CBL Properties

{{short description|U.S. real estate investment trust that invests in shopping centers}}

{{Infobox company

| name = CBL & Associates Properties, Inc.

| logo = File:CBL & Associates Properties logo.png

| traded_as = {{ubl|{{NYSE|CBL}}|Russell 2000 component}}

| type = Public

| industry = Real estate investment trust

| founded = {{Start date and age|1978}}

| founder = Charles B. Lebovitz

| location = {{nowrap|Chattanooga, Tennessee, U.S.}}

| key_people = {{nowrap| Charles B. Lebovitz, Chairman
Stephen D. Lebovitz, CEO
Michael Lebovitz, President
Farzana Khaleel, CFO}}

| products = Shopping centers

| revenue = {{decrease}} {{US$|535 million|link=yes}} (2023)

| net_income = {{increase}} US$3 million (2023)

| assets = {{decrease}} US$2.405 billion (2023)

| equity = {{decrease}} US$330 million (2023)

| num_employees = 469 (2023)

| website = {{URL|cblproperties.com}}

| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/910612/000095017024023267/cbl-20231231.htm | title=CBL & Associates Properties, Inc. 2023 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission | date=February 29, 2024}}

}}

File:CBL Properties headquarters in Chattanooga, Tennessee.jpg

CBL Properties (previously CBL & Associates, Inc., then CBL & Associates Properties, Inc.) is an American real estate investment trust that invests in shopping centers and owns shopping malls, primarily in the Southeastern and Midwestern United States. The company is organized in Delaware with its headquarters in Chattanooga, Tennessee.

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.{{cite news | url=https://www.timesfreepress.com/news/business/aroundregion/story/2017/jul/30/retail-powerhouse-hamiltplace-mall-turns-30/440653/ | title=Retail powerhouse Hamilton Place mall turns 30 | first=Mike | last=Pare | work=Chattanooga Times Free Press | date=July 30, 2017}} In 1970, the company merged with Arlen Realty & Development Corporation, which owned shopping centers on the East Coast of the United States. In 1978, Charles B. Lebovitz and five associates formed CBL & Associates, Inc. In March 1979, the company built its first mall, the Plaza del Sol Mall in Del Rio, Texas. In 1987, the company built Hamilton Place in Chattanooga, its flagship mall. In 1993, CBL & Associates Properties, Inc. was formed as a REIT and acquired all of the assets of CBL & Associates, Inc. The company became a public company via an initial public offering.

In 1998, the company acquired five properties near Nashville, Tennessee for $247.4 million in cash and securities.{{cite news | url=https://www.nytimes.com/1998/06/25/business/company-news-5-nashville-shopping-centers-sold-for-247-million.html | title=Company News; 5 Nashville Shopping Centers Sold For $247 Million | agency=Bloomberg News | work=The New York Times | date=June 25, 1998}}

In 2001, the company acquired a 23-property portfolio from Richard E. Jacobs for $1.3 billion.{{cite news | url=http://www.crenews.com/general_news/general/cbl-shareholders-ok-1.3-bln-acquisition-of-mall-portfolio.html | title=CBL Shareholders OK $1.3 Bln Acquisition of Mall Portfolio | work=Commercial Real Estate Direct | date=January 18, 2001 | access-date=August 21, 2017 | archive-date=August 22, 2017 | archive-url=https://web.archive.org/web/20170822061958/http://www.crenews.com/general_news/general/cbl-shareholders-ok-1.3-bln-acquisition-of-mall-portfolio.html | url-status=dead }}

In March 2005, the company opened Imperial Valley Mall in El Centro, California, its first mall on the West Coast of the United States.{{cite press release | url=https://www.globest.com/2005/03/09/cbls-imperial-valley-opens/?slreturn=20240611101738 | title=CBL's Imperial Valley Opens | first=Bob | last=Howard | work=ALM | date=March 9, 2005}}

In October 2005, the company acquired Oak Park Mall, Hickory Point Mall, and Eastland Mall for $516.9 million.{{cite news | url=https://www.costar.com/article/54735/cbl-finalized-sale-of-three-mall-portfolio-for-517m | title=CBL Finalized Sale of Three-Mall Portfolio for $517M | first=Nancy S. | last=Moore | work=CoStar Group | date=October 17, 2005 | url-access=subscription}}

In 2007, the company acquired four malls in the St. Louis area from Westfield Group, for $1.03 billion.{{cite press release | url=https://www.sec.gov/Archives/edgar/data/910612/000091061207000153/pressrelease.htm | title=CBL Gains Control of Four Leading St. Louis Area Regional Malls in Transactions with the Westfield Group | publisher=SEC.gov | date=August 9, 2007}}{{cite news | url=https://www.bizjournals.com/stlouis/stories/2007/10/15/daily53.html | title=CBL closes on $1B purchase of four area malls | work=American City Business Journals | date=October 17, 2007 | url-access=subscription}}

In January 2017, the company acquired five properties from Sears for $72.5 million in a leaseback transaction.{{cite press release | url=https://www.businesswire.com/news/home/20170130005370/en/CBL-Associates-Properties-Acquires-Sears-Stores-Future | title=CBL & Associates Properties, Inc. Acquires Five Sears Stores for Future Redevelopment Through Sale-Leaseback | publisher=Business Wire | date=January 30, 2017}}

In October 2017, the company rebranded itself as CBL Properties from "CBL & Associates Properties".{{cite press release | url=https://www.businesswire.com/news/home/20171005006081/en/CBL-Properties-Announces-Completion-Strategic-Rebranding-Initiative | title=CBL Properties Announces Completion of Strategic Rebranding Initiative | publisher=Business Wire | date=October 5, 2017}}

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.{{cite press release | url=https://www.businesswire.com/news/home/20190326005887/en/CBL-Properties-Announces-Proposed-Settlement-Class-Action | title=CBL Properties Announces Proposed Settlement of Class Action Lawsuit | publisher=Business Wire | date=March 26, 2019}} On November 1, 2020, CBL filed for Chapter 11 bankruptcy.{{cite news |url=https://www.cnbc.com/2020/11/02/us-mall-owners-cbl-pennsylvania-reit-file-for-bankruptcy.html |last=Thomas |first=Lauren |title=America's malls under pressure: CBL, Pennsylvania REIT, file for bankruptcy | work=CNBC |date=2 November 2020}}{{cite news |last=Valinsky |first=Jordan |title=Two major mall owners file for bankruptcy |url=https://www.cnn.com/2020/11/02/investing/mall-bankruptcies-cbl-properties-preit/index.html |work=CNN |date=November 2, 2020}} It emerged from bankruptcy protection in November 2021.{{Cite press release | url=https://www.businesswire.com/news/home/20211101005796/en/CBL-Properties-Exits-Chapter-11 | title=CBL Properties Exits Chapter 11 | publisher=Business Wire | date=November 1, 2021}}