Cbl & Assoc Pptys Inc Stock Price, News & Analysis

CBL Properties (NYSE: CBL) reported its Q4 and full-year 2021 results, indicating a strong recovery with improved operational metrics. For Q4, net loss attributable to common shareholders was $544.8 million, compared to $63 million in 2020. Funds from Operations (FFO), as adjusted, rose to $106.3 million from $75.3 million year-over-year. Occupancy increased to 89.3%, and same-center Net Operating Income (NOI) grew by 5.3%. CBL ended 2021 with $319.5 million in unrestricted cash. The 2022 guidance projects FFO, as adjusted, between $216.5 million and $231.8 million, reflecting potential headwinds from the economy.

CBL Properties (NYSE: CBL) announced the extension and modification of a $134.1 million non-recourse loan secured by Fayette Mall in Lexington, KY. The loan’s maturity has been extended by two years, with three additional one-year options. Interest rates were reduced from 5.42% to 4.25%. The modification also released two ground leased outparcels in exchange for a redeveloped anchor location. CEO Stephen D. Lebovitz highlighted the loan's favorable terms as a sign of confidence from the financial community.

CBL Properties announced the successful exchange of $150 million in 7% Exchangeable Secured Notes due 2028 through its subsidiary CBL & Associates Holdco II, LLC. This strategic move reduced interest costs and converted debt to equity within 90 days of the company's emergence. On February 1, 2022, CBL issued 10,982,795 shares of common stock to satisfy the Exchangeable Notes, which are now canceled. CBL aims to strengthen its balance sheet and pursue further capital structure improvements.

CBL Properties (NYSE: CBL) has partnered with Hinton & Company to enhance its diversity, equity, inclusion, and belonging (DEI) initiatives. CEO Stephen Lebovitz emphasized the importance of this partnership in attracting and retaining a diverse workforce. CBL initiated the CBL Community in 2021, focusing on DEI strategies, including interviews, focus groups, and a company-wide survey. Additionally, CBL has advanced its ESG initiatives, establishing an ESG policy and team. Further details on their ESG commitments can be found on CBL's website.

EVgo has launched its first fast-charging station in Kansas at Oak Park Mall, Overland Park, in partnership with CBL Properties. This initiative aims to meet the growing demand for public EV charging, allowing users to charge up to 80% in just 15-45 minutes while shopping. The addition is part of a broader effort by EVgo to expand its charging network in response to increasing EV adoption. The company currently operates over 800 fast charging locations across 35 states, serving over 310,000 customers.

CBL Properties (NYSE: CBL) has opened over 1.7 million square feet of retail, dining, and entertainment space since January, indicating strong leasing demand. CEO Stephen Lebovitz noted significant increases in traffic and double-digit sales growth portfolio-wide. Notable new openings include Hollywood Casino at York Galleria Mall and Aloft by Marriott in Chattanooga. Looking ahead, several new tenants like Von Maur and OFFLINE by Aerie are expected in 2022. CBL owns and manages 99 properties across 24 states, totaling 63 million square feet.

CBL & Associates Properties (NYSE: CBL) announced that its subsidiary, CBL & Associates Holdco II, LLC, will exercise its optional exchange right on $150 million of 7% Exchangeable Secured Notes due 2028. The exchange date is set for January 28, 2022, with the settlement on February 1, 2022. The company expects to exchange these notes for shares of CBL common stock, cash, or a combination of both. This move is part of CBL's strategy to manage its debt and strengthen its portfolio.

CBL Properties has partnered with Volta Inc. to install electric vehicle (EV) charging stations at select properties, enhancing sustainability and customer amenities. The initiative follows a rise in electric vehicle sales, with stations set to launch at Arbor Place in Atlanta, Pearland Town Center in Houston, and Laurel Park Place in Detroit. CBL currently operates 72 EV charging stations across its portfolio, aiming to expand this offering. The construction of the new stations is already underway, reflecting CBL's commitment to integrating sustainable practices.

CBL Properties (NYSE: CBL) has announced the sale of its self-storage portfolio for $42.0 million, generating approximately $8.5 million in cash for the company after settling $25.7 million in recourse loans. The portfolio included facilities developed on land at various locations such as Mid Rivers Mall in St. Charles, MO, and Eastgate Mall in Cincinnati, OH. CEO Stephen Lebovitz highlighted the sale as a significant value creation opportunity, with a cash investment of less than $300,000 in these assets.