DELAWARE (CBL & ASSOCIATES PROPERTIES, INC.) | 62-1545718 | |
DELAWARE (CBL & ASSOCIATES LIMITED PARTNERSHIP) | 62-1542285 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | |||
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller Reporting Company o |
CBL & Associates Limited Partnership | |||
Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller Reporting Company o |
CBL & Associates Properties, Inc. | Yes o | No x | |
CBL & Associates Limited Partnership | Yes o | No x |
• | enhances investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business; |
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation, since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and |
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
• | condensed consolidated financial statements; |
• | certain accompanying notes to condensed consolidated financial statements, including Note 5 - Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments; Note 6 - Mortgage and Other Indebtedness; Note 7 - Comprehensive Income; and Note 11 - Earnings Per Share and Earnings Per Unit; |
• | controls and procedures in Item 4 of Management's Discussion and Analysis; and |
• | certifications of the Chief Executive Officer and Chief Financial Officer included as Exhibits 31.1 through 32.4. |
PART I | FINANCIAL INFORMATION | |
CBL & Associates Properties, Inc. | ||
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2014 and 2013 | ||
CBL & Associates Limited Partnership | ||
Condensed Consolidated Statements of Capital for the Six Months Ended June 30, 2014 and 2013 | ||
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2014 and 2013 | ||
CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
Management's Discussion and Analysis of Financial Condition and Results of Operations | ||
ASSETS | June 30, 2014 | December 31, 2013 | |||||
Real estate assets: | |||||||
Land | $ | 852,963 | $ | 858,619 | |||
Buildings and improvements | 7,085,523 | 7,125,512 | |||||
7,938,486 | 7,984,131 | ||||||
Accumulated depreciation | (2,126,434 | ) | (2,056,357 | ) | |||
5,812,052 | 5,927,774 | ||||||
Developments in progress | 185,906 | 139,383 | |||||
Net investment in real estate assets | 5,997,958 | 6,067,157 | |||||
Cash and cash equivalents | 63,482 | 65,500 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $2,380 and $2,379 in 2014 and 2013, respectively | 76,468 | 79,899 | |||||
Other, net of allowance for doubtful accounts of $1,120 and $1,241 in 2014 and 2013, respectively | 22,108 | 23,343 | |||||
Mortgage and other notes receivable | 40,137 | 30,424 | |||||
Investments in unconsolidated affiliates | 271,868 | 277,146 | |||||
Intangible lease assets and other assets | 229,493 | 242,502 | |||||
$ | 6,701,514 | $ | 6,785,971 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness | $ | 4,810,811 | $ | 4,857,523 | |||
Accounts payable and accrued liabilities | 315,298 | 333,875 | |||||
Total liabilities | 5,126,109 | 5,191,398 | |||||
Commitments and contingencies (Note 12) | |||||||
Redeemable noncontrolling interests | 36,540 | 34,639 | |||||
Shareholders' equity: | |||||||
Preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding | 18 | 18 | |||||
6.625% Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding | 7 | 7 | |||||
Common stock, $.01 par value, 350,000,000 shares authorized, 170,260,769 and 170,048,144 issued and outstanding in 2014 and 2013, respectively | 1,703 | 1,700 | |||||
Additional paid-in capital | 1,962,103 | 1,967,644 | |||||
Accumulated other comprehensive income | 9,659 | 6,325 | |||||
Dividends in excess of cumulative earnings | (583,405 | ) | (570,781 | ) | |||
Total shareholders' equity | 1,390,085 | 1,404,913 | |||||
