CBL Closes on the Sale of Three Malls for $176 Million
September 03 2013 - 8:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced that it has closed on the sale of three malls and three
related associated centers in a portfolio transaction for a gross
sales price of $176 million in cash. The properties included in the
portfolio were Georgia Square Mall and Georgia Square Plaza in
Athens, GA; Panama City Mall and The Shoppes at Panama City in
Panama City, FL; and Rivergate Mall and Village at Rivergate in
Nashville, TN. The properties were purchased by an offshore
investor with an Atlanta-based partner, Hendon Properties, who will
also lease and manage the malls.
“We are pleased to complete the disposition of these assets,
generating substantial equity and demonstrating our continued
ability to effectively execute our capital plan,” said Stephen
Lebovitz, president & chief executive officer of CBL. “When
combined with the $209 million in ATM proceeds generated through
mid-year as well as $44 million from the sale of office buildings
completed earlier this year, we have raised more than $425 million
in equity year-to-date. This deliberate approach has allowed us to
significantly reduce debt while minimizing dilution and
strengthening our core portfolio.”
Net proceeds from the disposition were used to reduce
outstanding balances on the Company’s unsecured lines of credit.
The Company anticipates a net impact of approximately $0.02 per
share to 2013 Funds from Operations (“FFO”) from the sale of the
properties. Margaret Caldwell and Kris Cooper of Jones Lang LaSalle
represented CBL in the transaction.
About CBL & Associates Properties,
Inc.
CBL is one of the largest and most active owners and developers
of malls and shopping centers in the United States. CBL owns, holds
interests in or manages 154 properties, including 93 regional
malls/open-air centers. The properties are located in 31 states and
total 89.3 million square feet including 9.3 million square feet of
non-owned shopping centers managed for third parties. Headquartered
in Chattanooga, TN, CBL has regional offices in Boston (Waltham),
MA, Dallas (Irving), TX, and St. Louis, MO. Additional information
can be found at 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” incorporated by
reference therein, for a discussion of such risks and
uncertainties.
CBL and Associates Prope... (NYSE:CBL)
Historical Stock Chart
From Sep 2024 to Oct 2024
CBL and Associates Prope... (NYSE:CBL)
Historical Stock Chart
From Oct 2023 to Oct 2024