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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.

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