CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced the
results of the shareholders' elections relating to the dividend payable
on April 15, 2009, to shareholders of record on March 13, 2009. The
dividend will consist of approximately $9.8 million in cash and
approximately 4.8 million shares of CBL common stock.
A summary of the dividend election results is as follows:
-- Holders of 8.3 million shares elected to receive the dividend all in
shares.
-- Holders of 58.1 million shares either elected to receive the dividend
all in cash or made no election and will receive $0.1691 per share in
cash (45.7%) and $0.2009 per share in stock (54.3%).
-- The Company will pay fractional shares in cash.
The number of shares in the dividend was calculated based on the volume
weighted average trading prices of the Company's common stock on April
6, April 7 and April 8, 2009, or $3.10 per share.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls
and shopping centers in the United States. CBL owns, holds interests in
or manages 159 properties, including 88 regional malls/open-air centers.
The properties are located in 27 states and total 86.0 million square
feet including 2.2 million square feet of non-owned shopping centers
managed for third parties. CBL currently has six projects under
construction totaling 2.5 million square feet including Settlers Ridge
in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; The
Promenade in D'Iberville, MS; two lifestyle/associated centers, and one
expansion. Headquartered in Chattanooga, TN, CBL has regional offices in
Boston (Waltham), MA, Dallas, TX, and St. Louis, MO. Additional
information can be found at 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" incorporated by reference therein, for a
discussion of such risks and uncertainties.
Source: CBL & Associates Properties, Inc.
Contact: CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Vice President - Corporate Communications and Investor Relations
katie_reinsmidt@cblproperties.com