CBL & Associates Properties Reports First 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. -- CBL Cbl cobalamin. & Associates Properties, Inc.
(NYSE NYSESee: New York Stock Exchange :CBL): --FFO per share rose 23.6% to $1.52 in the first quarter. --Same-center NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics for the first quarter rose 10.7%. --Same store sales improved by 4.5% year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. . --Portfolio 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 rose to 91.3% in the first quarter. CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the first quarter ended March 31, 2005. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measure is located at the end of this release. Net income available to common shareholders for the first quarter ended March 31, 2005, was $25,371,000 compared with $30,189,000 for the prior-year period representing a decline of 16.0%. Net income available to common shareholders per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share was $0.78 in the first quarter ended March 31, 2005, compared with $0.96 for the prior-year period, representing a decline of 18.8%. Net income available to common shareholders in the first quarter 2004 of $0.96 per share included one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gains from the sale of six community and power centers to the Galileo Galileo (Galileo Galilei) (găl'ĭlē`ō; gälēlĕ`ō gälēlĕ`ē), 1564–1642, great Italian astronomer, mathematician, and physicist. America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. joint venture of $0.32 per share. There was no gain associated with the sale of four community centers in the final phase of the Galileo America joint venture which closed in January January: see month. 2005. 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. (FFO FFO See: Funds from operations ) increased 27.0% to $88,461,000 for the first quarter of 2005 from $69,660,000 for the first quarter of 2004. FFO per share on a diluted fully converted basis increased 23.6% to $1.52 for the first quarter of 2005 from $1.23 in the prior-year period. HIGHLIGHTS --Total revenues increased 22.5% in the first quarter 2005 to $210,905,000 from $172,159,000 in the prior-year period. --Same center net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the portfolio improved in the first quarter of 2005 by 10.7% compared with a 1.7% increase for the prior-year period. Significant factors positively impacting the first quarter 2005 NOI growth of $12.2 million over the prior year period included: i) Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $6.1 million related to improvements in bad debt expense and other charges against revenues; ii) Approximately $400,000 related to accounting for rent holidays; iii) Approximately $1.0 million more in percentage rents compared with the first quarter of 2004 related to malls acquired in 2003. --Same-store sales for 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. tenants of 10,000 square feet or less for 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 as of March 31, 2005, increased 4.5% for those tenants who have reported sales compared with a 7.5% increase for the first quarter of 2004. --The debt-to-total-market capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. ratio as of March 31, 2005, was 44.0% based on the common stock closing price of $71.51 and a fully converted common stock share count of 57,035,000 as of the same date. The debt-to-total-market capitalization ratio as of March 31, 2004, was 44.5% based on the common stock closing price of $61.34 and a fully converted common stock share count of 55,808,000 as of the same date. --Variable rate debt of $789,185,000 represents 9.9% of the total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. for the Company and 22.5% of the Company's share of total consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: and unconsolidated debt. CBL's Chairman 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, "With such a strong, well-balanced well-bal·anced adj. 1. Evenly proportioned, balanced, or regulated. 2. Mentally stable; sensible or sound. well-balanced Adjective sensible and emotionally stable Adj. first quarter, we are fortunate to be able to point to many factors that positively influenced our performance. We generated impressive same-center NOI growth in our existing portfolio from improvements in several areas including increases in occupancy, specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. leasing and sponsorship income. Additionally, the impact from continuously redeveloping our portfolio has led to significant new rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time as we proactively converted several department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. to large space users and mall shop expansions. "A year ago, the prevailing theme in the mall industry was the large number of tenant bankruptcies. We have proven quite convincingly con·vinc·ing adj. 1. Serving to convince: a convincing argument; a convincing manner. 2. Believable; plausible: a convincing story. See Synonyms at valid. that this challenge could be converted into opportunities to enhance our tenant base. We have backfilled over 230,000 square feet of space lost to bankruptcies over the past two years leading to significant improvement in overall tenant quality and increases in rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. rates. We are now benefiting from a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. environment with more productive tenants, retailers pursuing expansion plans and a stronger economy overall. "Much of the current industry discussion has focused on department store consolidation, select retailers moving to off-mall venues and the appeal of lifestyle-oriented centers to consumers. We look at these trends as opportunities to continue to recapture recapture n. in income tax, the requirement that the taxpayer pay the amount of tax savings from past years due to accelerated depreciation or deferred capital gains upon sale of property. (See: income tax) RECAPTURE, war. underperforming department store space, add exterior-oriented restaurants and upscale lifestyle elements to each of our malls, and convert outparcels and adjoining property into new development projects. In each instance, these initiatives align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. perfectly with our focus to continuously redevelop re·de·vel·op v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. and retenant our properties in an effort to offer consumers the most exciting shopping venues available. We expect to continue to successfully execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution these initiatives in 2005 and beyond."
