This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CBL & Associates' CEO Discusses Q4 2011 Results - Earnings Call Transcript

We recently announced that we were partnering with Horizon Group to develop our second outlet center, The Outlet Shoppes, at Atlanta. The project is located in the affluent suburb of Woodstock north of the city. We plan to begin construction on this center this spring. The 370,000 square foot project is already 70% leased or committed with a first-class line-up of retailers, including Saks Fifth Avenue OFF 5TH, Nike, Michael Kors, J. Crew, Puma, and Under Armour.

Similar to the outlet shops at Oklahoma City, this project will be developed in a 75:25 joint venture with Horizon Group with an initial unleveraged yield above 10%. Our new venture with Horizon builds on the outstanding results being generated by our project in Oklahoma City, which continues to exceed our projections. Based on current results, the center is on track to generate an unleveraged 11% return and sales are trending over $400 per square foot for the first year.

In December, we closed a $60 million 10 year non-recourse CMBS loan secured by the outlet shops at Oklahoma City. Another strong revenue of growth for us is the expansion and redevelopment opportunities within our existing portfolio. These projects enhance the center’s increasing traffic and solidifying the mall’s dominant position in the market. One of our most recent projects, a new 12 screen cinema theater at Stroud Mall in Stroudsburg, Pennsylvania, open during the fourth quarter. And soon we will open a new 12-screen Carmike theater at Foothills Mall in Maryville, Tennessee.

In total, in 2011, we opened seven anchor locations, 34 new junior anchor locations, and added 14 restaurants to our centers. We recently announced our renovation program for 2012. We will renovate four malls, including Cross Creek Mall in Fayetteville, North Carolina; Mall del Norte, in Laredo, Texas; Post Oak Mall in College Station, Texas, and Turtle Creek Mall in Hattiesburg, Mississippi.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs