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 Part I of this report; 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. | ||
CBL & Associates Limited Partnership | ||
CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
Management's Discussion and Analysis of Financial Condition and Results of Operations | ||
ASSETS | June 30, 2015 | December 31, 2014 | |||||
Real estate assets: | |||||||
Land | $ | 893,149 | $ | 847,829 | |||
Buildings and improvements | 7,363,728 | 7,221,387 | |||||
8,256,877 | 8,069,216 | ||||||
Accumulated depreciation | (2,335,522 | ) | (2,240,007 | ) | |||
5,921,355 | 5,829,209 | ||||||
Held for sale | 2,718 | — | |||||
Developments in progress | 128,381 | 117,966 | |||||
Net investment in real estate assets | 6,052,454 | 5,947,175 | |||||
Cash and cash equivalents | 30,601 | 37,938 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $1,837 and $2,368 in 2015 and 2014, respectively | 83,296 | 81,338 | |||||
Other, net of allowance for doubtful accounts of $1,245 and $1,285 in 2015 and 2014, respectively | 21,641 | 22,577 | |||||
Mortgage and other notes receivable | 19,546 | 19,811 | |||||
Investments in unconsolidated affiliates | 280,460 | 281,449 | |||||
Intangible lease assets and other assets | 214,205 | 226,011 | |||||
$ | 6,702,203 | $ | 6,616,299 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness | $ | 4,834,205 | $ | 4,700,460 | |||
Accounts payable and accrued liabilities | 327,240 | 328,352 | |||||
Total liabilities | 5,161,445 | 5,028,812 | |||||
Commitments and contingencies (Note 12) | |||||||
Redeemable noncontrolling interests | 42,944 | 37,559 | |||||
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, 170,492,533 and 170,260,273 issued and outstanding in 2015 and 2014, respectively | 1,705 | 1,703 | |||||
Additional paid-in capital | 1,957,228 | 1,958,198 | |||||
Accumulated other comprehensive income | 1,109 | 13,411 | |||||
Dividends in excess of cumulative earnings | (591,534 | ) | (566,785 | ) | |||
Total shareholders' equity | 1,368,533 | 1,406,552 | |||||
Noncontrolling interests | 129,281 | 143,376 | |||||
Total equity | 1,497,814 | 1,549,928 | |||||
$ | 6,702,203 | $ | 6,616,299 |
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, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 166,428 | $ | 167,631 | $ | 335,509 | $ | 336,908 | |||||||
Percentage rents | 2,412 | 1,824 | 6,549 | 5,430 | |||||||||||
Other rents | 4,421 | 4,613 | 9,592 | 9,895 | |||||||||||
Tenant reimbursements | 70,224 | 70,774 | 142,357 | 142,992 | |||||||||||
Management, development and leasing fees | 2,663 | 2,813 | 5,441 | 5,948 | |||||||||||
Other | 7,695 | 9,278 | 15,304 | 17,003 | |||||||||||
Total revenues | 253,843 | 256,933 | 514,752 | 518,176 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 32,866 | 35,527 | 71,770 | 75,538 | |||||||||||
Depreciation and amortization | 71,239 | 70,609 | 147,505 | 139,692 | |||||||||||
Real estate taxes | 22,549 | 22,089 | 45,334 | 43,436 | |||||||||||
Maintenance and repairs | 12,407 | 12,623 | 26,623 | 28,788 | |||||||||||
General and administrative | 16,215 | 11,336 | 33,445 | 26,109 | |||||||||||
Loss on impairment | 2,781 | 106 | 2,781 | 17,256 | |||||||||||
Other | 5,928 | 7,390 | 12,404 | 13,935 | |||||||||||
Total operating expenses | 163,985 | 159,680 | 339,862 | 344,754 | |||||||||||
Income from operations | 89,858 | 97,253 | 174,890 | 173,422 | |||||||||||
Interest and other income | 389 | 1,544 | 5,663 | 3,072 | |||||||||||
Interest expense | (58,754 | ) | (59,277 | ) | (117,911 | ) | (119,783 | ) | |||||||
Gain on extinguishment of debt | 256 | — | 256 | 42,660 | |||||||||||
Gain on investment | — | — | 16,560 | — | |||||||||||
Equity in earnings of unconsolidated affiliates | 4,881 | 3,418 | 8,704 | 7,102 | |||||||||||
Income tax provision | (2,472 | ) | (786 | ) | (1,556 | ) | (1,183 | ) | |||||||
Income from continuing operations before gain on sales of real estate assets | 34,158 | 42,152 | 86,606 | 105,290 | |||||||||||
Gain on sales of real estate assets | 14,173 | 1,925 | 14,930 | 3,079 | |||||||||||
