CBL & Associates Properties Announces Updates on over $600.0 Million in Financing Activity

CBL & Associates Properties, Inc. (NYSE: CBL) today announced significant progress on the extension and modification of the $524.85 million secured credit facility that is currently scheduled to mature in February 2010. To-date the Company has received commitments from participants in the credit facility representing approximately $420.0 million or 80% of the lending commitments thereunder. The commitments reflect an extension of the facility from February 2010 to February 2012, with an option to extend the maturity for one additional year (subject to continued compliance with the terms of the facility). Additional information on the proposed terms and conditions of the facility is provided below.

�We are pleased to announce this major advancement, successfully addressing a majority of our debt maturities through 2010,� said John N. Foy, chief financial officer for CBL & Associates Properties, Inc. �The extension and modification of the secured credit facility will extend the outside maturity date into 2013, a material enhancement to our debt expiration schedule. We are making excellent progress towards maintaining 100% capacity. There are two foreign lending institutions that have provided positive indications, but require additional time to advance the approvals through their credit committees. We look forward to providing updates as we continue to move forward.�

Foy added, �We are currently in discussions on a number of joint venture and disposition opportunities that, while still in the early stages, look promising. These actions are expected to strongly contribute to the Company�s de-leveraging efforts and our long-term plan to secure the unsecured credit facility, which matures in August 2011.�

Secured Credit Facility:

The commitments reflect that amounts outstanding under the facility are expected to bear interest at an annual rate equal to LIBOR plus 325 to 425 basis points, with LIBOR subject to a minimum of 1.50% for periods commencing on or after January 1, 2010. The Company�s secured credit facility currently bears interest at an annual rate equal to LIBOR plus 80 basis points. The Company is continuing to seek additional lending commitments to this facility from existing participants in the facility and from other lending institutions. Wells Fargo Bank NA is the administrative agent under this facility.

The Company anticipates closing on the extension and modification agreement in 2009. Full terms and conditions of the facility will be announced at that time.

Mortgage Refinancing Activity:

The Company also announced that it had entered into a commitment for two separate 10-year, non-recourse loans including a $33.6 million loan secured by Honey Creek Mall in Terre Haute, IN and a $57.8 million loan secured by Volusia Mall in Daytona Beach, FL. The loans are with the existing institutional lender, have an interest rate of 8.0% and are expected to close within 30 days. These loans replace an existing $30.1 million loan secured by Honey Creek Mall and a $51.2 million loan secured by Volusia Mall. CBL intends to use the approximately $10.1 million of excess proceeds, plus cash on hand, to pay off the $30.2 million loan secured by Bonita Lakes Mall in Meridian, MS. These advancements successfully address all of the Company�s 2009 loan maturities, except for a $53.0 million non-recourse loan secured by Eastgate Mall in Cincinnati, OH. The Company is currently in discussions with the existing lender as well as alternate lending institutions to extend or refinance the loan.

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 88 regional malls/open-air centers. The properties are located in 27 states and total 86.0 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has four projects under construction totaling 2.4 million square feet including The Promenade in D'Iberville, MS; Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; and one open-air center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas, TX, and St. Louis, MO. Additional information can be found at 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.

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