CBL & Associates Properties Announces 5% Increase in Common Dividend Distribution
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.
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