-
Reported FFO per diluted share of $0.49 for the first quarter 2010.
-
Same-store sales for mall tenants 10,000 square feet or less for
stabilized malls for the quarter ended March 31, 2010, increased 4.7%.
-
Stabilized mall occupancy increased 60 basis points to 89.7% as of
March 31, 2010, compared with the prior year period.
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the
first quarter ended March 31, 2010. A description of each non-GAAP
financial measure and the related reconciliation to the comparable GAAP
measure is located at the end of this news release. In accordance with
accounting guidance effective in the fourth quarter 2009 related to the
treatment of the stock component of our dividend paid on April 15, 2009,
all previously reported share and per share amounts that were
retroactively adjusted to reflect the common stock and common units, as
applicable, issued as part of that dividend have been revised. The new
guidance requires that the stock component be treated as a stock
issuance. Thus, the Company has reflected the stock distribution in its
share and per share amounts beginning April 15, 2009.
Funds from Operations ("FFO") allocable to common shareholders for the
first quarter ended March 31, 2010, was $67,979,000 or $0.49 per diluted
share, compared with $50,195,000, or $0.76 per diluted share for the
first quarter ended March 31, 2009. FFO per share for the first quarter
2010 reflects dilution of $0.31 per fully diluted share as a result of
the 66.63 million shares issued in the June 2009 equity offering and the
6.1 million common shares and units issued in conjunction with the stock
component of the April 15, 2009 dividend.
FFO of the operating partnership for the first quarter ended March 31,
2010, increased 5.8% to $93,571,000, compared with $88,450,000 for the
first quarter ended March 31, 2009. FFO in the current quarter benefited
from a reduction in operating expenses. FFO in the prior year period was
negatively impacted by a $7,706,000 non-cash impairment charge related
to the Company's investment in a Chinese real estate and development
company.
Net income available to common shareholders for the first quarter ended
March 31, 2010, was $10,928,000, or $0.08 per diluted share, compared
with net income of $1,712,000, or $0.03 per diluted share for the
prior-year period. Net income available to common shareholders in the
current quarter benefited from a reduction in operating expenses and
depreciation and amortization expense. Net income available to common
shareholders in the prior year period was impacted by the $4,373,000
(adjusted for non-controlling interest) non-cash impairment charge
related to the Company's investment in a Chinese real estate and
development company.
CBL's President and Chief Executive Officer, Stephen D. Lebovitz,
commented, "We continued to build on our core leasing and operational
strengths during the first quarter as we position CBL for an improving
economic environment. The strategic decisions to stabilize our occupancy
and diversify our tenant base have already generated positive results
with portfolio and mall occupancy levels increasing from the prior year
period. Other highlights in the first quarter included more than 1.1
million square feet of completed lease signings, same-store sales growth
of 4.7% and the opening of The Pavilion at Port Orange, our
415,000-square-foot open-air development, at 92% leased or committed.
These successes continue to underscore the strength of our company and
validate our strategy.
"We are also accessing the capital markets on favorable terms with the
completion of a $72 million financing secured by St. Clair Square and
commitments or term sheets for all of our remaining 2010 property-level
mortgage maturities. Additionally, we were pleased to complete our $128
million preferred stock offering. As a result of this offering and the
other deleveraging steps we have taken, we have reduced our debt levels
by over $600 million from the prior year. While there are still
challenges to be faced, we are confident that CBL is poised to benefit
from an improving economy and emerging growth opportunities."
HIGHLIGHTS
-- Same-store sales for mall tenants 10,000 square feet or less for
stabilized malls for the quarter ended March 31, 2010, increased 4.7%.
Same-store sales of mall tenants 10,000 square feet or less for
stabilized malls for the rolling twelve months ended March 31, 2010,
declined 3.1% to $316 per square foot compared with $326 per square foot
in the prior-year period.
-- Same-center net operating income ("NOI"), excluding lease terminations
fees, for the first quarter ended March 31, 2010, declined 1.0% compared
with a decline of 1.8% for the prior-year period.
-- Consolidated and unconsolidated variable rate debt of $1,714,957,000
represented 18.9% of the total market capitalization for the Company and
28.4% of the Company's share of total consolidated and unconsolidated
debt as of March 31, 2010.
