CBL & Associates Properties, Inc. (NYSE:CBL) today announced that it had closed $151.5 million ($86.9 million at CBL’s share) in dispositions in two separate transactions. CBL and its 50/50 joint venture partner closed on the sale of 100% of Renaissance Center, the 363,000-square-foot community shopping center located in Durham, NC. Renaissance Center was sold for a gross sales price of $129.2 million, including assumption of a $16.0 million loan and a $31.6 million loan that was retired at closing. The transaction generated net equity to CBL of $40.8 million.

In a separate transaction, CBL completed the sale of The Crossings at Marshalls Creek, the 86,000-square-foot community center located in Middle Smithfield, PA, for a net sales price of $22.3 million. Net proceeds from the dispositions were used to reduce outstanding balances on the Company’s lines of credit.

“These transactions generated more than $60 million in attractively priced equity to CBL,” said Stephen D. Lebovitz, CBL’s president and chief executive officer. “Since January 2015, we have applied net equity from dispositions of $190 million to reduce debt and have removed from our balance sheet an additional $106 million in secured debt assumed by buyers or retired. These actions have significantly strengthened our liquidity position, and we look forward to making additional progress on this strategy going forward.”

About CBL & Associates Properties, Inc.

Headquartered in Chattanooga, TN, CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 146 properties, including 93 regional malls/open-air centers. The properties are located in 31 states and total 85.3 million square feet including 8.0 million square feet of non-owned shopping centers managed for third parties. Additional information can be found at cblproperties.com.

Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.