Income from continuing operations | 48,331 | 44,077 | 101,536 | 108,369 | |||||||||||
Operating loss of discontinued operations | — | (59 | ) | — | (558 | ) | |||||||||
Gain on discontinued operations | — | 107 | — | 90 | |||||||||||
Net income | 48,331 | 44,125 | 101,536 | 107,901 | |||||||||||
Net income attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | (4,946 | ) | (4,620 | ) | (11,118 | ) | (12,271 | ) | |||||||
Other consolidated subsidiaries | (1,490 | ) | (1,547 | ) | (2,359 | ) | (2,378 | ) | |||||||
Net income attributable to the Company | 41,895 | 37,958 | 88,059 | 93,252 | |||||||||||
Preferred dividends | (11,223 | ) | (11,223 | ) | (22,446 | ) | (22,446 | ) | |||||||
Net income attributable to common shareholders | $ | 30,672 | $ | 26,735 | $ | 65,613 | $ | 70,806 | |||||||
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, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Basic per share data attributable to common shareholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.18 | $ | 0.16 | $ | 0.38 | $ | 0.42 | |||||||
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
Net income attributable to common shareholders | $ | 0.18 | $ | 0.16 | $ | 0.38 | $ | 0.42 | |||||||
Weighted-average common shares outstanding | 170,494 | 170,267 | 170,457 | 170,232 | |||||||||||
Diluted per share data attributable to common shareholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.18 | $ | 0.16 | $ | 0.38 | $ | 0.42 | |||||||
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
Net income attributable to common shareholders | $ | 0.18 | $ | 0.16 | $ | 0.38 | $ | 0.42 | |||||||
Weighted-average common and potential dilutive common shares outstanding | 170,494 | 170,267 | 170,457 | 170,232 | |||||||||||
Amounts attributable to common shareholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 30,672 | $ | 26,694 | $ | 65,613 | $ | 71,205 | |||||||
Discontinued operations | — | 41 | — | (399 | ) | ||||||||||
Net income attributable to common shareholders | $ | 30,672 | $ | 26,735 | $ | 65,613 | $ | 70,806 | |||||||
Dividends declared per common share | $ | 0.265 | $ | 0.245 | $ | 0.530 | $ | 0.490 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income | $ | 48,331 | $ | 44,125 | $ | 101,536 | $ | 107,901 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized holding gain on available-for-sale securities | — | 1,195 | 242 | 2,196 | |||||||||||
Reclassification to net income of realized gain on available-for-sale securities | — | — | (16,560 | ) | — | ||||||||||
Unrealized gain on hedging instruments | 1,216 | 921 | 2,099 | 1,873 | |||||||||||
Reclassification of hedging effect on earnings | (646 | ) | (551 | ) | (1,169 | ) | (1,099 | ) | |||||||
Total other comprehensive income (loss) | 570 | 1,565 | (15,388 | ) | 2,970 | ||||||||||
Comprehensive income | 48,901 | 45,690 | 86,148 | 110,871 | |||||||||||
Comprehensive income attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | (5,014 | ) | (4,280 | ) | (8,032 | ) | (11,907 | ) | |||||||
Other consolidated subsidiaries | (1,490 | ) | (1,547 | ) | (2,359 | ) | (2,378 | ) | |||||||
Comprehensive income attributable to the Company | $ | 42,397 | $ | 39,863 | $ | 75,757 | $ | 96,586 |
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 |
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, 2015 | $ | 37,559 | $ | 25 | $ | 1,703 | $ | 1,958,198 | $ | 13,411 | $ | (566,785 | ) | $ | 1,406,552 | $ | 143,376 | $ | 1,549,928 | ||||||||||||||||
Net income | 2,261 | — | — | — | — | 88,059 | 88,059 | 11,216 | 99,275 | ||||||||||||||||||||||||||
Other comprehensive loss | (375 | ) | — | — | — | (12,302 | ) | — | (12,302 | ) | (2,711 | ) | (15,013 | ) | |||||||||||||||||||||
Performance stock units | — | — | — | 312 | — | — | 312 | — | 312 | ||||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (90,362 | ) | (90,362 | ) | — | (90,362 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (22,446 | ) | (22,446 | ) | — | (22,446 | ) | |||||||||||||||||||||||
Issuances of 272,498 shares of common stock and restricted common stock | — | — | 3 | 589 | — | 592 | — | 592 | |||||||||||||||||||||||||||
