CBL Backdrop Reports After-effects for Third Division 2021
Third Division After-effects Demonstrate Cogent Advance in Operations
CBL Backdrop (NYSE: CBL) appear after-effects for the third division concluded September 30, 2021. A description of anniversary added non-GAAP banking admeasurement and the accompanying adaptation to the commensurable GAAP banking admeasurement is amid at the end of this account release.
Three Months Concluded September 30,
Nine Months Concluded September 30,
2021
2020
%
2021
2020
%
Net accident attributable to accepted shareholders per adulterated share
$
(0.21
)
$
(0.28
)
25.0
%
$
(0.39
)
$
(1.43
)
72.7
%
Funds from Operations (“FFO”) per adulterated share
$
0.37
$
0.06
516.7
%
$
1.07
$
0.28
282.1
%
FFO, as adjusted, per adulterated allotment (1)
$
0.47
$
0.04
1,075.0
%
$
1.21
$
0.32
278.1
%
(1)
For a adaptation of FFO to FFO, as adjusted, for the periods presented, amuse accredit to the footnotes to the Company’s adaptation of net accident attributable to accepted shareholders to FFO allocable to Operating Partnership accepted unitholders on folio 8 of this account release.
KEY TAKEAWAYS:
“We are at an agitative time for CBL. Alpha from our acknowledged actualization from bankruptcy, the complete CBL alignment is activated to assassinate on our activity and booty advantage of our decidedly added antithesis breadth and chargeless banknote flow,” said Stephen Lebovitz, Chief Executive Officer. “We accept apparent an convalescent operating ambiance in 2021 and it is the ideal time to focus on new opportunities, including refinancing our high-interest bulk anchored addendum and property-level loans, creating bulk beyond our portfolio from accessible acreage and new partnerships, and added advance strategies. We are abreast and accessible to accompany to activity the eyes we accept for the new CBL.
“Our portfolio achievement in the third division was aloft expectations, as advantageous cartage and sales advance fueled a able rebound. Improvements in the leasing environment, including accretion addressee appeal and lower bankruptcy-related abundance closures, collection advantageous ascendancy advance as new leases alive year-to-date took occupancy. It is account acquainted that we accomplished our aboriginal division of year-over-year ascendancy advance aback the aboriginal division of 2019. Charter spreads additionally bigger from above-mentioned quarters. Robust sales by retailers are arch to college levels of allotment rent, one disciplinarian of bigger NOI results. We accept auspiciously captivated costs in analysis admitting aggrandizement pressures.
“As we say on the home folio of our new website, which we debuted aftermost anniversary in affiliation with our emergence, we are redefining what the basic agency to our communities by accumulation retail, dining, entertainment, and added alloyed uses. We fabricated advance this division in bringing this eyes to activity through ballast redevelopments, abacus new uses that drive added cartage and new customers. Awful advantageous Scheel’s All Sports commenced architecture on their anew broadcast abundance at Dakota Square, afterward their accretion of the aloft Sears aftermost month. Ball user, Main Event, is beneath architecture in a allocation of the aloft Sears at Sunrise Mall. We completed the auction of a aloft Sears at Harford Mall, which will be redeveloped into a approaching grocery store, and we awash a bindle of antithesis parking at Monroeville Basic for development into a approaching VA Center. At York Galleria, we afresh opened Hollywood Casino and Activity Storage is developing a new ability in a aloft ballast space. As categorical in our administration abundance amend in the supplemental, we are actively in acceding or finalizing deals that will abide this cogent progress.
“Take a alpha attending at CBL. Our new basic anatomy allows us to accompany opportunities both aural our portfolio and evidently to actualize bulk for stakeholders. We accept a new, awful affianced Board that brings alpha perspective. And the CBL administration aggregation is added committed than anytime to the success and advance of the company.”
FINANCIAL RESULTS
Net accident attributable to accepted shareholders for the three months concluded September 30, 2021 was $41.7 million, or a accident of $0.21 per adulterated share, compared with net accident of $54.1 million, or a accident of $0.28 per adulterated share, for the three months concluded September 30, 2020. Net accident for the third division 2021 was additionally impacted by a $63.2 actor accident on crime of complete acreage to address bottomward the accustomed bulk of Parkdale Basic and Crossing, Laurel Park and a acreage bindle to their estimated fair values.
Net accident attributable to accepted shareholders for the nine months concluded September 30, 2021 was $77.4 million, or a accident of $0.39 per adulterated share, compared with net accident of $269.4 million, or a accident of $1.43 per adulterated share, for the nine months concluded September 30, 2020.
FFO, as adjusted, allocable to accepted shareholders, for the three months concluded September 30, 2021 was $92.9 million, or $0.47 per adulterated share, compared with $8.6 million, or $0.04 per adulterated share, for the three months concluded September 30, 2020. FFO, as adjusted, allocable to the Operating Partnership accepted unitholders, for the three months concluded September 30, 2021 was $95.3 actor compared with $9.0 actor for the three months concluded September 30, 2020.
FFO, as adjusted, allocable to accepted shareholders, for the nine months concluded September 30, 2021 was $237.3 million, or $1.21 per adulterated share, compared with $61.1 million, or $0.32 per adulterated share, for the nine months concluded September 30, 2020. FFO, as adjusted, allocable to the Operating Partnership accepted unitholders, for the nine months concluded September 30, 2021 was $243.5 actor compared with $65.5 actor for the nine months concluded September 30, 2020.
