CBL Properties Announced 6.7% Increase in Quarterly Dividend
February 08 2024 - 4:15PM
Business Wire
CBL Properties (NYSE:CBL) today announced that its Board of
Directors has declared a cash dividend of $0.40 per common share
for the quarter ending March 31, 2024, a 6.7% increase from the
previous quarterly dividend rate. The dividend, which equates to an
annual dividend payment of $1.60 per common share, is payable on
March 29, 2024, to shareholders of record as of March 15, 2024.
“We are pleased to demonstrate our commitment to returning value
to shareholders by announcing a 6.7% increase in the regular cash
distribution, which builds on the 50% dividend increase in 2023,”
commented Stephen D. Lebovitz, CBL’s Chief Executive Officer.
“Strong operating performance in 2023 continued to generate
substantial free cash flow, enabling the Company to build on our
strong cash position.”
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/20240208010613/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Operating Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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