CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE:CBL) today issued the following
statement.
“For more than two weeks, we have been using every available resource to
determine whether there is an investigation by a governmental agency
underway with respect to our company’s loan procedures as alleged in a
media report. For the first time, on Friday, June 10, 2016, as a result
of our efforts, we learned in a discussion with the Securities and
Exchange Commission (SEC) that it is conducting an investigation limited
to four specific non-recourse secured loans originated in 2011 and 2012.
Specifically, the purpose of this review is to ensure the information
provided to lenders regarding lease status reports, revenues and
expected revenues, did not materially vary from the company’s financial
statements. The agency welcomed our proactive outreach, as well as our
commitment to commission an independent review of our procedures with
respect to those loans. Ernst & Young has been engaged to conduct a
swift and thorough investigation. The findings from that independent
investigation will be provided to the SEC upon completion. We are
confident that this will bring a positive resolution to this matter.
“As we’ve stated previously, at all times, our company operates with the
utmost integrity and holds itself to the highest ethical standards. We
have stringent policies and procedures in place to ensure all of our
accounting and financial processes and reporting comply with applicable
laws, rules and regulations.”
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 147 properties,
including 91 regional malls/open-air centers. The properties are located
in 31 states and total 84.3 million square feet including 8.6 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 of Public
Relations
stacey.keating@cblproperties.com
Source: CBL & Associates Properties, Inc.