CBL & Associates Properties, Inc. (NYSE:CBL) shares were plummeting after the company unveiled its earnings and slashed its quarterly dividend.

In its third quarter, the company earned $84.7 million in funds from operations, or 50 cents per share, which was well below the year-ago mark of $98.1 million, or 57 cents per share. Analysts were calling for earnings of 54 cents per share.

For its fourth quarter, CBL & Associates Properties expects to have between $2.08 and $2.12 in funds from operations, which is about 10 cents less than its previous forecast.

The company also cut its dividend following a rough summer that saw its mall occupancy and net operating income from its centers down due to an unusual number of company’s going bankrupt. The shift from physical stores to online shopping has eaten into CBL’s business.

CBL announced that its dividend will be reduced from $1.06 per share to 80 cents per share, marking a decline of nearly 25%. The move will help save about $50 million of cash on an annual basis, according to the company’s management.

“This quarter’s results fell below our expectations as our revenues were impacted by additional bankruptcies, store closures and rent concessions,” CBL President Stephen Lebovitz said following the company’s earnings call.

“The difficult environment for retailers has put further pressure on our net operating income, funds from operations and lease spreads,” Lebovitz added.

CBL stock fell 25.9% on Friday.