A Buyout Of CBL & Associates May Be On The Horizon
Dane Bowler • 12 Comments
Dane Bowler • 12 Comments
CBL & Associates: The Transformation Isn't As Easy As Shopping At The Mall
Heard on the REITs
Heard on the REITs
Thu, Sep. 1, 4:27 PM
Mon, Aug. 29, 9:51 AM
Wed, Aug. 24, 4:22 PM
Tue, Aug. 16, 9:15 AM
Tue, Aug. 16, 7:44 AM
- CBL & Associates (NYSE:CBL) gained nearly 5% yesterday after an independent review found allegations the company may have lied on loan applications on four loans were false and unwarranted.
- The SEC had been looking into the matter, and had given CBL the opportunity to commission the independent probe. The results have been presented to the SEC.
- Checking the scoreboard, the stock fell to about $9 per share in late May/early June on the allegations, and closed yesterday at $13.18.
Fri, Jul. 29, 1:00 PM
Thu, Jul. 28, 4:27 PM
- Adjusted FFO of $118.6M or $0.59 per share vs. $107.7M and $0.54 one year ago.
- Same-center NOI up 3.4% Y/Y for total portfolio; up 3.2% in malls. Same-center mall occupancy up 150 bps to 91.7%. Same-center sales of $377 per square foot up 1.1%.
- $304M in dispositions YTD.
- Full-year AFFO guidance is lifted to $2.36-$2.40 per share, with same-center NOI growth lifted to 1.5-2.5%.
- CC tomorrow at 11 ET
- Previously: CBL & Associates Properties beats by $0.03, beats on revenue (July 28)
- CBL flat after hours
Thu, Jul. 28, 4:21 PM
Wed, Jul. 27, 5:35 PM
- ACTG, AFL, AIV, AJG, ALDW, ALGN, ALJ, AMZN, ARII, ATEN, ATR, AUY, BCOV, BGS, BIDU, BOOM, BRKS, CAA, CATM, CBL, CBS, CENX, CHMT, CLD, CLMS, COLM, COWN, CPHD, CPT, CUBE, CWST, CY, DECK, DGI, DGII, DLR, DTLK, ECOL, EEP, EGO, EHTH, EIX, ELLI, EMN, EQC, ES, ESS, EXPE, EYES, FE, FET, FICO, FII, FIX, FLS, FPO, FR, FTNT, GIMO, GNMK, GOOG, HIG, HLS, IM, INVA, INVN, ISIL, ITGR, IXYS, KAMN, KBR, KLAC, KRG, LEG, LMNX, LPLA, LYV, MATW, MOBL, MSCC, MSTR, MTD, N, NGVC, NR, NSR, OMCL, OUTR, PCCC, PDFS, PFG, PXLW, QGEN, QSII, RGA, RMD, ROVI, RSG, RTEC, SB, SBAC, SKYW, SNMX, SPNC, SRCL, STMP, STRZA, SYNA, TCO, TFSL, THG, TLGT, TNDM, UCTT, ULH, VCRA, VDSI, VRSN, WDC, WLK, WRI, WYNN, YRCW
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%
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.
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, 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
Thu, Jun. 2, 4:27 PM
Wed, May 25, 1:00 PM
Wed, May 25, 12:50 PM