CBL & Associates Properties Adds Circuit City and Linens 'N Things to Southaven Towne Center in Southaven, MS.

CHATTANOOGA, Tenn. -- Closes on 196 Acres for Development of Open-Air Shopping Center 

CBL & Associates Properties, Inc. (NYSE:CBL) today announced it has closed on the purchase of approximately 196 acres in Southaven, MS from Goodman Road Limited Partnership for the development of Southaven Towne Center, an open-air shopping center located approximately nine miles south of Memphis, TN. CBL also announced that it has signed leases with Circuit City and Linens 'n Things to join the first phase of Southaven Towne Center. The first phase of the center is scheduled to open with JCPenney and other small shop retailers in the fall of 2005. Dillard's Department Store will join the second phase in the spring of 2006.

Located in the southeast quadrant of Interstate 55 and Goodman Road, the 420,000-square-foot Southaven Towne Center will feature an open-air pedestrian environment with extensive landscaping; a variety of stylish, eye-catching architectural elements; two department stores -- Dillard's and JCPenney; Circuit City and Linens 'n Things; two other large specialty retailers; more than 40 small shop retailers and numerous dining destinations.

Commenting on the announcement, CBL & Associates Properties, Inc. President Stephen Lebovitz, said, "Southaven Towne Center continues to exceed our expectations with strong leasing interest from leading national retailers and an exceptional lineup of department stores and large specialty retailers. Circuit City and Linens 'n Things are an excellent addition to a retailer mix that already includes Dillard's and JCPenney. At over 70% preleased already, we believe Southaven Towne Center is well on its way to becoming the destination for first class shopping. We look forward to announcing additional retailers in the future."

Lebovitz added, "Southaven City and Desoto County leaders have been very instrumental in working through the pre-development challenges we have faced in making this exciting shopping center development a reality. The major off-site improvements the city is coordinating, along with the exciting shopping experience we will create at Southaven Towne Center, will be a win-win for Southaven, DeSoto County and the surrounding communities."

CBL owns and manages three enclosed regional malls in Mississippi including Bonita Lakes Mall in Meridian, Pemberton Square in Vicksburg and Turtle Creek Mall in Hattiesburg. CBL is one of the top five owners of shopping centers in North America and the largest owner of malls and shopping centers in the Southeast, ranked by GLA owned. CBL owns, holds interests in or manages 164 properties, including 66 enclosed regional malls. The properties are located in 27 states and total 67.6 million-square-feet including 2.0 million-square-feet of non-owned shopping centers managed for third parties. CBL has seven projects under construction totaling approximately 1.9 million-square-feet including one regional mall - Imperial Valley Mall in the Imperial Valley region of California, an open-air shopping center in Southaven, MS, one community center and four expansions. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional information can be found 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.