CBL & Associates Has $2.4 Million Net Loss For 4th Quarter

Tuesday, February 04, 2014
CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the fourth quarter and year ended Dec. 31, 2013, including a $2.4 million net loss.

“Two of our major priorities for 2013 were improving the performance of our portfolio and strengthening our balance sheet,” said Stephen Lebovitz, president and CEO of CBL & Associates Properties, Inc. “In the fourth quarter, we saw progress in both of these areas with over 2.1 million square feet of leases signed - including double-digit new lease spreads and solid renewal increases, the opening of our lifestyle shops expansion at Cross Creek Mall (Fayetteville, NC), successful execution of our $450 million debut unsecured notes offering, and FFO growth in line with expectations. While remaining at historically high levels, occupancy did not increase incrementally as much as we had hoped and NOI growth was below what we had anticipated for the quarter. This near-term disappointment aside, the underlying strength of our portfolio and our demonstrated ability to source attractive growth opportunities provided the foundation for a 6.5% increase in our common dividend.

“The multi-year plan to transition CBL’s portfolio to a higher growth profile is our top priority in 2014. Redevelopments at our more productive assets and new outlet center developments will once again be a major focus for us after an active year in 2013. Our leasing efforts are concentrated on upgrading our tenant mix as we build on 650,000 square feet of big box and junior anchor space opened during the past year and the 450,000 square feet already executed for 2014. The pruning of our portfolio, which began in earnest last September with the sale of three malls and their associated centers, will continue this year, which will enable our higher performing malls to have a greater impact on overall results. Our investment grade balance sheet also gives us the flexibility to execute these strategies with significant availability on our unsecured lines of credit, a growing unencumbered asset pool and access to attractive sources of capital.”

Net loss attributable to common shareholders for the fourth quarter of 2013 was $2.4 million, or a loss of $0.01 per diluted share, compared with net income of $52.4 million, or $0.33 per diluted share for the fourth quarter of 2012.

Net income attributable to common shareholders for 2013 was $40.3 million, or $0.24 per diluted share, compared with net income of $84.1 million, or $0.54 per diluted share for 2012. During the fourth quarter 2013, the Company recorded an impairment charge of $47.2 million related to Madison Square in Huntsville, AL, to write the depreciated book value of the asset down to current fair value. The impairment charge impacted net income in the fourth quarter and year ended December 31, 2013.

In November 2013, CBL’s Board of Directors declared a 6.5% increase in the quarterly cash dividend for the Company’s Common Stock to $0.245 per share for the quarter ending December 31, 2013. The increased quarterly dividend represents an annualized dividend rate of $0.98 per share compared with the previous annualized dividend rate of $0.92 per share. The dividend was payable on January 15, 2014, to shareholders of record as of December 30, 2013. 

 


First Tool Box By Woodcraft Grand Opening In Chattanooga Is Friday, Saturday

Chattanooga area residents are invited to visit the first Tool Box by Woodcraft store during grand opening festivities scheduled for Friday and Saturday. The new, smaller sized Tool Box by Woodcraft is located at 5824 Brainerd Road. Hours are 10 a.m. to 6 p.m., Monday through Saturday. “To celebrate bringing Woodcraft’s quality products and services to this southeastern Tennessee ... (click for more)

Rochat To Manage Investments, Banking For BlueCross

James K. Rochat has been hired as director and assistant treasurer, investments and cash management  for BlueCross BlueShield of Tennessee. In this role, Mr. Rochat is responsible for management of both BlueCross’ investment portfolio, as well as all of its banking relationships. He comes to BlueCross from St. Paul, Minnesota-based AgriBank, where he has managed a $4.5 ... (click for more)

EPB Says Bottom Line Is It Owes City $17,049 For Street Light Billing; DePriest Says Figure Is Starting Point For Talks With City: EPB To Ask Dismissal Of "Frivolous" Lepard Lawsuit

EPB officials on Tuesday morning released a report by Mauldin & Jenkins, the independent accounting firm charged with analyzing the process errors that led to questions about billing for public street lights, that gives a bottom line figure that EPB owes the city of Chattanooga $17,049. Harold DePriest, EPB president, said that is a starting point for ongoing talks with the ... (click for more)

DA Sets Up Process To Review 120 Cold Cases Murders Dating Back 40 Years

District Attorney Neal Pinkston said at a morning press conference on Tuesday that he is setting up a process to review 120 cold case murders in Hamilton County dating back some 40 years. He said former city major crimes detective Mike Mathis will be working out of his office on the cases. He is familiar with most or all of the cases, it was stated. DA Pinkston said Sgt. Bill ... (click for more)

How To Reform The City Industrial Development Board - And Response (3)

My aims is to bring to the public’s attention the need for procedural changes that, if implemented, would significantly improve the information available the public, to the City Council and to the City Industrial Development Board about the verifiable benefits and costs of tax incentive financing structures and to make the entire process transparent. The public, the City ... (click for more)

Roy Exum: He Can Never Go Home

When Florida State quarterback Jameis Winston sparked top-ranked Florida State to a 56-41 comeback over N.C. State last Saturday, you would have thought the world had forgotten and virtually excused his vulgar rant from the week before. His inexcusable mid-week antics kept him sidelined during the Clemson game and brought down the nation’s scorn but less than a week later he was ... (click for more)