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CHATTANOOGA, Tenn. - CBL Properties (NYSE:CBL), a company specializing in ownership and management of retail properties, has completed a repurchase of 500,000 shares of its own stock, investing $12.525 million. This transaction occurred in a private block trade with a single shareholder and was conducted outside of the company's previously announced stock repurchase program.
On August 10, 2023, CBL's Board of Directors had authorized a program to buy back up to $25.0 million of its common stock. By September 20, 2024, CBL had repurchased a total of 1,074,826 shares under this program, at a weighted average price of $23.259 per share. Following the recent repurchase, the company now has 30,749,272 shares of common stock outstanding, excluding 34 treasury shares.
Stephen D. Lebovitz, CBL’s Chief Executive Officer, expressed satisfaction with the repurchase, stating, "We are pleased to have repurchased more than 1.5 million shares of CBL at extremely attractive valuations. This investment demonstrates our confidence in the Company’s future, our conviction that there is significant upside value in CBL, and our commitment to returning capital to shareholders."
CBL Properties, headquartered in Chattanooga, TN, manages a portfolio of 91 properties, including enclosed malls, outlet centers, lifestyle retail centers, and open-air centers across 21 states, totaling 57.1 million square feet.
The company's actions reflect its strategic approach to capital management and confidence in its business model. The information about this repurchase is based on a press release statement from CBL Properties.
"In other recent news, CBL Properties finalized the sale of two retail centers and nine outparcels in Layton, Utah, generating $28.5 million in cash. This transaction contributed to a reduction in the principal balance on CBL's term loan to $730.8 million and its open-air and outparcel loan to $340.1 million. The company's CEO, Stephen D. Lebovitz, indicated that this sale is part of a broader strategy to meet the principal balance extension test for their term loan set for November 2025.
In the realm of financial performance, CBL & Associates Properties Inc. disclosed its second-quarter financial results for the period ending June 30, 2024. While specific figures were not released, these financial results provide critical insights into the company's operational status and financial health.
Further details about the company's earnings and supplemental financial information for the quarter are available in the public documents filed with the Securities and Exchange Commission. These filings are an important source of data for stakeholders assessing the company's performance in the competitive real estate investment market. These are among the recent developments for CBL Properties."
InvestingPro Insights
CBL Properties' recent share repurchase aligns with several key insights from InvestingPro. According to InvestingPro Tips, management has been aggressively buying back shares, which is directly reflected in the company's recent $12.525 million repurchase of 500,000 shares. This action not only demonstrates management's confidence in the company's future but also contributes to a high shareholder yield, another InvestingPro Tip.
The company's stock is currently trading at a low P/E ratio relative to near-term earnings growth, with a PEG ratio of 0.15 as of the last twelve months ending Q2 2024. This suggests that the stock may be undervalued compared to its growth prospects, potentially supporting management's view of "significant upside value in CBL."
CBL's financial health appears robust, with the company being profitable over the last twelve months and analysts predicting continued profitability this year. The company's EBITDA for the last twelve months ending Q2 2024 stands at $304.41 million, indicating strong operational performance.
Investors might also be interested in CBL's dividend yield, which currently stands at 6.4%. This, combined with the company's share repurchase program, underscores CBL's commitment to returning capital to shareholders, as mentioned by CEO Stephen D. Lebovitz.
For readers interested in a more comprehensive analysis, InvestingPro offers additional tips and insights beyond those mentioned here. In fact, there are 6 additional InvestingPro Tips available for CBL Properties, providing a deeper understanding of the company's financial position and market performance.
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