CBL & Associates Properties, Inc. (NYSE:CBL):
- FFO per diluted share increased 4.3% to
$0.49 for the first quarter 2012, compared with the prior-year
period.
- Same-store sales per square foot
increased 5.9% for mall tenants 10,000 square feet or less for
stabilized malls for the first quarter 2012.
- Portfolio occupancy at March 31, 2012,
increased 150 basis points to 91.8%, from the prior-year
period.
- Same-center NOI, excluding lease
termination fees, increased 1.5% in the first quarter 2012, over
the prior-year period.
- Average gross rent for leases signed in
the first quarter 2012 increased 7.2% over the prior gross rent per
square foot.
CBL & Associates Properties, Inc. (NYSE:CBL) announced
results for the first quarter ended March 31, 2012. 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.
Three Months Ended
March 31,
2012 2011
Funds from Operations (“FFO”) per diluted
share, as adjusted (1)
$ 0.49 $ 0.47
(1) Excludes the gain on extinguishment of
debt of $0.17 per share recorded in the first quarter 2011
Stephen D. Lebovitz, president and chief executive officer of
CBL, commented, “We are encouraged that 2012 has started with such
strong results. During the first quarter, our portfolio of
market-dominant malls showed further improvement with strong
occupancy and sales performance, positive leasing spreads and
same-center NOI growth. Retailers have announced a large number of
new-store growth plans, and we are translating this increased
demand into further leasing gains. The strength of our portfolio
and our commitment to renovations and redevelopments makes CBL
malls the preferred destination for retailers and consumers
alike.
“In addition to the improving results in our operating
portfolio, we are also pleased with the attractive investments that
we have made this year that will contribute to our future growth.
Our recent acquisitions of interests in two operating outlet
centers in Texas and Pennsylvania for $109 million, and the
soon-to-be-developed The Outlet Shoppes at Atlanta complement the
success we are already experiencing with The Outlet Shoppes at
Oklahoma City. Our outlet center program greatly enhances
opportunities in our regional mall portfolio and provides other
benefits including leasing and operating synergies.”
FFO allocable to common shareholders for the first quarter of
2012 was $72,178,000, or $0.49 per diluted share, compared with FFO
allocable to common shareholders, as adjusted, of $70,601,000, or
$0.47 per diluted share, for the first quarter of 2011. FFO of the
operating partnership for the first quarter of 2012 was
$92,476,000, compared with $90,688,000, as adjusted, for the first
quarter 2011. FFO, as adjusted, in the first quarter 2011 excludes
the gain on extinguishment of debt of $32,015,000, or $0.17 per
diluted share.
Net income attributable to common shareholders for the first
quarter of 2012 was $15,455,000, or $0.10 per diluted share,
compared with net income of $36,725,000, or $0.25 per diluted share
for the first quarter of 2011. Net income for the first quarter
2011 includes gain on extinguishment of debt, net of noncontrolling
interest, of $24,923,000, or $0.17 per diluted share, of which
$24,470,000 is included in discontinued operations.
HIGHLIGHTS
- Portfolio same-center net operating
income (“NOI”), excluding lease termination fees, for the quarter
ended March 31, 2012, increased 1.5% compared with an increase of
0.5% for the prior-year period.
- Average gross rent on leases signed
during the first quarter of 2012 for tenants 10,000 square feet or
less increased 7.2% over the prior gross rent per square foot.
- Same-store sales per square foot for
mall tenants 10,000 square feet or less for stabilized malls for
the rolling twelve months ended March 31, 2012, increased 3.7% to
$339 per square foot compared with $327 per square foot for
the prior-year period.
- Consolidated and unconsolidated
variable rate debt of $1,192,300,000, as of March 31, 2012,
represented 12.7% of the total market capitalization for the
Company, compared with 15.9% in the prior-year period, and 22.8% of
the Company's share of total consolidated and unconsolidated debt,
compared with 26.6% in the prior-year period.
