CBL & Associates Properties, Inc. (NYSE:CBL):
- Total FFO increased 2.0% in the
quarter ended June 30, 2009, from the prior-year
period.
- Same-Center NOI increased 1.3%
for the quarter ended June 30, 2009, from the prior-year period,
excluding lease-termination fees.
- Stabilized mall occupancy was
89.1% as of June 30, 2009, unchanged from the sequential
quarter.
- CBL raised approximately $382.0
million in follow-on equity offering.
- CBL maintains post-offering 2009
FFO guidance range of $2.28 - $2.39 per share.
CBL & Associates Properties, Inc. (NYSE:CBL) announced
results for the second quarter ended June 30, 2009. A description
of each non-GAAP financial measure and the related reconciliation
to the comparable GAAP measure is located at the end of this news
release. All share and per share information for the periods
presented have been adjusted to reflect the issuance of common
stock and common units, as applicable, in connection with the
Company’s dividend payment on April 15, 2009. For the second
quarter 2009, the per share results include a weighted average
adjustment for the 66.63 million shares issued in the June 2009
equity offering discussed in more detail in the section titled -
Capital Market Activity.
Funds from Operations (“FFO”) allocable to common shareholders
for the quarter ended June 30, 2009, was $59,205,000, or $0.71 per
diluted share, compared with $54,545,000, or $0.77 per diluted
share for the quarter ended June 30, 2008. FFO allocable to common
shareholders for the six months ended June 30, 2009, was
$110,369,000, or $1.43 per diluted share, compared with
$108,141,000, or $1.52 per diluted share for the six months ended
June 30, 2008.
FFO of the operating partnership for the quarter ended June 30,
2009, was $96,299,000, compared with $94,434,000 for the quarter
ended June 30, 2008, representing an increase of 2.0%. FFO of the
operating partnership for the six months ended June 30, 2009, was
$184,749,000, compared with $187,289,000 for the six months ended
June 30, 2008. The decline in FFO of the operating partnership for
the six months ended June 30, 2009, was primarily the result of a
$7,706,000 non-cash impairment charge related to the Company’s
investment in a mall real estate development company located in
Nanjing, China.
Net income available to common shareholders for the quarter
ended June 30, 2009, was $8,137,000, or $0.10 per diluted share,
compared with net income of $9,665,000, or $0.14 per diluted
share for the prior-year period. Net income available to
common shareholders for the six months ended June 30, 2009, was
$9,849,000, or $0.13 per diluted share, compared with $15,837,000,
or $0.22 per diluted share, for the six months ended June 30, 2008.
The decline in net income available to common shareholders for the
six months ended June 30, 2009, was primarily the result of a
$4,373,000 (adjusted for non-controlling interest) non-cash
impairment charge related to the Company’s investment in a mall
real estate development company located in Nanjing, China.
HIGHLIGHTS
- Total revenues declined 2.2%
during the second quarter ended June 30, 2009, to $266,524,000 from
$272,483,000 in the prior-year period. Total revenues declined 2.9%
in the six months ended June 30, 2009 to $537,584,000,
from $553,415,000 in the prior-year period.
- Same-center net operating income
(“NOI”) for the portfolio, excluding lease termination fees, for
the quarter ended June 30, 2009, increased 1.3% compared with a
decline of 1.8% for the prior-year period. Same-center NOI,
excluding lease termination fees, for the six months ended June 30,
2009, declined 0.4%, compared with a 0.4% decline in the prior-year
period.
- Same-store sales for mall
tenants of 10,000 square feet or less for stabilized malls as of
June 30, 2009, declined 6.0% to $321 per square foot compared with
$341 per square foot in the prior-year period.
- The debt-to-total-market
capitalization ratio as of June 30, 2009, was 82.6% based on the
common stock closing price of $5.39 and a fully converted common
stock share count of 189,804,000 shares as of the same date. The
debt-to-total-market capitalization ratio as of June 30, 2008, was
68.6% based on the common stock closing price of $22.84 and a fully
converted common stock share count of 116,960,000 shares as of the
same date.
- Consolidated and unconsolidated
variable rate debt of $1,327,908,000 represents 17.6% of the total
market capitalization for the Company and 21.2% of the Company’s
share of total consolidated and unconsolidated debt.