Three Months Concluded September 30,
Nine Months Concluded September 30,
2021
2021
Portfolio same-center NOI
26.5%
6.7%
Mall same-center NOI
29.9%
7.2%
CBL’s analogue of same-center NOI excludes the appulse of charter abortion fees and assertive non-cash items such as straight-line rents and reimbursements, write-offs of freeholder inducements and net acquittal of acquired aloft and beneath bazaar leases.
Major variances impacting same-center NOI for the three months concluded September 30, 2021, include:
COVID-19 RENT COLLECTION UPDATE
The Aggregation has calm 93% of accompanying gross rents for the aeon April 2020 through September 2021. As of October 2021, CBL had deferred about $45.8 actor in rents. Of the about 72% of the deferred amounts billed to-date, CBL has calm about 97%.
LIQUIDITY
Following actualization from Defalcation on November 1, 2021, and $60 actor accretion of 10% Notes, on a circumscribed basis, the aggregation had about $260 actor accessible in complete banknote and bankable securities.
As of September 30,
2021
2020
Total portfolio
88.4%
86.6%
Malls:
Total Basic portfolio
86.3%
85.0%
Same-center Malls
86.3%
85.5%
Stabilized Malls
86.3%
85.4%
Associated centers
94.8%
89.1%
Community centers
94.5%
94.4%
Occupancy for malls represents allotment of basic abundance gross leasable breadth beneath 20,000 aboveboard anxiety occupied. Ascendancy for associated and association centers represents allotment of gross leasable breadth occupied.
New and Renewal Leasing Activity of Aforementioned Small Shop Amplitude Beneath Than 10,000 Aboveboard Feet:
Three Months Concluded September 30,
Nine Months Concluded September 30,
2021
2021
Stabilized Malls
(12.2)%
(17.5)%
New leases
(20.3)%
(18.4)%
Renewal leases
(10.4)%
(17.3)%
Same-Center Sales Per Aboveboard Foot for Basic Tenants 10,000 Aboveboard Anxiety or Less:
Sales for the third division 2021 added 17% as compared with the third division 2019, with all but two of CBL’s 54 advertisement malls demonstrating an access over the commensurable period. For the nine months concluded September 30, 2021, sales added 17% as compared with the nine months concluded September 30, 2019. Due to the acting basic and abundance closures that occurred in 2020, the majority of CBL’s tenants did not address sales for the abounding advertisement period. As a result, CBL is not able to board a complete admeasurement of sales for the abaft twelve-month period.
FINANCING ACTIVITY AND LENDER DISCUSSIONS
On November 1, 2021, pursuant to the Associate 11 Plan of Reorganization, the Aggregation issued $455 actor of 10% chief anchored addendum (the “10% Notes”) and $150 actor of 7% convertible chief anchored addendum (the “7% Notes”), including $50 actor in addendum issued in barter for new money. CBL additionally entered into a new $883.7 actor appellation accommodation on November 1, 2021, which replaced the Company’s antecedent acclaim facility.
On November 8, 2021, the Aggregation completed the accretion of $60 actor of 10% Notes. Afterward the redemption, the Aggregation has $395 actor in 10% Addendum outstanding.
CBL anticipates allied with conveyance or foreclosure affairs for EastGate Basic in Cincinnati, OH ($30.1 million), Asheville Basic in Asheville, NC ($62.1 million) and Parkdale Basic in Beaumont, TX ($70.5 million). Asheville Basic was deconsolidated during the aboriginal division 2021. CBL no best controls the acreage afterward its alteration to receivership. EastGate Basic and Parkdale Basic are accepted to be transferred into receivership in the abreast future. In October, the foreclosure of Park Plaza in Little Rock, AR ($76.8 million) was completed.
Subsequent to September 30, 2021, Brookfield Aboveboard Ballast S, LLC filed for bankruptcy, which is the borrower beneath the $27.5 actor recourse appellation loan. The Aggregation has entered in a arcane arbitration beneath defalcation cloister acclimation with the lender.
CBL is additionally in discussions with the lender on modification of the $36.0 actor recourse accommodation anchored by The Aperture Shoppes at Gettysburg in Gettysburg, PA, which is in default.
CBL is in the activity of negotiating extensions and modifications of the absolute acreage akin mortgage loans with maturities in 2021 and 2022.
RESTRUCTURING UPDATE
On November 1, 2021, CBL emerged from defalcation and entered a apprehension of Effective Date for the Company’s Plan of Reorganization. The apprehension and added abstracts accompanying to the proceedings, can be begin at https://dm.epiq11.com/case/cblproperties/info.
DISPOSITIONS
In July 2021, CBL completed the auction of the aloft Sears area at Dakota Aboveboard Basic in Minot, ND to Scheel’s for $4.0 million. Scheel’s affairs to aggrandize the aloft Sears architecture to about 100,000-square-feet to board their new ancestor and backpack from their complete area in the basic to the new store. Additionally, in July, CBL awash a aloft administration abundance in Cincinnati, Ohio for $5.5 million, for redevelopment into a approaching grocer.
In September, CBL completed the auction of a bindle of antithesis parking at Monroeville Basic in Monroeville, PA, to a developer for the architecture of a approaching VA center. The gross sales bulk was $3.5 million.