PORTFOLIO OCCUPANCY
March 31, 2012 2011 Portfolio
occupancy 91.8 % 90.3 % Mall portfolio
91.9
% 90.3 % Stabilized malls 91.8 % 90.4 % Non-stabilized malls 95.5 %
84.2 % Associated centers 92.9 % 91.1 % Community centers 91.0 %
90.5 %
ACQUISITIONS
Subsequent to the quarter end, CBL announced that it had
acquired interests in The Outlet Shoppes at El Paso in El Paso, TX
and The Outlet Shoppes at Gettysburg in Gettysburg, PA. The
operating outlet centers are owned and managed by Horizon Group
Properties and its affiliates.
CBL acquired a 75% interest in The Outlet Shoppes at El Paso and
a 50% interest in The Outlet Shoppes at Gettysburg, for a total
investment of $108.7 million. The total investment includes a cash
consideration of $38.2 million, as well as the assumption of $70.5
million of debt, which represents CBL’s share.
DISPOSITIONS
During the first quarter 2012, CBL disposed of the second phase
of Settlers Ridge, a community center in Robinson Township
(Pittsburgh), PA, and completed the previously announced sale of
Oak Hollow Square, a community center in High Point, NC. The
aggregate sales price for the two properties was $33.4 million.
FINANCING ACTIVITY
Year-to-date, CBL has closed two separate non-recourse loans
totaling $195.0 million at a weighted average interest rate of
5.09%. The ten-year non-recourse loans are secured by Northwoods
Mall in Charleston, SC, and Arbor Place Mall in Atlanta
(Douglasville), GA. After consideration of the mortgage loan
balances retired, the new loans generated excess proceeds of $79.4
million. CBL paid off the existing mortgage loans earlier in the
year using its lines of credit. Total proceeds were used to reduce
outstanding balances on the Company’s lines of credit.
OUTLOOK AND GUIDANCE
Based on first quarter results and today's outlook, the Company
is maintaining 2012 FFO guidance of $1.95 - $2.03 per share. The
full year guidance assumes $3.0 million to $5.0 million of
outparcel sales and same-center NOI growth in the range of 0.0% to
1.0%, excluding applicable lease termination fees. 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 $ 0.45 $ 0.53 Adjust to fully converted shares from
common shares (0.10 ) (0.12 ) Expected earnings per
diluted, fully converted common share 0.35 0.41 Add: depreciation
and amortization 1.50 1.50 Add: noncontrolling interest in earnings
of Operating Partnership 0.10 0.12
Expected FFO per diluted, fully converted common share $ 1.95
$ 2.03
INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference
call at 11:00 a.m. ET on Tuesday, May 1, 2012, to discuss its first
quarter results. The number to call for this interactive
teleconference is (212) 231-2900. A seven-day replay of the
conference call will be available by dialing (402) 977-9140
and entering the passcode 21544167. 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., first
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 2012 first quarter earnings release conference
call. The live broadcast of the quarterly conference call will be
available online at cblproperties.com on Tuesday, May 1, 2012,
beginning at 11:00 a.m. ET. The online replay will follow shortly
after the call and continue through May 8, 2012.
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 89 regional
malls/open-air centers. The properties are located in 26 states and
total 86.8 million square feet including 3.6 million square feet of
non-owned shopping centers managed for third parties. Headquartered
in Chattanooga, TN, CBL has regional offices in Boston (Waltham),
MA, Dallas (Irving), Texas, 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 (loss) determined
in accordance with GAAP. The National Association of Real Estate
Investment Trusts (“NAREIT”) defines FFO as net income (loss)
(computed in accordance with GAAP) excluding gains or losses on
sales of 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. In October 2011, NAREIT
clarified that FFO should exclude the impact of losses on
impairment of depreciable properties. The Company has calculated
FFO for all periods presented in accordance with this
clarification. 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 (loss) attributable
to its common shareholders.
In the reconciliation of net income attributable to the
Company's common shareholders to FFO allocable to its common
shareholders, located in this earnings release, the Company makes
an adjustment to add back noncontrolling interest in income (loss)
of its operating partnership in order to arrive at FFO of 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
(loss) for purposes of evaluating the Company’s operating
performance or to cash flow as a measure of liquidity.
During 2011, the Company recorded a gain on extinguishment of
debt from discontinued operations. Considering the significance and
nature of this item, the Company believes that it is important to
identify the impact of the change on its FFO measures for a reader
to have a complete understanding of the Company’s results of
operations. Therefore, the Company has also presented its FFO
measures excluding this item.