CBL’s Chairman and Chief Executive Officer, Charles B. Lebovitz,
said, “I am pleased to report on the significant progress we have
made this quarter enhancing our balance sheet flexibility and
strengthening our liquidity position. We have secured 99% of the
underlying lending commitments to extend the $560 million unsecured
and the $525 million secured credit facilities. In addition, we
closed $91 million in permanent financings. Combined with the $382
million in capital raised through our June equity offering, these
transactions allow us to address all of our 2009 debt maturities
and have identified capital to address all of our CMBS maturities
through 2011.
“The commitment of the CBL team and the resiliency of our
properties were also evident in the quarter. In the face of a
deteriorating retail environment, we posted an increase in NOI in
the mall portfolio, signed over one million square feet of leases
and maintained the sequential stabilized mall occupancy rate. While
leasing rates continue to reflect the tough economic climate, we
remain confident in our properties and our markets.”
PORTFOLIO OCCUPANCY
June 30,
2009
2008
Portfolio occupancy 88.0% 91.4% Mall portfolio 88.7% 90.9%
Stabilized malls 89.1% 91.0% Non-stabilized malls 72.2% 89.5%
Associated centers 88.7% 94.1% Community centers 78.5% 92.4%
CAPITAL MARKET ACTIVITY
During the second quarter, CBL sold a total of 66,630,000 of
newly-issued common stock in an underwritten public offering for
net proceeds of approximately $382.0 million, after deducting the
underwriting discount and other estimated offering expenses. The
Company used the net proceeds from the offering to repay
outstanding borrowings under its credit facilities.
FINANCING
CBL has received commitments from lenders representing
approximately 99% of the aggregate underlying facility amounts for
the extension and modification of its $525 million secured line of
credit and its $560 million unsecured line of credit. The
commitments include lenders representing $512 million of its $525
million secured facility and 100% of its $560 million unsecured
facility. The commitments reflect an extension of the $525 million
secured facility from February 2010 to February 2012, with an
option to extend the maturity for one additional year to February
2013 (subject to continued compliance with the terms of the
facility). The commitments provide that the $560 million unsecured
facility will be converted over an 18-month period into a secured
facility, and that the maturity of the facility will be extended
from August 2011 to April 2014. The Company anticipates closing on
the extension and modification of the secured and unsecured lines
of credit in the third quarter 2009. Full terms and conditions of
the facility will be announced at that time.
The Company also announced that it had closed two 10-year,
non-recourse loans including a $33.6 million loan secured by Honey
Creek Mall in Terre Haute, IN and a $57.8 million loan secured by
Volusia Mall in Daytona Beach, FL. The loans are with the existing
institutional lender and have an interest rate of 8.0%. These loans
replace an existing $30.1 million loan secured by Honey Creek Mall
and a $51.2 million loan secured by Volusia Mall. CBL used the
approximately $10.1 million of excess proceeds, plus cash on hand,
to pay off the $30.2 million loan secured by Bonita Lakes Mall in
Meridian, MS. These advancements successfully address all of the
Company’s 2009 loan maturities, except for a $53.0 million
non-recourse loan secured by Eastgate Mall in Cincinnati, OH which
may be paid-off using amounts made available on the $560 million
credit facility from the June equity offering.
DIVIDEND
During the quarter, CBL’s Board of Directors established its
Common Stock dividend policy for the remainder of 2009. The Board
determined to reduce the dividend for the remainder of 2009 to the
minimum level required to distribute 100% of the Company’s
estimated taxable income. Future dividends payable will be
determined by the Company’s Board of Directors based upon
circumstances at the time of declaration.
Pursuant to the 2009 Common Stock dividend policy the Board
declared a quarterly cash dividend for the Company’s Common Stock
of $0.11 per share for the quarter ending June 30, 2009. The
dividend was paid on July 15, 2009, to shareholders of record as of
June 30, 2009.
OUTLOOK AND GUIDANCE
Based on today’s outlook and the Company’s second quarter
results, the Company is maintaining 2009 FFO guidance of $2.28 to
$2.39 per share. The guidance incorporates the dilution from the
June 2009 equity offering and assumes the closing of the secured
and unsecured credit facilities in third quarter 2009. The full
year guidance also assumes $6.0 million to $9.0 million of
outparcel sales and same-center NOI growth in the range of (1.5%)
to (3.5%), excluding the impact of lease termination fees from both
applicable periods. The guidance excludes the impact of any future
unannounced acquisitions or dispositions. The Company expects to
update its annual guidance after each quarter’s results.