PORTFOLIO OCCUPANCY(a) March 31,
2005 2004
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Portfolio occupancy 91.3% 90.8%
Mall portfolio 91.5% 91.0%
Stabilized malls (67) 91.9% 91.5%
Non-stabilized malls (3) 81.8% 81.5%
Associated centers (26) 91.9% 88.7%
Community centers (5) 82.9% 91.6%
(a) Figures exclude the community centers that were contributed into
the Galileo America joint venture.
PROPERTY SALES In January, the Company completed the final phase of the Galileo America joint venture. The Company transferred two power centers, one community center and one community center expansion to the joint venture for total consideration of $58.6 million. The Company recognized an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. loss of $1.95 million in the fourth quarter 2004 and an additional impairment loss of $262,000 in the first quarter 2005 related to the properties in this transaction. The Company also completed the sale of five community center properties located throughout Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). for a total sales price of $12.1 million. The Company previously took an impairment loss of $617,000 in the fourth quarter of 2004 and took an additional loss of $32,000 in the first quarter 2005 related to the properties in this transaction. OUTLOOK AND GUIDANCE Based on today's outlook and the Company's first quarter results, the Company is offering guidance for 2005 FFO in the range of $5.88 to $5.96 per share. The full year guidance assumes NOI growth in the range of 3% to 4% and excludes the impact of any future acquisitions, termination fee termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. income, gains on sales of outparcels, or gains on sales of non-operating properties. The Company expects to update its annual guidance after each quarter's results.
Low High
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Expected diluted earnings per common share $ 2.97 $ 3.05
Adjust to fully converted shares from common shares (1.31) (1.35)
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Expected earnings per diluted, fully converted common
share 1.66 1.70
Add: depreciation and amortization 2.91 2.91
Add: minority interest in earnings of Operating
Partnership 1.31 1.35
------ ------
Expected FFO per diluted, fully converted common share $ 5.88 $ 5.96
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INVESTOR CONFERENCE CALL AND SIMULCAST Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. CBL & Associates Properties, Inc. will conduct a conference call at 10:00 am EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on May 4, 2005, to discuss the first quarter results. The number to call for this interactive teleconference is 913-981-5509. A seven-day Adj. 1. seven-day - lasting through a week; "her weeklong vacation" weeklong long - primarily temporal sense; being or indicating a relatively great or greater than average duration or passage of time or a duration as specified; "a long life"; "a long boring replay of the conference call will be available by dialing 719-457-0820 and entering the passcode 7513644. A transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record of the Company's prepared remarks will be furnished fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. on a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. following the conference call. To receive the CBL & Associates Properties, Inc., first quarter earnings release and supplemental information please visit our website at http://cblproperties.com or contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at 423-490-8292. The Company will also provide an online Web simulcast and rebroadcast of its 2005 first quarter earnings release conference call. The live broadcast of CBL's quarterly conference call will be available online at the Company's Web site at http://cblproperties.com, as well as http://www.streetevents.com and http://www.fulldisclosure.com, on May 4, 2005, beginning at 10:00 a.m. EDT. The online replay will follow shortly after the call and continue through May 18, 2005. CBL & Associates Properties, Inc. is the fourth largest mall REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and the largest owner of malls and 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 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: tr.v. en·closed, en·clos·ing, en·clos·es 1. To surround on all sides; close in. 2. To fence in so as to prevent common use: enclosed the pasture. regional malls. The properties are located in 29 states and total 73.5 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has nine projects under construction totaling approximately 1.5 million square feet. The projects include two open-air shopping centers located in Ft. Myers Myers can refer to: People
Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. (Waltham Waltham (wôl`thăm, –thəm), city (1990 pop. 57,878), Middlesex co., E Mass., a suburb of Boston, on the Charles River; settled c.1634, set off from Watertown 1738, inc. as a city 1884. ), MA. Additional information can be found at http://cblproperties.com NON-GAAP FINANCIAL MEASURES Funds From Operations FFO is a widely used measure of the operating performance of real estate companies that supplements net income determined in accordance 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 generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP"). The National Association of Real Estate Investment Trusts defines FFO as net income (computed in accordance with GAAP) excluding gains or losses on sales of operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company believes that FFO provides an additional indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of the operating performance of the Company's properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets decline predictably over time. Since values of well-maintained real estate assets have historically risen or fallen with market conditions, the Company believes that FFO enhances investors' understanding of the Company's operating performance. FFO does not represent cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses as defined by accounting principles generally accepted in the 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. , is not necessarily indicative indicative: see mood. of cash available to fund all cash flow needs and should not be considered as an alternative to net income for purposes of evaluating the Company's operating performance or to cash flow as a measure of liquidity. Same-Center Net Operating Income Net operating income ("NOI") is a supplemental measure of the operating performance of the Company's shopping centers. The Company defines NOI as operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. (rental revenues, tenant reimbursements and other income) less property operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. (property operating, real estate taxes and maintenance and repairs). Similar to FFO, the Company computes NOI based on its pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. share of both consolidated and unconsolidated properties. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's NOI may not be comparable to that of other companies. A reconciliation of same-center NOI to net income is located at the end of this earnings release. Since NOI includes only those revenues and expenses related to the continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of its shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) , rental rates and operating costs operating costs npl → gastos mpl operacionales and the impact of those trends on the Company's results of operations. 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 minority investors' 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 consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. is located at the end of this earnings release. Information included herein contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties.
CBL & Associates Properties, Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
Three Months Ended
March 31,
-------------------
2005 2004
--------- ---------
REVENUES:
Minimum rents $130,431 $108,450
Percentage rents 8,099 6,685
Other rents 3,125 2,786
Tenant reimbursements 60,786 47,996
Management, development and leasing fees 3,045 1,795
Other 5,419 4,447
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Total revenues 210,905 172,159
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EXPENSES:
Property operating 31,665 27,645
Depreciation and amortization 41,286 32,556
Real estate taxes 15,451 13,081
Maintenance and repairs 12,345 10,194
General and administrative 9,186 8,233
Loss on impairment of real estate assets 262 -
Other 3,430 3,032
--------- ---------
Total expenses 113,625 94,741
--------- ---------
Income from operations 97,280 77,418
Interest income 1,683 880
Interest expense (48,921) (40,434)
Loss on extinguishment of debt (884) -
Gain on sales of real estate assets 2,714 19,825
Equity in earnings of unconsolidated affiliates 3,091 2,864
Minority interest in earnings:
Operating partnership (20,826) (25,034)
Shopping center properties (1,397) (1,238)
--------- ---------
Income before discontinued operations 32,740 34,281
Operating income of discontinued operations 305 329
Loss on discontinued operations (32) (5)
