CBL Properties Announces Sale of Layton Hills Convenience Center, Layton Hills Plaza and Nine Related Outparcels for $28.5 Million
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 ha venduto Layton Hills Convenience Center, Layton Hills Plaza e nove relative aree esterne a Layton, Utah, per 28,5 milioni di dollari in contante. Il ricavato della vendita è stato utilizzato per ridurre il debito dell'azienda, con il saldo del prestito a termine che è sceso a 730,8 milioni di dollari e il saldo del prestito per aree esterne che è diminuito a 340,1 milioni di dollari. Questa operazione segue la vendita del Layton Hills Mall avvenuta ad agosto ed è parte della strategia di CBL di estrarre valore da asset con un tasso di capitalizzazione più basso e ridurre la leva complessiva. L'azienda mira a rispettare il test di estensione del saldo principale del prestito a termine a novembre 2025.
CBL Properties ha vendido Layton Hills Convenience Center, Layton Hills Plaza y nueve parcelas relacionadas en Layton, Utah, por 28,5 millones de dólares en efectivo. Los ingresos de la venta se utilizaron para reducir la deuda de la empresa, con el saldo del préstamo a plazo disminuyendo a 730,8 millones de dólares y el saldo del préstamo para parcelas dropping a 340,1 millones de dólares. Esta transacción sigue a la venta del Layton Hills Mall en agosto y es parte de la estrategia de CBL para extraer valor de activos con tasas de capitalización más bajas y reducir la apalancamiento total. La empresa tiene como objetivo cumplir con la prueba de extensión del saldo principal del préstamo a plazo en noviembre de 2025.
CBL Properties는 Layton Hills Convenience Center, Layton Hills Plaza 및 관련 아웃파셀 9개를 유타주 레이턴에서 2850만 달러 현금에 매각했습니다. 매각 수익금은 회사의 부채를 줄이는 데 사용되었으며, 장기 대출 잔액이 7억3080만 달러로 감소하고 야외 대출 잔액이 3억4010만 달러로 감소했습니다. 이번 거래는 지난 8월 Layton Hills Mall의 매각에 이어 진행된 것으로, CBL의 저 CAP 비율 자산에서 가치를 추출하고 전체 레버리지를 줄이는 전략의 일환입니다. 회사는 2025년 11월까지 장기 대출 원금 잔액 연장 테스트를 충족할 계획입니다.
CBL Properties a vendu le Layton Hills Convenience Center, le Layton Hills Plaza et neuf parcelles connexes à Layton, Utah, pour 28,5 millions de dollars en espèces. Le produit de la vente a été utilisé pour réduire la dette de l'entreprise, avec un solde de prêt à terme diminuant à 730,8 millions de dollars et un solde de prêt pour parcelles extérieures tombant à 340,1 millions de dollars. Cette transaction fait suite à la vente du Layton Hills Mall en août et fait partie de la stratégie de CBL pour extraire de la valeur d'actifs avec des taux de capitalisation plus bas et réduire l'effet de levier global. L'entreprise vise à respecter le test d'extension du solde principal du prêt à terme en novembre 2025.
CBL Properties hat das Layton Hills Convenience Center, Layton Hills Plaza und neun dazugehörige Grundstücke in Layton, Utah, für 28,5 Millionen US-Dollar in bar verkauft. Der Erlös aus dem Verkauf wurde verwendet, um die Schulden des Unternehmens zu reduzieren, wobei der Saldo des Terminkredits auf 730,8 Millionen US-Dollar gesenkt wurde und der Saldo des Kredits für Außenanlagen auf 340,1 Millionen US-Dollar zurückging. Diese Transaktion folgt dem Verkauf des Layton Hills Mall im August und ist Teil von CBLs Strategie, Wert aus Anlagen mit niedrigeren Kapitalkosten zu schöpfen und die Gesamtverschuldung zu reduzieren. Das Unternehmen plant, den Test zur Verlängerung des Hauptbetrags des Terminkredits im November 2025 zu erfüllen.
- Sale of assets for $28.5 million in cash
- Reduction of term loan balance to $730.8 million
- Reduction of open-air and outparcel loan balance to $340.1 million
- Progress towards meeting term loan principal balance extension test
- Divestment of revenue-generating assets
The sale of Layton Hills assets for
CBL's divestment of Layton Hills assets reflects a broader trend in the retail real estate sector. The sale of convenience centers, plazas and outparcels suggests a strategic shift away from certain retail formats. This move could be in response to changing consumer behaviors and the evolving landscape of brick-and-mortar retail. The all-cash transaction at
“We are excited to announce the successful disposition of our remaining assets around Layton Hills Mall, which we sold in August,” said Stephen D. Lebovitz, CBL’s Chief Executive Officer. “This transaction allowed us to extract value from lower cap rate assets not fully reflected in our overall market valuation as well as reduce overall leverage through paydowns of both the term loan and our open-air/outparcel loan. This is another step forward in our plan to meet the term loan principal balance extension test in November 2025.”
About CBL Properties
Headquartered in
Information included herein 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 events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed 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” included therein, for a discussion of such risks and uncertainties.
CBL_Corp
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Investor Contact:
Katie Reinsmidt
Executive Vice President & Chief Operating Officer
423.490.8301
Katie.Reinsmidt@cblproperties.com
Source: CBL Properties
FAQ
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