CBL & Associates Properties Completes the Sale of Two Malls for $53.5 Million
May 11 2017 - 5:31PM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced that it closed on the sale of College Square in
Morristown, TN and Foothills Mall in Maryville, TN for $53.5
million, all cash. Proceeds from the sale were used to reduce
outstanding balances on the Company’s lines of credit.
“The sale of these two malls successfully brings our portfolio
transformation strategy, which we started in 2014, to a close,
having executed on 20 transactions with a total value of nearly
$800 million,” said Stephen Lebovitz, president & chief
executive officer. “Through this program, we now have a portfolio
of higher-quality, higher growth assets that are positioned to
benefit from the ongoing retail evolution. We have used proceeds to
fortify our balance sheet, improving flexibility and, along with
our free cash flow, providing liquidity to fund our redevelopment
opportunities and other capital improvements.”
About CBL & Associates Properties,
Inc.
Headquartered in Chattanooga, TN, 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 124
properties, including 81 regional malls/open-air centers. The
properties are located in 27 states and total 76.9 million square
feet including 5.9 million square feet of non-owned shopping
centers managed for third parties. 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” included therein,
for a discussion of such risks and uncertainties.
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version on businesswire.com: http://www.businesswire.com/news/home/20170511006477/en/
CBL & Associates Properties, Inc.Investor Contact:Katie
Reinsmidt, 423-490-8301EVP – Chief Investment
Officerkatie.reinsmidt@cblproperties.comorMedia Contact:Stacey
Keating, 423-490-8361Director – Public Relations & Corporate
Communicationsstacey.keating@cblproperties.com
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