CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE:CBL) today announced that its
Board of Directors has authorized a share repurchase program for the
Company to buy up to $200 million of its common stock. The Company plans
to repurchase shares from time to time on the open market, in privately
negotiated transactions or otherwise, depending on market prices and
other conditions. Purchases may be made through the program through
August 31, 2016.
“The significant discount that our stock currently trades at relative to
its private market valuation provides an attractive investment
opportunity,” said Stephen Lebovitz, president and chief executive
officer. “As we execute our disposition program, applying a portion of
the proceeds towards share repurchases will create significant
shareholder value. Management and the Board believe it is important to
proactively implement a program, demonstrating our ongoing confidence in
the value of CBL’s portfolio. Importantly, we remain fully committed to
maintaining and further improving our credit metrics and do not intend
to borrow funds to execute these share repurchases.”
This stock repurchase program does not obligate the Company to acquire
any particular amount of its common stock and the program may be
extended, modified, suspended or discontinued at any time at the
Company’s discretion.
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 147 properties, including 90 regional malls/open-air centers.
The properties are located in 30 states and total 84.0 million square
feet including 6.5 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.
Forward-Looking Statements
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” included therein, for a discussion of such
risks and uncertainties.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150729006607/en/
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.