PORTFOLIO OCCUPANCY
March 31, March 31,
2010 2009
Portfolio occupancy 88.8% 88.6%
Mall portfolio 89.4% 88.9%
Stabilized malls 89.7% 89.1%
Non-stabilized malls 76.6% 80.3%
Associated centers 89.5% 89.0%
Community centers 84.4% 86.5%
FINANCING ACTIVITY
During the first quarter, CBL repaid the $38.8 million loan secured by
Park Plaza Mall in Little Rock, AR. Subsequent to the quarter end, CBL
repaid the $9.0 million loan secured by WestGate Crossing in
Spartanburg, SC. Both properties were pledged to the Company's $560
million credit facility.
Additionally, during the first quarter, CBL closed a $72.0 million
non-recourse loan secured by St. Clair Square in Fairview Heights, IL.
The new five-year loan bears a floating interest rate of LIBOR plus 400
basis points. This loan replaced the existing $57.2 million loan, which
was scheduled to mature in April 2010. Concurrent with the closing, CBL
entered into a two-year LIBOR cap agreement with an associated LIBOR
strike rate of 3.0%
DEVELOPMENT
On March 10, 2010, CBL celebrated the official Grand Opening for the
415,000-square-foot phase one of The Pavilion at Port Orange, an
open-air development in Port Orange, FL. The area's newest and most
unique shopping destination opened more than 92% leased or committed
with anchors including Hollywood Theaters, Belk, HomeGoods, Marshalls,
Michaels, PETCO and ULTA.
CAPITAL MARKETS
During the first quarter CBL completed an underwritten public offering
of 6,300,000 depositary shares, each representing 1/10th of a share of
its 7.375% Series D Cumulative Redeemable Preferred Stock, having a
liquidation preference of $25.00 per depositary share. The depositary
shares were priced at $20.30 per share including accrued dividends
equating to a yield of 9.08%. The Company used the net offering proceeds
of $123.4 million to reduce outstanding borrowings under its credit
facilities and for general corporate purposes.
Including the shares issued in this offering the Company now has
13,300,000 depositary shares outstanding, each representing 1/10th of a
share of its 7.375% Series D Cumulative Redeemable Preferred Stock. The
securities are redeemable at liquidation preference, plus accrued and
unpaid dividends, at any time at the option of the Company. These
securities have no stated maturity, sinking fund or mandatory redemption
and are not convertible into any other securities of the Company.
OUTLOOK AND GUIDANCE
Based on today's outlook, the Company's first quarter results and
capital markets activity, the Company is maintaining 2010 FFO guidance
of $1.82 - $1.90 per share. The full year guidance assumes $3.0 million
to $5.0 million of outparcel sales and same-center NOI growth in the
range of (1.5%) to (3.5%), excluding the impact of lease termination
fees from both applicable periods. The guidance excludes the impact of
any future unannounced acquisitions or dispositions. The Company expects
to update its annual guidance after each quarter's results.
Low High
Expected diluted earnings per common share $0.18 0.26
Adjust to fully converted shares from common shares (0.05) (0.07)
Expected earnings per diluted, fully converted common 0.13 0.19
share
Add: depreciation and amortization 1.64 1.64
Add: noncontrolling interest in earnings of Operating 0.05 0.07
Partnership
Expected FFO per diluted, fully converted common share $1.82 $1.90
INVESTOR CONFERENCE CALL AND SIMULCAST
CBL & Associates Properties, Inc. will conduct a conference call at
11:00 a.m. EDT on Thursday, April 29, 2010, to discuss its first quarter
results. The number to call for this interactive teleconference is
(212) 231-2900. A seven-day replay of the conference call will be
available by dialing (402) 977-9140 and entering the passcode 21463727.
A transcript of the Company's prepared remarks will be furnished on a
Form 8-K following the conference call.
To receive the CBL & Associates Properties, Inc., first quarter earnings
release and supplemental information please visit our website at cblproperties.com
or contact Investor Relations at 423-490-8312.