Noncontrolling interests | 148,780 | 155,021 | |||||
Total equity | 1,538,865 | 1,559,934 | |||||
$ | 6,701,514 | $ | 6,785,971 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 167,631 | $ | 165,512 | $ | 336,908 | $ | 330,930 | |||||||
Percentage rents | 1,824 | 2,335 | 5,430 | 7,051 | |||||||||||
Other rents | 4,613 | 4,521 | 9,895 | 9,665 | |||||||||||
Tenant reimbursements | 70,774 | 70,666 | 142,992 | 142,948 | |||||||||||
Management, development and leasing fees | 2,813 | 2,850 | 5,948 | 5,925 | |||||||||||
Other | 9,278 | 9,701 | 17,003 | 17,548 | |||||||||||
Total revenues | 256,933 | 255,585 | 518,176 | 514,067 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 35,527 | 33,663 | 75,538 | 72,796 | |||||||||||
Depreciation and amortization | 70,609 | 68,117 | 139,692 | 137,173 | |||||||||||
Real estate taxes | 22,089 | 21,389 | 43,436 | 43,805 | |||||||||||
Maintenance and repairs | 12,623 | 13,229 | 28,788 | 27,419 | |||||||||||
General and administrative | 11,336 | 12,876 | 26,109 | 26,300 | |||||||||||
Loss on impairment | 106 | 21,038 | 17,256 | 21,038 | |||||||||||
Other | 7,390 | 8,191 | 13,935 | 14,847 | |||||||||||
Total operating expenses | 159,680 | 178,503 | 344,754 | 343,378 | |||||||||||
Income from operations | 97,253 | 77,082 | 173,422 | 170,689 | |||||||||||
Interest and other income | 1,544 | 661 | 3,072 | 1,388 | |||||||||||
Interest expense | (59,277 | ) | (57,209 | ) | (119,783 | ) | (117,033 | ) | |||||||
Gain (loss) on extinguishment of debt | — | (9,108 | ) | 42,660 | (9,108 | ) | |||||||||
Gain on sales of real estate assets | 1,925 | 457 | 3,079 | 1,000 | |||||||||||
Gain on investment | — | 2,400 | — | 2,400 | |||||||||||
Equity in earnings of unconsolidated affiliates | 3,418 | 2,729 | 7,102 | 5,348 | |||||||||||
Income tax provision | (786 | ) | (757 | ) | (1,183 | ) | (583 | ) | |||||||
Income from continuing operations | 44,077 | 16,255 | 108,369 | 54,101 | |||||||||||
Operating income (loss) of discontinued operations | (59 | ) | 1,893 | (558 | ) | 3,151 | |||||||||
Gain on discontinued operations | 107 | 91 | 90 | 872 | |||||||||||
Net income | 44,125 | 18,239 | 107,901 | 58,124 | |||||||||||
Net income attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | (4,620 | ) | (36 | ) | (12,271 | ) | (3,527 | ) | |||||||
Other consolidated subsidiaries | (1,547 | ) | (6,479 | ) | (2,378 | ) | (12,560 | ) | |||||||
Net income attributable to the Company | 37,958 | 11,724 | 93,252 | 42,037 | |||||||||||
Preferred dividends | (11,223 | ) | (11,223 | ) | (22,446 | ) | (22,446 | ) | |||||||
Net income attributable to common shareholders | $ | 26,735 | $ | 501 | $ | 70,806 | $ | 19,591 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) (Continued) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Basic and diluted per share data attributable to common shareholders: | |||||||||||||||
Income (loss) from continuing operations, net of preferred dividends | $ | 0.16 | $ | (0.01 | ) | $ | 0.42 | $ | 0.10 | ||||||
Discontinued operations | 0.00 | 0.01 | 0.00 | 0.02 | |||||||||||
Net income attributable to common shareholders | $ | 0.16 | $ | 0.00 | $ | 0.42 | $ | 0.12 | |||||||
Weighted-average common and potential dilutive common shares outstanding | 170,267 | 166,607 | 170,232 | 164,088 | |||||||||||
Amounts attributable to common shareholders: | |||||||||||||||
Income (loss) from continuing operations, net of preferred dividends | $ | 26,694 | $ | (1,184 | ) | $ | 71,205 | $ | 16,181 | ||||||
Discontinued operations | 41 | 1,685 | (399 | ) | 3,410 | ||||||||||
Net income attributable to common shareholders | $ | 26,735 | $ | 501 | $ | 70,806 | $ | 19,591 | |||||||
