CBL & Associates Properties, Inc. (CBL) - NYSE
  • Thu, Jun. 23, 12:33 PM
    • This $47.7M loan is secured by Ambassador Town Center in Lafayette, LA. The seven-year loan has a fixed interest rate of 3.22% and was provided by a new institutional lender. Proceeds were used to retire existing construction loans with a balance of $41.9M, with excess proceeds used to fund remaining construction costs.
    • It's the company's third recent financing, bringing the total this month to $227M. It's obviously notable given an SEC investigation into four loans CBL took out in 2011 and 2012.
    • Shares +0.9%
    | Thu, Jun. 23, 12:33 PM
  • Tue, Jun. 14, 9:33 AM
    • The dive in the stock price of WP Glimcher (NYSE:WPG) yesterday after it announced it was not in sale talks with Kite Realty (NYSE:KRG) - not to mention the big jump in KRG's price - was telling, writes Shelly Banjo. For one, it shows investors have little faith WPG can turn around its portfolio of nearly 120 strip malls, and second it suggests the deal wouldn't have been a good investment for Kite.
    • Over the past year, shares of WPG are lower by 20% vs. a 14% rise for the broader mall REIT sector. WPG now trades at just 6.4x expected FFO vs. an average 16.6x for retail REITs.
    • While it's popular to say malls are dying, says Banjo, the reality is one of a bifurcated market - with those exposed to high-end neighborhoods and luxury retailers doing well. Those in poorer neighborhoods exposed to struggling department stores and regional retailers are doing most of the dying.
    • Along with WP Glimcher, CBL & Associates (NYSE:CBL), and Wheeler Real Estate (NASDAQ:WHLR) are the worst three performers in Bloomberg's retail REIT index since January 2015.
    • Might other suitors await? High-end shops like Simon Property (NYSE:SPG), Taubman (NYSE:TCO), or General Growth (NYSE:GGP) are likely not interested in WPG's assets, and while Brookfield's purchase of Rouse Properties shows some interest in lower-end real estate, Brookfield already owned one-third of Rouse, and Rouse's portfolio was a small one with just three dozen properties.
    | Tue, Jun. 14, 9:33 AM | 1 Comment
  • Mon, Jun. 13, 9:14 AM
    • Following a report just over two weeks ago alleging investigations into whether the company committed fraud when applying for loans, CBL & Associates (NYSE:CBL) has been busy trying to find out what all the fuss is about.
    • On Friday, the company learned the SEC is investigating four non-recourse loans originated in 2011 and 2012 to ensure information provided by CBL on those loan applications did not materially vary from the company's financial statements.
    • Ernst & Young has been hired to conduct an investigation, and CBL is confident a positive resolution to the matter will be forthcoming.
    • Shares +2.3% in thin premarket action.
    | Mon, Jun. 13, 9:14 AM
  • Mon, Jun. 13, 7:45 AM
    • Still getting access to capital despite allegations in the WSJ three weeks ago of a fraud investigation, CBL & Associates (NYSE:CBL) closes on a non-recourse $73M loan secured by Fremaux Town Center in Slidell, LA.
    • The 10-year loan has a fixed interest rate of 3.7%, and proceeds were used to retire to existing construction loans with aggregate balance of $73M.
    • Combined with another financing, CBL closed two loan deals totaling $185M last week.
    • Source: Press Release
    | Mon, Jun. 13, 7:45 AM
  • Thu, Jun. 2, 4:27 PM
    • CBL & Associates Properties (NYSE:CBL) declares $0.265/share quarterly dividend, in line with previous.
    • Forward yield 11.00%
    • Payable July 15; for shareholders of record June 30; ex-div June 28.
    | Thu, Jun. 2, 4:27 PM
  • Wed, May 25, 1:00 PM
    | Wed, May 25, 1:00 PM | 2 Comments
  • Wed, May 25, 12:50 PM
    | Wed, May 25, 12:50 PM
  • Wed, May 25, 9:20 AM
    | Wed, May 25, 9:20 AM
  • Wed, May 25, 8:23 AM
    • The FBI and SEC are focused on whether officials at the company falsified information on financial statements when applying for funding, reports the WSJ. Former employees have talked to the agencies, alleging CBL inflated rental income and occupancy rates.
    • The company calls the Journal story baseless, and says neither it nor its executives have been contacted by the FBI or SEC over accounting or financial practices.
    • Also at issue, according to the WSJ, is the relationship between the company and Tennessee Senator Bob Corker, who is close with the company founders and top executives, and made millions trading the stock in recent years. Corker is not believed to be involved in potential accounting issues, but investigators would like to know more about his trading in the stock.
