CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
closed on the sale of Bonita Lakes Mall and Bonita Lakes Crossing in
Meridian, MS for $27.91 million to RockStep Capital. Proceeds from the
transaction will be used to reduce outstanding balances on CBL’s lines
of credit.
“With the completion of our third mall sale this year, we are pleased to
demonstrate additional progress on our portfolio transformation,” said
Stephen Lebovitz, CBL’s President & CEO. “The sale of Bonita Lakes
improves our overall portfolio quality and provides equity proceeds to
reduce leverage and enhance our liquidity position. We have completed
more than $386 million in dispositions year-to-date and look forward to
making additional announcements throughout the year.”
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 145 properties, including 91 regional
malls/open-air centers. The properties are located in 31 states and
total 84.9 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.
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/20160518006037/en/
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.