Welcome to our dedicated page for Cbl & Assoc Pptys news (Ticker: CBL), a resource for investors and traders seeking the latest updates and insights on Cbl & Assoc Pptys stock.
CBL & Associates Properties, Inc. (NYSE: CBL), operating as CBL Properties, is a retail-focused real estate investment trust headquartered in Chattanooga, Tennessee. This news page aggregates company announcements, earnings updates and transaction disclosures that shed light on how CBL manages its national portfolio of enclosed malls, outlet centers, lifestyle centers, open-air centers and other retail properties.
Readers can find quarterly earnings releases and related commentary, which CBL reports through press releases and Form 8-K filings. These updates typically discuss metrics such as same-center net operating income, occupancy, leasing activity and tenant sales per square foot, along with management’s discussion of portfolio performance and balance sheet developments.
The news flow also covers acquisitions and dispositions of properties, including the purchase of four enclosed regional malls from Washington Prime Group and the sale of non-core open-air centers like The Promenade in D’Iberville, Mississippi, and CBL’s interest in Fremaux Town Center in Slidell, Louisiana. These items provide insight into the company’s portfolio optimization strategy and capital allocation decisions.
In addition, CBL regularly announces financing transactions such as non-recourse loans secured by individual properties and modifications of existing loans that extend maturities or adjust interest rates. Investors can also track dividend declarations and changes in the regular dividend rate, as well as authorizations and updates related to the company’s common stock repurchase program.
For investors and observers of retail real estate, following CBL’s news can help illuminate how the company responds to market conditions, manages its property portfolio and uses capital structure tools such as asset sales, acquisitions, refinancing and share repurchases.
CBL Properties reported strong results for Q2 2024, with same-center NOI increasing 1.5% over the prior-year period. Key highlights include:
- FFO, as adjusted, per share of $1.73, up from $1.56 in Q2 2023
- Over 1.0 million square feet of leases executed in Q2 2024
- Portfolio occupancy at 88.7% as of June 30, 2024
- $295.8 million in unrestricted cash and marketable securities
- Sale of Layton Hill Malls for $37.125 million
- $19.4 million in share repurchases completed
CBL reaffirmed its full-year 2024 FFO guidance, expecting same-center NOI in the range of (1.2)% to 1.4%. The company continues to focus on strengthening its balance sheet and improving leasing performance.
CBL Properties (NYSE:CBL) has announced a quarterly cash dividend of $0.40 per common share for the quarter ending September 30, 2024. This dividend translates to an annual dividend payment of $1.60 per common share. The dividend will be payable on September 30, 2024, to shareholders of record as of September 13, 2024. This announcement demonstrates CBL Properties' commitment to providing regular returns to its shareholders and may indicate the company's confidence in its financial stability and future prospects.
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.
Summary not available.
Summary not available.
Summary not available.
FAQ
What is the current stock price of Cbl & Assoc Pptys (CBL)?
What is the market cap of Cbl & Assoc Pptys (CBL)?