    • Shares -11.6% premarket
    | Wed, May 25, 8:23 AM | 8 Comments
  • Wed, May 18, 10:42 AM
    • Target is the latest major retailer to report a disappointing Q1 and issue weak forward guidance. It's lower by 9% today.
    • Those REITs which may rent to the likes of Target or Wal-Mart or Macy's or Nordstrom ... may be starting to sense a trend.
    • Simon Property (SPG -1.1%), General Growth (GGP -1.5%), Kimco (KIM -1.6%), PREIT (PEI -1.8%), DDR (DDR -1.7%), CBL (CBL -3.1%), Federal Realty (FRT -1.2%).
    • IYR -0.95%
    | Wed, May 18, 10:42 AM | 1 Comment
  • Tue, May 17, 11:02 AM
    • Following up on yesterday's story about the divergence between the stock prices of major retailers (down) and those of their landlords (up), Bloomberg's Rani Molla and Shelly Banjo break down the numbers further.
    • They find those REITs with a large portion of portfolios concentrated in malls are down 10% Y/Y vs. all REITs, which are higher by 6%. Going further, they find those REITs with exposure to higher-end malls and outlet centers - Simon Property Group (NYSE:SPG) and Tanger Factory (NYSEMKT:SKY) come to mind – have been spared, while those owning older malls have taken the hit. CBL & Associates (NYSE:CBL) and WP Glimcher (NYSE:WPG) are down 40% and 30% this year, respectively.
    • It's easy to pick on mall owners, but a broad slowdown at brick-and-mortar stores is ultimately a threat to all retail landlords, as traffic across all types of retail real estate in the U.S. and Canada has fallen as much as 18% Y/Y.
    • On the good side is low supply as developers have stopped building, but even that's begun to run its course, they write.
    • REITs of interest: O, NNN, GGP, KIM, WRI, MAC, TCO, PEI, SKT, TCO, ROIC, RPAI, IRC, FRT, DDR, WHLR, EQY, KRG, REG
    | Tue, May 17, 11:02 AM | 32 Comments
  • Wed, Apr. 27, 4:21 PM
    • CBL & Associates Properties (NYSE:CBL): Q1 FFO of $0.56 beats by $0.02.
    • Revenue of $263.08M (+0.8% Y/Y) beats by $3.14M.
    • Press Release
    | Wed, Apr. 27, 4:21 PM
  • Tue, Apr. 26, 5:35 PM
  • Mon, Apr. 25, 9:44 AM
    • Being mulled by owners of shopping centers/malls this morning is new research from Green Street Advisors suggesting department stores need to close about 800 locations, or 20% of all anchor space in U.S. malls.
    • Sears alone would need to close 43% of its stores to get inflation adjusted sales per square foot back to 2006 levels. Of course, retailers like Sears, Macy's, and J.C. Penney have already closed hundreds of spots over the past few years.
    • The Green Street study says sales per square foot of $165 last year were down 24% from 2006, while physical footprints are off just 7%.
    • Department stores may not agree. J.C. Penney CFO has said that when the company closes a store - particularly in a small market - dot.com business also goes down.
    • Watching with interest: RPAI, IRC, KIM, FRT, DDR, EQY, CBL, SPG, GGP, BRX, WRI, PEI
    | Mon, Apr. 25, 9:44 AM | 4 Comments
  • Thu, Apr. 14, 12:26 PM
    • "Quality trumps value," says analyst Haendel St. Juste initiating coverage on ten retail REITs. Mall REITs are already up 5% YTD, and shopping centers up 7%. St. Juste and team think there's another 10% upside.
    • Four of the ten names are Buy-rated: American Assets Trust (AAT -0.2%), General Growth Properties (GGP -0.2%), Simon Property Group (SPG -0.1%), and Taubman Centers (TCO +0.2%).
    • Neutral rated: Brixmor (BRX -0.1%), CBL & Associates (CBL -0.9%), DDR (DDR +0.4%), Federal Realty (FRT -0.3%), Kimco (KIM -0.5%), and Macerich (MAC -0.4%).
    • St. Juste: "Our stock picks have a pronounced bias toward higher productivity platforms, a somewhat consensus view, but an appropriate one given the current environment and prevailing valuations."
    • Now read: Red Flags For Sears Pensioners (April 14)
    | Thu, Apr. 14, 12:26 PM
  • Mon, Apr. 4, 10:33 AM
    | Mon, Apr. 4, 10:33 AM | 5 Comments
Company Description
CBL & Associates Properties, Inc. owns and operates retail properties. The company is a self-managed, self-administered, fully integrated real estate investment trust. It engages in owning, developing, acquiring, leasing, managing and operating regional shopping malls, open-air centers,... More
Sector: Financial
Industry: REIT - Retail
Country: United States