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CBL & Associates Properties, Inc. (CBL)

NYSE - NYSE Delayed Price. Currency in USD
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28.41-1.14 (-3.86%)
At close: 04:00PM EST
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  • J
    Just Me
    “According to  Lebovitz, the new tenant additions have elevated the consumer appeal and value of CBL’s retail centers. The Chattanooga, Tenn.-based company owns 99 properties comprising 63 million sq. ft. of GLA across 24 states.
    “Traffic levels have rebounded over the last several months and double-digit portfolio sales increases have continued, leading to growing demand for space in our properties,” Lebovitz said.” We’re thrilled to celebrate the addition of so many new stores,”
  • J
    Just Me
    GROWTH..”CBL Properties, the retail real estate investment trust that emerged from Chapter 11 bankruptcy protection a month ago, is poised to rev up its mall redevelopment strategy now that its reorganization is behind it.
    CBL Chief Executive Officer Stephen Lebovitz said the company plans to extend a program to add new uses to its malls to replace shuttered anchor tenants such as Sears and Bon-Ton.
    The Chattanooga, Tennessee-based company emerged from bankruptcy on Nov. 1, about a year after the pandemic's disruption of its retail business forced the REIT to file for protection from its creditors. Through its restructuring, CBL, which owns 99 properties with a total of 63 million square feet in 24 states, reduced its corporate debt by $1.7 billion. The company still has about $2 billion of property debt.
    "It really positions us to be stronger going forward, to grow the company," Lebovitz said in an interview at ICSC’s “Here, We Go. 2021” conference in Las Vegas. "It’s been a tough couple of years between COVID and all of the challenges that presented, and so it’s nice to have that behind us and be able to look forward, and everyone’s excited about the future now."
    Out of bankruptcy, CBL will move forward with redeveloping its malls where anchor tenants vacated their spaces, sometimes after seeking bankruptcy protection themselves. The REIT started redeveloping empty stores and buildings on parking lots at its malls before the pandemic started in March 2020.
    "I think COVID, if anything, accelerated the redevelopment program," Lebovitz said. "We put some projects on hold for an interim period, but now everything’s picked up and we are looking to add all types of different uses, whether it’s value retail, restaurants, entertainment’s come back strong, and then mixed use, healthcare or education. Residential is a use that we’re seeing a lot of interest in these days."
    CBL also has leased space at two malls in Pennsylvania for use as casinos. CBL and casino operator The Cordish Cos. last month marked the first anniversary of the opening of Live Casino Pittsburgh at a the CBL-owned Westmoreland Mall just outside of Pittsburgh. The casino and entertainment facility opened in a former Bon-Ton location.
    "It’s really driving traffic to the mall, which from our point of view is the means to an end," Lebovitz said. "The sales are up, traffic’s up dramatically, so we’re really happy with that."
    In August, the REIT announced the opening of Hollywood Casino York, an approximately $120 million entertainment destination developed by Penn National Gaming at the former Sears location at York Galleria in York, Pennsylvania.
    The Hollywood Casinos location is off to a good start, Lebovitz said.
  • J
    Just Me
    My speculation on why it’s drifting down on no news.. hedge funds getting margin calls in this market and we are looking at higher rates this year?
  • A
    Alindallas2000
    Looks like we’re stuck in a range of 29-32. Likely to be no movement until we get an ER next month. Boring.
  • S
    Steve
    Problem for me is they lost my investment in bankruptcy. I really don't understand how they kept building and paying bonuses while my investment disappeared.
  • J
    Just Me
    Went to the mall today.. it was PACKED no parking spaces, had to park on the grass.. food court jammed , lots of people all with shopping bags (me included) .. not sure if it’s a FL thing or not but not many had masks , and the stores were jammed packed reminded me of 2019 ..

    happy holidays to all the long suffering cbl stakeholders
  • J
    Just Me
    “Shoppers surprised some analysts by returning to malls so quickly. For example, strong sales helped push the share price of Simon Property Group Inc., the largest mall owner in the U.S. to above $150 a share, which is where it was trading before the pandemic hit… good virus news will boost malls and hotels. Mr. Lachance, of Green Street, predicted a possible repeat of the “revenge spending and revenge traveling” that has occurred when infection rates have fallen. To get back at the virus, people “hit the mall and buy things because it makes them feel good,” he said.
  • P
    Patrick
    91.7% - Off-Exchange FINRA Short Volume Ration on 12/17. 263,500 Short on Friday. Last week, there was such a high short percentage since 12/13, maybe it was to get the price down for all insiders / directors to get a better purchase price.
  • A
    Alindallas2000
    Have we heard this song before? We came out of BK at $30, went to 32.50 and now dropped like a rock deeply into correction territory and in danger of facing the bear. Isn't this a great country? Look at the Lebovitzs. You can bankrupt a multibillion dollar company, collect huge retention bonuses for doing so and then be given millions of dollars of free stock when it comes out of BK.
  • J
    Just Me
    Crazy market.. I’m happy to just “park” in cbl for a while knowing there’s limited downside Vs basically anything else…
  • -
    -
    Bought more common at 27.5....holding all from the restructure... best valuation in the entire REIT space...Mcap to FFo < 3!...waiting for dividends in 2022 and a 16%+ yield
  • J
    Jerry
    Dividend of any size will be very positive
  • R
    Russel
    Nice volume today:
    “ December 16, 2021--(BUSINESS WIRE)--CBL Properties (NYSE: CBL) today announced that more than 1.7 million square feet of new retail, dining, entertainment, and other uses have opened across its portfolio since January.

