CBL & Associates Properties, Inc., (owners of Northpark Mall in Joplin) today hosted a conference call to provide an in-depth review of its business strategy and initiatives to enhance shareholder value.
“Our objective is to position our portfolio to generate a sustainable higher growth rate,” said Stephen Lebovitz, president and CEO. “Today, we have outlined initiatives that are designed to increase our portfolio weighting to higher-productivity assets. We plan to achieve this through targeted divestitures of stable, but lower-growth malls and non-core properties over the next several years as well as accretive investments in higher growth assets. We will pursue these opportunities to create value within our existing portfolio through redevelopment and expansion, as well as through new developments and selective acquisitions. We are committed to prudently executing this transformation in a manner that maximizes shareholder value.”
On the conference call, the Company outlined the following goals and objectives:
- Position the portfolio to produce sustained same-center Net Operating Income (“NOI”) growth of 2-4%, increasing from the current range of 1-2%;
- Increase the percentage of Mall NOI generated from Tier 1 and Tier 2 assets from 78% for 2013 to more than 90% over the next several years through divestitures of lower productivity assets and investments in higher growth assets;
- Proactively take advantage of opportunities to upgrade both mall shop and anchor retailers through value-added redevelopment and ongoing re-tenanting;
- Maintain and enhance the strength and flexibility of the balance sheet including growing the quality and size of the unencumbered asset pool and further improving key financial metrics.
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