CBL, year as you, we everyone. a Katie, milestone is our for company. as Thank XXth and morning and public good celebrate a anniversary XXth XXXX
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our in premier enjoy they result, centers. locations a As
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point of liquidity are runway the the on and opportunity, maturity both necessary profile extending from of us redevelopments a Given view. focused we timing providing to magnitude with these debt accomplish our this
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NOI quarter the $X.XX from an and FFO same-store X.X%, year adjusted share third declined As per to trend. date improvement reported yesterday, was
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foot from translate for $XXX trend year to improved XXXX. into environment $XXX square portfolio mall For same-center months per should leasing per an period. XX in our foot trailing prior increased the sales square This
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less experienced store compared filings specialty XXXX in have XXXX. We with as
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have in our closing XX As we this former department I store over mentioned, boxes year. portfolio
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At and we Janesville interest. regarding Sears. property of the the excluding was second in July a XX had First we sold locations end quarter, that only have XX% Sears a where
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have brings Seritage stages two already sets they to redevelopments next the to are on various repurchased and in locations, redeveloped, Of One Sears stages us commence active with has substantially plans seven. stores that others. stores months been of XX down three our within have the understand planning last year six and leased we and
on to LOIs leases out and active for discussions get have are signature on two execute the these to remainder. We of
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our is the of next sale ramp the months part that Sears where rack annual leaseback majority we million. in the leases transactions redevelopment XXXX for had $X proactively in to Our was announces to stores few this begin today for The recaptured terminate project. of we gross closing approximately as stores had expected
on or have As year rent XXXX store cotenancy. The not to we expect will as loss major do the this in associated when impact in announced Based the as the we to closures XXXX range material us be impact million. closures Sears cotenancy today, such, from any will of revenue any on in $X exposures to XXXX a closings well cotenancy. $XX full of related million
smart the be million will $X Sears we million cotenancy additional for the successful estimate hopeful are assume reorganizing, plan year, liquidation we it early to we $X worst Sears believe case. in the range. is If While the to a we be sometime that occurs in exposure would in
leases from and are or more costs cotenancy uniform, While two closing triggered of are far most by the anchors.
is have to Sears downtime As locations one anchor we where more where Bon-Ton where operating. closure. our including Sears major of our locations than have approach our portfolio, Across is and XX limit still one we priorities we we redevelopments, have
replacement for of on other We occurring leases under the these three. eight, for LOIs each have activity out negotiation on and with executor signature
end. XX effort. We conditions working with number leased Bon-Ton, of to and closing this LOIs others. our portfolio replacements earned including we are boxes signature before out leased estimated Total also we’ve in remainder. current core under locations, to to executor August, six and locations million. success leased at XX scheduled is open are retailers in had for and the four six for redevelopment year XX by Two all market for having language $XX.X to revise prospects are negotiation Of are Shifting spent currently the cotenancy reflect on
replacements stores. these the close attention CBL several requirement to are portfolio closing in with occurring no our across and that backfilling nine or are capital We anchor investment I others have of that little to highlight paying want process. by we
higher value, spent warranted investment closely we are where more While this create certain we through long-term total watching to have properties process. significant is the
positioning total we was XX% non-apparel new complete to our the of total three our for expanding expect dining, $XX types including in uses. with long-term range annual or years leasing million Through for service tenant next bring success. executed We necessary in $XXX uses diversifying these the value redevelopment on focus four are to projects we to portfolio. spent over and our our of entertainment, million to redevelopments mix, Year-to-date properties and tenants remain all general our the them
contract also executed as Uses storage with bring minimizing well as XX our such us while have office medical multifamily, fitness, are self leases having uses, multifamily, XX capital. required are restaurants to partnerships entertainment four as and hotels, NOIs hotel, two and generally joint active ground allow as to well pad nine properties these our uses storage. which venture We to as negotiations users grocery sales,
like the we release. I the earnings announced Now, in our yesterday to which would in reduction dividend discuss
sheet. liquidity preserve and Our financial primary is strengthen balance priority our to
dividend of on basis. cash taken not generating reduction to with our we from an per transactions EBITDA assumptions lenders, create debt the As roughly per including common reducing an to rate XXXX of debt ultimately is this our and share. of dividends flow long-term equates redevelopment disposition enhanced essential liquidity value. share available for we’re an reduction. XXXX million quarter, we've range, $XXX evaluating level for $XXX announced the estimated as million reduction to additional and to $X.XX income been investing guidance measure adjustment on find for liquidity. maximizes stabilize an The dividend preserve XXXX of create flow will as the $X.XX through free of of annualized an annual after in cash will that Based income analysis the last This that have projected taxable properties dividend. to a well After cash midpoint Reducing the only
While executive general. reduce create implemented program we operations, efficiencies including compensation already we reduce a lean in in spending organization and run a to have overhead,
to to generate of will opportunistically dispose We continue assets also equity.
call Katie is discuss activity. is to best our now I'll in results operating and to investment adjusting the the our decision, it of While we turn believe dividend over interests do the Company a so. difficult to
