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    Richard Hill

    Research Analyst at Morgan Stanley

    Richard Hill is the former Managing Director and Head of U.S. Commercial Real Estate Research at Morgan Stanley, specializing in REIT equity and CRE debt research with a focus on major public real estate investment trusts and real estate securities. Over his career, he has covered prominent companies across the commercial real estate sector, delivering highly regarded investment research and contributing to successful investment outcomes for institutional clients, though specific performance metrics and rankings are not publicly disclosed. Hill began his finance career after graduating with a degree in Finance from Georgetown University, later holding senior research roles before joining Morgan Stanley, and in 2022, he transitioned to lead real estate strategy and research at Cohen & Steers. He is recognized for his expertise in asset management, capital markets, and structured finance, and holds credentials from FINRA and industry authorities, reflecting a commitment to professional excellence.

    Richard Hill's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership

    Richard Hill's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership • Q3 2019

    Question

    Richard Hill from Morgan Stanley followed up on the capital-allocation committee, asking if Michael Ashner's expertise in debt markets might lead to a more aggressive debt renegotiation strategy. He also questioned the capital allocation decision between property redevelopment and buying back high-yielding bonds.

    Answer

    CEO Stephen Lebovitz stated that while Michael Ashner's experience is welcome, he does not foresee a significant change in the company's debt strategy, emphasizing they have already been aggressive. Lebovitz reiterated that the primary focus remains on investing in property redevelopments due to their direct and ancillary financial returns, and that buying back bonds is not a strategy they are pursuing at this time.

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    Richard Hill's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership • Q3 2019

    Question

    Richard Hill from Morgan Stanley asked if the involvement of Michael Ashner on the new capital-allocation committee would lead to a more aggressive debt renegotiation strategy. He also inquired about the capital allocation decision between buying back bonds versus funding redevelopments.

    Answer

    CEO Stephen Lebovitz stated that while the company welcomes Michael Ashner's experience, he does not foresee a significant change in its debt strategy. He reiterated that the primary focus for capital is investing in property redevelopments due to their direct financial returns and ancillary benefits. Lebovitz noted that buying back bonds is not a strategy the company is currently pursuing.

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