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Section 1: 10-Q (10-Q)

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UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ____________ TO _______________
 
COMMISSION FILE NO. 1-12494 (CBL & ASSOCIATES PROPERTIES, INC.)
COMMISSION FILE NO. 333-182515-01 (CBL & ASSOCIATES LIMITED PARTNERSHIP)
______________
CBL & ASSOCIATES PROPERTIES INC
CBL & Associates Limited Partnership
(Exact Name of registrant as specified in its charter)
______________
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)
                       
 2030 Hamilton Place Blvd., Suite 500, ChattanoogaTN  37421-6000
(Address of principal executive office, including zip code)
423-855-0001
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
CBL & Associates Properties, Inc.
 
Yes
No
CBL & Associates Limited Partnership
 
Yes
No
                   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
CBL & Associates Properties, Inc.
 
Yes
No
CBL & Associates Limited Partnership
 
Yes
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
CBL & Associates Properties, Inc.
 
Large accelerated filer
 
Accelerated filer 
Non-accelerated filer  
 
Smaller reporting company 
Emerging growth company 
 
 
 
 
 
 
 
 
CBL & Associates Limited Partnership
 
Large accelerated filer 
 
Accelerated filer 
Non-accelerated filer
 
Smaller reporting company 
Emerging growth company 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
CBL & Associates Properties, Inc.
 
 Yes   
No 
CBL & Associates Limited Partnership
 
 Yes   
No 



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Securities registered under Section 12(b) of the Act:
CBL & Associates Properties, Inc.
Title of each Class
Trading
Symbol(s)
Name of each exchange on
which registered
Common Stock, $0.01 par value 
CBL
New York Stock Exchange
7.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value 
CBLprD
New York Stock Exchange
6.625% Series E Cumulative Redeemable Preferred Stock, $0.01 par value 
CBLprE
New York Stock Exchange
CBL & Associates Limited Partnership: None

As of August 6, 2019, there were 173,472,151 shares of CBL & Associates Properties, Inc.'s common stock, par value $0.01 per share, outstanding.


Table of Contents


EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2019 of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership. Unless stated otherwise or the context otherwise requires, references to the "Company" mean CBL & Associates Properties, Inc. and its subsidiaries. References to the "Operating Partnership" mean CBL & Associates Limited Partnership and its subsidiaries. The terms "we," "us" and "our" refer to the Company or the Company and the Operating Partnership collectively, as the context requires.
The Company is a real estate investment trust ("REIT") whose stock is traded on the New York Stock Exchange. The Company is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At June 30, 2019, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.0% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned an 85.6% limited partner interest for a combined interest held by the Company of 86.6%.
As the sole general partner of the Operating Partnership, the Company's subsidiary, CBL Holdings I, Inc., has exclusive control of the Operating Partnership's activities. Management operates the Company and the Operating Partnership as one business. The management of the Company consists of the same individuals that manage the Operating Partnership. The Company's only material asset is its indirect ownership of partnership interests of the Operating Partnership. As a result, the Company conducts substantially all its business through the Operating Partnership as described in the preceding paragraph. The Company also issues public equity from time to time and guarantees certain debt of the Operating Partnership. The Operating Partnership holds all of the assets and indebtedness of the Company and, through affiliates, retains the ownership interests in the Company's joint ventures. Except for the net proceeds of offerings of equity by the Company, which are contributed to the Operating Partnership in exchange for partnership units on a one-for-one basis, the Operating Partnership generates all remaining capital required by the Company's business through its operations and its incurrence of indebtedness.
We believe that combining the two quarterly reports on Form 10-Q for the Company and the Operating Partnership provides the following benefits:
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.
To help investors understand the differences between the Company and the Operating Partnership, this report provides separate condensed consolidated financial statements for the Company and the Operating Partnership. Noncontrolling interests, shareholders' equity and partners' capital are the main areas of difference between the condensed consolidated financial statements of the Company and those of the Operating Partnership. A single set of notes to condensed consolidated financial statements is presented that includes separate discussions for the Company and the Operating Partnership, when applicable. A combined Management's Discussion and Analysis of Financial Condition and Results of Operations section is also included that presents combined information and discrete information related to each entity, as applicable.
In order to highlight the differences between the Company and the Operating Partnership, this report includes the following sections that provide separate financial and other information for the Company and the Operating Partnership:
condensed consolidated financial statements;
certain accompanying notes to condensed consolidated financial statements, including Note 7 - Unconsolidated Affiliates and Noncontrolling Interests; Note 8 - Mortgage and Other Indebtedness, Net; and Note 11 - Earnings per Share and Earnings per Unit;
controls and procedures in Item 4 of Part I of this report;
information concerning unregistered sales of equity securities and use of proceeds in Item 2 of Part II of this report; and
certifications of the Chief Executive Officer and Chief Financial Officer included as Exhibits 31.1 through 32.4.