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" included therein,
for a discussion of such risks and uncertainties.
CBL & Associates
Properties, Inc. Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
Three Months Ended
March 31,
2012 2011 REVENUES: Minimum rents
$
160,788 $ 170,914 Percentage rents
3,466 3,740 Other
rents
5,313 5,008 Tenant reimbursements
70,487 76,810
Management, development and leasing fees
2,469 1,337 Other
8,149 9,360 Total revenues
250,672 267,169
OPERATING EXPENSES: Property operating
38,361 40,159
Depreciation and amortization
63,157 67,699 Real estate
taxes
22,846 24,326 Maintenance and repairs
13,156
16,008 General and administrative
13,800 11,800 Other
6,758 8,303 Total operating expenses
158,078 168,295
Income from
operations 92,594 98,874 Interest and other income
1,075 545 Interest expense
(60,060 ) (68,213 )
Gain on extinguishment of debt
- 581 Gain on sales of real
estate assets
587 809 Equity in earnings of unconsolidated
affiliates
1,266 1,778 Income tax benefit
228
1,770
Income from continuing operations
35,690 36,144 Operating income (loss) of discontinued
operations
(50 ) 27,750 Gain on discontinued
operations
911 14
Net
income 36,551 63,908 Net income attributable to
noncontrolling interests in: Operating partnership
(4,362
) (10,451 ) Other consolidated subsidiaries
(6,140 ) (6,138 )
Net income attributable
to the Company 26,049 47,319 Preferred dividends
(10,594 ) (10,594 )
Net income attributable
to common shareholders $ 15,455 $ 36,725
Basic per share data attributable to common
shareholders: Income from continuing operations, net of
preferred dividends
$ 0.10 $ 0.10 Discontinued
operations
- 0.15 Net income
attributable to common shareholders
$ 0.10 $
0.25 Weighted average common shares outstanding
148,495 148,069
Diluted earnings per share data
attributable to common shareholders: Income from continuing
operations, net of preferred dividends
$ 0.10 $ 0.10
Discontinued operations
- 0.15
Net income attributable to common shareholders
$ 0.10
$ 0.25
Weighted average common and potential
dilutive common shares outstanding
148,538 148,123
Amounts attributable to common
shareholders: Income from continuing operations, net of
preferred dividends
$ 14,783 $ 15,112 Discontinued
operations
672 21,613 Net income
attributable to common shareholders
$ 15,455 $
36,725 The
Company's calculation of FFO allocable to its shareholders is as
follows: (in thousands, except per share data)
Three
Months Ended
March 31,
2012 2011 Net income attributable to
common shareholders
$ 15,455 $ 36,725 Noncontrolling
interest in income of operating partnership
4,362 10,451
Depreciation and amortization expense of: Consolidated properties
63,157 67,699 Unconsolidated affiliates
11,111 5,515
Discontinued operations
116 368 Non-real estate assets
(417 ) (638 ) Noncontrolling interests' share of
depreciation and amortization
(446 ) (149 ) Loss on
impairment of real estate, net of tax benefit
196 2,746 Gain
on depreciable property
(493 ) - Gain on discontinued
operations, net of tax provision
(565 )
(14 )
Funds from operations of the operating partnership
92,476 122,703 Gain on extinguishment of debt
- (32,015 )
Funds from operations of the
operating partnership, as adjusted $ 92,476
$ 90,688
Funds from operations per diluted
share $ 0.49 $ 0.64 Gain on extinguishment of
debt(1)
- (0.17 )
Funds from
operations, as adjusted, per diluted share $ 0.49
$ 0.47
Weighted average common and potential
dilutive common shares outstanding with operating partnership units
fully converted
190,302 190,259
Reconciliation of FFO of the operating
partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership $
92,476 $ 122,703
Percentage allocable to common
shareholders(2)
78.05 % 77.85 %
Funds from
operations allocable to Company shareholders $
72,178 $ 95,524
Funds from
operations of the operating partnership, as adjusted $
92,476 $ 90,688
Percentage allocable to common
shareholders(2)
78.05 % 77.85 %
Funds from
operations allocable to Company shareholders, as adjusted
$ 72,178 $ 70,601 (1) Diluted
per share amounts presented for reconciliation purposes may differ
from actual diluted per share amounts due to rounding.
