CBL Properties Announces Sale of Layton Hills Mall for $37.125 Million
2024年8月7日 - 10:22PM
ビジネスワイヤ(英語)
CBL Properties (NYSE:CBL) today announced that it had closed on
the sale of Layton Hills Mall in Layton (Salt Lake City), UT, to
Second Horizon Capital for $37.125 million, all cash. The property
served as collateral under CBL’s non-recourse term loan. Net
proceeds from the sale were applied to the term loan principal
balance, which after closing, was reduced to $749.8 million.
“We are pleased to complete the sale of Layton Hills Mall, which
is a terrific example of the strength of stable enclosed mall
assets in dynamic markets,” commented Stephen D. Lebovitz, CBL’s
Chief Executive Officer. “Importantly, we were able to utilize
existing value within the term loan pool to help meet the term loan
principal balance extension test in November 2025. We look forward
to announcing additional future transactions to strengthen our
balance sheet through reducing debt and lengthening our maturity
schedule.”
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 93 properties totaling 57.8 million
square feet across 22 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/20240807402013/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Operating Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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