CBL & Associates Properties (CBL)

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	== Trends and Forces ==		== Trends and Forces ==

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Revision as of 03:50, March 24, 2008

CBL and Associates Properties is a Real estate investment trust that makes money by developing, operating, and reselling malls and other retail properties in 27 states with about 80% of properties situated in the midwestern and southeastern United States. CBL's property portfolio consists of 159 properties that contain 72 million square feet of leasable retail space. This space includes both enclosed malls and open-air strip malls. Revenue is generated from minimum leases from tenants, additional rents that CBL collects based on tenants sales, advertising, sales of peripheral land, and sales of properties when a premium value can be realized.^[1][2]

Business Overview

All of CBL's properties are built around one or more "Anchors." Anchors are major national retailers that serve as the primary attraction that brings shoppers to the mall. CBL's top anchors include: J.C. Penney (JCP), Sears Holdings (SHLD), Dillard's (DDS), Macy's Inc. (M), and Old Navy.

CBL develops and acquires properties in middle sized markets under-served by existing malls and retailers. In November of 2007, CBL paid $184.2 million to acquire 8 shopping centers and 12 office buildings in North Carolina from Starmount. Additionally, CBL has begun investing internationally by establishing joint ventures to build and acquire malls in China and Brazil.^[3]

Property: Location	CBL's Ownership	Mall Sales per Sq. Ft. ($/sq.ft)	Percentage of mall store space leased
Alamance Crossing: Burlington, NC	100%	94	80%
Coastal Grand: Myrtle Beach, SC	50%	366	97%
Gulf Coast Town Center: Ft. Myers, FL	50%	182	78%
Imperial Valley Mall: El Centro, CA	60%	353	95%
Southaven Towne Center: Southaven, MS	100%	299	100%
Arbor Place: Atlanta, GA	100%	370	99%
Asheville Mall: Asheville, NC	100%	360	95%
Bonita Lakes Mall: Meridian, MS	100%	264	97%
Brookfield Square: Brookfield, WI	100%	428	99%
Burnsville Center: Burnsville, MN	100%	372	97%
Cary Towne Center: Cary, NC	100%	292	95%
Chapel Hill Mall: Akron, OH	56.5%	302	96%
CherryVale Mall: Rockford, IL	100%	373	95%
Chesterfield Mall: Chesterfield, MO	100%	327	84%
Citadel Mall: Charleston, SC	100%	236	93%
College Square: Morristown, TN	100%	261	99%
Columbia Place: Columbia, SC	100%	232	96%
CoolSprings Galleria: Nashville, TN	100%	458	99%
Cross Creek Mall: Fayetteville, NC	100%	488	96%
East Towne Mall: Madison, WI	100%	338	95%
Eastgate Mall: Cincinnati, OH	100%	308	93%
Eastland Mall: Bloomington, IN	100%	328	92%
Fashion Square: Saginaw, MI	100%	291	95%
Fayette Mall: Lexington, KY	100%	505	98%
Foothills Mall: Maryville, TN	95%	262	93%
Friendly Shopping Center: Greensboro, NC	50%	418	82%
Frontier Mall: Cheyenne, WY	100%	271	97%
Georgia Square: Athens, GA	100%	264	97%
Governor's Square: Clarksville, TN	47.5%	325	90%
Greenbrier Mall: Chesapeake, VA	100%	362	92%
Hamilton Place: Chattanooga, TN	90%	398	99%
Hanes Mall: Winston-Salem, NC	100%	342	98%
Harford Mall: Bel Air, MD	100%	397	88%
Hickory Hollow Mall: Nashville, TN	100%	226	84%
Hickory Point Mall: Decatur, IL	100%	225	89%
Honey Creek Mall: Terre Haute, IN	100%	344	97%
Janesville Mall: Janesville, WI	100%	329	95%
Jefferson Mall: Louisville, KY	100%	339	98%
Kentucky Oaks Mall: Paducah, KY	50%	283	94%
The Lakes Mall: Muskegon, MI	90%	265	96%
Lakeshore Mall: Sebring, FL	100%	261	97%
Laurel Park Place: Livonia, MI	70%	384	96%
Layton Hills Mall: Layton, UT	100%	418	100%
Madison Square: Huntsville, AL	100%	293	86%
Mall del Norte: Laredo, TX	100%	477	95%
Mall of Acadiana: Lafayette, LA	56.5%	438	99%
Meridian Mall: Lansing, MI	100%	276	92%
Mid Rivers Mall: St. Peters, MO	56.5%	344	89%
Midland Mall: Midland, MI	100%	298	98%
Monroeville Mall: Pittsburgh, PA	100%	318	96%
Northpark Mall: Joplin, MO	100%	297	85%
Northwoods Mall: Charleston, SC	100%	320	98%
Oak Hollow Mall: High Point, NC	75%	182	77%
Oak Park Mall: Overland Park, KS	100%	451	99%
Old Hickory Mall: Jackson, TN	100%	325	92%
Panama City Mall: Panama City, FL	100%	283	90%
Park Plaza: Little Rock, AR	56.5%	470	95%
Parkdale Mall: Beaumont, TX	100%	313	93%
Parkway Place Mall: Huntsville, AL	45%	324	93%
Pemberton Square: Vicksburg, MS	100%	153	51%
Plaza del Sol: Del Rio, TX	50.6%	173	92%
Post Oak Mall: College Station, TX	100%	332	92%
Randolph Mall: Asheboro, NC	100%	220	94%
Regency Mall: Racine, WI	100%	283	90%
Richland Mall: Waco, TX	100%	305	88%
River Ridge Mall: Lynchburg, VA	100%	315	99%
Rivergate Mall: Nashville, TN	100%	320	97%
South County Center: St. Louis, MO	56.5%	378	94%
Southpark Mall: Colonial Heights, VA	100%	311	99%
St. Clair Sqaure: Fairview Heights, IL	56.5%	404	99%
Stroud Mall: Stroudsburg, PA	100%	314	96%
Sunrise Mall: Brownsville, TX	100%	413	95%
Towne Mall: Franklin, OH	100%	217	62%
Triangle Town Center: Raleigh, NC	50%	350	95%
Turtle Creek Mall: Hattiesburg, MS	100%	357	97%
Valley View Mall: Roanoke, VA	100%	364	91%
Volusia Mall: Daytona Beach, FL	100%	406	98%
Walnut Square: Dalton, GA	100%	252	100%
Wausau Center: Wausau, WI	100%	272	86%
West County Center: Dos Peres, MO	56.5%	478	97%
West Towne Mall: Madison, WI	100%	454	99%
WestGate Mall: Spartanburg, SC	100%	285	97%
Westmoreland Mall: Greensburg, PA	56.5%	320	96%
York Galleria: York, PA	100%	332	99%

