CBL Properties (NYSE:
CBL) -34.9% after-hours on news it is
suspending all future dividends on its common and preferred stock, citing the need to preserve free cash flow.
CBL says it anticipates a decline in net operating income in 2020 due to heightened retailer bankruptcies, restructurings and store closings in 2019.
The company says it will review the dividend suspension quarterly but expects the decision will remain in place until year-end 2020.