Securities Exchange Act of 1934 -- Form 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report:
April 25, 2002
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CBL & ASSOCIATES PROPERTIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-12494 62-1545718
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification Number)
incorporation)
2030 Hamilton Place Boulevard, Chattanooga, TN 37421
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(Address of principal executive offices)
Registrant's telephone number, including area code:
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(423) 855-0001
CBL & ASSOCIATES PROPERTIES, INC.
Conference Call Outline - First Quarter 2002
April 25, 2002 @ 10:00 a.m. EDT
Good morning. We appreciate your participation in today's call to discuss
our results for the first quarter of 2002. With me today is Stephen Lebovitz,
our President, and Kelly Sargent, our Director of Investor Relations, who will
first read our Safe Harbor disclosure.
This conference call contains "forward-looking" statements within the
meaning of the federal securities laws. Such statements are inherently subject
to risks and uncertainties, many of which cannot be predicted with accuracy and
some of which might not even be anticipated. Future events and actual results,
financial and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. During our discussion today,
references made to per share is based upon a fully diluted converted share. We
direct you to the Company's various filings with the Securities and Exchange
Commission including, without limitation, the Company's Annual Report on Form
10-K and the "Management's Discussion and Analysis of Financial Condition and
Results of Operations" incorporated by reference therein, for a discussion of
such risks and uncertainties.
I would like to note that a transcript of today's comments including the
preliminary balance sheet and comprehensive debt schedule, will be filed as a
form 8-K this afternoon, and will be available upon request. This call is also
available for replay on the Internet through a link on our website at
cblproperties.com. This conference call is the property of CBL & Associates
Properties, Inc. Any redistribution, retransmission or rebroadcast of this call
without the express written consent of CBL is strictly prohibited.
Thank you Kelly.
INCOME STATEMENT REVIEW
In the first quarter of 2002 we marked the one-year anniversary of the $1.3
billion acquisition of 21 malls and two associated centers from the Richard E.
Jacobs Group. We have completed the successful integration of these acquired
properties into our portfolio and continue to see opportunities for growth and
value creation in these properties.
Highlights during the first quarter included:
1. FFO increased 17% to $1.10 per share.
2. During the quarter we commenced construction on Parkdale Crossing, the
first new development opportunity associated with the 21-mall acquisition.
Including this new project we currently have a total of 1.2 million square
feet under construction.
3. On March 11 we completed a follow-on offering of 3,352,770 common shares
generating approximately $115 million in net proceeds. These proceeds have
been used to pay down lines of credit and outstanding construction loans.
Other significant financial highlights:
1. For the quarter, our EBITDA coverage ratio was 2.64 times interest expense
compared with 2.30 times interest expense in the same quarter last year.
2. Our cost recovery ratio was 90.8% for this quarter compared to 99.7% for
the same period a year ago. The cost recovery ratio has been trending down
from the first quarter of 2001 as a result of bankruptcies, store closings
and from new lease negotiations with certain tenants. Historically our cost
recovery ratio has been close to the 93% level and we anticipate that our
cost recovery ratio will trend near this level by the end of 2002.
3. Percentage rent during the first quarter of 2002 increased 40%. The
percentage rent in the core portfolio was $3.2 million versus $4.2 million
for the prior year. This was a result of lower sales, fixed rental
increases and our policy of converting percentage rents into higher minimum
rents. The acquired portfolio provided $3.5 million of percentage rent
income in the first quarter. We would like to note that percentage rents
last year represented less than 1.8% of our total annual revenues.
4. Same-center NOI growth for the quarter was 2.2% for the total portfolio.
NOI was mixed among our property types, with our core malls down 3.8% and
our community centers down 5.5%. This was offset by a 4.3% increase for the
associated centers and an increase of 9.6% for the acquired malls.
Community centers were impacted by the bankruptcy of one Home Place and one
Regal Cinema location. The core mall portfolio was adversely impacted by a
decrease in percentage rents that accounted for 68% of the NOI decrease.
Our FFO calculation excludes outparcel sales. For the quarter, outparcel
sales would have increased FFO by $0.01 per share to $1.11. Before consideration
of outparcel sales, our dividend payout ratio for the quarter was 50.41%.
Including outparcel sales, the payout ratio was 49.82%.