The Company will also provide an online web simulcast and rebroadcast of
its 2010 first quarter earnings release conference call. The live
broadcast of the quarterly conference call will be available online at cblproperties.com
on Thursday, April 29, 2010, beginning at 11:00 a.m. EDT. The online
replay will follow shortly after the call and continue through May 6,
2010.
CBL is one of the largest and most active owners and developers of malls
and shopping centers in the United States. CBL owns, holds interests in
or manages 162 properties, including 86 regional malls/open-air centers.
The properties are located in 27 states and total 85.9 million square
feet including 2.2 million square feet of non-owned shopping centers
managed for third parties. Headquartered in Chattanooga, TN, CBL has
regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St.
Louis, MO. Additional information can be found at cblproperties.com.
NON-GAAP FINANCIAL MEASURES
Funds From Operations
FFO is a widely used measure of the operating performance of real estate
companies that supplements net income determined in accordance with
GAAP. The National Association of Real Estate Investment Trusts
("NAREIT") defines FFO as net income (computed in accordance with GAAP)
excluding gains or losses on sales of operating properties, plus
depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures and noncontrolling interests.
Adjustments for unconsolidated partnerships and joint ventures and
noncontrolling interests are calculated on the same basis. The Company
defines FFO allocable to its common shareholders as defined above by
NAREIT less dividends on preferred stock. The Company's method of
calculating FFO allocable to its common shareholders may be different
from methods used by other REITs and, accordingly, may not be comparable
to such other REITs.
The Company believes that FFO provides an additional indicator of the
operating performance of its properties without giving effect to real
estate depreciation and amortization, which assumes the value of real
estate assets declines predictably over time. Since values of
well-maintained real estate assets have historically risen with market
conditions, the Company believes that FFO enhances investors'
understanding of its operating performance. The use of FFO as an
indicator of financial performance is influenced not only by the
operations of the Company's properties and interest rates, but also by
its capital structure.
The Company presents both FFO of its operating partnership and FFO
allocable to its common shareholders, as it believes that both are
useful performance measures. The Company believes FFO of its operating
partnership is a useful performance measure since it conducts
substantially all of its business through its operating partnership and,
therefore, it reflects the performance of the properties in absolute
terms regardless of the ratio of ownership interests of the Company's
common shareholders and the noncontrolling interest in the operating
partnership. The Company believes FFO allocable to its common
shareholders is a useful performance measure because it is the
performance measure that is most directly comparable to net income
available to its common shareholders.
In the reconciliation of net income available to the Company's common
shareholders to FFO allocable to its common shareholders, located at the
end of this earnings release, the Company makes an adjustment to add
back noncontrolling interest in earnings of its operating partnership in
order to arrive at FFO of its operating partnership. The Company then
applies a percentage to FFO of its operating partnership to arrive at
FFO allocable to its common shareholders. The percentage is computed by
taking the weighted average number of common shares outstanding for the
period and dividing it by the sum of the weighted average number of
common shares and the weighted average number of operating partnership
units outstanding during the period.
FFO does not represent cash flows from operations as defined by
accounting principles generally accepted in the United States, is not
necessarily indicative of cash available to fund all cash flow needs and
should not be considered as an alternative to net income for purposes of
evaluating the Company's operating performance or to cash flow as a
measure of liquidity.
Same-Center Net Operating Income
NOI is a supplemental measure of the operating performance of the
Company's shopping centers. The Company defines NOI as operating
revenues (rental revenues, tenant reimbursements and other income) less
property operating expenses (property operating, real estate taxes and
maintenance and repairs).
Similar to FFO, the Company computes NOI based on its pro rata share of
both consolidated and unconsolidated properties. The Company's
definition of NOI may be different than that used by other companies
and, accordingly, the Company's NOI may not be comparable to that of
other companies. A reconciliation of same-center NOI to net income is
located at the end of this earnings release.
Since NOI includes only those revenues and expenses related to the
operations of its shopping center properties, the Company believes that
same-center NOI provides a measure that reflects trends in occupancy
rates, rental rates and operating costs and the impact of those trends
on the Company's results of operations. Additionally, there are
instances when tenants terminate their leases prior to the scheduled
expiration date and pay the Company one-time, lump-sum termination fees.
