President, Cbl Associates Pptys
Search every verified Michael Lebovitz interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a September 2023 interview, CBL Properties CEO Stephen Lebovitz discussed the company's post-reorganization financial position and the evolution of its mall properties. Lebovitz stated that the company had strengthened its balance sheet, reduced debt, and increased free cash flow following a major reorganization, which he said positioned the company well for the current environment. He noted that debt to EBITDA was in the low six times and that interest costs had been reduced through financings. Lebovitz described significant changes to the traditional mall model, saying the definition of an anchor tenant has expanded to include casinos, entertainment venues, and non-retail uses, and that the tenant mix now includes more local and regional stores. He said the company is adding charging stations and external activities in parking lots, and that the mall is "changing more today than it ever has" due to evolving customer preferences. Regarding foot traffic, Lebovitz reported that traffic was above 2019 levels and sales had held up, though he expressed concern about the potential lag effect of higher interest rates on the financing markets in the coming year.
“Last year saw CBL complete a major balance sheet reorganization. We've strengthened our balance sheet, have significant free cash flow, and reduced our debt significantly, resulting in debt to EBITDA in the low six times. We also reduced our interest costs through financings earlier this year, which has been very helpf...”
“The mall has evolved with a lot more external activities in the parking lots and activations. We're adding charging stations at many properties because there's so much demand for that. The mall is changing more today than it ever has, and that's going to continue because the customer is changing.”
“In the last 10 years, the change in malls has been unprecedented. We've changed the definition of an anchor to include casinos, entertainment users, big boxes, and non-retail uses. We have more local and regional stores compared to a predominance of national stores.”
“So far, our foot traffic has held up and is above 2019 levels, and our sales have held up as well. We are concerned about next year and the lag effect from higher and interest rates, which have definitely impacted the financing markets. However, we think we're well positioned due to diversification and added experienti...”
Stephen Lebovitz, CEO of CBL Properties (NYSE: CBL), participated in a video interview at Nareit's REITworld: 2022 Annual ...
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