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Profile: CBL & Associates Properties Inc (CBL.N)

CBL.N on New York Stock Exchange

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26 May 2017
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CBL & Associates Properties, Inc. (CBL), incorporated on July 13, 1993, is a self-managed, self-administered, integrated real estate investment trust (REIT). The Company owns, develops, acquires, leases, manages and operates regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers and office properties. The Company's segments are Malls, Associated Centers, Community Centers and All Other. As of December 31, 2016, the Company's properties were located in 27 states, primarily in the southeastern and mid-western United States. The Company conducts its business through CBL & Associates Limited Partnership (the Operating Partnership). CBL owns two REIT subsidiaries: CBL Holdings I, Inc. and CBL Holdings II, Inc.

The All Other category includes mortgage and other notes receivable, office buildings, and CBL & Associates Management, Inc. (the Management Company). As of December 31, 2016, the Company owned a controlling interest in seven office buildings. The Company conducts its property management and development activities through the Management Company. As of December 31, 2016, the Company owned 92% interest in the CBL Center office buildings, with an aggregate square footage of approximately 204,000 square feet. As of December 31, 2016, the Company occupied 68.1% of the total square footage of the buildings.

Malls

As of December 31, 2016, the Company owned a controlling interest in 65 Malls and non-controlling interests in nine Malls. The Malls are located in middle markets. The Malls are generally anchored by over two or more department stores and a range of mall stores. Anchor tenants own or lease their stores and non-anchor stores lease their locations. Additional freestanding stores and restaurants that either own or lease their stores are typically located along the perimeter of the Malls' parking areas. The Company classifies its regional Malls into Stabilized Malls, Non-stabilized Malls and Excluded malls. Its Stabilized Malls are the malls that have completed their initial lease-up and have been open for more than three complete calendar years. Its Non-stabilized Malls are the Malls that are in their initial lease-up phase. The Company excludes Malls from its core portfolio if they fall in three categories: Lender Malls, Repositioning Malls and Minority Interest Malls.

Lender Malls are the properties for which the Company is working or intend to work with the lender on a restructure of the terms of the loan secured by the Property or convey the secured Property to the lender. Repositioning Malls are the Malls that are being repositioned or where the Company has determined that the format of the property no longer represents the best use of the Property and the Company is in the process of evaluating alternative strategies for the Property. This may include redevelopment or an alternative retail or non-retail format, or after evaluating alternative strategies for the Property, the Company may determine that the Property no longer meets the Company's criteria for long-term investment. Minority Interest Malls are the malls in which the Company has 25% or less ownership interest. As of December 31, 2016, the Company had two Malls classified as Minority Interest Malls. As of December 31, 2016, the Malls had approximately 6,360 Mall stores.

Associated Centers

As of December 31, 2016, the Company owned a controlling interest in 20 Associated Centers and a non-controlling interest in three Associated Centers. Associated Centers are retail properties that are adjacent to a regional mall complex and include one or more Anchors, or big box retailers, along with smaller tenants. Anchor tenants typically include tenants, such as T.J. Maxx, Target, Kohl's and Bed Bath & Beyond.

Community Centers

As of December 31, 2016, the Company owned a controlling interest in four Community Centers and a non-controlling interest in five Community Centers. Community Centers' customers include supermarkets, or value-priced stores. The tenants at the Company's Community Centers offer necessities, value-oriented and convenience merchandise.

Company Address

CBL & Associates Properties Inc

Cbl Center
2030 Hamilton Place Bvld, Suite
CHATTANOOGA   TN   37421
P: +1423.8550001
F: +1423.4908662

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