280 | 695,280 | ||||||||||||||||||
Younkers
|
3 | 1 | 4 | 269,060 | 106,131 | 375,191 | ||||||||||||||||||
Elder-Beerman
|
3 | 1 | 4 | 194,613 | 117,888 | 312,501 | ||||||||||||||||||
Subtotal
|
9 | 10 | 19 | 746,497 | 1,340,615 | 2,087,112 | ||||||||||||||||||
A'GACI
|
1 | - | 1 | 28,000 | - | 28,000 | ||||||||||||||||||
Ashley Home Store
|
1 | - | 1 | 26,439 | - | 26,439 | ||||||||||||||||||
Babies R Us
|
1 | - | 1 | 30,700 | - | 30,700 | ||||||||||||||||||
Barnes & Noble
|
13 | - | 13 | 388,674 | - | 388,674 | ||||||||||||||||||
Bass Pro Outdoor World
|
1 | - | 1 | 130,000 | - | 130,000 | ||||||||||||||||||
Beall Bros.
|
5 | - | 5 | 193,209 | - | 193,209 | ||||||||||||||||||
Beall's (Fla)
|
1 | - | 1 | 45,844 | - | 45,844 | ||||||||||||||||||
Bed, Bath & Beyond
|
6 | - | 6 | 179,915 | - | 179,915 | ||||||||||||||||||
Best Buy
|
3 | - | 3 | 98,481 | - | 98,481 | ||||||||||||||||||
Books A Million
|
5 | - | 5 | 85,016 | - | 85,016 | ||||||||||||||||||
Borders
|
5 | - | 5 | 116,732 | - | 116,732 | ||||||||||||||||||
Boscov's
|
- | 1 | 1 | - | 150,000 | 150,000 | ||||||||||||||||||
Burlington Coat Factory
|
2 | - | 2 | 141,664 | - | 141,664 | ||||||||||||||||||
Cohn Furniture
|
1 | - | 1 | 20,030 | - | 20,030 | ||||||||||||||||||
Dick's Sporting Goods
|
11 | 1 | 12 | 623,134 | 70,000 | 693,134 | ||||||||||||||||||
Electronic Express
|
1 | - | 1 | 26,550 | - | 26,550 | ||||||||||||||||||
Encore
|
3 | - | 3 | 77,557 | - | 77,557 | ||||||||||||||||||
Flooring Supercenter
|
1 | - | 1 | 27,501 | - | 27,501 | ||||||||||||||||||
Gart Sports
|
1 | - | 1 | 24,750 | - | 24,750 | ||||||||||||||||||
Golf Galaxy
|
1 | - | 1 | 15,096 | - | 15,096 | ||||||||||||||||||
Gordman's
|
2 | - | 2 | 107,303 | - | 107,303 | ||||||||||||||||||
H&M
|
1 | - | 1 | 20,350 | - | 20,350 | ||||||||||||||||||
Harris Teeter
|
- | 1 | 1 | - | 72,757 | 72,757 | ||||||||||||||||||
H.H.Gregg
|
- | 1 | 1 | - | 33,887 | 33,887 | ||||||||||||||||||
Hobby Lobby
|
1 | - | 1 | 52,500 | - | 52,500 | ||||||||||||||||||
Jillian's
|
1 | - | 1 | 21,295 | - | 21,295 | ||||||||||||||||||
Jo-Ann Fabrics
|
2 | - | 2 | 53,573 | - | 53,573 | ||||||||||||||||||
Joe Brand
|
1 | - | 1 | 29,413 | - | 29,413 | ||||||||||||||||||
Kmart
|
1 | - | 1 | 86,479 | - | 86,479 | ||||||||||||||||||
Kohl's
|
4 | 1 | 5 | 357,091 | 68,000 | 425,091 | ||||||||||||||||||
Marshall's
|
2 | - | 2 | 82,996 | - | 82,996 | ||||||||||||||||||
Michaels | 1 | - | 1 | 21,300 | - | 21,300 |
Number of Stores
|
Gross Leaseable Area
|
|||||||||||||||||||||||
Anchor
|
Mall
Leased
|
Anchor
Owned
|
Total
|
Mall
Leased
|
Anchor
Owned
|
Total
|
||||||||||||||||||
MMA Big Show
|
1 | - | 1 | 19,369 | - | 19,369 | ||||||||||||||||||
Nordstrom (7)
|
- | 2 | 2 | - | 385,000 | 385,000 | ||||||||||||||||||
Old Navy
|
18 | - | 18 | 344,670 | - | 344,670 | ||||||||||||||||||
Petco
|
1 | - | 1 | 15,257 | - | 15,257 | ||||||||||||||||||
REI
|
1 | - | 1 | 24,427 | - | 24,427 | ||||||||||||||||||
Ron Jon Surf Shop
|
1 | - | 1 | 12,000 | - | 12,000 | ||||||||||||||||||
Ross Dress For Less
|
1 | - | 1 | 30,187 | - | 30,187 | ||||||||||||||||||
Schuler Books
|
1 | - | 1 | 24,116 | - | 24,116 | ||||||||||||||||||
SHOE DEPT. ENCORE
|
1 | - | 1 | 26,010 | - | 26,010 | ||||||||||||||||||
Shopko/K's Merchandise Mart
|
- | 1 | 1 | - | 90,000 | 90,000 | ||||||||||||||||||
Smart Buys
|
1 | - | 1 | 33,460 | - | 33,460 | ||||||||||||||||||
Sports Authority
|
1 | 1 | 2 | 16,537 | 42,085 | 58,622 | ||||||||||||||||||
Staples
|
1 | - | 1 | 20,388 | - | 20,388 | ||||||||||||||||||
Steinhafels
|
1 | - | 1 | 28,828 | - | 28,828 | ||||||||||||||||||
Target
|
- | 4 | 4 | - | 490,476 | 490,476 | ||||||||||||||||||
The Rush Fitness Complex
|
1 | - | 1 | 30,566 | - | 30,566 | ||||||||||||||||||
TJ Maxx
|
2 | - | 2 | 56,886 | - | 56,886 | ||||||||||||||||||
U. S. Government
|
- | 1 | 1 | - | 138,189 | 138,189 | ||||||||||||||||||
Vintage Stock
|
1 | - | 1 | 46,108 | - | 46,108 | ||||||||||||||||||
Von Maur
|
- | 2 | 2 | - | 233,280 | 233,280 | ||||||||||||||||||
XXI Forever / Forever 21
|
7 | - | 7 | 229,494 | - | 229,494 | ||||||||||||||||||
Vacant Anchors
|
||||||||||||||||||||||||
Shopko
|
1 | - | 1 | 23,636 | - | 23,636 | ||||||||||||||||||
Becker Furniture
|
1 | - | 1 | 62,500 | - | 62,500 | ||||||||||||||||||
Belk
|
- | 1 | 1 | - | 96,853 | 96,853 | ||||||||||||||||||
Boscov's
|
- | 1 | 1 | - | 234,538 | 234,538 | ||||||||||||||||||
Circuit City
|
2 | - | 2 | 42,096 | - | 42,096 | ||||||||||||||||||
Dillard's
|
- | 3 | 3 | - | 493,956 | 493,956 | ||||||||||||||||||
Goody's (8)
|
3 | - | 3 | 91,358 | - | 91,358 | ||||||||||||||||||
Linens N Things
|
3 | - | 3 | 83,517 | - | 83,517 | ||||||||||||||||||
Mervyn's (8)
|
1 | - | 1 | 90,000 | - | 90,000 | ||||||||||||||||||
Old Navy
|
1 | - | 1 | 31,858 | - | 31,858 | ||||||||||||||||||
Steve & Barry's
|
8 | - | 9 | 300,325 | - | 300,325 | ||||||||||||||||||
234 | 226 | 460 | 15,388,976 | 31,046,825 | 46,435,801 |
(1) |
Of the 35 stores owned by JC Penny, six are subject to ground lease payments to the Company.
|
(2) |
Of the 52 stores owned by Sears, four are subject to ground lease payments to the Company.
|
(3) |
Of the 49 stores owned by Dillard's, four are subject to ground lease payments to the Company.
|
(4) |
Of the 32 stores owned by Macy's, five are subject to ground lease payments to the Company.
|
(5) | Of the 26 stores owned by Belk, two are subject to ground lease payments to the Company. |
(6) |
Of the four stores owned by Boston Store, one is subject to ground lease payments to the Company.
|
(7) |
Of the two stores owned by Nordstrom, one is subject to ground lease payments to the Company.
|
(8) | Two Goody's locations have been re-leased and are scheduled to open Spring 2011; A portion of the former Mervyn's location has been re-leased to Dick's Sporting Goods. |
Year Ending
December 31,
|
Number of
Leases
Expiring
|
Annualized
Gross Rent (1)
|
GLA of
Expiring
Leases
|
Average
Annualized
Gross Rent
Per Square
Foot
|
Expiring
Leases as % of
Total
Annualized
Gross Rent (2)
|
Expiring
Leases as a %
of Total Leased
GLA (3)
|
||||||||||||||||||
2011
|
1485 | $ | 94,112,000 | 3,321,440 | $ | 28.33 | 13.1 | % | 18.0 | % | ||||||||||||||
2012
|
1102 | 106,277,000 | 2,805,005 | 37.89 | 14.8 | % | 15.2 | % | ||||||||||||||||
2013
|
935 | 106,161,000 | 2,558,907 | 41.49 | 14.8 | % | 13.9 | % | ||||||||||||||||
2014
|
614 | 67,323,000 | 1,634,266 | 41.19 | 9.4 | % | 8.9 | % | ||||||||||||||||
2015
|
654 | 74,328,000 | 1,767,823 | 42.04 | 10.4 | % | 9.6 | % | ||||||||||||||||
2016
|
453 | 59,393,000 | 1,371,953 | 43.29 | 8.3 | % | 7.4 | % | ||||||||||||||||
2017
|
395 | 52,144,000 | 1,194,167 | 43.67 | 7.3 | % | 6.5 | % | ||||||||||||||||
2018
|
410 | 57,687,000 | 1,298,157 | 44.44 | 8.0 | % | 7.0 | % | ||||||||||||||||
2019
|
262 | 39,188,000 | 914,214 | 42.87 | 5.5 | % | 5.0 | % | ||||||||||||||||
2020
|
279 | 39,028,000 | 940,391 | 41.50 | 5.4 | % | 5.1 | % |
(1)
|
Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2010 for expiring leases that were executed as of December 31, 2010.
|
(2)
|
Total annualized gross rent, including recoverable common area expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2010.
|
(3)
|
Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2010.
|
|
Year Ended December 31,
|
|||||||||||
2010
|
2009
|
2008
|
||||||||||
Mall store sales (in millions)(1)
|
$ | 5,349.76 | $ | 4,937.80 | $ | 5,239.80 | ||||||
Minimum rents
|
8.66 | % | 9.50 | % | 8.80 | % | ||||||
Percentage rents
|
0.37 | % | 0.70 | % | 0.60 | % | ||||||
Tenant reimbursements (2)
|
3.61 | % | 3.70 | % | 3.80 | % | ||||||
Mall tenant occupancy costs
|
12.64 | % | 13.90 | % | 13.20 | % | ||||||
(1) |
Represents 100% of sales for the Malls. In certain cases, we own less than a 100% interest in the Malls.
|
(2) |
Represents reimbursements for real estate taxes, insurance, common area maintenance charges and certain capital expenditures.
|
Associated Center / Location
|
Year of Opening/ Most Recent Expansion
|
Company's
Ownership
|
Total GLA (1)
|
Total
Leasable
GLA (2)
|
Percentage
GLA
Occupied (3)
|
Anchors
|
||||||||||||||||
Annex at Monroeville
Pittsburgh, PA
|
1969
|
100 | % | 186,367 | 186,367 | 96 | % |
Burlington Coat Factory, Dick's Sporting Goods, Guitar Center, Harbor Freight Tools
|
||||||||||||||
Bonita Lakes Crossing (4)
Meridian, MS
|
1997/1999 | 100 | % | 147,518 | 147,518 | 86 | % |
Ashley Home Store, Jo Anne's, Offic
e
Max, TJ Maxx, Toys R Us
|
||||||||||||||
Chapel Hill Suburban (11)
Akron, OH
|
1969 | 62.8 | % | 117,088 | 117,088 | 30 | % |
HH Gregg
|
||||||||||||||
Coastal Grand Crossing
Myrtle Beach, SC
|
2005 | 50 | % | 62,210 | 14,926 | 89 | % |
Lifeway Christian Store, PetSmart
|
||||||||||||||
CoolSprings Crossing
Nashville, TN
|
1992 | 100 | % | 367,868 | 78,825 | 91 | % |
American Signature (5), HH Gregg (6), Lifeway Christian Store, Target (5), Toys R Us (5), Whole Foods (6)
|
||||||||||||||
Courtyard at Hickory Hollow
Nashville, TN
|
1979 | 100 | % | 77,560 | 77,560 | 100 | % |
Carmike Cinema
|
||||||||||||||
The District at Monroeville
Pittsburgh, PA
|
2004 | 100 | % | 71,624 | 71,624 | 97 | % |
Barnes & Noble, ULTA
|
||||||||||||||
Eastgate Crossing
Cincinnati, OH
|
1991 | 100 | % | 198,488 | 175,004 | 87 | % |
Borders, Kroger, JoAnns, Marshall's, Office Max (5)
|
||||||||||||||
Foothills Plaza
Maryville, TN
|
1983/1986 | 100 | % | 71,174 | 71,174 | 97 | % |
Carmike Cinema, Dollar General, Foothill's Hardware, Beds To Go
|
||||||||||||||
Frontier Square
Cheyenne, WY
|
1985 | 100 | % | 186,552 | 16,527 | 100 | % |
PETCO (7), Ross (7), Target (5), TJ Maxx (7)
|
||||||||||||||
Georgia Square Plaza
Athens, GA
|
1984 | 100 | % | 15,493 | 15,493 | 100 | % |
Georgia Theatre Company
|
||||||||||||||
Governor's Square Plaza
Clarksville, TN
|
1985(8) | 50 | % | 200,930 | 78,732 | 100 | % |
Best Buy, Lifeway Christian Store, Premier Medical Group, Target (5)
|
||||||||||||||
Gunbarrel Pointe
Chattanooga, TN
|
2000 | 100 | % | 273,913 | 147,913 | 100 | % |
David's Bridal, Kohl's, Target (5), Earthfare
|
||||||||||||||
Hamilton Corner
Chattanooga, TN
|
1990/2005 | 90 | % | 82,900 | 82,900 | 100 | % |
PETCO
|
||||||||||||||
Hamilton Crossing
Chattanooga, TN
|
1987/2005 | 92 | % | 191,873 | 98,760 | 100 | % |
Cost Plus World Market, Home Goods (8), Guitar Center, Lifeway Christian Store, Michaels (8), TJ Maxx, Toys R Us (5)
|
Harford Annex
Bel Air, MD
|
1973/2003 | 100 | % | 107,656 | 107,656 | 100 | % |
Best Buy, Dollar Tree, Office Depot, PetSmart
|
||||||||||||||
The Landing at Arbor Place
Atlanta(Douglasville), GA
|
1999 | 100 | % | 162,985 | 85,298 | 75 | % |
Michaels, Shoe Carnival, Toys R Us (5)
|
||||||||||||||
Layton Hills Convenience Center
Layton, UT
|
1980 | 100 | % | 91,312 | 91,312 | 96 | % |
Big Lots, Dollar Tree, Downeast Outfitters
|
||||||||||||||
Layton Hills Plaza
Layton, UT
|
1989 | 100 | % | 18,801 | 18,801 | 92 | % |
None
|
||||||||||||||
Madison Plaza
Huntsville, AL
|
1984 | 100 | % | 153,503 | 99,108 | 71 | % |
Haverty's, Design World, HH Gregg (9)
|
||||||||||||||
Parkdale Crossing
Beaumont, TX
|
2002 | 100 | % | 80,102 | 80,102 | 95 | % |
Barnes & Noble, Lifeway Christian Store, Office Depot, PETCO
|
||||||||||||||
Pemberton Plaza
Vicksburg, MS
|
1986 | 10 | % | 77,894 | 26,948 | 84 | % |
Kroger (5)
|
||||||||||||||
The Plaza at Fayette Mall
Lexington, KY
|
2006 | 100 | % | 190,207 | 190,207 | 100 | % |
Cinemark, Gordman's, Guitar Center, Old Navy
|
||||||||||||||
The Shoppes at Hamilton Place
Chattanooga, TN
|
2003 | 92 | % | 125,301 | 125,301 | 100 | % |
Bed Bath & Beyond, Marshall's, Ross
|
Associated Center / Location
|
Year of Opening/ Most Recent Expansion
|
|
|
Total
Leasable
|
Percentage
GLA
|
Anchors
|
||||||||||||||||
The Shoppes at Panama City
Panama City, FL
|
2004 | 100 | % | 61,221 | 61,221 | 80 | % |
Best Buy
|
||||||||||||||
The Shoppes at St. Clair Square (11)
Fairview Heights, IL
|
2007 | 62.8 | % | 84,383 | 84,383 | 97 | % |
Barnes & Noble
|
||||||||||||||
Sunrise Commons
Brownsville, TX
|
2001 | 100 | % | 202,012 | 100,567 | 100 | % |
K-Mart (5), Marshall's, Old Navy, Ross
|
||||||||||||||
The Terrace
Chattanooga, TN
|
1997 | 92 | % | 156,468 | 156,468 | 100 | % |
Academy Sports, Old Navy, Party City, Staples, DSW Shoes, ULTA
|
||||||||||||||
Triangle Town Place
Raleigh, NC
|
2004 | 50 | % | 149,471 | 149,471 | 100 | % |
Bed Bath & Beyond, Dick's Sporting Goods, DSW Shoes, Party City, ULTA
|
||||||||||||||
Village at Rivergate
Nashville, TN
|
1981/1998 | 100 | % | 164,107 | 64,107 | 98 | % |
Chuck E. Cheese, Essex Retail Outlet, Target (5)
|
||||||||||||||
West Towne Crossing
Madison, WI
|
1980 | 100 | % | 433,743 | 111,344 | 100 | % |
Barnes & Noble, Best Buy, Kohl's (5), Cub Foods (5), Office Max (5), Shopko (5)
|
||||||||||||||
WestGate Crossing
Spartanburg, SC
|
1985/1999 | 100 | % | 157,870 | 157,870 | 91 | % |
Old Navy, Toys R Us, Hamricks
|
||||||||||||||
Westmoreland Crossing (11)
Greensburg, PA
|
2002 | 62.8 | % | 283,252 | 283,252 | 72 | % |
Carmike Cinema, Dick's Sporting Goods, Michaels (10), T.J. Maxx (10)
|
||||||||||||||
York Town Center
York, PA
|
2007 | 50 | % | 288,029 | 238,029 | 98 | % |
Bed Bath & Beyond, Best Buy, Christmas Tree Store, Dick's Sporting Goods, Ross, Staples, ULTA
|
||||||||||||||
Total Associated Centers
|
5,239,875 | 3,611,856 | 91 | % |
(1) |
Includes total square footage of the anchors (whether owned or leased by the anchor) and shops. Does not include future expansion areas.
|
(2) |
Includes leasable anchors.
|
(3) |
Includes tenants with executed leases as of December 31, 2010, and includes leased anchors.
|
(4) |
Bonita Lakes Crossing - We are the lessee under a ground lease for 34 acres, which extends through June 30, 2035, including one 25-year renewal option.
The annual rent at December 31, 2010 was $24,046, increasing by an average of 2% each year.
|
(5) |
Owned by the tenant.
|
(6) |
CoolSprings Crossing - Space is owned by SM Newco Franklin LLC, an affiliate of Developers Diversified, and subleased to HH Gregg and Whole Foods.
|
(7) |
Frontier Square - Space is owned by 1639 11th Street Associates and subleased to PETCO, Ross, and TJ Maxx.
|
(8) |
Hamilton Crossing - Space is owned by Schottenstein Property Group and subleased to HomeGoods and Michaels.
|
(9) |
Madison Plaza - Space is owned by SM Newco Huntsville LLC, an affiliate of Developers Diversified, and subleased to HH Gregg.
|
(10) |
Westmoreland Crossing - Space is owned by Schottenstein Property Group and subleased to Michaels and T.J. Maxx.
|
(11) |
Chapel Hill Suburban, The Shoppes at St. Clair Square and Westmoreland Crossing: These properties are presented on a consolidated basis in our
financial statements; See Note 3 of the Notes to Consolidated Financial Statements in Part IV, Item 15.
|
Year Ending
December 31,
|
Number of
Leases
Expiring
|
Annualized
Gross Rent (1)
|
GLA of
Expiring
Leases
|
Average
Annualized
Gross Rent
Per Square
Foot
|
Expiring
Leases as % of
Total
Annualized
Gross Rent (2)
|
Expiring
Leases as %
of Total Leased
GLA (3)
|
||||||||||||||||||
2011
|
20 | $ | 1,573,000 | 131,000 | $ | 12.01 | 3.8 | % | 4.4 | % | ||||||||||||||
2012
|
42 | 4,132,000 | 353,000 | 11.71 | 10.1 | % | 11.7 | % | ||||||||||||||||
2013
|
41 | 4,065,000 | 309,000 | 13.16 | 9.9 | % | 10.3 | % | ||||||||||||||||
2014
|
36 | 4,008,000 | 299,000 | 13.40 | 9.8 | % | 9.9 | % | ||||||||||||||||
2015
|
43 | 5,408,000 | 404,000 | 13.39 | 13.2 | % | 13.4 | % | ||||||||||||||||
2016
|
26 | 4,549,000 | 264,000 | 17.23 | 11.1 | % | 8.8 | % | ||||||||||||||||
2017
|
21 | 4,219,000 | 329,000 | 12.82 | 10.3 | % | 10.9 | % | ||||||||||||||||
2018
|
11 | 1,831,000 | 119,000 | 15.39 | 4.5 | % | 3.9 | % | ||||||||||||||||
2019
|
16 | 2,841,000 | 180,000 | 15.78 | 6.9 | % | 6.0 | % | ||||||||||||||||
2020
|
7 | 1,562,000 | 160,000 | 9.76 | 3.8 | % | 5.3 | % |
(1)
|
Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2010 for expiring leases that were executed as of December 31, 2010.
|
(2)
|
Total annualized gross rent, including recoverable common area expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2010.
|
(3)
|
Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2010.
|
Community Center / Location
|
Year of Opening/ Most Recent Expansion
|
Company's Ownership
|
Total
GLA (1)
|
Total
Leasable
GLA (2)
|
Percentage
GLA
Occupied
(3)
|
Anchors
|
||||||||||||||||
Cobblestone Village at Palm Coast
Palm Coast, FL
|
2007
|
100 | % | 96,891 | 22,876 | 97 | % |
Belk (4)
|
||||||||||||||
Hammock Landing
West Melbourne, FL
|
2009
|
50 | % | 353,760 | 216,759 | 85 | % |
HH Gregg, Kohl's (4), Marshall's, Michaels, PETCO, Target (4), ULTA
|
||||||||||||||
High Pointe Commons
Harrisburg, PA
|
2006/2008 | 50 | % | 341,313 | 118,850 | 92 | % |
JC Penney (4), Target (4), Christmas Tree Shops
|
||||||||||||||
Massard Crossing (5)
Ft. Smith, AR
|
2001 | 10 | % | 300,717 | 98,410 | 99 | % |
Goody's, TJ Maxx, WalMart (4)
|
||||||||||||||
Oak Hollow Square
High Point, NC
|
1998 | 100 | % | 138,673 | 138,673 | 100 | % |
Harris Teeter, Stein Mart, Triad Furniture
|
||||||||||||||
Renaissance Center
High Point, NC
|
2003/2007 | 50 | % | 355,396 | 325,596 | 92 | % |
Best Buy, Cost Plus, Nordstrom, REI, Pier 1 imports, Toys R Us, Old Navy, ULTA,
|
||||||||||||||
Statesboro Crossing
Statesboro, GA
|
2008 | 100 | % | 134,705 | 134,705 | 98 | % |
Books A Million, Hobby Lobby, PETCO, TJ Maxx
|
||||||||||||||
The Pavillion at Port Orange
Port Orange, FL
|
2010 | 50 | % | 345,890 | 345,890 | 94 | % |
Belk, Hollywood Theaters, HomeGoods, Marshall's, Michaels, PETCO, ULTA
|
||||||||||||||
The Promenade
D'Iberville, MS
|
2009 | 85 | % | 497,896 | 280,936 | 95 | % |
Best Buy, Dick's Sporting Goods, Kohl's (4), Marshall's, Michaels, Office Depot, PetSmart, Target (4), ULTA
|
||||||||||||||
Westridge Square
Greensboro, NC
|
1984/1987 | 100 | % | 215,193 | 215,193 | 100 | % |
Harris Teeter, Kohl's
|
||||||||||||||
Willowbrook Plaza
Houston, TX
|
1999 | 10 | % | 384,829 | 284,829 | 76 | % |
American Multi-Cinema, Finger Furniture, Lane Home Furnishings
|
||||||||||||||
Total Community Centers
|
3,165,263 | 2,182,717 | 92 | % |
(1) |
Includes total square footage of the Anchors (whether owned or leased by the Anchor) and shops. Does not include future expansion areas.
