CBL Properties (CBL) suspends dividends for 2020.
CBL Properties (CBL) announced today that it will suspend all dividends on its outstanding preferred and common stock through year-end 2020. The decision follows a review of CBL's projected taxable income for 2020 and required minimum distributions to maintain its status as a real estate investment trust (REIT).
The company said that it expects a decline in 2020 net operating income due to tenant bankruptcies and store closings. The company's CEO further noted: "Offsetting these declines by retaining available cash is necessary to maintain the market dominant position of our properties and to reduce debt."
CBL & Associates Properties, Inc. owns and manages a portfolio of 108 regional mall and open-air shopping centers in the Southeastern U.S.