CBL-PD - CBL & Associates Properties, Inc.

NYSE - NYSE Delayed Price. Currency in USD
+0.0500 (+5.38%)
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Previous Close0.9300
Bid0.9780 x 800
Ask0.9800 x 4000
Day's Range0.9200 - 1.2300
52 Week Range0.4501 - 13.6000
Avg. Volume200,661
Market Cap26.225M
Beta (5Y Monthly)2.45
PE Ratio (TTM)N/A
EPS (TTM)-0.8900
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateSep 12, 2019
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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    • How the Shopping Mall Can Survive Covid-19

      How the Shopping Mall Can Survive Covid-19

      (Bloomberg Opinion) -- Lakeside shopping center, just outside of London, is a mecca of consumerism. It’s situated in the county of Essex, which loves shopping so much that a reality TV show captures the exploits of its glamorous, bauble-buying residents.But since last week, the mall has been open for only essential purchases, in line with government guidance. Its owner Intu Properties Plc said last Thursday that it had collected just 29% of the rent due from its tenants there and around the country. At the same time last year, it had received 77% of the amount due. Occupants including Associated British Foods Plc’s Primark and Swedish fashion retailer Hennes & Mauritz AB, which has shuttered thousands of stores around the world, are withholding payments or seeking better terms.It’s a scenario that’s being repeated on both sides of the Atlantic. Cheesecake Factory Inc., which has 294 stores throughout the U.S. and Canada, said in a  filing last week that it would not pay its April rent, and that was in discussions with its landlords, a who’s who of American mall owners.While consumer-facing groups such as apparel chains have been the first shoe to drop, landlords look set to be the next. Retailers are bracing for a prolonged shutdown. On Monday, Macy’s  Inc. said it was forloughing most of its 130,000 strong workforce after losing the majority of its sales because of store closures.No wonder some, such as U.S. mall owner Taubman Centers Inc., are fighting back. It told tenants in a memo that they still have to pay, although it added that it’s working with affected occupiers.The developing stand-off will do nothing to help the plight of stores, nor in the longer term, shopping center owners. As I have argued, the fall-out from the catastrophic loss of business from the coronavirus retail crisis needs to be shared. Some consequences will have to be borne downstream, by suppliers; some upstream, by landlords.But this could be tricky. With fixed assets like malls, it’s not easy to adjust the cost base. Some also have significant borrowings. Lenders may have to bear some of the burden, while government relief looks increasingly necessary. My colleague Brian Chappatta has warned of the potential dangers to the mortgage market.Intu, which owns 17 U.K. malls including Manchester’s Trafford Center and the Metrocentre in Gateshead, is particularly vulnerable. Even before the outbreak, it was struggling under a mountain of borrowings. It said last Thursday that it was in talks with its lenders on waiving covenants, and that it could access the U.K. government’s 330 billion-pound ($410 billion) support mechanism.Meanwhile, in the U.S., mall owners CBL & Associates Properties Inc.,  Macerich Co. and Taubman stand out for their above average net debt-to-Ebitda ratios and heavy use of secured lending, according to Lindsay Dutch, an analyst at Bloomberg Intelligence.Others look to be in a better position.Simon Property Group Inc. has one of the strongest balance sheets. But it agreed in February to buy Taubman for $3.6 billion. This deal, if it goes ahead, together with the Covid-19 impact, could increase Simon’s net debt to 7 times Ebitda at the end of 2020, from 5.6 times a year earlier, according to Moody’s. Taubman has some prize assets, such as the Short Hills Mall in New Jersey and the Gardens Mall in Florida , but the higher leverage and integration will be more challenging in the current environment.Indeed, there will be pain even for the most solid operators. Simon is the biggest landlord to Cheesecake Factory, according to analysts at RBC Capital Markets.But even when the virus abates, the retail landscape won’t be the same. Some weaker stores and restaurants will not re-open their doors. For others, it will take considerable time for demand to return to normal.A  frank conversation between retailers and landlords is needed to settle on ways for making it easier for everyone to weather this crisis. Alterations could include moving to monthly rent payments in cases where retailers are still expected to pay quarterly installments in advance, and doing so without any additional fees to facilitate the switch. Making it easier for tenants to break leases would also avoid time consuming and costly processes to exit agreements.While that may seem to favor retailers more than landlords, mall owners too have something to gain. The pandemic, and the retail  shake-out that will inevitably follow,  will exacerbate the divergence between the most muscular stores and restaurants and the laggards. It will also polarize the vibrant malls and secondary locations even more.To prosper in this new reality, mall owners will need to ensure they can attract the most desirable brands. The retailers that do emerge from the wreckage will remember how they were treated when the chips were down. On both sides, even-handed negotiations are the best way to help all parties recover, rather than risking bringing about the death of the mall for once and for all.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Major malls in Forsyth, Guilford counties to close Friday
      American City Business Journals

      Major malls in Forsyth, Guilford counties to close Friday

      CBL Properties announces moves to solidify its financial position as Hanes Mall and Friendly Center close until April 16. Four Seasons Town Center in Greensboro is also closing.

