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WPG - Washington Prime Looks Like The Next CBL: PREIT Does Not
Washington Prime Group Inc.
Earlier this year, struggling retail REIT CBL & Associates (CBL) suspended its common dividend for two quarters to help fund a class action settlement. However, CBL continued to pay dividends on its preferred shares. Moreover, at the time, management said the REIT would likely resume dividends on its common shares in January 2020.
The other shoe dropped on Monday. Facing worsening business conditions, CBL announced the indefinite suspension of dividends on its common and preferred shares. CEO Stephen Lebovitz stated:
We anticipate a decline in net operating income in 2020 as a result