In October 2021, CBL completed the auction of a aloft Sears abundance at Harford Basic in Bel Air, MD, for $5.0 actor and the auction of 62 residential units at Pearland Town Centermost in Houston, TX, for $8.75 million.
Year-to-date, CBL has generated $35.3 actor in gross accretion from asset sales.
DEVELOPMENT AND LEASING PROGRESS
During the third quarter, Hollywood Casino at York Galleria in York, PA captivated its admirable opening. Hobby Lobby at West Towne Basic in Madison, WI, acclaimed its admirable aperture afresh and Rooms to Go at Cross Creek in Fayetteville, NC will accessible afterwards this year.
Construction afresh commenced on a new LifeStorage ability at York Galleria in York, PA in a aloft ballast location. Ball user, Main Event, is beneath architecture in a allocation of the aloft Sears at Sunrise Basic in Brownsville, TX. Scheel’s All Sports commenced architecture on an broadcast abundance at Dakota Aboveboard in Minot, ND, afterward their accretion of the aloft Sears aftermost month.
Additional offerings, including new restaurants, fitness, auberge and added uses are planned or beneath acceding and will be appear as capacity are finalized.
Detailed activity advice is accessible in CBL’s Banking Supplement for Q3 2021, which can be begin in the Invest – Banking Reports area of CBL’s website at cblproperties.com.
ABOUT CBL PROPERTIES
Headquartered in Chattanooga, TN, CBL Backdrop owns and manages a civic portfolio of market-dominant backdrop amid in activating and growing communities. CBL’s portfolio is comprised of 104 backdrop accretion 63.9 actor aboveboard anxiety beyond 24 states, including 62 high-quality enclosed, aperture and amphitheater retail centers and bristles backdrop managed for third parties. CBL seeks to continuously strengthen its aggregation and portfolio through alive management, advancing leasing and assisting reinvestment in its properties. For added advice appointment cblproperties.com.
NON-GAAP FINANCIAL MEASURES Funds From Operations
FFO is a broadly acclimated non-GAAP admeasurement of the operating achievement of complete acreage companies that supplements net assets (loss) bent in accordance with GAAP. The Civic Association of Complete Acreage Advance Trusts (“NAREIT”) defines FFO as net assets (loss) (computed in accordance with GAAP) excluding assets or losses on sales of depreciable operating backdrop and crime losses of depreciable properties, added abrasion and amortization, and afterwards adjustments for unconsolidated partnerships and collective ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and collective ventures and noncontrolling interests are affected on the aforementioned basis. We ascertain FFO as authentic aloft by NAREIT beneath assets on adopted banal of the Aggregation or distributions on adopted units of the Operating Partnership, as applicable. The Company’s acclimation of artful FFO may be altered from methods acclimated by added REITs and, accordingly, may not be commensurable to such added REITs.
The Aggregation believes that FFO provides an added indicator of the operating achievement of its backdrop after giving aftereffect to complete acreage abrasion and amortization, which assumes the bulk of complete acreage assets declines predictably over time. Aback ethics of well-maintained complete acreage assets accept historically risen with bazaar conditions, the Aggregation believes that FFO enhances investors’ compassionate of its operating performance. The use of FFO as an indicator of banking achievement is afflicted not alone by the operations of the Company’s backdrop and absorption rates, but additionally by its basic structure.
The Aggregation presents both FFO allocable to Operating Partnership accepted unitholders and FFO allocable to accepted shareholders, as it believes that both are advantageous achievement measures. The Aggregation believes FFO allocable to Operating Partnership accepted unitholders is a advantageous achievement admeasurement aback it conducts essentially all of its business through its Operating Partnership and, therefore, it reflects the achievement of the backdrop in complete acceding behindhand of the arrangement of buying interests of the Company’s accepted shareholders and the noncontrolling absorption in the Operating Partnership. The Aggregation believes FFO allocable to its accepted shareholders is a advantageous achievement admeasurement because it is the achievement admeasurement that is best anon commensurable to net assets (loss) attributable to its accepted shareholders.
In the adaptation of net assets (loss) attributable to the Company’s accepted shareholders to FFO allocable to Operating Partnership accepted unitholders, amid in this antithesis release, the Aggregation makes an acclimation to add aback noncontrolling absorption in assets (loss) of its Operating Partnership in acclimation to access at FFO of the Operating Partnership accepted unitholders. The Aggregation again applies a allotment to FFO of the Operating Partnership accepted unitholders to access at FFO allocable to its accepted shareholders. The allotment is computed by demography the weighted-average cardinal of accepted shares outstanding for the aeon and adding it by the sum of the weighted-average cardinal of accepted shares and the weighted-average cardinal of Operating Partnership units captivated by noncontrolling interests during the period.
FFO does not represent banknote flows from operations as authentic by GAAP, is not necessarily apocalyptic of banknote accessible to armamentarium all banknote breeze needs and should not be advised as an addition to net assets (loss) for purposes of evaluating the Company’s operating achievement or to banknote breeze as a admeasurement of liquidity.
The Aggregation believes that it is important to analyze the appulse of assertive cogent items on its FFO measures for a clairvoyant to accept a complete compassionate of the Company’s after-effects of operations. Therefore, the Aggregation has additionally presented adapted FFO measures excluding these items from the applicative periods. Amuse accredit to the adaptation of net assets (loss) attributable to accepted shareholders to FFO allocable to Operating Partnership accepted unitholders on folio 8 of this account absolution for a description of these adjustments.