Dividends declared per common share | $ | 0.245 | $ | 0.230 | $ | 0.490 | $ | 0.460 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income | $ | 44,125 | $ | 18,239 | $ | 107,901 | $ | 58,124 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized holding gain (loss) on available-for-sale securities | 1,195 | (1,015 | ) | 2,196 | (252 | ) | |||||||||
Unrealized gain on hedging instruments | 921 | 443 | 1,873 | 163 | |||||||||||
Reclassification of hedging effect on earnings | (551 | ) | 562 | (1,099 | ) | 1,119 | |||||||||
Total other comprehensive income (loss) | 1,565 | (10 | ) | 2,970 | 1,030 | ||||||||||
Comprehensive income | 45,690 | 18,229 | 110,871 | 59,154 | |||||||||||
Comprehensive income attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | (4,280 | ) | (21 | ) | (11,907 | ) | (3,688 | ) | |||||||
Other consolidated subsidiaries | (1,547 | ) | (6,479 | ) | (2,378 | ) | (12,560 | ) | |||||||
Comprehensive income attributable to the Company | $ | 39,863 | $ | 11,729 | $ | 96,586 | $ | 42,906 |
Equity | |||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 40,248 | $ | 25 | $ | 1,613 | $ | 1,773,630 | $ | 6,986 | $ | (453,561 | ) | $ | 1,328,693 | $ | 192,404 | $ | 1,521,097 | ||||||||||||||||
Net income | 1,996 | — | — | — | — | 42,037 | 42,037 | 3,863 | 45,900 | ||||||||||||||||||||||||||
Other comprehensive income | 10 | — | — | — | 869 | — | 869 | 151 | 1,020 | ||||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (76,791 | ) | (76,791 | ) | — | (76,791 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (22,446 | ) | (22,446 | ) | — | (22,446 | ) | |||||||||||||||||||||||
Issuances of 8,632,742 shares of common stock and restricted common stock | — | — | 86 | 209,420 | — | — | 209,506 | — | 209,506 | ||||||||||||||||||||||||||
Cancellation of 35,865 shares of restricted common stock | — | — | — | (705 | ) | — | — | (705 | ) | — | (705 | ) | |||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 1,887 | — | — | 1,887 | — | 1,887 | ||||||||||||||||||||||||||
Distributions to noncontrolling interests | (3,838 | ) | — | — | — | — | — | — | (15,368 | ) | (15,368 | ) | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 2,909 | — | — | (29,057 | ) | — | — | (29,057 | ) | 26,148 | (2,909 | ) | |||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (854 | ) | — | — | 815 | — | — | 815 | 39 | 854 | |||||||||||||||||||||||||
Acquire controlling interest in shopping center property | — | — | — | — | — | — | — | (41,444 | ) | (41,444 | ) | ||||||||||||||||||||||||
Balance, June 30, 2013 | $ | 40,471 | $ | 25 | $ | 1,699 | $ | 1,955,990 | $ | 7,855 | $ | (510,761 | ) | $ | 1,454,808 | $ | 165,793 | $ | 1,620,601 |
Equity | |||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 34,639 | $ | 25 | $ | 1,700 | $ | 1,967,644 | $ | 6,325 | $ | (570,781 | ) | $ | 1,404,913 | $ | 155,021 | $ | 1,559,934 | ||||||||||||||||
Net income | 2,355 | — | — | — | — | 93,252 | 93,252 | 12,294 | 105,546 | ||||||||||||||||||||||||||
Other comprehensive income (loss) | 24 | — | — | — | 3,334 | — | 3,334 | (388 | ) | 2,946 | |||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (83,430 | ) | (83,430 | ) | — | (83,430 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (22,446 | ) | (22,446 | ) | — | (22,446 | ) | |||||||||||||||||||||||
Issuances of 241,188 shares of common stock and restricted common stock | — | — | 3 | 587 | — | — | 590 | — | 590 | ||||||||||||||||||||||||||
Cancellation of 28,563 shares of restricted common stock | — | — | — | (360 | ) | — | — | (360 | ) | — | (360 | ) | |||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 2,115 | — | — | 2,115 | — | 2,115 | ||||||||||||||||||||||||||
