StockSelector.com
  Research, Select, & Monitor Monday, September 24, 2018 11:32:54 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
CBL & Associates Properties, Inc.$4.24($.12)(2.75%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 CBL & Associates Properties Reports Results for Fourth Quarter and Full Year 2015
   Wednesday, February 03, 2016 4:32:01 PM ET

CBL & Associates Properties, Inc. (CBL ):

-- Same-center NOI increased 2.0% and 0.7% for the fourth quarter and year ended December 31, 2015, respectively over the prior-year periods.

-- 2015 FFO per diluted share, as adjusted, grew 6.0% to $0.71 in the fourth quarter 2015 and 1.8% to $2.32 for 2015, compared with the prior-year periods.

-- Average gross rent per square foot increased 6.5% for stabilized mall leases signed in the fourth quarter 2015 and 9.2% for the full-year 2015 over the prior rate.

-- Total portfolio occupancy at December 31, 2015 increased 120 basis points from third quarter 2015 and declined 110 basis points from the prior year-end to 93.6%.



-- Same-center sales per square foot increased 3.9% for 2015 to $374 per square foot.

-- CBL completed more than $1.7 billion of financing activity in 2015 and completed more than $158 million in dispositions.

CBL & Associates Properties, Inc. (CBL ) announced results for the fourth quarter and year ended December 31, 2015. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.

                                                                                                                                          
                                                                                                                            Three Months                                                                                                                                   Year Ended
                                                                                                                         Ended December 31,                                                                                                                               December 31,
                                                                                          --------------------------------------------------------------------------                                                                      ----------------------------------------------------------------------
                                                                                                       2015                            2014                                                                                         2015                         2014
                                                                                          ------------------------------                     ------------------------------                                                               ------------------------------                     -------------------------
Funds from Operations ("FFO") per diluted share                                             $ 0.71                          $ 0.82                                                                    $ 2.41                          $                 2.73
                                                                                          === ==== ====================                      === ==== ====================                                                                === ==== ====================                      === ====================
FFO, as adjusted, per diluted share (1)                                                     $ 0.71                          $ 0.67                                                                    $ 2.32                          $                 2.28
                                                                                          === ==== ====================                      === ==== ====================                                                                === ==== ====================                      === ====================
                                                                                                                                                                                                                                                                                                  
(1) FFO, as adjusted, for the three months ended December 31, 2014
excludes a $7.0 million partial litigation settlement, net of
related expenses, and a $23.8 million gain on extinguishment of
debt, net of default interest expense, related to the conveyance of
Columbia Place to the lender. FFO, as adjusted, for the year ended
December 31, 2015 excludes a $16.6 million gain on investment
related to the sale of marketable securities, a partial litigation
settlement of $1.3 million, net of related expense and a $0.3
million gain on extinguishment of debt. FFO, as adjusted, for the
year ended December 31, 2014 excludes an $83.2 million gain on
extinguishment of debt, net of non-cash default interest expense,
primarily related to the conveyance of Chapel Hill Mall and Columbia
Place and the foreclosure of Citadel Mall. It also excludes a
partial litigation settlement of $7.8 million, net of related
expenses.
 

"CBL’s operating expertise and the strong positioning of our portfolio of market-dominant shopping centers was clearly demonstrated in 2015. Despite this year’s many challenges, we generated solid FFO and NOI growth, healthy lease spreads, steady sales improvement and year-end portfolio occupancy of 93.6%," said Stephen Lebovitz, president and CEO of CBL & Associates Properties, Inc. "We are highly focused on our strategic objectives to transform into a higher-growth portfolio and to continue to strengthen our balance sheet. In 2015, we used equity proceeds from the more than $150 million of dispositions executed to reduce leverage and invest in value-added development and redevelopment projects. Given the current economic and retail climate, we remain cautious but are confident that we are well-positioned to further advance our portfolio and balance sheet strategies this year."

Net loss attributable to common shareholders for the fourth quarter 2015 was $33.5 million, or $0.20 per diluted share, compared with net income of $65.3 million, or $0.38 per diluted share for the fourth quarter 2014.

Net income attributable to common shareholders for 2015 was $58.5 million, or $0.34 per diluted share, compared with net income of $174.3 million, or $1.02 per diluted share for 2014.

Net income for the fourth quarter and full-year 2015 included a $100.0 million loss on impairment of real estate related to the write-down of the book value of Chesterfield Mall in Chesterfield, MO to its estimated fair value.

Percentage change in same-center Net Operating Income ("NOI")(1):

                                 Three Months             Year Ended
                                                                    Ended December 31,                                               December 31,
                                                                    ------------------ -------------------- -------------------- --------------------
                                                                           2015                    2015
Portfolio same-center NOI                                                  2.0%                                                          0.7%
Mall same-center NOI                                                       1.6%                                                          0.2%
                                                                                                                                  
(1) CBL’s definition of same-center NOI excludes the
impact of lease termination fees and certain non-cash items of
straight line rents and net amortization of acquired above and
below market leases. NOI is for real estate properties and
excludes income of the Company’s subsidiary that provides
maintenance, janitorial and security services.
                                                                                                                                  

MAJOR ITEMS IMPACTING SAME-CENTER NOI RESULTS FOR 2015

-- Same-center revenues for 2015 grew $1.5 million as compared with 2014. Major items included: -- a $0.3 million increase in minimum rents;

-- a $0.7 million increase in percentage rents due to sales increases throughout the year;

-- relatively flat other income as declines in specialty leasing income were offset by increases in branding income; and

-- a $0.6 million increase in tenant reimbursements and other revenue.

-- Same-center expenses for 2015 were $3.6 million lower in 2015 compared with the prior year. Major items included: -- a $3.1 million decrease in maintenance and repair expenses primarily driven by lower janitorial and snow removal expenses;

-- a $4.3 million decline in operating expenses, primarily due to lower utility and central energy expenses, marketing and advertising expenses and security expenses compared with the prior year; and

-- an increase of $3.7 million in real estate tax expenses.

