CBL Reports Closing Of Two More Disposals, Totaled $151.5M

CBL & Associates Properties, Inc.

Monday announced it had closed $151.5 million in dispositions in two separate transactions. The transactions generated net equity to CBL of $40.8 million. CBL and its 50/50 joint venture partner closed on the sale of 100 percent of Renaissance Center located in Durham, NC. Renaissance Center was sold for a gross sales price of $129.2 million, including assumption of a $16.0 million loan and a $31.6 million loan that was retired at closing. Stephen D. Lebovitz, CBL's president and chief executive officer noted, "These transactions generated more than $60 million in attractively priced equity to CBL. Since January 2015, we have applied net equity from dispositions of $190 million to reduce debt and have removed from our balance sheet an additional $106 million in secured debt assumed by buyers or retired." Shares of CBL & Associates are down 1.93 percent Monday.