CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
has closed on the disposition of Waynesville Commons, a
128,000-square-foot community center located in Waynesville, NC, for
$14.5 million to an affiliate of Yale Realty Services Corp.
“We are pleased to make additional progress on our announced community
center and non-core disposition program,” said Stephen D. Lebovitz,
president and chief executive officer. “Given the strong demand for
high-quality community and power centers, accessing this liquid market
provides us with an attractively priced source of equity for
deleveraging. We look forward to announcing additional progress in the
near future.”
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 147 properties, including 91 regional malls/open-air centers.
The properties are located in 30 states and total 84.6 million square
feet including 7.1 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.
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.
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