CBL & Associates Declares $0.175 Special Dividend, Raises Quarterly Rate 39%
CBL & Associates Properties, a mall-focused real estate investment trust, declared a special cash dividend of $0.175 per share for the first quarter, bringing its total Q1 payout to $0.625 per share. The company plans to maintain the higher rate going forward.
CBL & Associates Properties Inc, a real estate investment trust focused on enclosed shopping malls, declared a special cash dividend of $0.175 per common share for the first quarter of 2026. The special dividend comes on top of a previously announced $0.45 per share quarterly dividend, bringing the total first-quarter payout to $0.625 per share. Read more dividend announcements.
The combined dividend represents a 39% increase from the company's previous quarterly rate. CBL said the special dividend is expected to be incorporated into the ongoing regular quarterly dividend beginning in the second quarter, subject to Board approval, which would establish a new annualized dividend rate of $2.50 per common share.
The special dividend will be paid on April 17, 2026, to shareholders of record as of April 10, 2026.
| Dividend Detail | Information |
|---|---|
| Special Dividend Amount | $0.175 per share |
| Total Q1 Dividend | $0.625 per share |
| Record Date | April 10, 2026 |
| Payment Date | April 17, 2026 |
| Expected New Quarterly Rate | $0.625 per share |
| Expected Annualized Rate | $2.50 per share |
Refinancing Transactions Drive Dividend Increase
The dividend increase follows the completion of two major refinancing transactions totaling $601 million. CBL closed a $176 million floating-rate, non-recourse loan on March 27, which together with a previously announced $425 million non-recourse financing secured by enclosed mall assets, refinances the company's former secured term loan.
The refinancings extend the maturity by five years to 2031 and are expected to improve annual free cash flow by more than $30 million while reducing overall debt by more than $33 million. Following the transactions, CBL's estimated cash balance stands at more than $291 million.
Executive Bonuses Approved
The company's Compensation Committee approved special transaction bonuses for executive officers in recognition of their contributions to the refinancing transactions. Benjamin W. Jaenicke, Executive Vice President and Chief Financial Officer, received a $250,000 cash bonus, while Katie A. Reinsmidt, Executive Vice President and Chief Operating Officer, received $25,000.
The company noted that future dividend decisions will depend on earnings, taxable income, funds from operations, liquidity, financial condition, capital requirements, debt covenants, REIT distribution requirements under the Internal Revenue Code, and Delaware law.