CBL & Associates Properties Increases Common Dividend for Seventh Consecutive Year.

Business Editors

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--March 6, 2001

CBL & Associates Properties, Inc. (NYSE:CBL) today announced that the Board of Directors has declared a regular quarterly cash dividend of $0.5325 per share for the quarter ending March 31, 2001, for the Company's Common Stock. Since its initial public offering in 1993, CBL's dividend has grown at a compound annual rate of 5.1%. The dividend, which equates to an annualized rate of $2.13 per share as compared with $2.04 per share in 2000, is payable on April 17, 2001, to shareholders of record as of March 30, 2001.

Charles B. Lebovitz, chairman and chief executive officer, stated, "We had an outstanding year in 2000 with a 32.7% total return to shareholders, strong growth in same center net operating income, record portfolio occupancy and the third consecutive year of double-digit growth in funds from operations per share. We are pleased with the Board's decision to increase the quarterly dividend for the seventh consecutive year which allows us to continue to enhance the total return to our shareholders."

CBL & Associates Properties, Inc. is a real estate investment trust that owns regional malls and community shopping centers, primarily in the Southeast and select markets in the Northeast and Midwest. With a total of 51 enclosed malls, the Company now has a portfolio of 158 properties in 26 states totaling 55.9 million square feet, including 2.1 million square feet of non-owned shopping centers managed for third parties. The Company currently has under construction five new projects totaling approximately 1.7 million square feet, including two malls, one community center and two mall expansions. In addition to its headquarters in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. The Company can be found on the Internet 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.