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CBL - Why Shares of CBL & Associates Are Plunging Today
CBL & Associates Properties Inc.
CBL & Associates Properties (NYSE: CBL), a mall real estate investment trust (REIT), has been struggling to adapt to the changing retail landscape for some time. E-commerce disruption has weighed on many of the company's tenants and has led to bankruptcies and store closures.
One of the worst fears of dividend investors is a dividend cut, and this fear just became a reality for CBL's investors. Management announced on Monday afternoon that it is suspending all future dividends on both its common and preferred stock until further notice. Shares were down 26% as of 11:30 a.m. EST on Tuesday.