Low
High
Expected diluted earnings per common share $ 0.36 $ 0.46 Adjust to
fully converted shares from common shares (0.12 ) (0.15 ) Expected
earnings per diluted, fully converted common share 0.24 0.31 Add:
depreciation and amortization 1.91 1.91 Add: noncontrolling
interest in earnings of Operating Partnership 0.13 0.17 Expected
FFO per diluted, fully converted common share $ 2.28$ 2.39
INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference
call at 11:00 a.m. ET on Wednesday, August 5, 2009, to discuss the
second quarter results. The number to call for this interactive
teleconference is (480) 629-9738. A seven-day replay of the
conference call will be available by dialing (303) 590-3030
and entering the passcode 4065610. A transcript of the Company’s
prepared remarks will be furnished on a Form 8-K following the
conference call.
To receive the CBL & Associates Properties, Inc., second
quarter earnings release and supplemental information please visit
our website at cblproperties.com or contact Investor Relations at
423-490-8312.
The Company will also provide an online Web simulcast and
rebroadcast of its 2009 second quarter earnings release conference
call. The live broadcast of CBL’s quarterly conference call will be
available online at the Company’s Web site at cblproperties.com, as
well as http://www.talkpoint.com/viewer/starthere.asp?Pres=126803
on Wednesday, August 5, 2009, beginning at 11:00 a.m. ET. The
online replay will follow shortly after the call and continue
through August 13, 2009.
CBL is one of the largest and most active owners and developers
of malls and shopping centers in the United States. CBL owns, holds
interests in or manages 160 properties, including 88 regional
malls/open-air centers. The properties are located in 27 states and
total 86.4 million square feet including 2.2 million square feet of
non-owned shopping centers managed for third parties. CBL currently
has four projects under construction totaling 2.3 million square
feet including Settlers Ridge in Pittsburgh, PA; The Pavilion at
Port Orange in Port Orange, FL; The Promenade in D’Iberville
(Biloxi/Gulfport), MS; and one community center. Headquartered in
Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA,
Dallas, TX, and St. Louis, MO. Additional information can be found
at cblproperties.com.
NON-GAAP FINANCIAL MEASURES
Funds From Operations
FFO is a widely used measure of the operating performance of
real estate companies that supplements net income determined in
accordance with GAAP. The National Association of Real Estate
Investment Trusts (“NAREIT”) defines FFO as net income (computed in
accordance with GAAP) excluding gains or losses on sales of
operating properties, plus depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures and
noncontrolling interests. Adjustments for unconsolidated
partnerships and joint ventures and noncontrolling interests are
calculated on the same basis. The Company defines FFO allocable to
its common shareholders as defined above by NAREIT less dividends
on preferred stock. The Company’s method of calculating FFO
allocable to its common shareholders may be different from methods
used by other REITs and, accordingly, may not be comparable to such
other REITs.
The Company believes that FFO provides an additional indicator
of the operating performance of its properties without giving
effect to real estate depreciation and amortization, which assumes
the value of real estate assets declines predictably over time.
Since values of well-maintained real estate assets have
historically risen with market conditions, the Company believes
that FFO enhances investors’ understanding of its operating
performance. The use of FFO as an indicator of financial
performance is influenced not only by the operations of the
Company’s properties and interest rates, but also by its capital
structure.
The Company presents both FFO of its operating partnership and
FFO allocable to its common shareholders, as it believes that both
are useful performance measures. The Company believes FFO of its
operating partnership is a useful performance measure since it
conducts substantially all of its business through its operating
partnership and, therefore, it reflects the performance of the
properties in absolute terms regardless of the ratio of ownership
interests of the Company’s common shareholders and the
noncontrolling interest in the operating partnership. The Company
believes FFO allocable to its common shareholders is a useful
performance measure because it is the performance measure that is
most directly comparable to net income available to its common
shareholders.
