CBL Properties Establishes Regular Quarterly Common Stock Dividend
June 30 2022 - 4:15PM
Business Wire
CBL Properties (NYSE:CBL) today announced that its Board of
Directors has established a regular quarterly cash dividend. The
Board of Directors declared a dividend of $0.25 per common share,
payable in all cash, for the quarter ending June 30, 2022. The
dividend, which equates to an annual dividend payment of $1.00 per
common share, is payable on July 20, 2022, to shareholders of
record as of July 11, 2022.
“It is an important milestone for CBL to reestablish a regular
quarterly cash dividend,” said Stephen Lebovitz, chief executive
officer. “Our strong operating performance and recent attractive
financing activity have further enhanced our substantial cash flow
generation and contributed to a cash position of over $335 million
as of March 31. We are pleased to share this success through this
cash distribution, which is the first step in a broader plan to
create and return value to our shareholders.”
Future Regular and Special Dividends
CBL anticipates paying out the minimum distribution (at least
90% of taxable income) required to maintain its status as a Real
Estate Investment Trust (REIT). CBL currently expects to pay
regular quarterly dividends for the third and fourth quarters of
2022 in addition to the second quarter dividend declared today.
In addition, based on current projections of taxable income for
the twelve months ended December 31, 2022, CBL currently expects to
distribute a special one-time dividend in the range of $75 to $125
million to meet minimum distribution requirements. The exact amount
of the special dividend will be determined by CBL’s Board of
Directors in the fourth quarter and will be subject to the Board’s
ongoing review of the Company’s financial performance over the
remainder of the year in relation to current projections. Subject
to IRS guidelines, the special dividend may be distributed in all
cash or in a combination of cash and common stock, as determined at
the time by CBL’s Board of Directors.
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 95 properties totaling 59.6 million
square feet across 24 states, including 57 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220630005860/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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