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 (NYSE: CBL) has adopted a Stockholder Protection Rights Agreement, declaring a dividend of one right for each outstanding share. The record date for stockholders is September 22, 2022. This agreement aims to safeguard shareholders' interests against potential control by entities accumulating 10% or more of CBL’s shares. CBL has made strides since emerging from bankruptcy in November 2021, enhancing financial strength through refinancing efforts, leading to strong cash flows and regular dividends. The rights will expire on September 8, 2023.
CBL Properties announces the appointment of Ben Jaenicke as CFO effective January 1, 2023, following the departure of Farzana Khaleel on December 31, 2022. Jaenicke, with over a decade of experience in real estate investment banking, previously worked at Wells Fargo Securities and Eastdil Secured, focusing on strategic transactions and capital planning. The transition includes Khaleel's consulting arrangement through March 31, 2023, ensuring stability during this period. CBL oversees a portfolio of 95 properties totaling 59.6 million square feet.
CBL Properties (NYSE: CBL) reported its second-quarter results for the period ended June 30, 2022. The company faced a net loss of $41.6 million, increasing 368.3% from $8.9 million in the prior year. Funds from Operations (FFO) decreased by 39.1% to $30.9 million, with adjusted FFO at $59.9 million, down 24.7%. Despite these losses, the portfolio occupancy improved to 89.5%, up 250 basis points year-over-year. The board declared a $0.25 cash dividend for Q2 and Q3 2022, benefiting shareholders. Additionally, CBL successfully completed $663 million in financing, enhancing financial flexibility.
CBL Properties (NYSE: CBL) has declared a quarterly dividend of $0.25 per common share for Q3 2022, which is payable in cash on September 30, 2022. The annualized dividend totals $1.00 per share. Additionally, the company plans to issue a special one-time dividend ranging from $75 million to $100 million based on revised taxable income projections by the end of 2022. The exact amount will be determined by the board and could be distributed as cash or a mix of cash and stock.
CBL Properties (NYSE: CBL) has appointed Jeff Kivitz to its board of directors, along with his roles in the compensation and nominating/corporate governance committees. CEO Stephen D. Lebovitz highlighted Kivitz's significant experience, especially through his role at Canyon Partners, CBL's primary shareholder. Kivitz, a Partner at Canyon Partners, previously worked at Bain & Company, advising on buyouts and corporate strategy. CBL owns a diverse portfolio of 95 retail properties across 24 states, encompassing 59.6 million square feet.
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CBL Properties (NYSE: CBL) declared a quarterly cash dividend of $0.25 per share, payable on July 20, 2022, with a record date of July 11, 2022, marking a significant milestone in returning value to shareholders. This annualizes to $1.00 per share. The company boasts a cash position exceeding $335 million as of March 31, enhancing its financial stability. Additionally, CBL anticipates regular dividends for upcoming quarters and a special dividend in the range of $75 million to $125 million based on year-end taxable income projections.
CBL Properties (NYSE: CBL) has partnered with the Tennessee, Mississippi, and Alabama chapter of Susan G. Komen to host the MORE THAN PINK walk at Hamilton Place in Chattanooga on Oct. 1 and at CoolSprings Galleria in Nashville on Oct. 15. This event aims to honor and support those affected by breast cancer.
Mary Lynn Morse from CBL expressed excitement for the partnership, while Tim Newman from Komen emphasized the events' community-building impact. These walks will be preceded by The Power of ONE Week, celebrating those impacted by breast cancer.
CBL Properties has successfully redeemed $335.0 million of its 10% Senior Secured Notes due 2029, using proceeds from a new $360.0 million non-recourse loan. This move simplifies the company’s balance sheet and lowers interest expenses. The new loan is secured by a pool of 90 outparcels and 13 open-air centers, with an average interest rate estimated between 6.75% - 6.95% for the first three years. CBL reports a share of unencumbered net operating income (NOI) estimated at $75 million, reflecting the operational strength of its assets.
CBL Properties announces the availability of its latest investor presentation on its website. The presentation can be located in the Investor Relations section at cblproperties.com. CBL Properties, headquartered in Chattanooga, TN, manages a portfolio of 95 properties spanning 24 states, totaling 59.6 million square feet. This includes high-quality enclosed malls, outlet centers, and lifestyle retail centers. CBL aims to enhance its portfolio through active management and profitable reinvestment.