In the reconciliation of net income available to the Company’s
common shareholders to FFO allocable to its common shareholders,
the Company makes an adjustment to add back noncontrolling interest
in earnings of its operating partnership in order to arrive at FFO
of its operating partnership. The Company then applies a percentage
to FFO of its operating partnership to arrive at FFO allocable to
its common shareholders. The percentage is computed by taking the
weighted average number of common shares outstanding for the period
and dividing it by the sum of the weighted average number of common
shares and the weighted average number of operating partnership
units outstanding during the period.
FFO does not represent cash flows from operations as defined by
accounting principles generally accepted in the United States, is
not necessarily indicative of cash available to fund all cash flow
needs and should not be considered as an alternative to net income
for purposes of evaluating the Company’s operating performance or
to cash flow as a measure of liquidity.
Same-Center Net Operating Income
NOI is a supplemental measure of the operating performance of
the Company’s shopping centers. The Company defines NOI as
operating revenues (rental revenues, tenant reimbursements and
other income) less property operating expenses (property operating,
real estate taxes and maintenance and repairs).
Similar to FFO, the Company computes NOI based on its pro rata
share of both consolidated and unconsolidated properties. The
Company’s definition of NOI may be different than that used by
other companies and, accordingly, the Company’s NOI may not be
comparable to that of other companies. A reconciliation of
same-center NOI to net income is located at the end of this
earnings release.
Since NOI includes only those revenues and expenses related to
the operations of its shopping center properties, the Company
believes that same-center NOI provides a measure that reflects
trends in occupancy rates, rental rates and operating costs and the
impact of those trends on the Company’s results of operations.
Additionally, there are instances when tenants terminate their
leases prior to the scheduled expiration date and pay the Company
one-time, lump-sum termination fees. These one-time lease
termination fees may distort same-center NOI trends and may result
in same-center NOI that is not indicative of the ongoing operations
of the Company’s shopping center properties. Therefore, the Company
believes that presenting same-center NOI, excluding lease
termination fees, is useful to investors.
Pro Rata Share of Debt
The Company presents debt based on its pro rata ownership share
(including the Company’s pro rata share of unconsolidated
affiliates and excluding noncontrolling interests’ share of
consolidated properties) because it believes this provides
investors a clearer understanding of the Company’s total debt
obligations which affect the Company’s liquidity. A reconciliation
of the Company’s pro rata share of debt to the amount of debt on
the Company’s consolidated balance sheet is located at the end of
this earnings release.
Information included herein contains “forward-looking
statements” within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company’s various filings with the Securities and Exchange
Commission, including without limitation the Company’s Annual
Report on Form 10-K and the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” incorporated by
reference therein, for a discussion of such risks and
uncertainties.
CBL & Associates
Properties, Inc. Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2009 2008
2009 2008 REVENUES:
Minimum rents
$ 170,491 $ 177,943
$
342,428 $ 352,474 Percentage rents
1,604 1,610
6,408 6,606 Other rents
4,142 4,204
8,422
9,218 Tenant reimbursements
81,695 79,952
163,179
166,375 Management, development and leasing fees
1,615 2,484
4,080 5,422 Other
6,977
6,290 13,067
13,320
Total revenues
266,524
272,483 537,584
553,415 EXPENSES:
Property operating
