Profile: CBL & Associates Properties Inc (CBL.N)
6 Dec 2016
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. Its properties are located in over 30 states, and are primarily located in the southeastern and midwestern United States. It conducts its business through CBL & Associates Limited Partnership (the Operating Partnership). It is the owner of two qualified REIT subsidiaries: CBL Holdings I, Inc. and CBL Holdings II, Inc.
The Company owns a controlling interest in over 70 Malls and non-controlling interests in over 10 Malls. The Malls are primarily 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. The Malls have a total of approximately 310 Anchors. 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 four categories: Stabilized Malls, Non-stabilized Malls, Non-core Malls and Lender Malls. Stabilized Malls have completed their initial lease-up and have been open for over three complete calendar years. Non-stabilized Malls are the Malls that are in their initial lease-up phase. Its Gulf Coast Town Center and Triangle Town Center are classified as Lender Malls. Additionally, Triangle Town Place, an Associated Center adjacent to Triangle Town Center, is classified as a Lender Property. The Malls have approximately 7,360 Mall stores. National and regional retail chains (excluding local franchises) lease approximately 74.9% of the occupied Mall store gross leasable area (GLA).
The Company owns a controlling interest in over 20 Associated Centers and a non-controlling interest in over four 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. The Company's Associated Centers include Annex at Monroeville, Pittsburgh; Bonita Lakes Crossing, Meridian; Chapel Hill Suburban, Akron; Coastal Grand Crossing, Myrtle Beach; CoolSprings Crossing, Nashville, and Courtyard at Hickory Hollow, Nashville.
The Company owns a controlling interest in over six Community Centers and a non-controlling interest in over five Community Centers. The Company's Community Centers include Cobblestone Village at Palm Coast, Palm Coast; The Crossings at Marshalls Creek, Middle Smithfield; The Forum at Grandview, Madison, and Waynesville Commons, Waynesville.
The Company owns a controlling interest in over eight Office Buildings and a non-controlling interest in over five Office Buildings. The Company owns over 90% interest the CBL Center office buildings, with an aggregate square footage of approximately 204,000 square feet, where its corporate headquarters is located. It occupies over 68.1% of the total square footage of the building. The Company's Office Buildings include 840 Greenbrier Circle, Chesapeake; 850 Greenbrier Circle, Chesapeake; Bank of America Building, Greensboro; CBL Center, Chattanooga, and First Citizens Bank Building, Greensboro.
CBL & Associates Properties Inc
2030 Hamilton Place Bvld, Suite
CHATTANOOGA TN 37421
Company Web Links
- BRIEF-CBL & Associates Properties reports Q3 2016 results
- BRIEF-CBL & Associates Properties - SEC confirms conclusion of the investigation of CBL & Associates Properties into 4 loans
- BRIEF-CBL & Associates Properties Q2 adj. FFO per share $0.59
- BRIEF-CBL completes sale of two regional malls for $66.5 million
- BRIEF-CBL & Associates Properties updates on financial allegations