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    Richard Hill

    Research Analyst at Morgan Stanley

    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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