Cbl & Assoc Pptys Inc Stock Price, News & Analysis

CBL Properties (NYSE:CBL) has released its tax reporting information for 2024 common stock distributions. The company paid quarterly dividends of $0.40 per share, totaling $1.60 for the year. The distributions were characterized as follows: 88.857% as ordinary dividends, 1.153% as qualified dividends, 8.610% as capital gain distribution, and 2.533% as non-dividend distribution. Under Section 199A, 87.833% of the dividends are eligible for a 20% deduction for eligible taxpayers.

The dividends were paid on March 29, June 28, September 30, and December 11, 2024, with corresponding record dates of March 15, June 13, September 13, and November 25, 2024.

CBL Properties (NYSE: CBL) has acquired its partner's 50% joint venture interests in three major malls for $22.5 million in cash: CoolSprings Galleria (Nashville), Oak Park Mall (Kansas City), and West County Center (St. Louis). The transaction includes assuming $266.7 million in non-recourse loans secured by the properties. CBL has also extended loan terms for West County Center (to December 2026) and Oak Park Mall (to October 2030, 5% fixed rate). CoolSprings Galleria's existing financing has a 4.84% interest rate, maturing in May 2028.

CBL Properties (NYSE:CBL) announced an acceleration of its previously declared fourth quarter common stock dividend payment. The $0.40 per share quarterly dividend will now be paid on December 11, 2024, to shareholders of record as of November 25, 2024. This dividend maintains the company's annual dividend rate of $1.60 per common share.

CBL Properties announced the opening of Crunch Fitness at Hamilton Place in Chattanooga, Tennessee, marking the completion of the Sears redevelopment project initiated in 2019. The project has brought various new destinations including The Cheesecake Factory, Dave & Buster's, DICK'S Sporting Goods, and an Aloft hotel. In 2024, Hamilton Place welcomed over 110,000 square feet of new retail and restaurants, including eight new establishments such as Texas Roadhouse, Malone's, and Miniso. The property has experienced growth in both traffic and sales, with additional openings planned for 2025.

CBL Properties (NYSE:CBL) has announced a cash dividend of $0.40 per common share for the quarter ending December 31, 2024. This dividend equates to an annual dividend payment of $1.60 per common share. The dividend will be payable on December 31, 2024, to shareholders of record as of December 13, 2024. This decision was made by CBL Properties' Board of Directors, demonstrating the company's commitment to providing returns to its shareholders.

CBL Properties (NYSE:CBL) has announced the completion of a 500,000 share repurchase for $12.525 million in a privately negotiated block trade from a single shareholder. This repurchase is separate from CBL's existing stock repurchase program, which was announced on August 10, 2023, authorizing the company to buy up to $25.0 million of its common stock.

As of September 20, 2024, CBL had completed all repurchase activity under this program, acquiring a total of 1,074,826 shares at a weighted average share price of $23.259 per share. CEO Stephen D. Lebovitz expressed satisfaction with the repurchase of over 1.5 million shares at attractive valuations, viewing it as an investment demonstrating confidence in the company's future and commitment to returning capital to shareholders. Following the cancellation of repurchased shares, CBL currently has 30,749,272 shares of common stock outstanding.

CBL Properties has sold Layton Hills Convenience Center, Layton Hills Plaza, and nine related outparcels in Layton, Utah, for $28.5 million in cash. The sale proceeds were used to reduce the company's debt, with the term loan balance decreasing to $730.8 million and the open-air and outparcel loan balance dropping to $340.1 million. This transaction follows the sale of Layton Hills Mall in August and is part of CBL's strategy to extract value from lower cap rate assets and reduce overall leverage. The company aims to meet the term loan principal balance extension test in November 2025.

CBL Properties reported strong results for Q2 2024, with same-center NOI increasing 1.5% over the prior-year period. Key highlights include:

- FFO, as adjusted, per share of $1.73, up from $1.56 in Q2 2023

- Over 1.0 million square feet of leases executed in Q2 2024

- Portfolio occupancy at 88.7% as of June 30, 2024

- $295.8 million in unrestricted cash and marketable securities

- Sale of Layton Hill Malls for $37.125 million

- $19.4 million in share repurchases completed

CBL reaffirmed its full-year 2024 FFO guidance, expecting same-center NOI in the range of (1.2)% to 1.4%. The company continues to focus on strengthening its balance sheet and improving leasing performance.

CBL Properties (NYSE:CBL) has announced a quarterly cash dividend of $0.40 per common share for the quarter ending September 30, 2024. This dividend translates to an annual dividend payment of $1.60 per common share. The dividend will be payable on September 30, 2024, to shareholders of record as of September 13, 2024. This announcement demonstrates CBL Properties' commitment to providing regular returns to its shareholders and may indicate the company's confidence in its financial stability and future prospects.