PORTFOLIO OPERATIONAL RESULTS

Occupancy:

                                                            As of December 31,
                                                            --------------------------------------------------------
                                                                 2015               2014
                                                            -------------                      --------------------
    Portfolio occupancy                                          93.6%                                 94.7%
       Mall portfolio                                            93.1%                                 94.9%
          Same-center stabilized malls                           93.3%                                 94.9%
          Stabilized malls                                       93.3%                                 94.8%
          Non-stabilized malls (1)                               91.3%                                 98.1%
       Associated centers                                        94.6%                                 93.7%
       Community centers                                         97.1%                                 97.4%
                                                                                                
(1)
     Includes Fremaux Town Center, The Outlet Shoppes at Atlanta and
     The Outlet Shoppes of the Bluegrass as of December 31, 2015.
     Includes The Outlet Shoppes at Oklahoma City, The Outlet Shoppes
     at Atlanta and The Outlet Shoppes of the Bluegrass as of December
     31, 2014.
     

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:

                                        
                                              % Change in Average Gross Rent Per Square Foot
                                       -------------------------------------------------------------
                                          Three Months                              Year Ended
                                       Ended December 31,                          December 31,
                                       ------------------                      --------------------
                                              2015                                     2015
                                       ------------------                      --------------------
Stabilized Malls                              6.5%                                     9.2%
   New leases                                 18.6%                                    26.3%
   Renewal leases                             1.8%                                     3.7%
                                                                                

Same-center Sales Per Square Foot for Mall Tenants 10,000 Square Feet or Less:

                                                                        Year Ended December 31,                    
                                                                                            ----------------------------------------------------------
                                                                                              2015        2014            % Change
                                                                                            --------                                          ---------------------------- -------------------- --------------------
Stabilized mall same-center sales per square foot                                            $ 374                                             $ 360                                                            3.9%
                                                                                                                                                                                                 

FINANCING ACTIVITY

During 2015, CBL completed more than $1.7 billion in financing activity including:

-- the multi-year extension and modification of its three major unsecured credit facilities totaling $1.1 billion, reducing the borrowing spread by 20 basis points to a rate of LIBOR plus 120 basis points, based upon CBL’s current credit rating;

-- a new four-year (including extension options) $350 million term loan bearing interest at LIBOR plus 135 basis points, based upon CBL’s current credit rating; and

-- $314.5 million of new secured non-recourse financings at a weighted average interest rate of 4.07%, representing a 178 basis point improvement compared with the interest rate borne by the maturing loans.

Additionally, during 2015 CBL retired approximately $432 million of consolidated property-specific loans, adding more than $742 million of undepreciated book value to its unencumbered pool. Currently more than 45% of CBL’s consolidated NOI is generated by high-quality unencumbered assets.

CBL and its prospective joint venture partner have agreed in principle with the lender to restructure the existing non-recourse $171.1 million loan secured by Triangle Town Center and Triangle Town Place in Raleigh, NC. Terms are being finalized with an anticipated closing date in the first quarter 2016. Concurrent with the closing of the new loan, CBL expects to enter into a new 10/90 joint venture with an institutional investor, with CBL responsible for leasing and management of the property.

CBL continues to negotiate a loan restructure with the lender of the existing $27.6 million non-recourse loan secured by Hickory Point Mall in Forsyth, IL. If a favorable restructure agreement is reached, the new non-recourse loan is expected to close during the second quarter 2016.

DISPOSITIONS

During 2015, CBL completed the disposition of one mall, five associated/community centers, interests in two Class-A apartment complexes and other non-core assets generating proceeds of more than $158 million.

Major dispositions announced in the fourth quarter 2015 include:

In November, CBL closed on the disposition of Waynesville Commons, a 128,000-square-foot community center located in Waynesville, NC, for $14.5 million to an affiliate of Yale Realty Services Corp. Additionally, CBL and its partner closed on the sale of a 340-unit Class A apartment complex in Austin, TX, located adjacent to a retail property previously developed and sold by CBL. CBL held a participatory ground lease position in the apartment complex and received $18.4 million in net proceeds.

In December, CBL completed the sale of Mayfaire Community Center for $56.3 million to Principal Real Estate Investors. Mayfaire Community Center is the 210,000-square-foot center located adjacent to CBL’s Mayfaire Towne Center in Wilmington, NC, which CBL acquired in June of 2015. CBL is providing leasing and management services for the new owners.

In December, CBL closed on the sale of Chapel Hill Crossing, an associated center in Akron, OH, for $2.3 million.

CBL and its 50/50 joint venture partner have entered into a binding agreement for the sale of 100% of Renaissance Center, the 363,000-square-foot community shopping center located in Durham, NC. Renaissance Center will be sold to an institutional investor for a gross purchase price of $129.2 million ($64.6 million at each partner’s share). The transaction is scheduled to close during the first quarter of 2016, subject to the assumption of a $16.0 million loan secured by the property’s second phase, defeasance of the $31.7 million loan secured by the property’s first phase and other customary closing conditions.

OUTLOOK AND GUIDANCE

The Company is providing 2016 FFO guidance in the range of $2.32 - $2.38 per share. CBL is assuming same-center NOI growth of 0.5% - 2% in 2016.

The guidance also assumes the following:

-- $3.0 million to $5.0 million of outparcel sales;

-- 25-75 basis point increase in total portfolio occupancy as well as stabilized mall occupancy throughout 2016;

-- G&A expense of $58 million to $60 million; and

-- no unannounced capital markets or disposition activity.

