CBL Properties Announces Sale of Layton Hills Mall for $37.125 Million
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) ha venduto il Layton Hills Mall a Layton, Utah, a Second Horizon Capital per un importo di 37,125 milioni di dollari in contante. La proprietà era collaterale per il prestito non recourse di CBL e i proventi netti sono stati utilizzati per il saldo principale del prestito, riducendolo a 749,8 milioni di dollari. Questa vendita è parte della strategia di CBL per rafforzare il proprio bilancio attraverso la riduzione del debito e l’estensione del programma di scadenze. L'azienda considera questa transazione come una dimostrazione del valore degli asset di centri commerciali chiusi e stabili in mercati dinamici e prevede di annunciare ulteriori transazioni in futuro per migliorare ulteriormente la propria posizione finanziaria.
CBL Properties (NYSE:CBL) ha vendido el Layton Hills Mall en Layton, Utah, a Second Horizon Capital por 37.125 millones de dólares en efectivo. La propiedad era un colateral para el préstamo a plazo sin recurso de CBL, y los ingresos netos se aplicaron al saldo principal del préstamo, reduciéndolo a 749.8 millones de dólares. Esta venta forma parte de la estrategia de CBL para fortalecer su balance mediante la reducción de la deuda y la extensión de su calendario de vencimientos. La empresa ve esta transacción como una demostración del valor de los activos de centros comerciales estables en mercados dinámicos y planea anunciar transacciones adicionales en el futuro para mejorar aún más su posición financiera.
CBL Properties (NYSE:CBL)는 레이튼 힐스 몰을 유타주 레이튼에서 세컨드 호라이즌 캐피탈에 3712.5만 달러에 현금으로 판매했습니다. 이 부동산은 CBL의 비상환 기한 대출에 대한 담보였으며, 순수익은 대출의 원금 잔액에 적용되어 7억4980만 달러로 줄어들었습니다. 이번 판매는 CBL이 부채를 줄이고 기한 일정을 연장하여 재무 상태를 강화하기 위한 전략의 일환입니다. 회사는 이 거래를 역동적인 시장에서 안정적인 폐쇄형 쇼핑몰 자산의 가치를 보여주는 것으로 보고 있으며, 향후 추가 거래를 발표하여 재무 상황을 더욱 개선할 계획입니다.
CBL Properties (NYSE:CBL) a vendu le Layton Hills Mall à Layton, Utah, à Second Horizon Capital pour 37,125 millions de dollars en espèces. La propriété était un collatéral pour le prêt à terme sans recours de CBL, et les produits nets ont été affectés au solde principal du prêt, le réduisant à 749,8 millions de dollars. Cette vente fait partie de la stratégie de CBL pour renforcer son bilan en réduisant la dette et en prolongeant son calendrier de maturité. L'entreprise voit cette transaction comme une démonstration de la valeur des actifs commerciaux stables dans des marchés dynamiques et prévoit d'annoncer d'autres transactions à l'avenir pour améliorer encore sa situation financière.
CBL Properties (NYSE:CBL) hat das Layton Hills Mall in Layton, Utah, für 37,125 Millionen Dollar in bar an Second Horizon Capital verkauft. Die Immobilie diente als Sicherheiten für CBLS nicht rückzahlbares Darlehen, und die Nettoerlöse wurden auf den Hauptsaldo des Darlehens angewendet, wodurch sich dieser auf 749,8 Millionen Dollar reduzierte. Dieser Verkauf ist Teil der Strategie von CBL, um die Bilanz zu stärken, indem Schulden reduziert und der Tilgungsplan verlängert wird. Das Unternehmen betrachtet diese Transaktion als einen Beweis für den Wert stabiler, geschlossener Einkaufszentren in dynamischen Märkten und plant, in Zukunft weitere Transaktionen anzukündigen, um seine finanzielle Lage weiter zu verbessern.
- Sale of Layton Hills Mall for $37.125 million in cash
- Reduction of term loan principal balance to $749.8 million
- Progress towards meeting term loan principal balance extension test in November 2025
- Demonstration of value in stable enclosed mall assets
- Reduction in property portfolio with the sale of Layton Hills Mall
Insights
The sale of Layton Hills Mall for
This sale highlights two key points: First, it shows there's still demand for stable enclosed mall assets in dynamic markets, which is encouraging for the retail real estate sector. Second, it illustrates CBL's proactive approach to managing their debt obligations, particularly in preparation for the term loan principal balance extension test in November 2025.
Investors should note that while this transaction strengthens CBL's balance sheet, the company's indication of future transactions suggests a continued focus on debt reduction and maturity extension. This strategy could lead to improved financial flexibility and potentially better terms for future financing.
The sale of Layton Hills Mall at
The fact that Second Horizon Capital was willing to make an all-cash purchase indicates strong investor confidence in this asset class. This could potentially signal a stabilization or even a rebound in certain segments of the retail real estate market, particularly for properties in desirable locations.
However, it's important to note that this sale is part of CBL's broader strategy to optimize its portfolio and reduce debt. Investors should monitor whether this trend continues across the industry, as it could indicate a shift in how mall operators are managing their assets and financial structures in response to changing market dynamics.
“We are pleased to complete the sale of Layton Hills Mall, which is a terrific example of the strength of stable enclosed mall assets in dynamic markets,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. “Importantly, we were able to utilize existing value within the term loan pool to help meet the term loan principal balance extension test in November 2025. We look forward to announcing additional future transactions to strengthen our balance sheet through reducing debt and lengthening our maturity schedule.”
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807402013/en/
Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
Source: CBL Properties
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