39,355 44,094
83,372 92,386
Depreciation and amortization
75,793 73,064
154,104
148,144 Real estate taxes
24,449 23,898
48,603 48,077
Maintenance and repairs
13,416 15,003
29,410 32,919
General and administrative
10,893 11,114
22,372
23,645 Other
5,914
6,541 11,071
13,540
Total expenses
169,820
173,714 348,932
358,711 Income from
operations 96,704 98,769
188,652 194,704 Interest
and other income
1,362 2,182
2,943 4,909 Interest
expense
(72,842 ) (76,455 )
(144,727 )
(156,679 ) Impairment of investment
- -
(7,706
) - Gain (loss) on sales of real estate assets
72
4,269
(67 ) 7,345 Equity in earnings (losses) of
unconsolidated affiliates
62 (186 )
1,596 793 Income
tax provision
(152 )
(3,838 )
(755 )
(4,195 ) Income from continuing
operations 25,206 24,741
39,936 46,877 Operating
income of discontinued operations
86 1,053
20 1,335
Gain (loss) on discontinued operations
(12 )
3,112 (72
) 3,112 Net
income 25,280 28,906
39,884 51,324 Net income
attributable to noncontrolling interests: Operating partnership
(5,109 ) (7,385 )
(6,415 ) (12,127 )
Other consolidated subsidiaries
(6,580
) (6,402 )
(12,711 )
(12,451 ) Net income attributable to
the Company 13,591 15,119
20,758 26,746 Preferred
dividends
(5,454 )
(5,454 )
(10,909 )
(10,909 ) Net income available to
common shareholders $
8,137 $ 9,665
$ 9,849
$ 15,837 Basic per share data
attributable to common shareholders: Income from continuing
operations, net of preferred dividends
$ 0.10 $ 0.10
$ 0.13 $ 0.19 Discontinued operations
- 0.04
- 0.03 Net
income available to common shareholders
$
0.10 $ 0.14
$ 0.13
$ 0.22 Weighted average common
shares outstanding
82,918 71,062
77,072 71,027
Diluted per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends
$ 0.10 $ 0.10
$ 0.13 $ 0.19
Discontinued operations
-
0.04 -
0.03 Net income available to common
shareholders
$ 0.10
$ 0.14 $
0.13 $ 0.22
Weighted average common and
potential dilutive common shares outstanding
82,957 71,250
77,109 71,209
Amounts
attributable to common shareholders: Income from continuing
operations, net of preferred dividends
$ 8,092 $
7,259
$ 9,880 $ 13,269 Discontinued operations
45 2,406
(31 )
2,568 Net income available to common
shareholders
$ 8,137
$ 9,665 $
9,849 $ 15,837
The Company's calculation of FFO
allocable to Company shareholders is as follows: (in thousands,
except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2009 2008
2009 2008 Net income
available to common shareholders
$ 8,137 $ 9,665
$ 9,849 $ 15,837 Noncontrolling interest in earnings
of operating partnership
5,109 7,385
6,415 12,127
Depreciation and amortization expense of: Consolidated properties
75,793 73,064
154,104 148,144 Unconsolidated
affiliates
7,555 6,694
15,064 13,371 Discontinued
operations
- 117
- 892 Non-real estate assets
(243 ) (259 )
(490 ) (502 )
Noncontrolling interests' share of depreciation and amortization
(64 ) (303 )
(265 ) (651 ) (Gain) loss
on discontinued operations
12 (3,112 )
72 (3,112 )
Income tax provision on disposal of discontinued operations
- 1,183
- 1,183
Funds from operations of the operating partnership
$ 96,299
$ 94,434 $
184,749 $
187,289 Funds from operations per
diluted share
$ 0.71
$ 0.77 $
1.43 $ 1.52
Weighted average common and
potential dilutive common shares outstanding with operating
partnership units fully converted
134,906 123,223
129,058 123,183
Reconciliation of FFO of the
operating partnership to FFO allocable to Company
shareholders:
Funds from operations of the operating partnership
$
96,299 $ 94,434
$ 184,749 $ 187,289
Percentage allocable to Company
shareholders(1)
61.48 %
57.76 % 59.74
% 57.74 %
Funds from operations allocable to Company shareholders
$ 59,205
$ 54,545 $
110,369 $
108,141
(1) Represents the weighted
average number of common shares outstanding for the period divided
by the sum of the weighted average number of common shares and the
weighted average number of operating partnership units outstanding
during the period See the reconciliation of shares and operating
partnership units on page 9.