                                                                                   Low                           High
                                                                                                            -----------------------------                     -----------------------------
Expected diluted earnings per common share                                                                   $ 0.74                                            $ 0.80
Adjust to fully converted shares from common shares                                                           (0.11 )                                           (0.12 )
                                                                                                            ----------------------------                      ----------------------------
Expected earnings per diluted, fully converted common share                                                    0.63                                              0.68
Add: depreciation and amortization                                                                             1.58                                              1.58
Add: noncontrolling interest in earnings of Operating Partnership                                              0.11                           0.12  
                                                                                                            ----------------------------                      ----------------------------
Expected FFO per diluted, fully converted common share                                                       $ 2.32                         $ 2.38  
                                                                                                            == ==== ====================                      == ==== ====================
                                                                                                                                                                       

INVESTOR CONFERENCE CALL AND WEBCAST

CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m. ET on Thursday, February 4, 2016, to discuss its fourth quarter and full year results. The number to call for this interactive teleconference is (888) 317-6003 or (412) 317-6061 and enter the confirmation number 7812333. A replay of the conference call will be available through February 11, 2016, by dialing (877) 344-7529 or (412) 317-0088 and entering the confirmation number 10077140. 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., fourth quarter and full year earnings release and supplemental information please visit the Investing section of our website at cblproperties.com or contact Investor Relations at 423-490-8312.

The Company will also provide an online webcast and rebroadcast of its 2015 fourth quarter and full year earnings release conference call. The live broadcast of the quarterly conference call will be available online at cblproperties.com on Thursday, February 4, 2016 beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for three months.

ABOUT CBL & ASSOCIATES PROPERTIES, INC.

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 146 properties, including 90 regional malls/open-air centers. The properties are located in 30 states and total 84.2 million square feet including 6.5 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), 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 (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT less dividends on preferred stock of the Company or distributions on preferred units of the Operating Partnership, as applicable. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure. The Company presents both FFO allocable to Operating Partnership common unitholders and FFO allocable to common shareholders, as it believes that both are useful performance measures. The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company believes FFO allocable to its common shareholders is a useful performance measure because it is the performance measure that is most directly comparable to net income (loss) attributable to its common shareholders.

In the reconciliation of net income attributable to the Company’s common shareholders to FFO allocable to operating partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of its Operating Partnership. The Company then applies a percentage to FFO of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders. 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.

As described above, in 2015, the Company recognized a $16.6 million gain on investment related to the sale of marketable securities, a $0.3 million gain on extinguishment of debt and received income of $1.3 million, net of related expense, as a partial settlement of litigation. During 2014, the Company recognized an $83.2 million gain on the extinguishment of debt, net of non-cash default interest expense, in connection with the conveyance of Chapel Hill Mall and Columbia Place to the respective lenders and the foreclosure of Citadel Mall, and received income of $7.8 million, net of related expenses, as partial settlements of ongoing litigation. Considering the significance and nature of these items, the Company believes that it is important to identify their impact on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods.

Same-center Net Operating Income

NOI is a supplemental measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).

We believe that presenting NOI and same-center NOI (described below) based on our Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since we conduct substantially all of our business through our Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of our common shareholders and the noncontrolling interest in the Operating Partnership. The Company computes NOI based on the Operating Partnership’s 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.

Since NOI includes only those revenues and expenses related to the operations of its shopping center and other 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. The Company’s calculation of same-center NOI also excludes lease termination income, straight-line rent adjustments, and amortization of above and below market lease intangibles in order to enhance the comparability of results from one period to another, as these items can be impacted by one-time events that 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 and other properties. A reconciliation of same-center NOI to net income is located at the end of this earnings release.

