CBL Properties Welcomes Highly Regarded REIT Professional Michael A. Torres to Its Board of Directors

Rhea-AI Summary

CBL Properties appoints Michael A. Torres to its board of directors and audit committee. Torres brings over 35 years of real estate and securities investing experience. His addition enhances diversity at the board level.

Positive

• Michael A. Torres brings over 35 years of relevant experience in real estate and securities investing to CBL Properties. His expertise and understanding of the real estate landscape will be an asset to the company and its pursuit of value creation for shareholders.

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• None.

CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- CBL Properties (NYSE: CBL) today announced that Michael A. Torres has been appointed to the Company’s board of directors. Mr. Torres was also appointed to serve as a member of the Company’s Audit Committee.

“With a more than 35-year career in real estate and securities investing, Michael brings a tremendous amount of relevant and complementary experience to CBL’s board of directors,” said David J. Contis, chairman of the board. “Michael’s investment acumen and understanding of the real estate landscape through various cycles will be an asset to our Company and Board as we continue to pursue opportunities to create value for our shareholders. The addition of Michael also furthers our commitment to enhancing diversity throughout the organization, including at the Board level.”

Mr. Torres serves as chief executive officer and portfolio manager of Adelante Capital Management, LLC, a minority-owned investment management firm focused on publicly traded real estate securities. Mr. Torres joined the firm in February 1995. Prior to joining Adelante, Mr. Torres was the director of real estate research and a portfolio manager for Wilshire Asset Management. At Wilshire, he created the Wilshire Real Estate Securities Index, widely recognized as the industry’s performance benchmark.

Mr. Torres serves on the board of directors of Colovore LLC and Renova Therapeutics, Investment Committee for the Stern Grove Festival Foundation, and the BEE Partners LP Advisory Board. Mr. Torres received a B.A. in Architecture and an M.B.A. from University of California, Berkeley.

About CBL Properties

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 94 properties totaling 58.5 million square feet across 22 states, including 56 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230615369048/en/

Investor Contact: Katie Reinsmidt, EVP & Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com

Media Contact: Stacey Keating, Vice President, Corporate Communications, 423.490.8361, Stacey.Keating@cblproperties.com

Source: CBL Properties

FAQ

Who has been appointed to CBL Properties' board of directors?

Michael A. Torres has been appointed to CBL Properties' board of directors.

What is Michael A. Torres' background?

Michael A. Torres has over 35 years of experience in real estate and securities investing. He currently serves as the CEO and portfolio manager of Adelante Capital Management, LLC.

What is the significance of Michael A. Torres' appointment?

Michael A. Torres' appointment enhances diversity at the board level and brings valuable expertise to CBL Properties, particularly in the area of real estate and securities investing.