CBL & Associates Properties Closes $178.4 Million in Secured Financings.

CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE: CBL) today announced that in two separate transactions, it has closed on a total of $178.4 million in long-term, non-recourse fixed-rate financing.

CBL closed a $113.4 million ten-year, interest only loan with an interest rate of 5.04%, which is secured by Mall Del Norte in Laredo, TX. The 1.2 million-square-foot regional mall was acquired by CBL in November 2004. Net proceeds from the loan were used to reduce the outstanding borrowings on CBL's $400 million unsecured credit facility.

CBL also closed $65.0 million in new financing secured by the 1.1 million-square-foot Eastgate Mall in Cincinnati, OH. The financing is comprised of a $57.25 million five-year loan with an interest rate of 4.55% and amortization based on a 30-year schedule and a $7.75 million interest only, five-year, B-note with an interest rate of 6.75%. The B-note is held by CBL. The loan replaces a $41.13 million term loan that was set to expire in December 2004 that had a variable interest rate of 100 basis points over LIBOR.

"We continue to complete financing transactions at very favorable terms which is indicative of the quality of the regional mall securing each loan," commented Charles B. Lebovitz, chairman and chief executive officer of CBL & Associates Properties. "These transactions are consistent with our strategy of replacing short-term, variable-rate debt with long-term, fixed-rate financing."

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 173 properties, including 69 enclosed regional malls. The properties are located in 28 states and total 73.2 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 1.8 million-square-feet including one regional mall - Imperial Valley Mall in the Imperial Valley region of California, an open-air shopping center in Southaven (Memphis, TN), MS, two community centers and three 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.