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CBL Properties Increases Quarterly Dividend by 50%
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
CBL Properties (NYSE: CBL) announced a cash dividend of $0.375 per common share for the quarter ending March 31, 2023, reflecting a 50% increase from the previous dividend of $0.25. This raises the annual payment to $1.50 per share, payable on March 31, 2023, to shareholders of record by March 15, 2023. CEO Stephen D. Lebovitz attributed the increase to strong operating performance and cash flow generation, highlighting the company's robust cash position.
Positive
50% increase in quarterly dividend to $0.375 per share
Annual dividend payment raised to $1.50 per share
Strong cash flow generation and cash position
Negative
None.
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL Properties (NYSE:CBL) today announced that its Board of Directors has declared a cash dividend of $0.375 per common share for the quarter ending March 31, 2023, a 50% increase from the previous quarterly dividend rate of $0.25 per share. The dividend, which equates to an annual dividend payment of $1.50 per common share, is payable on March 31, 2023, to shareholders of record as of March 15, 2023.
“Strong operating performance and favorable financing activity in 2022 and year-to-date have contributed to our substantial cash flow generation and strong cash position,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. “We are pleased to share this success with our shareholders by announcing a 50% increase in the regular cash distribution.”
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.
