CBL & Associates Properties Announces Expansion and Renovation Plans for Fayette Mall in Lexington, Kentucky.

CHATTANOOGA, Tenn. -- Major Expansion and Renovation Includes the Addition of Dick's Sporting Goods to Dominant Regional Mall

CBL & Associates Properties, Inc. (NYSE:CBL) announced the expansion and renovation of Fayette Mall in Lexington, KY, including the addition of a two-level, 80,000-square-foot Dick's Sporting Goods. Dick's Sporting Goods will anchor a 140,000-square-foot mall expansion on the southwest side of Fayette Mall. The expansion includes the addition of up to seven new stores totaling 55,000 square feet of mall shop space. Construction has commenced on the mall expansion and renovation work will begin in January 2005. Dick's Sporting Goods is scheduled to open and renovation will be completed by October 2005.

"We are excited to have the opportunity to expand and renovate Fayette Mall," said Michael Lebovitz, CBL & Associates Properties, Inc., senior vice president of mall projects. "The significant investment in expanding and renovating the mall shows CBL's continued commitment to the community. With this expansion we will add space for up to seven new stores and will be able to better accommodate retailers looking to enter the Lexington market or those seeking to increase the size of their existing stores. The renovation will also add the newest amenities and family-friendly features to the mall that will enhance the overall shopping experience."

One of America's premier authentic full-line sporting goods retailers, Dick's Sporting Goods offers a broad assortment of brand name sporting equipment, apparel and footwear in a specialty store environment. The Dick's Sporting Goods store in Fayette Mall will feature equipment for a wide variety of sports enthusiasts such as fishing, hunting, golf, exercise equipment and skateboarding. More information on Dick's Sporting Goods can be found at www.dickssportinggoods.com.

Lebovitz added, "CBL has had tremendous success within our 67-mall portfolio in adding high quality anchors such as Dick's Sporting Goods. The expansion and addition of this exciting new sporting goods store reinforces Fayette Mall's position as the dominant retail-shopping destination in the central Kentucky area. It will complement what is already a diversified retailer mix at Fayette Mall."

Fayette Mall is a 1.1 million-square-foot super regional mall located on Nicholasville Road just south of New Circle in Lexington. Renovation plans include remodeling the mall's entrances, enhancing interior lighting, new decor, improved flooring, soft seating areas, interior and exterior signage improvements and food court renovations including new furniture.

Fayette Mall is currently 99.4% occupied, features more than 120 specialty shops and is anchored by Dillard's, JCPenney, Lazarus-Macy's and Sears. With 15 million visitors each year, the mall contributes approximately 3,000 jobs to the local economy and produces more than $270 million annually in retail sales. For more information, visit on-line at www.shopfayette-mall.com.

CBL & Associates Properties, Inc. 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 167 properties, including 67 enclosed regional malls. The properties are located in 27 states and total 69.4 million-square-feet including 2.0 million-square-feet of non-owned shopping centers managed for third parties. CBL has nine 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 six 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.