CBL & ASSOCIATES PROPERTIES, INC. DECLARES 5.4% INCREASE IN QUARTERLY DIVIDEND.CHATTANOOGA Chattanooga (chăt'ən`gə), city (1990 pop. 152,466), seat of Hamilton co., E Tenn., on both sides of the Tennessee River near the Georgia line; inc. 1839. , Tenn.--(BUSINESS WIRE)--March 20, 1997--CBL & Associates Properties, Inc. (NYSE NYSE
See: New York Stock Exchange :CBL Cbl cobalamin. ) today announced that the Board of Directors has declared a 5.4% increase in its quarterly cash dividend to $.4425 per share for the quarter ended March 31, 1997. The previous quarterly dividend rate was $.42 per share. The dividend, which equates to an annual rate of $1.77 per share for 1997, is payable on April 18, 1997, to shareholders of record as of March 31, 1997.
Commenting on the announcement, Charles B. Lebovitz, CBL's chairman, president and chief executive officer, stated, "The Company's performance in 1996 and optimistic op·ti·mist
1. One who usually expects a favorable outcome.
2. A believer in philosophical optimism.
op outlook for 1997 have enabled the Board to continue to increase the cash dividend rate while at the same time lowering our payout ratio Payout Ratio
The percentage of earnings paid out in dividends. It is calculated by dividing dividends per share by earnings per share.
The payout ratio indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend. ."
CBL & Associates Properties, Inc. is a real estate investment trust which owns regional malls and community shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , primarily in the Southeast and select markets in the northeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company has a portfolio of 111 properties totaling 20.8 million square feet, manages an additional 2.6 million square feet of non-owned shopping centers, and presently has under construction and opening this year nine new shopping centers totaling 3.1 million square feet, including one mall, two power centers, two associated centers and four community centers. -0-
NEW SHOPPING CENTERS OPENING IN 1997 Center Location Square Footage Hannaford Food/Drug(a) Richmond, Va 62,500 The Terrace(a) Chattanooga, Tn 156,923 Massard Crossing(a) Fort Smith, Ar 290,717 Salem Crossing Virginia Beach, Va 289,182 Springhurst Towne Ctr Louisville, Ky 808,159 Bonita Lakes Mall Meridian, Ms 630,670 Bonita Lakes Crossing Meridian, Ms 67,500 Cortlandt Town Center Cortlandt, NY 769,211 Strawbridge Marketplace Virginia Beach, Va 43,570 --------- (a) Open 3,118,432 Total
CONTACT: CBL & Associates Properties Inc., Chattanooga
John N. Foy, 423/855-0001