Same-center Net Operating Income
NOI is a added non-GAAP admeasurement of the operating achievement of the Company’s arcade centers and added properties. The Aggregation defines NOI as acreage operating revenues (rental revenues, addressee reimbursements and added income) beneath acreage operating costs (property operating, complete acreage taxes and aliment and repairs).
The Aggregation computes NOI based on the Operating Partnership’s pro rata allotment of both circumscribed and unconsolidated properties. The Aggregation believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata allotment of both circumscribed and unconsolidated backdrop is advantageous aback the Aggregation conducts essentially all of its business through its Operating Partnership and, therefore, it reflects the achievement of the backdrop in complete acceding behindhand of the arrangement of buying interests of the Company’s accepted shareholders and the noncontrolling absorption in the Operating Partnership. The Company’s analogue of NOI may be altered than that acclimated by added companies and, accordingly, the Company’s adding of NOI may not be commensurable to that of added companies.
Since NOI includes alone those revenues and costs accompanying to the operations of the Company’s arcade centermost properties, the Aggregation believes that same-center NOI provides a admeasurement that reflects trends in ascendancy rates, rental rates, sales at the malls and operating costs and the appulse of those trends on the Company’s after-effects of operations. The Company’s adding of same-center NOI excludes charter abortion income, straight-line hire adjustments, acquittal of aloft and beneath bazaar charter affluence and write-off of freeholder attraction assets in acclimation to enhance the allegory of after-effects from one aeon to another. A adaptation of same-center NOI to net assets is amid at the end of this antithesis release.
Pro Rata Allotment of Debt
The Aggregation presents debt based on its pro rata buying allotment (including the Company’s pro rata allotment of unconsolidated affiliates and excluding noncontrolling interests’ allotment of circumscribed properties) because it believes this provides investors a clearer compassionate of the Company’s complete debt obligations which affect the Company’s liquidity. A adaptation of the Company’s pro rata allotment of debt to the bulk of debt on the Company’s abridged circumscribed antithesis breadth is amid at the end of this antithesis release.
Information included herein contains “forward-looking statements” aural the acceptation of the federal antithesis laws. Such statements are inherently accountable to risks and uncertainties, abounding of which cannot be predicted with accurateness and some of which ability not alike be anticipated. Approaching contest and absolute events, banking and otherwise, may alter materially from the contest and after-effects discussed in the advanced statements. The clairvoyant is directed to the Company’s assorted filings with the Antithesis and Barter Commission, including after limitation the Company’s Annual Address on Form 10-K, and the “Management’s Altercation and Analysis of Banking Condition and After-effects of Operations” included therein, for a altercation of such risks and uncertainties.
CBL & Associates Properties, Inc.
Supplemental Banking and Operating Information
For the Three and Nine Months Concluded September 30, 2021 and 2020
Three Months Concluded September 30,
Nine Months Concluded September 30,
2021
2020
2021
2020
REVENUES:
Rental revenues
$
145,539
$
124,081
$
405,030
$
405,476
Management, development and leasing fees
1,780
2,104
4,888
5,251
Other
3,056
3,712
10,202
10,955
Total revenues
150,375
129,897
420,120
421,682
EXPENSES:
Property operating
(23,818
)
(20,396
)
(65,243
)
(63,011
)
Depreciation and amortization
(46,479
)
(53,477
)
(142,090
)
(162,042
)
Real acreage taxes
(13,957
)
(17,215
)
(45,618
)
(53,500
)
Maintenance and repairs
(9,482
)
(8,425
)
(29,047
)
(25,675
)
General and administrative
(13,502
)
(25,497
)
(37,383
)
(62,060
)
Loss on impairment
(63,160
)
(46
)
(120,342
)
(146,964
)
Litigation settlement
89
2,480
890
2,480
Other
(104
)
—
(391
)
(400
)
Total expenses
(170,413
)
(122,576
)
(439,224
)
(511,172
)
OTHER INCOME (EXPENSES):
Interest and added income
510
1,975
2,038
5,263
Interest bulk (unrecognized acknowledged absorption bulk was $45,344 and $135,162 for the three and nine months concluded September 30, 2021, respectively)
(19,039
)
(61,137
)
(65,468
)
(160,760
)
Gain on concealment of debt
—
15,407
—
15,407
Gain on deconsolidation
—
—
55,131
—
Gain (loss) on sales of complete acreage assets
8,684
(55
)
8,492
2,708
Reorganization items
(12,008
)
—
(52,014
)
—
Income tax account (provision)
1,234
(546
)
(222
)
(17,189
)
Equity in losses of unconsolidated affiliates
(2,224
)
(7,389
)
(9,575
)
(12,450
)
Total added expenses
(22,843
)
(51,745
)
(61,618
)
(167,021
)
Net loss
(42,881
)
(44,424
)
(80,722
)
(256,511
)
Net accident attributable to noncontrolling interests in:
Operating Partnership
1,085
609
2,013
19,100
Other circumscribed subsidiaries
76
937
1,344
1,631
Net accident attributable to the Company
(41,720
)
(42,878
)
(77,365
)
(235,780
)
Preferred assets undeclared
—
(11,223
)
—
(33,669
)
Net accident attributable to accepted shareholders
$
(41,720
)
$
(54,101
)
$
(77,365
)
$
(269,449
)
Basic and adulterated per allotment abstracts attributable to common
shareholders:
Net accident attributable to accepted shareholders
$
(0.21
)
$
(0.28
)
$
(0.39
)
$
(1.43
)
Weighted-average accepted and abeyant dilutive accepted shares
outstanding
196,454
193,481
196,474
188,211
CBL & Associates Properties, Inc.
