CBL & ASSOCIATES PROPERTIES, INC. REPORTS SECOND QUARTER RESULTS.CHATTANOOGA Chattanooga (chăt'ən  `gə), city (1990 pop. 152,466), seat of Hamilton co., E Tenn., on both sides of the Tennessee River near the Georgia line; inc. 1839. , Tenn.--(BUSINESS WIRE)--July 30, 1996--
-- Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. increased 23.2% -- Twelve projects totaling 3.9 million square feet under construction -- Completed sale of one community center CBL Cbl cobalamin. & Associates Properties, Inc. (NYSE NYSE See: New York Stock Exchange :CBL) today announced results for the second quarter and six months ended June June: see month. 30, 1996. For the second quarter of 1996, funds from operations (FFO FFO See: Funds from operations ) on a fully converted basis increased 23.2% to $14,982,000 compared with $12,162,000 for the second quarter of 1995. On a per share basis, FFO increased 6.4% to $.50 for the second quarter of 1996, after taking into account a follow-on offering Follow-On Offering An offering of additional shares after a company has had an initial public offering. Notes: This sometimes means the company is strapped for cash. So they need to issue more shares to pay bills or finance a new project. of 4,163,500 shares in September September: see month. 1995, compared with $.47 in the year-earlier period. Net income for the second quarter of 1996 increased 119.5% to $10,897,000 from $4,965,000 in 1995. On a per share basis, net income increased 73.3% to $.52 in the second quarter of 1996 compared with $.30 in the prior-year period. Revenues for the second quarter of 1996 increased 14.2% to $35,969,000 over revenues of $31,503,000 in the second quarter of 1995. Funds from operations for the six months ended June 30, 1996, increased 23.7% to $30,131,000, or $1.00 per share, compared with $24,363,000, or $.94 per share, for the year-earlier period. Net income for the first six months of 1996 increased 86.3% to $17,634,000, or $.85 per share, compared with $9,465,000, or $.57 per share, for 1995. Revenues for the first six months of 1996 increased 14.7% to $71,349,000 over revenues of $62,221,000 in the first half of 1995. Funds from operations were calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with NAREIT's recommendation concerning finance costs and non-real estate depreciation. However, the FFO calculation excluded outparcel sales and straight-lined Straight´-lined` a. 1. Having straight lines. rents. Had these two items been included in the FFO calculation, as permitted by NAREIT NAREIT National Association of Real Estate Investment Trusts , FFO for the second quarter of 1996 would have been $.66 per share and FFO for the first six months of 1996 would have been $1.19 per share. Commenting on the results, CBL's chairman, president and chief executive officer, Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by B. Lebovitz, said, "Occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy and operations from our new and existing properties continue to improve. Our outlook remains optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op with the largest development program in the history of our company currently under construction." Total mall mall: see shopping center. (World-Wide Web) mall - A collection of World-Wide Web documents featuring commercial products and services, usually served by one particualr Internet access provider. shop sales volume increased 11.9% to $271.0 million for the first six months of 1996 compared with $242.2 million in the 1995 period. Mall shop sales in stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. malls, for those tenants who have reported, increased 1.7% on a comparable per square foot basis for the first six months of 1996 compared with the first half of 1995. Total portfolio occupancy increased to 93.0% at June 30, 1996, compared with 92.3% a year earlier. Occupancy remained constant at 87.9% at CBL's stabilized malls at June 30, 1996 as compared with June 30, 1995; new malls increased to 85.3% from 83.0%; associated centers increased to 99.0% from 98.7%; and community centers increased to 96.9% from 95.8% at June 30, 1995. Average base rents per square foot at June 30, 1996, increased over the prior-year period by 4.7% for malls to $18.21; by 0.6% for associated centers to $8.32; and by 1.2% to $6.74 per square foot for community centers. CBL also announced that it had completed the sale of its free-standing free-standing Managed care adjective Referring to a physically and, often, financially discrete entity–eg, a surgical center, that is separate from, but may be affiliated with, a hospital; FS facilities may provide ambulatory surgery, emergency or Lowe's “Lowes” redirects here. For other uses, see Lowes (disambiguation). Lowe's Home Improvement Warehouse (NYSE: LOW) is a US-based chain of retail home improvement and appliance stores. Home Improvement Center in Benton Charter Township, Michigan There is also Benton Township, Cheboygan County, Michigan and Benton Township, Eaton County, Michigan. Benton Charter Township is a charter township of Berrien County in the U.S. state of Michigan. As of the 2000 census, the township population was 16,404. . The sale of the property generated a gain of $2.1 million. In a previous announcement, CBL's board of directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a regular quarterly cash dividend of $.42 per share. The dividend, which equates to an annual rate of $1.68 per share for 1996, is payable August 22, 1996, to shareholders of record on August 8, 1996. CBL & Associates Properties, Inc. is a real estate investment trust which owns regional malls and community shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , primarily in the Southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: n. 1. Abbr. NE The direction or point on the mariner's compass halfway between due north and due east, or 45° east of due north. 2. An area or region lying in the northeast. 3. United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company has a portfolio of 105 properties totaling 18.9 million square feet, manages an additional 2.3 million square feet of non-owned shopping centers, and presently has under construction eleven new shopping centers and one mall redevelopment and expansion totaling 3.9 million square feet. -0-
CBL & ASSOCIATES PROPERTIES, INC.