Pro Rata Share of Debt

The Company presents debt based on its pro rata ownership share (including the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s 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                                                                                                                           Year Ended
                                                                                                                                                           December 31,                                                                                                                             December 31,
                                                                                                                  ----------------------------------------------------------------------------------------                                                 ----------------------------------------------------------------------------------------
                                                                                                                                  2015                                   2014                                                                           2015                                   2014
                                                                                                                  -------------------------------------                     -------------------------------------                                          -------------------------------------                     -------------------------------------
REVENUES:
   Minimum rents                                                                                                        $ 178,378                                                 $ 176,579                                                                      $ 684,309                                                 $ 682,584
   Percentage rents                                                                                                         7,645                                                     8,386                                                                         18,063                                                    16,876
   Other rents                                                                                                              8,186                                                     8,606                                                                         21,934                                                    22,314
   Tenant reimbursements                                                                                                   73,461                                                    76,239                                                                        288,279                                                   290,561
   Management, development and leasing fees                                                                                 2,758                                                     3,810                                                                         10,953                                                    12,986
   Other                                                                                                                    7,202                                 10,229                                                      31,480                                 35,418  
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
      Total revenues                                                                                                      277,630                                283,849                                                   1,055,018                              1,060,739  
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
OPERATING EXPENSES:
   Property operating                                                                                                      33,401                                                    37,568                                                                        141,030                                                   149,774
   Depreciation and amortization                                                                                           77,519                                                    79,093                                                                        299,069                                                   291,273
   Real estate taxes                                                                                                       21,886                                                    23,643                                                                         90,799                                                    89,281
   Maintenance and repairs                                                                                                 12,413                                                    13,451                                                                         51,516                                                    54,842
   General and administrative                                                                                              15,678                                                    14,688                                                                         62,118                                                    50,271
   Loss on impairment                                                                                                     102,280                                                       105                                                                        105,945                                                    17,858
   Other                                                                                                                    5,766                                 10,966                                                      26,957                                 32,297  
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
      Total operating expenses                                                                                            268,943                                179,514                                                     777,434                                685,596  
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
Income from operations                                                                                                      8,687                                                   104,335                                                                        277,584                                                   375,143
   Interest and other income                                                                                                  225                                                    10,586                                                                          6,467                                                    14,121
   Interest expense                                                                                                       (54,981 )                                                 (59,827 )                                                                     (229,343 )                                                (239,824 )
   Gain on extinguishment of debt                                                                                  --                                                    26,951                                                                            256                                                    87,893
   Gain on investment                                                                                              --                                            --                                                                         16,560                                            --
   Equity in earnings of unconsolidated affiliates                                                                          5,988                                                     3,765                                                                         18,200                                                    14,803
   Income tax provision                                                                                                      (937 )                                                    (233 )                                                                       (2,941 )                                                  (4,499 )
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
Income (loss) from continuing operations before gain on sales of                                                          (41,018 )                                                  85,577                                                                         86,783                                                   247,637
real estate assets
   Gain on sales of real estate assets                                                                                     14,065                                  1,829                                                      32,232                                  5,342  
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
Income (loss) from continuing operations                                                                                  (26,953 )                                                  87,406                                                                        119,015                                                   252,979
   Operating income (loss) of discontinued operations                                                              --                                                       258                                                                 --                                                      (222 )
   Gain on discontinued operations                                                                                 --                                    188                                              --                                    276  
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
Net income (loss)                                                                                                         (26,953 )                                                  87,852                                                                        119,015                                                   253,033
   Net (income) loss attributable to noncontrolling interests in:
      Operating Partnership                                                                                                 5,612                                                   (11,259 )                                                                      (10,171 )                                                 (30,106 )
      Other consolidated subsidiaries                                                                                        (916 )                                                     (37 )                                                                       (5,473 )                                                  (3,777 )
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
Net income (loss) attributable to the Company                                                                             (22,257 )                                                  76,556                                                                        103,371                                                   219,150
      Preferred dividends                                                                                                 (11,223 )                                                 (11,223 )                                                                      (44,892 )                                                 (44,892 )
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
Net income (loss) attributable to common shareholders                                                                   $ (33,480 )                                               $  65,333                                                   $  58,479                              $ 174,258  
                                                                                                                  ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                      
Basic per share data attributable to common shareholders:
   Income (loss) from continuing operations, net of preferred dividends                                                 $   (0.20 )                                               $    0.38                                                                      $    0.34                                                 $    1.02
   Discontinued operations                                                                                                   0.00                                   0.00                                                        0.00                                   0.00  
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
   Net income (loss) attributable to common shareholders                                                                $   (0.20 )                                               $    0.38                                                   $    0.34                              $    1.02  
                                                                                                                  ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
   Weighted average common shares outstanding                                                                             170,495                                                   170,261                                                                        170,476                                                   170,247
                                                                                                                                                                                                                                                                                                                      
Diluted per share data attributable to common shareholders:
   Income (loss) from continuing operations, net of preferred dividends                                                 $   (0.20 )                                               $    0.38                                                                      $    0.34                                                 $    1.02
   Discontinued operations                                                                                                   0.00                                   0.00                                                        0.00                                   0.00  
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
   Net income (loss) attributable to common shareholders                                                                $   (0.20 )                                               $    0.38                                                   $    0.34                              $    1.02  
                                                                                                                  ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
   Weighted-average common and potential dilutive common shares                                                           170,495                                                   170,261                                                                        170,499                                                   170,247
   outstanding
                                                                                                                                                                                                                                                                                                                      
Amounts attributable to common shareholders:
   Income (loss) from continuing operations, net of preferred dividends                                                 $ (33,480 )                                               $  64,952                                                                      $  58,479                                                 $ 174,212
   Discontinued operations                                                                                         --                                    381                                              --                                     46  
                                                                                                                  ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
   Net income (loss) attributable to common shareholders                                                                $ (33,480 )                                               $  65,333                                                   $  58,479                              $ 174,258  
                                                                                                                  ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                            
    The Company’s reconciliation of net income (loss) attributable
    to common shareholders to FFO allocable to Operating Partnership
    common unitholders is as follows:
    (in thousands, except per share data)
                                                                                                                                                                                                                                                          
                                                                                                                                                      Three Months Ended                                                                                                                           Year Ended
                                                                                                                                                         December 31,                                                                                                                             December 31,
                                                                                                                ----------------------------------------------------------------------------------------                                                 ----------------------------------------------------------------------------------------
                                                                                                                                2015                                   2014                                                                           2015                                   2014
                                                                                                                -------------------------------------                     -------------------------------------                                          -------------------------------------                     -------------------------------------
    Net income (loss) attributable to common shareholders                                                             $ (33,480 )                                               $  65,333                                                                      $  58,479                                                 $ 174,258
    Noncontrolling interest in income (loss) of Operating Partnership                                                    (5,612 )                                                  11,259                                                                         10,171                                                    30,106
    Depreciation and amortization expense of:
       Consolidated properties                                                                                           77,519                                                    79,093                                                                        299,069                                                   291,273
       Unconsolidated affiliates                                                                                          9,122                                                    11,152                                                                         40,476                                                    41,806
       Non-real estate assets                                                                                              (799 )                                                    (486 )                                                                       (3,083 )                                                  (2,311 )
    Noncontrolling interests’ share of depreciation and amortization                                                     (2,109 )                                                  (2,011 )                                                                       (9,045 )                                                  (6,842 )
    Loss on impairment                                                                                                  102,280                                            --                                                                        105,945                                                    18,434
    Gain on depreciable property, net of taxes                                                                           (5,899 )                                          --                                                                        (20,944 )                                                    (937 )
    Gain on discontinued operations, net of taxes                                                                --                                   (187 )                                                               --                                   (273 )
                                                                                                                ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
    FFO allocable to Operating Partnership common unitholders                                                           141,022                                                   164,153                                                                        481,068                                                   545,514
       Litigation settlements, net of related expenses (1)                                                       --                                                    (6,963 )                                                                       (1,329 )                                                  (7,763 )
       Gain on investment                                                                                        --                                            --                                                                        (16,560 )                                          --
       Non cash default interest expense                                                                         --                                                     3,181                                                                 --                                                     4,695
       Gain on extinguishment of debt                                                                            --                                (26,951 )                                                                         (256 )                                                 (87,893 )
                                                                                                                ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
    FFO allocable to Operating Partnership common unitholders, as                                                     $ 141,022                              $ 133,420                                                   $ 462,923                              $ 454,553  
    adjusted
                                                                                                                ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                    
    FFO per diluted share                                                                                             $    0.71                              $    0.82                                                   $    2.41                              $    2.73  
                                                                                                                ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                    
    FFO, as adjusted, per diluted share                                                                               $    0.71                              $    0.67                                                   $    2.32                              $    2.28  
                                                                                                                ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                    
    Weighted average common and potential dilutive common shares                                                        199,753                                                   199,543                                                                        199,757                                                   199,660
    outstanding with Operating Partnership units fully converted
                                                                                                                                                                                                                                                                                                                    
