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CBL & Associates Properties, Inc. (symbol: CBL) is one of the largest and most active owners and developers of malls and shopping centers in the United States. Headquartered in Chattanooga, TN, with regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO, CBL operates a vast portfolio spanning 30 states.
CBL owns, holds interests in, or manages 148 properties, including 89 regional malls and open-air centers. These properties total approximately 84.2 million square feet, with 6.5 million square feet managed for third parties. The company's core business involves the ownership, development, acquisition, leasing, management, and operation of various shopping centers, including regional malls, outlet centers, lifestyle centers, and open-air centers.
CBL's primary revenue streams come from leasing arrangements with retail tenants, management and development fees, and sales of real estate assets. The company continually enhances its portfolio through redevelopment, renovation, and expansion projects, ensuring their properties remain attractive and profitable.
With its extensive network and strategic locations, CBL plays a significant role in the retail real estate market. The company is committed to driving growth and value for its shareholders through innovative development projects and effective management practices.
Additional information about CBL & Associates Properties, Inc. can be found at cblproperties.com.
CBL Properties (NYSE: CBL) has acquired its partner's 50% joint venture interests in three major malls for $22.5 million in cash: CoolSprings Galleria (Nashville), Oak Park Mall (Kansas City), and West County Center (St. Louis). The transaction includes assuming $266.7 million in non-recourse loans secured by the properties. CBL has also extended loan terms for West County Center (to December 2026) and Oak Park Mall (to October 2030, 5% fixed rate). CoolSprings Galleria's existing financing has a 4.84% interest rate, maturing in May 2028.
CBL Properties (NYSE:CBL) announced an acceleration of its previously declared fourth quarter common stock dividend payment. The $0.40 per share quarterly dividend will now be paid on December 11, 2024, to shareholders of record as of November 25, 2024. This dividend maintains the company's annual dividend rate of $1.60 per common share.
CBL Properties announced the opening of Crunch Fitness at Hamilton Place in Chattanooga, Tennessee, marking the completion of the Sears redevelopment project initiated in 2019. The project has brought various new destinations including The Cheesecake Factory, Dave & Buster's, DICK'S Sporting Goods, and an Aloft hotel. In 2024, Hamilton Place welcomed over 110,000 square feet of new retail and restaurants, including eight new establishments such as Texas Roadhouse, Malone's, and Miniso. The property has experienced growth in both traffic and sales, with additional openings planned for 2025.
CBL Properties (NYSE:CBL) has announced a cash dividend of $0.40 per common share for the quarter ending December 31, 2024. This dividend equates to an annual dividend payment of $1.60 per common share. The dividend will be payable on December 31, 2024, to shareholders of record as of December 13, 2024. This decision was made by CBL Properties' Board of Directors, demonstrating the company's commitment to providing returns to its shareholders.
CBL Properties (NYSE:CBL) has announced the completion of a 500,000 share repurchase for $12.525 million in a privately negotiated block trade from a single shareholder. This repurchase is separate from CBL's existing stock repurchase program, which was announced on August 10, 2023, authorizing the company to buy up to $25.0 million of its common stock.
As of September 20, 2024, CBL had completed all repurchase activity under this program, acquiring a total of 1,074,826 shares at a weighted average share price of $23.259 per share. CEO Stephen D. Lebovitz expressed satisfaction with the repurchase of over 1.5 million shares at attractive valuations, viewing it as an investment demonstrating confidence in the company's future and commitment to returning capital to shareholders. Following the cancellation of repurchased shares, CBL currently has 30,749,272 shares of common stock outstanding.
CBL Properties has sold Layton Hills Convenience Center, Layton Hills Plaza, and nine related outparcels in Layton, Utah, for $28.5 million in cash. The sale proceeds were used to reduce the company's debt, with the term loan balance decreasing to $730.8 million and the open-air and outparcel loan balance dropping to $340.1 million. This transaction follows the sale of Layton Hills Mall in August and is part of CBL's strategy to extract value from lower cap rate assets and reduce overall leverage. The company aims to meet the term loan principal balance extension test in November 2025.
CBL Properties reported strong results for Q2 2024, with same-center NOI increasing 1.5% over the prior-year period. Key highlights include:
- FFO, as adjusted, per share of $1.73, up from $1.56 in Q2 2023
- Over 1.0 million square feet of leases executed in Q2 2024
- Portfolio occupancy at 88.7% as of June 30, 2024
- $295.8 million in unrestricted cash and marketable securities
- Sale of Layton Hill Malls for $37.125 million
- $19.4 million in share repurchases completed
CBL reaffirmed its full-year 2024 FFO guidance, expecting same-center NOI in the range of (1.2)% to 1.4%. The company continues to focus on strengthening its balance sheet and improving leasing performance.
CBL Properties (NYSE:CBL) has announced a quarterly cash dividend of $0.40 per common share for the quarter ending September 30, 2024. This dividend translates to an annual dividend payment of $1.60 per common share. The dividend will be payable on September 30, 2024, to shareholders of record as of September 13, 2024. This announcement demonstrates CBL Properties' commitment to providing regular returns to its shareholders and may indicate the company's confidence in its financial stability and future prospects.
CBL Properties (NYSE:CBL) has sold Layton Hills Mall in Layton, Utah, to Second Horizon Capital for $37.125 million in cash. The property was collateral for CBL's non-recourse term loan, and the net proceeds were applied to the loan's principal balance, reducing it to $749.8 million. This sale is part of CBL's strategy to strengthen its balance sheet by reducing debt and extending its maturity schedule. The company views this transaction as a demonstration of the value of stable enclosed mall assets in dynamic markets and plans to announce additional transactions in the future to further improve its financial position.
CBL Properties (NYSE:CBL) has announced the opening of Atrium Health Wake Forest Baptist Medical Plaza at Friendly Center in Greensboro, North Carolina. The new 20,000+ square foot medical office building was developed in partnership with Davis Moore Capital and offers family medicine, imaging, and urgent care services, including pediatric care.
The facility is located at 3120 Northline Ave, on the former site of Romano's Macaroni Grill. CBL's CEO, Stephen Lebovitz, highlighted the strategic importance of this addition, noting that it will draw significant daily traffic and complement existing offerings at Friendly Center.
This development aligns with CBL's strategy to diversify its shopping centers, having added nine medical uses to its portfolio with more in the pipeline. The company aims to meet evolving market needs by incorporating a variety of uses in its properties.
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