CBL CBL and Associates Properties Inc

CBL & Associates Properties, Inc. (NYSE:CBL) today announced that it has completed the sale of five community shopping centers to Galileo America LLC ("Galileo") for $106.5 million. The centers include Wilkes-Barre Township Marketplace in Wilkes-Barre Township, PA; Springdale Center in Mobile, AL; Fashion Square in Orange Park, FL; Cobblestone Village at Royal Palm in West Palm Beach, FL; and Chicopee Marketplace in Chicopee, MA. Proceeds from the sale were used in a tax advantageous 1031 like-kind exchange to repay the $102.9 million term loan on the Layton Hills Mall in Layton, UT, acquired by the Company in November 2005. 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 127 properties, including 79 regional malls/open-air centers. The properties are located in 26 states and total 72.7 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has ten 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; two community centers, two associated centers and three expansions. In addition to its two regional offices in Boston (Waltham), MA and Dallas, TX, CBL's corporate office is located in Chattanooga, TN. 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.