CBL Properties

CBL Properties
Public company
Traded as NYSE: CBL
S&P 600 component
Industry Real estate investment trust
Founded 1978 (1978)
Founder Charles B. Lebovitz
Headquarters Chattanooga, Tennessee
Key people
 Charles B. Lebovitz, Chairman
Stephen D. Lebovitz, CEO & President
Farzana Khaleel, CFO
Products Shopping centers
Revenue Decrease $0.927 billion (2017)
Decrease $0.158 billion (2017)
Total assets Decrease $5.704 billion (2017)
Total equity Decrease $1.236 billion (2017)
Number of employees
 685 (2017)
Website www.cblproperties.com
Footnotes / references
[1]

CBL Properties (previously CBL & Associates, Inc., then CBL & Associates Properties, Inc.) is a real estate investment trust that invests in shopping centers, primarily in the Southeastern United States and Midwestern United States. The company is organized in Delaware with its headquarters in Chattanooga, Tennessee. As of December 31, 2017, the company owned 105 properties.[1]

The company's name is based on the initials of its founder, Charles B. Lebovitz.

History

In 1961, Moses Lebovitz, his son, Charles B. Lebovitz, and Jay Solomon founded Independent Enterprises.[2]

In 1970, the company merged with Arlen Realty & Development Corporation, which owned shopping centers on the East Coast of the United States.[2]

In 1978, Charles B. Lebovitz and five associates formed CBL & Associates, Inc.[1][2]

In March 1979, the company built its first mall, the Plaza del Sol Mall in Del Rio, Texas.[2]

In 1987, the company built Hamilton Place in Chattanooga, its flagship mall.[2]

In 1993, CBL & Associates Properties, Inc. was formed as a REIT and acquired all of the assets of CBL & Associates, Inc.[1] The company became a public company via an initial public offering.[2]

In 1995, the company acquired two shopping malls, WestGate Mall in Spartanburg, South Carolina and Suburban Plaza in Knoxville, Tennessee, for $32.3 million.[3]

In 1998, the company acquired five properties near Nashville, Tennessee for $247.4 million in cash and securities.[4] It also acquired Meridian Mall and Janesville Mall for $68 million in cash and $52 million in partnership units.[5]

In 2001, the company acquired a 23-property portfolio from Richard E. Jacobs for $1.3 billion.[6]

In March 2005, the company opened Imperial Valley Mall in El Centro, California, its first mall on the West Coast of the United States.[7]

In July 2005, the company acquired The Mall of Acadiana in Lafayette, Louisiana.[8]

In October 2005, the company acquired Oak Park Mall, Hickory Point Mall, and Eastland Mall for $516.9 million.[9]

In 2007, the company acquired four malls in the St. Louis area for $1.03 billion.[10] In 2016, the Chesterfield Mall, which was one of the four acquired malls, went into receivership after the company defaulted on its mortgage loan.[11]

In 2011, the company acquired Northgate Mall in Chattanooga, Tennessee, which was built by its predecessor, Arlen Shopping Center Group, under the direction of Charles B. Lebovitz in 1972 and was later sold.[12][13] In 2012, the company announced multimillion-dollar renovation of the property.[14]

In 2015, the company sold Waynesville Commons for $14.5 million.[15] The company also acquired Mayfaire Town Center and Community Center for $192 million.[16]

In 2016, the company sold Renaissance Center for $129 million and The Crossings at Marshall Creek for $22.3 million.[17] It also sold 3 malls for $75.1 million.[18]

In 2017, the company acquired five properties from Sears for $72.5 million in a leaseback transaction.[19][20] The company was also added to the S&P 600 index.[21] In October 2017, the company announced completion of a rebranding initiative, from which it will refer to itself as CBL Properties rather than the former "CBL & Associates Properties".[22]

References

  1. 1 2 3 4 "CBL & Associates Properties, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 4 5 6 Pare, Mike (July 30, 2017). "Retail powerhouse Hamilton Place mall turns 30". Chattanooga Times Free Press.
  3. ↑ "COMPANY BRIEFS". The New York Times. April 5, 1995.
  4. ↑ "COMPANY NEWS; 5 NASHVILLE SHOPPING CENTERS SOLD FOR $247 MILLION". The New York Times. Bloomberg News. June 25, 1998.
  5. ↑ "CBL & ASSOCIATES TO BUY TWO MALLS IN THE MIDWEST". The New York Times. Bloomberg News. August 28, 1998.
  6. ↑ "CBL Shareholders OK $1.3 Bln Acquisition of Mall Portfolio". Commercial Real Estate Direct. January 18, 2001.
  7. ↑ "CBL & Associates Properties Announces Grand Opening of Imperial Valley Mall in Southern California; Majority of Retailers at Imperial Valley Mall Make Their Debut in the Market" (Press release). Business Wire. March 9, 2005.
  8. ↑ "CBL & Associates Properties Acquires Super-Regional Mall in Lafayette, Louisiana; The Mall of Acadiana Marks CBL's First Property in Louisiana" (Press release). Business Wire. July 14, 2005.
  9. ↑ "CBL & Associates Properties to Acquire Three-Mall Portfolio for $516.9 Million" (Press release). Business Wire. October 17, 2005.
  10. ↑ Pardy, Sasha M. (October 17, 2007). "CBL Closes on Four St. Louis Malls for $1.03B". CoStar Group.
  11. ↑ Drummer, Randyl (August 16, 2016). "CBL's Chesterfield Mall Headed for Receivership". CoStar Group.
  12. ↑ "CBL to Acquire Northgate Mall in Chattanooga, TN" (Press release). Business Wire. September 22, 2011.
  13. ↑ Pare, Mike (September 22, 2011). "CBL buying Chattanooga's Northgate Mall". Chattanooga Times Free Press.
  14. ↑ Pare, Mike (October 14, 2012). "Chattanooga's Northgate Mall to get multimillion dollar revamp". Chattanooga Times Free Press.
  15. ↑ Hoyle, Amanda (November 30, 2015). "Mall owner CBL sells Belk-anchored shopping center". American City Business Journals.
  16. ↑ Hoyle, Amanda (June 18, 2015). "CBL buys big Wilmington retail center for $192 million, Raleigh mall sale still pending". American City Business Journals.
  17. ↑ Hoyle, Amanda (April 4, 2016). "InvenTrust Properties makes huge retail buy in Durham with $129 million acquisition of Renaissance Center". American City Business Journals.
  18. ↑ Heschmeyer, Mark (July 25, 2016). "Three CBL Malls Sold for $75.1 Million". CoStar Group.
  19. ↑ "CBL & Associates Properties, Inc. Acquires Five Sears Stores for Future Redevelopment Through Sale-Leaseback" (Press release). Business Wire. January 30, 2017.
  20. ↑ Heschmeyer, Mark (January 30, 2017). "CBL Acquires Seven Retail and Auto Centers from Sears in Sale-Leaseback". CoStar Group.
  21. ↑ "Gigamon, CBL & Associates Properties and Cytokinetics Set to Join S&P SmallCap 600" (Press release). PR Newswire. April 17, 2017.
  22. ↑ "CBL Properties Announces Completion of Strategic Rebranding Initiative" (Press release). CBL Properties. October 5, 2017. Retrieved May 25, 2018.
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