Supplemental Banking and Operating Information
For the Three and Nine Months Concluded September 30, 2021 and 2020
The Company’s adaptation of net accident attributable to accepted shareholders to FFO allocable to Operating Partnership accepted unitholders is as follows:
Three Months Concluded September 30,
Nine Months Concluded September 30,
2021
2020
2021
2020
Net accident attributable to accepted shareholders
$
(41,720
)
$
(54,101
)
$
(77,365
)
$
(269,449
)
Noncontrolling absorption in accident of Operating Partnership
(1,085
)
(609
)
(2,013
)
(19,100
)
Depreciation and acquittal bulk of:
Consolidated properties
46,479
53,477
142,090
162,042
Unconsolidated affiliates
13,480
14,437
40,466
41,967
Non-real acreage assets
(416
)
(702
)
(1,448
)
(2,431
)
Noncontrolling interests’ allotment of abrasion and acquittal in added circumscribed subsidiaries
(571
)
(1,118
)
(1,710
)
(2,829
)
Loss on impairment
63,160
46
120,342
146,964
(Gain) accident on depreciable property
(4,836
)
—
(4,836
)
25
FFO allocable to Operating Partnership accepted unitholders
74,491
11,430
215,526
57,189
Litigation adjustment (1)
(89
)
(2,480
)
(890
)
(2,480
)
Non-cash absence absorption bulk (2)
8,919
2,519
31,965
5,412
Gain on deconsolidation (3)
—
—
(55,131
)
—
Reorganization items (4)
12,008
—
52,014
—
Prepetition accuse (5)
—
12,913
—
20,770
Gain on concealment of debt (6)
—
(15,407
)
—
(15,407
)
FFO allocable to Operating Partnership accepted unitholders, as
adjusted
$
95,329
$
8,975
$
243,484
$
65,484
FFO per adulterated share
$
0.37
$
0.06
$
1.07
$
0.28
FFO, as adjusted, per adulterated share
$
0.47
$
0.04
$
1.21
$
0.32
Weighted-average accepted and abeyant dilutive accepted shares
outstanding with Operating Partnership units absolutely converted
201,559
201,690
201,587
201,551
(1)
For the three and nine months concluded September 30, 2021 and 2020, represents a acclaim to activity adjustment bulk accompanying to affirmation amounts that were appear pursuant to the acceding of the adjustment acceding accompanying to the adjustment of a chic activity lawsuit.
(2)
The three and nine months concluded September 30, 2021 includes absence absorption bulk accompanying to loans anchored by backdrop that were in absence above-mentioned to the Aggregation filing autonomous petitions beneath associate 11 of appellation 11 of the United States Code in the United States Defalcation Cloister for the Southern District of Texas, as able-bodied as loans anchored by backdrop that are in absence due to the Aggregation filing autonomous petitions beneath associate 11 of appellation 11 of the United States Code. The three and nine months concluded September 30, 2020 includes absence absorption bulk accompanying to Greenbrier Mall, Hickory Point Mall, EastGate Mall, Asheville Mall, Burnsville Centermost and Park Plaza.
(3)
During the nine months concluded September 30, 2021, the Aggregation deconsolidated Asheville Basic and Park Plaza due to a accident of ascendancy back the backdrop were placed into receivership in affiliation with the foreclosure process.
(4)
For the three and nine months concluded September 30, 2021, about-face items represent costs incurred consecutive to the Aggregation filing autonomous petitions beneath associate 11 of appellation 11 of the United States Code in the United States Defalcation Cloister for the Southern District of Texas associated with the Company’s about-face efforts, which consists of able fees, acknowledged fees, assimilation bonuses and U.S. Trustee fees.
(5)
For the three and nine months concluded September 30, 2020, represents able fees accompanying to the Company’s negotiations with the authoritative abettor and lenders beneath the anchored acclaim ability and assertive holders of the Company’s chief apart addendum apropos a restructure of such acknowledgment above-mentioned to the filing of autonomous petitions beneath associate 11 of appellation 11 of the United States Code in the United States Defalcation Cloister for the Southern District of Texas alpha on November 1, 2020.
(6)
The three and nine months concluded September 30, 2020 includes a accretion on concealment of debt accompanying to the non-recourse accommodation anchored by Hickory Point Mall, which was conveyed to the lender in the third division of 2020.
CBL & Associates Properties, Inc.