    • Business Wire

      CBL Properties Provides Update on COVID-19 Response

      CBL Properties (NYSE:CBL) today issued the following statement regarding COVID-19 events and impacts:

    • Tanger, local malls leave decisions to tenants
      American City Business Journals

      Tanger, local malls leave decisions to tenants

      Is your favorite retailer open? Major shopping center operators in the Triad are leaving that up to their tenants, but properties that remain open are taking preventive measures, including the reduction of store hours.

    • Simon closes malls nationwide, including 1 in St. Louis
      American City Business Journals

      Simon closes malls nationwide, including 1 in St. Louis

      While one major St. Louis-area mall is shuttering completely, others remain open on regular or reduced hours, as property owners and retailers react to the spread of the novel coronavirus.

    • Life Isn’t Just About Money, Says CEO of Mall Owner Down 99%

      Life Isn’t Just About Money, Says CEO of Mall Owner Down 99%

      (Bloomberg) -- Shares of CBL & Associates Properties Inc. are down 99% from their peak, but Stephen Lebovitz is undeterred.After all, he started working at the family business in the middle of the savings and loan crisis. When he succeeded his father as chief executive officer two decades later, the 2008 financial crash was still reverberating throughout the U.S. economy.Now he faces perhaps his most seminal challenge yet: To convince Americans who increasingly shop online that they should keep coming to CBL’s malls -- even as the coronavirus spreads across the U.S. -- and persuade Wall Street that the effort will work.Which they will, he says. Cycles come and go. It’s just going to take some time to ride this one out.“If you’re measured quarterly and you read all the headlines, then it’s a challenging environment to be in,” Lebovitz, 59, said in a telephone interview. “But I’m not looking at today, I’m looking at the future.”To others, it’s a Sisyphean task. It has been a difficult stretch for most mall owners in recent years, but especially for CBL and others who own weaker properties -- so-called Class B or C malls -- that have been hit hard by slowing foot traffic and department store closings. And analysts say Lebovitz’s plan to reduce CBL’s dependence on apparel is far from a certain bet.“I don’t see an inflection point in the B-mall business that will make cash flows grow again,” said Vince Tibone, an analyst at Green Street Advisors. He describes the Lebovitz family as “good operators” who are paying the price for taking on too much leverage before the bottom fell out of the mall business.Many investors aren’t taking chances. CBL, a real estate investment trust that owns or has stakes in 108 properties across the country, has a market value of $62 million, down from a high of $3.3 billion in early 2007. The company, based in Chattanooga, Tennessee, discontinued its dividend last year. The Lebovitz family’s combined stake, once worth at least $800 million, has dwindled to $7 million.The coronavirus, which has killed thousands worldwide and is spreading in the U.S., could deal another blow to beleaguered mall operators.Almost 60% of 1,900 shoppers surveyed by Coresight Research in February said they would avoid or curtail visits to malls and shopping centers if the virus worsened. More than 1,300 cases have been recorded around the country and at least 39 people have died. The virus might sap $1 trillion from U.S. economic activity, hurting sectors like retail and travel, according to asset manager Capital Group.(CBL said it’s working to ensure thorough cleaning of all high-traffic common areas and has placed hand sanitizer throughout its properties.)It’s not like CBL and its peers needed another headwind.For years, online shopping and changing consumer preferences have diminished once-mighty brick-and-mortar retailers. Macy’s Inc. said in February it would close 125 locations. Sears Holdings Corp. filed for Chapter 11 bankruptcy in 2018. J.C. Penney Co. has shuttered one-fifth of its stores since 2015.Losing these so-called anchor stores is particularly damaging for firms such as CBL. Its properties are in cities like Little Rock, Arkansas, and Spartanburg, South Carolina, where the pool of potential shoppers is smaller and tends to be less affluent than in bigger metro areas.CBL’s malls generated an average $386 of sales per square foot in 2019, compared with $972 for Taubman Centers Inc. and $801 for Macerich Co., which both focus more on bigger cities. Class A malls also are expected to weather broad market slumps not only because they’re popular destinations, but because the owners, like Brookfield Properties or Simon Property Group Inc., which recently agreed to buy Taubman, have resources to cover shortfalls.Those on the lower end are in many cases left with two options: Spending to spruce up malls, or let their properties slowly die.Lebovitz is decidedly in the former camp. He’s betting that CBL can continue to thrive by returning to what was once the core purpose of a mall: Being a community center.That notion was formed by Victor Gruen, an architect who emigrated from Austria in 1938 to escape the Nazis. He designed the first enclosed regional mall in Edina, Minnesota, in the early 1960s, with air conditioning that provided shoppers relief from the heat of summer. At the center of the two-story building, Gruen placed a town square with a fishpond, trees and 21-foot birdcage, all illuminated by a skylight.He envisioned it as a chance to remake Minneapolis’s downtown, without all of its architectural mistakes, according to a 2004 New Yorker profile of Gruen.Where department stores left gaping holes, CBL brought in less traditional tenants. In the company’s Meridian Mall in Lansing, Michigan, what was once a Gordmans store is now a trampoline park, and a go-karting center now occupies the space that a few years ago hosted a Younkers store. In Madison, Wisconsin, an old Sears store has been turned into a wine shop and a Dave & Buster’s.Shopping aside, the malls also play a social role as the home of concerts, runs and charity events. “The narrative suggests that they don’t,” Lebovitz said, “but look in the parking lot and you see that people are still coming.”Extensive revamps can take several years, but CBL has the runway to get it done, he said, pointing to the $1.19 billion term loan and credit line it secured in January 2019. In August, Michael Ashner’s Exeter Capital disclosed it had bought a 6% stake in CBL and said the shares were undervalued. In November, CBL struck an agreement with the activist real estate investment firm, granting it two board seats.Others aren’t so sure. In recent months, CBL’s bonds have tumbled to less than half their face value, with its 2026 unsecured notes dropping to less than 40 cents on the dollar.CBL was conceived about six decades ago by Lebovitz’s grandfather Moses, who opened a shopping mall in Chattanooga on the site of a drive-in theater that had been damaged in a wind storm. Lebovitz’s father, Charles, continued building malls in cities like Asheville, North Carolina, and Laredo, Texas.In the 1970s, the business merged with a New York-based real estate firm. CBL -- Charles Lebovitz’s monogram -- was spun out from that company in 1978. It went public in 1993.Stephen Lebovitz, who studied biology before deciding to focus on real estate, started at CBL after a stint at Goldman Sachs Group Inc. His brothers Michael and Alan also work for the company. While the family’s stake has declined since 2007, the members still collected more than $200 million of dividends over those years, according to calculations by Bloomberg News.The firm has dealt with other headaches. In 2016, the Securities and Exchange Commission probed four of its loans that originated years earlier. CBL’s board commissioned an independent investigation that found no wrongdoing, and the SEC didn’t take any action. And former U.S. Senator Bob Corker of Tennessee, whom Lebovitz has called a friend, faced scrutiny in recent years over his frequent trading of CBL and other stocks. No evidence of wrongdoing emerged.The Lebovitz family, meanwhile, has only made modest sales in recent years to offset taxes, the CEO said.“We’ve always felt it’s important to be role models by maintaining a significant stake, and we haven’t wavered on that.”When asked whether the stock plunge stresses him, Lebovitz chuckled.“I need to lay down on a couch to answer that question,” he said. “There’s a lot more to life than money.”(Updates with asset manager forecast in 10th paragraph)\--With assistance from Tom Maloney.To contact the reporters on this story: Anders Melin in New York at amelin3@bloomberg.net;Patrick Clark in New York at pclark55@bloomberg.net;Eliza Ronalds-Hannon in New York at eronaldshann@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Peter EichenbaumFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Business Wire

