CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE:CBL) today announced that it had
closed $151.5 million ($86.9 million at CBL’s share) in dispositions in
two separate transactions. CBL and its 50/50 joint venture partner
closed on the sale of 100% of Renaissance Center, the
363,000-square-foot community shopping center located in Durham, NC.
Renaissance Center was sold for a gross sales price of $129.2 million,
including assumption of a $16.0 million loan and a $31.6 million loan
that was retired at closing. The transaction generated net equity to CBL
of $40.8 million.
In a separate transaction, CBL completed the sale of The Crossings at
Marshalls Creek, the 86,000-square-foot community center located in
Middle Smithfield, PA, for a net sales price of $22.3 million. Net
proceeds from the dispositions were used to reduce outstanding balances
on the Company’s lines of credit.
“These transactions generated more than $60 million in attractively
priced equity to CBL,” said Stephen D. Lebovitz, CBL’s president and
chief executive officer. “Since January 2015, we have applied net equity
from dispositions of $190 million to reduce debt and have removed from
our balance sheet an additional $106 million in secured debt assumed by
buyers or retired. These actions have significantly strengthened our
liquidity position, and we look forward to making additional progress on
this strategy going forward.”
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, 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 146 properties,
including 93 regional malls/open-air centers. The properties are located
in 31 states and total 85.3 million square feet including 8.0 million
square feet of non-owned shopping centers managed for third parties.
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" included therein, for a discussion of such risks
and uncertainties.
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CBL & Associates Properties, Inc.
Investor Contact:
Katie
Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations
and Corporate Investments katie.reinsmidt@cblproperties.com
or
Media
Contact:
Stacey Keating, 423-490-8361,
Director – Public
Relations
stacey.keating@cblproperties.com
Source: CBL & Associates Properties, Inc.