Supplemental Banking and Operating Information
For the Three and Nine Months Concluded September 30, 2021 and 2020
Three Months Concluded September 30,
Nine Months Concluded September 30,
2021
2020
2021
2020
Diluted EPS attributable to accepted shareholders
$
(0.21
)
$
(0.28
)
$
(0.39
)
$
(1.43
)
Eliminate amounts per allotment afar from FFO:
Depreciation and acquittal expense, including amounts from circumscribed properties, unconsolidated affiliates, non-real acreage assets and excluding amounts allocated to noncontrolling interests
0.29
0.34
0.89
0.99
Loss on impairment
0.31
—
0.59
0.72
Gain on depreciable property
(0.02
)
—
(0.02
)
—
FFO per adulterated share
$
0.37
$
0.06
$
1.07
$
0.28
Three Months Concluded September 30,
Nine Months Concluded September 30,
2021
2020
2021
2020
FFO allocable to Operating Partnership accepted unitholders
$
74,491
$
11,430
$
215,526
$
57,189
Percentage allocable to accepted shareholders (1)
97.47
%
95.93
%
97.46
%
93.38
%
FFO allocable to accepted shareholders
$
72,606
$
10,965
$
210,052
$
53,403
FFO allocable to Operating Partnership accepted unitholders, as adjusted
$
95,329
$
8,975
$
243,484
$
65,484
Percentage allocable to accepted shareholders (1)
97.47
%
95.93
%
97.46
%
93.38
%
FFO allocable to accepted shareholders, as adjusted
$
92,917
$
8,610
$
237,300
$
61,149
(1)
Represents the weighted-average cardinal of accepted shares outstanding for the aeon disconnected by the sum of the weighted-average cardinal of accepted shares and the weighted-average cardinal of Operating Partnership units outstanding during the period. See the adaptation of shares and Operating Partnership units outstanding on folio 14.
CBL & Associates Properties, Inc.
Supplemental Banking and Operating Information
For the Three and Nine Months Concluded September 30, 2021 and 2020
Three Months Concluded September 30,
Nine Months Concluded September 30,
2021
2020
2021
2020
SUPPLEMENTAL FFO INFORMATION:
Lease abortion fees
$
2,051
$
1,722
$
3,329
$
3,375
Per share
$
0.01
$
0.01
$
0.02
$
0.02
Straight-line rental assets adjustment
$
2,711
$
(2,891
)
$
(1,146
)
$
(1,972
)
Per share
$
0.01
$
(0.01
)
$
(0.01
)
$
(0.01
)
Gain (loss) on outparcel sales, net of taxes
$
3,864
$
(55
)
$
3,655
$
2,733
Per share
$
0.02
$
—
$
0.02
$
0.01
Net acquittal of acquired above- and below-market leases
$
60
$
229
$
185
$
1,341
Per share
$
—
$
—
$
—
$
0.01
Net acquittal of debt premiums and discounts
$
—
$
353
$
—
$
1,040
Per share
$
—
$
—
$
—
$
0.01
Income tax account (provision)
$
1,234
$
(546
)
$
(222
)
$
(17,189
)
Per share
$
0.01
$
—
$
—
$
(0.09
)
Gain on concealment of debt
$
—
$
15,407
$
—
$
15,407
Per share
$
—
$
0.08
$
—
$
0.08
Non-cash absence absorption bulk (property-level loans)
$
(8,919
)
$
(2,519
)
$
(31,965
)
$
(5,412
)
Per share
$
(0.04
)
$
(0.01
)
$
(0.16
)
$
(0.03
)
Abandoned projects expense
$
(104
)
$
—
$
(391
)
$
(400
)
Per share
$
—
$
—
$
—
$
—
Interest capitalized
$
—
$
438
$
32
$
1,530
Per share
$
—
$
—
$
—
$
0.01
Litigation settlement
$
89
$
2,480
$
890
$
2,480
Per share
$
—
$
0.01
$
—
$
0.01
Incremental acclaim ability absorption bulk accompanying to artifice of absence rate
$
—
$
(14,499
)
$
—
$
(19,311
)
Per share
$
—
$
(0.07
)
$
—
$
(0.10
)
Prepetition charges
$
—
$
(12,913
)
$
—
$
(20,770
)
Per share
$
—
$
(0.06
)
$
—
$
(0.10
)
Estimate of uncollectable revenues
$
4,444
$
(13,132
)
$
(6,068
)
$
(59,009
)
Per share
$
0.02
$
(0.07
)
$
(0.03
)
$
(0.29
)
As of September 30,
2021
2020
Straight-line hire receivable
$
50,609
$
53,421
CBL & Associates Properties, Inc.
