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Sign in Sign up for a FREE subscriptionCBL Properties reopens malls
All but two of the 68 malls owned or managed CBL Properties have reopened.
“The goal right now is not to get back to 100 percent but to make people feel like the shopping experience is a safe one, a comfortable one, and not something that is going to put them at risk,” CEO Stephen Lebovitz said on a recent CBRE Virtual Lunch & Learn Series virtual event called Retail Reopening.
He named fast-food chain Chick-fil-A as a top performer in the CBL portfolio, and sporting goods and activewear-related retailers are performing well as more consumers exercise at home.
CBL reported it collected 27 percent of billed cash rents in April. CBL anticipates collecting 25 percent to 30 percent of cash billed rents for the month of May. CBL granted rent abatements and deferrals to several tenants and expects to collect April and May rents later in 2020 and into 2021.
“The majority of our tenants requested rent relief, either in the form of rent deferrals or abat
