CBL & Associates Properties declares dividend but stock still drops

CBL & Associates Properties, Inc. declared a quarterly cash dividend for the company's common stock Friday of 26.5 cents per share, payable on July 17 to shareholders of record as of June 30.

Although the shopping center developer reaffirmed its dividend rate, shares of CBL still fell Friday another 71 cents per share, or 2.65 percent, to $7.71 per share. CBL stock has dropped 25 percent in the past year, raising the effective yield on the current dividend rate to 13.7 percent at Friday's closing price.

CBL and other real estate investment trusts operating retail shopping centers have been hurt by the record number of retail bankruptcies this year and the shift among consumers toward e-commerce over shopping at conventional brick-and-mortar stores.

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