CBL Properties

Source: Wikipedia, the free encyclopedia.
CBL & Associates Properties, Inc.
ProductsShopping centers
RevenueDecrease US$768 million (2019)
Decrease US$-131 million (2019)
Total assetsDecrease US$4.622 billion (2019)
Total equityDecrease US$861 million (2019)
Number of employees
594 (2019)
Websitecblproperties.com
Footnotes / references
[1]
CBL Properties headquarters in Chattanooga, Tennessee

CBL Properties (previously CBL & Associates, Inc., then CBL & Associates Properties, Inc.) is an American

L Brands (4.25% of revenue), Signet Jewelers (2.87% of revenue), and Foot Locker (2.78% of revenue).[1]

The company's name is based on the initials of its founder, Charles B. Lebovitz.

History

In 1961, Moses Lebovitz, his son, Charles B. Lebovitz, and Jay Solomon founded Independent Enterprises.

Arlen Realty & Development Corporation, which owned shopping centers on the East Coast of the United States.[2] In 1978, Charles B. Lebovitz and five associates formed CBL & Associates, Inc.[1][2] In March 1979, the company built its first mall, the Plaza del Sol Mall in Del Rio, Texas.[2] In 1987, the company built Hamilton Place in Chattanooga, its flagship mall.[2] In 1993, CBL & Associates Properties, Inc. was formed as a REIT and acquired all of the assets of CBL & Associates, Inc.[1] The company became a public company via an initial public offering.[2]

In 1995, the company acquired two shopping malls,

Janesville Mall for $68 million in cash and $52 million in partnership units.[5] In 2001, the company acquired a 23-property portfolio from Richard E. Jacobs for $1.3 billion.[6] In March 2005, the company opened Imperial Valley Mall in El Centro, California, its first mall on the West Coast of the United States.[7] In October 2005, the company acquired Oak Park Mall, Hickory Point Mall, and Eastland Mall for $516.9 million.[8]

In 2007, the company acquired four malls in the St. Louis area from

mortgage loan.[14] In January 2017, the company acquired five properties from Sears for $72.5 million in a leaseback transaction.[15] In April 2017, the company was added to the S&P 600 index.[16] In October 2017, the company rebranded itself as CBL Properties rather than "CBL & Associates Properties".[17]

On March 20, 2019, the company settled a lawsuit that it overcharged tenants for electricity by setting aside a $90 million fund to be distributed to the plaintiffs.

Chapter 11 bankruptcy due to the COVID-19 pandemic's effects on malls.[19][20]

References

  1. ^ a b c d "CBL & Associates Properties, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c d e f Pare, Mike (July 30, 2017). "Retail powerhouse Hamilton Place mall turns 30". Chattanooga Times Free Press.
  3. ^ "Company Briefs". The New York Times. April 5, 1995.
  4. ^ "Company News; 5 Nashville Shopping Centers Sold For $247 Million". The New York Times. Bloomberg News. June 25, 1998.
  5. ^ "CBL & Associates To Buy Two Malls In The Midwest". The New York Times. Bloomberg News. August 28, 1998.
  6. ^ "CBL Shareholders OK $1.3 Bln Acquisition of Mall Portfolio". Commercial Real Estate Direct. January 18, 2001. Archived from the original on August 22, 2017. Retrieved August 21, 2017.
  7. ^ "CBL & Associates Properties Announces Grand Opening of Imperial Valley Mall in Southern California; Majority of Retailers at Imperial Valley Mall Make Their Debut in the Market" (Press release). Business Wire. March 9, 2005.
  8. ^ "CBL & Associates Properties to Acquire Three-Mall Portfolio for $516.9 Million" (Press release). Business Wire. October 17, 2005.
  9. ^ "CBL Gains Control of Four Leading St. Louis Area Regional Malls in Transactions with the Westfield Group" (Press release). Business Wire. August 9, 2007.
  10. ^ "CBL closes on $1B purchase of four area malls". American City Business Journals. October 17, 2007.
  11. ^ "CBL to Acquire Northgate Mall in Chattanooga, TN" (Press release). Business Wire. September 22, 2011.
  12. ^ Pare, Mike (September 22, 2011). "CBL buying Chattanooga's Northgate Mall". Chattanooga Times Free Press.
  13. ^ Pare, Mike (October 14, 2012). "Chattanooga's Northgate Mall to get multimillion dollar revamp". Chattanooga Times Free Press.
  14. ^ Kukuljan, Steph (July 19, 2016). "Chesterfield Mall owner defaulted on $140 million loan, lawsuit says". American City Business Journals.
  15. ^ "CBL & Associates Properties, Inc. Acquires Five Sears Stores for Future Redevelopment Through Sale-Leaseback" (Press release). Business Wire. January 30, 2017.
  16. ^ "Gigamon, CBL & Associates Properties and Cytokinetics Set to Join S&P SmallCap 600" (Press release). PR Newswire. April 17, 2017.
  17. ^ "CBL Properties Announces Completion of Strategic Rebranding Initiative" (Press release). Business Wire. October 5, 2017.
  18. ^ "CBL Properties Announces Proposed Settlement of Class Action Lawsuit" (Press release). Business Wire. March 26, 2019.
  19. ^ Thomas, Lauren (2 November 2020). "America's malls under pressure: CBL, Pennsylvania REIT, file for bankruptcy". CNBC. Retrieved 2 November 2020.
  20. ^ Valinsky, Jordan (November 2, 2020). "Two major mall owners file for bankruptcy". CNN. Retrieved 2 November 2020.

External links

  • Business data for CBL Properties: