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. 

 


LBMC Gains Bryan Mattice

LBMC, PC, one of the Southeast’s largest accounting and business consulting firms, has added Bryan Mattice to the Accounting and Assurance services team. Bryan Mattice, CPA,   serves as a staff accountant serving a variety of industry clients in the Accounting and Assurance service team. Mr. Mattice comes to LBMC from BlueCross BlueShield of Tennessee where he worked ... (click for more)

Tennessee American Water Submits 2015 Infrastructure Capital Projects

Tennessee American Water has submitted to the Tennessee Regulatory Authority its 2015 infrastructure capital projects in conjunction with the new alternative rate mechanism.   Approved earlier in 2014 by the Tennessee Regulatory Authority, the alternative rate mechanism creates a process whereby Tennessee American Water will annually submit by December 1 its capital infrastructure ... (click for more)

Downtown Chattanooga Apartment Complex Fetches $15 Million

Walnut Commons, the first downtown apartment complex built in many years, sold for $15 million, one of the developers said. John Clark said the initial estimate on the project was $11 million and it wound up costing around $12 million to build. "We're very pleased with the sale," he said. Mr. Clark, along with partners David Hudson and Bob McKenzie, are selling their stock ... (click for more)

Hamilton County Principal Ronald Hughes Named Tennessee's 2014-15 Principal Of The Year

A Hamilton County elementary school principal and an Anderson County supervisor have earned top honors for their work in Tennessee education. Ronald Hughes, principal of Apison Elementary School in Chattanooga, was named Tennessee’s 2014-15 Principal of the Year. He has served as principal at Apison Elementary for the past six years, and spent three decades working in Tennessee ... (click for more)

Congratulations To Ron Hughes

Hearty congratulations to Ron Hughes for being selected as Tennessee State Elementary Principal of the Year for 2014. Wherever Ron has been assigned as principal, he has exhibited strong leadership both academically and morally. His faith in God and his love for the students of Hamilton County have guided his actions and everyone that has benefited from the excellent education ... (click for more)

Roy Exum: Brittany’s Days Dwindle

So here we are, facing what is known as “Devil’s Night” before Halloween comes, and the almost macabre news now comes that Brittany Maynard, the beautiful girl who has chosen to end her life as soon as Saturday, is struggling to meet her own deadline. She has inoperable brain cancer and, at best, only months to live. The 29-year-old, who was married shortly before her devastating ... (click for more)