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

Business Editors

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--March 8, 2000

CBL & Associates Properties, Inc. (NYSE:CBL) today announced that the Board of Directors has declared a 4.6% increase in its regular quarterly cash dividend to $0.51 per share for the quarter ending March 31, 2000, 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 $2.04 per share as compared with $1.95 per share in 1999, is payable on April 18, 2000, to shareholders of record as of March 31, 2000.

Charles B. Lebovitz, chairman and chief executive officer, stated, "We had an outstanding year in 1999 with 19.8% FFO per share growth, strong internal growth and record portfolio occupancy. We are pleased with the Board's decision to increase the quarterly dividend for the sixth consecutive year which will allow 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. The Company has a portfolio of 141 properties in 25 states totaling 35.9 million square feet, including 1.8 million square feet of non-owned shopping centers managed for third parties. The Company has under construction seven new projects totaling approximately 2.2 million square feet, including one mall, one associated center, three community centers and two expansions. In 1999, CBL added 2.8 million square feet of shopping center space to the portfolio, including the opening in October of the 1.2 million-square-foot Arbor Place mall in metropolitan Atlanta. 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 Operation" incorporated by reference therein, for a discussion of such risks and uncertainties.