CHATTANOOGA, Tenn. - CBL Properties (NYSE:CBL) has declared a quarterly cash dividend of $0.40 per common share, the company announced today. This dividend is scheduled for payment at the end of the fourth quarter on December 31, 2024, to shareholders who are on record as of December 13, 2024.
The real estate investment trust, which is headquartered in Chattanooga, Tennessee, is known for its portfolio of properties in various growing communities across the United States. CBL Properties' portfolio includes 91 properties, encompassing 57.1 million square feet in 21 states. The portfolio features a mix of 55 enclosed malls, outlet centers, lifestyle retail centers, and more than 30 open-air centers.
The dividend announcement reflects an annual dividend payment rate of $1.60 per common share. The decision to pay out dividends is part of the company's strategy to deliver value to its shareholders while continuing to invest in its properties.
CBL Properties emphasizes active management and aggressive leasing strategies, as well as reinvestment in its existing assets, to strengthen its portfolio and overall company performance.
Investors should note that statements regarding future events, including financial outcomes, are forward-looking and subject to risks and uncertainties. These may cause actual future events and results to differ materially from what is projected or anticipated. For a more detailed discussion of these risks and uncertainties, CBL Properties directs investors to its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and the Management's Discussion and Analysis of Financial Condition and Results of Operations included therein.
This dividend declaration is based on a press release statement from CBL Properties.
In other recent news, CBL Properties has been actively managing its assets and finances. The company completed a repurchase of 500,000 shares of its own stock, investing $12.525 million, a transaction that occurred outside of its previously announced stock repurchase program. This move follows CBL's Board of Directors authorizing a program to buy back up to $25.0 million of its common stock, under which the company has repurchased a total of 1,074,826 shares.
In addition, CBL Properties finalized the sale of two retail centers and nine outparcels in Layton, Utah, generating $28.5 million in cash. This transaction contributed to a reduction in the principal balance on CBL's term loan to $730.8 million and its open-air and outparcel loan to $340.1 million.
In terms of financial performance, CBL & Associates Properties Inc. disclosed its second-quarter financial results for the period ending June 30, 2024. Although specific figures were not released, these financial results provide critical insights into the company's operational status and financial health. Further details about the company's earnings and supplemental financial information for the quarter are available in the public documents filed with the Securities and Exchange Commission. These are among the recent developments for CBL Properties.
InvestingPro Insights
CBL Properties' recent dividend announcement aligns with its strong financial performance and market position. According to InvestingPro data, the company's dividend yield stands at 6.14%, with a dividend growth of 6.67% over the last twelve months as of Q2 2024. This attractive yield, coupled with the company's consistent profitability, underscores its commitment to shareholder returns.
InvestingPro Tips highlight that CBL has been aggressively buying back shares, indicating management's confidence in the company's value. Additionally, the company is trading near its 52-week high, with a price at 96.42% of its 52-week high, suggesting positive market sentiment.
The company's financial health is further evidenced by its revenue of $527.84 million and an EBITDA of $304.41 million over the last twelve months as of Q2 2024. With a gross profit margin of 66.62%, CBL demonstrates strong operational efficiency in its property management.
Investors seeking a deeper understanding of CBL Properties' potential might be interested in exploring additional insights. InvestingPro offers 7 more tips for CBL, providing a comprehensive analysis for those looking to make informed investment decisions.
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