--------- ---------
Net income 33,013 34,605
Preferred dividends (7,642) (4,416)
--------- ---------
Net income available to common shareholders $25,371 $30,189
========= =========
Basic per share data:
Income before discontinued operations,
net of preferred dividends $0.80 $0.98
Discontinued operations 0.01 0.02
--------- ---------
Net income available to common shareholders $0.81 $1.00
========= =========
Weighted average common shares outstanding 31,224 30,324
Diluted per share data:
Income before discontinued operations,
net of preferred dividends $0.77 $0.95
Discontinued operations 0.01 0.01
--------- ---------
Net income available to common shareholders $0.78 $0.96
========= =========
Weighted average common and potential dilutive
common shares outstanding 32,397 31,567
The Company's calculation of FFO is as follows (in thousands, except
per share data):
Three Months Ended
March 31,
-------------------
2005 2004
--------- ---------
Net income available to common shareholders $25,371 $30,189
Add:
Depreciation and amortization from consolidated
properties 41,286 32,556
Depreciation and amortization from unconsolidated
affiliates 1,710 1,196
Depreciation and amortization from discontinued
operations - 189
Minority interest in earnings of operating
partnership 20,826 25,034
Less:
Gain on sales of operating real estate assets (223) (19,081)
Minority investors' share of depreciation and
amortization (362) (293)
Loss on discontinued operations 32 5
Depreciation and amortization of non-real estate
assets (179) (135)
--------- ---------
Funds from operations $88,461 $69,660
========= =========
Funds from operations applicable to Company
shareholders $48,582 $38,082
========= =========
Basic per share data:
Funds from operations $1.56 $1.26
========= =========
Weighted average common shares outstanding with
operating partnership units fully converted 56,854 55,471
Diluted per share data:
Funds from operations $1.52 $1.23
========= =========
Weighted average common and potential dilutive
common shares outstanding with operating
partnership units fully converted 58,028 56,713
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees $2,249 $1,143
Lease termination fees per share $0.04 $0.02
Straight-line rental income $1,767 $650
Straight-line rental income per share $0.03 $0.01
Gains on outparcel sales $2,610 $1,339
Gains on outparcel sales per share $0.04 $0.02
Amortization of acquired above- and below-market
leases $1,164 $638
Amortization of acquired above- and below-
market leases per share $0.02 $0.01
Amortization of debt premiums $1,709 $973
Amortization of debt premiums per share $0.03 $0.02
Gain on sales of non operating properties $816 $-
Gain on sales of non operating properties per
share $0.01 $-
Loss on impairment of real estate assets $(262) $-
Loss on impairment of real estate assets per
share $- $-
Same-Center Net Operating Income
(Dollars in thousands)
Three Months Ended
March 31,
-------------------
2005 2004
--------- ---------
Net income $33,013 $34,605
Adjustments:
Depreciation and amortization 41,286 32,556
Depreciation and amortization from unconsolidated
affiliates 1,710 1,196
Depreciation and amortization from discontinued
operations - 189
Minority investors' share of depreciation and
amortization in shopping center properties (362) (293)
Interest expense 48,921 40,434
Interest expense from unconsolidated affiliates 2,522 1,417
Interest expense from discontinued operations - 11
Minority investors' share of interest expense in
shopping center properties (378) (415)
Loss on extinguishment of debt 884 -
Abandoned projects expense 121 441
Gain on sales of real estate assets (2,714) (19,825)
Loss on impairment of real estate assets 262 -
Gain on sales of real estate assets of
unconsolidated affiliates (934) (592)
Minority interest in earnings of operating
partnership 20,826 25,034
Loss on discontinued operations 32 5
--------- ---------
Operating partnership's share of total NOI 145,189 114,763
General and administrative expenses 9,186 8,233
Management fees and non-property level revenues (5,539) (4,970)
--------- ---------
Operating partnership's share of property NOI 148,836 118,026
NOI of non-comparable centers (23,128) (4,505)
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Total same center NOI $125,708 $113,521
========= =========
Malls $115,896 $104,459
Associated centers 5,706 6,593
Community centers 1,309 512
Other 2,797 1,957
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Total same center NOI $125,708 $113,521
========= =========
Percentage Change:
Malls 10.9%
Associated centers -13.5%
Community centers 155.7%
Other 42.9%
---------
Total same center NOI 10.7%
=========