    "Over the past year, CBL’s team has elevated our properties by combining retail, dining, and entertainment along with a variety of other mixed uses," said Stephen Lebovitz, chief executive officer, CBL Properties. "Traffic levels have rebounded over the last several months and double-digit portfolio sales increases have continued, leading to growing demand for space in our properties. We’re thrilled to celebrate the addition of so many new stores."

    ADVERTISEMENT

    New openings across the CBL portfolio include unique uses such as Hollywood Casino at York Galleria Mall in York, Pennsylvania; the expansion of High Caliber Karting & Entertainment at Meridian Mall in Okemos, Michigan; Aloft by Marriott hotel and Trader Joe’s at Hamilton Place in Chattanooga, Tennessee; Tilt at Richland Mall in Waco, Texas that opens next week; and the first Belong Gaming location in the United States at Pearland Town Center in Pearland, Texas. CBL also welcomed OFFLINE by Aerie to Fayette Mall in Lexington, Kentucky; Pottery Barn at Friendly Center in Greensboro, North Carolina; and Tradehome Shoes at both Oak Park Mall in Kansas City, Kansas and Post Oak Mall in College Station, Texas.

    In addition to the many well-known national brands that opened their doors at CBL malls this year, demand among local and regional tenants has also increased. "We have added a number of unique local tenants to our portfolio over the last year, including BLCK Market at Pearland Town Center and Sports Center at Fayette Mall," added Lebovitz.

    As we look ahead to 2022, Von Maur will open at West Towne Mall in Madison, Wisconsin; OFFLINE by Aerie, Rose & Remington and Palmetto Moon at Hamilton Place; Main Event at Sunrise Mall in Brownsville, Texas; and a new and expanded Scheels at Dakota Square Mall in Minot, North Dakota.”
  • J
    Just Me
    77k share bid at $30 should put a floor under it…
  • R
    RahulP
    Finnanly sold everything today in the 30.60 to 30.80 range. What a ride the last few years have been. Thanks for everyone on here for all the input. Good or bad. All the online court dates and figuring out what's happening behind the scenes. Made covid go by faster!. Good Luck to everyone here. Still a huge believer in this company and nothing but the best. Made my money and it was just time to move on. Thank you everyone agian!!!
  • Y
    YVES
    CONTIS DAVID J buy 8 500 shares at 30$ November 19, 2021

    Insiders’ ownerships following the restructuration:

    Strategic Value Partners, LLC 1,117,510
    SVP Dislocation LLC 194,512
    Strategic Value Opportunities Fund, L.P 90,349
    Strategic Value Special Situations Master Fund IV, L.P. 352,963
    Strategic Value Special Situations Master Fund V, L.P 437,437
    Strategic Value Excelsior Fund, L.P. 42,249
    Cetus Capital VI, L.P. 632,210 shares
    Littlejohn Opportunities Master Fund LP 112,490
    OFM II, L.P. 741,911
    VSS Fund, LP 20,721
    Oaktree Value Opportunities Fund Holdings, L.P 342,315
    Oaktree Value Opportunities Fund GP, L.P 342,315
    OCM Xb CBL-E Holdings, LLC 1,821,984
    Oaktree Fund GP I, L.P 2,164,299
    Canyon Capital Advisors LLC 7,674,163 including 3,277,752 from exchagable notes
    CBL & Associates, Inc. by: Charles B. Lebovitz, Chairman 84,708 + 1,139
  • J
    Jon
    Could someone point me to the current total debt and how much convertible debt is outstanding? I'm trying to understand the capital structure after all debt is converted. Thanks
  • f
    frank
    Just couldn't find the terms on the $883 million secured term loan exiting bankruptcy. Anyone can provide some insight would be greatly appreciated.
  • Y
    YVES
    CBL at 28.65$ it is equivalent to 1.25$ per cancelled preferred D and E share.

    CBL value is more today than during BK proceeding.

    Large owners did not sell and not buy, they watch and see to eat the small shareholders
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