Cbl & Assoc Pptys Inc Stock Price, News & Analysis

CBL Properties (NYSE: CBL) and Vision Hospitality Group announced the development of a new 139-room Element by Westin hotel at Mayfaire Town Center in Wilmington, North Carolina. This project is significant as it marks Element's entry into the Wilmington market. The hotel will occupy 83,000 square feet and is part of a 49/51 joint venture between the two companies. Construction is expected to begin soon, with an anticipated opening in spring 2024. CBL's strategy focuses on diversifying property use, enhancing retail and dining experiences, and meeting local market demand.

CBL Properties (NYSE: CBL) has announced the opening of over 1 million square feet of new retail, dining, and entertainment spaces across its portfolio since January. CEO Stephen Lebovitz reported a significant increase in leasing demand, with occupancy rising over 200 basis points year-over-year. New store openings include operators like Tilt and Scheels in North Dakota, and Von Maur in Wisconsin. Looking ahead, CBL plans to introduce additional tenants such as Nordstrom Rack and Tilt Studios in 2023, aiming to enhance its position in various markets.

CBL Properties (NYSE: CBL) has launched over 800 holiday deals, focusing on unique experiences and gifts with local businesses across its properties. Seasonal tenants include immersive pop-up bars and artisan shops, enhancing the festive atmosphere in malls like Dakota Square and Fayette Mall. Notable openings feature Miracle on 10th in Minot and Southern Candle Studio in Myrtle Beach. CEO Stephen Lebovitz emphasized the importance of these partnerships, which foster community engagement and innovation during the holiday season.

CBL Properties (NYSE: CBL) has announced the addition of entertainment venues Tilt Studios, Stars and Strikes, and Main Event to various properties in North Dakota and South Carolina. Tilt will occupy 50,000 square feet at Dakota Square in Minot and 92,500 square feet at Kirkwood Mall in Bismarck, with openings scheduled for December 2022 and later in 2023. Stars and Strikes will replace DICK’S Sporting Goods at Coastal Grand Mall, while Main Event will be part of the redevelopment at Cross Creek Mall in Fayetteville. Leasing demand has reportedly returned to pre-pandemic levels.

CBL Properties (NYSE: CBL) has attained Great Place to Work Certification™, with 89% of employees affirming it as a great workplace, surpassing the U.S. average by 32 points. This certification reflects employee satisfaction regarding company culture and leadership. Great Place to Work® ranks organizations based on employee feedback, indicating that certified companies enjoy better employee retention and innovation. CBL operates 94 properties spanning 58.5 million square feet across 22 states, focusing on aggressive management and profitable reinvestment.

CBL Properties (NYSE: CBL) has declared a special cash dividend of $2.20 per share, amounting to approximately $70 million. This dividend is payable on January 18, 2023, to stockholders of record as of December 12, 2022. CBL aims to enhance shareholder value, with total distributions for 2022 reaching $2.95 per share, reflecting over 10.1% yield. The decision aligns with CBL's strong performance and free cash flow generation, fulfilling the requirement to distribute at least 90% of its taxable income as a real estate investment trust.

CBL Properties reported improved financial results for Q3 2022, with a net loss attributed to common shareholders of $14.5 million, a significant improvement from $41.7 million in Q3 2021. Funds from Operations (FFO), as adjusted, was $59 million compared to $95.3 million in the prior year. Full-year guidance for FFO is raised to $7.40 - $7.67 per share, and same-center NOI is increased by $8 million to $424 - $438 million. Portfolio occupancy rose to 90.5%, reflecting a 210-basis point increase year-over-year, while tenant sales per square foot improved by 2.1%. A $0.25 dividend per share was declared for Q4.

CBL Properties (NYSE: CBL) has declared a dividend of $0.25 per common share for the quarter ending December 31, 2022. This results in an annual total of $1.00 per share, payable on December 30, 2022, to shareholders of record by December 1, 2022. Additionally, CBL expects to issue a special one-time dividend between $65 million and $85 million based on taxable income projections. The amount will be finalized by the Board before year-end.