CBL & Associates Properties 2012 Annual Report
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COVER PROPERTIES : Left to Right/Top to Bottom MALL DEL NORTE, LAREDO, TX CROSS CREEK MALL, FAYETTEVILLE, NC BURNSVILLE CENTER, BURNSVILLE, MN OAK PARK MALL, KANSAS CITY, KS CBL & Associates Properties, Inc. 2012 Annual When investors, business partners, retailers Report CBL & ASSOCIATES PROPERTIES, INC. and shoppers think of CBL they think of the leading owner of market-dominant malls in CORPORATE OFFICE BOSTON REGIONAL OFFICE DALLAS REGIONAL OFFICE ST. LOUIS REGIONAL OFFICE the U.S. In 2012, CBL once again demon- CBL CENTER WATERMILL CENTER ATRIUM AT OFFICE CENTER 1200 CHESTERFIELD MALL THINK SUITE 500 SUITE 395 SUITE 750 CHESTERFIELD, MO 63017-4841 strated why it is thought of among the best 2030 HAMILTON PLACE BLVD. 800 SOUTH STREET 1320 GREENWAY DRIVE (636) 536-0581 THINK 2012 Annual Report CHATTANOOGA, TN 37421-6000 WALTHAM, MA 02453-1457 IRVING, TX 75038-2503 CBLCBL & &Associates Associates Properties Properties, 2012 Inc. Annual Report companies in the shopping center industry. (423) 855-0001 (781) 398-7100 (214) 596-1195 CBLPROPERTIES.COM HAMILTON PLACE, CHATTANOOGA, TN: Our strategy of owning the The 2012 CBL & Associates Properties, Inc. Annual Report saved the following resources by printing on paper containing dominant mall in SFI-00616 10% postconsumer recycled content. its market helps attract in-demand new retailers. At trees waste water energy solid waste greenhouse gases waterborne waste Hamilton Place 5 1,930 3,217,760 214 420 13 Mall, Chattanooga fully grown gallons million BTUs pounds pounds pounds shoppers enjoy the market’s only Forever 21. COVER PROPERTIES : Left to Right/Top to Bottom MALL DEL NORTE, LAREDO, TX CROSS CREEK MALL, FAYETTEVILLE, NC BURNSVILLE CENTER, BURNSVILLE, MN OAK PARK MALL, KANSAS CITY, KS CBL & Associates Properties, Inc. 2012 Annual When investors, business partners, retailers Report CBL & ASSOCIATES PROPERTIES, INC. and shoppers think of CBL they think of the leading owner of market-dominant malls in CORPORATE OFFICE BOSTON REGIONAL OFFICE DALLAS REGIONAL OFFICE ST. LOUIS REGIONAL OFFICE the U.S. In 2012, CBL once again demon- CBL CENTER WATERMILL CENTER ATRIUM AT OFFICE CENTER 1200 CHESTERFIELD MALL THINK SUITE 500 SUITE 395 SUITE 750 CHESTERFIELD, MO 63017-4841 strated why it is thought of among the best 2030 HAMILTON PLACE BLVD. 800 SOUTH STREET 1320 GREENWAY DRIVE (636) 536-0581 THINK 2012 Annual Report CHATTANOOGA, TN 37421-6000 WALTHAM, MA 02453-1457 IRVING, TX 75038-2503 CBLCBL & &Associates Associates Properties Properties, 2012 Inc. Annual Report companies in the shopping center industry. (423) 855-0001 (781) 398-7100 (214) 596-1195 CBLPROPERTIES.COM HAMILTON PLACE, CHATTANOOGA, TN: Our strategy of owning the The 2012 CBL & Associates Properties, Inc. Annual Report saved the following resources by printing on paper containing dominant mall in SFI-00616 10% postconsumer recycled content. its market helps attract in-demand new retailers. At trees waste water energy solid waste greenhouse gases waterborne waste Hamilton Place 5 1,930 3,217,760 214 420 13 Mall, Chattanooga fully grown gallons million BTUs pounds pounds pounds shoppers enjoy the market’s only Forever 21. SHAREHOLDER INFORMATION CORPORATE OFFICE FORM 10-K CBL & Associates Properties, Inc. Copies of the CBL & Associates Properties, Inc. Annual CBL Center, Suite 500 Report on Form 10-K are available, without charge, upon THINK NEW 2030 Hamilton Place Boulevard written request to: Chattanooga, TN 37421-6000 Katie Reinsmidt At CBL, 2012 was the year of new relationships, new additions (423) 855-0001 Senior Vice President – to our portfolio and new retail pursuits. In addition to expanding TRANSFER AGENT AND REGISTRAR Investor Relations and relationships with existing retailers, we welcomed such prominent Corporate Investments Computershare THINK POSITIVE CBL & Associates Properties, Inc. retail names as Lego, Armani Exchange, J. Crew, Tilly’s, H&M, Clarks, P.O. Box 43078 CBL Center, Suite 500 Microsoft, Garage, Michael Kors, Pandora, Crocs, Plow & Hearth, Providence, RI 02940-3078 In 2012, CBL achieved positive trends 2030 Hamilton Place Boulevard Altar’d State and Love Culture. In addition, we acquired Dakota (800) 568-3476 in every part of our business. We saw Square Mall, Kirkwood Mall and the remaining 40% of Imperial Valley Chattanooga, TN 37421-6000 same-center net operating income (NOI) DIVIDEND REINVESTMENT PLAN Mall. We also added The Outlet Shoppes at El Paso and The Outlet ANNUAL MEETING OF SHAREHOLDERS rise, sales per square feet increase again Shareholders of record may automatically Shoppes at Gettysburg, which provided growth in our outlet center The annual meeting of shareholders will be held on to bring our streak to 12 consecutive reinvest their dividends in additional shares portfolio. The success of The Outlet Shoppes at Oklahoma City, our May 13, 2013, at 4:00 P.M. (EDT) at The Chattanoogan, quarters and