CAPITAL STRUCTURE
During 2001 we intentionally increased our floating rate debt exposure due
to the favorable interest rate environment. At the end of the first quarter,
approximately $786 million of our total debt was floating rate. We have hedged
$220 million of this and $37 million is related to construction properties,
leaving $530 million applicable to operating properties. This amount will be
significantly reduced as we are currently negotiating an approximate $400
million CMBS financing, at fixed rates which will result in an adverse impact of
approximately 350 basis points above the current floating rate. Even so, we feel
this is the proper action to take for the long term and we expect this
transaction to close within the next sixty to ninety days. This financing will
place long-term non-recourse fixed debt on nine properties. These properties
will not be cross-collateralized or cross defaulted which is consistent with our
belief in managing risk. With the completion of this refinancing we will have
less than $150 million of debt maturities through 2004.
CAPITAL EXPENDITURES
During the first quarter we spent $4.2 million on tenant allowances, $0.9
million on revenue neutral capital expenditures and $10 million on revenue
enhancing capital expenditures. The revenue neutral and revenue enhancing
capital expenditures are primarily remodeling and renovation costs with the
majority being recovered from tenants. For the combined portfolio, we are
projecting to spend $25 million on tenant allowances, $35 million in revenue
neutral and $62 million on revenue enhancing capital expenditures in 2002.
We are now into the second year of our four-year plan to renovate and
upgrade the 21 acquired malls, which includes comprehensive interior and
exterior renovations. These capital expenditures were anticipated when we
acquired the portfolio. This year we will be very active as we renovate four of
the acquired malls; they are Columbia Mall in Columbia, SC; Hanes Mall in
Winston-Salem, NC; Kentucky Oaks in Paducah, KY and Parkdale Mall in Beaumont,
TX. Of the total capital expenditures estimates for 2002, $38.6 million are
associated with renovating the acquired mall properties.
IMPROVED OPERATIONS - INTERNAL GROWTH
In the first quarter we increased our stabilized mall portfolio's occupancy
to 92.9%, representing a one hundred and sixty basis points improvement over
occupancy one year ago. Currently we have many new retailers under construction
for a near term opening in our portfolio, which will increase occupancy levels.
The new stores under construction include retailers such as Hollister, Coach,
Dry Ice, Pottery Barn and Jos A Banks.
We have been able to maintain occupancy levels at our properties in a
difficult economic environment. We believe that the rental rates and the demand
for retail space will continue to improve as the economy strengthens.
I will now call on Stephen to discuss leasing, retail sales, developments
and acquisitions.
LEASING
Thank you John, and good morning.
In the first quarter we leased approximately 730,000 square feet in our
portfolio. The average renewal rents, as compared to prior rents and percentage
rents decreased 2.9% in the malls. A significant portion of this decline was at
malls being remodeled or under renovation where we converted certain tenants to
percentage rent on a short-term basis, we feel that after the remodelings are
completed we should be able to negotiate better rental increases with certain
tenants. At our associated centers increases for same store leasing was 15.3%,
and the community centers increased 6.1%.
RETAIL SALES
Based upon the criteria of including only stores of 10,000 square feet and
less for mall stores, same store sales for the first quarter of 2002 decreased
1.1%. Substantial sales recoveries in February and March offset a 10% sales
decline in January. We are optimistic that this positive sales trend will
continue. Occupancy cost as a percentage of sales at our malls was 14.3% for the
quarter ending March 31, 2002 the same as the quarter ending March 31, 2001.
Occupancy cost in the first quarter has historically been the highest of the
year and trends down through the year.
RETAIL OUTLOOK
Department stores and specialty retailers appear to have been able to
operate their businesses more efficiently by effectively managing inventory and
operating margins. Based upon our discussions with many retailers, there
continues to be good demand for retail space.
During the first quarter of 2001 we lost 227,000 square feet in our
portfolio due to tenants filing bankruptcy and disavowing leases. For the first
quarter of 2002 we lost only 12,000 square feet to bankruptcies. We continue to
focus on replacing the square footage with tenants that are stronger and
bringing new retailing concepts to our properties.
DEVELOPMENTS
Currently we have 1.2 million square feet under construction, including
Parkway Place in Huntsville, AL, an expansion at Meridian Mall in Lansing, MI,
Parkdale Crossing, an associated center in Beaumont, TX. We announced earlier
this week that we had started construction on a new community center, Waterford
Commons in Waterford, CT a 354,800 square foot development.