|
(2) |
Includes leasable Anchors.
|
(3) |
Includes tenants with executed leases as of December 31, 2010, and includes leased anchors.
|
(4) |
Owned by tenant.
|
(5) |
Massard Crossing – The land is ground leased through February 2016. The rent for 2010 was $41,556 with a 4% annual increase through
the maturity date.
|
Year Ending
December 31,
|
Number of
Leases
Expiring
|
Annualized
Gross Rent (1)
|
GLA of
Expiring
Leases
|
Average
Annualized
Gross Rent
Per Square
Foot
|
Expiring
Leases as % of
Total
Annualized
Gross Rent (2)
|
Expiring
Leases as a
% of Total
Leased
GLA(3)
|
||||||||||||||||||
2011
|
21 | $ | 1,202,000 | 49,000 | $ | 24.53 | 3.7 | % | 2.4 | % | ||||||||||||||
2012
|
33 | 2,588,000 | 216,000 | 11.98 | 7.9 | % | 10.7 | % | ||||||||||||||||
2013
|
27 | 2,473,000 | 118,000 | 20.96 | 7.5 | % | 5.8 | % | ||||||||||||||||
2014
|
49 | 3,676,000 | 158,000 | 23.27 | 11.2 | % | 7.8 | % | ||||||||||||||||
2015
|
25 | 1,947,000 | 86,000 | 22.64 | 5.9 | % | 4.3 | % | ||||||||||||||||
2016
|
5 | 614,000 | 107,000 | 5.74 | 1.9 | % | 5.3 | % | ||||||||||||||||
2017
|
18 | 2,462,000 | 118,000 | 20.86 | 7.5 | % | 5.8 | % | ||||||||||||||||
2018
|
16 | 3,691,000 | 269,000 | 13.72 | 11.2 | % | 13.3 | % | ||||||||||||||||
2019
|
20 | 5,153,000 | 274,000 | 18.81 | 15.7 | % | 13.6 | % | ||||||||||||||||
2020
|
14 | 3,570,000 | 235,000 | 15.19 | 10.9 | % | 11.7 | % |
(1)
|
Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2010 for expiring leases that were executed as of December 31, 2010.
|
(2)
|
Total annualized gross rent, including recoverable common area expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2010.
|
(3)
|
Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2010.
|
Office Building / Location
|
Year of Opening/ Most Recent Expansion
|
Company's Ownership
|
Total
GLA (1)
|
Total
Leasable
GLA
|
Percentage
GLA
Occupied
|
|||||||||||||||
840 Greenbrier Circle
Chesapeake, VA
|
1983
|
100 | % | 50,820 | 50,820 | 87 | % | |||||||||||||
850 Greenbrier Circle
Chesapeake, VA
|
1984
|
100 | % | 81,318 | 81,318 | 100 | % | |||||||||||||
1500 Sunday Drive
Raleigh, NC
|
2000
|
100 | % | 61,227 | 61,227 | 91 | % | |||||||||||||
Bank of America Building
Greensboro, NC
|
1988
|
50 | % | 49,327 | 49,327 | 100 | % | |||||||||||||
CBL Center
Chattanooga, TN
|
2001
|
92 | % | 128,265 | 128,265 | 97 | % | |||||||||||||
CBL Center II
Chattanooga, TN
|
2008
|
92 | % | 77,211 | 77,211 | 86 | % | |||||||||||||
First Citizens Bank Building
Greensboro, NC
|
1985
|
50 | % | 43,088 | 43,088 | 74 | % | |||||||||||||
First National Bank Building
Greensboro, NC
|
1990
|
50 | % | 3,774 | 3,774 | 100 | % | |||||||||||||
Friendly Center Office Building
Greensboro, NC
|
1972
|
50 | % | 32,262 | 32,262 | 72 | % | |||||||||||||
Green Valley Office Building
Greensboro, NC
|
1973
|
50 | % | 27,604 | 27,604 | 57 | % | |||||||||||||
Lake Pointe Office Building
Greensboro, NC
|
1996
|
100 | % | 88,088 | 88,088 | 89 | % | |||||||||||||
Oak Branch Business Center
Greensboro, NC
|
1990/1995 | 100 | % | 33,622 | 33,622 | 63 | % | |||||||||||||
One Oyster Point
Newport News, VA
|
1984 | 100 | % | 36,097 | 36,097 | 61 | % | |||||||||||||
Pearland Office
Pearland, TX
|
2009 | 100 | % | 58,689 | 58,689 | 42 | % | |||||||||||||
Peninsula Business Center I
Newport News, VA
|
1985 | 100 | % | 21,886 | 21,886 | 91 | % | |||||||||||||
Peninsula Business Center II
Newport News, VA
|
1985 | 100 | % | 40,430 | 40,430 | 100 | % | |||||||||||||
Richland Office Plaza
Waco, TX
|
1981 | 100 | % | 13,922 | 13,922 | 87 | % | |||||||||||||
Suntrust Bank Building
Greensboro, NC
|
1998 | 100 | % | 106,959 | 106,959 | 99 | % | |||||||||||||
Two Oyster Point
Newport News, VA
|
1985 | 100 | % | 39,283 | 39,283 | 77 | % | |||||||||||||
Wachovia Office Building
Greensboro, NC
|
1992 | 50 | % | 12,000 | 12,000 | 100 | % | |||||||||||||
Total Office Buildings
|
1,005,872 | 1,005,872 | 86 | % |
Year Ending December 31,
|
Number of
Leases
Expiring
|
Annualized
Gross Rent (1)
|
GLA of
Expiring
Leases
|
Average
Annualized
Gross Rent
Per Square
Foot
|
Expiring Leases
as % of Total
Annualized
Gross Rent (2)
|
Expiring
Leases as a
% of Total
Leased
GLA (3)
|
||||||||||||||||||
2011
|
27 | $ | 1,275,000 | 77,000 | $ | 16.56 | 7.1 | % | 8.5 | % | ||||||||||||||
2012
|
27 | 2,498,000 | 139,000 | 17.97 | 13.8 | % | 15.3 | % | ||||||||||||||||
2013
|
30 | 1,925,000 | 118,000 | 16.31 | 10.7 | % | 13.0 | % | ||||||||||||||||
2014
|
10 | 1,479,000 | 89,000 | 16.62 | 8.2 | % | 9.8 | % | ||||||||||||||||
2015
|
13 | 1,917,000 | 92,000 | 20.84 | 10.6 | % | 10.1 | % | ||||||||||||||||
2016
|
8 | 3,533,000 | 143,000 | 24.71 | 19.6 | % | 15.8 | % | ||||||||||||||||
2017
|
3 | 1,531,000 | 85,000 | 18.01 | 8.5 | % | 9.3 | % | ||||||||||||||||
2018
|
3 | 1,994,000 | 58,000 | 34.38 | 11.0 | % | 6.4 | % | ||||||||||||||||
2019
|
1 | 690,000 | 42,000 | 16.43 | 3.8 | % | 4.6 | % | ||||||||||||||||
2020
|
1 | 118,000 | 6,000 | 19.67 | 0.7 | % | 0.6 | % |
(1)
|
Total annualized contractual gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2010 for expiring leases that were executed as of December 31, 2010.
|
(2)
|
Total annualized contractual gross rent, including recoverable common area expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2010.
|
(3)
|
Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2010.
|
Property
|
Our
Ownership
Interest
|
Stated
Interest
Rate
|
Principal
Balance as of
12/31/10 (1)
|
Annual
Debt
Service
|
Maturity
Date
|
Optional Extended Maturity Date
|
Balloon Payment
Due on Maturity
|
Open to Prepayment Date (2)
|
||||||||||||||||||
Consolidated Debt
|
||||||||||||||||||||||||||
Malls:
|
||||||||||||||||||||||||||
Alamance Crossing
|
100 | % | 1.51 | % | 52,183 | $ | 788 |
Sep-11
|
- | $ | 52,183 |
Open
|
(4 | ) | ||||||||||||
Arbor Place
|
100 | % | 6.51 | % | 66,936 | 6,610 |
Jul-12
|
- | 63,397 |
Open
|
||||||||||||||||
Asheville Mall
|
100 | % | 6.98 | % | 62,141 | 5,677 |
Sep-11
|
- | 61,229 |
Open
|
(11 | ) | ||||||||||||||
Brookfield Square
|
100 | % | 5.08 | % | 96,362 | 6,822 |
Nov-15
|
- | 85,601 |
Open
|
||||||||||||||||
Burnsville Center
|
100 | % | 6.00 | % | 82,395 | 6,417 |
Jul-20
|
- | 63,589 |
Jul-13
|
||||||||||||||||
Cary Towne Center
|
100 | % | 8.50 | % | 63,441 | 6,898 |
Mar-17
|
- | 45,114 |
Open
|
(11 | ) | ||||||||||||||
Chapel Hill Mall *
|
100 | % | 6.10 | % | 72,537 | 5,599 |
Aug-16
|
- | 64,609 |
Open
|
||||||||||||||||
CherryVale Mall
|
100 | % | 5.00 | % | 86,029 | 6,055 |
Oct-15
|
- | 76,647 |
Open
|
||||||||||||||||
Chesterfield Mall *
|
100 | % | 5.74 | % | 140,000 | 8,344 |
Sep-16
|
- | 140,000 |
Open
|
||||||||||||||||
Citadel Mall
|
100 | % | 5.68 | % | 71,318 | 5,226 |
Apr-17
|
- | 62,525 |
Open
|
||||||||||||||||
Columbia Place
|
100 | % | 5.45 | % | 28,322 | 2,493 |
Sep-13
|
- | 25,512 |
Open
|
||||||||||||||||
CoolSprings Galleria
|
100 | % | 6.98 | % | 113,664 | 10,683 |
May-18
|
- | 87,037 |
Jun-13
|
||||||||||||||||
Cross Creek Mall
|
100 | % | 7.40 | % | 57,981 | 5,401 |
Apr-12
|
- | 56,520 |
Open
|
||||||||||||||||
East Towne Mall
|
100 | % | 5.00 | % | 73,340 | 5,153 |
Nov-15
|
- | 65,231 |
Open
|
||||||||||||||||
Eastland Mall
|
100 | % | 5.85 | % | 59,400 | 3,475 |
Dec-15
|
- | 59,400 |
Open
|
||||||||||||||||
Fashion Square | 100 | % | 6.51 | % | 51,249 | 5,061 | Jul-12 | - | 48,540 | Open |
Property
|
Our
Ownership
Interest
|
Stated
Interest
Rate
|
Principal Balance as of 12/31/10 (1)
|
Annual
Debt
Service
|
Maturity
Date
|
Optional Extended Maturity Date
|
Balloon Payment
Due on Maturity
|
Open to Prepayment Date (2)
|
||||||||||||||||||
Fayette Mall
|
100 | % | 7.00 | % | 85,045 | 7,824 |
Jul-11
|
- | 84,096 |
Open
|
||||||||||||||||
Greenbrier Mall *
|
100 | % | 5.91 | % | 79,910 | 6,055 |
Aug-16
|
- | 71,111 |
Open
|
||||||||||||||||
Hamilton Place
|
90 | % | 5.86 | % | 109,938 | 8,292 |
Aug-16
|
- | 97,757 |
Open
|
||||||||||||||||
Hanes Mall
|
100 | % | 6.99 | % | 160,231 | 13,080 |
Oct-18
|
- | 140,968 |
Open
|
||||||||||||||||
Hickory Hollow Mall
|
100 | % | 6.00 | % | 28,786 | 4,630 |
Oct-18
|
- | - |
Open
|
(5) | |||||||||||||||
Hickory Point Mall
|
100 | % | 5.85 | % | 30,790 | 2,347 |
Dec-15
|
- | 27,690 |
Open
|
Honey Creek Mall
|
100 | % | 8.00 | % | 32,577 | 3,373 |
Jul-19
|
- | 23,290 |
Open
|
(6 | ) | |||||||||||||
Janesville Mall
|
100 | % | 8.38 | % | 7,868 | 1,857 |
Apr-16
|
- | - |
Open
|
|||||||||||||||
Jefferson Mall
|
100 | % | 6.51 | % | 37,287 | 3,682 |
Jul-12
|
- | 35,316 |
Open
|
|||||||||||||||
Laurel Park Place
|
100 | % | 8.50 | % | 46,258 | 4,985 |
Dec-12
|
- | 44,096 |
Open
|
|||||||||||||||
Layton Hills Mall
|
100 | % | 5.66 | % | 101,930 | 7,453 |
Apr-17
|
- | 89,327 |
Open
|
|||||||||||||||
Mall del Norte
|
100 | % | 5.04 | % | 113,400 | 5,715 |
Dec-14
|
- | 113,400 |
Open
|
|||||||||||||||
Mall of Acadiana *
|
100 | % | 5.67 | % | 142,617 | 10,435 |
Apr-17
|
- | 124,998 |
Open
|
|||||||||||||||
Mid Rivers Mall *
|
100 | % | 7.24 | % | 78,748 | 5,701 |
Jul-11
|
- | 78,748 |
Open
|
|||||||||||||||
Midland Mall
|
100 | % | 6.10 | % | 35,797 | 2,763 |
Aug-16
|
- | 31,885 |
Open
|
|||||||||||||||
Monroeville Mall
|
100 | % | 5.73 | % | 113,765 | 10,363 |
Jan-13
|
- | 105,507 |
Open
|
|||||||||||||||
Northpark Mall
|
100 | % | 5.75 | % | 36,063 | 3,171 |
Mar-14
|
- | 32,250 |
Open
|
|||||||||||||||
Northwoods Mall
|
100 | % | 6.51 | % | 53,384 | 5,271 |
Jul-12
|
- | 50,562 |
Open
|
|||||||||||||||
Oak Hollow Mall
|
75 | % | 2.00 | % | 39,484 | 4,709 |
Feb-12
|
- | 37,549 |
Open
|
|||||||||||||||
Oak Park Mall
|
100 | % | 5.85 | % | 275,700 | 16,128 |
Dec-15
|
- | 275,700 |
Open
|
|||||||||||||||
Old Hickory Mall
|
100 | % | 6.51 | % | 29,567 | 2,920 |
Jul-12
|
- | 28,004 |
Open
|
|||||||||||||||
Panama City Mall
|
100 | % | 7.30 | % | 36,495 | 3,373 |
Aug-11
|
- | 36,089 |
Open
|
|||||||||||||||
Parkway Place
|
100 | % | 6.50 | % | 41,717 | 3,403 |
Jul-20
|
- | 32,660 |
Jul-13
|
|||||||||||||||
Pearland Office
|
100 | % | 2.71 | % | 7,562 | 205 |
Jul-11
|
Jul-12
|
7,562 |
Open
|
(4 | ) | |||||||||||||
Pearland Town Center
|
100 | % | 2.71 | % | 126,321 | 3,423 |
Jul-11
|
Jul-12
|
126,321 |
Open
|
(4 | ) | |||||||||||||
Randolph Mall
|
100 | % | 6.50 | % | 12,891 | 1,272 |
Jul-12
|
- | 12,209 |
Open
|
|||||||||||||||
Regency Mall
|
100 | % | 6.51 | % | 29,238 | 2,887 |
Jul-12
|
- | 27,693 |
Open
|
|||||||||||||||
RiverGate Mall
|
100 | % | 2.51 | % | 87,500 | 2,196 |
Sep-11
|
Sep-13
|
87,500 |
Open
|
|||||||||||||||
South County Center *
|
100 | % | 4.96 | % | 75,791 | 5,515 |
Oct-13
|
- | 70,625 |
Open
|
|||||||||||||||
Southpark Mall
|
100 | % | 7.00 | % | 32,229 | 3,308 |
May-12
|
- | 30,763 |
Open
|
|||||||||||||||
St. Clair Square *
|
100 | % | 4.53 | % | 70,875 | 4,711 |
Jan-15
|
- | 64,500 |
Open
|
(12 | ) | |||||||||||||
Valley View Mall
|
100 | % | 6.50 | % | 64,561 | 5,267 |
Jul-20
|
- | 50,547 |
Jul-13
|
|||||||||||||||
Volusia Mall
|
100 | % | 8.00 | % | 56,040 | 5,802 |
Jul-19
|
- | 40,063 |
Open
|
(6 | ) | |||||||||||||
West County Center*
|
100 | % | 5.19 | % | 148,949 | 11,189 |
Apr-13
|
- | 140,958 |
Open
|
|||||||||||||||
West County Center - restaurant village*
|
100 | % | 1.26 | % | 29,424 | 371 |
Mar-11
|
Mar-13
|
29,424 |
Open
|
(4 | ) | |||||||||||||
West Towne Mall
|
100 | % | 5.00 | % | 103,592 | 7,279 |
Nov-15
|
- | 92,139 |
Open
|
|||||||||||||||
WestGate Mall
|
100 | % | 6.50 | % | 46,310 | 4,570 |
Jul-12
|
- | 43,860 |
Open
|
|||||||||||||||
Westmoreland Mall *
|
100 | % | 5.05 | % | 68,915 | 5,993 |
Mar-13
|
- | 63,175 |
Open
|
|||||||||||||||
3,854,853 | 292,220 | 3,505,476 | |||||||||||||||||||||||
Associated Centers:
|
|||||||||||||||||||||||||
The Courtyard at Hickory Hollow
|
100 | % | 6.00 | % | 1,663 | 267 |
Oct-18
|
- | - |
Open
|
(5 | ) | |||||||||||||
EastGate Crossing
|
100 | % | 5.66 | % | 15,875 | 1,159 |
May-17
|
- | 13,862 |
Open
|
|||||||||||||||
Hamilton Corner
|
90 | % | 5.67 | % | 16,159 | 1,183 |
Apr-17
|
- | 14,341 |
Open
|
|||||||||||||||
The Landing at Arbor Place
|
100 | % | 6.51 | % | 7,556 | 746 |
Jul-12
|
- | 7,157 |
Open
|
|||||||||||||||
The Plaza at Fayette
|
100 | % | 5.67 | % | 42,102 | 3,081 |
Apr-17
|
- | 36,819 |
Open
|
|||||||||||||||
The Shoppes at St. Clair *
|
100 | % | 5.67 | % | 21,337 | 1,562 |
Apr-17
|
- | 18,702 |
Open
|
|||||||||||||||
The Terrace
|
92 | % | 7.25 | % | 14,693 | 1,284 |
Jun-20
|
- | 10,814 |
Open
|
|||||||||||||||
119,385 | 9,282 | 101,695 | |||||||||||||||||||||||
Community Centers:
|
|||||||||||||||||||||||||
Massard Crossing, Pemberton Plaza
and Willowbrook Plaza
|
10 | % | 7.54 | % | 34,961 | 3,264 |
Feb-12
|
- | 34,230 |
Open
|
(7 | ) | |||||||||||||
The Promenade
|
85 | % | 2.13 | % | 64,265 | 1,369 |
Mar-11
|
Mar-12
|
64,265 |
Open
|
(4 | ) | |||||||||||||
Southaven Towne Center | 100 | % | 5.50 | % | 43,366 | 3,134 | Jan-17 | - | 37,969 | Open | (4 | ) | |||||||||||||
Statesboro Crossing
|
50 | % | 1.26 | % | 15,002 | 189 |
Feb-11
|
Feb-13 | 15,002 |
Open
|
|||||||||||||||
157,594 | 7,956 | 151,466 | |||||||||||||||||||||||
Property
|
Our
Ownership
Interest
|
Stated
Interest
Rate
|
Principal Balance as of 12/31/10 (1)
|
Annual
Debt
Service
|
Maturity
Date
|
Optional Extended Maturity Date
|
Balloon Payment
Due on Maturity
|
Open to Prepayment Date (2)
|
||||||||||||||||||
Office Buildings: | ||||||||||||||||||||||||||
CBL Center
|
92 | % | 6.25 | % | 13,139 | 1,108 | Aug-12 | - | 12,662 | Open | ||||||||||||||||
CBL Center II | 92 | % | 4.50 | % | 11,599 | 522 | Aug-11 | - | 11,599 | Open | (4 | ) | ||||||||||||||
24,738 | 1,630 | 24,261 | ||||||||||||||||||||||||
Credit Facilities:
|
||||||||||||||||||||||||||
Secured Credit Facility - $525,000 capacity
|
100 | % | 5.25 | % | 75,124 | 3,944 |
Feb-12
|
Feb-13
|
75,124 |
Open
|
||||||||||||||||
Secured Credit Facility - $520,000 capacity
|
100 | % | 3.10 | % | 518,920 | 16,087 |
Aug-11
|
Apr-14
|
518,920 |
Open
|
||||||||||||||||
Secured Credit Facility - $105,000 capacity
|
100 | % | 4.50 | % | 4,200 | 189 |
Jun-12
|
- | 4,200 |
Open
|
||||||||||||||||
Unsecured term facility - General
|
100 | % | 1.92 | % | 228,000 | 4,378 |
Apr-11
|
Apr-13
|
228,000 |
Open
|
||||||||||||||||
Unsecured term facility - Starmount
|
100 | % | 1.39 | % | 209,494 | 2,912 |
Nov-11
|
Nov-12
|
209,494 |
Open
|
||||||||||||||||
1,035,738 | 27,510 | 1,035,738 | ||||||||||||||||||||||||
Construction Properties:
|
||||||||||||||||||||||||||
Alamance West
|
100 | % | 3.26 | % | 582 | 19 |
Dec-13
|
Dec-15
|
582 |
Open
|
(4 | ) | ||||||||||||||
The Forum at Grandview - Land
|
75 | % | 3.76 | % | 1,800 | 68 |
Sep-12
|
Sep-13
|
1,800 |
Open
|
(4 | ) | ||||||||||||||
The Forum at Grandview
|
75 | % | 3.26 | % | 9,741 | 318 |
Sep-13
|
Sep-14
|
9,741 |
Open
|
(4 | ) | ||||||||||||||
The Outlet Shoppes at Oklahoma City
|
75 | % | 3.27 | % | 2,413 | 79 |
Dec-13
|
Dec-15
|
2,413 |
Open
|
(4 | ) | ||||||||||||||
14,536 | 484 | 14,536 | ||||||||||||||||||||||||
Unamortized Premiums (Discounts)
|
2,903 | - | - | (8 | ) | |||||||||||||||||||||
Total Consolidated Debt
|
$ | 5,209,747 | $ | 339,082 | $ | 4,833,172 | ||||||||||||||||||||
Unconsolidated Debt:
|
||||||||||||||||||||||||||
Bank of America Building
|
50 | % | 5.33 | % | 9,250 | 493 |
Apr-13
|
- | 9,250 |
Open
|
||||||||||||||||
Coastal Grand-Myrtle Beach
|
50 | % | 5.09 | % | 85,633 | 7,078 |
Oct-14
|
- | 74,423 |
Open
|
(3 | ) | ||||||||||||||
First Citizens Bank Building
|
50 | % | 5.33 | % | 5,110 | 272 |
Apr-13
|
- | 5,110 |
Open
|
||||||||||||||||
First National Bank Building
|
50 | % | 5.33 | % | 809 | 43 |
Apr-13
|
- | 809 |
Open
|
||||||||||||||||
Friendly Center Office Building
|
50 | % | 5.33 | % | 2,199 | 264 |
Apr-13
|
- | 4,949 |
Open
|
||||||||||||||||
Friendly Shopping Center
|
50 | % | 5.33 | % | 77,625 | 4,137 |
Apr-13
|
- | 77,625 |
Open
|
||||||||||||||||
Governor's Square Mall
|
48 | % | 8.23 | % | 24,552 | 3,476 |
Sep-16
|
- | 14,144 |
Open
|
||||||||||||||||
Green Valley Office Building
|
50 | % | 5.33 | % | 1,941 | 103 |
Apr-13
|
- | 1,941 |
Open
|
||||||||||||||||
Gulf Coast Town Center (Phase I)
|
50 | % | 5.60 | % | 190,800 | 10,685 |
Jul-17
|
- | 190,800 |
Open
|
||||||||||||||||
Gulf Coast Town Center (Phase III)
|
50 | % | 1.76 | % | 11,561 | 203 |
Apr-11
|
Apr-12
|
11,561 |
Open
|
(4 | )(10) | ||||||||||||||
Hammock Landing (Phase I)
|
50 | % | 4.50 | % | 42,334 | 1,905 |
Aug-11
|
Aug-13
|
42,334 |
Open
|
(4 | )(10) | ||||||||||||||
Hammock Landing (Phase II)
|
50 | % | 2.26 | % | 3,276 | 74 |
Aug-11
|
- | 3,276 |
Open
|
(4 | )(10) | ||||||||||||||
High Pointe Commons (Phase I)
|
50 | % | 5.74 | % | 14,592 | 1,211 |
May-17
|
- | 12,068 |
Open
|
||||||||||||||||
High Pointe Commons (Phase II)
|
50 | % | 6.10 | % | 5,820 | 481 |
Jul-17
|
- | 4,807 |
Open
|
||||||||||||||||
Imperial Valley Mall
|
60 | % | 4.99 | % | 54,900 | 3,859 |
Sep-15
|
- | 49,019 |
Open
|
||||||||||||||||
Kentucky Oaks Mall
|
50 | % | 5.27 | % | 26,406 | 2,429 |
Jan-17
|
- | 19,223 |
Open
|
||||||||||||||||
Renaissance Center (Phase I)
|
50 | % | 5.61 | % | 35,009 | 2,569 |
Jul-16
|
- | 31,297 |
Open
|
||||||||||||||||
Renaissance Center (Phase II)
|
50 | % | 5.22 | % | 15,700 | 820 |
Apr-13
|
- | 15,700 |
Open
|
||||||||||||||||
Summit Fair
|
27 | % | 4.00 | % | 80,437 | 3,217 |
Jul-12
|
- | 80,437 |
Open
|
(4 | )(9) | ||||||||||||||
The Pavilion at Port Orange
|
50 | % | 4.50 | % | 69,363 | 3,121 |
Dec-11
|
Dec-13
|
69,363 |
Open
|
(4 | )(10) | ||||||||||||||
The Shops at Friendly Center
|
50 | % | 5.90 | % | 42,592 | 3,203 |
Jan-17
|
- | 37,639 |
Open
|
||||||||||||||||
Triangle Town Center
|
50 | % | 5.74 | % | 190,553 | 14,367 |
Dec-15
|
- | 170,715 |
Open
|
||||||||||||||||
Wachovia Office Building
|
50 | % | 5.33 | % | 3,066 | 163 |
Apr-13
|
- | 3,066 |
Open
|
||||||||||||||||
York Town Center
|
50 | % | 1.51 | % | 40,075 | 605 |
Oct-11
|
- | 40,075 |
Open
|
(4 | ) | ||||||||||||||
Total Unconsolidated Debt
|
$ | 1,033,603 | $ | 64,778 | $ | 969,631 | ||||||||||||||||||||
Total Consolidated and Unconsolidated Debt
|
$ | 6,243,350 | $ | 403,860 | $ | 5,802,803 | ||||||||||||||||||||
Company's Pro-Rata Share of Total Debt
|
$ | 5,750,555 | $ | 425,554 | (13 | ) |
* Properties owned in a Joint Venture of which common stock is owned 100% by CBL.
