CBL & Associates Properties, Inc. - CBL STOCK NEWS

CBL Properties (NYSE: CBL) has partnered with Hinton & Company to enhance its diversity, equity, inclusion, and belonging (DEI) initiatives. CEO Stephen Lebovitz emphasized the importance of this partnership in attracting and retaining a diverse workforce. CBL initiated the CBL Community in 2021, focusing on DEI strategies, including interviews, focus groups, and a company-wide survey. Additionally, CBL has advanced its ESG initiatives, establishing an ESG policy and team. Further details on their ESG commitments can be found on CBL's website.

EVgo has launched its first fast-charging station in Kansas at Oak Park Mall, Overland Park, in partnership with CBL Properties. This initiative aims to meet the growing demand for public EV charging, allowing users to charge up to 80% in just 15-45 minutes while shopping. The addition is part of a broader effort by EVgo to expand its charging network in response to increasing EV adoption. The company currently operates over 800 fast charging locations across 35 states, serving over 310,000 customers.

CBL Properties (NYSE: CBL) has opened over 1.7 million square feet of retail, dining, and entertainment space since January, indicating strong leasing demand. CEO Stephen Lebovitz noted significant increases in traffic and double-digit sales growth portfolio-wide. Notable new openings include Hollywood Casino at York Galleria Mall and Aloft by Marriott in Chattanooga. Looking ahead, several new tenants like Von Maur and OFFLINE by Aerie are expected in 2022. CBL owns and manages 99 properties across 24 states, totaling 63 million square feet.

CBL & Associates Properties (NYSE: CBL) announced that its subsidiary, CBL & Associates Holdco II, LLC, will exercise its optional exchange right on $150 million of 7% Exchangeable Secured Notes due 2028. The exchange date is set for January 28, 2022, with the settlement on February 1, 2022. The company expects to exchange these notes for shares of CBL common stock, cash, or a combination of both. This move is part of CBL's strategy to manage its debt and strengthen its portfolio.

CBL Properties has partnered with Volta Inc. to install electric vehicle (EV) charging stations at select properties, enhancing sustainability and customer amenities. The initiative follows a rise in electric vehicle sales, with stations set to launch at Arbor Place in Atlanta, Pearland Town Center in Houston, and Laurel Park Place in Detroit. CBL currently operates 72 EV charging stations across its portfolio, aiming to expand this offering. The construction of the new stations is already underway, reflecting CBL's commitment to integrating sustainable practices.

CBL Properties (NYSE: CBL) has announced the sale of its self-storage portfolio for $42.0 million, generating approximately $8.5 million in cash for the company after settling $25.7 million in recourse loans. The portfolio included facilities developed on land at various locations such as Mid Rivers Mall in St. Charles, MO, and Eastgate Mall in Cincinnati, OH. CEO Stephen Lebovitz highlighted the sale as a significant value creation opportunity, with a cash investment of less than $300,000 in these assets.

CBL Properties (NYSE: CBL) reported its third-quarter results, demonstrating operational improvements and a significant recovery following its Chapter 11 emergence on November 1, 2021. Key metrics include a net loss of $41.7 million, translating to a loss of $0.21 per diluted share, a 25% reduction from the previous year. Funds From Operations (FFO), as adjusted, soared to $0.47 per diluted share, a 1,075% increase year-over-year. The same-center Net Operating Income (NOI) rose 26.5% for the quarter. CBL holds approximately $260 million in cash post-reorganization, focusing on growth opportunities and enhanced financial flexibility.

CBL Properties announced the successful completion of its Chapter 11 reorganization, enhancing its capital structure and financial flexibility. The company reduced its debt and preferred obligations by approximately $1.7 billion, leading to a newly secured $883.7 million term loan and $455.0 million in new secured notes. All existing common and preferred shares were canceled, with shareholders receiving a 5.5% stake in the reorganized company. CBL plans to leverage its improved structure to exploit market opportunities, expecting robust cash flow.