    Reconciliation of FFO allocable to Operating Partnership common
    unitholders to FFO allocable to common shareholders:
    FFO of the Operating Partnership                                                                                  $ 141,022                                                 $ 164,153                                                                      $ 481,068                                                 $ 545,514
    Percentage allocable to common shareholders (2)                                                                       85.35 %                                                   85.33 %                                                                        85.35 %                                                   85.27 %
                                                                                                                ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
    FFO allocable to common shareholders                                                                              $ 120,362                              $ 140,072                                                   $ 410,592                              $ 465,160  
                                                                                                                ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                    
    FFO allocable to Operating Partnership common unitholders, as                                                     $ 141,022                                                 $ 133,420                                                                      $ 462,923                                                 $ 454,553
    adjusted
    Percentage allocable to common shareholders (2)                                                                       85.35 %                                                   85.33 %                                                                        85.35 %                                                   85.27 %
                                                                                                                ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
    FFO allocable to common shareholders, as adjusted                                                                 $ 120,362                              $ 113,847                                                   $ 395,105                              $ 387,597  
                                                                                                                ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                    
(1)
     Litigation settlement is included in Interest and Other Income in
     the Consolidated Statements of Operations. Litigation expense,
     including settlements paid, is included in General and
     Administrative expense in the Consolidated Statements of
     Operations.
     
(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 12.
     
                                                                                                                                                               
                                                                                                                                                  Three Months Ended                                                                                                                Year Ended
                                                                                                                                                     December 31,                                                                                                                  December 31,
                                                                                                                   --------------------------------------------------------------------------                             ---------------------------------------------------------------------------------------------------------------------
                                                                                                                   --------------------------------------------------------------------------                             ---------------------------------------------------------------------------------------------------------------------
                                                                                                                           2015                            2014                                                                    2015                                                   2014
                                                                                                                   ---------------------                     ---------------------------------------                      ------------------------------------------------------------                     ----------------------------------------------
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees                                                                                              $            276                          $          1,413                                                                  $          4,659                                               $              3,808
   Lease termination fees per share                                                                                 $ --                          $           0.01                                                                  $           0.02                                               $               0.02
                                                                                                                                                                                                                                                                                                            
Straight-line rental income                                                                                         $          1,232                          $           (352 )                                                                $          4,207                                               $              2,132
   Straight-line rental income per share                                                                            $           0.01                          $ --                                                                  $           0.02                                               $               0.01
                                                                                                                                                                                                                                                                                                            
Gains on outparcel sales                                                                                            $          5,779                          $          2,774                                                                  $          8,929                                               $              5,235
   Gains on outparcel sales per share                                                                               $           0.03                          $           0.01                                                                  $           0.04                                               $               0.03
                                                                                                                                                                                                                                                                                                            
Net amortization of acquired above- and below-market leases                                                         $          1,316                          $            683                                                                  $          3,197                                               $              1,227
   Net amortization of acquired above- and below-market leases per share                                            $           0.01                          $ --                                                                  $           0.02                                               $               0.01
                                                                                                                                                                                                                                                                                                            
Net amortization of debt premiums and discounts                                                                     $            404                          $            547                                                                  $          1,841                                               $              2,172
   Net amortization of debt premiums and discounts per share                                                        $ --                          $ --                                                                  $           0.01                                               $               0.01
                                                                                                                                                                                                                                                                                                            
Income tax provision                                                                                                $           (937 )                        $           (233 )                                                                $         (2,941 )                                             $             (4,499 )
   Income tax provision per share                                                                                   $ --                          $ --                                                                  $          (0.01 )                                             $               0.02
                                                                                                                                                                                                                                                                                                            
Abandoned projects expense                                                                                          $           (190 )                        $            (55 )                                                                $         (2,373 )                                             $               (136 )
   Abandoned projects expense per share                                                                             $ --                          $ --                                                                  $          (0.01 )                                             $     --
                                                                                                                                                                                                                                                                                                            
Gain on extinguishment of debt                                                                                      $ --                          $         26,951                                                                  $            256                                               $             87,893
   Gain on extinguishment of debt per share                                                                         $ --                          $           0.14                                                                  $ --                                               $               0.44
                                                                                                                                                                                                                                                                                                            
Non cash default interest expense                                                                                   $ --                          $         (3,181 )                                                                $ --                                               $             (4,695 )
   Non cash default interest expense per share                                                                      $ --                          $          (0.02 )                                                                $ --                                               $              (0.02 )
                                                                                                                                                                                                                                                                                                            
Gain on investment                                                                                                  $ --                          $ --                                                                  $         16,560                                               $     --
   Gain on investment per share                                                                                     $ --                          $ --                                                                  $           0.08                                               $     --
                                                                                                                                                                                                                                                                                                            
Litigation settlements, net of related expenses                                                                     $ --                          $          6,963                                               $          1,329                            $              7,763  
                                                                                                                    $ --                          $           0.03                                               $           0.01                            $               0.04  
   Litigation settlements, net of related expenses per share
                                                                                                                                                                                                                                                                                                            
