CBL Properties Declares Fourth Quarter Common Stock Dividend

Rhea-AI Summary

CBL Properties (NYSE: CBL) has declared a dividend of $0.25 per common share for the quarter ending December 31, 2022. This results in an annual total of $1.00 per share, payable on December 30, 2022, to shareholders of record by December 1, 2022. Additionally, CBL expects to issue a special one-time dividend between $65 million and $85 million based on taxable income projections. The amount will be finalized by the Board before year-end.

Positive

• Declared a quarterly dividend of $0.25 per share, providing income for shareholders.
• Anticipated special dividend of $65 million to $85 million, indicating financial confidence.

Negative

• None.

CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- CBL Properties (NYSE:CBL) today announced that its Board of Directors has declared a dividend of $0.25 per common share, payable in all cash, for the quarter ending December 31, 2022. The dividend, which equates to an annual dividend payment of $1.00 per common share, is payable on December 30, 2022, to shareholders of record as of December 1, 2022.

Special Dividends - Update

Based on updated projections of taxable income for the twelve months ending December 31, 2022, CBL expects to distribute a special one-time dividend in the range of $65 to $85 million to meet minimum distribution requirements. The exact amount of the special dividend will be determined by CBL’s Board of Directors before year-end 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 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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Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Investment Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com

Source: CBL Properties

FAQ

What is the dividend amount declared by CBL Properties?

CBL Properties declared a dividend of $0.25 per common share.

When is the dividend payment date for CBL Properties?

The dividend is payable on December 30, 2022.

What is the expected range for the special dividend from CBL Properties?

The special dividend is projected to be between $65 million and $85 million.

Who is eligible to receive the dividend from CBL Properties?

Shareholders of record as of December 1, 2022, are eligible for the dividend.