CBL & Associates Properties Announces 12.6% Increase in Common Dividend Distribution.

CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE: CBL) today announced that the Board of Directors has approved a 12.6% increase in the regular quarterly cash dividend for the Company's Common Stock to $0.4575 per share for the quarter ending December 31, 2005. The dividend, is payable on January 16, 2006, to shareholders of record as of December 30, 2005. The quarterly cash dividend equates to an annual dividend of $1.83 per share compared with the previous annual dividend of $1.625 per share.

Previously, the Board of Directors had declared a special one-time cash dividend for the Company's Common Stock of $0.09 per share. The dividend is payable on January 16, 2006, to shareholders of record as of December 30, 2005.

The Board declared a quarterly cash dividend of $1.09375 per share for the quarter ending December 30, 2005, 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 30, 2005, to shareholders of record as of December 15, 2005.

The Board declared a quarterly cash dividend of $0.484375 per depositary share for the quarter ending December 30, 2005, 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 30, 2005, to shareholders of record as of December 15, 2005.

The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the quarter ending December 30, 2005, 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 30, 2005, to shareholders of record as of December 15, 2005.

CBL is the fourth largest mall REIT in North America and the largest owner of malls and shopping centers in the Southeast, ranked by GLA. CBL owns, holds interests in or manages 123 properties, including 73 regional malls/open-air centers. The properties are located in 24 states and total 68.0 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has eight projects under construction totaling 2.0 million square feet including open-air shopping centers located in Ft. Myers, FL, and Stillwater, OK, one community center, one associated center and four expansions. Additionally, CBL has three malls under contract for purchase and one mall under contract for joint venture ownership comprising approximately 4.4 million square feet. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. 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.