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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 has successfully redeemed $335.0 million of its 10% Senior Secured Notes due 2029, using proceeds from a new $360.0 million non-recourse loan. This move simplifies the company’s balance sheet and lowers interest expenses. The new loan is secured by a pool of 90 outparcels and 13 open-air centers, with an average interest rate estimated between 6.75% - 6.95% for the first three years. CBL reports a share of unencumbered net operating income (NOI) estimated at $75 million, reflecting the operational strength of its assets.
CBL Properties announces the availability of its latest investor presentation on its website. The presentation can be located in the Investor Relations section at cblproperties.com. CBL Properties, headquartered in Chattanooga, TN, manages a portfolio of 95 properties spanning 24 states, totaling 59.6 million square feet. This includes high-quality enclosed malls, outlet centers, and lifestyle retail centers. CBL aims to enhance its portfolio through active management and profitable reinvestment.
CBL Properties has announced the redemption of $335 million in outstanding 10% Senior Secured Notes, funded by a new $360 million non-recourse loan. This strategic move eliminates the corporate guaranty and enhances free cash flow by reducing interest expenses. CBL's CEO, Stephen Lebovitz, highlighted the increased financial flexibility and over $75 million in estimated unencumbered net operating income (NOI). The loan will be secured by 91 outparcels and 13 open-air centers in its portfolio, with closing expected around June 7, 2022.
CBL Properties (NYSE: CBL) announced a partial redemption of $60 million of its 10% Senior Secured Notes, utilizing proceeds from a new $65 million non-recourse loan. The loan features a 10-year term, fixed interest rate of 5.85%, and is secured by a joint venture of open-air centers in Chattanooga, TN. Following the redemption, $335 million of the 10% Notes remains outstanding. CEO Stephen Lebovitz expressed optimism about the ongoing redemption efforts, aiming to clear the remaining notes in the near future.
CBL Properties reported its Q1 2022 results showing a net loss attributable to common shareholders of $40.7 million, compared to a loss of $26.8 million in Q1 2021. Funds from Operations (FFO), as adjusted, declined to $57.5 million from $68.7 million. The same-center Net Operating Income (NOI) increased by 10.7%, driven by higher percentage rents and operating expense controls. Portfolio occupancy improved to 88.3%, reflecting a 290-basis point increase year-over-year. The company updated its full-year guidance for same-center NOI to $416 - $430 million, and FFO per share to $7.18 - $7.67.
CBL Properties (NYSE:CBL) announces the reappointment of Jon Meshel as senior vice president – redevelopment, after three years at Centennial. Meshel brings extensive experience, having previously led over 20 anchor box projects at CBL, contributing to more than 3.5 million square feet of retail transactions between 2013-2019. His role focuses on mixed-use redevelopment, enhancing CBL’s portfolio in dynamic communities. The company, headquartered in Chattanooga, TN, manages 95 properties totaling 59.6 million square feet across 24 states.
CBL Properties (NYSE: CBL) has secured a new $40.0 million non-recourse loan with a 5.4% fixed interest rate, aimed at refinancing a previous $33.9 million loan due in October. This financing, managed in partnership with a joint venture, enhances the financial flexibility of CBL's balance sheet, following the opening of The Shoppes at Eagle Point in Cookeville, TN in 2018. CEO Stephen Lebovitz emphasized the benefits of this long-term capital structure improvement.
CBL Properties (NYSE: CBL) has announced a term sheet for a new $65.0 million non-recourse loan aimed at strengthening its balance sheet. The company plans to use part of the loan proceeds for a partial redemption of its 10% Senior Secured Notes, reducing outstanding notes to $335.0 million. The new loan is expected to have a ten-year term with a fixed interest rate of 5.5% - 5.75%. The transaction is anticipated to close around May 25, 2022.
CBL Properties (NYSE: CBL) reported its Q4 and full-year 2021 results, indicating a strong recovery with improved operational metrics. For Q4, net loss attributable to common shareholders was $544.8 million, compared to $63 million in 2020. Funds from Operations (FFO), as adjusted, rose to $106.3 million from $75.3 million year-over-year. Occupancy increased to 89.3%, and same-center Net Operating Income (NOI) grew by 5.3%. CBL ended 2021 with $319.5 million in unrestricted cash. The 2022 guidance projects FFO, as adjusted, between $216.5 million and $231.8 million, reflecting potential headwinds from the economy.
CBL Properties (NYSE: CBL) announced the extension and modification of a $134.1 million non-recourse loan secured by Fayette Mall in Lexington, KY. The loan’s maturity has been extended by two years, with three additional one-year options. Interest rates were reduced from 5.42% to 4.25%. The modification also released two ground leased outparcels in exchange for a redeveloped anchor location. CEO Stephen D. Lebovitz highlighted the loan's favorable terms as a sign of confidence from the financial community.
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