Last week we announced the acquisition of approximately 25 acres adjoining
the 1.1 million square foot Fayette Mall in Lexington, KY, for an expansion of
this retail complex. This provides us the ability to expand this successful
mall, which has sales of approximately $500 per square foot. For the short term,
the seller Verizon, has leased back the property at a 10.5% return on the $9.5
million purchase price.
Parkdale Crossing and the future development tract at Fayette Mall,
represent the first two new development opportunities to be realized in the
newly acquired mall portfolio. Although new developments in this portfolio were
not part of our underwriting at acquisition, we expected that such opportunities
would materialize.
The seven projects currently under construction represent a total
investment of approximately $120 million. As of March 31, 2002, $36.5 million
has been invested. Construction loans or credit facilities are in place for the
remaining construction costs. Initial unleveraged yields on these developments
are expected to range from 9% to 11%, after management and development fees.
Our mall development pipeline includes the Mall of South Carolina in Myrtle
Beach, South Carolina. We also have additional projects in predevelopment phase
and expect to announce them in the near future.
REDEVELOPMENTS
We will be renovating seven malls this year. In addition to the four malls
previously mentioned, we will renovate St. Clair Square in Fairview Heights, IL;
Hickory Hollow Mall in Nashville, TN, and Stroud Mall in Stroudsburg, PA.
During the first quarter we opened two new department stores, Target at
Citadel Mall in Charleston, SC and Belk, at College Square Mall in Morristown,
TN. We also completed the sale of the Montgomery Ward department store at
Asheville Mall to Dillard's. Dillard's will have two department stores at this
mall; one store will focus on women's apparel while the second will focus on
men's, children's and home furnishings.
DISPOSITIONS/ACQUISITIONS
During the first quarter we sold one community center, Rhett at Remount
Plaza in Charleston, South Carolina, for a gain of $1.2 million. This gain was
reflected in the income statement in gain on disposal of discontinued operations
with operating income from discontinued operations of $35,000 and $26,000 for
2002 and 2001. In late April we will close the sale of One Park Place in
Chattanooga, TN, which was our former headquarters. The proceeds from these
transactions will be used to retire debt. The select disposition of assets
continues to be a priority for us, but we will only do so if the transaction
enhances shareholder value. While we have no acquisitions to announce, we
continue to investigate new opportunities that meet our criteria.
AUDITORS
Author Andersen has been our auditor since 1978. In light of the present
circumstances our audit committee is meeting with several prospective auditors
and will be making a decision as to the engagement of an auditor in the near
term.
Now I will turn the call back over to John to discuss our outlook.
OUTLOOK
Based on our first quarter results and barring any further disruptions from
unforeseen economic events, we are comfortable with the current 2002 First Call
consensus estimate of $4.27 for the year.
For the remainder of 2002:
o We continue to seek additional acquisition opportunities where our proven
expertise in redevelopment and expansions can be utilized to create
additional value.
o Consolidation will continue not only in the shopping center industry but in
the retail and financial arena as well. We are ready and capable of
participating in the consolidation so as to create added shareholder value.
o Disclosure, transparency, and consistency in financial reporting have been
our approach since the inception of our company in 1978. We will continue
to provide as much information as possible to facilitate all parties
reaching their own conclusions from the information we present.
o Although new regional mall opportunities are somewhat limited, we will
continue to pursue new developments in concert with our strong retailer
relationships.
We appreciate the confidence and support that we continue to receive. Thank
you for joining us today. Stephen and I will now be glad to answer your
questions.
