CBL & Associates Acquires Mall in Waco, Texas.

Business Editors

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--May 1, 2002

CBL & Associates Properties, Inc. (NYSE:CBL) today announced the acquisition of Richland Mall, a 724,663-square-foot regional mall located in Waco, Texas, for $43.5 million. The acquisition is expected to generate an initial return of 10.3% after an additional investment of $1.5 million for capital improvements.

Located on approximately 77 acres at the intersection of US Highways 6 and 84, the mall is anchored by Dillard's I, Dillard's II, Sears, JCPenney and Beall's. Richland Mall is currently 88% occupied and posted mall shop sales of $309 per square foot in 2001.

CBL's chairman and chief executive officer, Charles B. Lebovitz commented, "We are pleased with the acquisition of this regional mall which will enable us to utilize our proven expertise in acquiring well-located, dominant regional malls with strong initial returns and substantial upside potential. Richland Mall has long been the dominant mall in this growing middle market. We expect to increase the returns at this property through an aggressive leasing and specialty leasing effort."

CBL & Associates Properties, Inc. is the third largest mall real estate investment trust in terms of GLA owned in the United States and the largest owner of malls and shopping centers in the Southeast. With a total of 53 enclosed malls, the Company has a portfolio of 159 properties in 25 states totaling 56.7 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. The Company has under construction six projects totaling approximately 1.2 million square feet, including one mall, one associated center, one mall expansion and three mall renovations. In addition to its office in Chattanooga, TN, the Company has a regional office in Boston (Waltham), MA. The Company can be found on the Internet at www.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.