CBL & Associates Properties Announces 2009 Common Stock Dividend Policy and Preferred Stock Dividends
02 June 2009 - 6:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced that its Board of Directors has established its Common
Stock dividend policy for the remainder of 2009. The Board has
determined to reduce the dividend for the remainder of 2009 to the
minimum level required to distribute 100% of the Company�s
estimated taxable income. The Company estimates that for the
remainder of 2009 it will need to distribute to common shareholders
$0.33 per share or $0.11 per quarter for the second, third and
fourth quarters. The Board intends to pay the dividend in cash. The
actual future dividends payable will be determined by the Company�s
Board of Directors based upon circumstances at the time of
declaration. Actual dividends paid may vary from the currently
expected amounts.
Pursuant to the 2009 Common Stock dividend policy the Board has
declared a quarterly cash dividend for the Company�s Common Stock
of $0.11 per share for the quarter ending June 30, 2009. The
dividend is payable on July 15, 2009, to shareholders of record as
of June 30, 2009.
�The Company and the Board of Directors recognize the importance
of retaining internal cash flows in the current economic
environment,� said Charles B. Lebovitz, chairman and chief
executive officer of CBL & Associates Properties, Inc. �This
dividend policy will allow CBL to utilize cash flows to maximize
long-term shareholder value.�
The Board also declared a quarterly cash dividend of $0.484375
per depositary share for the quarter ending June 30, 2009, for the
Company's 7.75% Series C Cumulative Redeemable Preferred Stock. The
dividend, which equates to an annual dividend payment of $1.9375
per depositary share, is payable on June 30, 2009, to shareholders
of record as of June 15, 2009.
The Board also declared a quarterly cash dividend of $0.4609375
per depositary share for the quarter ending June 30, 2009, for the
Company's 7.375% Series D Cumulative Redeemable Preferred Stock.
The dividend, which equates to an annual dividend payment of
$1.84375 per depositary share, is payable on June 30, 2009, to
shareholders of record as of June 15, 2009.
About CBL & Associates
Properties, Inc.
CBL is one of the largest and most active owners and developers
of malls and shopping centers in the United States. CBL owns, holds
interests in or manages 159 properties, including 88 regional
malls/open-air centers. The properties are located in 27 states and
total 86.0 million square feet including 2.2 million square feet of
non-owned shopping centers managed for third parties. CBL currently
has four projects under construction totaling 2.4 million square
feet including The Promenade in D'Iberville, MS; Settlers Ridge in
Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; and
one open-air center. Headquartered in Chattanooga, TN, CBL has
regional offices in Boston (Waltham), MA, Dallas, TX, and St.
Louis, MO. Additional information can be found at
cblproperties.com.
Information included herein contains
"forward-looking statements" within the meaning of the federal
securities laws. Such statements are inherently subject to risks
and uncertainties, many of which cannot be predicted with accuracy
and some of which might not even be anticipated. Future events and
actual events, financial and otherwise, may differ materially from
the events and results discussed in the forward-looking statements.
The reader is directed to the Company's various filings with the
Securities and Exchange Commission, including without limitation
the Company's Annual Report on Form 10-K and the "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" incorporated by reference therein, for a discussion of
such risks and uncertainties.
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