CBL CBL and Associates Properties Inc

CBL & Associates Properties, Inc. (NYSE: CBL) today announced it has begun construction on The Shops at Pineda Ridge in Melbourne, Florida. The 170,000-square-foot open-air center will be anchored by a 140,000-square-foot Home Depot along with an additional 30,000 square feet of small shops. Home Depot is scheduled to open on February 23, 2006, and the balance of the center is targeted for opening in October 2006. "We have been very active on the development front in Florida," stated Stephen Lebovitz, president of CBL & Associates Properties, Inc. "The Shops at Pineda Ridge is part of our 2006 development pipeline that totals over 1.6 million square feet. This new development joins the recent opening of phase one of our 1.7 million-square-foot Gulf Coast Town Center in Fort Myers. With such a strong anchor draw as Home Depot and the excellent location and trade area demographics, The Shops at Pineda Ridge is perfectly positioned to benefit from Brevard County's continued growth." The Shops at Pineda Ridge is situated one-quarter mile south of Pineda Causeway on Wickham Road. Recent traffic studies indicate that 43,000 vehicles pass by this location daily. The center's trade area boasts a 2004 average household income of $65,017 and a population base of 196,419. Businesses interested in learning more about leasing opportunities should contact Bill Jensen/Senior Leasing Manager or Greg Wilson/Leasing Manager, CBL & Associates Properties, Inc., CBL Center, Suite 500, 2030 Hamilton Place Boulevard, Chattanooga, TN 37421-6000, 1-800-333-7310, ext. 293 and 612 respectively, email bill_jensen@cblproperties.com or greg_wilson@cblproperties.com. CBL currently owns seven malls and shopping centers in Florida, including the 1.7 million-square-foot Gulf Coast Town Center in Fort Myers of which Phase One opened in November 2005; the 1.1 million-square-foot Volusia Mall in Daytona Beach; the 606,000-square-foot Panama City Mall and 57,000-square-foot The Shoppes at Panama City Mall in Panama City; the 496,000-square-foot Lakeshore Mall in Sebring; the 224,000-square-foot Cobblestone Village at Royal Palm Beach in West Palm Beach; and the 37,000-square-foot Fashion Square Shopping Center in Orange Park. CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 132 properties, including 79 regional malls/open-air centers. The properties are located in 26 states and total 74.0 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has eleven projects under construction totaling 2.3 million square feet including Phase II of Gulf Coast Town Center in Ft. Myers, FL; two open-air shopping centers; a community center, two associated center and five expansions. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional information can be found at http://cblproperties.com. Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties.