Cbl & Assoc Pptys Inc Stock Price, News & Analysis

CBL Properties (NYSE: CBL) announced significant financing achievements, closing nearly $305 million in transactions recently. This includes a $148.0 million loan secured by Friendly Center in Greensboro, NC, and the modification of a $161.9 million loan for the West County Center in St. Louis, MO. The new loan for Friendly Center has a fixed rate of 6.44%, while the modified loan for West County Center maintains a rate of 3.4% and extends the maturity until December 2024. CEO Stephen Lebovitz highlighted the company's ability to navigate financing challenges and secure favorable loan terms.

CBL Properties (NYSE: CBL) announces the grand opening of Nordstrom Rack on May 18 at The Terrace, Chattanooga, TN. This 24,000 square-foot store marks Nordstrom Rack's third location in Tennessee and fourth overall for Nordstrom in the state. CBL's CEO, Stephen Lebovitz, emphasized that the new store enhances the tenant mix at Hamilton Place and is expected to attract more visitors due to Nordstrom Rack's quality brands and pricing. The grand opening festivities will begin at 8 a.m. ET, including a DJ and gift card giveaways.

CBL Properties (NYSE: CBL) has announced the promotions of Randy Owens to Senior Vice President – Leasing and Jason Shelton to Vice President – Leasing. These promotions recognize their significant contributions in managing national accounts and negotiating leasing deals. Owens has been with the company since 1988 and has held various roles, including Vice President – Leasing since 2017. Shelton joined in 1997, focusing on development projects before returning to leasing. CBL, headquartered in Chattanooga, TN, manages a portfolio of 94 properties totaling 58.5 million square feet across 22 states.

CBL Properties reported strong fourth quarter and full-year results for 2022, exceeding expectations. Net income attributable to common shareholders rose to $811,000, reversing a significant loss of $151.5 million in 2021. Funds from Operations (FFO) adjusted increased to $243.5 million for 2022, surpassing previous guidance. The company experienced a 170-basis-point increase in portfolio occupancy to 91.0% year-over-year. A 50% dividend increase to $0.375 per share was declared for Q1 2023, as CBL returned over $91 million in cash dividends in 2022. Guidance for 2023 includes FFO between $5.85 and $6.47 per share, despite anticipated challenges.

CBL Properties (NYSE: CBL) announced a cash dividend of $0.375 per common share for the quarter ending March 31, 2023, reflecting a 50% increase from the previous dividend of $0.25. This raises the annual payment to $1.50 per share, payable on March 31, 2023, to shareholders of record by March 15, 2023. CEO Stephen D. Lebovitz attributed the increase to strong operating performance and cash flow generation, highlighting the company's robust cash position.

CBL Properties (NYSE: CBL) has announced the resignation of Kaj Vazales from its Board of Directors, effective January 26, 2023. This change follows Mr. Vazales' shift in his principal occupation. Since joining the board in November 2021, he played a crucial role during the company’s restructuring, helping CBL emerge in a strong financial position. Stephen D. Lebovitz, the CEO, expressed gratitude for Mr. Vazales' contributions, noting his financial expertise and insights as beneficial for CBL's long-term success. CBL owns a portfolio of 94 properties totaling 58.5 million square feet across 22 states.

CBL Properties (NYSE: CBL) announced the resignation of Jonathan Heller as Chairman of the Board effective January 25, 2023, to focus on his new investment firm, Helix Partners. Heller joined CBL's board in October 2021 and was pivotal during its restructuring efforts. David Contis, the current Lead Independent Director, will take over as Chairman. Contis brings extensive real estate experience from his tenure at Simon Property Group and Equity Group Investments. CBL is well-positioned with a low leverage balance sheet and strong cash flow, reflecting its solid financial health and growth potential.