CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Seventh graph, first sentence of release should read: March 31, 2009
(sted December 31, 2008).
The corrected release reads:
CBL & ASSOCIATES PROPERTIES ANNOUNCES COMMON AND PREFERRED STOCK
DIVIDENDS
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that its
Board of Directors has declared a quarterly dividend for the Company's
Common Stock of $0.37 per share for the quarter ending March 31, 2009.
As part of the Company's continuing focus on maximizing liquidity, the
Board has determined to pay this dividend in a combination of cash and
shares of the Company's common stock. The Company intends that the cash
component of the dividend will not exceed 40% of the aggregate dividend
amount. The dividend is payable on April 15, 2009, to shareholders of
record as of March 13, 2009.
"Today's decision reflects the priority of the Board and the Company to
create additional liquidity and further strengthen CBL's balance sheet,"
said Charles B. Lebovitz, chairman and chief executive officer of CBL &
Associates Properties, Inc. "When combined with the dividend reduction
effected in the fourth quarter 2008, this new dividend policy if adopted
for all of 2009 will allow the Company to retain an estimated $150.0
million of cash."
Lebovitz added, "With senior management owning more than 20% of the
Company in a combination of common shares and units, we stand shoulder
to shoulder with CBL's common stock investors. John Foy, Stephen
Lebovitz, and I will receive the same proportion of cash and shares for
all shares under our control as will be paid to common stockholders."
Pursuant to IRS Revenue Procedure 2009-15, shareholders may elect to
receive payment of the dividend all in cash or all in common shares.
Shareholders who do not make an election will be deemed to have elected
to receive their dividend in cash. To the extent that cash elections are
received with respect to more than 40% of the aggregate dividend amount,
the cash portion will be prorated among shareholders electing to receive
cash. Common shares included in the dividend will be valued at their
volume weighted average trading price on the New York Stock Exchange on
April 6, April 7, and April 8, 2009. The Company expects the dividend to
be fully taxable to its shareholders and reserves the right to pay the
dividend entirely in cash.
An information letter and election form will be mailed to shareholders
of record promptly after March 13, 2009. The properly completed election
form to receive cash or common shares must be received by CBL's transfer
agent prior to 5:00 p.m. (EST) on April 3, 2009. If your shares are held
through a bank, broker or nominee, and you have questions regarding the
dividend; please contact such bank, broker or nominee. Registered
stockholders with questions regarding the dividend may call CBL's
transfer agent, Computershare Trust Company, N.A., at (800) 568-3476.
The Board also declared a quarterly cash dividend of $0.484375 per
depositary share for the quarter ending March 31, 2009, for the
Company's 7.75% Series C Cumulative Redeemable Preferred Stock. The
dividend, which equates to an annual dividend payment of $1.9375 per
depositary share, is payable on March 30, 2009, to shareholders of
record as of March 16, 2009.
The Board also declared a quarterly cash dividend of $0.4609375 per
depositary share for the quarter ending March 31, 2009, for the
Company's 7.375% Series D Cumulative Redeemable Preferred Stock. The
dividend, which equates to an annual dividend payment of $1.84375 per
depositary share, is payable on March 30, 2009, to shareholders of
record as of March 16, 2009.
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 158 properties, including 87 regional malls/open-air centers.
The properties are located in 27 states and total 85.8 million square
feet including 2.2 million square feet of non-owned shopping centers
managed for third parties. CBL currently has seven projects under
construction totaling 2.9 million square feet including Settlers Ridge
in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL;
Hammock Landing in West Melbourne, 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 http://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