CBL Acquires Partner’s Interest in Parkway Place Mall in Huntsville, AL

CBL & Associates Properties, Inc. (NYSE: CBL), today announced that it had acquired the remaining 50% interest in Parkway Place in Huntsville, AL from its joint venture partner, Colonial Properties Trust. The interest was acquired for a total consideration of $38.8 million, comprised of $17.9 million in cash and assumption of the remaining $20.9 million interest in the loan secured by Parkway Place.

“Parkway Place has performed well over the years and year-to-date has posted double-digit increases in sales. We are excited to have the opportunity to acquire our partner’s interest at an attractive price,” said Stephen Lebovitz, President and Chief Executive Officer, CBL & Associates Properties, Inc. “The Huntsville market continues to generate impressive economic growth and we look forward to enhancing this already strong center.”

Parkway Place is a 647,000-square-foot enclosed regional mall, located on 34 acres along US 231 in the southeastern portion of Huntsville. The center is anchored by Belk and Dillard’s and features 273,000 square feet of stores and restaurants including Carabba’s Italian Grill, Chico’s, The Buckle, Forever 21, Pottery Barn, Victoria’s Secret and the recently opened Charming Charlie. The Huntsville market is notably one of the South’s most dynamic economies. The city is supported by a diverse employment base including a major military instillation, Redstone Arsenal, and the nation’s second largest research facility, Cummings Research Park, as well as manufacturing, aerospace, telecommunications and other major industry. Unemployment rates remain well below the national and state average with the city experiencing employment growth year-to-date.

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 160 properties, including 85 regional malls/open-air centers. The properties are located in 28 states and total 85.9 million square feet including 2.8 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), 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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