Cbl & Associates Properties Inc (NYSE: CBL)

CBL & Associates Properties, Inc. is a self managed self administered fully integrated real estate investment trust. The company owns develops acquires leases manages and operates regional shopping malls outlet centers lifestyle centers open air centers and other properties. Its assets are located primarily in the southeastern and midwestern United States across twenty two states. The company has elected to be taxed as a REIT for federal income tax purposes and conducts substantially all of its business through its operating partnership.

The company generates revenue primarily from rental income under leases with retail tenants. These leases provide fixed minimum rents percentage rents based on tenant sales and reimbursements for real estate taxes insurance common area maintenance and other recoverable operating expenses. Additional revenue streams include management leasing and development fees sponsorships sales of peripheral land and proceeds from the sale of operating real estate assets when the company determines it can realize appropriate value. Proceeds from asset sales are generally used to retire related indebtedness reduce outstanding balances and support general corporate purposes.

The company operates in a competitive industry that includes other shopping centers online retailers discount outlets wholesale clubs and various alternative retail formats. Its properties are situated in strong mid tier markets with a focus on the southeast and midwest regions which provides a stable tenant base and consistent demand. Competitive advantages stem from its self managed self administered platform its diversified property mix and its active approach to portfolio management asset densification and balance sheet optimization. These factors enable CBL & Associates Properties, Inc. to maintain a solid position among regional mall operators and to pursue value adding initiatives.

The company serves a diverse mix of retail tenants that includes national department stores specialty apparel brands sporting goods retailers restaurants entertainment venues and service providers. Among its largest tenants are Victoria's Secret & Co. Signet Group PLC American Eagle Outfitters Inc. Pentland Group Dick's Sporting Goods Inc. Foot Locker Inc. Bath & Body Works Inc. Genesco Inc. Knitwell Group Catalyst Brands The Buckle Inc. Luxottica Group S. P. A. The Gap Inc. Sycamore Partners Ames Watson LLC Abercrombie & Fitch Co. Barnes & Noble Inc. Cinemark Corp. H & M Hennes & Mauritz AB The TJX Companies Inc. Spencer Spirit Holdings Inc. Shoe Show Inc. Ulta Salon Cosmetics & Fragrance Inc. GoTo Foods and Darden Restaurants Inc. These tenants occupy space ranging from anchor stores and junior anchors to inline shops and outparcel developments.