|
|||||||||||||||||
(1) The amount listed includes 100% of the loan amount even though the Company may have less than a 100% ownership interest in the property.
|
|||||||||||||||||
(2) Prepayment premium is based on yield maintenance or defeasance.
|
|||||||||||||||||
(3) The amounts shown represent a first mortgage securing the property. In addition to the first mortgage, there is also $18,000 of B-notes that are payable
to the Company and its joint venture partner, each of which hold $9,000 for Coastal Grand - Myrtle Beach.
|
|||||||||||||||||
(4) The interest rate is variable at various spreads over LIBOR priced at the rates in effect at December 31, 2010. The note is prepayable at any time without prepayment
penalty.
|
|||||||||||||||||
(5) The mortgages are cross-collateralized and cross-defaulted and the loan is prepayable at any time without prepayment penalty.
|
|||||||||||||||||
(6) The mortgages are cross-collateralized and cross-defaulted.
|
|||||||||||||||||
(7) The mortgages are cross-collateralized and cross-defaulted. | |||||||||||||||||
(8) Represents premiums related to debt assumed to acquire real estate assets, which had stated interest rates that were above or below the estimated market rates for similar debt instruments at the respective acquisition dates.
|
|||||||||||||||||
(9) The Company has guaranteed 27%, up to a maximum of $24,379, of the outstanding balance of this construction financing.
|
|||||||||||||||||
(10) The Company owns less than 100% of the property but guarantees 100% of the debt.
|
|||||||||||||||||
(11) Commencing on April 5, 2009, Cary Towne Center has 30 monthly installments of $997 for principal and interest of which $400 represents additional payment of principal through September 5, 2011. Subsequent monthly installments of principal and interest shall be reduced to $575 beginning on October 5, 2011. This mortagage is cross-defaulted with the mortgage on Asheville Mall.
|
|||||||||||||||||
(12) The Company has entered into an interest rate cap on a notional amount of $72,000, amortizing to $69,375 over the term of the cap, related to st. Clair Square to limit the maximum interest rate that may be applied to the variable-rate loan to 7.00%. The cap terminates in January 2012.
|
|||||||||||||||||
(13 Represents the Company's pro rata share of debt, including our share of unconsolidated affiliates' debt and excluding noncontrolling interests' share of consolidated debt on shopping center properties.
|
|||||||||||||||||
The following is a reconciliation of consolidated debt to the Company's pro rata share of total debt:
|
|||||||||||||||||
Total consolidated debt
|
|
$ | 5,209,747 | ||||||||||||||
Noncontrolling interests' share of consolidated debt
|
(25,636 | ) | |||||||||||||||
Company's share of unconsolidated debt
|
|
566,444 | |||||||||||||||
Company's pro rata share of total debt
|
|
$ | 5,750,555 |
Property
|
Location
|
|
Bonita Crossing
|
Meridian, MS
|
|
Bonita Lakes Mall
|
Meridian, MS
|
|
Brookfield Square (1)
|
Brookfield, WI
|
|
Citadel Mall (1)
|
Charleston, SC
|
|
College Square
|
Morristown, TN
|
|
CoolSprings Crossing
|
Nashville, TN
|
|
The District at Monroeville
|
Pittsburgh, PA
|
|
EastGate Mall
|
Cincinnati, OH
|
|
Foothills Mall (1)
|
Maryville, TN
|
|
Foothills Plaza
|
Maryville, TN
|
|
Frontier Mall
|
Cheyenne, WY
|
|
Frontier Square
|
Cheyenne, WY
|
|
Georgia Square
|
Athens, GA
|
|
Georgia Square Plaza
|
Athens, GA
|
|
Gunbarrel Pointe
|
Chattanooga, TN
|
|
Hamilton Crossing
|
Chattanooga, TN
|
|
Harford Annex
|
Bel Air, MD
|
|
Harford Mall
|
Bel Air, MD
|
|
The Lakes Mall
|
Muskegon, MI
|
|
Lakeshore Mall
|
Sebring, FL
|
|
Madison Plaza
|
Huntsville, AL
|
|
Madison Square
|
Huntsville, AL
|
|
Mall del Norte (1)
|
Laredo, TX
|
|
Meridian Mall
|
Lansing, MI
|
|
Park Plaza Mall
|
Little Rock, AR
|
|
Parkdale Crossing
|
Beaumont, TX
|
|
Parkdale Mall
|
Beaumont, TX
|
|
Post Oak Mall
|
College Station, TX
|
|
Richland Mall
|
Waco, TX
|
|
Richland Office Plaza
|
Waco, TX
|
|
River Ridge Mall
|
Lynchburg, VA
|
|
The Shoppes at Hamilton Place
|
Chattanooga, TN
|
|
The Shoppes at Panama City
|
Panama City, FL
|
|
Stroud Mall
|
Stroudsburg, PA
|
|
Sunrise Commons
|
Brownsville, TX
|
|
Sunrise Mall
|
Brownsville, TX
|
|
Turtle Creek Mall
|
Hattiesburg, MS
|
|
Walnut Square
|
Dalton, GA
|
|
WestGate Crossing
|
Spartanburg, SC
|
|
West Towne Crossing
|
Madison, WI
|
|
York Galleria
|
York, PA
|
|
(1) Only certain parcels at these Properties have been pledged as collateral
|
Market Price
|
||||||||||||||
Quarter Ended
|
High
|
Low
|
Dividend
|
|||||||||||
2010
|
||||||||||||||
March 31
|
$ | 15.56 | $ | 9.21 | $ | 0.200 | ||||||||
June 30
|
$ | 16.59 | $ | 12.19 | $ | 0.200 | ||||||||
September 30
|
$ | 14.77 | $ | 11.03 | $ | 0.200 | ||||||||
December 31
|
$ | 19.00 | $ | 12.98 | $ | 0.200 | ||||||||
2009
|
||||||||||||||
March 31
|
$ | 8.90 | $ | 1.92 | $ | 0.370 | ||||||||
June 30
|
$ | 8.27 | $ | 2.16 | $ | 0.110 | ||||||||
September 30
|
$ | 11.17 | $ | 4.10 | $ | 0.050 | ||||||||
December 31
|
$ | 10.69 | $ | 7.60 | $ | 0.050 |
Period
|
Total Number
of Shares
Purchased (1)
|
Average
Price Paid
per Share (2)
|
Total Number of
Shares Purchased
as Part of a
Publicly
Announced Plan
|
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Plan
|
|||||||||||||
Oct. 1–31, 2010
|
— | $ | — | — | $ | — | |||||||||||
Nov. 1–30, 2010
|
73 | 18.20 | — | — | |||||||||||||
Dec. 1–31, 2010
|
— | — | — | — | |||||||||||||
Total
|
73 | $ | 18.20 | — | $ | — | |||||||||||
(1) | Represents shares surrendered to the Company by employees to satisfy federal and state income tax withholding requirements related to the vesting of shares of restricted stock issued under the CBL & Associates Properties, Inc. Amended and Restated Stock Incentive Plan, as amended. |
(2) | Represents the market value of the common stock on the vesting date for the shares of restricted stock, which was used to determine the number of shares required to be surrendered to satisfy income tax withholding requirements. |
Year Ended December 31, (1)
|
||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
Total revenues
|
$ | 1,071,804 | $ | 1,082,279 | $ | 1,132,174 | $ | 1,036,163 | $ | 993,139 | ||||||||||
Total operating expenses
|
(701,302 | ) | (802,272 | ) | (756,505 | ) | (612,023 | ) | (579,380 | ) | ||||||||||
Income from operations
|
370,502 | 280,007 | 375,669 | 424,140 | 413,759 | |||||||||||||||
Interest and other income
|
3,873 | 5,211 | 10,076 | 10,905 | 9,084 | |||||||||||||||
Interest expense
|
(286,579 | ) | (292,826 | ) | (311,710 | ) | (286,455 | ) | (256,824 | ) | ||||||||||
Loss on extinguishment of debt
|
- | (601 | ) | - | (227 | ) | (935 | ) | ||||||||||||
Gain (loss) on investments
|
888 | (9,260 | ) | (17,181 | ) | (18,456 | ) | - | ||||||||||||
Gain on sales of real estate assets
|
2,887 | 3,820 | 10,865 | 15,570 | 14,505 | |||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates
|
(188 | ) | 5,489 | 2,831 | 3,502 | 5,295 | ||||||||||||||
Income tax benefit (provision)
|
6,417 | 1,222 | (13,495 | ) | (8,390 | ) | (5,902 | ) | ||||||||||||
Income (loss) from continuing operations
|
97,800 | (6,938 | ) | 57,055 | 140,589 | 178,982 | ||||||||||||||
Discontinued operations
|
370 | (127 | ) | 5,986 | 7,019 | 12,978 | ||||||||||||||
Net income (loss)
|
98,170 | (7,065 | ) | 63,041 | 147,608 | 191,960 | ||||||||||||||
Net (income) loss attributable to noncontrolling interests in:
|
||||||||||||||||||||
Operating partnership
|
(11,018 | ) | 17,845 | (7,495 | ) | (46,246 | ) | (70,323 | ) | |||||||||||
Other consolidated subsidiaries
|
(25,001 | ) | (25,769 | ) | (23,959 | ) | (12,215 | ) | (4,136 | ) | ||||||||||
Net income (loss) attributable to the Company
|
62,151 | (14,989 | ) | 31,587 | 89,147 | 117,501 | ||||||||||||||
Preferred dividends
|
(32,619 | ) | (21,818 | ) | (21,819 | ) | (29,775 | ) | (30,568 | ) | ||||||||||
Net income (loss) available to common shareholders
|
$ | 29,532 | $ | (36,807 | ) | $ | 9,768 | $ | 59,372 | $ | 86,933 | |||||||||
Basic per share data attributable to common shareholders:
|
||||||||||||||||||||
Income (loss) from continuing operations, net of preferred dividends
|
$ | 0.21 | $ | (0.35 | ) | $ | 0.10 | $ | 0.84 | $ | 1.24 | |||||||||
Net income (loss) attributable to common shareholders
|
$ | 0.21 | $ | (0.35 | ) | $ | 0.15 | $ | 0.90 | $ | 1.35 | |||||||||
Weighted average shares outstanding
|
138,375 | 106,366 | 66,313 | 65,694 | 64,329 | |||||||||||||||
Diluted per share data attributable to common shareholders:
|
||||||||||||||||||||
Income (loss) from continuing operations, net of preferred dividends
|
$ | 0.21 | $ | (0.35 | ) | $ | 0.10 | $ | 0.84 | $ | 1.21 | |||||||||
Net income (loss) attributable to common shareholders
|
$ | 0.21 | $ | (0.35 | ) | $ | 0.15 | $ | 0.90 | $ | 1.32 | |||||||||
Weighted average common and potential dilutive common shares outstanding
|
138,416 | 106,366 | 66,418 | 66,190 | 65,652 | |||||||||||||||
Amounts attributable to common shareholders:
|
||||||||||||||||||||
Income (loss) from continuing operations, net of preferred dividends
|
$ | 29,263 | $ | (36,721 | ) | $ | 6,374 | $ | 55,409 | $ | 79,730 | |||||||||
Discontinued operations
|
269 | (86 | ) | 3,394 | 3,963 | 7,203 | ||||||||||||||
Net income (loss) attributable to common shareholders
|
$ | 29,532 | $ | (36,807 | ) | $ | 9,768 | $ | 59,372 | $ | 86,933 | |||||||||
Dividends declared per common share
|
$ | 0.80 | $ | 0.58 | $ | 2.01 | $ | 2.06 | $ | 1.88 | ||||||||||
December 31,
|
||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
BALANCE SHEET DATA:
|
||||||||||||||||||||
Net investment in real estate assets
|
$ | 6,890,137 | $ | 7,095,035 | $ | 7,321,480 | $ | 7,402,278 | $ | 6,094,251 | ||||||||||
Total assets
|
7,506,554 | 7,729,110 | 8,034,335 | 8,105,047 | 6,518,810 | |||||||||||||||
Total mortgage and other indebtedness
|
5,209,747 | 5,616,139 | 6,095,676 | 5,869,318 | 4,564,535 | |||||||||||||||
Redeemable noncontrolling interests
|
458,213 | 444,259 | 439,672 | 463,445 | 73,245 | |||||||||||||||
Shareholders’ equity:
|
||||||||||||||||||||
Redeemable preferred stock
|
23 | 12 | 12 | 12 | 32 | |||||||||||||||
Other shareholders’ equity
|
1,300,315 | 1,117,884 | 788,512 | 895,171 | 1,030,712 | |||||||||||||||
Total shareholders’ equity
|
1,300,338 | 1,117,896 | 788,524 | 895,183 | 1,030,744 | |||||||||||||||
Noncontrolling interests
|
223,605 | 302,483 | 380,472 | 482,217 | 540,317 | |||||||||||||||
Total equity
|
$ | 1,523,943 | $ | 1,420,379 | $ | 1,168,996 | $ | 1,377,400 | $ | 1,571,061 | ||||||||||
Year Ended December 31,
|
||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
OTHER DATA:
|
||||||||||||||||||||
Cash flows provided by (used in):
|
||||||||||||||||||||
Operating activities
|
$ | 429,792 | $ | 431,638 | $ | 419,093 | $ | 470,279 | $ | 388,911 | ||||||||||
Investing activities
|
(5,558 | ) | (160,302 | ) | (360,601 | ) | (1,103,121 | ) | (347,239 | ) | ||||||||||
Financing activities
|
(421,400 | ) | (275,834 | ) | (71,512 | ) | 669,968 | (41,810 | ) | |||||||||||
Funds From Operations (FFO) of the Operating Partnership (2)
|
354,601 | 282,206 | 376,273 | 361,528 | 390,089 | |||||||||||||||
FFO allocable to Company shareholders
|
258,256 | 190,066 | 213,347 | 204,119 | 216,499 |
(1)
|
Please refer to
Notes 2
,
3
and
5
to
the consolidated financial statements for a description of impairment charges, acquisitions and joint venture transactions that have impacted the comparability of the financial information presented. Also, please refer to
Note 4
to the consolidated financial statements for a description of discontinued operations that resulted in revisions to certain amounts previously reported.
|
(2)
|
Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for the definition of FFO, which does not represent cash flows from operations as defined by accounting principles generally accepted in the United States and is not necessarily indicative of the cash available to fund all cash requirements. A reconciliation of FFO to net income (loss) attributable to common shareholders is presented on
page 70
.
|
Property
|
Location
|
Date Acquired / Opened
|
||
New Developments
:
|
||||
Hammock Landing (1)
|
West Melbourne, FL
|
April 2009
|
||
Summit Fair (2)
|
Lee’s Summit, MO
|
August 2009
|
||
Settlers Ridge (Phase I) (3)
|
Robinson Township, PA
|
October 2009
|
||
The Promenade
|
D’Iberville, MS
|
October 2009
|
||
The Pavilion at Port Orange (Phase I and Phase 1A) (1)
|
Port Orange, FL
|
March 2010
|
||
The Forum at Grandview (Phase I)
|
Madison, MS
|
November 2010
|
(1) |
These Properties represent 50/50 joint ventures that are accounted for using the equity method of accounting and are included in equity in earnings (losses) of unconsolidated affiliates in the accompanying consolidated statements of operations.
|
(2) | CBL’s interest represents cost of the land underlying the project for which it will receive ground rent and a percentage of the net operating cash flows. |
(3) | This Property was sold in December 2010 and is included in Discontinued Operations. |
Property
|
Location
|
Date Acquired / Opened
|
||
Acquisitions
:
|
||||
Renaissance Center (1)
|
Durham, NC
|
February 2008
|
||
New Developments
:
|
||||
CBL Center II
|
Chattanooga, TN
|
January 2008
|
||
Pearland Town Center
|
Pearland, TX
|
July 2008
|
||
Pearland Office | Pearland, TX | July 2008 | ||
Plaza Macaé (2)
|
Macaé, Brazil
|
September 2008
|
||
Statesboro Crossing
|
Statesboro, GA
|
October 2008
|
||
Hammock Landing (1)
|
West Melbourne, FL
|
April 2009
|
||
Summit Fair (3)
|
Lee’s Summit, MO
|
August 2009
|
||
Settlers Ridge (Phase I) (4)
|
Robinson Township, PA
|
October 2009
|
||
The Promenade
|
D’Iberville, MS
|
October 2009
|
(1) |
These Properties represent 50/50 joint ventures that are accounted for using the equity method of accounting and are included in equity in earnings (losses) of unconsolidated affiliates in the accompanying consolidated statements of operations.
|
(2) |
This Property was sold in December 2009. It represented a 60/40 joint venture that was accounted for using the equity method of accounting and was included in equity in earnings (losses) of unconsolidated affiliates in the accompanying consolidated statements of operations.
|
(3) |
CBL’s interest represents cost of the land underlying the project for which it will receive ground rent and a percentage of the net operating cash flows.
|
(4) | This Property was sold in December 2010 and is included in Discontinued Operations. |
Year Ended December 31,
|
|||||||||
2010
|
2009
|
||||||||
Malls
|
90.3 | % | 90.7 | % | |||||
Associated centers
|
3.9 | % | 3.8 | % | |||||
Community centers
|
1.6 | % | 1.3 | % | |||||
Mortgages, office building and other
|
4.2 | % | 4.2 | % |
December 31,
|
|||||||||
2010
|
2009
|
||||||||
Total portfolio
|
92.4 | % | 90.4 | % | |||||
Total mall portfolio
|
92.9 | % | 91.3 | % | |||||
Stabilized malls
|
93.2 | % | 91.6 | % | |||||
Non-stabilized malls (1)
|
77.3 | % | 76.3 | % | |||||
Associated centers
|
91.3 | % | 92.5 | % | |||||
Community centers
|
91.8 | % | 80.9 | % | |||||
(1) Represents occupancy for Pearland Town Center.
|
December 31,
|
|||||||||
2010
|
2009
|
||||||||
Stabilized malls
|
$ | 29.32 | $ | 29.35 | |||||
Non-stabilized malls
|
26.23 | 27.06 | |||||||
Associated centers
|
12.04 | 11.75 | |||||||
Community centers
|
13.76 | 14.99 | |||||||
Office Buildings
|
18.14 | 19.10 |
Property Type
|
Square Feet
|
Prior Gross
Rent PSF
|
New Initial
Gross Rent
PSF
|
% Change
Initial
|
New Average
Gross Rent
PSF (2)
|
% Change
Average
|
||||||||||||||||||
All Property Types (1)
|
2,788,111 | $ | 37.33 | $ | 33.50 | -10.3 | % | $ | 34.53 | -7.5 | % | |||||||||||||
Stabilized Malls
|
2,540,679 | 39.01 | 34.95 | -10.4 | % | 36.03 | -7.6 | % | ||||||||||||||||
New leases
|
661,387 | 43.64 | 41.74 | -4.4 | % | 44.02 | 0.9 | % | ||||||||||||||||
Renewal leases
|
1,879,292 | 37.38 | 32.57 | -12.9 | % | 33.22 | -11.1 | % | ||||||||||||||||
(1) Includes stabilized malls, associated centers, community centers and office buildings.
|
||||||||||||||||||||||||
(2) Average gross rent does not incorporate allowable future increases for recoverable common area expenses.
|
Consolidated
|
Noncontrolling Interests
|
Unconsolidated Affiliates
|
Total
|
Weighted
Average
Interest
Rate (1)
|
|||||||||||||||||
December 31, 2010:
|
|||||||||||||||||||||
Fixed-rate debt:
|
|||||||||||||||||||||
Non-recourse loans on
operating properties
|
$ | 3,664,293 | $ | (24,708 | ) | $ | 398,154 | $ | 4,037,739 | 5.83 | % | ||||||||||
Recourse term loans on operating
properties
|
30,449 | - | - | 30,449 | 6.00 | % | |||||||||||||||
Total fixed-rate debt
|
3,694,742 | (24,708 | ) | 398,154 | 4,068,188 | 5.83 | % | ||||||||||||||
Variable-rate debt:
|
|||||||||||||||||||||
Non-recourse term loans on operating
properties
|
114,625 | - | 20,038 | 134,663 | 3.30 | % | |||||||||||||||
Recourse term loans on
operating properties
|
350,106 | (928 | ) | 148,252 | 497,430 | 2.83 | % | ||||||||||||||
Construction loans
|
14,536 | - | - | 14,536 | 3.32 | % | |||||||||||||||
Secured lines of credit
|
598,244 | - | - | 598,244 | 3.38 | % | |||||||||||||||
Unsecured term loans
|
437,494 | - | - | 437,494 | 1.66 | % | |||||||||||||||
Total variable-rate debt
|
1,515,005 | (928 | ) | 168,290 | 1,682,367 | 2.77 | % | ||||||||||||||
Total
|
$ | 5,209,747 | $ | (25,636 | ) | $ | 566,444 | $ | 5,750,555 | 4.93 | % | ||||||||||
Consolidated
|
Noncontrolling Interests
|
Unconsolidated Affiliates
|
Total
|
Weighted
Average
Interest
Rate (1)
|
|||||||||||||||||
December 31, 2009:
|
|||||||||||||||||||||
Fixed-rate debt:
|
|||||||||||||||||||||
Non-recourse loans on
operating properties
|
$ | 3,932,572 | $ | (23,737 | ) | $ | 404,104 | $ | 4,312,939 | 5.99 | % | ||||||||||
Recourse term loans on
operating properties (2)
|
117,146 | - | - | 117,146 | 5.28 | % | |||||||||||||||
Total fixed-rate debt
|
4,049,718 | (23,737 | ) | 404,104 | 4,430,085 | 5.96 | % | ||||||||||||||
Variable-rate debt:
|
|||||||||||||||||||||
Recourse term loans on operating
properties
|
242,763 | (928 | ) | 98,708 | 340,543 | 1.97 | % | ||||||||||||||
Construction loans
|
126,958 | - | 88,179 | 215,137 | 3.37 | % | |||||||||||||||
Land loans
|
- | 3,276 | 3,276 | 2.23 | % | ||||||||||||||||
Secured lines of credit
|
759,206 | - | - | 759,206 | 4.19 | % | |||||||||||||||
Unsecured term loans
|
437,494 | - | - | 437,494 | 1.73 | % | |||||||||||||||
Total variable-rate debt
|
1,566,421 | (928 | ) | 190,163 | 1,755,656 | 3.04 | % | ||||||||||||||
Total
|
$ | 5,616,139 | $ | (24,665 | ) | $ | 594,267 | $ | 6,185,741 | 5.13 | % | ||||||||||
(1) | Weighted average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs. |
(2) | We had two interest rate swaps on notional amounts totaling $127.5 million as of December 31, 2009 related to two variable-rate loans on operating properties to effectively fix the interest rates on those loans. Therefore, this amount is reflected in fixed-rate debt in 2009. |
Total
Capacity
|
Total
Outstanding
|
Maturity
Date
|
Extended
Maturity
Date
|
||||||||
$ | 525,000 | $ | 75,124 | (1) |
February 2012
|
February 2013
|
|||||
520,000 | 518,920 |
August 2011
|
April 2014
|
||||||||
105,000 | 4,200 |
June 2012
|
N/A | ||||||||
$ | 1,150,000 | $ | 598,244 |
(1) | There was an additional $7,291 outstanding on this secured line of credit as of December 31, 2010 for letters of credit. Up to $50,000 of the capacity on this line can be used for letters of credit. |
Instrument Type
|
Location in
Consolidated
Balance Sheet
|
Notional
Amount
|
Designated
Benchmark
Interest
Rate
|
Strike
Rate
|
Fair
Value at
12/31/10
|
Fair
Value at
12/31/09
|
Maturity
Date
|
|||||||||||||
Cap
|
Intangible lease assets
and other assets
|
$ 72,000
(amortizing
to $69,375)
|
3-month
LIBOR
|
3.000 | % | $ | 3 | $ | - |
Jan-12
|
||||||||||
Cap
|
Intangible lease assets
and other assets
|
80,000 |
USD-SIFMA Municipal
Swap Index
|
4.000 | % | - | 2 |
Dec-10
|
||||||||||||
Pay fixed/ Receive
variable Swap
|
Accounts payable and
accrued liabilities
|
40,000 |
1-month
LIBOR
|
2.175 | % | - | (636 | ) |
Nov-10
|
|||||||||||
Pay fixed/ Receive
variable Swap
|
Accounts payable and
accrued liabilities
|
87,500 |
1-month
LIBOR
|
3.600 | % | - | (2,271 | ) |
Sep-10
|
Shares
Outstanding
|
Stock Price
(1)
|
Value
|
||||||||||
Common stock and operating partnership units
|
190,065 | $ | 17.50 | $ | 3,326,138 | |||||||
7.75% Series C Cumulative Redeemable Preferred Stock
|
460 | 250.00 | 115,000 | |||||||||
7.375% Series D Cumulative Redeemable Preferred Stock
|
1,815 | 250.00 | 453,750 | |||||||||
Total market equity
|
3,894,888 | |||||||||||
Company’s share of total debt
|
5,750,555 | |||||||||||
Total market capitalization
|
$ | 9,645,443 | ||||||||||
Debt-to-total-market capitalization ratio
|
59.6 | % |
(1) |
Stock price for common stock and operating partnership units equals the closing price of our common stock on December 31, 2010. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.