Redemption of Operating Partnership common units | — | — | — | — | — | — | — | (2,914 | ) | (2,914 | ) | ||||||||||||||||||||||||
Distributions to noncontrolling interests | (5,744 | ) | — | — | — | — | — | — | (17,850 | ) | (17,850 | ) | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 1,482 | — | — | (4,347 | ) | — | — | (4,347 | ) | 2,865 | (1,482 | ) | |||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 3,784 | — | — | (3,536 | ) | — | — | (3,536 | ) | (248 | ) | (3,784 | ) | ||||||||||||||||||||||
Balance, June 30, 2014 | $ | 36,540 | $ | 25 | $ | 1,703 | $ | 1,962,103 | $ | 9,659 | $ | (583,405 | ) | $ | 1,390,085 | $ | 148,780 | $ | 1,538,865 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Six Months Ended June 30, | |||||||
2014 | 2013 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 107,901 | $ | 58,124 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 139,692 | 142,177 | |||||
Net amortization of deferred finance costs and debt premiums | 3,357 | 2,503 | |||||
Net amortization of intangible lease assets and liabilities | 267 | (180 | ) | ||||
Gain on sales of real estate assets | (3,079 | ) | (1,000 | ) | |||
Gain on investment | — | (2,400 | ) | ||||
Gain on discontinued operations | (90 | ) | (872 | ) | |||
Write-off of development projects | 34 | 1 | |||||
Share-based compensation expense | 2,605 | 1,887 | |||||
Loss on impairment | 17,256 | 21,038 | |||||
Loss on impairment from discontinued operations | 681 | — | |||||
(Gain) loss on extinguishment of debt | (42,660 | ) | 9,108 | ||||
Equity in earnings of unconsolidated affiliates | (7,102 | ) | (5,348 | ) | |||
Distributions of earnings from unconsolidated affiliates | 8,965 | 7,911 | |||||
Provision for doubtful accounts | 1,912 | 927 | |||||
Change in deferred tax accounts | 316 | 1,824 | |||||
Changes in: | |||||||
Tenant and other receivables | 2,274 | (5,796 | ) | ||||
Other assets | (1,461 | ) | 5,173 | ||||
Accounts payable and accrued liabilities | (24,752 | ) | (45,408 | ) | |||
Net cash provided by operating activities | 206,116 | 189,669 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (114,510 | ) | (147,327 | ) | |||
Acquisition of real estate assets | — | (26,444 | ) | ||||
(Additions) reductions to restricted cash | 3,393 | (528 | ) | ||||
Proceeds from sales of real estate assets | 10,298 | 45,039 | |||||
Additions to mortgage and other notes receivable | — | (2,700 | ) | ||||
Payments received on mortgage and other notes receivable | 287 | 3,699 | |||||
Proceeds from sales of investments and available-for-sale securities | — | 15,877 | |||||
Additional investments in and advances to unconsolidated affiliates | (8,229 | ) | (29,079 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 14,713 | 4,239 | |||||
Changes in other assets | (3,167 | ) | (11,677 | ) | |||
Net cash used in investing activities | (97,215 | ) | (148,901 | ) |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Six Months Ended June 30, | |||||||
2014 | 2013 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 379,619 | $ | 752,835 | |||
Principal payments on mortgage and other indebtedness | (356,918 | ) | (882,239 | ) | |||
Additions to deferred financing costs | (113 | ) | (900 | ) | |||
Prepayment fees on extinguishment of debt | (1,249 | ) | (8,708 | ) | |||
Proceeds from issuances of common stock | 82 | 209,506 | |||||
Purchase of noncontrolling interest in the Operating Partnership | (2,914 | ) | — | ||||
Distributions to noncontrolling interests | (23,603 | ) | (29,437 | ) | |||
Dividends paid to holders of preferred stock | (22,446 | ) | (22,446 | ) | |||
Dividends paid to common shareholders | (83,377 | ) | (73,197 | ) | |||