(2) Represents the weighted average number
of common shares outstanding for the period divided by the sum of
the weighted average number of common shares and the weighted
average number of operating partnership units outstanding during
the period. See the reconciliation of shares and operating
partnership units outstanding on page 9.
SUPPLEMENTAL FFO INFORMATION: Lease
termination fees
$ 750 $ 1,629 Lease termination fees
per share
$ - $ 0.01 Straight-line rental
income
$ 410 $ 1,128 Straight-line rental income per
share
$ - $ 0.01 Gains on outparcel sales
$ 99 $ 809 Gains on outparcel sales per share
$ - $ - Net amortization of acquired above-
and below-market leases
$ 142 $ 514 Net amortization
of acquired above- and below-market leases per share
$
- $ - Net amortization of debt premiums (discounts)
$ 452 $ 753 Net amortization of debt premiums
(discounts) per share
$ - $ - Income tax
benefit
$ 228 $ 1,770 Income tax benefit per share
$ - $ 0.01 Loss on impairment of real estate
from discontinued operations
$ (293 ) $ (2,746
) Loss on impairment of real estate from discontinued operations
per share
$ - $ (0.01 ) Gain on extinguishment
of debt
$ - $ 581 Gain on extinguishment of debt per
share
$ - $ - Gain on extinguishment of debt
from discontinued operations
$ - $ 31,434 Gain on
extinguishment of debt from discontinued operations per share
$ - $ 0.17
Same-Center Net Operating Income (Dollars in
thousands)
Three Months Ended
March 31,
2012 2011 Net income attributable to
the Company
$ 26,049 $ 47,319 Adjustments:
Depreciation and amortization
63,157 67,699 Depreciation and
amortization from unconsolidated affiliates
11,111 5,515
Depreciation and amortization from discontinued operations
116 368
Noncontrolling interests' share of
depreciation and amortization in other consolidated
subsidiaries
(446 ) (149 ) Interest expense
60,060 68,213
Interest expense from unconsolidated affiliates
11,203 5,802
Interest expense from discontinued operations
1 178
Noncontrolling interests' share of
interest expense in other consolidated subsidiaries
(460 ) (244 ) Abandoned projects expense
(124
) - Gain on sales of real estate assets
(587 )
(809 ) Gain on sales of real estate assets of unconsolidated
affiliates
5 - Gain on extinguishment of debt
- (581
) Gain on extinguishment of debt from discontinued operations
- (31,434 ) Writedown of mortgage notes receivable
-
1,500 Loss on impairment of real estate from discontinued
operations
293 2,746 Income tax benefit
(228 )
(1,770 )
Net income attributable to noncontrolling
interest in earnings of operating partnership
4,362 10,451 Gain on discontinued operations
(911 ) (14 ) Operating partnership's share of
total NOI
173,601 174,790 General and administrative
expenses
13,800 11,800 Management fees and non-property
level revenues
(6,498 ) (2,396 )
Operating partnership's share of property NOI
180,903
184,194 Non-comparable NOI
(5,361 )
(10,459 ) Total same-center NOI
$ 175,542 $
173,735 Total same-center NOI percentage change
1.0 % Total same-center NOI
$
175,542 $ 173,735 Less lease termination fees
(757 ) (1,518 ) Total same-center NOI,
excluding lease termination fees
$ 174,785 $
172,217 Malls
$ 156,041 $ 153,498
Associated centers
8,092 7,846 Community centers
5,132 5,160 Offices and other
5,520
5,713 Total same-center NOI, excluding lease
termination fees
$ 174,785 $ 172,217
Percentage Change: Malls
1.7 %
Associated centers
3.1 % Community centers
-0.5 % Offices and other
-3.4 %
Total same-center NOI, excluding lease termination fees
1.5 %
Company's Share of Consolidated and Unconsolidated
Debt (Dollars in thousands)
As of March 31, 2012
Fixed Rate Variable Rate Total
Consolidated debt
$ 3,393,241 $
1,066,007 $ 4,459,248 Noncontrolling
interests' share of consolidated debt
(29,256 )
(726 ) (29,982 ) Company's share of
unconsolidated affiliates' debt
