CBL Properties Announces a $25 Million Stock Repurchase Plan
10 Agosto 2023 - 7:30AM
Business Wire
CBL Properties (NYSE:CBL) today announced that its Board of
Directors authorized a stock repurchase program for the Company to
buy up to $25 million of its common stock.
“Authorizing a repurchase program provides us with an additional
tool to allocate our capital effectively and capture an attractive
opportunity when our stock is trading at a significant discount,”
said Stephen Lebovitz, chief executive officer. “This action
demonstrates our commitment to maximizing shareholder returns as
well as our confidence in CBL’s current and future value. Our
strong cash balance and significant cash flow generation provide an
ongoing source to support this program and other
opportunities.”
Repurchase Program
The Company plans to repurchase shares from time to time on the
open market, in privately negotiated transactions or otherwise,
depending on market prices and other conditions and all in
compliance with the rules of the United States Securities and
Exchange Commission and other applicable legal requirements.
The size and timing of any purchases will depend on a number of
factors, including share price, general business and market
conditions, and other factors. The repurchase program does not
obligate the Company to acquire any particular amount of shares,
and the repurchase program may be suspended or discontinued at any
time at the Company’s discretion. Purchases may be made through the
program by August 10, 2024.
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 94 properties totaling 58.5 million
square feet across 22 states, including 56 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.
CBL_Corp
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version on businesswire.com: https://www.businesswire.com/news/home/20230810748795/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Operating Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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