CBL & Associates Properties Announces Common and Preferred Stock Dividends.

CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE: CBL) today announced that its Board of Directors has declared a regular quarterly cash dividend for the Company's Common Stock of $0.5050 per share for the quarter ending September 30, 2007. The dividend is payable on October 15, 2007, to shareholders of record as of September 28, 2007. The quarterly cash dividend equates to an annual dividend of $2.02 per share.

The Board declared a quarterly cash dividend of $0.484375 per depositary share for the quarter ending September 30, 2007, 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 September 28, 2007, to shareholders of record as of September 14, 2007.

The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the quarter ending September 30, 2007, 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 September 28, 2007, to shareholders of record as of September 14, 2007.

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 129 properties, including 79 regional malls/open-air centers. The properties are located in 26 states and total 74.5 million square feet including 2.1 million square feet of non-owned shopping centers managed for third parties. CBL currently has fourteen projects under construction totaling 3.0 million square feet including Pearland Town Center in Houston (Pearland), TX; CBL Center II in Chattanooga, TN; four lifestyle/associated centers, seven mall expansions/redevelopments, and one community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, and Dallas, TX. 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.