According to the company news release:
Total revenues increased 9.4% during the quarter ended June
30, 2008, to $269,527,000 from $246,289,000 in the prior-year
period. Total revenues increased 10.6% in the six months ended
June 30, 2008 to $547,624,000 from $495,307,000 in the
-- Same-center net operating income ("NOI") for the portfolio for
the quarter and six months ended June 30, 2008, declined 0.8%
and 0.7% respectively, compared with a 2.4% increase and a
0.4% decline, respectively, for the prior-year periods.
Same-center NOI for the quarter was primarily impacted by the
year-over-year decline in stabilized mall occupancy and an
increase in bad debt expense due to store closures.
-- Same-store sales for mall tenants of 10,000 square feet or
less for stabilized malls as of June 30, 2008, declined 2.3%
to $341 per square foot compared with $349 per square foot in
the prior year period.
-- The debt-to-total-market capitalization ratio as of June 30,
2008, was 68.6% based on the common stock closing price of
$22.84 and a fully converted common stock share count of
116,960,000 shares as of the same date. The
debt-to-total-market capitalization ratio as of June 30, 2007,
was 53.2% based on the common stock closing price of $36.05
and a fully converted common stock share count of 116,285,000
shares as of the same date.
-- Consolidated and unconsolidated variable rate debt of
$1,418,020,000 represents 15.1% of the total market
capitalization for the Company and 22.0% of the Company's
share of total consolidated and unconsolidated debt.
CBL's Chairman and Chief Executive Officer, Charles B. Lebovitz, said, "In the third and fourth quarters of this year, more than 1.4 million square feet of new developments and expansions will be opening in the CBL portfolio. The most notable of these new centers is the 900,000-square-foot Pearland Town Center in Houston, TX, which celebrated its grand opening on July 30. The CBL leasing team did an outstanding job with the center opening over 85% leased and committed. The attention this center continues to receive from retailers and the financial community is tremendous and we believe Pearland Town Center will make a strong contribution to CBL's long-term growth.
"The second quarter was led by the 9.5% growth in Funds From Operations per share and the enhancements to our financial flexibility with a new $228 million term facility. Notwithstanding the current challenges in the retail environment, we are focused on sustaining the corporate-wide momentum we have been building and look forward to realizing the long-term benefits of our business strategy."