CHATTANOOGA, Tenn. - CBL Properties (NYSE:CBL) has moved up the payment date for its previously declared quarterly cash dividend. The dividend of $0.40 per common share is now scheduled for distribution on December 11, 2024, to shareholders on record by November 25, 2024. This adjustment represents an acceleration from the initial announcement made on October 14, 2024.
The decision by the company's Board of Directors results in an annual dividend rate of $1.60 per common share. This move precedes the quarter ending December 31, 2024, indicating an effort to provide shareholders with the dividend payment earlier than initially planned.
CBL Properties, with its headquarters in Chattanooga, TN, specializes in owning and managing a portfolio of properties that include enclosed malls, outlet centers, lifestyle retail centers, and open-air centers. The company's portfolio encompasses 91 properties, totaling 57.1 million square feet, located across 21 states.
The company's strategic approach involves active management and aggressive leasing, aiming to enhance the value of its portfolio through reinvestment. However, it is important to note that this press release contains forward-looking statements that are subject to various risks and uncertainties. These statements do not guarantee future performance, and actual results may differ. Investors are encouraged to consult the company's filings with the Securities and Exchange Commission for a more detailed discussion of potential risks.
This announcement is based on a press release statement from CBL Properties.
In other recent news, CBL Properties announced a quarterly cash dividend of $0.40 per common share, reflecting an annual dividend payment rate of $1.60 per common share. The dividend is part of the company's strategy to deliver value to its shareholders while investing in its properties. CBL Properties also completed a repurchase of 500,000 shares of its own stock, investing $12.525 million, a move outside of its previously announced stock repurchase program.
Additionally, the company 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.
CBL & Associates Properties Inc. disclosed its second-quarter financial results for the period ending June 30, 2024. While 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' decision to accelerate its dividend payment aligns with several positive indicators highlighted by InvestingPro. The company's financial health appears robust, with InvestingPro Tips noting that CBL is "profitable over the last twelve months" and "analysts predict the company will be profitable this year." This profitability supports the company's ability to maintain its dividend payments.
The dividend yield, according to InvestingPro Data, stands at an attractive 5.77%, which is likely to appeal to income-focused investors. Moreover, the company has shown a dividend growth of 6.67% over the last twelve months, demonstrating a commitment to returning value to shareholders.
InvestingPro Tips also point out that CBL is "trading near its 52-week high" and has experienced a "large price uptick over the last six months." This is corroborated by InvestingPro Data, which shows a impressive 32.36% price total return over the past six months. Such performance suggests growing investor confidence in CBL's business model and future prospects.
It's worth noting that InvestingPro offers additional insights, with 8 more tips available for CBL Properties. These could provide further context for investors looking to deepen their understanding of the company's financial position and market performance.
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