CBL Properties Announces Sale of The Promenade in D'Iberville, MS

Business Wire

6 days ago

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it had closed on the sale of The Promenade, a 621,000-square-foot open-air center located in D'Iberville, MS, for $83.1 million.
'The Promenade disposition was completed at an attractive 8.5% cap rate, providing a meaningful demonstration of the tremendous value of CBL's open-air portfolio, which has gone unrecognized by the market,' commented Stephen D. Lebovitz, CBL's Chief Executive Officer. 'The sale generates significant cash proceeds that we intend to put to work at higher cash yields as part of our portfolio optimization strategy. This strategy allows us to harvest undervalued assets in our portfolio and reinvest the cash to grow NOI, FFO and cash flow. We have identified additional opportunities to implement this strategy where we can monetize non-core assets at attractive values and generate capital for higher yield investments. Our goals are to strengthen our portfolio, leverage our operating platform, scale, and expertise, and significantly enhance shareholder value.'
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's owned and managed portfolio is comprised of 87 properties totaling 53.9 million square feet across 20 states, including 52 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.
Information included herein contains 'forward-looking statements' within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' included therein, for a discussion of such risks and uncertainties.
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