      CORRECTING and REPLACING CBL Properties Reports Results for Fourth Quarter and Full-Year 2019

      Please replace the revised version to correct certain Q4 2019 financial information issued on February 6, 2020, at 4:15 p.m. ET. Please refer to Form 8-K/A furnished on March 11, 2020, for additional information.

    • WeissLaw LLP: CBL Associates Properties, Inc. is the Subject of a Legal Investigation
      PR Newswire

      WeissLaw LLP: CBL Associates Properties, Inc. is the Subject of a Legal Investigation

      WeissLaw LLP, a national class action and shareholders' rights law firm with offices in New York, California and Georgia, announces an investigation of the Board of Directors and executives of CBL Associates Properties, Inc. (NYSE: CBL) ("CBL" or the "Company"), for possible breaches of fiduciary duty and other violations of law in connection with their unlawful concealment of (and the lack of proper internal controls resulting in) the payment by CBL of the uninsured sum of $90 million in settlement of claims of racketeering for overcharging retail tenants. The full misconduct was disclosed on March 26, 2019, when CBL filed a Form 8-K with the SEC containing a press release containing the information.

    • PR Newswire

      CBL Properties Sets First Quarter 2020 Earnings Release and Conference Call Dates

      CBL Properties (NYSE: CBL) announced details for the release of its results for the first quarter ending March 31, 2020.

    • Michael Ashner Is The Independent Director of CBL & Associates Properties, Inc. (NYSE:CBL) And They Just Spent US$1.4m On Shares
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      Insider Monkey

      Is CBL & Associates Properties, Inc. (CBL) A Good Stock To Buy ?

      We are still in an overall bull market and many stocks that smart money investors were piling into surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Hedge funds' top 3 stock picks returned 41.7% this year and beat […]

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    • PR Newswire

      CBL Properties Sets Fourth Quarter And Year-End 2019 Earnings Release And Conference Call Dates

      CBL Properties (NYSE: CBL) announced details for the release of its results for the fourth quarter and full year ending December 31, 2019.

    • See which Houston malls are staying open for Thanksgiving
      American City Business Journals

      See which Houston malls are staying open for Thanksgiving

      Some consumers and retail employees may be pushing back against the ever-creeping Black Friday hours, but this Thanksgiving is set to see almost all major Houston malls open late on Thanksgiving to allow after-dinner shoppers to get a head start.