Granbury real estate
CHATTANOOGA, Tenn. — CBL Associates Properties, Inc. (NYSE:CBL):
Funds from Operations (“FFO”) allocable to common shareholders for the
fourth quarter ended December 31, 2009, was $2,358,000 or $0.02 per
diluted share. FFO for the current quarter was reduced by a non-cash
impairment of real estate of $0.60 per diluted share. Excluding the
impact of this impairment of real estate, FFO allocable to common
shareholders was $0.62 per diluted share. Additionally, FFO for the
fourth quarter 2009, excluding the impairment of real estate, reflects
dilution of $0.34 per fully diluted share as a result of the 66.63
million shares issued in the June 2009 equity offering. FFO allocable to
common shareholders for the fourth quarter ended December 31, 2008, was
$52,867,000 or $0.80 per diluted share.
During the course of the Companys normal quarterly review, the Company
determined that it was appropriate to write down the depreciated book
value of three shopping centers to their estimated fair values. The Net
Operating Income (”NOI”) of the three centers represents less than 0.6%
of total 2009 portfolio NOI. These write downs resulted in a non-cash
impairment of real estate in the fourth quarter 2009 of $114,862,000.
Property-specific information is provided in the section titled “Property
Review.”
“We are pleased that the overwhelming majority of properties in our
portfolio are performing well and reinforcing the strength of our market
dominant mall strategy, notwithstanding the impairment of these three
properties,” said John N. Foy, Vice Chairman and Chief Financial Officer.
NEW YORK — Fitch Ratings has downgraded by one notch the ratings assigned to
Pacific LifeCorp (PLC) and certain of its subsidiaries, including
Pacific Life Insurance Company (PLIC), which is PLCs primary life
insurance subsidiary. The Rating Outlook is Stable. See the full rating
list at the end of this release.
Todays rating action reflects the companys higher-than-expected
earnings and capital volatility, weaker earnings profile going forward
which will pressure organic capital generation, increased financial
leverage across the enterprise and reduced financial flexibility. The
rating action also reflects continued deterioration in the commercial
real estate market which could result in higher-than-expected losses for
PLC.
In addition, Fitchs revised treatment of equity credit afforded surplus
notes (as published in the press release Fitch Updates U.S. Insurance
Surplus Note Equity Credit Treatment dated Jan. 29, 2010) has resulted
in an increase in Fitchs calculation of PLCs equity-adjusted financial
leverage ratios (excluding SFAS 115 and debt related to Aviation Capital
Group) to 24% (reflects new criteria for surplus notes) from 14% at
Sept. 30, 2009 (reflects former surplus notes criteria).
The companys relatively large variable annuity exposure has resulted in
higher-than-expected statutory and GAAP earnings volatility over the
past two years. Over the near term, Fitch expects PLCs earnings to
moderate relative to historical levels but be less volatile due to
increased hedging. Based on the companys increased financial leverage
and Fitchs reduced earnings expectations, GAAP EBIT-to-interest
coverage ratios are expected to decline to the 5-6 times range over the
near term, which is lower than historical levels.
Fitchs concern about higher-than-expected investment losses is driven
by PLCs above-average investment exposure to commercial real estate
(CRE) related assets, which consists of directly placed commercial
mortgage loans, commercial mortgage backed securities (CMBS), and equity
real estate, which collectively represent over 16% of total invested
assets (excluding policy loans) as of Sept. 30, 2009.
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