Renewal Leasing, First Quarter March 31, 2002
Prior PSF New PSF New PSF %A % A
Rent & Percentage Rent Rent-Initial Rent-Avg. Initial Average
------------------------------ -------------------------- --------------- ------------- ------------ ------------
Malls 25.08 23.31 23.92 (7.0) (4.6)
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Acquired Malls 24.40 23.12 23.97 (5.2) (1.8)
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Community Centers 9.66 10.18 10.25 5.4 6.1
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Associated Centers 17.13 18.95 19.75 10.6 15.3
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Total Leasing Compared to Tenants Vacating, First Quarter ending March 31, 2002
Leased Avg. Rate Vacated Avg. Rate
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Malls 261,000 24.64 91,000 22.24
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New Malls 419,000 24.73 170,000 21.50
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Associated Centers 8,000 15.43 4,000 13.33
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Community Centers 84,000 10.86 27,000 8.09
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Projects Under Construction, as of March 31, 2002
Property Location GLA CBL's Cost or Opening Initial
Share of Cost Yield
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Westgate Mall, expansion Spartanburg, SC 17,250 $2.2 million Sept. 2002 10%
Tweeter's
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Parkway City* (JV) Huntsville, AL 631,000 $65* million Oct. 2002 10%
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Springdale Mall, expansion Mobile, AL 10,000 $1.1 million Oct. 2002 11%
David's Bridal
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Parkdale Crossing Beaumont, TX 87,000 $12 million Oct. 2002 11%
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Waterford Crossing Waterford, CT 354,900 $33.5 million Sept. 2003 9.9%
------------------------------ ------------------ ---------------- ------------------ --------------- ------------
Meridian Mall expansion, Lansing, MI 82,000 $6 million Aug. 2002 10%
Galyan's
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CBL & Associates Properties, Inc.
Consolidated Balance Sheets
(In thousands, except share data)
(Preliminary)
March 31, December 31,
2002 2001
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ASSETS
REAL ESTATE ASSETS:
Land $ 519,205 $ 520,334
Buildings and improvements 2,962,879 2,961,185
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3,482,084 3,481,519
Less: Accumulated depreciation (366,334) (346,940)
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3,115,750 3,134,579
Developments in progress 37,029 67,043
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Net investment in real estate 3,152,779 3,201,622
CASH AND CASH EQUIVALENTS 21,729 10,137
RECEIVABLES:
Tenant, net of allowance for doubtful accounts of $2,854 in 2002 and 2001 35,057 38,353
Other 4,103 2,833
MORTGAGE NOTES RECEIVABLE 11,312 10,634
INVESTMENT IN UNCONSOLIDATED AFFILIATES 142,764 77,673
OTHER ASSETS 32,997 31,599
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$ 3,400,741 $ 3,372,851
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LIABILITIES AND SHAREHOLDERS' EQUITY
MORTGAGE AND OTHER NOTES PAYABLE $ 2,191,043 $ 2,315,955
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 81,611 103,707
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Total liabilities 2,272,654 2,419,662
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COMMITMENTS AND CONTINGENCIES
MINORITY INTERESTS 492,372 431,101
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SHAREHOLDERS' EQUITY:
Preferred Stock, $.01 per value, 5,000,000 shares authorized,
2,875,000 shares issued and outstanding in 2001 and 2000 29 29
Common Stock, $.01 per value, 95,000,000 shares authorized, 291 256
29,085,039 and 25,616,917 shares issued and outstanding in 2002
and 2001, respectively
Additional paid-in capital 650,451 556,383
Other comprehensive loss (4,642) (6,784)
Accumulated deficit (10,414) (27,796)
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Total shareholders' equity 635,715 522,088
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$ 3,400,741 $ 3,372,851
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CBL & Associates Properties, Inc.
