CBL CBL and Associates Properties Inc

CBL & Associates Properties, Inc. (NYSE: CBL) today announced a revision to its common dividend rate. The continuing volatility in the financial markets and the challenges in the general economy have further increased the Company�s focus on maximizing financial flexibility. As a result, the Company�s Board of Directors has declared a quarterly cash dividend for the Company's Common Stock of $0.37 per share for the quarter ending December 31, 2008. The dividend is payable on January 14, 2009, to shareholders of record as of December 30, 2008. The quarterly cash dividend equates to an annual dividend of $1.48 per share compared with the previous annual dividend of $2.18 per share. The reduction in the dividend rate should generate additional free cash flow of approximately $80.0 million on an annual basis. The Board declared a quarterly cash dividend of $0.484375 per depositary share for the quarter ending December 31, 2008, for the Company's 7.75% Series C Cumulative Redeemable Preferred Stock. The dividend, which equates to an annual dividend payment of $1.9375 per depositary share, is payable on December 30, 2008, to shareholders of record as of December 15, 2008. The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the quarter ending December 31, 2008, for the Company's 7.375% Series D Cumulative Redeemable Preferred Stock. The dividend, which equates to an annual dividend payment of $1.84375 per depositary share, is payable on December 30, 2008, to shareholders of record as of December 15, 2008. About CBL & Associates Properties, Inc. CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 159 properties, including 87 regional malls/open-air centers. The properties are located in 27 states and total 84.7 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has ten projects under construction totaling 3.6 million square feet including Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; Hammock Landing in West Melbourne, FL; The Promenade in D�Iberville, MS; two lifestyle/associated centers, and four expansions/redevelopments. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas, TX, and St. Louis, MO. 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.