|
Payments Due By Period
|
||||||||||||||||||||
Total
|
Less Than 1
Year
|
1-3
Years
|
3-5
Years
|
More Than 5 Years
|
||||||||||||||||
Long-term debt:
|
||||||||||||||||||||
Total consolidated debt service (1)
|
$ | 6,220,535 | $ | 1,930,026 | $ | 1,488,984 | $ | 1,257,810 | $ | 1,543,715 | ||||||||||
Minority investors’ share in shopping center properties
|
(30,778 | ) | (3,272 | ) | (12,128 | ) | (2,100 | ) | (13,278 | ) | ||||||||||
Our share of unconsolidated affiliates debt service (2)
|
680,785 | 180,254 | 134,087 | 197,215 | 169,229 | |||||||||||||||
Our share of total debt service obligations
|
6,870,542 | 2,107,008 | 1,610,943 | 1,452,925 | 1,699,666 | |||||||||||||||
Operating leases:
(3)
|
||||||||||||||||||||
Ground leases on consolidated properties
|
36,345 | 804 | 1,632 | 1,672 | 32,237 | |||||||||||||||
Purchase obligations:
(4)
|
||||||||||||||||||||
Construction contracts on consolidated properties
|
13,012 | 13,012 | - | - | - | |||||||||||||||
Our share of construction contracts on unconsolidated properties
|
1,256 | 1,256 | - | - | - | |||||||||||||||
14,268 | 14,268 | - | - | - | ||||||||||||||||
Total contractual obligations
|
$ | 6,921,155 | $ | 2,122,080 | $ | 1,612,575 | $ | 1,454,597 | $ | 1,731,903 |
(1)
|
Represents principal and interest payments due under the terms of mortgage and other indebtedness and includes $1,556,682 of variable-rate debt service on nine operating Properties, four construction loans, two secured credit facilities and two unsecured term facilities. The variable-rate loans on the operating Properties call for payments of interest only with the total principal due at maturity. The construction loans and credit facilities do not require scheduled principal payments. The future contractual obligations for all variable-rate indebtedness reflect payments of interest only throughout the term of the debt with the total outstanding principal at December 31, 2010 due at maturity. The future interest payments are projected based on the interest rates that were in effect at December 31, 2010. See
Note 6
to the consolidated financial statements for additional information regarding the terms of long-term debt.
|
|||||
(2)
|
Includes $174,425 of variable-rate debt service. Future contractual obligations have been projected using the same assumptions as used in
(1) above.
|
|||||
(3)
|
Obligations where we own the buildings and improvements, but lease the underlying land under long-term ground leases. The maturities of these leases range from 2014 to 2089 and generally provide for renewal options.
|
|||||
(4)
|
Represents the remaining balance to be incurred under construction contracts that had been entered into as of December 31, 2010, but were not complete. The contracts are primarily for development of Properties.
|
Properties Opened During the Year Ended December 31, 2010
|
|||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
|
Total
Project
|
CBL's Share of
|
|||||||||||||||||
Property
|
Location
|
Square
Feet
|
Total
Cost (d)
|
|
Cost to
Date (e)
|
Date Opened
|
Initial
Yield
|
||||||||||||
Community Center:
|
|||||||||||||||||||
The Forum at Grandview (Phase I) (a)
|
Madison, MS
|
110,690 | $ | 19,653 | $ | 26,521 |
Fall-10
|
6.0 | %* | ||||||||||
The Pavilion at Port Orange
(Phase I and Phase 1A) (b)
|
Port Orange, FL
|
494,025 | 67,742 | 61,779 |
Fall-09/Spring-10
|
7.3 | %* | ||||||||||||
604,715 | $ | 87,395 | $ | 88,300 |
Properties Under Development at December 31, 2010
|
|||||||||||||||||||
(Dollars in thousands)
|
|
||||||||||||||||||
Total
Project
|
CBL's Share of
|
||||||||||||||||||
Property
|
Location
|
Square
Feet
|
Total
Cost (d)
|
Cost to
Date (e)
|
Expected
Opening Date
|
Initial
Yield
|
|||||||||||||
Open-Air Center Expansion:
|
|||||||||||||||||||
Alamance West
|
Burlington, NC
|
236,438 | $ | 16,296 | $ | 5,903 |
Fall-11
|
10.9 | % | ||||||||||
Community Center Expansion:
|
|||||||||||||||||||
Settlers Ridge (Phase II)
|
Robinson Township, PA
|
86,617 | 12,370 | 11,038 |
Summer-11
|
9.9 | % | ||||||||||||
Outlet Center:
|
|||||||||||||||||||
The Outlet Shoppes at Oklahoma City (c)
|
Oklahoma City, OK
|
325,190 | 60,880 | 27,437 |
Fall-11
|
10.6 | % | ||||||||||||
648,245 | 89,546 | 44,378 |
(a)
|
The Forum at Grandview is a 75/25 joint venture. Total cost and cost to date are reflected at 100 percent.
|
||||||||||||
(b)
|
The Pavilion at Port Orange is a 50/50 joint venture.
|
||||||||||||
(c)
|
The Outlet Shoppes at Oklahoma City is a 75/25 joint venture. Total cost and cost to date are reflected at 100 percent.
|
||||||||||||
(d)
|
Total Cost is presented net of reimbursements to be received.
|
||||||||||||
(e)
|
Cost to Date does not reflect reimbursements until they are received.
|
||||||||||||
* Pro forma initial yields for phased projects reflect full land cost in Phase I. Combined pro forma yields are higher than Phase I
project yields.
|
§
|
Third parties may approach us with opportunities in which they have obtained land and performed some pre-development activities, but they may not have sufficient access to the capital resources or the development and leasing expertise to bring the project to fruition. We enter into such arrangements when we determine such a project is viable and we can achieve a satisfactory return on our investment. We typically earn development fees from the joint venture and provide management and leasing services to the property for a fee once the property is placed in operation.
|
§
|
We determine that we may have the opportunity to capitalize on the value we have created in a property by selling an interest in the property to a third party. This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth. When we retain an interest in an asset rather than selling a 100% interest, it is typically because this allows us to continue to manage the property, which provides us the ability to earn fees for management, leasing, development and financing services provided to the joint venture.
|
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Net income (loss) attributable to common shareholders
|
$ | 29,532 | $ | (36,807 | ) | $ | 9,768 | |||||
Noncontrolling interest in income (loss) of operating partnership
|
11,018 | (17,845 | ) | 7,495 | ||||||||
Depreciation and amortization expense of:
|
||||||||||||
Consolidated properties
|
286,465 | 306,928 | 330,326 | |||||||||
Unconsolidated affiliates
|
27,445 | 28,826 | 29,987 | |||||||||
Discontinued operations
|
5,307 | 2,754 | 3,041 | |||||||||
Non-real estate assets
|
(4,182 | ) | (962 | ) | (1,027 | ) | ||||||
Noncontrolling interests' share of depreciation and amortization
|
(605 | ) | (705 | ) | (958 | ) | ||||||
(Gain) loss on discontinued operations
|
(379 | ) | 17 | (3,798 | ) | |||||||
Income tax provision on disposal of discontinued operations
|
- | - | 1,439 | |||||||||
Funds from operations of the operating partnership
|
354,601 | 282,206 | 376,273 | |||||||||
Loss on impairment of real estate
|
40,240 | 114,862 | - | |||||||||
Funds from operations of the operating partnership, excluding
loss on impairment of real estate
|
$ | 394,841 | $ | 397,068 | $ | 376,273 | ||||||
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Funds from operations of the operating partnership
|
$ | 354,601 | $ | 282,206 | $ | 376,273 | ||||||
Percentage allocable to common shareholders
(1)
|
72.83 | % | 67.35 | % | 56.70 | % | ||||||
Funds from operations allocable to common shareholders
|
$ | 258,256 | $ | 190,066 | $ | 213,347 | ||||||
Funds from operations of the operating partnership, excluding
loss on impairment of real estate
|
$ | 394,841 | $ | 397,068 | $ | 376,273 | ||||||
Percentage allocable to common shareholders
(1)
|
72.83 | % | 67.35 | % | 56.70 | % | ||||||
Funds from operations allocable to Company shareholders,
excluding loss on impairment of real estate
|
$ | 287,563 | $ | 267,425 | $ | 213,347 | ||||||
(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. |
/s/ Stephen D. Lebovitz | /s/ John N. Foy | |
Stephen D. Lebovitz, President and
Chief Executive Officer
|
John N. Foy, Vice Chairman of
the Board, Chief Financial Officer,
Treasurer and Secretary
|
|
March 1, 2011 | March 1, 2011 | |
Date | Date |
Signature
|
Title
|
Date
|
||
/s/ Charles B. Lebovitz
|
Chairman of the Board
|
March 1, 2011
|
||
Charles B. Lebovitz
|
||||
/s/ John N. Foy
|
Vice Chairman of the Board, Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer and Principal Accounting Officer)
|
March 1, 2011
|
||
John N. Foy
|
||||
/s/ Stephen D. Lebovitz
|
Director, President and Chief Executive Officer (Principal Executive Officer)
|
March 1, 2011
|
||
Stephen D. Lebovitz
|
||||
/s/ Gary L. Bryenton*
|
Director
|
March 1, 2011
|
||
Gary L. Bryenton
|
||||
/s/ Thomas J. DeRosa*
|
Director
|
March 1, 2011
|
||
Thomas J. DeRosa
|
||||
/s/ Matthew S. Dominski*
|
Director
|
March 1, 2011
|
||
Matthew S. Dominski
|
||||
/s/ Leo Fields*
|
Director
|
March 1, 2011
|
||
Leo Fields
|
||||
/s/ Kathleen M. Nelson*
|
Director
|
March 1, 2011
|
||
Kathleen M. Nelson
|
||||
/s/ Winston W. Walker*
|
Director
|
March 1, 2011
|
||
Winston W. Walker
|
||||
*By:/s/ John N. Foy
|
Attorney-in-Fact
|
March 1, 2011
|
||
John N. Foy
|
December 31,
2010
|
||||||||
ASSETS
|
2010
|
2009
|
||||||
Real estate assets:
|
||||||||
Land
|
$ | 928,025 | $ | 946,750 | ||||
Buildings and improvements
|
7,543,326 | 7,569,015 | ||||||
8,471,351 | 8,515,765 | |||||||
Accumulated depreciation
|
(1,721,194 | ) | (1,505,840 | ) | ||||
6,750,157 | 7,009,925 | |||||||
Developments in progress
|
139,980 | 85,110 | ||||||
Net investment in real estate assets
|
6,890,137 | 7,095,035 | ||||||
Cash and cash equivalents
|
50,896 | 48,062 | ||||||
Receivables:
|
||||||||
Tenant, net of allowance for doubtful accounts of $3,167 and $3,101
in 2010 and 2009, respectively
|
77,989 | 73,170 | ||||||
Other
|
11,996 | 8,162 | ||||||
Mortgage and other notes receivable
|
30,519 | 38,208 | ||||||
Investments in unconsolidated affiliates
|
179,410 | 186,523 | ||||||
Intangible lease assets and other assets
|
265,607 | 279,950 | ||||||
$ | 7,506,554 | $ | 7,729,110 | |||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
||||||||
Mortgage and other indebtedness
|
$ | 5,209,747 | $ | 5,616,139 | ||||
Accounts payable and accrued liabilities
|
314,651 | 248,333 | ||||||
Total liabilities
|
5,524,398 | 5,864,472 | ||||||
Commitments and contingencies (Note 14)
|
||||||||
Redeemable noncontrolling interests:
|
||||||||
Redeemable noncontrolling partnership interests
|
34,379 | 22,689 | ||||||
Redeemable noncontrolling preferred joint venture interest
|
423,834 | 421,570 | ||||||
Total redeemable noncontrolling interests
|
458,213 | 444,259 | ||||||
Shareholders' equity:
|
||||||||
Preferred Stock, $.01 par value, 15,000,000 shares authorized:
|
||||||||
7.75% Series C Cumulative Redeemable Preferred Stock,
460,000 shares outstanding
|
5 | 5 | ||||||
7.375% Series D Cumulative Redeemable Preferred Stock,
1,815,000 and 700,000 shares outstanding in 2010 and
2009, respectively
|
18 | 7 | ||||||
Common Stock, $.01 par value, 350,000,000 shares authorized,
147,923,707 and 137,888,408 issued and outstanding in 2010
and 2009, respectively
|
1,479 | 1,379 | ||||||
Additional paid-in capital
|
1,657,507 | 1,399,654 | ||||||
Accumulated other comprehensive income
|
7,855 | 491 | ||||||
Accumulated deficit
|
(366,526 | ) | (283,640 | ) | ||||
Total shareholders' equity
|
1,300,338 | 1,117,896 | ||||||
Noncontrolling interests
|
223,605 | 302,483 | ||||||
Total equity
|
1,523,943 | 1,420,379 | ||||||
$ | 7,506,554 | $ | 7,729,110 | |||||
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
REVENUES:
|
||||||||||||
Minimum rents
|
$ | 684,205 | $ | 688,466 | $ | 711,867 | ||||||
Percentage rents
|
17,549 | 16,412 | 18,375 | |||||||||
Other rents
|
22,781 | 20,714 | 22,857 | |||||||||
Tenant reimbursements
|
311,590 | 321,001 | 334,866 | |||||||||
Management, development and leasing fees
|
6,416 | 7,372 | 19,393 | |||||||||
Other
|
29,263 | 28,314 | 24,816 | |||||||||
Total revenues
|
1,071,804 | 1,082,279 | 1,132,174 | |||||||||
OPERATING EXPENSES:
|
||||||||||||
Property operating
|
150,755 | 160,715 | 187,717 | |||||||||
Depreciation and amortization
|
286,465 | 306,928 | 330,325 | |||||||||
Real estate taxes
|
97,643 | 96,167 | 94,840 | |||||||||
Maintenance and repairs
|
57,293 | 56,796 | 65,049 | |||||||||
General and administrative
|
43,383 | 41,010 | 45,241 | |||||||||
Loss on impairment of real estate
|
40,240 | 114,862 | - | |||||||||
Other
|
25,523 | 25,794 | 33,333 | |||||||||
Total operating expenses
|
701,302 | 802,272 | 756,505 | |||||||||
Income from operations
|
370,502 | 280,007 | 375,669 | |||||||||
Interest and other income
|
3,873 | 5,211 | 10,076 | |||||||||
Interest expense
|
(286,579 | ) | (292,826 | ) | (311,710 | ) | ||||||
Loss on extinguishment of debt
|
- | (601 | ) | - | ||||||||
Gain (loss) on investments
|
888 | (9,260 | ) | (17,181 | ) | |||||||
Gain on sales of real estate assets
|
2,887 | 3,820 | 10,865 | |||||||||
Equity in earnings (losses) of unconsolidated affiliates
|
(188 | ) | 5,489 | 2,831 | ||||||||
Income tax benefit (provision)
|
6,417 | 1,222 | (13,495 | ) | ||||||||
Income (loss) from continuing operations
|
97,800 | (6,938 | ) | 57,055 | ||||||||
Operating income (loss) of discontinued operations
|
(9 | ) | (110 | ) | 2,188 | |||||||
Gain (loss) on discontinued operations
|
379 | (17 | ) | 3,798 | ||||||||
Net income (loss)
|
98,170 | (7,065 | ) | 63,041 | ||||||||
Net (income) loss attributable to noncontrolling interests in:
|
||||||||||||
Operating partnership
|
(11,018 | ) | 17,845 | (7,495 | ) | |||||||
Other consolidated subsidiaries
|
(25,001 | ) | (25,769 | ) | (23,959 | ) | ||||||
Net income (loss) attributable to the Company
|
62,151 | (14,989 | ) | 31,587 | ||||||||
Preferred dividends
|
(32,619 | ) | (21,818 | ) | (21,819 | ) | ||||||
Net income (loss) attributable to common shareholders
|
$ | 29,532 | $ | (36,807 | ) | $ | 9,768 | |||||
Basic per share data attributable to common shareholders:
|
||||||||||||
Income (loss) from continuing operations, net of preferred dividends
|
$ | 0.21 | $ | (0.35 | ) | $ | 0.10 | |||||
Discontinued operations
|
- | - | 0.05 | |||||||||
Net income (loss) attributable to common shareholders
|
$ | 0.21 | $ | (0.35 | ) | $ | 0.15 | |||||
Weighted average common shares outstanding
|
138,375 | 106,366 | 66,313 | |||||||||
Diluted per share data attributable to common shareholders:
|
||||||||||||
Income (loss) from continuing operations, net of preferred dividends
|
$ | 0.21 | $ | (0.35 | ) | $ | 0.10 | |||||
Discontinued operations
|
- | - | 0.05 | |||||||||
Net income (loss) attributable to common shareholders
|
$ | 0.21 | $ | (0.35 | ) | $ | 0.15 | |||||
Weighted average common and potential dilutive common shares outstanding
|
138,416 | 106,366 | 66,418 | |||||||||
Amounts attributable to common shareholders:
|
||||||||||||
Income (loss) from continuing operations, net of preferred dividends
|
$ | 29,263 | $ | (36,721 | ) | $ | 6,374 | |||||
Discontinued operations
|
269 | (86 | ) | 3,394 | ||||||||
Net income (loss) attributable to common shareholders
|
$ | 29,532 | $ | (36,807 | ) | $ | 9,768 | |||||
(in thousands, except share data)
|
Equity
|
|||||||||||||||||||||||||||||||||||
Shareholders' Equity
|
||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Partnership
Interests
|
Preferred
Stock
|
Common
Stock
|
Additional
Paid-in
Capital
|
Accumulated
Other
Comprehensive Income (Loss)
|
Accumulated Deficit
|
Total Shareholders' Equity
|
Noncontrolling Interests
|
Total Equity
|
||||||||||||||||||||||||||||
Balance, December 31, 2007
|
43,145 | 12 | 662 | 964,676 | (13 | ) | (70,154 | ) | 895,183 | 482,217 | 1,377,400 | |||||||||||||||||||||||||
Net income
|
4,074 | - | - | - | - | 31,587 | 31,587 | 7,112 | 38,699 | |||||||||||||||||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||||
Net unrealized loss on available-for-sale securities
|
(230 | ) | - | - | - | (9,709 | ) | - | (9,709 | ) | (7,220 | ) | (16,929 | ) | ||||||||||||||||||||||
Impairment of marketable securities
|
230 | - | - | - | 9,723 | - | 9,723 | 7,228 | 16,951 | |||||||||||||||||||||||||||
Unrealized loss on hedging instruments
|
(209 | ) | - | - | - | (8,813 | ) | - | (8,813 | ) | (6,552 | ) | (15,365 | ) | ||||||||||||||||||||||
Unrealized loss on foreign currency translation adjustment
|
(94 | ) | - | - | - | (3,974 | ) | - | (3,974 | ) | (2,954 | ) | (6,928 | ) | ||||||||||||||||||||||
Other comprehensive income (loss)
|
(303 | ) | (12,773 | ) | (9,498 | ) | (22,271 | ) | ||||||||||||||||||||||||||||
Dividends declared - common stock
|
- | - | - | - | - | (132,921 | ) | (132,921 | ) | - | (132,921 | ) | ||||||||||||||||||||||||
Dividends declared - preferred stock
|
- | - | - | - | - | (21,819 | ) | (21,819 | ) | - | (21,819 | ) | ||||||||||||||||||||||||
Issuance of 176,842 shares of common stock and restricted common stock
|
- | - | 2 | 851 | - | - | 853 | - | 853 | |||||||||||||||||||||||||||
Cancellation of 26,932 shares of restricted common stock
|
- | - | - | (530 | ) | - | - | (530 | ) | - | (530 | ) | ||||||||||||||||||||||||
Exercise of stock options
|
- | - | - | 584 | - | - | 584 | - | 584 | |||||||||||||||||||||||||||
Accelerated vesting of share-based compensation
|
- | - | - | (508 | ) | - | - | (508 | ) | - | (508 | ) | ||||||||||||||||||||||||
Accrual under deferred compensation arrangements
|
- | - | - | 329 | - | - | 329 | - | 329 | |||||||||||||||||||||||||||
Amortization of deferred compensation
|
- | - | - | 4,712 | - | - | 4,712 | - | 4,712 | |||||||||||||||||||||||||||
Additions to deferred financing costs
|
- | - | - | - | - | - | - | 45 | 45 | |||||||||||||||||||||||||||
Income tax benefit of share-based compensation
|
118 | - | - | 3,705 | - | - | 3,705 | 3,649 | 7,354 | |||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
(8,888 | ) | - | - | - | - | - | - | (100,048 | ) | (100,048 | ) | ||||||||||||||||||||||||
Contributions from noncontrolling interests in Operating Partnership
|
- | - | - | - | - | - | - | 2,671 | 2,671 | |||||||||||||||||||||||||||
Adjustment for write-off of abandoned project
|
- | - | - | - | - | - | - | (2,050 | ) | (2,050 | ) | |||||||||||||||||||||||||
Adjustment for noncontrolling interests
|
476 | - | - | (107 | ) | - | - | (107 | ) | (369 | ) | (476 | ) | |||||||||||||||||||||||
Reclassification of noncontrolling interests related to deconsolidation
|
- | - | - | - | - | - | - | (3,257 | ) | (3,257 | ) | |||||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value
|
(20,229 | ) | - | - | 20,229 | - | - | 20,229 | - | 20,229 | ||||||||||||||||||||||||||
Balance, December 31, 2008
|
18,393 | 12 | 664 | 993,941 | (12,786 | ) | (193,307 | ) | 788,524 | 380,472 | 1,168,996 | |||||||||||||||||||||||||
Net income (loss)
|
5,609 | - | - | - | - | (14,989 | ) | (14,989 | ) | (18,409 | ) | (33,398 | ) | |||||||||||||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities
|
261 | - | - | - | (29 | ) | - | (29 | ) | (400 | ) | (429 | ) | |||||||||||||||||||||||
Unrealized gain on hedging instruments
|
609 | - | - | - | 8,494 | - | 8,494 | 3,511 | 12,005 | |||||||||||||||||||||||||||
Realized loss on foreign currency translation adjustment
|
3 | - | - | - | 37 | - | 37 | 25 | 62 | |||||||||||||||||||||||||||
Unrealized gain on foreign currency translation adjustment
|
487 | - | - | - | 4,775 | - | 4,775 | 1,680 | 6,455 | |||||||||||||||||||||||||||
Other comprehensive income (loss)
|
1,360 | 13,277 | 4,816 | 18,093 | ||||||||||||||||||||||||||||||||
Dividends declared - common stock
|
- | - | - | - | - | (53,526 | ) | (53,526 | ) | - | (53,526 | ) | ||||||||||||||||||||||||
Dividends declared - preferred stock
|
- | - | - | - | - | (21,818 | ) | (21,818 | ) | - | (21,818 | ) | ||||||||||||||||||||||||
Issuance of 130,004 shares of common stock and restricted common stock
|
- | - | 1 | 702 | - | - | 703 | - | 703 | |||||||||||||||||||||||||||
Issuance of 4,754,355 shares of common stock for dividend
|
- | - | 48 | 14,691 | - | - | 14,739 | - | 14,739 | |||||||||||||||||||||||||||
Issuance of 66,630,000 shares of common stock in equity offering
|
- | - | 666 | 381,157 | - | - | 381,823 | - | 381,823 | |||||||||||||||||||||||||||
Cancellation of 24,619 shares of restricted common stock
|