Interest capitalized                                                                                                $          1,027                          $          2,576                                                                  $          4,168                                               $              7,288
   Interest capitalized per share                                                                                   $           0.01                          $           0.01                                                                  $           0.02                                               $               0.04
                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                        As of December 31,
                                                                                                                                                                                                                                               ----------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                      2015                                                         2014
                                                                                                                                                                                                                                               --------------------------------------------------                ----------------------------------------
Straight-line rent receivable                                                                                                                                                                                                                   $                              67,477                                  $                          63,731
                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                            
    Same-center Net Operating Income
    (Dollars in thousands)
                                                                                                                                                                                                                                                          
                                                                                                                                                      Three Months Ended                                                                                                                           Year Ended
                                                                                                                                                         December 31,                                                                                                                             December 31,
                                                                                                                ----------------------------------------------------------------------------------------                                                 ----------------------------------------------------------------------------------------
                                                                                                                                2015                                   2014                                                                           2015                                   2014
                                                                                                                -------------------------------------                     -------------------------------------                                          -------------------------------------                     -------------------------------------
    Net income (loss)                                                                                                 $ (26,953 )                                               $  87,852                                                                        119,015                                                 $ 253,033
                                                                                                                                                                                                                                                                                                                    
    Adjustments:
    Depreciation and amortization                                                                                        77,519                                                    79,093                                                                        299,069                                                   291,273
    Depreciation and amortization from unconsolidated affiliates                                                          9,122                                                    11,152                                                                         40,476                                                    41,806
    Noncontrolling interests’ share of depreciation and amortization                                                     (2,109 )                                                  (2,011 )                                                                       (9,045 )                                                  (6,842 )
    in other consolidated subsidiaries
    Interest expense                                                                                                     54,981                                                    59,827                                                                        229,343                                                   239,824
    Interest expense from unconsolidated affiliates                                                                       6,591                                                     9,586                                                                         35,464                                                    38,458
    Noncontrolling interests’ share of interest expense in other                                                         (1,670 )                                                  (1,620 )                                                                       (6,760 )                                                  (5,613 )
    consolidated subsidiaries
    Abandoned projects expense                                                                                              190                                                        55                                                                          2,373                                                       136
    Gain on sales of real estate assets                                                                                 (14,109 )                                                  (1,829 )                                                                      (32,276 )                                                  (5,342 )
    Gain on sales of real estate assets of unconsolidated affiliates                                                       (234 )                                                    (289 )                                                                       (1,964 )                                                    (987 )
    Gain on investment                                                                                           --                                            --                                                                        (16,560 )                                          --
    Gain on extinguishment of debt                                                                               --                                                   (26,951 )                                                                         (256 )                                                 (87,893 )
    Loss on impairment                                                                                                  102,280                                                       105                                                                        105,945                                                    17,858
    Loss on impairment from discontinued operations                                                              --                                            --                                                                 --                                                       681
    Income tax provision                                                                                                    937                                                       233                                                                          2,941                                                     4,499
    Lease termination fees                                                                                                 (277 )                                                  (1,413 )                                                                       (4,660 )                                                  (3,808 )
    Straight-line rent and above- and below-market lease amortization                                                    (2,547 )                                                    (331 )                                                                       (7,403 )                                                  (3,359 )
    Net income attributable to noncontrolling interest in other                                                            (916 )                                                     (37 )                                                                       (5,473 )                                                  (3,777 )
    consolidated subsidiaries
    Gain on discontinued operations                                                                              --                                                      (188 )                                                               --                                                      (276 )
    General and administrative expenses                                                                                  15,678                                                    14,688                                                                         62,118                                                    50,271
    Management fees and non-property level revenues                                                                      (2,044 )                                                 (16,137 )                                                                      (24,958 )                                                 (36,386 )
                                                                                                                ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
    Operating Partnership’s share of property NOI                                                                       216,439                                                   211,785                                                                        787,389                                                   783,556
    Non-comparable NOI                                                                                                  (14,404 )                                                 (13,732 )                                                                      (51,994 )                                                 (53,357 )
                                                                                                                ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
    Total same-center NOI (1)                                                                                         $ 202,035                              $ 198,053                                                   $ 735,395                              $ 730,199  
                                                                                                                ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
    Total same-center NOI percentage change                                                                                 2.0 %                                                                                                                                    0.7 %
                                                                                                                ====================================                                                                                                     ====================================
                                                                                                                                                                                                                                                                                                                    
    Malls                                                                                                             $ 185,738                                                 $ 182,898                                                                      $ 672,683                                                 $ 671,410
    Associated centers                                                                                                    8,578                                                     7,927                                                                         32,348                                                    30,409
    Community centers                                                                                                     5,537                                                     5,331                                                                         21,658                                                    20,452
    Offices and other                                                                                                     2,182                                  1,897                                                       8,706                                  7,928  
                                                                                                                ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
    Total same-center NOI (1)                                                                                         $ 202,035                              $ 198,053                                                   $ 735,395                              $ 730,199  
                                                                                                                ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                    
    Percentage Change:
    Malls                                                                                                                   1.6 %                                                                                                                                    0.2 %
    Associated centers                                                                                                      8.2 %                                                                                                                                    6.4 %
    Community centers                                                                                                       3.9 %                                                                                                                                    5.9 %
    Offices and other                                                                                                      15.0 %                                                                                                                                    9.8 %
                                                                                                                ------------------------------------                                                                                                     ------------------------------------
    Total same-center NOI (1)                                                                                               2.0 %                                                                                                                                    0.7 %
                                                                                                                ====================================                                                                                                     ====================================
                                                                                                                                                                                                                                                                                                                    
