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CBL & Assoc. Spends $21M Repurchasing Partnership Units

CHATTANOOGA, TN-The retail REIT repurchases 460,083 common units of its operating partnership--the remaining interests of a former executive of CBL who retired in 1997--increasing its interest in the partnership to 54.5% and management's ownership interest to 19.9%.

By Brian K. Miller | Updated on September 16, 2003

CHATTANOOGA, TN-CBL & Associates Properties Inc. has repurchased 460,083 common units of its operating partnership for approximately $21 million. The repurchase increases CBL’s interest in the operating partnership to 54.5% and management’s ownership interest to 19.9%. Following the repurchase, the total number of units outstanding is approximately 55.4 million.

The acquired partnership units represent remaining interests of a former executive of the Company who retired in 1997. The $45.15 per-unit repurchase price represented a 3.5% discount off of the trailing five-day average of the closing price on the New York Stock Exchange of the Company’s common stock from July 28. On Tuesday, shares of CBL were trading at $49.95, off $0.15 from Monday’s close but still within $0.60 of the company’s 52-week high.

CBL has 57 enclosed regional malls in its 61.1-million-sf portfolio of 163 properties in 25 states, which includes 2.6 million sf of non-owned shopping centers managed for third parties. The Company also has four projects under construction totaling approximately 1.6 million sf.

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