These one-time lease termination fees may distort same-center NOI trends
and may result in same-center NOI that is not indicative of the ongoing
operations of the Company's shopping center properties. Therefore, the
Company believes that presenting same-center NOI, excluding lease
termination fees, is useful to investors.
Pro Rata Share of Debt
The Company presents debt based on its pro rata ownership share
(including the Company's pro rata share of unconsolidated affiliates and
excluding noncontrolling interests' share of consolidated properties)
because it believes this provides investors a clearer understanding of
the Company's total debt obligations which affect the Company's
liquidity. A reconciliation of the Company's pro rata share of debt to
the amount of debt on the Company's consolidated balance sheet is
located at the end of this earnings release.
Information included herein contains "forward-looking statements"
within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy and some of which might not even
be anticipated. Future events and actual events, financial and
otherwise, may differ materially from the events and results discussed
in the forward-looking statements. The reader is directed to the
Company's various filings with the Securities and Exchange Commission,
including without limitation the Company's Annual Report on Form 10-K
for the year ended December 31, 2009 and the "Management's Discussion
and Analysis of Financial Condition and Results of Operations" included
therein, for a discussion of such risks and uncertainties.
CBL & Associates Properties, Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
Three Months Ended
March 31,
2010 2009
REVENUES:
Minimum rents $ 168,821 $ 171,937
Percentage rents 4,013 4,804
Other rents 4,576 4,280
Tenant reimbursements 79,823 81,484
Management, development and leasing fees 1,706 2,465
Other 7,237 6,090
Total revenues 266,176 271,060
EXPENSES:
Property operating 38,897 44,017
Depreciation and amortization 72,012 78,311
Real estate taxes 24,992 24,154
Maintenance and repairs 16,184 15,994
General and administrative 11,074 11,479
Other 6,701 5,157
Total expenses 169,860 179,112
Income from operations 96,316 91,948
Interest and other income 1,051 1,581
Interest expense (73,460 ) (71,885 )
Loss on impairment of investment - (7,706 )
Gain (loss) on sales of real estate assets 866 (139 )
Equity in earnings of unconsolidated affiliates 539 1,534
Income tax benefit (provision) 1,877 (603 )
Income from continuing operations 27,189 14,730
Operating income (loss) of discontinued operations 14 (66 )
Loss on discontinued operations - (60 )
Net income 27,203 14,604
Net income attributable to noncontrolling interests
in:
Operating partnership (4,110 ) (1,306 )
Other consolidated subsidiaries (6,137 ) (6,131 )
Net income attributable to the Company 16,956 7,167
Preferred dividends (6,028 ) (5,455 )
Net income available to common shareholders $ 10,928 $ 1,712
Basic earnings per share available to common
shareholders:
Income from continuing operations, net of preferred $ 0.08 $ 0.03
dividends
Discontinued operations - -
Net income available to common shareholders $ 0.08 $ 0.03
Weighted average common shares outstanding 137,967 66,407
Diluted earnings per share available to common
shareholders:
Income from continuing operations, net of preferred $ 0.08 $ 0.03
dividends
Discontinued operations - -
Net income available to common shareholders $ 0.08 $ 0.03
Weighted average common and potential dilutive 138,006 66,439
common shares outstanding
Amounts available to common shareholders:
Income from continuing operations, net of preferred $ 10,918 $ 1,784
dividends
Discontinued operations 10 (72 )
Net income available to common shareholders $ 10,928 $ 1,712
The Company's calculation of FFO allocable to its shareholders is as follows:
(in thousands, except per share data)
Three Months Ended
March 31,
2010 2009
Net income available to common shareholders $ 10,928 $ 1,712
Noncontrolling interest in earnings of operating 4,110 1,306
partnership
Depreciation and amortization expense of:
Consolidated properties 72,012 78,311
Unconsolidated affiliates 6,885 7,509
Non-real estate assets (219 ) (247 )
Noncontrolling interests' share of depreciation and (145 ) (201 )
amortization
Loss on discontinued operations - 60
Funds from operations of the operating partnership $ 93,571 $ 88,450
Funds from operations per diluted share $ 0.49 $ 0.76
Weighted average common and potential dilutive common
shares 189,955 117,050
outstanding with operating partnership units fully
converted
Reconciliation of FFO of the operating partnership to
FFO allocable to common shareholders:
Funds from operations of the operating partnership $ 93,571 $ 88,450
Percentage allocable to common shareholders (1) 72.65 % 56.75 %
Funds from operations allocable to common shareholders $ 67,979 $ 50,195
(1) Represents the weighted average number of common shares outstanding for the
period divided by the sum of the weighted average number of common shares and
the weighted average number of operating partnership units outstanding during
the period. See the reconciliation of shares and operating partnership units
outstanding on page 9.
