Profile: CBL & Associates Properties Inc (CBL.N)
23 Jan 2015
CBL & Associates Properties, Inc. (CBL), incorporated on July 13, 1993, is a self-managed, self-administered, fully integrated real estate investment trust (REIT).The Company owns, develops, acquires, leases, manages, and operates regional shopping malls, open-air centers, associated centers, community centers and office properties. Its properties are located in 27 states, but are primarily in the southeastern and midwestern United States. It conducts substantially all of its business through the Operating Partnership. It is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. CBL Holdings I, Inc. is the sole general partner of the Operating Partnership.
As of December 31, 2013, the Company owned controlling interests in 77 regional malls/open-air and outlet centers (including one mixed-use center) and non-controlling interests in nine regional malls (the Malls), controlling interests in 25 associated centers and non-controlling interests in four associated centers (the Associated Centers), controlling interests in seven community centers and non-controlling interests in four community centers (the Community Centers), and controlling interests in eight office buildings which include its corporate office building and non-controlling interests in five office buildings (the Office Buildings). It also owned, controlling interests in two mall redevelopments and one outlet center, owned in a joint venture, and a non-controlling interest in one community center development under construction at December 31, 2013 (the Construction Properties), as well as mortgages on five properties each of which is collateralized by either a first mortgage, a second mortgage or by assignment of 100% of the ownership interests in the underlying real estate and related improvements (the Mortgages).
The Malls are primarily located in middle markets and are generally anchored by two or more department stores and a wide variety 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. Malls are classified into three categories: Stabilized Malls, which have completed their initial lease-up and have been open for more than three complete calendar years; Non-stabilized Malls, which are in their initial lease-up phase. After three complete calendar years of operation, they are reclassified on January 1 of the fourth calendar year to the stabilized Mall category, and Non-core Malls, which are determined that the current format of the property no longer represents the use of it and is in the process of evaluating alternative strategies for the property, which may include redevelopment or an alternative retail or non-retail format.
The Company owns the land underlying each Mall in fee simple interest, except for Walnut Square, WestGate Mall, St. Clair Square, Brookfield Square, Bonita Lakes Mall, Meridian Mall, Stroud Mall, Wausau Center, Chapel Hill Mall and Eastgate Mall. It leases all or a portion of the land at each of these Malls subject to long-term ground leases. The Malls have approximately 7,752 mall stores. National and regional retail chains (excluding local franchises) lease approximately 66.9% of the occupied mall store gross leasable area (GLA).
CBL & Associates Properties Inc
SUITE 500, 2030 HAMILTON PLACE B
CHATTANOOGA TN 37421