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
March 31, 2005
--------------------------------------
Fixed Rate Variable Rate Total
------------ -------------------------
Consolidated debt $2,660,174 $709,128 $3,369,302
Minority investors' share of
consolidated debt (52,667) - (52,667)
Company's share of
unconsolidated affiliates'
debt 107,219 80,057 187,276
------------ ------------- -----------
Company's share of consolidated
and unconsolidated debt $2,714,726 $789,185 $3,503,911
============ ============= ===========
Weighted average interest rate 6.34% 3.70% 5.75%
============ ============= ===========
March 31, 2004
--------------------------------------
Fixed Rate Variable Rate Total
------------ -------------------------
Consolidated debt $2,369,807 $446,075 $2,815,882
Minority investors' share of
consolidated debt (53,683) - (53,683)
Company's share of
unconsolidated affiliates'
debt 59,311 98,877 158,188
------------ ------------- -----------
Company's share of consolidated
and unconsolidated debt $2,375,435 $544,952 $2,920,387
============ ============= ===========
Weighted average interest rate 6.56% 2.46% 5.80%
============ ============= ===========
Debt-To-Total-Market Capitalization Ratio as
of March 31, 2005
(In thousands, except stock price)
Shares Stock Price Value
Outstanding (1)
------------ -------------------------
Common stock and operating
partnership units 57,035 $71.51 $4,078,573
8.75% Series B Cumulative
Redeemable Preferred Stock 2,000 50.00 100,000
7.75% Series C Cumulative
Redeemable Preferred Stock 460 250.00 115,000
7.375% Series D Cumulative
Redeemable Preferred Stock 700 250.00 175,000
-----------
Total market equity 4,468,573
Company's share of total debt 3,503,911
-----------
Total market capitalization $7,972,484
===========
Debt-to-total-market
capitalization ratio 44.0%
===========
(1) Stock price for common stock and operating partnership units
equals the closing price of the common stock on March 31, 2005.
The stock price for the preferred stock represents the liquidation
preference of each respective series of preferred stock.
Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
Three Months Ended
March 31,
--------------------
2005: Basic Diluted
---------- ---------
Weighted average shares - EPS 31,224 32,397
Weighted average operating partnership units 25,630 25,631
---------- ---------
Weighted average shares - FFO 56,854 58,028
========== =========
2004:
Weighted average shares - EPS 30,324 31,567
Weighted average operating partnership units 25,147 25,146
---------- ---------
Weighted average shares - FFO 55,471 56,713
========== =========
Dividend Payout Ratio Three Months Ended
March 31,
---------- ---------
2005 2004
---------- ---------
Dividend per share $0.8125 $0.725
FFO per diluted, fully converted share $1.52 $1.23
---------- ---------
Dividend payout ratio 53.5% 58.9%
========== =========
Consolidated Balance Sheets
(Preliminary and unaudited, in thousands)
March 31, December 31,
2005 2004
----------- ------------
ASSETS
Real estate assets:
Land $659,719 $659,782
Buildings and improvements 4,689,107 4,670,462
----------- ------------
5,348,826 5,330,244
Less: accumulated depreciation (612,957) (575,464)
----------- ------------
4,735,869 4,754,780
Real estate assets held for sale - 61,607
Developments in progress 99,976 78,393
----------- ------------
Net investment in real estate assets 4,835,845 4,894,780
Cash and cash equivalents 58,935 25,766
Receivables:
Tenant, net of allowance 34,183 38,409
Other 12,214 13,706
Mortgage notes receivable 29,889 27,804
Investment in unconsolidated affiliates 94,704 84,782
Other assets 113,010 119,253
----------- ------------
$5,178,780 $5,204,500
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable $3,369,302 $3,359,466
Mortgage notes payable on real estate
assets held for sale - 12,213
Accounts payable and accrued liabilities 186,365 212,064
----------- ------------
Total liabilities 3,555,667 3,583,743
----------- ------------
Commitments and contingencies
Minority interests 567,110 566,606
----------- ------------
Shareholders' equity:
Preferred stock, $.01 par value 32 32
Common stock, $.01 par value 314 313
Additional paid-in capital 1,027,589 1,025,792
Deferred compensation (2,883) (3,081)
Retained earnings 30,951 31,095
----------- ------------
Total shareholders' equity 1,056,003 1,054,151
----------- ------------
$5,178,780 $5,204,500
=========== ============
The balance sheet above is preliminary as of the date of this report.
Please refer to the Company's Quarterly Report on Form 10-Q when
filed for a complete balance sheet as of March 31, 2005.
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