CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that its
Board of Directors has declared a 5% increase in the quarterly cash
dividend for the Company’s Common Stock to $0.22 per share for the
quarter ending March 31, 2012. The dividend is payable on April 17,
2012, to shareholders of record as of March 30, 2012.
“Today’s dividend increase demonstrates the significant improvements in
the financial and operating performance that CBL has achieved over the
past year,” commented Stephen Lebovitz, CBL’s president and chief
executive officer. “We are pleased to be able to enhance the return to
our shareholders by raising our dividend. We remain focused on creating
value throughout our portfolio of market-dominant malls.”
The Board also declared a quarterly cash dividend of $0.484375 per
depositary share for the quarter ending March 31, 2012, 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, 2012, to shareholders of
record as of March 14, 2012.
The Board also declared a quarterly cash dividend of $0.4609375 per
depositary share for the quarter ending March 31, 2012, 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, 2012, to shareholders of
record as of March 14, 2012.
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 157 properties, including 87 regional malls/open-air centers.
The properties are located in 26 states and total 85.9 million square
feet including 3.4 million square feet of non-owned shopping centers
managed for third parties. Headquartered in Chattanooga, TN, CBL has
regional offices in Boston (Waltham), MA, Dallas (Irving), Texas, 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.
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Vice
President - Corporate Communications and Investor Relations
katie_reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.