- | - | - | (121 | ) | - | - | (121 | ) | - | (121 | ) | ||||||||||||||||||||||||
Accrual under deferred compensation arrangements
|
- | - | - | 49 | - | - | 49 | - | 49 | |||||||||||||||||||||||||||
Amortization of deferred compensation
|
- | - | - | 2,548 | - | - | 2,548 | - | 2,548 | |||||||||||||||||||||||||||
Additions to deferred financing costs
|
- | - | - | - | - | - | - | 45 | 45 | |||||||||||||||||||||||||||
Transfer from noncontrolling interests to redeemable noncontrolling interests
|
82,970 | - | - | - | - | - | - | (82,970 | ) | (82,970 | ) | |||||||||||||||||||||||||
Transfer from redeemable noncontrolling interests to noncontrolling interests
|
(73,051 | ) | - | - | - | - | - | - | 73,051 | 73,051 | ||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
(14,064 | ) | - | - | - | - | - | - | (50,015 | ) | (50,015 | ) | ||||||||||||||||||||||||
Purchase of noncontrolling interests in other consolidated subsidiaries
|
- | - | - | 217 | - | - | 217 | (717 | ) | (500 | ) | |||||||||||||||||||||||||
Issuance of noncontrolling interests for distribution
|
- | - | - | - | - | - | - | 4,152 | 4,152 | |||||||||||||||||||||||||||
Adjustment for noncontrolling interests
|
(4,242 | ) | - | - | 12,184 | - | - | 12,184 | (7,942 | ) | 4,242 | |||||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value
|
5,714 | - | - | (5,714 | ) | - | - | (5,714 | ) | - | (5,714 | ) | ||||||||||||||||||||||||
Balance, December 31, 2009
|
$ | 22,689 | $ | 12 | $ | 1,379 | $ | 1,399,654 | $ | 491 | $ | (283,640 | ) | $ | 1,117,896 | $ | 302,483 | $ | 1,420,379 | |||||||||||||||||
(in thousands, except share data)
|
Equity
|
|||||||||||||||||||||||||||||||||||
Shareholders' Equity
|
||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Partnership Interests
|
Preferred Stock
|
Common Stock
|
Additional Paid-in Capital
|
Accumulated Other Comprehensive Income
|
Accumulated Deficit
|
Total Shareholders' Equity
|
Noncontrolling Interests
|
Total Equity
|
||||||||||||||||||||||||||||
Balance, December 31, 2009
|
$ | 22,689 | $ | 12 | $ | 1,379 | $ | 1,399,654 | $ | 491 | $ | (283,640 | ) | $ | 1,117,896 | $ | 302,483 | $ | 1,420,379 | |||||||||||||||||
Net income
|
4,333 | - | - | - | - | 62,151 | 62,151 | 11,016 | 73,167 | |||||||||||||||||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||||
Unrealized gain on available-for-sale securities
|
69 | - | - | - | 6,125 | - | 6,125 | 2,208 | 8,333 | |||||||||||||||||||||||||||
Realized loss on sale of marketable securities
|
1 | - | - | - | 84 | - | 84 | 29 | 113 | |||||||||||||||||||||||||||
Unrealized gain on hedging instruments
|
22 | - | - | - | 1,994 | - | 1,994 | 726 | 2,720 | |||||||||||||||||||||||||||
Net unrealized gain (loss) on foreign currency translation adjustment
|
(397 | ) | - | - | - | (962 | ) | - | (962 | ) | 1,203 | 241 | ||||||||||||||||||||||||
Realized loss on foreign currency translation adjustment
|
1 | - | - | - | 123 | - | 123 | 45 | 168 | |||||||||||||||||||||||||||
Other comprehensive income (loss)
|
(304 | ) | 7,364 | 4,211 | 11,575 | |||||||||||||||||||||||||||||||
Issuance of 1,115,000 shares of preferred stock in equity offerings
|
- | 11 | - | 229,336 | - | - | 229,347 | - | 229,347 | |||||||||||||||||||||||||||
Conversion of 9,807,013 operating partnership special common units
to shares of common stock
|
- | - | 98 | 56,240 | - | - | 56,338 | (56,338 | ) | - | ||||||||||||||||||||||||||
Dividends declared - common stock
|
- | - | - | - | - | (112,418 | ) | (112,418 | ) | - | (112,418 | ) | ||||||||||||||||||||||||
Dividends declared - preferred stock
|
- | - | - | - | - | (32,619 | ) | (32,619 | ) | - | (32,619 | ) | ||||||||||||||||||||||||
Issuance of 130,367 shares of common stock and restricted common stock
|
- | - | 1 | 213 | - | - | 214 | - | 214 | |||||||||||||||||||||||||||
Cancellation of 17,790 shares of restricted common stock
|
- | - | - | (175 | ) | - | - | (175 | ) | - | (175 | ) | ||||||||||||||||||||||||
Exercise of stock options
|
- | - | 1 | 1,455 | - | - | 1,456 | - | 1,456 | |||||||||||||||||||||||||||
Accrual under deferred compensation arrangements
|
- | - | - | 41 | - | - | 41 | - | 41 | |||||||||||||||||||||||||||
Amortization of deferred compensation
|
- | - | - | 2,211 | - | - | 2,211 | - | 2,211 | |||||||||||||||||||||||||||
Additions to deferred financing costs
|
- | - | - | - | - | - | - | 34 | 34 | |||||||||||||||||||||||||||
Income tax effect of share-based compensation
|
(10 | ) | - | - | (1,468 | ) | - | - | (1,468 | ) | (337 | ) | (1,805 | ) | ||||||||||||||||||||||
Adjustment for noncontrolling interests
|
3,139 | - | - | (15,572 | ) | - | - | (15,572 | ) | 12,433 | (3,139 | ) | ||||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value
|
14,428 | - | - | (14,428 | ) | - | - | (14,428 | ) | - | (14,428 | ) | ||||||||||||||||||||||||
Distributions to noncontrolling interests
|
(9,896 | ) | - | - | - | - | - | - | (55,131 | ) | (55,131 | ) | ||||||||||||||||||||||||
Contributions from noncontrolling interests in Operating Partnership
|
- | - | - | - | - | - | - | 5,234 | 5,234 | |||||||||||||||||||||||||||
Balance, December 31, 2010
|
$ | 34,379 | $ | 23 | $ | 1,479 | $ | 1,657,507 | $ | 7,855 | $ | (366,526 | ) | $ | 1,300,338 | $ | 223,605 | $ | 1,523,943 | |||||||||||||||||
Year Ended December 31,
|
|||||
2010
|
2009
|
2008
|
|||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|||||
Net income (loss)
|
$ 98,170
|
$ (7,065)
|
$ 63,041
|
||
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|||||
Depreciation and amortization
|
291,772
|
312,505
|
336,480
|
||
Amortization of deferred finance costs and debt premiums (discounts)
|
7,414
|
1,570
|
(2,178)
|
||
Net amortization of intangible lease assets and liabilities
|
(1,384)
|
(5,046)
|
(10,121)
|
||
Gain on sales of real estate assets
|
(2,887)
|
(3,820)
|
(12,401)
|
||
Realized foreign currency loss
|
169
|
65
|
-
|
||
(Gain) loss on discontinued operations
|
(379)
|
17
|
(3,798)
|
||
Write-off of development projects
|
392
|
1,501
|
12,351
|
||
Share-based compensation expense
|
2,313
|
3,160
|
5,016
|
||
Income tax effect of share-based compensation
|
(1,815)
|
-
|
7,472
|
||
Net realized loss on sale of available-for-sale securities
|
114
|
-
|
-
|
||
(Gain) loss on investments
|
(888)
|
9,260
|
17,181
|
||
Loss on impairment of real estate
|
40,240
|
114,862
|
-
|
||
Loss on extinguishment of debt
|
-
|
601
|
-
|
||
Equity in (earnings) losses of unconsolidated affiliates
|
188
|
(5,489)
|
(2,831)
|
||
Distributions of earnings from unconsolidated affiliates
|
4,959
|
12,665
|
15,661
|
||
Provision for doubtful accounts
|
2,891
|
5,000
|
9,372
|
||
Change in deferred tax accounts
|
2,031
|
1,170
|
(1,868)
|
||
Changes in:
|
|||||
Tenant and other receivables
|
(6,693)
|
803
|
(13,092)
|
||
Other assets
|
(1,215)
|
(3,435)
|
(1,705)
|
||
Accounts payable and accrued liabilities
|
(5,600)
|
(6,686)
|
513
|
||
Net cash provided by operating activities
|
429,792
|
431,638
|
419,093
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|||||
Additions to real estate assets
|
(143,586)
|
(229,732)
|
(437,765)
|
||
(Additions) reductions to restricted cash
|
20,987
|
30,938
|
(47,729)
|
||
(Additions) reductions to cash held in escrow
|
-
|
2,700
|
(2,700)
|
||
Purchase of partner's interest in unconsolidated affiliate
|
(15,773)
|
-
|
-
|
||
Purchase of noncontrolling interest in other consolidated subsidiaries
|
-
|
(500)
|
-
|
||
Proceeds from sales of real estate assets
|
138,614
|
11,826
|
93,575
|
||
Proceeds from sales of investments in unconsolidated affiliates
|
-
|
25,028
|
-
|
||
Purchase of municipal bonds
|
-
|
-
|
(13,371)
|
||
Additions to mortgage notes receivable
|
-
|
(975)
|
(749)
|
||
Payments received on mortgage notes receivable
|
1,609
|
20,769
|
105,554
|
||
Net purchases of available-for-sale securities
|
(9,610)
|
-
|
-
|
||
Additional investments in and advances to unconsolidated affiliates
|
(23,604)
|
(91,027)
|
(107,641)
|
||
Distributions in excess of equity in earnings of unconsolidated affiliates
|
31,776
|
77,245
|
58,712
|
||
Changes in other assets
|
(5,971)
|
(6,574)
|
(8,487)
|
||
Net cash used in investing activities
|
(5,558)
|
(160,302)
|
(360,601)
|
||
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Proceeds from mortgage and other indebtedness
|
$ | 778,378 | $ | 686,764 | $ | 1,625,742 | ||||||
Principal payments on mortgage and other indebtedness
|
(1,221,436 | ) | (1,159,321 | ) | (1,382,417 | ) | ||||||
Additions to deferred financing costs
|
(4,855 | ) | (20,377 | ) | (7,227 | ) | ||||||
Proceeds from issuances of common stock
|
153 | 381,985 | 364 | |||||||||
Proceeds from issuances of preferred stock
|
229,347 | - | - | |||||||||
Proceeds from exercises of stock options
|
1,456 | - | 584 | |||||||||
Income tax effect of share-based compensation
|
1,815 | - | (7,472 | ) | ||||||||
Contributions from noncontrolling interests
|
5,234 | - | 2,671 | |||||||||
Distributions to noncontrolling interests
|
(86,093 | ) | (86,607 | ) | (137,435 | ) | ||||||
Dividends paid to holders of preferred stock
|
(35,670 | ) | (21,819 | ) | (21,819 | ) | ||||||
Dividends paid to common shareholders
|
(89,729 | ) | (56,459 | ) | (144,503 | ) | ||||||
Net cash used in financing activities
|
(421,400 | ) | (275,834 | ) | (71,512 | ) | ||||||
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH
|
- | 1,333 | (1,579 | ) | ||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
2,834 | (3,165 | ) | (14,599 | ) | |||||||
CASH AND CASH EQUIVALENTS, beginning of period
|
48,062 | 51,227 | 65,826 | |||||||||
CASH AND CASH EQUIVALENTS, end of period
|
$ | 50,896 | $ | 48,062 | $ | 51,227 | ||||||
December 31, 2010
|
December 31, 2009
|
|||||||||||||||
Cost
|
Accumulated
Amortization
|
Cost
|
Accumulated
Amortization
|
|||||||||||||
Intangible lease assets and other assets:
|
||||||||||||||||
Above-market leases
|
$ | 69,405 | $ | (37,425 | ) | $ | 71,143 | $ | (33,684 | ) | ||||||
In-place leases
|
68,770 | (41,454 | ) | 75,356 | (43,994 | ) | ||||||||||
Tenant relationships
|
56,803 | (12,334 | ) | 56,803 | (9,736 | ) | ||||||||||
Accounts payable and accrued liabilities:
|
||||||||||||||||
Below-market leases
|
97,999 | (66,370 | ) | 101,329 | (61,150 | ) |
Oak Hollow
Mall
|
||||
Beginning carrying value, January 1, 2010
|
$ | 37,287 | ||
Capital expenditures
|
516 | |||
Depreciation expense
|
(1,065 | ) | ||
Loss on impairment of real estate
|
(25,435 | ) | ||
Ending carrying value, December 31, 2010
|
$ | 11,303 | ||
Hickory
Hollow Mall
|
Pemberton Square
|
Towne Mall
|
Total
|
|||||||||||||
Beginning carrying value, January 1, 2009
|
$ | 110,794 | $ | 7,338 | $ | 16,197 | $ | 134,329 | ||||||||
Capital expenditures
|
168 | 146 | 24 | 338 | ||||||||||||
Depreciation expense
|
(3,566 | ) | (389 | ) | (462 | ) | (4,417 | ) | ||||||||
Other
|
- | (14 | ) | - | (14 | ) | ||||||||||
Loss on impairment of real estate
|
(94,879 | ) | (5,651 | ) | (14,332 | ) | (114,862 | ) | ||||||||
Ending carrying value, December 31, 2009
|
$ | 12,517 | $ | 1,430 | $ | 1,427 | $ | 15,374 | ||||||||
·
|
The probability of recovery.
|
·
|
The Company’s ability and intent to retain the security for a sufficient period of time for it to recover.
|
·
|
The significance of the decline in value.
|
·
|
The time period during which there has been a significant decline in value.
|
·
|
Current and future business prospects and trends of earnings.
|
·
|
Relevant industry conditions and trends relative to their historical cycles.
|
·
|
Market conditions.
|
Gross Unrealized
|
||||||||||||||||
Adjusted Cost
|
Gains
|
Losses
|
Fair Value
|
|||||||||||||
December 31, 2010:
|
||||||||||||||||
Common stocks
|
$ | 4,207 | $ | 8,347 | $ | (4 | ) | $ | 12,550 | |||||||
Mutual funds
|
5,318 | 37 | (39 | ) | 5,316 | |||||||||||
Mortgage/asset-backed securities
|
1,571 | - | (6 | ) | 1,565 | |||||||||||
Government and government
sponsored entities
|
1,864 | 8 | (11 | ) | 1,861 | |||||||||||
Corporate bonds
|
710 | 18 | - | 728 | ||||||||||||
International bonds
|
32 | - | - | 32 | ||||||||||||
$ | 13,702 | $ | 8,410 | $ | (60 | ) | $ | 22,052 | ||||||||
December 31, 2009:
|
||||||||||||||||
Common stocks
|
$ | 4,207 | $ | - | $ | (168 | ) | $ | 4,039 | |||||||
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Denominator – basic earnings per share
|
138,375 | 106,366 | 66,313 | |||||||||
Stock Options
|
2 | - | 70 | |||||||||
Deemed shares related to deferred compensation arrangements
|
39 | - | 35 | |||||||||
Denominator – diluted earnings per share
|
138,416 | 106,366 | 66,418 | |||||||||
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Net income (loss)
|
$ | 98,170 | $ | (7,065 | ) | $ | 63,041 | |||||
Other comprehensive income (loss):
|
||||||||||||
Net unrealized gain (loss) on hedging agreements
|
2,742 | 12,614 | (15,574 | ) | ||||||||
Net unrealized gain (loss) on available-for-sale securities
|
8,402 | (168 | ) | (17,159 | ) | |||||||
Realized loss on sale of marketable securities
|
114 | - | - | |||||||||
Impairment of marketable securities
|
- | - | 17,181 | |||||||||
Realized loss on foreign currency translation
adjustment
|
169 | 65 | - | |||||||||
Net unrealized gain (loss) on foreign currency
translation adjustment
|
(156 | ) | 6,942 | (7,022 | ) | |||||||
Total other comprehensive income (loss)
|
11,271 | 19,453 | (22,574 | ) | ||||||||
Comprehensive income
|
$ | 109,441 | $ | 12,388 | $ | 40,467 | ||||||
December 31, 2010
|
||||||||||||||||
As reported in:
|
||||||||||||||||
Redeemable Noncontrolling Interests
|
Shareholders' Equity
|
Noncontrolling Interests
|
Total
|
|||||||||||||
Net unrealized gain (loss) on hedging agreements
|
$ | 422 | $ | 1,675 | $ | (2,315 | ) | $ | (218 | ) | ||||||
Net unrealized gain on available-for-sale securities
|
331 | 6,180 | 1,837 | 8,348 | ||||||||||||
Accumulated other comprehensive income (loss)
|
$ | 753 | $ | 7,855 | $ | (478 | ) | $ | 8,130 | |||||||
December 31, 2009
|
||||||||||||||||
As reported in:
|
||||||||||||||||
Redeemable Noncontrolling Interests
|
Shareholders' Equity
|
Noncontrolling Interests
|
Total
|
|||||||||||||
Net unrealized gain (loss) on hedging agreements
|
$ | 400 | $ | (319 | ) | $ | (3,041 | ) | $ | (2,960 | ) | |||||
Net unrealized gain (loss) on available-for-sale securities
|
261 | (29 | ) | (400 | ) | (168 | ) | |||||||||
Net unrealized gain (loss) on foreign currency translation
adjustment
|
396 | 839 | (1,248 | ) | (13 | ) | ||||||||||
Accumulated other comprehensive income (loss)
|
$ | 1,057 | $ | 491 | $ | (4,689 | ) | $ | (3,141 | ) | ||||||
Joint Venture
|
Property Name
|
Company's
Interest
|
|||
CBL-TRS Joint Venture, LLC
|
Friendly Center, The Shops at Friendly Center and a portfolio
of six office buildings
|
50.0
|
%
|
||
CBL-TRS Joint Venture II, LLC
|
Renaissance Center
|
50.0
|
%
|
||
Governor’s Square IB
|
Governor’s Plaza
|
50.0
|
%
|
||
Governor’s Square Company
|
Governor’s Square
|
47.5
|
%
|
||
High Pointe Commons, LP
|
High Pointe Commons
|
50.0
|
%
|
||
High Pointe Commons II-HAP, LP
|
High Pointe Commons - Christmas Tree Shop
|
50.0
|
%
|
||
Imperial Valley Mall L.P.
|
Imperial Valley Mall
|
60.0
|
%
|
||
Imperial Valley Peripheral L.P.
|
Imperial Valley Mall (vacant land)
|
60.0
|
%
|
||
JG Gulf Coast Town Center LLC
|
Gulf Coast Town Center
|
50.0
|
%
|
||
Kentucky Oaks Mall Company
|
Kentucky Oaks Mall
|
50.0
|
%
|
||
Mall of South Carolina L.P.
|
Coastal Grand—Myrtle Beach
|
50.0
|
%
|
||
Mall of South Carolina Outparcel L.P.
|
Coastal Grand—Myrtle Beach (Coastal Grand Crossing
and vacant land)
|
50.0
|
%
|
||
Port Orange I, LLC
|
The Pavilion at Port Orange Phase I
|
50.0
|
%
|
||
Triangle Town Member LLC
|
Triangle Town Center, Triangle Town Commons
and Triangle Town Place
|
50.0
|
%
|
||
West Melbourne I, LLC
|
Hammock Landing Phases I and II
|
50.0
|
%
|
||
York Town Center, LP
|
York Town Center
|
50.0
|
%
|
·
|
the pro forma for the development and construction of the project and any material deviations or modifications thereto;
|
·
|
the site plan and any material deviations or modifications thereto;
|
·
|
the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto;
|
·
|
any acquisition/construction loans or any permanent financings/refinancings;
|
·
|
the annual operating budgets and any material deviations or modifications thereto;
|
·
|
the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and
|
·
|
any material acquisitions or dispositions with respect to the project.
|
December 31,
|
||||||||||||
2010
|
2009
|
|||||||||||
ASSETS:
|
||||||||||||
Investment in real estate assets
|
$ | 1,288,921 | $ | 1,294,437 | ||||||||
Accumulated depreciation
|
(222,261 | ) | (204,983 | ) | ||||||||
1,066,660 | 1,089,454 | |||||||||||
Construction in progress
|
18,273 | 130,471 | ||||||||||
Net investment in real estate assets
|
1,084,933 | 1,219,925 | ||||||||||
Other assets
|
111,271 | 107,250 | ||||||||||
Total assets
|
$ | 1,196,204 | $ | 1,327,175 | ||||||||
LIABILITIES:
|
||||||||||||
Mortgage and other indebtedness
|
$ | 972,540 | $ | 1,040,280 | ||||||||
Other liabilities
|
27,793 | 33,012 | ||||||||||
Total liabilities
|
$ | 1,000,333 | $ | 1,073,292 | ||||||||
OWNERS' EQUITY
|
||||||||||||
The Company
|
136,594 | 178,723 | ||||||||||
Other investors
|
59,277 | 75,160 | ||||||||||
Total owners' equity
|
195,871 | 253,883 | ||||||||||
Total liabilities and owners’ equity
|
$ | 1,196,204 | $ | 1,327,175 | ||||||||
Year Ended December 31,
|
||||||||||||
2010 | 2009 (1) | 2008 (1) | ||||||||||
Total revenues
|
$ | 154,078 | $ | 164,343 | $ | 156,783 | ||||||
Depreciation and amortization
|
(53,951 | ) | (51,084 | ) | (53,569 | ) | ||||||
Other operating expenses
|
(48,723 | ) | (56,223 | ) | (50,693 | ) | ||||||
Income from operations
|
51,404 | 57,036 | 52,521 | |||||||||
Interest income
|
1,112 | 1,333 | 295 | |||||||||
Interest expense
|
(55,161 | ) | (51,186 | ) | (53,497 | ) | ||||||
Gain on sales of real estate assets
|
1,492 | 3,712 | 5,723 | |||||||||
Income (loss) from discontinued operations
|
166 | 105 | (2,296 | ) | ||||||||
Net income (loss)
|
$ | (987 | ) | $ | 11,000 | $ | 2,746 | |||||
(1) Restated for income (loss) from discontinued operations related to the sale of Plaza del Sol in June 2010.
|
Balance at January 1, 2009
|
$ | 10,125 | ||
Impairment loss recognized in earnings
|
(5,306 | ) | ||
Balance at December 31, 2009
|
$ | 4,819 | ||
December 31, 2010
|
December 31, 2009
|
||||||||||||||||
Amount
|
Weighted
Average
Interest
Rate
(1)
|
Amount
|
Weighted
Average
Interest
Rate (1)
|
||||||||||||||
Fixed-rate debt:
|
|||||||||||||||||
Non-recourse loans on operating properties (2)
|
$ | 3,664,293 | 5.85 | % | $ | 3,932,572 | 6.02 | % | |||||||||
Recourse term loans on operating properties (2)
|
30,449 | 6.00 | % | 117,146 | 4.64 | % | |||||||||||
Total fixed-rate debt
|
3,694,742 | 5.85 | % | 4,049,718 | 5.99 | % | |||||||||||
Variable-rate debt:
|
|||||||||||||||||
Non-recourse term loans on operating properties
|
114,625 | 3.61 | % | - | 0.00 | % | |||||||||||
Recourse term loans on operating properties
|
350,106 | 2.28 | % | 242,763 | 1.68 | % | |||||||||||
Construction loans
|
14,536 | 3.32 | % | 126,958 | 2.48 | % | |||||||||||
Secured lines of credit
|
598,244 | 3.38 | % | 759,206 | 4.19 | % | |||||||||||
Unsecured term loans
|
437,494 | 1.66 | % | 437,494 | 1.73 | % | |||||||||||
Total variable-rate debt
|
1,515,005 | 2.65 | % | 1,566,421 | 2.97 | % | |||||||||||
Total
|
$ | 5,209,747 | 4.92 | % | $ | 5,616,139 | 5.15 | % |
(1) | Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs. |
(2) | The Company had two interest rate swaps on notional amounts totaling $127,500 as of December 31, 2009 related to its variable-rate loans on operating properties to effectively fix the interest rates on the respective loans. Therefore, these amounts are reflected in fixed-rate debt in 2009. |
Total
Capacity
|
Total
Outstanding
|
Maturity
Date
|
Extended
Maturity
Date
|
||||||
$ | 525,000 | $ |
75,124
|
(1)
|
February 2012
|
February 2013
|
|||
520,000 |
518,920
|
August 2011
|
April 2014
|
||||||
105,000 |
4,200
|
June 2012
|
N/A
|
||||||
$ | 1,150,000 | $ |
598,244
|
||||||
(1) |
There was an additional $7,291 outstanding on this secured line of
credit as of December 31, 2010 for
letters of credit. Up to $50,000
of the capacity on this line can be used for letters of credit.
