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COPYRIGHT 2001 Business Wire
Business Editors
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Jan. 31, 2001
CBL & Associates Properties, Inc. (NYSE:CBL):
-- FFO per share increases 15.9% for the year and 10.6% for the quarter -- Same-center NOI up 7% for the year and 6% in the quarter -- Total portfolio occupancy reaches record 95.7% -- Expects increase in quarterly dividend
CBL & Associates Properties, Inc. (NYSE:CBL) today announced results for the fourth quarter and year ended December 31, 2000.
Total FFO increased 13.6% to $132,034,000 for 2000 from $116,273,000 in 1999. FFO per share on a diluted, fully converted basis increased by 15.9% to $3.57 in 2000 from $3.08 in 1999, excluding the $3.1 million one-time fee earned from the Company's co-development program in the third quarter of 1999. Including the one-time fee, FFO per share increased 13.0% on a diluted, fully converted basis in 2000 to $3.57 from $3.16 per share in the prior year.
Total funds from operations (FFO) increased 11.9% to $34,974,000 for the fourth quarter ended December 31, 2000, from $31,264,000 in the fourth quarter of 1999. FFO per share on a diluted, fully converted basis increased by 10.6% to $0.94 for the fourth quarter ended December 31, 2000 from $0.85 in the prior-year period.
FINANCIAL HIGHLIGHTS
-- The Company's FFO calculation does not include gains on sales
of outparcels, which are allowed by the National Association
of Real Estate Investment Trusts' (NAREIT) definition of FFO.
Gains on outparcel sales were $1,773,000, or $0.05 per
diluted, fully converted share in the fourth quarter of 2000
and $5,464,000, or $0.15 per share in 2000. Had this item been
included, FFO for the fourth quarter of 2000 would have
increased to a total of $0.99 from the $0.94 per share
reported, and FFO for the year would have increased to a total
of $3.72 from the $3.57 per share reported.
-- Effective January 1, 2000, NAREIT clarified FFO to include all
operating results, recurring and non-recurring, except those
results defined as "extraordinary items" under generally
accepted accounting principles (GAAP). The Company implemented
this clarification in the first quarter of 2000 and no longer
adds back to FFO the write-off of development costs charged to
net income. Results for the fourth quarter ended December 31,
1999 were restated to reflect a reduction...
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