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CBL - CBL Properties: A Textbook Case Of Buying More When It Drops And Getting Burned
CBL & Associates Properties Inc.
This article was coproduced by Williams Equity Research.
A Headline We Saw Coming
As we discussed at length in the recent article titled "CBL & Associates Properties: Anytime Mall REIT Apocalypse", the writing was on the wall for this controversial name. There was little controversy in our opinion; CBL Property & Associates (CBL) was slowly but surely headed for bankruptcy.
This was based on the analysis of financial statements and covenants, not conjecture. The demise of CBL is more significant than it might seem. For context, let's discuss another important event