|
2011
|
$ | 1,612,699 | ||
2012
|
639,594 | |||
2013
|
448,478 | |||
2014
|
149,463 | |||
2015
|
796,088 | |||
Thereafter
|
1,560,522 | |||
5,206,844 | ||||
Net unamortized premiums
|
2,903 | |||
$ | 5,209,747 | |||
Interest Rate
Derivative
|
Number of
Instruments
|
Notional
Amount
|
||||||
Interest Rate Caps
|
1 | $ | 72,000 |
Instrument Type
|
Location in
Consolidated
Balance Sheet
|
Notional
Amount
|
Designated
Benchmark
Interest
Rate
|
Strike
Rate
|
Fair
Value at
12/31/10
|
Fair
Value at
12/31/09
|
Maturity
Date
|
|||||||||||||
Cap
|
Intangible lease assets
and other assets
|
$ 72,000
(amortizing
to $69,375)
|
3-month
LIBOR
|
3.000 | % | $ | 3 | $ | - |
Jan-12
|
||||||||||
Cap
|
Intangible lease assets
and other assets
|
80,000 |
USD-SIFMA Municipal
Swap Index
|
4.000 | % | - | 2 |
Dec-10
|
||||||||||||
Pay fixed/ Receive
variable Swap
|
Accounts payable and
accrued liabilities
|
40,000 |
1-month
LIBOR
|
2.175 | % | - | (636 | ) |
Nov-10
|
|||||||||||
Pay fixed/ Receive
variable Swap
|
Accounts payable and
accrued liabilities
|
87,500 |
1-month
LIBOR
|
3.600 | % | - | (2,271 | ) |
Sep-10
|
Hedging
|
Gain Recognized in OCI/L
(Effective Portion)
|
Location of Losses Reclassified from AOCI/L into Earnings (Effective
|
Loss Recognized in Earnings
(Effective Portion)
|
Location of Gain (Loss) Recognized in Earnings (Ineffective
|
Gain (Loss)
Recognized in
Earnings
(Ineffective Portion)
|
|||||||||||||||||||||||||||||||||
Instrument |
2010
|
2009
|
2008
|
Portion) |
2010
|
2009
|
2008
|
Portion) |
2010
|
2009
|
2008
|
|||||||||||||||||||||||||||
Interest rate contracts
|
$ | 2,742 | $ | 12,614 | $ | (15,574 | ) |
Interest Expense
|
$ | (2,883 | ) | $ | (16,915 | ) | $ | (3,390 | ) |
Interest Expense
|
$ | 23 | $ | 38 | $ | (61 | ) |
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Dividends declared:
|
||||||||||||
Common stock
|
$ | 0.80000 | $ | 0.95000 | $ | 1.63500 | ||||||
Series C preferred stock
|
$ | 19.3750 | $ | 19.3750 | $ | 19.3750 | ||||||
Series D preferred stock
|
$ | 18.4375 | $ | 18.4375 | $ | 18.4375 | ||||||
Allocations:
|
||||||||||||
Common stock
|
||||||||||||
Ordinary income
|
100.00 | % | 98.90 | % | 76.58 | % | ||||||
Capital gains 25% rate
|
0.00 | % | 1.10 | % | 0.67 | % | ||||||
Return of capital
|
0.00 | % | 0.00 | % | 22.75 | % | ||||||
Total
|
100.00 | % | 100.00 | % | 100.00 | % | ||||||
Preferred stock
(1)
|
||||||||||||
Ordinary income
|
100.00 | % | 98.90 | % | 99.14 | % | ||||||
Capital gains 25% rate
|
0.00 | % | 1.10 | % | 0.86 | % | ||||||
Total
|
100.00 | % | 100.00 | % | 100.00 | % | ||||||
(1) |
The allocations for income tax purposes are the same for each series of preferred stock for each period presented.
|
December 31,
|
||||||||
2010
|
2009
|
|||||||
Jacobs
|
13,106,525 | 22,913,538 | ||||||
CBL’s Predecessor
|
18,604,156 | 18,630,037 | ||||||
Third parties
|
10,430,998 | 10,405,117 | ||||||
Total Operating Partnership Units
|
42,141,679 | 51,948,692 | ||||||
Year Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
Beginning Balance
|
$ | 421,570 | $ | 421,279 | ||||
Net income attributable to redeemable noncontrolling
preferred joint venture interest
|
20,670 | 20,737 | ||||||
Distributions to redeemable noncontrolling
preferred joint venture interest
|
(20,552 | ) | (20,446 | ) | ||||
Issuance of preferred joint venture interest
|
2,146 | - | ||||||
Ending Balance
|
$ | 423,834 | $ | 421,570 | ||||
2011
|
$ | 614,684 | ||
2012
|
521,548 | |||
2013
|
444,767 | |||
2014
|
386,129 | |||
2015
|
328,696 | |||
Thereafter
|
1,026,446 | |||
$ | 3,322,270 | |||
Year Ended December 31, 2010
|
Malls
|
Associated
Centers
|
Community
Centers
|
All
Other (2)
|
Total
|
|||||||||||||||
Revenues
|
$ | 968,017 | $ | 42,356 | $ | 16,659 | $ | 44,772 | $ | 1,071,804 | ||||||||||
Property operating expenses (1)
|
(317,249 | ) | (11,185 | ) | (3,631 | ) | 26,374 | (305,691 | ) | |||||||||||
Interest expense
|
(231,113 | ) | (7,794 | ) | (4,712 | ) | (42,960 | ) | (286,579 | ) | ||||||||||
Other expense
|
- | - | - | (25,523 | ) | (25,523 | ) | |||||||||||||
Gain (loss) on sales of real estate assets
|
1,754 | - | 1,144 | (11 | ) | 2,887 | ||||||||||||||
Segment profit
|
$ | 421,409 | $ | 23,377 | $ | 9,460 | $ | 2,652 | $ | 456,898 | ||||||||||
Depreciation and amortization expense
|
(286,465 | ) | ||||||||||||||||||
General and administrative expense
|
(43,383 | ) | ||||||||||||||||||
Interest and other income
|
3,873 | |||||||||||||||||||
Gain on investments
|
888 | |||||||||||||||||||
Loss on impairment of real estate (4)
|
(40,240 | ) | ||||||||||||||||||
Equity in losses of unconsolidated affiliates
|
(188 | ) | ||||||||||||||||||
Income tax benefit
|
6,417 | |||||||||||||||||||
Income from continuing operations
|
$ | 97,800 | ||||||||||||||||||
Total assets
|
$ | 6,561,098 | $ | 325,395 | $ | 67,252 | $ | 552,809 | $ | 7,506,554 | ||||||||||
Capital expenditures (3)
|
$ | 98,277 | $ | 7,931 | $ | 25,050 | $ | 53,856 | $ | 185,114 |
Year Ended December 31, 2009
|
Malls
|
Associated
Centers
|
Community
Centers
|
All
Other (2)
|
Total
|
|||||||||||||||
Revenues
|
$ | 982,116 | $ | 41,022 | $ | 13,632 | $ | 45,509 | $ | 1,082,279 | ||||||||||
Property operating expenses (1)
|
(323,681 | ) | (10,820 | ) | (4,871 | ) | 25,694 | (313,678 | ) | |||||||||||
Interest expense
|
(245,987 | ) | (8,475 | ) | (3,013 | ) | (35,351 | ) | (292,826 | ) | ||||||||||
Other expense
|
- | - | - | (25,794 | ) | (25,794 | ) | |||||||||||||
Gain on sales of real estate assets
|
1,886 | 705 | 889 | 340 | 3,820 | |||||||||||||||
Segment profit
|
$ | 414,334 | $ | 22,432 | $ | 6,637 | $ | 10,398 | 453,801 | |||||||||||
Depreciation and amortization expense
|
(306,928 | ) | ||||||||||||||||||
General and administrative expense
|
(41,010 | ) | ||||||||||||||||||
Interest and other income
|
5,211 | |||||||||||||||||||
Loss on investments
|
(9,260 | ) | ||||||||||||||||||
Loss on extinguishment of debt
|
(601 | ) | ||||||||||||||||||
Loss on impairment of real estate (4)
|
(114,862 | ) | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates
|
5,489 | |||||||||||||||||||
Income tax benefit
|
1,222 | |||||||||||||||||||
Income from continuing operations
|
$ | (6,938 | ) | |||||||||||||||||
Total assets
|
$ | 6,638,835 | $ | 333,210 | $ | 69,449 | $ | 687,616 | $ | 7,729,110 | ||||||||||
Capital expenditures (3)
|
$ | 134,865 | $ | 17,272 | $ | 2,888 | $ | 103,878 | $ | 258,903 |
Year Ended December 31, 2008
|
Malls
|
Associated
Centers
|
Community
Centers
|
All
Other (2)
|
Total
|
|||||||||||||||
Revenues
|
$ | 1,019,354 | $ | 43,471 | $ | 10,038 | $ | 59,311 | $ | 1,132,174 | ||||||||||
Property operating expenses (1)
|
(354,976 | ) | (11,439 | ) | (3,162 | ) | 21,971 | (347,606 | ) | |||||||||||
Interest expense
|
(252,074 | ) | (9,045 | ) | (2,801 | ) | (47,790 | ) | (311,710 | ) | ||||||||||
Other expense
|
- | - | - | (33,333 | ) | (33,333 | ) | |||||||||||||
Gain on sales of real estate assets
|
5,227 | 28 | 1,071 | 4,539 | 10,865 | |||||||||||||||
Segment profit
|
$ | 417,531 | $ | 23,015 | $ | 5,146 | $ | 4,698 | 450,390 | |||||||||||
Depreciation and amortization expense
|
(330,325 | ) | ||||||||||||||||||
General and administrative expense
|
(45,241 | ) | ||||||||||||||||||
Interest and other income
|
10,076 | |||||||||||||||||||
Loss on investments
|
(17,181 | ) | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates
|
2,831 | |||||||||||||||||||
Income tax provision
|
(13,495 | ) | ||||||||||||||||||
Income from continuing operations
|
$ | 57,055 | ||||||||||||||||||
Total assets
|
$ | 6,884,654 | $ | 343,440 | $ | 73,508 | $ | 732,733 | $ | 8,034,335 | ||||||||||
Capital expenditures (3)
|
$ | 182,049 | $ | 7,855 | $ | 23,782 | $ | 217,237 | $ | 430,923 | ||||||||||
(1) | Property operating expenses include property operating, real estate taxes and maintenance and repairs. |
(2) |
The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the Company’s subsidiary that provides security and maintenance services.
|
(3) | Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
(4) |
Loss on impairment of real estate for the year ended December 31, 2010 consisted of $25,435 related to Malls, $13,649 related to Community Centers and $1,156 related to All Other. Loss on impairment of real estate of $114,862 for the year ended December 31, 2009 was related to Malls.
|
2010
|
2009
|
2008
|
||||||||||
Accrued dividends and distributions payable
|
$ | 41,833 | $ | 19,688 | $ | 43,592 | ||||||
Additions to real estate assets accrued but not yet paid
|
19,125 | 3,894 | 18,504 | |||||||||
Notes receivable from sale of interest in unconsolidated affiliate
|
1,001 | 1,750 | - | |||||||||
Distribution of real estate assets from unconsolidated affiliate
|
12,210 | - | - | |||||||||
Issuance of additional redeemable noncontrolling preferred joint venture interests
|
2,146 | - | - | |||||||||
Reclassification of mortgage and other notes receivable to other assets
|
7,269 | - | - | |||||||||
Consolidation of Parkway Place:
|
||||||||||||
Increase in real estate assets
|
33,706 | - | - | |||||||||
Increase in tenant and other receivables
|
735 | - | - | |||||||||
Increase in intangible lease and other assets
|
3,240 | - | - | |||||||||
Increase in mortgage and other indebtedness
|
21,753 | - | - | |||||||||
Increase in accounts payable and accrued liabilities
|
4,478 | - | - | |||||||||
Decrease in investment in unconsolidated affiliates
|
(15,175 | ) | - | - | ||||||||
Issuance of common stock for dividend
|
- | 14,739 | - | |||||||||
Reclassification of developments in progress to mortgage and other notes receivable
|
- | 2,759 | 17,371 | |||||||||
Additions to real estate assets from forgiveness of mortgage note receivable
|
- | 6,502 | - | |||||||||
Issuance of noncontrolling interests in Operating Partnership for distribution
|
- | 4,140 | - | |||||||||
Notes receivable from sale of real estate assets
|
- | - | 11,258 | |||||||||
Deconsolidation of joint ventures:
|
||||||||||||
Decrease in real estate assets
|
- | - | (51,607 | ) | ||||||||
Decrease in mortgage notes payable
|
- | - | (9,058 | ) | ||||||||
Decrease in noncontrolling interest
|
- | - | (3,257 | ) | ||||||||
Increase in investment in unconsolidated affiliates
|
- | - | 33,776 | |||||||||
Decrease in accounts payable and accrued liabilities
|
- | - | (5,516 | ) |
2011
|
$ | 804 | ||
2012
|
810 | |||
2013
|
822 | |||
2014
|
831 | |||
2015
|
841 | |||
Thereafter
|
32,237 | |||
$ | 36,345 | |||
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||
Fair Value at December 31, 2010
|
Quoted Prices in Active Markets
for Identical
Assets (Level 1)
|
Significant
Other
Observable
Inputs (Level 2)
|
Significant Unobservable
Inputs (Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Available-for-sale securities
|
$ | 22,052 | $ | 22,052 | $ | - | $ | - | ||||||||
Privately held debt and equity securities
|
2,475 | - | - | 2,475 | ||||||||||||
Interest rate cap
|
3 | - | 3 | - | ||||||||||||
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||
Fair Value at December 31, 2009
|
Quoted Prices in Active Markets
for Identical
Assets (Level 1)
|
Significant
Other
Observable
Inputs (Level 2)
|
Significant Unobservable
Inputs (Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Available-for-sale securities
|
$ | 4,039 | $ | 4,039 | $ | - | $ | - | ||||||||
Privately held debt and equity securities
|
2,475 | - | - | 2,475 | ||||||||||||
Interest rate cap
|
2 | - | 2 | - | ||||||||||||
Liabilities:
|
||||||||||||||||
Interest rate swaps
|
$ | 2,907 | $ | - | $ | 2,907 | $ | - |
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||||||
Fair Value at December 31, 2010
|
Quoted Prices in Active Markets
for Identical
Assets (Level 1)
|
Significant
Other
Observable
Inputs (Level 2)
|
Significant Unobservable
Inputs (Level 3)
|
Total Losses
|
||||||||||||||||
Asset:
|
||||||||||||||||||||
Long-lived asset
|
$ | 11,303 | $ | - | $ | - | $ | 11,303 | $ | 25,435 |
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||||||
Fair Value at December 31, 2009
|
Quoted Prices in Active Markets
for Identical
Assets (Level 1)
|
Significant
Other
Observable
Inputs (Level 2)
|
Significant Unobservable
Inputs (Level 3)
|
Total Losses
|
||||||||||||||||
Asset:
|
||||||||||||||||||||
Long-lived asset
|
$ | 15,355 | $ | - | $ | 15,355 | $ | - | $ | 14,862 | ||||||||||
Cost-method investment
|
4,819 | - | - | 4,819 | 5,306 |
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding at January 1, 2010
|
566,334 | $ | 16.06 | |||||||||||||
Cancelled
|
(2,800 | ) | $ | 18.27 | ||||||||||||
Exercised
|
(115,709 | ) | $ | 12.70 | ||||||||||||
Outstanding at December 31, 2010
|
447,825 | $ | 16.92 | 1.0 | $ | - | ||||||||||
Vested and exercisable at December 31, 2010
|
447,825 | $ | 16.92 | 1.0 | $ | - | ||||||||||
Shares
|
Weighted
Average
Grant-Date
Fair Value
|
|||||||
Nonvested at January 1, 2010
|
156,120 | $ | 33.16 | |||||
Granted
|
119,100 | $ | 10.34 | |||||
Vested
|
(83,450 | ) | $ | 11.02 | ||||
Forfeited
|
(4,630 | ) | $ | 17.33 | ||||
Nonvested at December 31, 2010
|
187,140 | $ | 18.43 | |||||
December 31,
|
||||||||
2010
|
2009
|
|||||||
ASSETS:
|
||||||||
Net investment in real estate assets
|
$ | 6,890,136 | $ | 7,105,034 | ||||
Other assets
|
616,514 | 634,194 | ||||||
Total assets
|
$ | 7,506,650 | $ | 7,739,228 | ||||
LIABILITIES:
|
||||||||
Mortgage and other indebtedness
|
$ | 5,209,747 | $ | 5,616,139 | ||||
Other liabilities
|
314,651 | 251,389 | ||||||
Total liabilities
|
5,524,398 | 5,867,528 | ||||||
Redeemable noncontrolling interests
|
458,213 | 444,259 | ||||||
Partners’ capital
|
1,517,957 | 1,426,766 | ||||||
Noncontrolling interests
|
6,082 | 675 | ||||||
Total partners’ capital and noncontrolling interests
|
1,524,039 | 1,427,441 | ||||||
Total liabilities, redeemable noncontrolling interests,
partners’ capital and noncontrolling interests
|
$ | 7,506,650 | $ | 7,739,228 | ||||
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Total revenues
|
$ | 1,071,804 | $ | 1,082,279 | $ | 1,132,174 | ||||||
Depreciation and amortization
|
(286,465 | ) | (306,928 | ) | (330,325 | ) | ||||||
Other operating expenses
|
(414,837 | ) | (493,869 | ) | (425,704 | ) | ||||||
Income from operations
|
370,502 | 281,482 | 376,145 | |||||||||
Interest and other income
|
3,831 | 5,211 | 10,073 | |||||||||
Interest expense
|
(286,495 | ) | (292,826 | ) | (311,708 | ) | ||||||
Loss on extinguishment of debt
|
- | (601 | ) | - | ||||||||
Gain (loss) on investments
|
888 | (9,260 | ) | (17,181 | ) | |||||||
Gain on sales of real estate assets
|
2,887 | 3,820 | 10,865 | |||||||||
Equity in earnings (losses) of unconsolidated affiliates
|
(188 | ) | 5,489 | 2,831 | ||||||||
Income tax benefit (provision)
|
6,417 | 1,222 | (13,495 | ) | ||||||||
Income (loss) from continuing operations
|
97,842 | (5,463 | ) | 57,530 | ||||||||
Operating income (loss) of discontinued operations
|
(9 | ) | (110 | ) | 2,188 | |||||||
Gain (loss) on discontinued operations
|
379 | (17 | ) | 3,798 | ||||||||
Net income (loss)
|
98,212 | (5,590 | ) | 63,516 | ||||||||
Noncontrolling interest in earnings of other consolidated subsidiaries
|
(25,001 | ) | (25,769 | ) | (23,959 | ) | ||||||
Net income (loss) attributable to partners of
the operating partnership
|
$ | 73,211 | $ | (31,359 | ) | $ | 39,557 | |||||
|
Year Ended December 31, 2010
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Total (1)
|
|||||||||||||||
Total revenues
|
$ | 262,995 | $ | 258,651 | $ | 261,735 | $ | 288,423 | $ | 1,071,804 | ||||||||||
Income from operations
|
95,937 | 72,397 | 97,222 | 104,946 | 370,502 | |||||||||||||||
Income from continuing operations
|
27,443 | 4,167 | 26,993 | 39,197 | 97,800 | |||||||||||||||
Discontinued operations
|
(240 | ) | 350 | 684 | (424 | ) | 370 | |||||||||||||
Net income
|
27,203 | 4,517 | 27,677 | 38,773 | 98,170 | |||||||||||||||
Net income attributable to the Company
|
16,956 | 1,116 | 17,939 | 26,140 | 62,151 | |||||||||||||||
Net income (loss) available to common shareholders
|
10,928 | (7,242 | ) | 9,580 | 16,266 | 29,532 | ||||||||||||||
Basic per share data attributable to common shareholders:
|
||||||||||||||||||||
Income (loss) from continuing operations,
net of preferred dividends
|
$ | 0.08 | $ | (0.05 | ) | $ | 0.07 | $ | 0.12 | $ | 0.21 | |||||||||
Net income (loss) available to common shareholders
|
$ | 0.08 | $ | (0.05 | ) | $ | 0.07 | $ | 0.12 | $ | 0.21 | |||||||||
Diluted per share data attributable to common shareholders:
|
||||||||||||||||||||
Income (loss) from continuing operations,
net of preferred dividends
|
$ | 0.08 | $ | (0.05 | ) | $ | 0.07 | $ | 0.12 | $ | 0.21 | |||||||||
Net income (loss) available to common shareholders
|
$ | 0.08 | $ | (0.05 | ) | $ | 0.07 | $ | 0.12 | $ | 0.21 |
Year Ended December 31, 2009
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Total (2)
|
|||||||||||||||
Total revenues
|
$ | 269,518 | $ | 264,861 | $ | 261,121 | $ | 286,779 | $ | 1,082,279 | ||||||||||
Income (loss) from operations
|
91,825 | 96,419 | 95,324 | (3,561 | ) | 280,007 | ||||||||||||||
Income (loss) from continuing operations
|
14,869 | 25,200 | 27,711 | (74,718 | ) | (6,938 | ) | |||||||||||||
Discontinued operations
|
(265 | ) | 80 | 133 | (75 | ) | (127 | ) | ||||||||||||
Net income (loss)
|
14,604 | 25,280 | 27,844 | (74,793 | ) | (7,065 | ) | |||||||||||||
Net income (loss) attributable to the Company
|
7,167 | 13,591 | 16,589 | (52,336 | ) | (14,989 | ) | |||||||||||||
Net income (loss) available to common shareholders
|
1,712 | 8,137 | 11,134 | (57,790 | ) | (36,807 | ) | |||||||||||||
Basic per share data attributable to common shareholders:
|
||||||||||||||||||||
Income (loss) from continuing operations,
net of preferred dividends
|
$ | 0.03 | $ | 0.10 | $ | 0.08 | $ | (0.42 | ) | $ | (0.35 | ) | ||||||||
Net income (loss) available to common shareholders
|
$ | 0.03 | $ | 0.10 | $ | 0.08 | $ | (0.42 | ) | $ | (0.35 | ) | ||||||||
Diluted per share data attributable to common shareholders:
|
||||||||||||||||||||
Income (loss) from continuing operations,
net of preferred dividends
|
$ | 0.03 | $ | 0.10 | $ | 0.08 | $ | (0.42 | ) | $ | (0.35 | ) | ||||||||
Net income (loss) available to common shareholders
|
$ | 0.03 | $ | 0.10 | $ | 0.08 | $ | (0.42 | ) | $ | (0.35 | ) |
(1) | The sum of quarterly earnings per share may differ from annual earnings per share due to rounding. |
(2) | The sum of quarterly earnings per share may differ from annual earnings per share due to weighting associated with the Company’s common stock offering in June 2009 and rounding. |
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Allowance for doubtful accounts:
|
||||||||||||
Balance, beginning of year
|
$ | 3,101 | $ | 1,910 | $ | 1,126 | ||||||
Additions in allowance charged to expense
|
2,712 | 5,000 | 9,372 | |||||||||
Bad debts charged against allowance
|
(2,646 | ) | (3,809 | ) | (8,588 | ) | ||||||
Balance, end of year
|
$ | 3,167 | $ | 3,101 | $ | 1,910 | ||||||
CBL & ASSOCIATES PROPERTIES, INC.
