CBL Properties acquires four enclosed malls for $178.9M; modifies loan to $443M

CBL & ASSOCIATES PROPERTIES INC

Acquired Ashland Town Center (KY), Mesa Mall (CO), Paddock Mall (FL), Southgate Mall (MT) for $178.9M.
Concurrently modified existing $333M loan with Beal Bank USA to $443M, 7-year term, initial 5-year fixed rate 7.70% on $368M.
Acquisition immediately accretive: ~14% to annual free cash flow per share, ~5% to FFO per share.
Funded by proceeds from non-core asset sales including $83.1M sale of The Promenade in MS at 8.5% cap rate.
Mid-teens going-in cap rate on acquisition yields ~23% cash-on-cash return.

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