News Archive

News Archive

12/02/2019

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.