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees $ 531 $ 2,543
Lease termination fees per share $ - $ 0.02
Straight-line rental income $ 1,316 $ 1,731
Straight-line rental income per share $ 0.01 $ 0.01
Gains on outparcel sales $ 816 $ 425
Gains on outparcel sales per share $ - $ -
Amortization of acquired above- and below-market $ 838 $ 1,548
leases
Amortization of acquired above- and below-market $ - $ 0.01
leases per share
Amortization of debt premiums $ 1,662 $ 2,035
Amortization of debt premiums per share $ 0.01 $ 0.02
Income tax benefit (provision) $ 1,877 $ (603 )
Income tax benefit (provision) per share $ 0.01 $ (0.01 )
Abandoned projects expense $ 99 $ 76
Abandoned projects expense per share $ - $ -
Loss on impairment of investment $ - $ (7,706 )
Loss on impairment of investment per share $ - $ (0.07 )
Same-Center Net Operating Income
(Dollars in thousands)
Three Months Ended
March 31,
2010 2009
Net income attributable to the Company $ 16,956 $ 7,167
Adjustments:
Depreciation and amortization 72,012 78,311
Depreciation and amortization from unconsolidated 6,885 7,509
affiliates
Noncontrolling interests' share of depreciation and (145 ) (201 )
amortization in other consolidated subsidiaries
Interest expense 73,460 71,885
Interest expense from unconsolidated affiliates 7,228 7,865
Noncontrolling interests' share of interest expense in (234 ) (273 )
other consolidated subsidiaries
Abandoned projects expense 99 76
(Gain) loss on sales of real estate assets (866 ) 139
(Gain) loss on sales of real estate assets of 50 (564 )
unconsolidated affiliates
Loss on impairment of investment - 7,706
Income tax (benefit) provision (1,877 ) 603
Net income attributable to noncontrolling interest in 4,110 1,306
earnings of operating partnership
Loss on discontinued operations - 60
Operating partnership's share of total NOI 177,678 181,589
General and administrative expenses 11,074 11,479
Management fees and non-property level revenues (6,746 ) (8,277 )
Operating partnership's share of property NOI 182,006 184,791
Non-comparable NOI (1,501 ) (547 )
Total same-center NOI $ 180,505 $ 184,244
Total same-center NOI percentage change -2.0 %
Total same-center NOI $ 180,505 $ 184,244
Less lease termination fees (531 ) (2,472 )
Total same-center NOI, excluding lease termination $ 179,974 $ 181,772
fees
Malls $ 162,934 $ 164,290
Associated centers 7,795 7,821
Community centers 4,115 4,277
Office and other 5,130 5,384
Total same-center NOI, excluding lease termination $ 179,974 $ 181,772
fees
Percentage Change:
Malls -0.8 %
Associated centers -0.3 %
Community centers -3.8 %
Office and other -4.7 %
Total same-center NOI, excluding lease termination -1.0 %
fees
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
March 31, 2010
Fixed Rate Variable Rate Total
Consolidated debt $ 3,934,296 $ 1,524,281 $ 5,458,577
Noncontrolling interests' share (23,731 ) (928 ) (24,659 )
of consolidated debt
Company's share of unconsolidated 402,570 191,604 594,174
affiliates' debt
Company's share of consolidated $ 4,313,135 $ 1,714,957 $ 6,028,092
and unconsolidated debt
Weighted average interest rate 5.94 % 2.89 % 5.07 %
March 31, 2009
Fixed Rate Variable Rate Total
Consolidated debt $ 4,580,821 $ 1,514,076 $ 6,094,897
Noncontrolling interests' share (23,477 ) (928 ) (24,405 )
of consolidated debt
Company's share of unconsolidated 408,342 166,754 575,096
affiliates' debt
Company's share of consolidated $ 4,965,686 $ 1,679,902 $ 6,645,588
and unconsolidated debt
Weighted average interest rate 5.95 % 1.78 % 4.90 %
Debt-To-Total-Market
Capitalization Ratio as of March
31, 2010
(In thousands, except stock Shares
price)
Outstanding Stock Price (1) Value
Common stock and operating 189,965 $ 13.70 $ 2,602,521
partnership units
7.75% Series C Cumulative 460 250.00 115,000
Redeemable Preferred Stock
7.375% Series D Cumulative 1,330 250.00 332,500
Redeemable Preferred Stock
Total market equity 3,050,021
Company's share of total debt 6,028,092
Total market capitalization $ 9,078,113
Debt-to-total-market 66.4 %
capitalization ratio
(1) Stock price for common stock and operating partnership units equals the
closing price of the common stock on March 31, 2010. The stock price for the
preferred stock represents the liquidation preference of each respective series
of preferred stock.
Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
Three Months Ended
March 31,
2010: Basic Diluted
Weighted average shares - EPS 137,967 138,006
Weighted average operating partnership units 51,949 51,949
Weighted average shares- FFO 189,916 189,955
2009:
Weighted average shares - EPS 66,407 66,439
Weighted average operating partnership units 50,611 50,611
Weighted average shares- FFO 117,018 117,050
Dividend Payout Ratio Three Months Ended
March 31,
2010 2009
Weighted average cash dividend per share $ 0.23106 $ 0.21763
FFO per diluted, fully converted share $ 0.49 $ 0.76
Dividend payout ratio 47.2 % 28.6 %
Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
March 31, December 31,
2010 2009
ASSETS
Real estate assets:
Land $ 946,570 $ 946,750
Buildings and improvements 7,576,916 7,569,015
8,523,486 8,515,765
Less accumulated depreciation (1,568,868 ) (1,505,840 )
6,954,618 7,009,925
Developments in progress 91,321 85,110
Net investment in real estate assets 7,045,939 7,095,035
Cash and cash equivalents 50,215 48,062
Receivables:
Tenant, net of allowance 66,783 73,170
Other 8,668 8,162
Mortgage and other notes receivable 39,051 38,208
Investments in unconsolidated affiliates 186,628 186,523
Intangible lease assets and other assets 270,656 279,950
$ 7,667,940 $ 7,729,110
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other indebtedness $ 5,458,577 $ 5,616,139
Accounts payable and accrued liabilities 248,323 248,333
Total liabilities 5,706,900 5,864,472
Commitments and contingencies
Redeemable noncontrolling interests:
Redeemable noncontrolling partnership interests 28,520 22,689
Redeemable noncontrolling preferred joint 421,506 421,570
venture interest
Total redeemable noncontrolling interests 450,026 444,259
Shareholders' equity:
Preferred Stock, $.01 par value, 15,000,000
shares authorized:
7.75% Series C Cumulative Redeemable Preferred 5 5
Stock, 460,000 shares outstanding
7.375% Series D Cumulative Redeemable Preferred
Stock, 1,330,000 and 700,000 shares outstanding 13 7
in 2010 and 2009, respectively
Common Stock, $.01 par value, 350,000,000 shares
authorized, 138,016,637 and 137,888,408 issued 1,380 1,379
and outstanding in 2010 and 2009, respectively
Additional paid-in capital 1,512,607 1,399,654
Accumulated other comprehensive income 2,665 491
Accumulated deficit (300,314 ) (283,640 )
Total shareholders' equity 1,216,356 1,117,896
Noncontrolling interests 294,658 302,483
Total equity 1,511,014 1,420,379
$ 7,667,940 $ 7,729,110
Source: CBL & Associates Properties, Inc.
Contact: CBL & Associates Properties, Inc.
Investor Contact:
Katie Reinsmidt, 423-490-8301
Vice President - Corporate Communications and Investor Relations
katie_reinsmidt@cblproperties.com