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CBL & Associates Properties Inc (NYSE: CBL) is a leading retail-focused REIT managing a national portfolio of shopping centers and mixed-use properties. This news hub provides investors and industry professionals with timely updates on corporate developments, financial disclosures, and strategic initiatives shaping the commercial real estate sector.
Access authoritative coverage of CBL's quarterly earnings reports, property acquisitions, tenant lease agreements, and redevelopment projects. Our curated news collection simplifies tracking operational milestones across CBL's 50+ properties, including regional malls, outlet centers, and lifestyle destinations.
Key updates include earnings call analyses, sustainability initiatives, leadership changes, and partnership announcements. Bookmark this page for direct access to SEC filings, investor presentations, and market commentary relevant to CBL's position in the evolving retail real estate landscape.
CBL Properties (NYSE:CBL) has sold Layton Hills Mall in Layton, Utah, to Second Horizon Capital for $37.125 million in cash. The property was collateral for CBL's non-recourse term loan, and the net proceeds were applied to the loan's principal balance, reducing it to $749.8 million. This sale is part of CBL's strategy to strengthen its balance sheet by reducing debt and extending its maturity schedule. The company views this transaction as a demonstration of the value of stable enclosed mall assets in dynamic markets and plans to announce additional transactions in the future to further improve its financial position.
CBL Properties (NYSE:CBL) has announced the opening of Atrium Health Wake Forest Baptist Medical Plaza at Friendly Center in Greensboro, North Carolina. The new 20,000+ square foot medical office building was developed in partnership with Davis Moore Capital and offers family medicine, imaging, and urgent care services, including pediatric care.
The facility is located at 3120 Northline Ave, on the former site of Romano's Macaroni Grill. CBL's CEO, Stephen Lebovitz, highlighted the strategic importance of this addition, noting that it will draw significant daily traffic and complement existing offerings at Friendly Center.
This development aligns with CBL's strategy to diversify its shopping centers, having added nine medical uses to its portfolio with more in the pipeline. The company aims to meet evolving market needs by incorporating a variety of uses in its properties.
Today, CBL Properties announced the addition of several new stores at Mayfaire Town Center in Wilmington, NC. Key additions include Free People and FP Movement, each occupying around 2,300 square feet on Main Street. Reeds Jewelers will also open a flagship store featuring Rolex and David Yurman outlets in a 9,000-square-foot space. Additionally, lululemon will relocate to a 5,200-square-foot space. Rack Room Shoes has already relocated to a 4,000-square-foot space on Monument Drive. Claire’s will open in June in a new 1,400-square-foot location. New dining options at Mayfaire Community Center include Vochos Urban Mexican Kitchen, Potbelly Sandwich Shop, and a reopened Chick-fil-A this summer.
CBL Properties reported a 3.6% increase in same-center NOI for the first quarter of 2024 compared to the prior year. FFO, as adjusted, per share was $1.50, slightly down from $1.56 in the first quarter of 2023. The company executed over 1.1 million square feet of leases, including a 10.2% increase in average rents for new leases. Portfolio occupancy was 89.4% as of March 31, 2024. Same-center tenant sales per square foot increased 0.2% for the quarter, but declined by 3.7% for the 12-month period ending March 31, 2024. The company had $295.3 million in unrestricted cash and marketable securities as of March 31, 2024.
CBL Properties, listed on NYSE under the symbol CBL, has declared a cash dividend of $0.40 per common share for the second quarter of 2024, amounting to an annual dividend of $1.60 per common share. The dividend will be paid on June 28, 2024, to shareholders of record as of June 13, 2024.
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