Net cash used in financing activities | (110,919 | ) | (54,586 | ) | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (2,018 | ) | (13,818 | ) | |||
CASH AND CASH EQUIVALENTS, beginning of period | 65,500 | 78,248 | |||||
CASH AND CASH EQUIVALENTS, end of period | $ | 63,482 | $ | 64,430 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest, net of amounts capitalized | $ | 117,004 | $ | 114,360 |
ASSETS | June 30, 2014 | December 31, 2013 | |||||
Real estate assets: | |||||||
Land | $ | 852,963 | $ | 858,619 | |||
Buildings and improvements | 7,085,523 | 7,125,512 | |||||
7,938,486 | 7,984,131 | ||||||
Accumulated depreciation | (2,126,434 | ) | (2,056,357 | ) | |||
5,812,052 | 5,927,774 | ||||||
Developments in progress | 185,906 | 139,383 | |||||
Net investment in real estate assets | 5,997,958 | 6,067,157 | |||||
Cash and cash equivalents | 63,461 | 65,486 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $2,380 and $2,379 in 2014 and 2013, respectively | 76,468 | 79,899 | |||||
Other, net of allowance for doubtful accounts of $1,120 and $1,241 in 2014 and 2013, respectively | 22,108 | 23,343 | |||||
Mortgage and other notes receivable | 40,137 | 30,424 | |||||
Investments in unconsolidated affiliates | 272,426 | 277,701 | |||||
Intangible lease assets and other assets | 229,374 | 242,383 | |||||
$ | 6,701,932 | $ | 6,786,393 | ||||
LIABILITIES, REDEEMABLE INTERESTS AND CAPITAL | |||||||
Mortgage and other indebtedness | $ | 4,810,811 | $ | 4,857,523 | |||
Accounts payable and accrued liabilities | 315,283 | 333,876 | |||||
Total liabilities | 5,126,094 | 5,191,399 | |||||
Commitments and contingencies (Note 12) | |||||||
Redeemable interests: | |||||||
Redeemable noncontrolling interests | 6,136 | 5,883 | |||||
Redeemable common units | 30,404 | 28,756 | |||||
Total redeemable interests | 36,540 | 34,639 | |||||
Partners' capital: | |||||||
Preferred units | 565,212 | 565,212 | |||||
Common units: | |||||||
General partner | 9,636 | 9,866 | |||||
Limited partners | 939,186 | 961,175 | |||||
Accumulated other comprehensive income | 7,869 | 4,923 | |||||
Total partners' capital | 1,521,903 | 1,541,176 | |||||
Noncontrolling interests | 17,395 | 19,179 | |||||
Total capital | 1,539,298 | 1,560,355 | |||||
$ | 6,701,932 | $ | 6,786,393 |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Operations (In thousands, except per unit data) (Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 167,631 | $ | 165,512 | $ | 336,908 | $ | 330,930 | |||||||
Percentage rents | 1,824 | 2,335 | 5,430 | 7,051 | |||||||||||
Other rents | 4,613 | 4,521 | 9,895 | 9,665 | |||||||||||
Tenant reimbursements | 70,774 | 70,666 | 142,992 | 142,948 | |||||||||||
Management, development and leasing fees | 2,813 | 2,850 | 5,948 | 5,925 | |||||||||||
Other | 9,278 | 9,701 | 17,003 | 17,548 | |||||||||||
Total revenues | 256,933 | 255,585 | 518,176 | 514,067 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 35,527 | 33,663 | 75,538 | 72,796 | |||||||||||
Depreciation and amortization | 70,609 | 68,117 | 139,692 | 137,173 | |||||||||||
Real estate taxes | 22,089 | 21,389 | 43,436 | 43,805 | |||||||||||
Maintenance and repairs | 12,623 | 13,229 | 28,788 | 27,419 | |||||||||||
General and administrative | 11,336 | 12,876 | 26,109 | 26,300 | |||||||||||
Loss on impairment | 106 | 21,038 | 17,256 | 21,038 | |||||||||||
Other | 7,390 | 8,191 | 13,935 | 14,847 | |||||||||||
Total operating expenses | 159,680 | 178,503 | 344,754 | 343,378 | |||||||||||
Income from operations | 97,253 | 77,082 | 173,422 | 170,689 | |||||||||||
Interest and other income | 1,544 | 661 | 3,072 | 1,388 | |||||||||||
Interest expense | (59,277 | ) | (57,209 | ) | (119,783 | ) | (117,033 | ) | |||||||
