CBL Properties

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CBL & Associates Properties, Inc.
Public company
Traded asNYSECBL
S&P 600 component
IndustryReal estate investment trust
Founded1978; 41 years ago (1978)
FounderCharles B. Lebovitz
HeadquartersChattanooga, Tennessee
Key people
Charles B. Lebovitz, Chairman
Stephen D. Lebovitz, CEO
Michael Lebovitz, President
Farzana Khaleel, CFO
ProductsShopping centers
RevenueDecrease $858 million (2018)
Decrease $(99.229 million) (2018)
Total assetsDecrease $5.34 billion (2018)
Total equityDecrease $1.032 billion (2018)
Number of employees
650 (2018)
Websitewww.cblproperties.com
Footnotes / references
[1][2]

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.[2]

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

History[edit]

In 1961, Moses Lebovitz, his son, Charles B. Lebovitz, and Jay Solomon founded Independent Enterprises.[3]

In 1970, the company merged with Arlen Realty & Development Corporation, which owned shopping centers on the East Coast of the United States.[3]

In 1978, Charles B. Lebovitz and five associates formed CBL & Associates, Inc.[2][3]

In March 1979, the company built its first mall, the Plaza del Sol Mall in Del Rio, Texas.[3]

In 1987, the company built Hamilton Place in Chattanooga, its flagship mall.[3]

In 1993, CBL & Associates Properties, Inc. was formed as a REIT and acquired all of the assets of CBL & Associates, Inc.[2] The company became a public company via an initial public offering.[3]

In 1995, the company acquired two shopping malls, WestGate Mall in Spartanburg, South Carolina and Suburban Plaza in Knoxville, Tennessee, for $32.3 million.[4]

In 1998, the company acquired five properties near Nashville, Tennessee for $247.4 million in cash and securities.[5] It also acquired Meridian Mall and Janesville Mall for $68 million in cash and $52 million in partnership units.[6]

In 2001, the company acquired a 23-property portfolio from Richard E. Jacobs for $1.3 billion.[7]

In March 2005, the company opened Imperial Valley Mall in El Centro, California, its first mall on the West Coast of the United States.[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 from Westfield Group, for $1.03 billion.[10]

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.[11][12] In 2012, the company announced multimillion-dollar renovation of the property.[13]

In 2016, the Chesterfield Mall, went into receivership after the company defaulted on its mortgage loan.[14]

In 2017, the company acquired five properties from Sears for $72.5 million in a leaseback transaction.[15] The company was also added to the S&P 600 index.[16] 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".[17]

On March 20, 2019, the company entered into a structured settlement on a class action lawsuit filed on March 16, 2016. CBL & Associates denied any wrongdoing and asserted that all actions were proper and legal. The company set aside a $90 million fund to be distributed to the plaintiffs.[18]

References[edit]

  1. ^ "CBL & Associates Properties Inc (CBL)". Reuters.
  2. ^ a b c d "CBL & Associates Properties, Inc. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ^ a b c d e f Pare, Mike (July 30, 2017). "Retail powerhouse Hamilton Place mall turns 30". Chattanooga Times Free Press.
  4. ^ "COMPANY BRIEFS". The New York Times. April 5, 1995.
  5. ^ "COMPANY NEWS; 5 NASHVILLE SHOPPING CENTERS SOLD FOR $247 MILLION". The New York Times. Bloomberg News. June 25, 1998.
  6. ^ "CBL & ASSOCIATES TO BUY TWO MALLS IN THE MIDWEST". The New York Times. Bloomberg News. August 28, 1998.
  7. ^ "CBL Shareholders OK $1.3 Bln Acquisition of Mall Portfolio". Commercial Real Estate Direct. January 18, 2001.
  8. ^ "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.
  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. Archived from the original on August 22, 2017.
  11. ^ "CBL to Acquire Northgate Mall in Chattanooga, TN" (Press release). Business Wire. September 22, 2011.
  12. ^ Pare, Mike (September 22, 2011). "CBL buying Chattanooga's Northgate Mall". Chattanooga Times Free Press.
  13. ^ Pare, Mike (October 14, 2012). "Chattanooga's Northgate Mall to get multimillion dollar revamp". Chattanooga Times Free Press.
  14. ^ Kukuljan, Steph (July 19, 2016). "Chesterfield Mall owner defaulted on $140 million loan, lawsuit says". American City Business Journals.
  15. ^ "CBL & Associates Properties, Inc. Acquires Five Sears Stores for Future Redevelopment Through Sale-Leaseback" (Press release). Business Wire. January 30, 2017.
  16. ^ "Gigamon, CBL & Associates Properties and Cytokinetics Set to Join S&P SmallCap 600" (Press release). PR Newswire. April 17, 2017.
  17. ^ "CBL Properties Announces Completion of Strategic Rebranding Initiative" (Press release). CBL Properties. October 5, 2017. Retrieved May 25, 2018.
  18. ^ "SEC Form 8~K CBL & Associates Properties, Inc". United States Securities and Exchange Commission. Mar 20, 2019. Retrieved April 6, 2019.

External links[edit]