Skip to main content
Friday, October 30, 2026Oct 30
Subscribe
All Sections
Search
More

This story is free to read.

Shares of Chattanooga-based CBL fall 24% on dividend suspension announcement

This file photo from 2018 shows the Sears store at Hamilton Place mall. Center owner CBL Properties has since torn down much of the store to make way for new development.
This file photo from 2018 shows the Sears store at Hamilton Place mall. Center owner CBL Properties has since torn down much of the store to make way for new development. This file photo from 2018 shows the Sears store at Hamilton Place mall. Center owner CBL Properties has since torn down much of the store to make way for new development.

By Staff Report 1 min read

Shares of Chattanooga-based CBL Properties on Tuesday fell 24.4% after the company said the day before that it would suspend future dividends on common and preferred stock through 2020.

CBL stock closed at $1.02 per share on the New York Stock Exchange, down 33 cents.

On Monday, CBL’s stock fell sharply shortly after the announcement in after-hours trading, declining by 33% and dropping to about 90 cents per share.

Stephen D. Lebovitz, CBL’s chief executive officer, said that suspending dividends is a significant and difficult decision and one that was carefully considered by management and the board of directors.

“However, preserving free cash flow is a paramount objective for CBL at this time,” he said, as the company cited an anticipated drop in net operating income for 2020.