Gain (loss) on extinguishment of debt | — | (9,108 | ) | 42,660 | (9,108 | ) | |||||||||
Gain on sales of real estate assets | 1,925 | 457 | 3,079 | 1,000 | |||||||||||
Gain on investment | — | 2,400 | — | 2,400 | |||||||||||
Equity in earnings of unconsolidated affiliates | 3,418 | 2,729 | 7,102 | 5,348 | |||||||||||
Income tax provision | (786 | ) | (757 | ) | (1,183 | ) | (583 | ) | |||||||
Income from continuing operations | 44,077 | 16,255 | 108,369 | 54,101 | |||||||||||
Operating income (loss) of discontinued operations | (59 | ) | 1,893 | (558 | ) | 3,151 | |||||||||
Gain on discontinued operations | 107 | 91 | 90 | 872 | |||||||||||
Net income | 44,125 | 18,239 | 107,901 | 58,124 | |||||||||||
Net income attributable to noncontrolling interests | (1,547 | ) | (6,479 | ) | (2,378 | ) | (12,560 | ) | |||||||
Net income attributable to the Operating Partnership | 42,578 | 11,760 | 105,523 | 45,564 | |||||||||||
Distributions to preferred unitholders | (11,223 | ) | (11,223 | ) | (22,446 | ) | (22,446 | ) | |||||||
Net income attributable to common unitholders | $ | 31,355 | $ | 537 | $ | 83,077 | $ | 23,118 |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Operations (In thousands, except per unit data) (Unaudited) (Continued) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Basic and diluted per unit data attributable to common unitholders: | |||||||||||||||
Income from continuing operations, net of preferred distributions | $ | 0.16 | $ | (0.01 | ) | $ | 0.42 | $ | 0.10 | ||||||
Discontinued operations | 0.00 | 0.01 | 0.00 | 0.02 | |||||||||||
Net income attributable to common unitholders | $ | 0.16 | $ | 0.00 | $ | 0.42 | $ | 0.12 | |||||||
Weighted-average common and potential dilutive common units outstanding | 199,726 | 196,153 | 199,734 | 193,633 | |||||||||||
Amounts attributable to common unitholders: | |||||||||||||||
Income (loss) from continuing operations, net of preferred distributions | $ | 31,314 | $ | (1,148 | ) | $ | 83,476 | $ | 19,708 | ||||||
Discontinued operations | 41 | 1,685 | (399 | ) | 3,410 | ||||||||||
Net income attributable to common unitholders | $ | 31,355 | $ | 537 | $ | 83,077 | $ | 23,118 | |||||||
Distributions declared per common unit | $ | 0.253 | $ | 0.239 | $ | 0.506 | $ | 0.478 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income | $ | 44,125 | $ | 18,239 | $ | 107,901 | $ | 58,124 | |||||||
Other comprehensive income: | |||||||||||||||
Unrealized holding gain (loss) on available-for-sale securities | 1,193 | (1,015 | ) | 2,196 | (252 | ) | |||||||||
Unrealized gain on hedging instruments | 921 | 443 | 1,873 | 163 | |||||||||||
Reclassification of hedging effect on earnings | (551 | ) | 562 | (1,099 | ) | 1,119 | |||||||||
Total other comprehensive income (loss) | 1,563 | (10 | ) | 2,970 | 1,030 | ||||||||||
Comprehensive income | 45,688 | 18,229 | 110,871 | 59,154 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (1,547 | ) | (6,479 | ) | (2,378 | ) | (12,560 | ) | |||||||
Comprehensive income of the Operating Partnership | $ | 44,141 | $ | 11,750 | $ | 108,493 | $ | 46,594 |
Redeemable Interests | Number of | Common Units | |||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Common Units | Total Redeemable Interests | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Accumulated Other Comprehensive Income | Total Partners' Capital | Noncontrolling Interests | Total Capital | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 6,413 | $ | 33,835 | $ | 40,248 | 25,050 | 190,855 | $ | 565,212 | $ | 9,904 | $ | 877,363 | $ | 5,685 | $ | 1,458,164 | $ | 63,496 | $ | 1,521,660 | |||||||||||||||||||||||
