CBL reports third 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)--Nov. 2, 1994--CBL &
Associates Properties, Inc. (NYSE NYSESee: New York Stock Exchange :CBL Cbl cobalamin. ) today announced results for the third quarter and first nine months ended September September: see month. 30, 1994. For the third quarter of 1994, 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. on a fully converted basis increased 12.1% to $11,199,000, or $.43 per share, compared with pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma funds from operations of $9,994,000, or $.39 per share, for the third quarter of 1993. Income before sales of real estate assets for the third quarter of 1994 increased 20.5% to $3,963,000, or $.15 per share, compared with pro forma income before sales of real estate assets of $3,288,000, or $.13 per share, for the third quarter of 1993. Revenues for the third quarter of 1994 increased to $26,543,000 over pro forma revenues of $26,061,000 in the third quarter of 1993. Funds from operations for the nine months ended September 30, 1994, increased 15.1% to $32,767,000, or $1.27 per share, compared with pro forma funds from operations of $28,473,000, or $1.10 per share, for the year-earlier period. Income before sales of real estate assets for the first nine months of 1994 was $12,305,000, or $.74 per share, compared with $8,628,000, or $.56 per share, for 1993. Revenues for the 1994 nine-month period increased to $79,020,000 over pro forma revenues of $73,690,000 in the first nine months of 1993. 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, "Since the first of this year, our Company has opened 1.7 million square feet of new 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 . These new retail properties have started to contribute to our earnings. Continued improvement in operations at our existing properties and our active development program represent an integral part of the growth of our company." Mall shop sales for the mall portfolio increased 4.5% per square foot for the first nine months of 1994 compared with 1993. The total 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 increased to 91.7% as of September 30, 1994, compared with 90.6% at December December: see month. 31, 1993. In a previous announcement, CBL's board 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 $.375 per share, payable November November: see month. 23, 1994, to shareholders of record November 9, 1994. This is equivalent to the $1.50 per share dividend as stated in the prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. for the initial public offering, which closed in November 1993. CBL & Associates Properties, Inc. is a real estate investment trust which owns regional malls and community shopping centers, 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 99 properties totaling 16.5 million square feet, manages an additional 2.1 million square feet of non-owned shopping center properties, and presently has 1.6 million square feet of new shopping centers under construction. -0-
CBL & ASSOCIATES PROPERTIES, INC.
(in thousands, except per share amounts)
Consolidated Statements of Operations (Unaudited)
CBL & Associates Properties, Inc. CBL Properties
9 Months 3 Months 9 Months 3 Months
Ended Ended Ended Ended
Sept. 30, Sept. 30, Sept. 30, Sept.30,
1994 1994 1993 1993
(Pro Forma)(1)
Funds from operations --
operating partnership
units fully converted $32,767 $11,199 $28,473 $ 9,994
Funds from operations
applicable to REIT
shareholders $21,112 $ 7,217 $18,345 $ 6,439
Funds from operations
per share $ 1.27 $ .43 $ 1.10 $ .39
Dividend declared
per share $ 1.125 $ .375 $ -- $ --
Revenues:
Minimum rents $49,156 $ 16,646 $45,751 $16,394
Percentage and
other rents 1,722 467 1,429 624
Tenant reimbursements 23,383 7,841 21,794 7,330
Management and
leasing fees 1,662 548 950 342
Development fees 135 45 150 0
Interest and other 2,962 996 3,616 1,371
Total revenues $79,020 $26,543 $73,690 $26,061
Expenses:
Property operating $13,127 $ 4,687 $12,844 $ 4,906
Depreciation and
amortization 13,694 5,022 13,633 4,883
Real estate taxes 6,411 2,075 6,366 2,327
Maintenance and repairs 4,746 1,575 4,928 1,814
General and
administrative 6,446 1,791 5,979 2,045
Interest 16,103 5,443 14,780 3,877
Total expenses $60,527 $20,593 $58,530 $19,852
Income from operations $18,493 $ 5,950 $15,160 $ 6,209
Equity in earnings of
CBL investment
properties 918 283 439 30
Minority investors'
interest in
earnings (7,106) (2,270) (6,971) (2,951)
Income before gain on
sale of real
estate assets 12,305 3,963 8,628 3,288
Gain on sale of real
estate assets 201 0 1,448 922
Net income $12,506 $ 3,963 $10,076 $ 4,210
Net income per share $ .75 $ .24 $ .65 $ .27
Number of shares
outstanding:
Primary 16,624 16,624 15,402 15,402
Operating partnership
units fully converted 25,802 25,802 25,802 25,802
(1) Pro forma statement of operations presented as if the
offering had occurred on January 1, 1993.
CBL & ASSOCIATES PROPERTIES, INC.
(In thousands)
Summarized Balance Sheet Information
September 30, December 31,
1994 1993
(Unaudited) (Audited)
Cash and cash equivalents $ 2,666 $ 12,366
Investments in real estate, net 644,399 578,319
Total assets 691,404 629,545
Mortgage notes payable 335,031 276,928
Minority investors' interests 107,324 109,796
Shareholders' equity 216,847 216,808
CONTACT: CBL & Associates Properties, Inc., Chattanooga John N. Foy, 615/855-0001 |
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