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

Tuesday, February 4, 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. 

 


Transportation Coalition Of Tennessee Announces Inaugural Members

The Transportation Coalition of Tennessee announced on Thursday that 30   organizations, including the Nashville Area Chamber of Commerce, AARP and the Tennessee County Commissioners Association, have joined the coalition in support of its mission to educate the public and work with state legislators to reform Tennessee’s transportation fund. The statewide coalition formed ... (click for more)

Baker Donelson Ranked 30th In 6th Consecutive Year On Fortune's 100 Best Companies To Work For List

The law firm of Baker Donelson has once again been named one of Fortune's 100 Best Companies to Work For. In its sixth consecutive year to be included, Baker Donelson is ranked 30th, earning its highest ranking yet and its second consecutive year as the highest ranked law firm on the prestigious list, which recognizes companies that have exceptional workplace cultures.  ... (click for more)

Judge Orders Cortez Sims Tried As Adult After Emotional Testimony At Juvenile Court In Shooting Of 4

Juvenile Court Judge Rob Philyaw on Thursday morning ordered that 17-year-old Cortez Sims be tried as an adult in a College Hill Courts shooting that left one woman dead, a toddler paralyzed, and two others wounded. The order was given after emotional testimony from two of the victims in the Jan. 7 early morning mass shooting at 773 W. Main St. Bianca Horton and Marcell "Baby ... (click for more)

County School Bus Driver Alexander Rodriquez Charged With Raping 15-Year-Old Student

A county school bus driver has been charged with raping a 15-year-old student.   Alexander Rodriguez, 34, of Dusty Trail, Ooltewah, was being held on $350,000 bond.   The sheriff's office said it got a report at 9:30 p.m. of a missing juvenile, who was last seen boarding a school bus at Sale Creek High School that afternoon.    ... (click for more)

The Middle Valley Walmart Makes No Sense

There has been quite a bit of hoopla over the proposed new Walmart grocery store in Middle Valley.  Since my family has lived in Middle Valley in a home they built by hand way back in 1954 and said house is now housing generations 3, 4 and 5 I feel that I can give my opinion based on nothing more than life experience.    When this house was built there was a gravel ... (click for more)

Roy Exum: Father Kelly’s ‘Hallelujah’

Last April, in the special way that only some older men are lucky enough to possess, the childish imp came out in Father Ray Kelly. A parish priest in Oldcastle, Ireland, he was conducting wedding vows for a handsome couple when the 62-year-old decided to surprise them with a totally-unscripted rendition of Leonard Cohen’s beautiful song, “Hallelujah.” When he did, there soon ... (click for more)