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Stock impact report

CBL Properties Announces Suspension of Common and Preferred Stock Dividends

CBL & Associates Properties, Inc (CBL)  More Company Research Source: Business Wire
Last cbl & associates properties, inc earnings: 10/31 04:15 pm Check Earnings Report
US:NYSE Investor Relations: cblproperties.com
PDF CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it is suspending all future dividends on its common stock, 7.375% Series D Cumulative Redeemable Preferred Stock and 6.625% Series E Cumulative Redeemable Preferred Stock.“Suspending dividends is a significant and difficult decision, one that was carefully considered by Management and the Board. However, preserving free cash flow is a paramount objective for CBL at this time,” said Stephen D. Lebovitz, CBL’s Chief Executive Officer. “We anticipate a decline in net operating income in 2020 as a result of heightened retailer bankruptcies, restructurings and store closings in 2019. Offsetting these declines by retaining available cash is necessary to maintain the market dominant position of our properties and to reduce debt. CBL has also made significant efforts over the past 18 months to reduce operating costs, including executive compensation and overall corporate G&A expense, as well as execution o [Read more]
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