Supplemental Banking and Operating Information
For the Three and Nine Months Concluded September 30, 2021 and 2020
(Dollars in thousands)
Three Months Concluded September 30,
Nine Months Concluded September 30,
2021
2020
2021
2020
Net loss
$
(42,881
)
$
(44,424
)
$
(80,722
)
$
(256,511
)
Adjustments:
Depreciation and amortization
46,479
53,477
142,090
162,042
Depreciation and acquittal from unconsolidated affiliates
13,480
14,437
40,466
41,967
Noncontrolling interests’ allotment of abrasion and acquittal in added circumscribed subsidiaries
(571
)
(1,118
)
(1,710
)
(2,829
)
Interest expense
19,039
61,137
65,468
160,760
Interest bulk from unconsolidated affiliates
10,647
8,646
31,008
24,001
Noncontrolling interests’ allotment of absorption bulk in added circumscribed subsidiaries
(663
)
(570
)
(2,508
)
(1,726
)
Abandoned projects expense
104
—
391
400
(Gain) accident on sales of complete acreage assets
(8,684
)
55
(8,492
)
(2,708
)
Gain on sales of complete acreage assets of unconsolidated affiliates
(70
)
—
(70
)
—
Gain on concealment of debt
—
(15,407
)
—
(15,407
)
Gain on deconsolidation
—
—
(55,131
)
—
Loss on impairment
63,160
46
120,342
146,964
Litigation settlement
(89
)
(2,480
)
(890
)
(2,480
)
Reorganization items
12,008
—
52,014
—
Income tax (benefit) provision
(1,234
)
546
222
17,189
Lease abortion fees
(2,051
)
(1,722
)
(3,329
)
(3,375
)
Straight-line hire and above- and below-market charter amortization
(2,771
)
2,662
961
631
Net accident attributable to noncontrolling interests in added circumscribed subsidiaries
76
937
1,344
1,631
General and authoritative expenses
13,502
25,497
37,383
62,060
Management fees and non-property akin revenues
(1,344
)
(4,415
)
(7,135
)
(9,746
)
Operating Partnership’s allotment of acreage NOI
118,137
97,304
331,702
322,863
Non-comparable NOI
(5,843
)
(8,517
)
(17,037
)
(28,088
)
Total same-center NOI (1)
$
112,294
$
88,787
$
314,665
$
294,775
Total same-center NOI allotment change
26.5
%
6.7
%
CBL & Associates Properties, Inc.
Supplemental Banking and Operating Information
For the Three and Nine Months Concluded September 30, 2021 and 2020
(Continued)
Three Months Concluded September 30,
Nine Months Concluded September 30,
2021
2020
2021
2020
Malls
$
98,202
$
75,577
$
274,254
$
255,863
Associated centers
7,189
7,184
20,614
20,475
Community centers
5,667
4,982
16,146
15,086
Offices and other
1,236
1,044
3,651
3,351
Total same-center NOI (1)
$
112,294
$
88,787
$
314,665
$
294,775
Percentage Change:
Malls
29.9
%
7.2
%
Associated centers
0.1
%
0.7
%
Community centers
13.7
%
7.0
%
Offices and other
18.4
%
9.0
%
Total same-center NOI (1)
26.5
%
6.7
%
(1)
CBL defines NOI as acreage operating revenues (rental revenues, addressee reimbursements and added income), beneath acreage operating costs (property operating, complete acreage taxes and aliment and repairs). Same-center NOI excludes charter abortion income, straight-line hire adjustments, acquittal of aloft and beneath bazaar charter affluence and write-offs of freeholder attraction assets. We accommodate a acreage in our same-center basin back we own all or a allocation of the acreage as of September 30, 2021, and we endemic it and it was in operation for both the complete above-mentioned agenda year and the accepted year-to-date advertisement aeon catastrophe September 30, 2021. New backdrop are afar from same-center NOI, until they accommodated these criteria. Backdrop afar from the same-center basin that would contrarily accommodated these belief are backdrop which are beneath above redevelopment or actuality advised for repositioning, area we intend to renegotiate the acceding of the debt anchored by the accompanying acreage or acknowledgment the acreage to the lender.
CBL & Associates Properties, Inc.
Supplemental Banking and Operating Information
As of September 30, 2021 and 2020
(Dollars in thousands)
As of September 30, 2021
Fixed Rate
Variable Rate
Total per Debt Schedule
Unamortized Deferred Costs Costs (1)
Total
Consolidated debt (2)
$
2,330,175
$
1,181,787
$
3,511,962
$
(3,202
)
$
3,508,760
Noncontrolling interests’ allotment of circumscribed debt
(29,563
)
—
(29,563
)
225
(29,338
)
Company’s allotment of unconsolidated affiliates’ debt
615,166
127,337
742,503
(2,404
)
740,099
Other debt (3)
138,926
—
138,926
—
138,926
Company’s allotment of consolidated, unconsolidated and added debt
$
3,054,704
$
1,309,124
$
4,363,828
$
(5,381
)
$
4,358,447
Weighted-average absorption rate
5.04
%
8.52
%
(4)
6.09
%
As of September 30, 2020
Fixed Rate
Variable Rate
Total per Debt Schedule
Unamortized Deferred Costs Costs
Total
Consolidated debt
$
2,560,364
$
1,183,186
$
3,743,550
$
(13,864
)
$
3,729,686
Noncontrolling interests’ allotment of circumscribed debt
(30,275
)
—
(30,275
)
288
(29,987
)
Company’s allotment of unconsolidated affiliates’ debt
625,806
122,486
748,292
(2,594
)
745,698
Company’s allotment of circumscribed and unconsolidated debt
$
3,155,895
$
1,305,672
$
4,461,567
$
(16,170
)
$
4,445,397
Weighted-average absorption rate
5.06
%
8.52
%
6.07
%
(1)
Unamortized deferred costs costs of $2,310 and $1,256 for assertive circumscribed and the Company’s allotment of unconsolidated property-level, non-recourse mortgage loans, respectively, may be appropriate to be accounting off in the accident that a abandonment or restructuring of acceding cannot be adjourned and the debt is either adored or contrarily extinguished.
(2)
Includes $2,489,676 included in liabilities accountable to accommodation in the accompanying circumscribed antithesis bedding as of September 30, 2021.
(3)
During the nine months concluded September 30, 2021, the Aggregation deconsolidated Asheville Basic and Park Plaza due to a accident of ascendancy back the backdrop were placed into receivership in affiliation with the foreclosure process.
