CBL Properties Announces Sale of Layton Hills Convenience Center, Layton Hills Plaza and Nine Related Outparcels for $28.5 Million
11 Septiembre 2024 - 3:05PM
Business Wire
CBL Properties (NYSE:CBL) today announced that it had closed on
the sale of Layton Hills Convenience Center, Layton Hills Plaza and
nine related outparcels in Layton (Salt Lake City), UT, to an
unaffiliated third party for $28.5 million, all cash. Layton Hills
Convenience Center and Plaza served as collateral under CBL’s
non-recourse term loan. The nine improved outparcels served as
collateral under CBL’s non-recourse open-air and outparcel loan.
Net proceeds from the sale were applied to the term loan principal
balance and open-air and outparcel loan, as applicable. After
closing the term loan balance was reduced to a current balance of
$730.8 million and the open-air and outparcel loan balance was
reduced to a current balance of $340.1 million.
“We are excited to announce the successful disposition of our
remaining assets around Layton Hills Mall, which we sold in
August,” said Stephen D. Lebovitz, CBL’s Chief Executive Officer.
“This transaction allowed us to extract value from lower cap rate
assets not fully reflected in our overall market valuation as well
as reduce overall leverage through paydowns of both the term loan
and our open-air/outparcel loan. This is another step forward in
our plan to meet the term loan principal balance extension test in
November 2025.”
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 91 properties totaling 57.7 million
square feet across 21 states, including 55 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/20240911955571/en/
Investor Contact: Katie Reinsmidt Executive Vice President &
Chief Operating Officer 423.490.8301
Katie.Reinsmidt@cblproperties.com
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