CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today hosted a conference
call to provide an in-depth review of its business strategy and
initiatives to enhance shareholder value.
“Our objective is to position our portfolio to generate a sustainable
higher growth rate,” said Stephen Lebovitz, president and CEO. “Today,
we have outlined initiatives that are designed to increase our portfolio
weighting to higher-productivity assets. We plan to achieve this through
targeted divestitures of stable, but lower-growth malls and non-core
properties over the next several years as well as accretive investments
in higher growth assets. We will pursue these opportunities to create
value within our existing portfolio through redevelopment and expansion,
as well as through new developments and selective acquisitions. We are
committed to prudently executing this transformation in a manner that
maximizes shareholder value.”
On the conference call, the Company outlined the following goals and
objectives:
-
Position the portfolio to produce sustained same-center Net Operating
Income (“NOI”) growth of 2-4%, increasing from the current range of
1-2%;
-
Increase the percentage of Mall NOI generated from Tier 1 and Tier 2
assets from 78% for 2013 to more than 90% over the next several years
through divestitures of lower productivity assets and investments in
higher growth assets;
-
Proactively take advantage of opportunities to upgrade both mall shop
and anchor retailers through value-added redevelopment and ongoing
re-tenanting;
-
Maintain and enhance the strength and flexibility of the balance sheet
including growing the quality and size of the unencumbered asset pool
and further improving key financial metrics.
A copy of the slide presentation and a transcript of the prepared
remarks will be filed with the SEC and available online at cblproperties.com.
A replay of the conference call will be available through May 6, 2014,
by dialing (800) 633-8284 or (402) 977-9140 and entering the
confirmation number, 21708955.
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 150 properties, including 91 regional malls/open-air centers.
The properties are located in 30 states and total 86.9 million square
feet including 6.3 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.
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior
Vice President - Investor Relations and Corporate Investments
katie_reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.