^[4]

These properties total to approximately 72 million sq. ft. of retail space, with an overall average sales per square foot of $364 and an occupancy of 93%.

Property Expansions Completed in 2007 and 2008

Property: type of expansion	Location	Sq. Feet	Opening Date
The District at Valley View: shops	Roanoke, VA	61,200	July 2007
Hartford Mall: lifestyle expansion	Bel Air, MD	39,222	September 2007
The District at CherryVale	Rockford, IL	84,541	Fall 2007
Brookfield Square: Mitchell's Fish Market	Brookfield, WI	7,500	April 2007
Brookfield Square: Fresh Market	Brookfield, WI	57,500	August 2007
Southpark Mall: Regal Cinema	Colonial Heights, VA	68,242	July 2007
Coastal Grand: Old Navy	Myrtle Beach, SC	23,269	October 2007
Gulf Coast Town Center: shops/Costco	Ft. Myers, FL	595,990	Spring 2007
Southpark Mall: Foodcourt	Colonial Heights, VA	17,150	Spring 2008
Coastal Grand: JCPenny	Myrtle Beach, SC	103,395	Spring 2008
Coastal Grand: Ulta Cosmetics	Myrtle Beach, SC	10,000	Spring 2008
Cary Towne Center: Mimi's Cafe	Cary, NC	6,674	Spring 2008
Brookfield Square: Claim Jumpers	Brookfield, WI	10,000	Fall 2008
Alamance Crossing: Theater/Shops	Burlington, NC	82,997	Summer 2008

^[5]

Total investment in "new and expanded properties opened in 2007 was $323.4 million and the total investment upon completion in the Properties under construction as of December 31, 2007 is projected to be $427.6 million."^[6]

CBL's 5 largest markets

City	Percentage of CBL's Revenue Earned in this market
Nashville, TN	5.2%
Pittsburgh, PA	4.5%
Overland Park, KS	3.5%
Madison, WI	3.0%
Chattanooga, TN	3.0%

^[7]

Store	% of CBL's Revenue
[[limiteLimited Brands	3.01%
[[foo	2.98%
[[gap

Trends and Forces

Competition

CBL generally seeks to have its malls serve as the primary retail facility for an entire region. This strategy has been successful in that most of CBL's properties have are in places with few other malls. Nevertheless, as other types of retailing such as discount/wholesale stores, online/television shopping, and outlet centers become more popular they have begun to compete with CBL's middle-market malls. Additionally CBL competes with the following companies, which are also national owners and operators of retail space. Like CBL several are beginning to acquire properties outside of the United States in such countries as China and Brazil.

Company	Operating Cash Flow	Total Debt	Total Cash	Dividend Yield	Square Feet in Portfolio	Major Markets	Property Occupancy
CBL & Associates Properties (CBL)	$470.28 m	$5.87 B	$65.83 m	9.10%	72 m	Midwest and Southeast of U.S. with a focus on smaller regional markets	93%
Taubman Centers (TCO)	$257.84 m	$2.70 B	$47.17 m	3.10%	24,584,000	11 states including major metropolitan centers: Los Angeles, San Francisco, Denver, Detroit, Phoenix, Miami, Dallas, Tampa, Orlando, and Wash D.C.	93.8%
Simon Property Group (SPG)	$1.46 B	$17.22 B	$501.98 m	3.90%	256 m	SPG owns properties throughout North America, Europe, and Asia	93.2%
General Growth Properties (GGP)	$707.42 m	$24.30 B	$99.53 m	6.10%	200 m	200 regional shopping centers in 44 states	93.8%

^[8]

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