Notes Payable And Interest Rate
AS OF March 31, 2002
MATURITY Interest BALANCE Balance
LOCATION PROPERTY DATE Rate 03/31/2002 Fixed Floating
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St. Petersburg, FL 34Th St Crossing Dec-10 10.6250% 1,331,048 1,331,048 -
Douglasville, GA Arbor Place Mall Jun-02 3.0600% 99,299,596 - 99,299,596
Asheville, NC Asheville Mall Sep-11 6.9800% 70,893,041 70,893,041 -
Portland, ME Bj'S Plaza Dec-11 10.4000% 2,909,320 2,909,320 -
Meridian, MS Bonita Lakes CrossinOct-09 6.8200% 8,865,093 8,865,093 -
Meridian, MS Bonita Lakes Mall Oct-09 6.8200% 28,231,832 28,231,832 -
Oakridge, TN Briarcliff Square Feb-13 10.3750% 1,471,206 1,471,206 -
Brookfield, IL Brookfield Square May-05 7.4980% 74,491,940 74,491,940 -
Burnsville, MN Burnsville Center Aug-10 8.0000% 72,918,822 72,918,822 -
Cary , NC Cary Towne Ctr Dec-03 8.6400% 90,000,000 90,000,000 -
Knoxville, TN Cedar Bluff Xing Aug-07 10.6250% 983,492 983,492 -
Rockford, IL Cherryvale Mall Jul-06 7.3750% 47,816,376 47,816,376 -
Charleston, SC Citadel Mall May-07 7.3900% 33,099,075 33,099,075 -
Morristown, TN College Square Jan-03 6.7500% 13,771,391 13,771,391 -
Walterboro, SC Colleton Square Aug-10 9.3750% 831,969 831,969 -
Plant City, FL Collins Park CommonsOct-10 10.2500% 665,950 665,950 -
Columbia, SC Columbia Mall Jun-03 3.2300% 36,393,764 0 36,393,764
Nashville, TN Coolsprings GalleriaOct-10 8.2900% 62,960,713 62,960,713 -
Cortlandt, NY Cortlandt Towne CentAug-08 6.9000% 50,706,693 50,706,693 -
Douglasville, GA Cosby Station Sep-14 8.5000% 3,730,902 3,730,902 -
Nashville, TN Courtyard At HickoryAug-08 6.7700% 4,286,753 4,286,753 -
Cincinnati, OH Eastgate Mall Dec-03 3.3700% 42,000,000 - 42,000,000
Ermc II Ermc II Jun-04 4.7500% 90,475 - 90,475
Saginaw, MI Fashion Square Sep-03 3.3800% 59,430,000 - 59,430,000
Lexington KY Fayette Mall Jul-11 7.0000% 97,344,087 97,344,087 -
Hudson, NY Greenport Towne Ctr Sep-14 9.0000% 3,961,807 3,961,807 -
Chattanooga, TN Gunbarrel Pointe Jan-02 3.1200% 11,975,000 - 11,975,000
Chattanooga, TN Hamilton Corner Aug-11 10.1250% 2,849,940 2,849,940 -
Chattanooga, TN Hamilton Place Mar-07 7.0000% 68,371,615 68,371,615 -
Cincinnati, OH Eastgate Crossing Apr-07 6.3800% 10,700,000 10,700,000 -
Winston-Salem NC Hanes Mall Jul-08 7.3100% 115,731,719 115,731,719 -
Henderson, NC Henderson Square Apr-14 7.5000% 5,950,891 5,950,891 -
Nashville, TN Hickory Hollow Mall Aug-08 6.7700% 92,079,444 92,079,444 -
Janesville WI Janesville Mall Apr-16 8.3750% 15,284,155 15,284,155 -
Louisville, KY Jefferson Mall Sep-03 3.4600% 40,000,000 - 40,000,000
Longview, NC Longview Xing Aug-10 3.3300% 371,965 371,965 -
Huntsville, AL Madison Plaza Feb-04 10.1250% 932,322 932,322 -
Lansing MI Meridian Mall Aug-03 6.4590% 80,000,000 - 80,000,000
Midland MI Midland Mall Jun-03 3.4300% 35,000,000 - 35,000,000
North Haven, CT North Haven Xing Oct-08 9.5500% 6,025,174 6,025,174 -
N Charleston SC Northwoods Mall Sep-03 3.3800% 56,280,000 - 56,280,000
Albemarle, NC Northwoods Plaza Jun-12 9.7500% 1,103,901 1,103,901 -
Highpoint, NC Oak Hollow Mall Feb-08 7.3100% 48,158,041 48,158,041 -
Beaumont, TX Parkdale Mall Jun-03 3.2300% 45,000,000 - 45,000,000
Chattanooga, TN Perimeter Place Jan-08 10.6250% 1,203,557 1,203,557 -
Nashville, TN Rivergate Mall Aug-08 6.7700% 74,418,024 74,418,024 -
Seabrook, NH Seacoast Shop Ctr Sep-02 9.7500% 5,200,845 5,200,845 -
Roanoke, VA Shenandoah Crossing Aug-10 10.2500% 467,574 467,574 -