portfolio occupancy grow of our Common Stock through our Dividend 2.0%SAME-CENTER NOI GROWTH joint venture with Horizon Group Properties, led to building a new 1201 South Broad Street, Chattanooga, TN. Reinvestment Plan, which also provides for 100 basis points to 94.6%. Several of our IN 2012 28,000-square-foot expansion of that property, which opened 100% purchase by voluntary cash contributions. existing retailers supported these posi- leased. These successes paved the way for starting construction on QUARTERLY STOCK PRICE AND DIVIDEND tive trends with their own expansions, For additional information, please contact INFORMATION The Outlet Shoppes at Atlanta, our joint venture development which Computershare. including Pink, Crazy 8, Teavana, Ann will open in July, 2013. Our goal is to grow our retail relationships The following table presents the dividends declared Taylor, Ann Taylor LOFT and Francesca’s, and to add to our portfolio through redevelopments, expansions, INDEPENDENT AUDITORS and the high and low sale price of the common stock as among others. In combination, these THINK CREATIVELY acquisitions and new developments as opportunities present Deloitte & Touche LLP listed on the New York Stock Exchange for each quarter of 2011 and 2012. factors underscore why we remain themselves. Atlanta, GA optimistic about CBL’s future. Market Quotations COUNSEL 2012 Quarter Ended High Low Dividends Husch Blackwell LLP March 31 $ 19.50 $ 15.41 $ 0.220 Chattanooga, TN June 30 $ 19.57 $ 16.65 $ 0.220 Goulston & Storrs September 30 $ 22.55 $ 18.64 $ 0.220 New York, NY December 31 $ 23.00 $ 20.60 $ 0.220 STOCK EXCHANGE LISTING Market Quotations New York Stock Exchange 2011 Quarter Ended High Low Dividends Symbols: CBL, CBLPrD, CBLPrE We remain focused on the long term. CBL will continue to March 31 $ 18.72 $ 16.59 $ 0.210 THINK LONG TERM own the dominant retail property in strong and growing middle June 30 $ 19.35 $ 16.66 $ 0.210 markets. We will redevelop and expand our properties, adding September 30 $ 19.33 $ 11.36 $ 0.210 new retailers, junior boxes, restaurants and movie theatres, much December 31 $ 16.16 $ 10.41 $ 0.210 TOTAL RETURN PERFORMANCE 60BASIS POINT REDUCTION like our redevelopment of Monroeville Mall in Pittsburgh, PA, and in Major Lines of Credit Interest the expansion underway at Cross Creek Mall in Fayetteville, NC. The graph below compares the cumulative stockholder return on the Common Stock of the Company with the cumulative Rate Spread We will also complete more renovations like Post Oak Mall in total return of the Russell 2000 index of small companies (“Russell 2000”) and the NAREIT All Equity REIT Total Return Index for the period commencing December 31, 2007, through December 31, 2012. The graph below assumes that the College Station, TX and Turtle Creek Mall in Hattiesburg, MS. MALL DEL NORTE, LAREDO, TX: value of the investments in the Company and in each of the indices was $100 at the beginning of the period and that The recently completed Giving customers more reasons to visit our properties beyond dividends were reinvested. The stock price performance presented is not necessarily indicative of future results. renovation of Mall Del Norte shopping, such as entertainment and a fresh, modern environ- helped attract new retailers, ment, will help our retailers and lead to CBL’s future success. 160 Antonio including Armani Exchange. $160 120 San & $120 80 For some time we have looked at ways to evolve CBL’s THE OUTLET SHOPPES Atlanta $80 AT OKLAHOMA CITY, 40 / financing strategy and in 2012 we took the initial steps OKLAHOMA CITY, OK: eye to work towards achieving a corporate investment grade Continued growth $40 rating by adding unsecured borrowing to our financing and high occupancy 0 see see $0 options. This approach will broaden CBL’s access to different at this successful property resulted by 2007 2008 2009 2010 2011 2012 capital sources and over time will reduce our overall cost in the addition of Period Ending of capital. To accomplish our financial goals and increase the second phase, Index 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 our ability to pursue new opportunities, we are focused on which opened 100% produced CBL & Associates Properties, Inc. $100.00 30.62 50.32 96.32 91.28 128.89 deleveraging and divesting non-core assets. This strategy leased in 2012. and will strengthen CBL’s opportunities for growth in the future. Russell 2000 $100.00 66.21 84.20 106.82 102.36 119.09 NAREIT All Equity $100.00 62.27 79.70 101.98 110.42 132.18 designed SHAREHOLDER INFORMATION CORPORATE OFFICE FORM 10-K CBL & Associates Properties, Inc. Copies of the CBL & Associates Properties, Inc. Annual CBL Center, Suite 500 Report on Form 10-K are available, without charge, upon THINK NEW 2030 Hamilton Place Boulevard written request to: Chattanooga, TN 37421-6000 Katie Reinsmidt At CBL, 2012 was the year of new relationships, new additions (423) 855-0001 Senior Vice President – to our portfolio and new retail pursuits.