Conversion of Operating Partnership common units to shares of common stock | — | — | — | — | — | — | — | (286 | ) | (286 | ) | ||||||||||||||||||||||||
Cancellation of 40,238 shares of restricted common stock | — | — | (1 | ) | (730 | ) | — | — | (731 | ) | — | (731 | ) | ||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 2,613 | — | — | 2,613 | — | 2,613 | ||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 15 | 15 | ||||||||||||||||||||||||||
Distributions to noncontrolling interests | (2,754 | ) | — | — | — | — | — | — | (19,830 | ) | (19,830 | ) | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 311 | — | — | 1,317 | — | — | 1,317 | (1,628 | ) | (311 | ) | ||||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 5,942 | — | — | (5,071 | ) | — | — | (5,071 | ) | (871 | ) | (5,942 | ) | ||||||||||||||||||||||
Balance, June 30, 2015 | $ | 42,944 | $ | 25 | $ | 1,705 | $ | 1,957,228 | $ | 1,109 | $ | (591,534 | ) | $ | 1,368,533 | $ | 129,281 | $ | 1,497,814 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Six Months Ended June 30, | |||||||
2015 | 2014 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 101,536 | $ | 107,901 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 147,505 | 139,692 | |||||
Net amortization of deferred finance costs and debt premiums | 2,626 | 3,357 | |||||
Net amortization of intangible lease assets and liabilities | 33 | 267 | |||||
Gain on sales of real estate assets | (14,930 | ) | (3,079 | ) | |||
Gain on discontinued operations | — | (90 | ) | ||||
Write-off of development projects | 125 | 34 | |||||
Share-based compensation expense | 3,406 | 2,605 | |||||
Net realized gain on sale of available-for-sale securities | (16,560 | ) | — | ||||
Loss on impairment | 2,781 | 17,256 | |||||
Loss on impairment from discontinued operations | — | 681 | |||||
Gain on extinguishment of debt | (256 | ) | (42,660 | ) | |||
Equity in earnings of unconsolidated affiliates | (8,704 | ) | (7,102 | ) | |||
Distributions of earnings from unconsolidated affiliates | 9,780 | 8,965 | |||||
Provision for doubtful accounts | 1,938 | 1,912 | |||||
Change in deferred tax accounts | 153 | 316 | |||||
Changes in: | |||||||
Tenant and other receivables | (2,960 | ) | 2,274 | ||||
Other assets | (833 | ) | (1,461 | ) | |||
Accounts payable and accrued liabilities | (6,247 | ) | (24,752 | ) | |||
Net cash provided by operating activities | 219,393 | 206,116 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (94,231 | ) | (114,510 | ) | |||
Acquisition of real estate assets | (191,988 | ) | — | ||||
Reductions to restricted cash | 3,315 | 3,393 | |||||
Proceeds from sales of real estate assets | 24,233 | 10,298 | |||||
Payments received on mortgage and other notes receivable | 264 | 287 | |||||
Net proceeds from sales of available-for-sale securities | 20,755 | — | |||||
Additional investments in and advances to unconsolidated affiliates | (7,650 | ) | (8,229 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 9,789 | 14,713 | |||||
Changes in other assets | (5,295 | ) | (3,167 | ) | |||
Net cash used in investing activities | (240,808 | ) | (97,215 | ) |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Six Months Ended June 30, | |||||||
2015 | 2014 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 421,289 | $ | 379,619 | |||
Principal payments on mortgage and other indebtedness | (271,516 | ) | (356,918 | ) | |||
Additions to deferred financing costs | (190 | ) | (113 | ) | |||
Prepayment fees on extinguishment of debt | — | (1,249 | ) | ||||
Proceeds from issuances of common stock | 101 | 82 | |||||
Purchase of noncontrolling interest in the Operating Partnership | (286 | ) | (2,914 | ) | |||
Contributions from noncontrolling interests | 15 | — | |||||
Distributions to noncontrolling interests | (22,588 | ) | (23,603 | ) | |||
Dividends paid to holders of preferred stock | (22,446 | ) | (22,446 | ) | |||
Dividends paid to common shareholders | (90,301 | ) | (83,377 | ) | |||
Net cash provided by (used in) financing activities | 14,078 | (110,919 | ) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (7,337 | ) | (2,018 | ) | |||