Lousiville KY Springhurst Towne CeAug-18 6.6500% 21,647,356 21,647,356 -
Fairview Heights, ISt. Claire Square Apr-09 7.0000% 71,416,583 71,416,583 -
Stroud, PA Stroud Mall Dec-10 8.4200% 32,224,810 32,224,810 -
Knoxville, TN Suburban Plaza Jan-04 7.8750% 8,288,014 8,288,014 -
Douglasville, GA The Landing At ArborJun-02 3.0600% 11,161,711 - 11,161,711
Hattiesburg, MS Turtle Creek Mall Mar-06 7.4000% 32,172,232 32,172,232 -
Uvalde, TX Uvalde Plaza Feb-08 10.6250% 581,760 581,760 -
Salem, VA Valley Commons Oct-10 10.2500% 809,502 809,502 -
Nashville, TN Village At RivergateAug-08 6.7700% 3,515,137 3,515,137 -
MATURITY Interest BALANCE Balance
LOCATION PROPERTY DATE Rate 03/31/2002 Fixed Floating
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Dalton, GA Walnut Square Feb-08 10.1250% 636,854 636,854 -
Wausau WI Wausau Center Dec-10 6.7000% 14,156,713 14,156,713 -
Spartanburg, SC Westgate Crossing Jul-10 8.4200% 9,789,664 9,789,664 -
Spartanburg, SC Westgate Mall Feb-02 6.9500% 44,677,133 44,677,133 -
Nashua, NH Willow Springs PlazaAug-07 9.7500% 3,919,804 3,919,804 -
York, PA York Galleria Dec-10 8.3400% 51,550,938 51,550,938 -
------------- ------------- ----------
SUBTOTAL 1,932,137,723 1,415,507,178 516,630,546
------------- ------------- ----------
Weighted average interest rate 7.4139% 3.7677%
CONSTRUCTION LOANS
Lansing MI Meridian Mall Aug-03 5.6210% 26,483,131 - 26,483,131
------------- ------------- ----------
SUBTOTAL 26,483,131 - 26,483,131
LINES OF CREDIT 4.8893% 232,396,334 - 232,396,334
------------- ------------- ----------
TOTAL BALANCE SHEET 2,191,017,188 1,415,507,178 775,510,011
------------- ------------- ----------
Weighted average interest rate 7.3667% 8.2500% 3.2300%
Plus CBL Share Of Equities
Clarksville, TN Governors Square Sep-16 8.2300% 16,042,726 16,042,726 0
Madison WI East Towne Mall Jan-07 8.0100% 18,830,954 18,830,954 0
Madison WI West Towne Mall Jan-07 8.0100% 29,113,253 29,113,253 0
Paducah, KY Kentucky Oaks Jun-07 9.0000% 16,641,093 16,641,093 0
Huntsville, AL Parkway Place Jun-00 3.2300% 18,541,313 0 18,541,313
Vicksburg, MS Pemberton Plaza Feb-12 7.5400% 204,763 204,763
Ft Smith AR Massard Crossing Feb-12 7.5400% 599,307 599,307
Houston, TX Willowbrook Plaza Feb-12 7.5400% 3,066,454 3,066,454
Del Rio, TX Plaza Del Sol Nov-02 9.1500% 2,328,735 2,328,735 -
------------- ------------- ----------
TOTAL 105,368,598 86,827,285 18,541,313
LESS MINORITY INTEREST
Chattanooga, TN Hamilton Corner 10.1250% (284,994) (284,994) 0
Chattanooga, TN Hamilton Place 7.0000% (6,837,161) (6,837,161) 0
Columbia, SC Columbia Mall Jun-03 3.2300% (7,642,690) 0 (7,642,690)
Uvalde, TX Uvalde Plaza 10.6250% (145,440) (145,440) 0
Chattanooga, TN Ermc Ii 4.7500% (22,619) 0 (22,619)
Highpoint, NC Oak Hollow Mall 7.3100% (12,039,510) (12,039,510) 0
------------- ------------- ----------
SUBTOTAL (26,972,415) (19,307,106) (7,665,309)
------------- ------------- ----------
TOTAL OBLIGATIONS $2,269,413,371 $1,483,027,356 $786,386,015
============= ============= ============
Weighted average interest rate 6.3145% 7.4648% 4.1451%
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CBL & ASSOCIATES PROPERTIES, INC.
/c/ John N. Foy
---------------------------------------------
John N. Foy
Vice Chairman,
Chief Financial Officer and Treasurer
(Authorized Officer of the Registrant,
Principal Financial Officer and
Principal Accounting Officer)
Date: April 25, 2002