CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL), today announced that in
late December it completed transactions that included the sale of
Milford Marketplace in Milford, CT; Lakeview Pointe in Stillwater, OK;
and the conveyance of its ownership interest in Phase I of Settlers
Ridge in Pittsburgh, PA. Total consideration received by CBL was
approximately $132.8 million. CBL retired $90.7 million of related
property-specific construction loans with the remaining cash proceeds of
approximately $42.1 million used to reduce outstanding balances on the
Company’s lines of credit. The Company anticipates recording losses on
the impairment of real estate assets in the fourth quarter of 2010 that
will aggregate in the range of $12.0 million to $13.0 million related to
the transactions.
“These transactions were executed at favorable cap rates averaging in
the 6.5% to 7.0% range and are consistent with our priority of improving
our balance sheet by reducing debt,” said John N. Foy, vice-chairman and
chief financial officer. “We are continuing to explore opportunities to
generate additional liquidity through dispositions of non-core
properties and joint ventures.”
Additionally, CBL continues to negotiate a transaction related to Oak
Hollow Mall in High Point, NC. At the successful closing of the
transaction, the Company anticipates recording a gain on the
extinguishment of debt; however, the timing is uncertain.
About CBL & Associates Properties, Inc.
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 155 properties, including 84 regional malls/open-air centers.
The properties are located in 26 states and total 84.4 million square
feet including 2.8 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.
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
and the "Management's Discussion and Analysis of Financial Condition and
Results of Operations" incorporated by reference therein, for a
discussion of such risks and uncertainties.
Source: CBL & Associates Properties, Inc.
Contact:
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Vice
President -Corporate Communications and Investor Relations
katie_reinsmidt@cblproperties.com