CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it closed on the sale of College Square in Morristown, TN and Foothills Mall in Maryville, TN for $53.5 million, all cash. Proceeds from the sale were used to reduce outstanding balances on the Company’s lines of credit.
“The sale of these two malls successfully brings our portfolio transformation strategy, which we started in 2014, to a close, having executed on 20 transactions with a total value of nearly $800 million,” said Stephen Lebovitz, president & chief executive officer. “Through this program, we now have a portfolio of higher-quality, higher growth assets that are positioned to benefit from the ongoing retail evolution. We have used proceeds to fortify our balance sheet, improving flexibility and, along with our free cash flow, providing liquidity to fund our redevelopment opportunities and other capital improvements.”
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, 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 124 properties, including 81 regional malls/open-air centers. The properties are located in 27 states and total 76.9 million square feet including 5.9 million square feet of non-owned shopping centers managed for third parties. 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.