More Than $150 Million in Assets Sold Year-to-Date
CBL & Associates Properties, Inc. (NYSE:CBL) announced today that it had
completed the sale of Mayfaire Community Center for $56.3 million to
Principal Real Estate Investors. Mayfaire Community Center is the
210,000-square-foot center located adjacent to CBL’s Mayfaire Towne
Center in Wilmington, NC, which CBL acquired in June of 2015. CBL is
providing leasing and management services for the new owners.
“Year-to-date, CBL has completed the sale of more than $150 million of
non-core and community center assets, applying proceeds to debt
reduction and markedly improving our leverage position,” said Stephen D.
Lebovitz, CBL’s president and chief executive officer. “We are pleased
to have made significant headway on our asset sales since announcing the
community center disposition program just a few months ago. The program
allows us to access attractively priced equity from stabilized assets to
continue our deleveraging progress.”
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 7.3 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" included therein, for a discussion of such risks
and uncertainties.
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