CBL & Associates Properties Announces 10.4% Increase in Common Dividend Distribution.

CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE: CBL) today announced that the Board of Directors has approved a 10.4% increase in the regular quarterly cash dividend for the Company's Common Stock to $0.5050 per share for the quarter ending December 31, 2006. The dividend, is payable on January 16, 2007, to shareholders of record as of December 29, 2006. The quarterly cash dividend equates to an annual dividend of $2.02 per share compared with the previous annual dividend of $1.83 per share. This increase represents CBL's fourteenth consecutive annual increase and the fifth consecutive double-digit increase in the common dividend.

The Board declared a quarterly cash dividend of $1.09375 per share for the quarter ending December 31, 2006, for the Company's 8.75% Series B Cumulative Redeemable Preferred Stock. The dividend, which equates to an annual dividend payment of $4.375 per share, is payable on December 29, 2006, to shareholders of record as of December 15, 2006.

The Board declared a quarterly cash dividend of $0.484375 per depositary share for the quarter ending December 31, 2006, 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 29, 2006, to shareholders of record as of December 15, 2006.

The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the quarter ending December 31, 2006, 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 29, 2006, to shareholders of record as of December 15, 2006.

CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 128 properties, including 79 regional malls/open-air centers. The properties are located in 27 states and total 73.3 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has nine projects under construction totaling 2.2 million square feet including Phase II of Gulf Coast Town Center in Ft. Myers, FL; one open-air shopping center; two community centers, four associated/lifestyle centers and a mall expansion. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, and Dallas, TX. 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.