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Combined Guarantor Subsidiaries of the Operating Partnership
In January 2019, the Operating Partnership entered into a new $1,185,000 senior secured credit facility which replaced all of the Operating Partnership’s prior unsecured bank facilities. The secured credit facility is secured by 17 malls and 3 associated centers that are directly or indirectly owned by 36 wholly owned subsidiaries of the Operating Partnership (collectively the “Combined Guarantor Subsidiaries”). The Combined Guarantor Subsidiaries own an additional five malls, one associated center and four mortgage notes receivable that are not collateral for the secured credit facility. The properties that are collateral for the secured credit facility and the properties and mortgage notes receivable that are not collateral are collectively referred to as the “Guarantor Properties.” In addition to the secured credit facility, the Operating Partnership’s debt includes three separate series of senior unsecured notes (the “Notes”). Based on the terms of the Notes, to the extent that any subsidiary of the Operating Partnership executes and delivers a guarantee to another debt facility, the Operating Partnership shall also cause the subsidiary to guarantee the Operating Partnership’s obligations under the Notes on a senior basis. In January 2019, the Combined Guarantor Subsidiaries entered a guarantee agreement with the issuer of the Notes to satisfy the guaranty requirement.    
This report also includes as an exhibit the combined financial statements and notes to the combined financial statements of the Combined Guarantor Subsidiaries. Each of the Combined Guarantor Subsidiaries meet the criteria in Rule 3-10(f) of SEC Regulation S-X to provide condensed consolidating financial information as additional disclosure in the notes to the Operating Partnership's condensed consolidated financial statements because each Combined Guarantor Subsidiary is 100% owned by the Operating Partnership, the guaranty issued by each Combined Guarantor Subsidiary is full and unconditional and the guaranty issued by each Combined Guarantor Subsidiary is joint and several. However, the Operating Partnership has elected to provide combined financial statements and accompanying notes for the Combined Guarantor Subsidiaries in lieu of including the condensed consolidating financial information in the notes to its condensed consolidated financial statements. These combined financial statements and notes are presented as an exhibit to this quarterly report on Form 10-Q for ease of reference.



Table of Contents

CBL & Associates Properties, Inc.
CBL & Associates Limited Partnership
Table of Contents
PART I
FINANCIAL INFORMATION
 
 
 
CBL & Associates Properties, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CBL & Associates Limited Partnership
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1:   Financial Statements
CBL & Associates Properties, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
ASSETS (1)
June 30,
2019
 
December 31,
2018
Real estate assets:
 
 
 
Land
$
756,946

 
$
793,944

Buildings and improvements
6,153,444

 
6,414,886

 
6,910,390

 
7,208,830

Accumulated depreciation
(2,477,552
)
 
(2,493,082
)
 
4,432,838

 
4,715,748

Held for sale
44,574

 
30,971

Developments in progress
47,666

 
38,807

Net investment in real estate assets
4,525,078

 
4,785,526

Cash and cash equivalents
20,483

 
25,138

Receivables:
 
 
 
Tenant, net of allowance for doubtful accounts of $2,337 in 2018
72,485

 
77,788

Other, net of allowance for doubtful accounts of $838 in 2018
8,450

 
7,511

Mortgage and other notes receivable
6,326

 
7,672

Investments in unconsolidated affiliates
270,860

 
283,553

Intangible lease assets and other assets
144,458

 
153,665

 
$
5,048,140

 
$
5,340,853

 
 
 
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
 

 
 

Mortgage and other indebtedness, net
$
3,865,939

 
$
4,043,180

Accounts payable and accrued liabilities
260,265

 
218,217

Liabilities related to assets held for sale
663

 
43,716

Total liabilities (1)
4,126,867

 
4,305,113

Commitments and contingencies (Note 8 and Note 12)


 


Redeemable noncontrolling interests
2,687

 
3,575

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, 173,471,893 and 172,656,458 issued and
outstanding in 2019 and 2018, respectively
1,735

 
1,727

Additional paid-in capital
1,966,549

 
1,968,280

Dividends in excess of cumulative earnings
(1,104,504
)
 
(1,005,895
)
Total shareholders' equity
863,805

 
964,137

Noncontrolling interests
54,781

 
68,028

Total equity
918,586

 
1,032,165

 
$
5,048,140

 
$
5,340,853

(1)
As of June 30, 2019, includes $601,069 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $410,719 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.
The accompanying notes are an integral part of these condensed consolidated statements.