(1) CBL defines NOI as property operating revenues (rental revenues,
    tenant reimbursements and other income), less property operating
    expenses (property operating, real estate taxes and maintenance
    and repairs). Same-center NOI excludes lease termination income,
    straight-line rent adjustments, and amortization of above and
    below market lease intangibles. Same-center NOI is for real estate
    properties and does not include the results of operations of the
    Company’s subsidiary that provides janitorial, security and
    maintenance services. We include a property in our same-center
    pool when we own all or a portion of the property as of December
    31, 2015, and we owned it and it was in operation for both the
    entire preceding calendar year and the current year-to-date
    reporting period ending December 31, 2015. New properties are
    excluded from same-center NOI, until they meet this criteria. The
    only properties excluded from the same-center pool that would
    otherwise meet this criteria are properties which are non-core,
    under major redevelopment, being considered for repositioning or
    where we intend to renegotiate the terms of the debt secured by
    the related property.
                                                                                                                                                                                                                                                                                                                    
                                                         
Company’s Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
                                                                              
                                                                                                                                                                                             As of December 31, 2015
                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                          Fixed Rate                           Variable Rate                           Total per                  Unamortized                     Total
                                                                                                                                                                                                               Debt                                         Deferred
                                                                                                                                                                                                             Schedule                                       Financing
                                                                                                                                                                                                                                                              Costs
                                                                             ---------------------------------                        ---------------------------------                        ---------------------------------                        -------------                        -----------------------------------
Consolidated debt                                                               $ 3,485,308                                              $ 1,241,379                                              $ 4,726,687                                             $ (16,059 )                             $ 4,710,628
Noncontrolling interests’ share of consolidated debt                               (111,754 )                                                 (6,981 )                                               (118,735 )                                                 855                                  (117,880 )
Company’s share of unconsolidated affiliates’ debt                                  664,249                               134,970                               799,219                             (1,486 )                                 797,733  
                                                                             -----------------------------------                      -----------------------------------                      -----------------------------------                      ---------------                      -------------------------------------
Company’s share of consolidated and unconsolidated debt                         $ 4,037,803                           $ 1,369,368                           $ 5,407,171                          $ (16,690 )                             $ 5,390,481  
                                                                             ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      === ======= ===                      ====== ========= ====================
Weighted average interest rate                                                         5.41 %                                                   1.81 %                                                   4.50 %
                                                                             ===================================                      ===================================                      ===================================
                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                             As of December 31, 2014
                                                                             -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                          Fixed Rate                                              Variable Rate                                              Total per                                     Unamortized                                        Total
                                                                                                                                                                                                               Debt                                         Deferred
                                                                                                                                                                                                             Schedule                                       Financing
                                                                                                                                                                                                                                                              Costs
                                                                             ---------------------------------                        ---------------------------------                        ---------------------------------                        -------------                        -----------------------------------
Consolidated debt                                                               $ 4,004,064                                              $   696,396                                              $ 4,700,460                                             $ (17,127 )                             $ 4,683,333
Noncontrolling interests’ share of consolidated debt                               (115,390 )                                                 (7,083 )                                               (122,473 )                                                 759                                  (121,714 )
Company’s share of unconsolidated affiliates’ debt                                  671,526                                96,776                               768,302                             (2,177 )                                 766,125  
                                                                             -----------------------------------                      -----------------------------------                      -----------------------------------                      ---------------                      -------------------------------------
Company’s share of consolidated and unconsolidated debt                         $ 4,560,200                           $   786,089                           $ 5,346,289                          $ (18,545 )                             $ 5,327,744  
                                                                             ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      === ======= ===                      ====== ========= ====================
Weighted average interest rate                                                         5.45 %                                                   1.75 %                                                   4.91 %
                                                                             ===================================                      ===================================                      ===================================
                                                                                                                                                                                                                                                                                              
                                                                                              
Debt-To-Total-Market Capitalization Ratio as of December 31,
2015
(In thousands, except stock price)
                                                                                                                                                         
                                                                                      Shares                        Stock Price (1)                                      Value
                                                                                    Outstanding
                                                                                   ----------                       ------------                        -----------------------------------
Common stock and Operating Partnership units                                       199,748                               $  12.37                            $ 2,470,883
7.375% Series D Cumulative Redeemable Preferred Stock                                1,815                                 250.00                                453,750
6.625% Series E Cumulative Redeemable Preferred Stock                                  690                                 250.00                                172,500  
                                                                                                                                                        -------------------------------------
Total market equity                                                                                                                                            3,097,133
Company’s share of total debt, excluding unamortized deferred                                                                                                  5,407,171  
financing costs
                                                                                                                                                        ---------------  --------------------
Total market capitalization                                                                                                                                  $ 8,504,304  
                                                                                                                                                        ====== ========= ====================
Debt-to-total-market capitalization ratio                                                                                                                           63.6 %
                                                                                                                                                         
(1) Stock price for common stock and operating partnership units
equals the closing price of the common stock on December 31, 2015.
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                                                                                                               Year Ended
                                                                                                                       December 31,                                                                                                                 December 31,
                                                                        --------------------------------------------------------------------------------------------------                              --------------------------------------------------------------------------------------------
2015:                                                                                      Basic                                       Diluted                                                          Basic                                    Diluted
                                                                        -------------------------------------------                     -------------------------------------------                     -------------------------------------------                     ------------------------------------
Weighted average shares - EPS                                                         170,495                                                         170,495                                                         170,476                                                                       170,499
Weighted average Operating Partnership units                                           29,258                                       29,258                                       29,258                                                     29,258
                                                                        ------------------------------------------                      ------------------------------------------                      ------------------------------------------                      ------------------------------------
Weighted average shares - FFO                                                         199,753                                      199,753                                      199,734                                                    199,757
                                                                        ==========================================                      ==========================================                      ==========================================                      ====================================
                                                                                                                                                                                                                                                                         
