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CBL & Associates (CBL) Sells Two Properties for $151.5M

Zacks Equity Research
Updated

CBL & Associates Properties Inc. CBL announced the closure of two disposition transactions for $151.5 million. These deals are likely to add to the liquidity strength of the Chattanooga, TN-based retail real estate investment trust (“REIT”).

CBL & Associates Properties, along with its 50/50 joint venture partner, completed the disposition of 100% of Renaissance Center, in Durham, NC. The sale of this 363,000-square-foot property fetched the company a gross price of $129.2 million. CBL & Associates Properties generated net equity worth $40.8 million through this transaction. In another deal, CBL & Associates Properties completed the sale of The Crossings at Marshalls Creek. This community center, situated in Middle Smithfield, PA, covering an area of 86,000-square-foot, fetched the company a net price of $22.3 million. The net proceeds generated from these dispositions were utilized for lowering the outstanding balance on lines of credit.

CBL & Associates Properties is engaged in owning, developing, acquiring, leasing, managing, and operating regional shopping malls, open-air centers, community centers and office properties. These latest transactions have generated equity of more than $60 million.  In fact, recently, the company has resorted to a strategy that utilizes the net equity earned from dispositions to lower its debt burden as well as to bolster its liquidity.

Currently, CBL & Associates Properties carries a Zacks Rank #2 (Buy).
Investors interested in the retail REIT industry may consider stocks like Realty Income Corporation O, Regency Centers Corporation REG and Retail Opportunity Investments Corp. ROIC. Each of these stocks holds the same Zacks Rank as CBL & Associates Properties.

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REGENCY CTRS CP (REG): Free Stock Analysis Report
 
CBL&ASSOC PPTYS (CBL): Free Stock Analysis Report
 
REALTY INCOME (O): Free Stock Analysis Report
 
RETAIL OPPURTUN (ROIC): Free Stock Analysis Report
 
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Zacks Investment Research