CASH AND CASH EQUIVALENTS, beginning of period | 37,938 | 65,500 | |||||
CASH AND CASH EQUIVALENTS, end of period | $ | 30,601 | $ | 63,482 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest, net of amounts capitalized | $ | 115,467 | $ | 117,004 |
ASSETS | June 30, 2015 | December 31, 2014 | |||||
Real estate assets: | |||||||
Land | $ | 893,149 | $ | 847,829 | |||
Buildings and improvements | 7,363,728 | 7,221,387 | |||||
8,256,877 | 8,069,216 | ||||||
Accumulated depreciation | (2,335,522 | ) | (2,240,007 | ) | |||
5,921,355 | 5,829,209 | ||||||
Held for sale | 2,718 | — | |||||
Developments in progress | 128,381 | 117,966 | |||||
Net investment in real estate assets | 6,052,454 | 5,947,175 | |||||
Cash and cash equivalents | 30,576 | 37,926 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $1,837 and $2,368 in 2015 and 2014, respectively | 83,296 | 81,338 | |||||
Other, net of allowance for doubtful accounts of $1,245 and $1,285 in 2015 and 2014, respectively | 21,641 | 22,577 | |||||
Mortgage and other notes receivable | 19,546 | 19,811 | |||||
Investments in unconsolidated affiliates | 281,021 | 282,009 | |||||
Intangible lease assets and other assets | 214,085 | 225,891 | |||||
$ | 6,702,619 | $ | 6,616,727 | ||||
LIABILITIES, REDEEMABLE INTERESTS AND CAPITAL | |||||||
Mortgage and other indebtedness | $ | 4,834,205 | $ | 4,700,460 | |||
Accounts payable and accrued liabilities | 327,240 | 328,267 | |||||
Total liabilities | 5,161,445 | 5,028,727 | |||||
Commitments and contingencies (Note 12) | |||||||
Redeemable interests: | |||||||
Redeemable noncontrolling interests | 6,204 | 6,455 | |||||
Redeemable common units | 36,740 | 31,104 | |||||
Total redeemable interests | 42,944 | 37,559 | |||||
Partners' capital: | |||||||
Preferred units | 565,212 | 565,212 | |||||
Common units: | |||||||
General partner | 9,417 | 9,789 | |||||
Limited partners | 918,177 | 953,349 | |||||
Accumulated other comprehensive income (loss) | (1,830 | ) | 13,183 | ||||
Total partners' capital | 1,490,976 | 1,541,533 | |||||
Noncontrolling interests | 7,254 | 8,908 | |||||
Total capital | 1,498,230 | 1,550,441 | |||||
$ | 6,702,619 | $ | 6,616,727 |
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, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 166,428 | $ | 167,631 | $ | 335,509 | $ | 336,908 | |||||||
Percentage rents | 2,412 | 1,824 | 6,549 | 5,430 | |||||||||||
Other rents | 4,421 | 4,613 | 9,592 | 9,895 | |||||||||||
Tenant reimbursements | 70,224 | 70,774 | 142,357 | 142,992 | |||||||||||
Management, development and leasing fees | 2,663 | 2,813 | 5,441 | 5,948 | |||||||||||
Other | 7,695 | 9,278 | 15,304 | 17,003 | |||||||||||
Total revenues | 253,843 | 256,933 | 514,752 | 518,176 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 32,866 | 35,527 | 71,770 | 75,538 | |||||||||||
Depreciation and amortization | 71,239 | 70,609 | 147,505 | 139,692 | |||||||||||
Real estate taxes | 22,549 | 22,089 | 45,334 | 43,436 | |||||||||||
Maintenance and repairs | 12,407 | 12,623 | 26,623 | 28,788 | |||||||||||
General and administrative | 16,215 | 11,336 | 33,445 | 26,109 | |||||||||||
Loss on impairment | 2,781 | 106 | 2,781 | 17,256 | |||||||||||
Other | 5,928 | 7,390 | 12,404 | 13,935 | |||||||||||
Total operating expenses | 163,985 | 159,680 | 339,862 | 344,754 | |||||||||||
Income from operations | 89,858 | 97,253 | 174,890 | 173,422 | |||||||||||
Interest and other income | 389 | 1,544 | 5,663 | 3,072 | |||||||||||
Interest expense | (58,754 | ) | (59,277 | ) | (117,911 | ) | (119,783 | ) | |||||||
Gain on extinguishment of debt | 256 | — | 256 | 42,660 | |||||||||||
Gain on investment | — | — | 16,560 | — | |||||||||||
Equity in earnings of unconsolidated affiliates | 4,881 | 3,418 | 8,704 | 7,102 | |||||||||||
Income tax provision | (2,472 | ) | (786 | ) | (1,556 | ) | (1,183 | ) | |||||||
Income from continuing operations before gain on sales of real estate assets | 34,158 | 42,152 | 86,606 | 105,290 | |||||||||||
Gain on sales of real estate assets | 14,173 | 1,925 | 14,930 | 3,079 | |||||||||||