Net income | 1,809 | 187 | 1,996 | — | — | 22,446 | 240 | 22,481 | — | 45,167 | 733 | 45,900 | |||||||||||||||||||||||||||||||||
Other comprehensive income | — | 10 | 10 | — | — | — | — | — | 1,020 | 1,020 | — | 1,020 | |||||||||||||||||||||||||||||||||
Distributions declared - common units | — | (2,288 | ) | (2,288 | ) | — | — | — | (966 | ) | (90,615 | ) | — | (91,581 | ) | — | (91,581 | ) | |||||||||||||||||||||||||||
Distributions declared - preferred units | — | — | — | — | — | (22,446 | ) | — | — | (22,446 | ) | — | (22,446 | ) | |||||||||||||||||||||||||||||||
Issuances of common units | — | — | — | — | 8,633 | — | — | 209,506 | — | 209,506 | — | 209,506 | |||||||||||||||||||||||||||||||||
Cancellation of restricted common stock | — | — | — | — | (36 | ) | — | — | (705 | ) | — | (705 | ) | — | (705 | ) | |||||||||||||||||||||||||||||
Amortization of deferred compensation | — | 15 | 15 | — | — | — | 20 | 1,852 | — | 1,872 | — | 1,872 | |||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (1,550 | ) | — | (1,550 | ) | — | — | — | — | — | — | — | (1,035 | ) | (1,035 | ) | |||||||||||||||||||||||||||||
Allocation of partners' capital | — | 2,894 | 2,894 | — | — | — | 1,709 | (4,603 | ) | — | (2,894 | ) | — | (2,894 | ) | ||||||||||||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | (410 | ) | (444 | ) | (854 | ) | — | — | — | 9 | 845 | — | 854 | — | 854 | ||||||||||||||||||||||||||||||
Acquire controlling interest in shopping center properties | — | — | — | — | — | — | — | — | — | — | (41,444 | ) | (41,444 | ) | |||||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | 6,262 | $ | 34,209 | $ | 40,471 | 25,050 | 199,452 | $ | 565,212 | $ | 10,916 | $ | 1,016,124 | $ | 6,705 | $ | 1,598,957 | $ | 21,750 | $ | 1,620,707 |
Redeemable Interests | Number of | Common Units | |||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Common Units | Total Redeemable Interests | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Accumulated Other Comprehensive Income | Total Partners' Capital | Noncontrolling Interests | Total Capital | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 5,883 | $ | 28,756 | $ | 34,639 | 25,050 | 199,593 | $ | 565,212 | $ | 9,866 | $ | 961,175 | $ | 4,923 | $ | 1,541,176 | $ | 19,179 | $ | 1,560,355 | |||||||||||||||||||||||
Net income | 1,706 | 649 | 2,355 | — | — | 22,446 | 846 | 81,582 | — | 104,874 | 672 | 105,546 | |||||||||||||||||||||||||||||||||
Other comprehensive income | — | 24 | 24 | — | — | — | — | — | 2,946 | 2,946 | — | 2,946 | |||||||||||||||||||||||||||||||||
Distributions declared - common units | — | (2,286 | ) | (2,286 | ) | — | — | — | (986 | ) | (97,839 | ) | — | (98,825 | ) | — | (98,825 | ) | |||||||||||||||||||||||||||
Distributions declared - preferred units | — | — | — | — | — | (22,446 | ) | — | — | — | (22,446 | ) | — | (22,446 | ) | ||||||||||||||||||||||||||||||
Issuances of common units | — | — | — | — | 242 | — | — | 590 | — | 590 | — | 590 | |||||||||||||||||||||||||||||||||
Redemption of common units | — | — | — | — | (171 | ) | — | — | (2,914 | ) | — | (2,914 | ) | — | (2,914 | ) | |||||||||||||||||||||||||||||
Cancellation of restricted common stock | — | — | — | — | (29 | ) | — | — | (360 | ) | — | (360 | ) | — | (360 | ) | |||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | — | 21 | 2,094 | — | 2,115 | — | 2,115 | |||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (3,458 | ) | — | (3,458 | ) | — | — | — | — | — | — | — | (2,456 | ) | (2,456 | ) | |||||||||||||||||||||||||||||
Allocation of partners' capital | — | 1,482 | 1,482 | — | — | — | (16 | ) | (1,453 | ) | — | (1,469 | ) | — | (1,469 | ) | |||||||||||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | 2,005 | 1,779 | 3,784 |