(4)
The authoritative abettor abreast the Aggregation that absorption will accumulate on all outstanding obligations at the post-default rate, which is according to the bulk that contrarily would be in aftereffect added 5.0%. The post-default absorption bulk at September 30, 2021 was 9.50%. In accordance with ASC 852, Reorganizations, which banned the acceptance of absorption bulk during a defalcation proceeding to alone amounts that will be paid during the defalcation proceeding or that are apparent of acceptable accustomed claims, absorption has not been accrued on the anchored acclaim ability consecutive to the filing of autonomous petitions beneath associate 11 of appellation 11 of the United States Code in the United States Defalcation Cloister for the Southern District of Texas alpha on November 1, 2020. On November 1, 2021, an associate of the Aggregation entered into an adapted and restated acclaim agreement, which adapted the pre-emergence anchored acclaim facility.
CBL & Associates Properties, Inc.
Supplemental Banking and Operating Information
As of September 30, 2021 and 2020
(In thousands, except banal price)
Shares Outstanding (1)
Stock Bulk (2)
Common banal and Operating Partnership units
201,555
$
0.18
7.375% Alternation D Accumulative Redeemable Adopted Stock
1,815
250.00
6.625% Alternation E Accumulative Redeemable Adopted Stock
690
250.00
(1)
On the November 1, 2021, by operation of the Third Adapted Collective Associate 11 Plan of CBL & Associates Properties, Inc. and its Affiliated Debtors (With Technical Modifications) (as adapted at Docket No. 1521), all agreements, instruments, and added abstracts evidencing, apropos to or affiliated with any disinterestedness interests of the Company, including the REIT’s accepted stock, and the REIT’s adopted banal and accompanying depositary shares, issued and outstanding anon above-mentioned to November 1, 2021, and any rights of any holder in account thereof, were accounted cancelled, absolved and of no force or effect. On November 2, 2021, the anew issued accepted banal of the Aggregation commenced trading on the NYSE beneath the attribute CBL.
(2)
Stock bulk for accepted banal and Operating Partnership units equals the closing bulk of CBL’s accepted banal on September 30, 2021 on the OTC Markets, operated by the OTC Markets Group, Inc. The banal prices for the adopted banal represent the defalcation alternative of anniversary corresponding alternation of adopted stock.
(In thousands)
Three Months Concluded September 30,
Nine Months Concluded September 30,
Basic
Diluted
Basic
Diluted
2021:
Weighted-average shares – EPS
196,454
196,454
196,474
196,474
Weighted-average Operating Partnership units
5,105
5,105
5,113
5,113
Weighted-average shares – FFO
201,559
201,559
201,587
201,587
2020:
Weighted-average shares – EPS
193,481
193,481
188,211
188,211
Weighted-average Operating Partnership units
8,209
8,209
13,340
13,340
Weighted-average shares – FFO
201,690
201,690
201,551
201,551
CBL & Associates Properties, Inc.
Supplemental Banking and Operating Information
As of September 30, 2021 and December 31, 2020
As of
September 30, 2021
December 31, 2020
ASSETS
Real acreage assets:
Land
$
643,331
$
695,711
Buildings and improvements
4,867,017
5,135,074
5,510,348
5,830,785
Accumulated depreciation
(2,251,613
)
(2,241,421
)
3,258,735
3,589,364
Developments in progress
15,065
28,327
Held for sale
6,239
—
Net advance in complete acreage assets
3,280,039
3,617,691
Cash and banknote equivalents
267,982
61,781
Available-for-sale antithesis – at fair bulk (amortized bulk of $99,991 and $233,053 as of
September 30, 2021 and December 31, 2020, respectively)
99,998
233,071
Receivables:
Tenant
72,574
103,655
Other
4,050
5,958
Mortgage and added addendum receivable
1,696
2,337
Investments in unconsolidated affiliates
249,313
279,355
Intangible charter assets and added assets
252,495
139,892
$
4,228,147
$
4,443,740
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and added indebtedness, net
$
1,019,084
$
1,184,831
Accounts payable and accrued liabilities
203,069
173,387
Total liabilities not accountable to compromise
1,222,153
1,358,218
Liabilities accountable to compromise
2,551,686
2,551,490
Commitments and contingencies
Redeemable noncontrolling interests
(871
)
(265
)
Shareholders’ equity:
Preferred stock, $.01 par value, 15,000,000 shares authorized:
7.375% Alternation D Accumulative Redeemable Adopted Stock, 1,815,000 shares
outstanding
18
18
6.625% Alternation E Accumulative Redeemable Adopted Stock, 690,000 shares
outstanding
7
7
Common stock, $.01 par value, 350,000,000 shares authorized, 197,630,693 and
196,569,917 issued and outstanding in 2021 and 2020, respectively
1,976
1,966
Additional paid-in capital
1,986,911
1,986,269
Accumulated added absolute income
7
18
Dividends in antithesis of accumulative earnings
(1,533,800
)
(1,456,435
)
Total shareholders’ equity
455,119
531,843
Noncontrolling interests
60
2,454
Total equity
455,179
534,297
$
4,228,147
$
4,443,740
Katie Reinsmidt, Executive Vice President – Chief Advance Officer, 423.490.8301, katie.reinsmidt@cblproperties.com
View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20211116005434/en/
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