SUPPLEMENTAL FFO INFORMATION: Lease
termination fees
$ 1,129 $ 4,458
$
3,671 $ 5,918 Lease termination fees per share
$
0.01 $ 0.04
$ 0.03 $ 0.05 Straight-line
rental income
$ 1,570 $ 1,837
$ 3,301 $
3,338 Straight-line rental income per share
$ 0.01 $
0.01
$ 0.03 $ 0.03 Gains on outparcel sales
$ 154 $ 4,188
$ 579 $ 7,548 Gains on
outparcel sales per share
$ - $ 0.03
$
- $ 0.06 Amortization of acquired above- and
below-market leases
$ 1,532 $ 2,506
$
3,080 $ 5,103 Amortization of acquired above- and
below-market leases per share
$ 0.01 $ 0.02
$
0.02 $ 0.04 Amortization of debt premiums
$
1,707 $ 1,961
$ 3,742 $ 3,936 Amortization of
debt premiums per share
$ 0.01 $ 0.02
$
0.03 $ 0.03 Income tax provision
$ (152
) $ (2,655 )
$ (755 ) $ (3,012 ) Income
tax provision per share
$ - $ (0.02 )
$
(0.01 ) $ (0.02 ) Impairment of investment
$ - $ - $ (7,706 )
$ - Impairment of investment per share
$
- $ - $ (0.06 ) $
- Abandoned projects
$ (67 ) $
(1,199 )
$ (143 ) $ (2,912 ) Abandoned
projects per share
$ - $ (0.01 )
$ - $
(0.02 )
Same-Center
Net Operating Income (Dollars in thousands)
Three
Months Ended
June 30,
Six Months Ended
June 30,
2009 2008
2009 2008 Net income
attributable to the Company
$ 13,591 $ 15,119
$ 20,758 $ 26,746 Adjustments: Depreciation
and amortization
75,793 73,064
154,104 148,144
Depreciation and amortization from unconsolidated affiliates
7,555 6,694
15,064 13,371 Depreciation and
amortization from discontinued operations
- 117
- 892
Noncontrolling interests' share of
depreciation and amortization in other consolidated
subsidiaries
(64 ) (303 )
(265 ) (651 ) Interest
expense
72,842 76,455
144,727 156,679 Interest
expense from unconsolidated affiliates
7,497 7,208
15,362 13,834
Noncontrolling interests' share of
interest expense in other consolidated subsidiaries
(189 ) (455 )
(462 ) (903 ) Abandoned
projects expense
67 1,199
143 2,912 (Gain) loss on
sales of real estate assets
(72 ) (4,269 )
67
(7,345 ) Gain on sales of real estate assets of unconsolidated
affiliates
(82 ) (145 )
(646 ) (429 )
Impairment of investment
- -
7,706 -
Noncontrolling interests' share of
gain on sales of other consolidated subsidiaries
- 230
- 230 Income tax provision
152 3,838
755 4,195 Noncontrolling interests in earnings of operating
partnership
5,109 7,385
6,415 12,127 (Gain) loss on
discontinued operations
12
(3,112 ) 72
(3,112 ) Operating
partnership's share of total NOI
182,211 183,025
363,800 366,690 General and administrative expenses
10,893 11,114
22,372 23,645 Management fees and
non-property level revenues
(4,574
) (6,357 )
(10,606 )
(14,328 ) Operating partnership's share
of property NOI
188,530 187,782
375,566 376,007 NOI
of non-comparable centers
(4,442
) (2,660 )
(8,380 )
(5,233 ) Total same-center NOI
$ 184,088
$ 185,122 $
367,186 $
370,774 Malls
$ 166,601 $
166,420
$ 333,226 $ 334,797 Associated centers
8,134 8,865
15,955 17,472 Community centers
3,508 3,732
6,899 7,133 Other
5,845 6,105
11,106 11,372
Total same-center NOI
184,088 185,122
367,186
370,774 Less lease termination fees
(1,129 )
(4,438 )
(3,671 )
(5,762 ) Total same-center NOI, excluding
lease termination fees
$
182,959 $
180,684 $
363,515 $
365,012 Percentage Change: Malls
0.1 % -0.5 % Associated centers
-8.2 % -8.7 % Community centers
-6.0 % -3.3 % Other
-4.3
% -2.3 % Total same-center NOI
-0.6 % -1.0 % Total
same-center NOI, excluding lease termination fees
1.3 % -0.4 %
Company's Share of Consolidated and
Unconsolidated Debt (Dollars in thousands)
June 30, 2009 Fixed Rate Variable Rate
Total Consolidated debt
$ 4,541,048 $
1,147,554 $ 5,688,602 Noncontrolling
interests' share of consolidated debt
(23,424 )
(928 ) (24,352 ) Company's share of
unconsolidated affiliates' debt
407,022
181,282 588,304 Company's share
of consolidated and unconsolidated debt
$ 4,924,646
$ 1,327,908 $ 6,252,554
