CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
has closed on the sale of three malls and three related associated
centers in a portfolio transaction for a gross sales price of $176
million in cash. The properties included in the portfolio were Georgia
Square Mall and Georgia Square Plaza in Athens, GA; Panama City Mall and
The Shoppes at Panama City in Panama City, FL; and Rivergate Mall and
Village at Rivergate in Nashville, TN. The properties were purchased by
an offshore investor with an Atlanta-based partner, Hendon Properties,
who will also lease and manage the malls.
“We are pleased to complete the disposition of these assets, generating
substantial equity and demonstrating our continued ability to
effectively execute our capital plan,” said Stephen Lebovitz, president
& chief executive officer of CBL. “When combined with the $209 million
in ATM proceeds generated through mid-year as well as $44 million from
the sale of office buildings completed earlier this year, we have raised
more than $425 million in equity year-to-date. This deliberate approach
has allowed us to significantly reduce debt while minimizing dilution
and strengthening our core portfolio.”
Net proceeds from the disposition were used to reduce outstanding
balances on the Company’s unsecured lines of credit. The Company
anticipates a net impact of approximately $0.02 per share to 2013 Funds
from Operations (“FFO”) from the sale of the properties. Margaret
Caldwell and Kris Cooper of Jones Lang LaSalle represented CBL in the
transaction.
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 154 properties, including 93 regional malls/open-air centers.
The properties are located in 31 states and total 89.3 million square
feet including 9.3 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.
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” incorporated by reference therein, for a
discussion of such risks and uncertainties.
Copyright Business Wire 2013