CBL Properties Declares Special Common Stock Dividend of $2.20 Per Common Share, Payable All in Cash
30 November 2022 - 8:45AM
Business Wire
CBL Properties (NYSE:CBL) today announced that its Board of
Directors has declared a special dividend of $2.20 per share of
common stock, payable all in cash. The Special Dividend is payable
on January 18, 2023, to stockholders of record as of the close of
business on December 12, 2022. The special dividend equates to an
aggregate cash amount of approximately $70.0 million.
“We are pleased to further demonstrate our commitment to
creating and returning stockholder value through this special all
cash dividend,” said Stephen D. Lebovitz, chief executive officer
of CBL Properties. “Through regular and special dividends, CBL will
have distributed $2.95 per share for 2022, representing a yield of
more than 10.1% to stockholders relative to today’s closing price,
demonstrating meaningful return of value.”
Lebovitz added, “Management and the Board carefully considered
CBL’s strong performance to-date in 2022, stable and flexible
balance sheet, significant generation of free cash flow and current
cash balance, in determining to pay the special dividend in all
cash.”
In order to ensure that the Company maintains its status as a
real estate investment trust, the Company must distribute at least
90% of its “real estate investment trust taxable income” each year.
A special dividend is being made to meet this minimum distribution
requirement.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market-dominant properties located
in dynamic and growing communities. CBL’s owned and managed
portfolio is comprised of 94 properties totaling 58.5 million
square feet across 22 states, including 56 high-quality enclosed
malls, outlet centers and lifestyle retail centers as well as more
than 30 open-air centers and other assets. CBL seeks to
continuously strengthen its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit 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” included therein,
for a discussion of such risks and uncertainties.
CBL_Corp
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version on businesswire.com: https://www.businesswire.com/news/home/20221129006089/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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