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CBL - Avoid CBL & Associates: This Looks Like A Zero
CBL & Associates Properties Inc.
Mall REIT CBL & Associates (CBL) has been in free fall for the past few years. Adjusted FFO per share has collapsed from $2.41 in 2016 to just $1.36 in 2019, with further declines expected in 2020. Vacancy rates are rising due to a slew of tenant bankruptcies: especially the 2018 bankruptcies of Sears and Bon-Ton. This is forcing CBL to spend money on redevelopment just as its cash flow has come under pressure.
As a result, CBL has reduced its quarterly dividend from $0.265 per share as recently as 2017 to $0.20