675,356
127,019 802,375 Company's share
of consolidated and unconsolidated debt
$ 4,039,341
$ 1,192,300 $ 5,231,641
Weighted average interest rate
5.48
% 2.67 %
4.84
% As of March 31, 2011 Fixed
Rate Variable Rate Total Consolidated debt $
3,945,047 $ 1,239,051 $ 5,184,098 Noncontrolling interests' share
of consolidated debt (15,621 ) (928 ) (16,549 ) Company's share of
unconsolidated affiliates' debt 396,687
169,526 566,213 Company's share of
consolidated and unconsolidated debt $ 4,326,113 $ 1,407,649
$ 5,733,762 Weighted average interest rate
5.69 % 2.85 % 4.99 %
Debt-To-Total-Market Capitalization Ratio as of March 31,
2012 (In thousands, except stock price)
Shares
Outstanding
Stock Price(1)
Value Common stock and operating partnership units 190,275 $
18.92 $ 3,600,003 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 4,168,753 Company's share of total debt 5,231,641
Total market capitalization $ 9,400,394
Debt-to-total-market capitalization ratio 55.7 %
(1) Stock price for common stock and
operating partnership units equals the closing price of the common
stock on March 30, 2012. The stock prices for the preferred stocks
represent the liquidation preference of each respective series.
Reconciliation of Shares and Operating
Partnership Units Outstanding (In thousands)
Three
Months Ended March 31, 2012: Basic
Diluted Weighted average shares - EPS
148,495
148,538 Weighted average operating partnership units
41,764 41,764 Weighted average
shares- FFO
190,259 190,302
2011: Weighted average shares - EPS 148,069
148,123 Weighted average operating partnership units 42,136
42,136 Weighted average shares- FFO
190,205 190,259
Dividend
Payout Ratio Three Months Ended March 31,
2012 2011 Weighted average cash dividend per share
$ 0.21913 $ 0.23034 FFO per diluted, fully converted
share, as adjusted
$ 0.49 $ 0.47
Dividend payout ratio
44.7 % 49.0 %
Consolidated
Balance Sheets (Unaudited; in thousands, except share data)
As of March
31,
2012
December 31,
2011
ASSETS Real estate assets: Land
$ 851,157 $
851,303 Buildings and improvements
6,779,274 6,777,776
7,630,431 7,629,079 Accumulated depreciation
(1,814,121 )
(1,762,149 ) 5,816,310 5,866,930
Held for sale
- 14,033 Developments in progress
127,407 124,707
Net investment in real estate assets
5,943,717
6,005,670 Cash and cash equivalents
61,669 56,092
Receivables:
Tenant, net of allowance for doubtful
accounts of $1,900 and $1,760 in 2012 and 2011, respectively
69,317 74,160
Other, net of allowance for doubtful
accounts of $1,269 and $1,400 in 2012 and 2011, respectively
9,535 11,592 Mortgage and other notes receivable
33,688 34,239 Investments in unconsolidated affiliates
304,573 304,710 Intangible lease assets and other assets
209,609
232,965 $
6,632,108 $
6,719,428 LIABILITIES, REDEEMABLE
NONCONTROLLING INTERESTS AND EQUITY Mortgage and other
indebtedness
$ 4,459,248 $ 4,489,355 Accounts payable
and accrued liabilities
270,782
303,577 Total liabilities
4,730,030 4,792,932
Commitments and contingencies Redeemable noncontrolling
interests: Redeemable noncontrolling partnership interests
36,596 32,271 Redeemable noncontrolling preferred joint
venture interest
423,777
423,834 Total redeemable noncontrolling
interests
460,373
456,105 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 shares outstanding
18 18
Common stock, $.01 par value, 350,000,000
shares authorized, 148,689,623 and 148,364,037 issued and
outstanding in 2012 and 2011, respectively
1,487 1,484 Additional paid-in capital
1,658,893
1,657,927 Accumulated other comprehensive income
4,832 3,425
Dividends in excess of cumulative earnings
(416,826 )
(399,581 ) Total shareholders' equity
1,248,409 1,263,278 Noncontrolling interests
193,296 207,113
Total equity
1,441,705
1,470,391 $
6,632,108 $
6,719,428
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