1

Table of Contents

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,
 
2019
 
2018
 
2019
 
2018
REVENUES:
 
 
 
 
 
 
 
Rental revenues
$
185,393

 
$
207,568

 
$
376,373

 
$
420,297

Management, development and leasing fees
2,586

 
2,643

 
5,109

 
5,364

Other
5,398

 
4,387

 
9,925

 
9,137

Total revenues
193,377

 
214,598

 
391,407

 
434,798

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 

 
 

 
 
 
 
Property operating
(26,532
)
 
(29,527
)
 
(55,512
)
 
(62,353
)
Depreciation and amortization
(64,478
)
 
(73,566
)
 
(134,270
)
 
(145,316
)
Real estate taxes
(19,148
)
 
(20,456
)
 
(39,067
)
 
(42,304
)
Maintenance and repairs
(11,298
)
 
(12,059
)
 
(24,074
)
 
(25,238
)
General and administrative
(14,427
)
 
(13,490
)
 
(36,434
)
 
(31,794
)
Loss on impairment
(41,608
)
 
(51,983
)
 
(66,433
)
 
(70,044
)
Litigation settlement

 

 
(88,150
)
 

Other
(34
)
 
(245
)
 
(34
)
 
(339
)
Total operating expenses
(177,525
)
 
(201,326
)
 
(443,974
)
 
(377,388
)
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSES):
 
 
 
 
 
 
 
Interest and other income
356

 
218

 
845

 
431

Interest expense
(52,482
)
 
(54,203
)
 
(106,480
)
 
(107,970
)
Gain on extinguishment of debt

 

 
71,722

 

Gain on investments

 
387

 

 
387

Gain on sales of real estate assets
5,527

 
3,747

 
5,755

 
8,118

Income tax benefit (provision)
(813
)
 
2,235

 
(952
)
 
2,880

Equity in earnings of unconsolidated affiliates
1,872

 
4,368

 
5,180

 
8,107

Total other income (expenses)
(45,540
)
 
(43,248
)
 
(23,930
)
 
(88,047
)
Net loss
(29,688
)
 
(29,976
)

(76,497
)

(30,637
)
Net loss attributable to noncontrolling interests in:
 

 
 
 
 
 
 
Operating Partnership
5,454

 
5,685

 
13,212

 
7,350

Other consolidated subsidiaries
57

 
494

 
132

 
393

Net loss attributable to the Company
(24,177
)
 
(23,797
)
 
(63,153
)
 
(22,894
)
Preferred dividends
(11,223
)
 
(11,223
)
 
(22,446
)
 
(22,446
)
Net loss attributable to common shareholders
$
(35,400
)
 
$
(35,020
)
 
$
(85,599
)
 
$
(45,340
)
 
 
 
 
 
 
 
 
Basic and diluted per share data attributable to common shareholders:
 
 
Net loss attributable to common shareholders
$
(0.20
)
 
$
(0.20
)
 
$
(0.49
)
 
$
(0.26
)
Weighted-average common and potential dilutive common shares outstanding
173,473

 
172,662

 
173,363

 
172,304


The accompanying notes are an integral part of these condensed consolidated statements.

2

Table of Contents

CBL & Associates Properties, Inc.
Condensed Consolidated Statements of Equity
(In thousands, except share data)
 (Unaudited)
 
 
 
Equity
 
 
 
Shareholders' Equity
 
 
 
 
 
Redeemable
Noncontrolling
Interests
 
Preferred
 Stock
 
Common
 Stock
 
Additional
 Paid-in
 Capital
 
Dividends in
Excess of
Cumulative
Earnings
 
Total
Shareholders'
Equity
 
Noncontrolling
Interests
 
Total
 Equity
Balance, January 1, 2018
$
8,835

 
$
25

 
$
1,711

 
$
1,974,537

 
$
(836,269
)
 
$
1,140,004

 
$
96,474

 
$
1,236,478

Net income (loss)
(94
)
 

 

 

 
903

 
903

 
(1,470
)
 
(567
)
Cumulative effect of accounting change

 

 

 