2014:
Weighted average shares - EPS                                                         170,261                                                         170,261                                                         170,247                                                                       170,247
Weighted average Operating Partnership units                                           29,282                                       29,282                                       29,413                                                     29,413
                                                                        ------------------------------------------                      ------------------------------------------                      ------------------------------------------                      ------------------------------------
Weighted average shares - FFO                                                         199,543                                      199,543                                      199,660                                                    199,660
                                                                        ==========================================                      ==========================================                      ==========================================                      ====================================
                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                         
Dividend Payout Ratio
                                                                                                                                                                                                                                                                         
                                                                                                                    Three Months Ended                                                                                                               Year Ended
                                                                                                                       December 31,                                                                                                                 December 31,
                                                                        --------------------------------------------------------------------------------------------------                              --------------------------------------------------------------------------------------------
                                                                                           2015                                                            2014                                                            2015                                                         2014
                                                                        -------------------------------------------                     -------------------------------------------                     -------------------------------------------                     ------------------------------------
Weighted average cash dividend per share                                 $ 0.27279                                                       $ 0.27280                                                       $ 1.09116                                                           $ 1.03218
FFO as adjusted, per diluted fully converted share                       $    0.71                                    $    0.67                                    $    2.32                                        $    2.28  
                                                                        -- ------- --------------------------------                     -- ------- --------------------------------                     -- ------- --------------------------------                     ------ ------- --------------------
Dividend payout ratio                                                         38.4 %                                                          40.7 %                                                          47.0 %                                                              45.3 %
                                                                        ===========================================                     ===========================================                     ===========================================                     ===================================
                                                                                                                                                                                                                                                                                        
     
    Consolidated Balance Sheets
    (Unaudited; in thousands, except share data)
                                                                                                                         As of December 31,
                                                                                                                      ----------------------------------------------------------------------------------------------------
                                                                                                                                        2015                                      2014
                                                                                                                      -----------------------------------------                     --------------------------------------
    ASSETS
      Real estate assets:
         Land, buildings and improvements, net of accumulated depreciation                                                    $ 5,781,962                                                $ 5,829,209
         Developments in progress                                                                                                  75,991                                 117,966  
                                                                                                                      ----------------------------------------                      -------------------------------------
           Net investment in real estate assets                                                                                 5,857,953                                                  5,947,175
      Cash and cash equivalents                                                                                                    36,892                                                     37,938
      Receivables:
                                                                                                                                   87,286                                                     81,338
         Tenant, net of allowance for doubtful accounts of $1,923 and
         $2,368 in 2015 and 2014, respectively
                                                                                                                                   17,958                                                     22,577
         Other, net of allowance for doubtful accounts of $1,276 and $1,285
         in 2015 and 2014, respectively
      Mortgage and other notes receivable                                                                                          18,238                                                     19,811
      Investments in unconsolidated affiliates                                                                                    276,383                                                    281,449
      Intangible lease assets and other assets (1)                                                                                185,281                                 208,884  
                                                                                                                      ----------------------------------------                      -------------------------------------
                                                                                                                              $ 6,479,991                             $ 6,599,172  
                                                                                                                      ========= ========= ====================                      ====== ========= ====================
                                                                                                                                                                                     
    LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
      Mortgage and other indebtedness (1)                                                                                     $ 4,710,628                                                $ 4,683,333
      Accounts payable and accrued liabilities                                                                                    344,434                                 328,352  
                                                                                                                      ----------------------------------------                      -------------------------------------
         Total liabilities                                                                                                      5,055,062                               5,011,685  
                                                                                                                      ----------------------------------------                      -------------------------------------
      Commitments and contingencies
         Redeemable noncontrolling interests                                                                                       25,330                                  37,559  
                                                                                                                      ----------------------------------------                      -------------------------------------
      Shareholders’ equity:
         Preferred stock, $.01 par value, 15,000,000 shares authorized:
                                                                                                                                       18                                                         18
          7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000
          shares outstanding
                                                                                                                                        7                                                          7
          6.625% Series E Cumulative Redeemable Preferred Stock, 690,000
          shares outstanding
                                                                                                                                    1,705                                                      1,703
          Common stock, $.01 par value, 350,000,000 shares authorized,
          170,490,948 and 170,260,273 issued and outstanding in 2015 and
          2014, respectively
         Additional paid-in capital                                                                                             1,970,333                                                  1,958,198
         Accumulated other comprehensive income                                                                                     1,935                                                     13,411
         Dividends in excess of cumulative earnings                                                                              (689,028 )                                                 (566,785 )
                                                                                                                      ----------------------------------------                      -------------------------------------
           Total shareholders’ equity                                                                                           1,284,970                                                  1,406,552
      Noncontrolling interests                                                                                                    114,629                                 143,376  
                                                                                                                      ----------------------------------------                      -------------------------------------
           Total equity                                                                                                         1,399,599                               1,549,928  
                                                                                                                      ----------------------------------------                      -------------------------------------
                                                                                                                              $ 6,479,991                             $ 6,599,172  
                                                                                                                      ========= ========= ====================                      ====== ========= ====================
                                                                                                                                                                                                      
(1)
     In accordance with the adoption in the fourth quarter of 2015 of
     accounting standards ASU 2015-03 and 2015-15, unamortized deferred
     financing costs, excluding those related to the Company’s credit
     lines, were reclassified from Intangible Lease Assets and Other
     Assets to Mortgage and Other Indebtedness. These reclassifications
     consisted of $16,059 and $17,127 as of December 31, 2015 and 2014,
     respectively.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160203006568r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160203006568/en/

SOURCE: CBL & Associates Properties, Inc.

CBL & Associates Properties, Inc. 
Katie Reinsmidt, 423-490-8301 
Senior Vice President - Investor Relations/Corporate Investments 
katie.reinsmidt@cblproperties.com


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.