|
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
|
At December 31, 2010
|
(In thousands)
|
Initial Cost(A)
|
Gross Amounts at Which Carried at Close of Period
|
|||||||||
Description /Location
|
Encumbrances (B)
|
Land
|
Buildings and Improvements
|
Costs Capitalized Subsequent to Acquisition
|
Sales of Outparcel Land
|
Land
|
Buildings and Improvements
|
Total (C)
|
Accumulated Depreciation (D)
|
Date of Construction
/ Acquisition
|
MALLS
|
||||||||||
Alamance Crossing, Burlington, NC
|
$52,183
|
$20,853
|
$62,799
|
$ 21,264
|
$ (2,551)
|
$ 18,741
|
$ 83,624
|
$ 102,365
|
$ (9,792)
|
2007
|
Arbor Place, Douglasville, GA
|
66,936
|
7,862
|
95,330
|
19,696
|
-
|
7,862
|
115,026
|
122,888
|
(39,588)
|
1998-1999
|
Asheville Mall, Asheville, NC
|
62,141
|
7,139
|
58,747
|
44,828
|
(805)
|
6,334
|
103,575
|
109,909
|
(31,419)
|
1998
|
Bonita Lakes Mall, Meridian, MS (E)
|
-
|
4,924
|
31,933
|
4,878
|
(985)
|
4,924
|
35,826
|
40,750
|
(14,096)
|
1997
|
Brookfield Square, Brookfield, WI (F)
|
96,362
|
8,996
|
84,250
|
40,012
|
-
|
9,188
|
124,070
|
133,258
|
(30,024)
|
2001
|
Burnsville Center, Burnsville, MN
|
82,395
|
12,804
|
71,355
|
44,365
|
(1,157)
|
16,102
|
111,265
|
127,367
|
(34,468)
|
1998
|
Cary Towne Center, Cary, NC
|
63,441
|
23,688
|
74,432
|
23,404
|
-
|
23,701
|
97,823
|
121,524
|
(25,107)
|
2001
|
Chapel Hill Mall, Akron, OH
|
72,537
|
6,578
|
68,043
|
13,083
|
-
|
6,578
|
81,126
|
87,704
|
(14,556)
|
2004
|
CherryVale Mall, Rockford, IL
|
86,029
|
11,892
|
63,973
|
48,883
|
(1,667)
|
11,608
|
111,473
|
123,081
|
(25,173)
|
2001
|
Chesterfield Mall, Chesterfield, MO
|
138,475
|
11,083
|
282,140
|
1,477
|
-
|
11,083
|
283,617
|
294,700
|
(32,034)
|
2007
|
Citadel Mall, Charleston, SC
|
71,318
|
11,443
|
44,008
|
11,044
|
(1,289)
|
10,607
|
54,599
|
65,206
|
(14,218)
|
2001
|
College Square, Morristown, TN (E)
|
-
|
2,954
|
17,787
|
22,479
|
(27)
|
2,927
|
40,266
|
43,193
|
(15,299)
|
1987-1988
|
Columbia Place, Columbia, SC
|
28,322
|
10,808
|
52,348
|
9,713
|
(423)
|
10,385
|
62,061
|
72,446
|
(14,726)
|
2002
|
CoolSprings Galleria, Nashville, TN
|
113,664
|
13,527
|
86,755
|
50,549
|
-
|
13,527
|
137,304
|
150,831
|
(62,618)
|
1989-1991
|
Cross Creek Mall, Fayetteville, NC
|
59,750
|
19,155
|
104,353
|
6,810
|
-
|
19,155
|
111,163
|
130,318
|
(21,006)
|
2003
|
Eastland Mall, Bloominton, IL
|
59,400
|
5,746
|
75,893
|
5,277
|
(753)
|
5,305
|
80,858
|
86,163
|
(16,347)
|
2005
|
East Towne Mall, Madison, WI
|
73,340
|
4,496
|
63,867
|
38,715
|
(366)
|
4,130
|
102,582
|
106,712
|
(25,577)
|
2002
|
EastGate Mall, Cincinnati, OH (E)
|
-
|
13,046
|
44,949
|
24,016
|
(879)
|
12,167
|
68,965
|
81,132
|
(18,082)
|
2001
|
Fashion Square, Saginaw, MI
|
51,249
|
15,218
|
64,970
|
9,778
|
-
|
15,218
|
74,748
|
89,966
|
(20,537)
|
2001
|
Fayette Mall, Lexington, KY
|
85,045
|
20,707
|
84,267
|
41,771
|
11
|
20,718
|
126,038
|
146,756
|
(30,069)
|
2001
|
Frontier Mall, Cheyenne, WY (E)
|
-
|
2,681
|
15,858
|
13,842
|
-
|
2,681
|
29,700
|
32,381
|
(15,714)
|
1984-1985
|
Foothills Mall, Maryville, TN
|
-
|
4,536
|
14,901
|
11,176
|
-
|
4,536
|
26,077
|
30,613
|
(15,951)
|
1996
|
Georgia Square, Athens, GA (E)
|
-
|
2,982
|
31,071
|
31,273
|
(31)
|
2,951
|
62,344
|
65,295
|
(32,712)
|
1982
|
Greenbrier Mall, Chesapeake, VA
|
79,910
|
3,181
|
107,355
|
7,242
|
(626)
|
2,555
|
114,597
|
117,152
|
(19,984)
|
2004
|
CBL & ASSOCIATES PROPERTIES, INC.
|
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
|
At December 31, 2010
|
(In thousands)
|
Initial Cost(A)
|
Gross Amounts at Which Carried at Close of Period
|
|||||||||
Description /Location
|
Encumbrances (B)
|
Land
|
Buildings and Improvements
|
Costs Capitalized Subsequent to Acquisition
|
Sales of Outparcel Land
|
Land
|
Buildings and Improvements
|
Total (C)
|
Accumulated Depreciation (D)
|
Date of Construction
/ Acquisition
|
Hamilton Place, Chattanooga, TN
|
109,938
|
2,422
|
40,757
|
28,978
|
(441)
|
1,981
|
69,735
|
71,716
|
(32,441)
|
1986-1987
|
Hanes Mall, Winston-Salem, NC
|
160,231
|
17,176
|
133,376
|
39,049
|
(948)
|
16,808
|
171,845
|
188,653
|
(42,628)
|
2001
|
Harford Mall, Bel Air, MD (E)
|
-
|
8,699
|
45,704
|
20,922
|
-
|
8,699
|
66,626
|
75,325
|
(12,077)
|
2003
|
Hickory Hollow Mall, Nashville, TN
|
28,786
|
13,813
|
111,431
|
(112,578)
|
-
|
1,767
|
10,899
|
12,666
|
(431)
|
1998
|
Hickory Point, (Forsyth)Decatur, IL
|
30,790
|
10,732
|
31,728
|
6,582
|
(293)
|
10,439
|
38,310
|
48,749
|
(9,756)
|
2005
|
Honey Creek Mall, Terre Haute, IN
|
32,577
|
3,108
|
83,358
|
8,000
|
-
|
3,108
|
91,358
|
94,466
|
(16,424)
|
2004
|
JC Penney Store, Maryville, TN (E)
|
-
|
-
|
2,650
|
-
|
-
|
-
|
2,650
|
2,650
|
(1,745)
|
1983
|
Janesville Mall, Janesville, WI
|
7,868
|
8,074
|
26,009
|
7,234
|
-
|
8,074
|
33,243
|
41,317
|
(10,961)
|
1998
|
Jefferson Mall, Louisville, KY
|
37,287
|
13,125
|
40,234
|
20,091
|
-
|
13,125
|
60,325
|
73,450
|
(15,580)
|
2001
|
The Lakes Mall, Muskegon, MI (E)
|
-
|
3,328
|
42,366
|
8,364
|
-
|
3,328
|
50,730
|
54,058
|
(16,950)
|
2000-2001
|
Lakeshore Mall, Sebring, FL (E)
|
-
|
1,443
|
28,819
|
4,885
|
(169)
|
1,274
|
33,704
|
34,978
|
(15,210)
|
1991-1992
|
Laurel Park, Livonia, MI
|
49,112
|
13,289
|
92,579
|
8,505
|
-
|
13,289
|
101,084
|
114,373
|
(21,203)
|
2005
|
Layton Hills Mall, Layton, UT
|
101,930
|
20,464
|
99,836
|
4,397
|
(275)
|
20,189
|
104,233
|
124,422
|
(21,775)
|
2005
|
Lee's Summit, Lee's Summit, MO
|
-
|
10,992
|
315
|
-
|
-
|
10,992
|
315
|
11,307
|
-
|
2009
|
Madison Square, Huntsville, AL (E)
|
-
|
17,596
|
39,186
|
19,730
|
-
|
17,596
|
58,916
|
76,512
|
(15,257)
|
1984
|
Mall del Norte, Laredo, TX (F)
|
113,400
|
21,734
|
142,049
|
43,514
|
-
|
21,734
|
185,563
|
207,297
|
(37,264)
|
2004
|
Mall of Acadiana, Lafayette, LA
|
142,617
|
22,511
|
145,769
|
5,558
|
-
|
22,511
|
151,327
|
173,838
|
(38,580)
|
2005
|
Meridian Mall, Lansing, MI (E)
|
-
|
529
|
103,678
|
62,430
|
-
|
2,232
|
164,405
|
166,637
|
(50,868)
|
1998
|
Midland Mall, Midland, MI
|
35,797
|
10,321
|
29,429
|
6,876
|
-
|
10,321
|
36,305
|
46,626
|
(10,840)
|
2001
|
Mid Rivers Mall, St. Peters, MO
|
79,440
|
16,384
|
170,582
|
8,185
|
-
|
16,384
|
178,767
|
195,151
|
(20,841)
|
2007
|
Monroeville Mall, Pittsburgh, PA
|
114,688
|
21,263
|
177,214
|
12,187
|
-
|
21,446
|
189,218
|
210,664
|
(32,135)
|
2004
|
Northpark Mall, Joplin, MO
|
36,310
|
9,977
|
65,481
|
28,276
|
-
|
10,962
|
92,772
|
103,734
|
(18,749)
|
2004
|
Northwoods Mall, Charleston, SC
|
53,384
|
14,867
|
49,647
|
16,842
|
(2,339)
|
12,528
|
66,489
|
79,017
|
(17,142)
|
2001
|
Oak Hollow Mall, High Point, NC
|
39,484
|
5,237
|
54,775
|
(45,717)
|
-
|
2,251
|
12,044
|
14,295
|
(1,705)
|
1994-1995
|
Oak Park Mall, Overland Park, KS
|
275,700
|
23,119
|
318,759
|
22,346
|
-
|
23,119
|
341,105
|
364,224
|
(55,317)
|
2005
|
Old Hickory Mall, Jackson, TN
|
29,567
|
15,527
|
29,413
|
5,366
|
-
|
15,527
|
34,779
|
50,306
|
(9,570)
|
2001
|
CBL & ASSOCIATES PROPERTIES, INC.
|
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
|
At December 31, 2010
|
(In thousands)
|
Initial Cost(A)
|
Gross Amounts at Which Carried at Close of Period
|
|||||||||
Description /Location
|
Encumbrances (B)
|
Land
|
Buildings and Improvements
|
Costs Capitalized Subsequent to Acquisition
|
Sales of Outparcel Land
|
Land
|
Buildings and Improvements
|
Total (C)
|
Accumulated Depreciation (D)
|
Date of Construction
/ Acquisition
|
Panama City Mall, Panama City, FL
|
36,495
|
9,017
|
37,454
|
17,667
|
-
|
12,168
|
51,970
|
64,138
|
(11,374)
|
2002
|
Parkdale Mall, Beaumont, TX (E)
|
-
|
23,850
|
47,390
|
44,994
|
(307)
|
23,543
|
92,384
|
115,927
|
(20,261)
|
2001
|
Park Plaza Mall, Little Rock, AR (E)
|
-
|
6,297
|
81,638
|
34,094
|
-
|
6,304
|
115,725
|
122,029
|
(25,043)
|
2004
|
Parkway Place, Huntsville, AL
|
41,717
|
6,364
|
67,067
|
-
|
-
|
6,364
|
67,067
|
73,431
|
(767)
|
2010
|
Pearland Town Center, Pearland, TX
|
126,322
|
16,300
|
108,615
|
11,360
|
-
|
15,809
|
120,466
|
136,275
|
(11,717)
|
2008
|
Post Oak Mall, College Station, TX (E)
|
-
|
3,936
|
48,948
|
(146)
|
(327)
|
3,608
|
48,803
|
52,411
|
(21,353)
|
1984-1985
|
Randolph Mall, Asheboro, NC
|
12,891
|
4,547
|
13,927
|
7,993
|
-
|
4,547
|
21,920
|
26,467
|
(5,964)
|
2001
|
Regency Mall, Racine, WI
|
29,238
|
3,384
|
36,839
|
12,399
|
-
|
4,244
|
48,378
|
52,622
|
(13,533)
|
2001
|
Richland Mall, Waco, TX (E)
|
-
|
9,342
|
34,793
|
7,320
|
-
|
9,355
|
42,100
|
51,455
|
(10,324)
|
2002
|
RiverGate Mall, Nashville, TN
|
87,500
|
17,896
|
86,767
|
19,370
|
-
|
17,896
|
106,137
|
124,033
|
(34,540)
|
1998
|
River Ridge Mall, Lynchburg, VA (E)
|
-
|
4,824
|
59,052
|
4,844
|
(94)
|
4,731
|
63,895
|
68,626
|
(9,437)
|
2003
|
South County Center, St. Louis, MO
|
74,760
|
15,754
|
159,249
|
3,109
|
-
|
15,754
|
162,358
|
178,112
|
(18,361)
|
2007
|
Southaven Town Center, Southaven, MS
|
43,366
|
8,255
|
29,380
|
7,808
|
-
|
8,577
|
36,866
|
45,443
|
(7,636)
|
2005
|
Southpark Mall, Colonial Heights, VA
|
33,045
|
9,501
|
73,262
|
20,184
|
-
|
9,503
|
93,444
|
102,947
|
(17,834)
|
2003
|
Stroud Mall, Stroudsburg, PA (E)
|
-
|
14,711
|
23,936
|
10,271
|
-
|
14,711
|
34,207
|
48,918
|
(11,114)
|
1998
|
St. Clair Square, Fairview Heights, IL
|
70,875
|
11,027
|
75,620
|
30,878
|
-
|
11,027
|
106,498
|
117,525
|
(34,400)
|
1996
|
Sunrise Mall, Brownsville, TX (E)
|
-
|
11,156
|
59,047
|
4,982
|
-
|
11,156
|
64,029
|
75,185
|
(17,776)
|
2003
|
Towne Mall , Franklin, OH
|
-
|
3,101
|
17,033
|
(18,041)
|
(641)
|
223
|
1,229
|
1,452
|
(41)
|
2001
|
Turtle Creek Mall, Hattiesburg, MS (E)
|
-
|
2,345
|
26,418
|
8,260
|
-
|
3,535
|
33,488
|
37,023
|
(15,977)
|
1993-1995
|
Valley View Mall, Roanoke, VA
|
64,561
|
15,985
|
77,771
|
14,715
|
-
|
15,999
|
92,472
|
108,471
|
(16,557)
|
2003
|
Volusia Mall, Daytona, FL
|
56,040
|
2,526
|
120,242
|
9,316
|
-
|
2,526
|
129,558
|
132,084
|
(22,092)
|
2004
|
Walnut Square, Dalton, GA (E)
|
-
|
50
|
15,138
|
16,254
|
-
|
50
|
31,392
|
31,442
|
(14,823)
|
1984-1985
|
Wausau Center, Wausau, WI
|
-
|
5,231
|
24,705
|
16,298
|
(5,231)
|
-
|
41,003
|
41,003
|
(11,567)
|
2001
|
West County Center, Des Peres, MO
|
176,529
|
16,957
|
346,819
|
15,903
|
-
|
16,957
|
362,722
|
379,679
|
(36,262)
|
2007
|
West Towne Mall, Madison, WI
|
103,592
|
9,545
|
83,084
|
38,493
|
-
|
9,545
|
121,577
|
131,122
|
(29,471)
|
2002
|
WestGate Mall, Spartanburg, SC
|
46,310
|
2,149
|
23,257
|
42,260
|
(432)
|
1,742
|
65,492
|
67,234
|
(27,595)
|
1995
|
Westmoreland Mall, Greensburg, PA
|
68,915
|
4,621
|
84,215
|
12,062
|
-
|
4,621
|
96,277
|
100,898
|
(22,928)
|
2002
|
York Galleria, York, PA (E)
|
-
|
5,757
|
63,316
|
8,814
|
-
|
5,757
|
72,130
|
77,887
|
(21,388)
|
1995
|
CBL & ASSOCIATES PROPERTIES, INC.
|
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
|
At December 31, 2010
|
(In thousands)
|
Initial Cost(A)
|
Gross Amounts at Which Carried at Close of Period
|
|||||||||
Description /Location
|
Encumbrances (B)
|
Land
|
Buildings and Improvements
|
Costs Capitalized Subsequent to Acquisition
|
Sales of Outparcel Land
|
Land
|
Buildings and Improvements
|
Total (C)
|
Accumulated Depreciation (D)
|
Date of Construction
/ Acquisition
|
ASSOCIATED CENTERS
|
||||||||||
Annex at Monroeville, Monroeville, PA
|
-
|
716
|
29,496
|
(946)
|
-
|
716
|
28,550
|
29,266
|
(4,624)
|
2004
|
Bonita Crossing, Meridian, MS (E)
|
-
|
794
|
4,786
|
8,582
|
-
|
794
|
13,368
|
14,162
|
(4,204)
|
1997
|
Chapel Hill Surban, Akron, OH
|
-
|
925
|
2,520
|
1,052
|
-
|
925
|
3,572
|
4,497
|
(920)
|
2004
|
CoolSprings Crossing, Nashville, TN (E)
|
-
|
2,803
|
14,985
|
4,335
|
-
|
3,554
|
18,569
|
22,123
|
(8,818)
|
1991-1993
|
Courtyard at Hickory Hollow, Nashville, TN
|
1,663
|
3,314
|
2,771
|
416
|
-
|
3,314
|
3,187
|
6,501
|
(958)
|
1998
|
The District at Monroeville, Monroeville, PA (E)
|
-
|
932
|
-
|
18,667
|
-
|
934
|
18,665
|
19,599
|
(4,685)
|
2004
|
Eastgate Crossing, Cincinnati, OH
|
15,875
|
707
|
2,424
|
5,866
|
-
|
707
|
8,290
|
8,997
|
(1,325)
|
2001
|
Foothills Plaza, Maryville, TN (E)
|
-
|
132
|
2,132
|
632
|
-
|
148
|
2,748
|
2,896
|
(1,789)
|
1984-1988
|
Foothills Plaza Expansion, Maryville, TN (E)
|
-
|
137
|
1,960
|
240
|
-
|
141
|
2,196
|
2,337
|
(1,228)
|
1984-1988
|
Frontier Square, Cheyenne, WY (E)
|
-
|
346
|
684
|
226
|
(86)
|
260
|
910
|
1,170
|
(499)
|
1985
|
General Cinema, Athens, GA (E)
|
-
|
100
|
1,082
|
177
|
-
|
100
|
1,259
|
1,359
|
(966)
|
1984
|
Gunbarrel Pointe, Chattanooga, TN (E)
|
-
|
4,170
|
10,874
|
3,307
|
-
|
4,170
|
14,181
|
18,351
|
(3,084)
|
2000
|
Hamilton Corner, Chattanooga, TN
|
16,159
|
630
|
5,532
|
6,213
|
-
|
734
|
11,641
|
12,375
|
(4,548)
|
1986-1987
|
Hamilton Crossing, Chattanooga, TN (E)
|
-
|
4,014
|
5,906
|
6,475
|
(1,370)
|
2,644
|
12,381
|
15,025
|
(4,406)
|
1987
|
Hamilton Place Leather One, Chattanooga, TN
|
-
|
1,110
|
1,866
|
-
|
-
|
1,110
|
1,866
|
2,976
|
(656)
|
2007
|
Harford Annex, Bel Air, MD (E)
|
-
|
2,854
|
9,718
|
37
|
-
|
2,854
|
9,755
|
12,609
|
(1,705)
|
2003
|
The Landing at Arbor Place, Douglasville, GA
|
7,556
|
4,993
|
14,330
|
469
|
(748)
|
4,245
|
14,799
|
19,044
|
(5,618)
|
1998-1999
|
Layton Convenience Center, Layton Hills, UT
|
-
|
-
|
8
|
754
|
-
|
-
|
762
|
762
|
(122)
|
2005
|
Layton Hills Plaza, Layton Hills, UT
|
-
|
-
|
2
|
221
|
-
|
-
|
223
|
223
|
(67)
|
2005
|
Madison Plaza, Huntsville, AL (E)
|
-
|
473
|
2,888
|
3,678
|
-
|
473
|
6,566
|
7,039
|
(3,010)
|
1984
|
The Plaza at Fayette Mall, Lexington, KY
|
42,102
|
9,531
|
27,646
|
4,083
|
-
|
9,531
|
31,729
|
41,260
|
(5,040)
|
2006
|
Parkdale Crossing, Beaumont, TX (E)
|
-
|
2,994
|
7,408
|
1,926
|
(355)
|
2,639
|
9,334
|
11,973
|
(1,972)
|
2002
|
Pemberton Plaza, Vicksburg, MS
|
1,850
|
1,284
|
1,379
|
149
|
-
|
1,284
|
1,528
|
2,812
|
(361)
|
2004
|
CBL & ASSOCIATES PROPERTIES, INC.
|
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
|
At December 31, 2010
|
(In thousands)
|
Initial Cost(A)
|
Gross Amounts at Which Carried at Close of Period
|
|||||||||
Description /Location
|
Encumbrances (B)
|
Land
|
Buildings and Improvements
|
Costs Capitalized Subsequent to Acquisition
|
Sales of Outparcel Land
|
Land
|
Buildings and Improvements
|
Total (C)
|
Accumulated Depreciation (D)
|
Date of Construction
/ Acquisition
|
The Shoppes at Hamilton Place, Chattanooga, TN (E)
|
-
|
4,894
|
11,700
|
661
|
-
|
4,894
|
12,361
|
17,255
|
(2,334)
|
2003
|
Sunrise Commons, Brownsville, TX (E)
|
-
|
1,013
|
7,525
|
(153)
|
-
|
1,013
|
7,372
|
8,385
|
(1,453)
|
2003
|
The Shoppes at Panama City, Panama City, FL (E)
|
-
|
1,010
|
8,294
|
(75)
|
(318)
|
896
|
8,015
|
8,911
|
(1,353)
|
2004
|
The Shoppes at St. Clair, St. Louis, MO
|
21,337
|
8,250
|
23,623
|
75
|
(5,044)
|
3,206
|
23,698
|
26,904
|
(3,881)
|
2007
|
The Terrace, Chattanooga, TN
|
14,693
|
4,166
|
9,929
|
7,544
|
-
|
6,536
|
15,103
|
21,639
|
(2,755)
|
1997
|
Village at Rivergate, Nashville, TN
|
-
|
2,641
|
2,808
|
1,024
|
-
|
2,641
|
3,832
|
6,473
|
(1,129)
|
1998
|
West Towne Crossing, Madison, WI (E)
|
-
|
1,151
|
2,955
|
427
|
-
|
1,151
|
3,382
|
4,533
|
(860)
|
1998
|
WestGate Crossing, Spartanburg, SC (E)
|
-
|
1,082
|
3,422
|
4,584
|
-
|
1,082
|
8,006
|
9,088
|
(2,791)
|
1997
|
Westmoreland South, Greensburg, PA
|
-
|
2,898
|
21,167
|
7,278
|
-
|
2,898
|
28,445
|
31,343
|
(5,662)
|
2002
|
COMMUNITY CENTERS
|
||||||||||
Cobblestone Village, Palm Coast, FL
|
-
|
5,196
|
12,070
|
72
|
-
|
5,196
|
12,142
|
17,338
|
(1,072)
|
2007
|
The Promenade, D'lberville, MS
|
64,265
|
16,278
|
48,806
|
2,965
|
-
|
16,584
|
51,465
|
68,049
|
(3,028)
|
2009
|
Massard Crossing, Ft Smith, AZ
|
5,413
|
2,879
|
5,176
|
374
|
-
|
2,879
|
5,550
|
8,429
|
(1,322)
|
2004
|
Oak Hollow Square, High Point, NC
|
-
|
8,609
|
9,097
|
39
|
-
|
8,609
|
9,136
|
17,745
|
(2,150)
|
2007
|
The Forum at Grand View, Madison , MS
|
11,541
|
9,234
|
17,285
|
-
|
-
|
9,234
|
17,285
|
26,519
|
(68)
|
2010
|
Westridge Square, Greensboro, NC
|
-
|
13,403
|
15,837
|
4
|
-
|
13,403
|
15,841
|
29,244
|
(1,946)
|
2007
|
Willowbrook Land, Houston, TX
|
-
|
7,953
|
-
|
-
|
7,953
|
7,953
|
(682)
|
2007
|
||
Willowbrook Plaza, Houston, TX
|
27,698
|
15,079
|
27,376
|
494
|
(149)
|
14,930
|
27,870
|
42,800
|
(6,567)
|
2004
|
Statesboro Crossing, Statesboro, GA
|
15,002
|
2,855
|
17,805
|
240
|
(136)
|
2,719
|
18,045
|
20,764
|
(1,264)
|
2008
|
OFFICE BUILDINGS AND OTHER
|
||||||||||
CBL Center, Chattanooga, TN
|
13,139
|
140
|
24,675
|
73
|
-
|
140
|
24,748
|
24,888
|
(10,422)
|
2001
|
CBL Center II, Chattanooga, TN
|
11,600
|
-
|
13,648
|
791
|
-
|
-
|
14,439
|
14,439
|
(1,494)
|
2008
|
Lake Point Office Building, Greensboro, NC
|
-
|
1,435
|
14,261
|
285
|
-
|
1,435
|
14,546
|
15,981
|
(2,344)
|
2007
|
Oak Branch Business Center, Greensboro, NC
|
-
|
535
|
2,192
|
109
|
-
|
535
|
2,301
|
2,836
|
(508)
|
2007
|
CBL & ASSOCIATES PROPERTIES, INC.
