Cbl & Associates Properties, Inc. · NYSE:CBL
Cbl & Associates Properties — Debt Investor Presentation (November 2020)
24 slides from Cbl & Associates Properties's debt investor presentation, Nov 2, 2020
Slide 1: Presentation to the Ad Hoc Group October 2020
Presentation to the Ad Hoc Group October 2020 Exhibit 99.1
Slide 2: Safe Harbor Statement
Safe Harbor Statement While the information contained in this presentation is provided in good faith, neither CBL & Associates Properties Inc. (together with its subsidiaries and affiliates, “CBL”, of the “Company”) nor any of its advisers, representatives, officers, agents or employees makes any re
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation is for informational purposes only, does not constitute, and shall not be interpreted as an offer, the solicitation of an offer or sale, or as the basis of a contract, and should not be construed as financial, legal, tax, accounting, investment or other advice
Slide 4: Risk Factors
Risk Factors The current pandemic of the novel coronavirus, or COVID-19 has, and could continue to, materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance, as could any future outbreak of another highly infectious or contagious disease.
Slide 5: Risk Factors
Risk Factors In addition, in response to an executive order issued by state and local authorities, most of our employees based at our headquarters are currently working remotely. The effects of the executive order, including an extended period of remote work arrangements, could strain our business c
Slide 6: Risk Factors
Risk Factors any impairment in value of our tangible assets and intangible lease assets that could be recorded as a result of weaker economic conditions; a deterioration in our or our tenants' ability to operate in affected areas or delays in the supply of products or services to us or our tenants f
Slide 7: CBL Business Update
Privileged and Confidential Provided Pursuant to the Confidentiality Agreement CBL Business Update cCBL .:
Slide 8: Operational Update
Operational Update COVID-19 Portfolio and Tenant Impact: The majority of the properties in the CBL portfolio closed during the month of March 2020 as a result of government-mandated orders. CBL believes it fully preserved its lease rights by closing locations when governmentally mandated and notifie
Slide 9: Rent Collection
Rent Collection CBL’s collection rate has increased dramatically as properties reopen (amounts below are as paid, and do not reflect any adjustment for prepaid or application of past due rent): As CBL has completed negotiations with retailers, past due rent has been paid, increasing the rent collect
Slide 10: Tenant Update
Tenant Update COVID-19 Portfolio and Tenant Impact: Though early August, more than twelve national tenants had declared bankruptcy, including major CBL tenants. As of June 30, 2020, J.C. Penney and Ascena Retail Group, Inc. represented $18.5 million in gross annual revenue and comprised over 6 milli
Slide 11: Traffic Trends
Traffic Trends Asheville Mall Hamilton Place CoolSprings Galleria Oak Park Mall West County Center Aggregate Sequential Change: June 2020 vs. May 2020 196.8% 59.2% 67.8% 143.2% 335.9% 123.0% July 2020 vs. June 2020 5.8% 0.2% (8.3)% (2.4)% 2.2% (1.2)% August 2020 vs. July 2020 12.3% 14.1% 5.7% 6.2% (
Slide 12: Sales
Sales While traffic and sales remain depressed compared with prior periods, retailers are reporting higher conversion rates as shoppers become more deliberate in their visits. The majority of retailers re-opened during the third quarter; however, sales results continue to be difficult to parse with
Slide 13: Leasing Update – New Deals/Openings
Leasing Update – New Deals/Openings CoolSprings Galleria - OFS CoolSprings Galleria Hamilton Place - OFS West County Center Annex at Monroeville Mall CoolSprings Galleria - OFS West County Center West Towne Mall - OFS Fayette Mall CoolSprings Galleria Deals shown are executed or open unless listed a
Slide 14: Leasing Update – New Multi-Location Deals/Openings
Leasing Update – New Multi-Location Deals/Openings 17 Locations 13 Locations 6 Locations ~20 Pop-Up Seasonal Locations - OFS Multiple Locations - OFS 5 Locations (inc. 1 OFS) Deals shown are executed or open unless listed as out for signature (OFS). There is no guarantee that OFS deals will be compl
Slide 15: 2020 Redevelopment Projects
2020 Redevelopment Projects Center Tenants Opening CBL’s Share of Total Proforma Costs (in millions) Construction Loan Commitment ‘20 Gross Est. Cost incl. loan draws/land value ‘20 Net Est. Cost (Cash) (1) Fremaux Town Center (JV) Old Navy Open $1.8 $1.8 $1.8 Parkdale Mall (2) Self Storage (50/50 J
Slide 16: 2021 Redevelopment Projects
2021 Redevelopment Projects Center Tenants Opening CBL’s Share of Total Proforma Cost (in millions) Construction Loan Commitment ‘20 Gross Est. Cost incl. loan draws/land value ‘20 Net Est. Cost (Cash) (1) ‘21 Gross Est. Cost incl. loan draws ‘21 Net Est. Cost (Cash) (1) Cross Creek Mall (2) Restaur
Slide 17: Business Plan
Privileged and Confidential Provided Pursuant to the Confidentiality Agreement Business Plan CBL «
Slide 18: Business Plan Highlights
Situational Overview Business Plan Highlights BUSINESS HIGHLIGHTS BASIS OF PRESENTATION KEY ASSUMPTIONS KEY METRICS ($ in M) BRG and the Company prepared a go-forward business plan for the remainder of FY’20 through FY’21 Projections prepared based on performance adjusted for CV19 and current tenant
Slide 19: Executive Summary: Projected Modified Cash NOI and FFO
Executive Summary Projected Modified Cash NOI1 and FFO (As Adjusted) FY19 – FY21 KEY OBSERVATIONS CBL SHARE – PROJECTED MODIFIED CASH NOI AND FFO (As Adj.) CBL has forecasted 2020 through 2021 based on Lease renewal rates, and Impact of CV19 for the remainder of 2020 and 2021 In addition to the abov
Slide 20: Executive Summary: Income Statement – CBL Share
Executive Summary Income Statement – CBL Share (Dollars in Millions) 1 Other income for 2020 & 2021 includes gain on extinguishment of debt for properties being returned to the lender and restructuring of proposed debt
Slide 21: Executive Summary: Statement of Cash Flows – CBL Share
Executive Summary Statement of Cash Flows – CBL Share (Dollars in Millions) Includes impact of extinguishment of debt for properties being returned to the lender and restructuring of proposed debt 1 1 1
Slide 22: Supplemental Information: Capital Expenditures By Year
SUPPLEMENTAL INFORMATION Capital Expenditures By Year – Dollars in Millions (CBL Share) CAPITAL EXPENDITURES BY TYPE1 CAPITAL EXPENDITURES CapEx spend is net of construction loans and contributed land: Cash Basis
Slide 23: Liquidity Update
Privileged and Confidential Provided Pursuant to the Confidentiality Agreement Liquidity Update CBL 2
Slide 24: Cash Forecast
Cash Forecast Cash balance (excludes ~$150mm in cash held in U.S. Treasuries )1 is forecasted to decline by ($14.7mm) during the 13-week period ended 1/02/21 Includes CBL Properties accounts at CBL ownership % and excludes cash trapped properties
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