CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
closed on the sale of College Square in Morristown, TN and Foothills
Mall in Maryville, TN for $53.5 million, all cash. Proceeds from the
sale were used to reduce outstanding balances on the Company’s lines of
credit.
“The sale of these two malls successfully brings our portfolio
transformation strategy, which we started in 2014, to a close, having
executed on 20 transactions with a total value of nearly $800 million,”
said Stephen Lebovitz, president & chief executive officer. “Through
this program, we now have a portfolio of higher-quality, higher growth
assets that are positioned to benefit from the ongoing retail evolution.
We have used proceeds to fortify our balance sheet, improving
flexibility and, along with our free cash flow, providing liquidity to
fund our redevelopment opportunities and other capital improvements.”
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 124 properties,
including 81 regional malls/open-air centers. The properties are located
in 27 states and total 76.9 million square feet including 5.9 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
EVP – Chief Investment Officer
katie.reinsmidt@cblproperties.com
or
Media
Contact:
Stacey Keating, 423-490-8361
Director – Public
Relations & Corporate Communications
stacey.keating@cblproperties.com
Source: CBL & Associates Properties, Inc.