(in thousands, except per share amounts)
Consolidated Statements of Operations (Unaudited)
3 Months Ended 6 Months Ended
June 30, June 30,
1996 1995 1996 1995
Funds from operations -
operating partnership
units fully converted $ 14,982 $ 12,162 $ 30,131 $ 24,363
Funds from operations
applicable to REIT
shareholders $ 10,337 $ 7,780 $ 20,787 $ 15,586
Funds from operations
per share $ 0.50 $ 0.47 $ 1.00 $ 0.94
Dividend declared per
share $ 0.42 $ 0.3975 $ 0.84 $ 0.795
Revenues: Minimum rents $ 22,573 $ 20,265 $ 45,071 $ 39,269 Percentage rents 308 289 1,354 1,286 Other rents 206 161 439 308 Tenant reimbursements 11,197 9,221 21,320 17,943 Management and leasing fees 651 582 1,259 1,172 Development fees 7 0 7 249 Interest and other 1,027 985 1,899 1,994 Total revenues $ 35,969 $ 31,503 $ 71,349 $ 62,221 Expenses: Property operating $ 6,285 $ 4,836 $ 11,703 $ 9,734 Depreciation and amortization 6,202 5,576 12,351 10,901 Real estate taxes 2,842 2,458 5,502 4,788 Maintenance and repairs 2,203 2,022 4,459 3,932 General and administrative 2,150 1,829 4,339 4,214 Interest 7,604 8,180 15,495 15,578 Other 69 461 265 461 Total expenses $ 27,355 $ 25,362 $ 54,114 $ 49,608 Income from operations $ 8,614 $ 6,141 $ 17,235 $ 12,613 Gain on sales of real estate assets 6,864 1,432 7,479 1,584 Equity in earnings of unconsolidated affiliates 440 218 1,110 745 Minority investors' interest in earnings: Operating partnership (4,908) (2,795) (7,927) (5,330) Shopping center properties (113) (31) (263) (147) Net income $ 10,897 $ 4,965 $ 17,634 $ 9,465 Net income per share $ 0.52 $ 0.30 $ 0.85 $ 0.57 Number of shares outstanding: Primary 20,859 16,645 20,853 16,644 Operating partnership units fully converted 30,233 26,019 30,227 26,017
Certain reclassifications have been made to prior-year income
statements in order to conform with the current-year presentation.
CBL & ASSOCIATES PROPERTIES, INC.
(In thousands, except per share amounts)
Summarized Balance Sheet Information
June 30, December 31,
1996 1995
(Unaudited) (Audited)
Cash and cash equivalents $ 4,685 $ 3,029
Developments in progress 75,369 28,273
Total assets 867,548 814,168
Mortgage notes payable 437,275 392,754
Minority investors' interests 117,899 113,692
Shareholders' equity 281,015 270,892
Funds From Operations 3 Months Ended 6 Months Ended
Calculation June 30, June 30,
New Basis New Basis
1996 1995 1996 1995
Income from
operations $ 8,614 $ 6,141 $17,235 $12,613
Add: Depreciation and
amortization
from consolidated
properties 6,202 (1) 5,678 (2) 12,351 (3) 11,163 (4)
Income from operations
of unconsolidated
affiliates 440 218 1,110 745
Depreciation and
amortization from
unconsolidated
affiliates 308 309 626 640
Write-off of development
costs charged to
net income 69 461 265 461
Less:Minority investors'
share of income from
operations in seven
properties (113) (31) (263) (147)
Minority investors'
share of
depreciation and
amortization
in seven properties (156) (50) (315) (97)
Preference return paid
to mortgagees (85) (208) (348) (489)
Adjustment for
straight-lining of rents:
Consolidated
properties (236) (356) (400) (527)
Unconsolidated
affiliates (3) 0 (10) 0
Minority investors'
share of seven
properties 7 0 9 1
Depreciation and
amortization of non-
real estate assets and
finance costs (65) 0 (129) 0
TOTAL FFO $ 14,982 $ 12,162 $ 30,131 $ 24,363
FFO PER SHARE $ 0.50 $ 0.47 $ 1.00 $ 0.94
(1) Old Basis would have included $172 of non-real estate
depreciation, which now is classified as property operating
expense on the income statement, and excluded finance costs.
(2) Includes $102 of non-real estate depreciation, which now is
classified as property operating expense on the income
statement.
(3) Old Basis would have included $349 of non-real estate
depreciation, which now is classified as property operating
expense on the income statement, and excluded finance costs.
(4) Includes $262 of non-real estate depreciation, which now is
classified as property operating expense on the income statement
CONTACT: CBL & Associates Properties, Inc. John N. Foy, 423/855-0001 |
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