Income from continuing operations | 48,331 | 44,077 | 101,536 | 108,369 | |||||||||||
Operating loss of discontinued operations | — | (59 | ) | — | (558 | ) | |||||||||
Gain on discontinued operations | — | 107 | — | 90 | |||||||||||
Net income | 48,331 | 44,125 | 101,536 | 107,901 | |||||||||||
Net income attributable to noncontrolling interests | (1,490 | ) | (1,547 | ) | (2,359 | ) | (2,378 | ) | |||||||
Net income attributable to the Operating Partnership | 46,841 | 42,578 | 99,177 | 105,523 | |||||||||||
Distributions to preferred unitholders | (11,223 | ) | (11,223 | ) | (22,446 | ) | (22,446 | ) | |||||||
Net income attributable to common unitholders | $ | 35,618 | $ | 31,355 | $ | 76,731 | $ | 83,077 | |||||||
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, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Basic per unit data attributable to common unitholders: | |||||||||||||||
Income from continuing operations, net of preferred distributions | $ | 0.18 | $ | 0.16 | $ | 0.38 | $ | 0.42 | |||||||
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
Net income attributable to common unitholders | $ | 0.18 | $ | 0.16 | $ | 0.38 | $ | 0.42 | |||||||
Weighted-average common units outstanding | 199,751 | 199,726 | 199,716 | 199,734 | |||||||||||
Diluted per unit data attributable to common unitholders: | |||||||||||||||
Income from continuing operations, net of preferred distributions | $ | 0.18 | $ | 0.16 | $ | 0.38 | $ | 0.42 | |||||||
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
Net income attributable to common unitholders | $ | 0.18 | $ | 0.16 | $ | 0.38 | $ | 0.42 | |||||||
Weighted-average common and potential dilutive common units outstanding | 199,751 | 199,726 | 199,716 | 199,734 | |||||||||||
Amounts attributable to common unitholders: | |||||||||||||||
Income from continuing operations, net of preferred distributions | $ | 35,618 | $ | 31,314 | $ | 76,731 | $ | 83,476 | |||||||
Discontinued operations | — | 41 | — | (399 | ) | ||||||||||
Net income attributable to common unitholders | $ | 35,618 | $ | 31,355 | $ | 76,731 | $ | 83,077 | |||||||
Distributions declared per common unit | $ | 0.273 | $ | 0.253 | $ | 0.546 | $ | 0.506 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income | $ | 48,331 | $ | 44,125 | $ | 101,536 | $ | 107,901 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized holding gain on available-for-sale securities | — | 1,193 | 242 | 2,196 | |||||||||||
Reclassification to net income of realized gain on available-for-sale securities | — | — | (16,560 | ) | — | ||||||||||
Unrealized gain on hedging instruments | 1,216 | 921 | 2,099 | 1,873 | |||||||||||
Reclassification of hedging effect on earnings | (646 | ) | (551 | ) | (1,169 | ) | (1,099 | ) | |||||||
Total other comprehensive income (loss) | 570 | 1,563 | (15,388 | ) | 2,970 | ||||||||||
Comprehensive income | 48,901 | 45,688 | 86,148 | 110,871 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (1,490 | ) | (1,547 | ) | (2,359 | ) | (2,378 | ) | |||||||
Comprehensive income of the Operating Partnership | $ | 47,411 | $ | 44,141 | $ | 83,789 | $ | 108,493 |
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 | — | — | — | (95 | ) | (3,689 | ) | — | (3,784 | ) | — | (3,784 | ) | |||||||||||||||||||||||||||||
Balance, June 30, 2014 | $ | 6,136 | $ | 30,404 | $ | 36,540 | 25,050 | 199,635 | $ | 565,212 | $ | 9,636 | $ | 939,186 | $ | 7,869 | $ | 1,521,903 | $ | 17,395 | $ | 1,539,298 |
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 (Loss) | Total Partners' Capital | Noncontrolling Interests | Total Capital | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2015 | $ | 6,455 | $ | 31,104 | $ | 37,559 | 25,050 | 199,532 | $ | 565,212 | $ | 9,789 | $ | 953,349 | $ | 13,183 | $ | 1,541,533 | $ | 8,908 | $ | 1,550,441 | |||||||||||||||||||||||
Net income | 1,668 | 593 | 2,261 | — | — | 22,446 | 781 | 75,357 | — | 98,584 | 691 | 99,275 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | — | (375 | ) | (375 | ) | — | — | — | — | — | (15,013 | ) | (15,013 | ) | — | (15,013 | ) | ||||||||||||||||||||||||||||