Weighted average interest rate
5.98 %
1.68 % 5.06 %
June 30, 2008 Fixed Rate Variable Rate
Total Consolidated debt $ 4,653,373 $ 1,344,785 $ 5,998,158
Noncontrolling interests' share of consolidated debt (23,909 ) (910
) (24,819 ) Company's share of unconsolidated affiliates' debt
409,702 74,145 483,847
Company's share of consolidated and unconsolidated debt $ 5,039,166
$ 1,418,020 $ 6,457,186 Weighted average
interest rate 5.79 % 3.59 % 5.30 %
Debt-To-Total-Market Capitalization Ratio as of June 30,
2009 (In thousands, except stock price)
Shares
Outstanding
Stock
Price(1)
Value Common stock and operating partnership
units 189,804 $ 5.39 $ 1,023,044 7.75% Series C Cumulative
Redeemable Preferred Stock 460 250.00 115,000 7.375% Series D
Cumulative Redeemable Preferred Stock 700 250.00 175,000
Total market equity 1,313,044 Company's share of total debt
6,252,554 Total market capitalization $ 7,565,598
Debt-to-total-market capitalization ratio 82.6 %
(1) Stock price for common stock
and operating partnership units equals the closing price of the
common stock on June 30, 2009. The stock price for the preferred
stock represents the liquidation preference of each respective
series of preferred stock.
Reconciliation of Shares and Operating
Partnership Units Outstanding (In thousands)
Three
Months Ended Six Months Ended June 30, June
30, 2009: Basic Diluted Basic
Diluted Weighted average shares - EPS
82,918
82,957 77,072 77,109 Weighted average
operating partnership units
51,949
51,949 51,949
51,949
Weighted average shares - FFO
134,867 134,906
129,021 129,058
2008: Weighted average shares - EPS 71,062 71,250 71,027
71,209 Weighted average operating partnership units 51,976
51,973 51,976 51,972
Weighted average shares - FFO
123,038 123,223 123,003
123,183
Dividend Payout Ratio
Three Months Ended Six Months Ended June 30,
June 30, 2009 2008 2009 2008
Weighted average dividend per share
$ 0.15385 $
0.55047
$ 0.53291 $ 1.10094 FFO per diluted, fully
converted share
$ 0.71 $ 0.77
$
1.43 $ 1.52 Dividend payout ratio
21.7 % 71.5 %
37.3 %
72.4 %
Consolidated Balance
Sheets (Unaudited, in thousands except share data)
June 30,
2009
December 31,
2008
ASSETS Real estate assets: Land
$ 926,588 $
902,504 Buildings and improvements
7,567,502 7,503,334
8,494,090 8,405,838 Accumulated depreciation
(1,433,863 )
(1,310,173 ) 7,060,227 7,095,665
Developments in progress
217,207
225,815 Net investment in real estate
assets
7,277,434 7,321,480 Cash and cash equivalents
50,789 51,227 Cash in escrow
- 2,700 Receivables:
Tenant, net of allowance
69,386 74,402 Other
12,725
12,145 Mortgage and other notes receivable
51,380 58,961
Investments in unconsolidated affiliates
196,106 207,618
Intangible lease assets and other assets
285,712 305,802
$ 7,943,532
$ 8,034,335 LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Mortgage and
other notes payable
$ 5,688,602 $ 6,095,676 Accounts
payable and accrued liabilities
291,152
329,991 Total liabilities
5,979,754 6,425,667
Commitments and contingencies Redeemable noncontrolling
interests: Redeemable noncontrolling partnership interests
91,792 18,393 Redeemable noncontrolling preferred joint
venture interest
421,457
421,279 Total redeemable noncontrolling
interests
513,249
439,672 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, 700,000 shares outstanding
7 7
Common Stock, $.01 par value,
180,000,000 shares authorized, 137,855,513 and 66,394,844 issued
and outstanding in 2009 and 2008, respectively
1,378 664 Additional paid-in capital
1,420,214
993,941 Accumulated other comprehensive loss
(6,968 )
(12,786 ) Accumulated deficit
(223,202
) (193,307 )
Total shareholders' equity
1,191,434 788,524 Noncontrolling
interests
259,095
380,472 Total equity
1,450,529 1,168,996
$ 7,943,532
$ 8,034,335
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