 
70,380

 
70,380

 

 
70,380

Dividends declared - common stock ($0.200 per share)

 

 

 

 
(34,531
)
 
(34,531
)
 

 
(34,531
)
Dividends declared - preferred stock

 

 

 

 
(11,223
)
 
(11,223
)
 

 
(11,223
)
Issuances of 700,534 shares of common stock and restricted common stock

 

 
7

 
734

 

 
741

 

 
741

Conversion of 915,338 Operating Partnership common units into shares of common stock

 

 
9

 
3,050

 

 
3,059

 
(3,059
)
 

Cancellation of 47,867 shares of restricted common stock

 

 

 
(233
)
 

 
(233
)
 

 
(233
)
Performance stock units

 

 

 
419

 

 
419

 

 
419

Amortization of deferred compensation

 

 

 
1,196

 

 
1,196

 

 
1,196

Adjustment for noncontrolling interests
1,399

 

 

 
(11,737
)
 

 
(11,737
)
 
10,338

 
(1,399
)
Adjustment to record redeemable noncontrolling interests at redemption value
(2,530
)
 

 

 
2,203

 

 
2,203

 
328

 
2,531

Distributions to noncontrolling interests
(1,143
)
 

 

 

 

 

 
(7,804
)
 
(7,804
)
Balance, March 31, 2018
6,467

 
25

 
1,727

 
1,970,169

 
(810,740
)
 
1,161,181

 
94,807

 
1,255,988

Net loss
(324
)
 

 

 

 
(23,797
)
 
(23,797
)
 
(5,855
)
 
(29,652
)
Dividends declared - common stock ($0.200 per share)

 

 

 

 
(34,532
)
 
(34,532
)
 

 
(34,532
)
Dividends declared - preferred stock

 

 

 

 
(11,223
)
 
(11,223
)
 

 
(11,223
)
Issuances of 8,579 shares of common stock and restricted common stock

 

 

 
37

 

 
37

 

 
37

Redemption of Operating Partnership common units

 

 

 

 

 

 
(2,246
)
 
(2,246
)
Cancellation of 3,654 shares of restricted common stock

 

 

 
(3
)
 

 
(3
)
 

 
(3
)
Performance stock units

 

 

 
275

 

 
275

 

 
275

Amortization of deferred compensation

 

 

 
814

 

 
814

 

 
814

Adjustment for noncontrolling interests
829

 

 

 
(2,300
)
 

 
(2,300
)
 
1,469

 
(831
)
Adjustment to record redeemable noncontrolling interests at redemption value
2,865

 

 

 
(2,501
)
 

 
(2,501
)
 
(363
)
 
(2,864
)
Contributions from noncontrolling interests

 

 

 

 

 

 
7,859

 
7,859

Distributions to noncontrolling interests
(1,143
)
 

 

 

 

 

 
(7,169
)
 
(7,169
)
Balance, June 30, 2018
$
8,694

 
$
25

 
$
1,727

 
$
1,966,491

 
$
(880,292
)
 
$
1,087,951

 
$
88,502

 
$
1,176,453



3

Table of Contents

CBL & Associates Properties, Inc.
Condensed Consolidated Statements of Equity
(In thousands, except share data)
(Unaudited)
(Continued)
 
 
 
Equity
 
 
 
Shareholders' Equity
 
 
 
 
 
Redeemable
Noncontrolling
Interests
 
Preferred
 Stock
 
Common
 Stock
 
Additional
 Paid-in
 Capital
 
Dividends in
Excess of
Cumulative
Earnings
 
Total
Shareholders'
Equity
 
Noncontrolling
 Interests
 
Total
 Equity
Balance, January 1, 2019
$
3,575

 
$
25

 
$
1,727

 
$
1,968,280

 
$
(1,005,895
)
 
$
964,137

 
$
68,028

 
$
1,032,165

Net loss
(453
)
 

 

 

 
(38,976
)
 
(38,976
)
 
(7,380
)
 
(46,356
)
Dividends declared - common stock ($0.075 per share)

 

 

 

 
(13,010
)
 
(13,010
)
 

 
(13,010
)
Dividends declared - preferred stock

 

 

 

 
(11,223
)
 
(11,223
)
 

 
(11,223
)
Issuances of 863,174 shares of common stock
and restricted common stock

 

 
9

 
708

 

 
717

 

 
717

Cancellation of 57,656 shares of restricted common stock

 

 
(1
)
 
(133
)
 

 
(134
)
 

 
(134