CBL & Associates Properties
CBL & Associates Properties
Type | Public company |
|---|---|
| Traded as | NYSE: CBL [24] S&P 600 component |
| Industry | Real estate investment trust |
| Founded | 1978 |
| Founder | Charles B. Lebovitz |
| Headquarters | Chattanooga, Tennessee |
Key people | Charles B. Lebovitz, Chairman Stephen D. Lebovitz, CEO Michael Lebovitz, President Farzana Khaleel, CFO |
| Products | Shopping centers |
| Revenue |  $858 million (2018) |
Net income | $(99.229 million) (2018) |
| Total assets | $5.34 billion (2018) |
| Total equity | $1.032 billion (2018) |
Number of employees | 650 (2018) |
| Website | www.cblproperties.com [25] |
| Footnotes / references [1][2] | |
CBL Properties (previously CBL & Associates, Inc., then CBL & Associates Properties, Inc.) is a real estate investment trust that invests in shopping centers, primarily in the Southeastern United States and Midwestern United States. The company is organized in Delaware with its headquarters in Chattanooga, Tennessee. As of December 31, 2017, the company owned 105 properties.[2]
The company's name is based on the initials of its founder, Charles B. Lebovitz.
Type | Public company |
|---|---|
| Traded as | NYSE: CBL [24] S&P 600 component |
| Industry | Real estate investment trust |
| Founded | 1978 |
| Founder | Charles B. Lebovitz |
| Headquarters | Chattanooga, Tennessee |
Key people | Charles B. Lebovitz, Chairman Stephen D. Lebovitz, CEO Michael Lebovitz, President Farzana Khaleel, CFO |
| Products | Shopping centers |
| Revenue | $858 million (2018) |
Net income | $(99.229 million) (2018) |
| Total assets | $5.34 billion (2018) |
| Total equity | $1.032 billion (2018) |
Number of employees | 650 (2018) |
| Website | www.cblproperties.com [25] |
| Footnotes / references [1][2] | |
History
In 1961, Moses Lebovitz, his son, Charles B. Lebovitz, and Jay Solomon founded Independent Enterprises.[3]
In 1970, the company merged with Arlen Realty & Development Corporation, which owned shopping centers on the East Coast of the United States.[3]
In March 1979, the company built its first mall, the Plaza del Sol Mall in Del Rio, Texas.[3]
In 1987, the company built Hamilton Place in Chattanooga, its flagship mall.[3]
In 1993, CBL & Associates Properties, Inc. was formed as a REIT and acquired all of the assets of CBL & Associates, Inc.[2] The company became a public company via an initial public offering.[3]
In 1995, the company acquired two shopping malls, WestGate Mall in Spartanburg, South Carolina and Suburban Plaza in Knoxville, Tennessee, for $32.3 million.[4]
In 2001, the company acquired a 23-property portfolio from Richard E. Jacobs for $1.3 billion.[7]
In March 2005, the company opened Imperial Valley Mall in El Centro, California, its first mall on the West Coast of the United States.[8]
In October 2005, the company acquired Oak Park Mall, Hickory Point Mall, and Eastland Mall for $516.9 million.[9]
In 2007, the company acquired four malls in the St. Louis area from Westfield Group, for $1.03 billion.[10]
In 2016, the Chesterfield Mall, went into receivership after the company defaulted on its mortgage loan.[14]
In 2017, the company acquired five properties from Sears for $72.5 million in a leaseback transaction.[15] The company was also added to the S&P 600 index.[16] In October 2017, the company announced completion of a rebranding initiative, from which it will refer to itself as CBL Properties rather than the former "CBL & Associates Properties".[17]
On March 20, 2019, the company entered into a structured settlement on a class action lawsuit filed on March 16, 2016. CBL & Associates denied any wrongdoing and asserted that all actions were proper and legal. The company set aside a $90 million fund to be distributed to the plaintiffs.[18]