|
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
|
At December 31, 2010
|
(In thousands)
|
Initial Cost(A)
|
Gross Amounts at Which Carried at Close of Period
|
|||||||||
Description /Location
|
Encumbrances (B)
|
Land
|
Buildings and Improvements
|
Costs Capitalized Subsequent to Acquisition
|
Sales of Outparcel Land
|
Land
|
Buildings and Improvements
|
Total (C)
|
Accumulated Depreciation (D)
|
Date of Construction
/ Acquisition
|
One Oyster Point, Newport News
|
-
|
1,822
|
3,623
|
49
|
-
|
1,822
|
3,672
|
5,494
|
(583)
|
2007
|
Pearland Office, Pearland, TX
|
7,562
|
-
|
7,849
|
1,341
|
-
|
-
|
9,190
|
9,190
|
(405)
|
2009
|
Peninsula Business Center I, Newport News
|
-
|
887
|
1,440
|
112
|
-
|
887
|
1,552
|
2,439
|
(353)
|
2007
|
Peninsula Business Center II, Newport News
|
-
|
1,654
|
873
|
18
|
-
|
1,654
|
891
|
2,545
|
(390)
|
2007
|
Richland Office Plaza, Waco, TX (E)
|
-
|
532
|
480
|
(3)
|
-
|
532
|
477
|
1,009
|
(127)
|
----
|
Sun Trust Bank Building, Greensboro, NC
|
-
|
941
|
18,417
|
160
|
-
|
941
|
18,577
|
19,518
|
(2,204)
|
2007
|
Two Oyster Point, Newport News
|
-
|
1,543
|
3,974
|
8
|
-
|
1,543
|
3,982
|
5,525
|
(654)
|
2007
|
840 Greenbrier Circle, Chesapeake
|
-
|
2,096
|
3,091
|
(359)
|
-
|
2,096
|
2,732
|
4,828
|
(399)
|
2007
|
850 Greenbrier Circle, Chesapeake
|
-
|
3,154
|
6,881
|
476
|
-
|
3,154
|
7,357
|
10,511
|
(1,414)
|
2007
|
1500 Sunday Drive, Raleigh, NC
|
-
|
813
|
8,872
|
(44)
|
-
|
813
|
8,828
|
9,641
|
(1,405)
|
2007
|
Pearland Hotel, Pearland, TX
|
-
|
-
|
16,149
|
289
|
-
|
-
|
16,438
|
16,438
|
(1,352)
|
2008
|
Pearland Residential Management, Pearland, TX
|
-
|
-
|
9,666
|
9
|
-
|
-
|
9,675
|
9,675
|
(649)
|
2008
|
Dispositions
|
||||||||||
Pemberton Square, Vicksburg, MS
|
-
|
1,191
|
14,305
|
(13,119)
|
(2,377)
|
-
|
-
|
-
|
-
|
1986
|
Lakeview Pointe, Stillwater, OK
|
-
|
3,730
|
19,513
|
(19,513)
|
(3,282)
|
448
|
-
|
448
|
-
|
2006
|
Milford Marketplace, Milford, CT
|
-
|
318
|
21,992
|
(21,992)
|
(318)
|
-
|
-
|
-
|
-
|
2007
|
Settlers Ridge , Pittsburg, PA
|
-
|
20,505
|
69,630
|
(69,630)
|
(20,505)
|
-
|
-
|
-
|
-
|
2009
|
-
|
||||||||||
OTHER
|
||||||||||
Other - Land
|
-
|
(42)
|
3,237
|
43
|
-
|
(42)
|
3,280
|
3,238
|
(888)
|
|
Developments in Progress
Consisting of Contstruction
and Development Properties (G)
|
1,038,733
|
-
|
-
|
139,980
|
-
|
-
|
139,980
|
139,980
|
||
TOTALS
|
5,209,747
|
981,308
|
6,391,550
|
1,296,206
|
(57,733)
|
928,025
|
7,683,306
|
8,611,331
|
(1,721,194)
|
CBL & ASSOCIATES PROPERTIES, INC.
|
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
|
At December 31, 2010
|
(In thousands)
|
(A)
|
Initial cost represents the total cost capitalized including carrying cost at the end of the first fiscal year in which the property opened or was acquired.
|
(B)
|
Encumbrances represent the mortgage notes payable balance at December 31, 2004.
|
(C)
|
The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $3.39 billion.
|
(D)
|
Depreciation for all properties is computed over the useful life which is generally 40 years for buildings, 10-20 years for certain improvements and 7 to 10 years for equipment and fixtures.
|
(E)
|
Property is pledged as collateral on a secured line of credit.
|
(F) | Only certain parcels at these Properties have been pledged as collateral on a secured line of credit. |
(G)
|
Includes non-property mortgages and credit line mortgages.
|
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
REAL ESTATE ASSETS:
|
||||||||||||
Balance at beginning of period
|
$ | 8,631,653 | $ | 8,631,653 | $ | 8,505,045 | ||||||
Additions during the period:
|
||||||||||||
Additions and improvements
|
201,903 | 201,903 | 393,616 | |||||||||
Acquisitions of real estate assets
|
- | - | - | |||||||||
Deductions during the period:
|
||||||||||||
Disposals and deconsolidations
|
(57,833 | ) | (57,833 | ) | (235,688 | ) | ||||||
Transfers from real estate assets
|
(59,986 | ) | (59,986 | ) | (31,320 | ) | ||||||
Impairment of real estate assets
|
(114,862 | ) | (114,862 | ) | - | |||||||
Balance at end of period
|
$ | 8,600,875 | $ | 8,600,875 | $ | 8,631,653 | ||||||
ACCUMULATED DEPRECIATION:
|
||||||||||||
Balance at beginning of period
|
$ | 1,310,173 | $ | 1,310,173 | $ | 1,102,767 | ||||||
Depreciation expense
|
292,228 | 292,228 | 310,697 | |||||||||
Accumulated depreciation on real estate assets sold,
retired or deconsolidated
|
(96,561 | ) | (96,561 | ) | (103,291 | ) | ||||||
Balance at end of period
|
$ | 1,505,840 | $ | 1,505,840 | $ | 1,310,173 | ||||||
Name Of Center/Location
|
Interest
Rate
|
Final Maturity Date
|
Monthly
Payment
Amount (1)
|
Balloon Payment
At
Maturity
|
Prior
Liens
|
Face
Amount Of
Mortgage
|
Carrying
Amount Of
Mortgage
(2)
|
Principal
Amount Of
Mortgage
Subject To
Delinquent
Principal
Or Interest
|
|||||||||||||||||
FIRST MORTGAGES:
|
|||||||||||||||||||||||||
Brookfield Square - Flemings - Brookfield, WI
|
6.00 | % |
Oct-2011
|
$ | 12 | (5 | ) | $ | 2,300 |
None
|
$ | 3,250 | $ | 2,300 | $ | - | |||||||||
Coastal Grand-MyrtleBeach - Myrtle Beach, SC
|
7.75 | % |
Oct-2014
|
58 | (3 | ) | 9,000 |
None
|
9,000 | 9,000 | - | ||||||||||||||
New Garden Crossing - Greensboro, NC
|
Variable
|
(6) |
Aug-2011
|
4 | 540 |
None
|
609 | 554 | - | ||||||||||||||||
One Park Place - Chattanooga, TN
|
4.52 | % |
Apr-2012
|
21 | 2,010 |
None
|
3,200 | 2,215 | - | ||||||||||||||||
The Shops at Pineda Ridge - Melbourne, FL
|
7.00 | % |
Mar-2011
|
21 | (4 | ) (5) | 3,735 |
None
|
3,735 | 3,735 | - | ||||||||||||||
Village Square - Houghton Lake, MI and
Village at Wexford - Cadillac, MI
|
5.50 | % |
Mar-2012
|
12 | (3 | ) (5) | 2,627 |
None
|
2,627 | 2,600 | - | ||||||||||||||
OTHER
|
5.25
12.0
|
%-
%(7)
|
Jul-2011/
Jan-2047
|
53 | 7,046 | 10,690 | 10,115 | - | |||||||||||||||||
$ | 181 | $ | 27,258 | $ | 33,111 | $ | 30,519 | $ | - |
(1) Equal monthly installments comprised of principal and interest, unless otherwise noted.
|
(2) The aggregate carrying value for federal income tax purposes was $25,775 at December 31, 2010.
|
(3) Payment represents interest only.
|
(4) Payment represents the sum of annual interest-only payments received in 2010 calculated to report as a monthly amount.
|
(5) Loans included in the schedule above which were extended or renewed during the year ended December 31, 2010 aggregated approximately $8,635.
|
(6) Variable-rate note that bears interest at LIBOR plus 3.50%.
|
(7) Mortgage and other notes receivable aggregated in Other included a variable-rate note that bears interest at prime plus 2.0%, currently at 5.25%. |
Year Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Beginning balance
|
$ | 38,208 | $ | 58,961 | $ | 135,137 | ||||||
Additions
|
1,001 | 6,690 | 29,378 | |||||||||
Receipt of land in lieu of payment
|
- | (6,398 | ) | - | ||||||||
Non-cash transfer
|
(7,081 | ) | - | - | ||||||||
Write-off of uncollectible amounts
|
- | (276 | ) | - | ||||||||
Payments
|
(1,609 | ) | (20,769 | ) | (105,554 | ) | ||||||
Ending balance
|
$ | 30,519 | $ | 38,208 | $ | 58,961 | ||||||
Exhibit
Number
|
Description
|
3.1
|
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated October 8, 2009 (z)
|
3.2
|
Amended and Restated Certificate of Incorporation of the Company, as amended through October 8, 2009 (z)
|
3.3
|
Amended and Restated Bylaws of the Company, as amended effective November 6, 2007 (r)
|
4.1
|
See Amended and Restated Certificate of Incorporation of the Company, as amended, and Amended and Restated Bylaws of the Company relating to the Common Stock, Exhibits 3.1, 3.2 and 3.3 above
|
4.2
|
Certificate of Designations, dated June 25, 1998, relating to the 9.0% Series A Cumulative Redeemable Preferred Stock (e)
|
4.3
|
Certificate of Designation, dated April 30, 1999, relating to the Series 1999 Junior Participating Preferred Stock (e)
|
4.4
|
Terms of Series J Special Common Units of the Operating Partnership, pursuant to Article 4.4 of the Second Amended and Restated Partnership Agreement of the Operating Partnership (e)
|
4.5
|
Certificate of Designations, dated June 11, 2002, relating to the 8.75% Series B Cumulative Redeemable Preferred Stock (f)
|
4.6
|
Acknowledgement Regarding Issuance of Partnership Interests and Assumption of Partnership Agreement (h)
|
4.7
|
Certificate of Designations, dated August 13, 2003, relating to the 7.75% Series C Cumulative Redeemable Preferred Stock (g)
|
4.8
|
Certificate of Correction of the Certificate of Designations relating to the 7.75% Series C Cumulative Redeemable Preferred Stock (j)
|
4.9
|
Certificate of Designations, dated December 10, 2004, relating to the 7.375% Series D Cumulative Redeemable Preferred Stock (j)
|
4.9.1
|
Amended and Restated Certificate of Designations, dated February 25, 2010, relating to the 7.375% Series D Cumulative Redeemable Preferred Stock (bb)
|
4.9.2
|
Second Amended and Restated Certificate of Designations, dated October 14, 2010, relating to the 7.375% Series D Cumulative Redeemable Preferred Stock (ee)
|
4.10
|
Terms of the Series S Special Common Units of the Operating Partnership, pursuant to the Third Amendment to the Second Amended and Restated Partnership Agreement of the Operating Partnership (k)
|
4.11
|
Terms of the Series L Special Common Units of the Operating Partnership, pursuant to the Fourth Amendment to the Second Amended and Restated Partnership Agreement of the Operating Partnership (n)
|
Exhibit
Number
|
Description
|
4.12
|
Terms of the Series K Special Common Units of the Operating Partnership, pursuant to the First Amendment to the Third Amended and Restated Partnership Agreement of the Operating Partnership (n)
|
10.1
|
Fourth Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated November 2, 2010 (ff)
|
10.2
|
Property Management Agreement between the Operating Partnership and the Management Company (a)
|
10.3
|
Property Management Agreement relating to Retained Properties (a)
|
10.4
|
Subscription Agreement relating to purchase of the Common Stock and Preferred Stock of the Management Company (a)
|
10.5.1
|
CBL & Associates Properties, Inc. Second Amended and Restated Stock Incentive Plan† (dd)
|
10.5.2
|
Form of Non-Qualified Stock Option Agreement for all participants† (h)
|
10.5.3
|
Form of Stock Restriction Agreement for restricted stock awards† (h)
|
10.5.4
|
Form of Stock Restriction agreement for restricted stock awards with annual installment vesting† (i)
|
10.5.5
|
Form of Stock Restriction Agreement for restricted stock awards in 2004 and 2005† (l)
|
10.5.6
|
Form of Stock Restriction Agreement for restricted stock awards in 2006 and subsequent years† (q)
|
10.6
|
Form of Indemnification Agreements between the Company and the Management Company and their officers and directors (a)
|
10.7.1
|
Employment Agreement for Charles B. Lebovitz† (a)
|
10.7.2
|
Employment Agreement for John N. Foy† (a)
|
10.7.3
|
Employment Agreement for Stephen D. Lebovitz† (a)
|
10.7.4
|
Summary Description of CBL & Associates Properties, Inc. Director Compensation Arrangements† (cc)
|
10.7.5
|
Summary Description of November 3, 2008 Compensation Committee Action Revising 2008 Executive Bonus Opportanities† (v)
|
10.7.6
|
Summary Description of November 2, 2009 Compensation Committee Action On 2010 Executive Base Salaries and 2009 Executive Bonus Opportunities†(aa)
|
10.7.7
|
Summary Description of the Company’s 2010 NOI Growth Incentive Plan, as approved by the Board of Directors on December 11, 2009†(aa)
|
10.8.1
|
Option Agreement relating to certain Retained Properties (a)
|
Exhibit
Number
|
Description
|
10.8.2
|
Option Agreement relating to Outparcels (a)
|
10.9.1
|
Property Partnership Agreement relating to Hamilton Place (a)
|
10.9.2
|
Property Partnership Agreement relating to CoolSprings Galleria (a)
|
10.10.1
|
Acquisition Option Agreement relating to Hamilton Place (a)
|
10.10.2
|
Acquisition Option Agreement relating to the Hamilton Place Centers (a)
|
10.11.1
|
Second Amended and Restated Credit Agreement by and among the Operating Partnership and the Company, and Wells Fargo Bank, National Association, et al., dated as of November 2, 2009 (y)
|
10.11.2 | Letter Agreement, dated October 19, 2010, concerning Second Amended and Restated Credit Agreement by and among the Operating Partnership and the Company, and Wells Fargo Bank, National Association, et al., dated as of November 2, 2009 |
10.12.1
|
Master Contribution Agreement, dated as of September 25, 2000, by and among the Company, the Operating Partnership and the Jacobs entities (c)
|
10.12.2
|
Amendment to Master Contribution Agreement, dated as of September 25, 2000, by and among the Company, the Operating Partnership and the Jacobs entities (o)
|
10.13.1
|
Share Ownership Agreement by and among the Company and its related parties and the Jacobs entities, dated as of January 31, 2001 (d)
|
10.13.2
|
Voting and Standstill Agreement dated as of September 25, 2000 (o)
|
10.13.3
|
Amendment, effective as of January 1, 2006, to Voting and Standstill Agreement dated as of September 25, 2000 (p)
|
10.14.1
|
Registration Rights Agreement by and between the Company and the Holders of SCU’s listed on Schedule A thereto, dated as of January 31, 2001 (d)
|
10.14.2
|
Registration Rights Agreement by and between the Company and Frankel Midland Limited Partnership, dated as of January 31, 2001 (d)
|
10.14.3
|
Registration Rights Agreement by and between the Company and Hess Abroms Properties of Huntsville, dated as of January 31, 2001 (d)
|
10.14.4
|
Registration Rights Agreement by and between the Company and the Holders of Series S Special Common Units of the Operating Partnership listed on Schedule A thereto, dated July 28, 2004 (k)
|
10.14.5
|
Form of Registration Rights Agreements between the Company and Certain Holders of Series K Special Common Units of the Operating Partnership, dated as of November 16, 2005 (n)
|
10.15.1
|
Amended and Restated Loan Agreement between the Operating Partnership, The Lakes Mall, LLC, Lakeshore/Sebring Limited Partnership and First Tennessee Bank National Association, dated April 30, 2008 (u)
|
Exhibit
Number
|
Description
|
10.15.2 |
Amended and Restated Loan Agreement between the Operating Partnership, The Lakes Mall, LLC, Lakeshore/Sebring Limited Partnership and First Tennessee Bank National Association, dated May 15, 2009 (w)
|
10.15.3
|
Amended and Restated Loan Agreement between the Operating Partnership, The Lakes Mall, LLC, Lakeshore/Sebring Limited Partnership and First Tennessee Bank National Association, dated July 29, 2010 (dd)
|
10.15.4
|
Amended and Restated Loan Agreement between the Operating Partnership, The Lakes Mall, LLC, Lakeshore/Sebring Limited Partnership and First Tennessee Bank National Association, dated November 2, 2010
|
10.16
|
Amended and Restated Limited Liability Company Agreement of JG Gulf Coast Town Center LLC by and between JG Gulf Coast Member LLC, an Ohio limited liability company and CBL/Gulf Coast, LLC, a Florida limited liability company, dated April 27, 2005 (n)
|
10.17.1
|
Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Oak Park Mall named therein, dated as of October 17, 2005 (n)
|
10.17.2
|
First Amendment to Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Oak Park Mall named therein, dated as of November 8, 2005 (n)
|
10.17.3
|
Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Eastland Mall named therein, dated as of October 17, 2005 (n)
|
10.17.4
|
First Amendment to Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Eastland Mall named therein, dated as of November 8, 2005 (n)
|
10.17.5
|
Purchase and Sale Agreement and Joint Escrow Instructions between the Company and the owners of Hickory Point Mall named therein, dated as of October 17, 2005 (n)
|
10.17.6
|
Purchase and Sale Agreement and Joint Escrow Instructions between the Company and the owner of Eastland Medical Building, dated as of October 17, 2005 (n)
|
10.17.7
|
Letter Agreement, dated as of October 17, 2005, between the Company and the other parties to the acquisition agreements listed above for Oak Park Mall, Eastland Mall, Hickory Point Mall and Eastland Medical Building (n)
|
10.18.1
|
Master Transaction Agreement by and among REJ Realty LLC, JG Realty Investors Corp., JG Manager LLC, JG North Raleigh L.L.C., JG Triangle Peripheral South LLC, and the Operating Partnership, effective October 24, 2005 (p)
|
10.18.2
|
Amended and Restated Limited Liability Company Agreement of Triangle Town Member, LLC by and among CBL Triangle Town Member, LLC and REJ Realty LLC, JG Realty Investors Corp. and JG Manager LLC, effective as of November 16, 2005 (p)
|
10.19.1
|
Contribution Agreement among Westfield America Limited Partnership, as Transferor, and CW Joint Venture, LLC, as Transferee, and CBL & Associates Limited Partnership, dated August 9, 2007 (s)
|
Exhibit
Number
|
Description
|
10.19.2 | Contribution Agreement among CBL & Associates Limited Partnership, as Transferor, St. Clair Square, GP, Inc. and CW Joint Venture, LLC, as Transferee, and Westfield America Limited Partnership, dated August 9, 2007 (s) |
10.19.3
|
Purchase and Sale Agreement between Westfield America Limited Partnership, as Transferor, and CBL & Associates Limited Partnership, as Transferee, dated August 9, 2007 (s)
|
10.20
|
Unsecured Credit Agreement, dated November 30, 2007, by and among CBL & Associates Limited Partnership, as Borrower, and CBL & Associates Properties, Inc., as Parent, Wells Fargo Bank, National Association, as administrative agent, U.S. Bank National Association, Bank of America, N.A., and Aareal Bank AG (t)
|
10.21.1
|
Unsecured Term Loan Agreement, dated April 22, 2008, by and among CBL & Associates Limited Partnership, as Borrower, and CBL & Associates Properties, Inc., as Parent, Wells Fargo Bank, National Association, as Administrative Agent and Lead Arranger, Accrual Capital Corporation, as Syndication Agent, U.S. Bank National Association and Fifth Third Bank (u)
|
10.21.2
|
Joinder in Unsecured Term Loan Agreement, dated April 30, 2008, by and among CBL & Associates Limited Partnership, as Borrower, and CBL & Associates Properties, Inc., as Parent, Wells Fargo Bank, National Association, as Administrative Agent and Lead Arranger, and Raymond James Bank FSB (u)
|
10.21.3
|
Joinder in Unsecured Term Loan Agreement, dated May 7, 2008, by and among CBL & Associates Limited Partnership, as Borrower, and CBL & Associates Properties, Inc., as Parent, Wells Fargo Bank, National Association, as Administrative Agent and Lead Arranger, and Regions Bank (u)
|
10.22
|
Loan Agreement by and among Meridian Mall Limited Partnership, as Borrower, CBL & Associates Limited Partnership, as Guarantor, and CBL & Associates Properties, Inc., as Parent, and Wells Fargo Bank, National Association, as administrative agent, et al. (v)
|
10.23
|
Seventh Amended and Restated Credit Agreement between CBL & Associates Limited Partnership and Wells Fargo Bank, National Association, et al., dated September 28, 2009 (x)
|
12
|
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
|
14.1
|
Second Amended And Restated Code Of Business Conduct And Ethics Of CBL & Associates Properties, Inc., CBL & Associates Management, Inc. And Their Affiliates (r)
|
21
|
Subsidiaries of the Company
|
23
|
Consent of Deloitte & Touche LLP
|
31.1
|
Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Executive Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
(a)
|
Incorporated by reference to Post-Effective Amendment No. 1 to the Company's Registration Statement on Form S-11 (No. 33-67372), as filed with the Commission on January 27, 1994.*
|
(b)
|
Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1998.*
|
(c)
|
Incorporated by reference from the Company’s Current Report on Form 8-K/A, filed on October 27, 2000.*
|
(d)
|
Incorporated by reference from the Company’s Current Report on Form 8-K, filed on February 6, 2001.*
|
(e)
|
Incorporated by reference from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2001.*
|
(f)
|
Incorporated by reference from the Company’s Current Report on Form 8-K, dated June 10, 2002, filed on June 17, 2002.*
|
(g)
|
Incorporated by reference from the Company’s Registration Statement on Form 8-A, filed on August 21, 2003.*
|
(h)
|
Incorporated by reference from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002.*
|
(i)
|
Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003.*
|
(j)
|
Incorporated by reference from the Company’s Registration Statement on Form 8-A, filed on December 10, 2004.*
|
(k)
|
Incorporated by reference from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2004.*
|
(l)
|
Incorporated by reference from the Company’s Current Report on Form 8-K, filed on May 13, 2005.*
|
(m)
|
Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.*
|
(n)
|
Incorporated by reference from the Company’s Current Report on Form 8-K, filed on November 22, 2005.*
|
(o)
|
Incorporated by reference from the Company’s Proxy Statement dated December 19, 2000 for the Special Meeting of Shareholders held January 19, 2001.*
|
(p)
|
Incorporated by reference from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005.*
|
(q)
|
Incorporated by reference from the Company’s Current Report on Form 8-K, filed on May 24, 2006.*
|
(r)
|
Incorporated by reference from the Company’s Current Report on Form 8-K, filed on November 9, 2007.*
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(s)
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Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007.*
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(t)
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Incorporated by reference from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007.*
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(u)
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Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008.*
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(v)
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Incorporated by reference from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008.*
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(w)
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Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009.*
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(x)
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Incorporated by reference from the Company’s Current Report on Form 8-K, filed on September 30, 2009.*
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(y)
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Incorporated by reference from the Company’s Current Report on Form 8-K, filed on November 5, 2009.*
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(z)
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Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009.*
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(aa)
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Incorporated by reference from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009.*
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(bb)
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Incorporated by reference from the Company’s Current Report on Form 8-K, filed on March 1, 2010.*
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(cc)
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Incorporated by reference from the Company’s Amendment No. 1 on form 10-K/A to its Annual Report on Form 10-K for the fiscal year ended December 31, 2009.*
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(dd)
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Incorporated by reference form the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.*
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(ee)
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Incorporated by reference from the Company’s Current Report on Form 8-K, filed on October 18, 2010.*
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(ff)
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Incorporated by reference from the Company’s Current Report on Form 8-K, filed on November 5, 2010.*
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†
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A management contract or compensatory plan or arrangement required to be filed pursuant to Item 15(b) of this report.
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