CBL Announces Refinancing of Five Loans.

CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it has closed on five separate loans totaling $452.0 million. The loans are fixed-rate ten-year non-recourse, with a weighted average interest rate of 5.0% and are secured individually by Imperial Valley Mall in El Centro, CA; Brookfield Square in Brookfield, WI; East Town Mall in Madison; WI; West Town Mall in Madison, WI; and CherryVale Mall in Rockford, IL. The financings replaced seven loans totaling $289.5 million that had a weighted average interest rate of 7.0% and were maturing over the next 18-months.

As a result of the early extinguishment of the loans, CBL will incur a one-time charge of approximately $5.4 million for prepayment penalties and the write-off of unamortized deferred financing costs, which will be included in GAAP Net Income and FFO in the fourth quarter 2005. CBL expects to use the excess proceeds from the refinancing to pay down outstanding balances on the Company's lines of credit.

"We are pleased to complete these transactions, capitalizing on the favorable interest rates we were able to negotiate," stated Charles B. Lebovitz, chairman and chief executive officer of CBL & Associates Properties. "The refinancings allow the Company to reap the benefit of long-term interest expense savings and produce a significant amount of excess proceeds from which to pay down our lines of credit, providing the Company with additional capacity to complete future strategic transactions."

CBL & Associates Properties, Inc. is the fourth largest mall REIT in North America and the largest owner of malls and shopping centers in the Southeast, ranked by GLA. CBL owns, holds interests in or manages 124 properties, including 73 enclosed regional malls and open-air centers. The properties are located in 24 states and total 68.0 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has five projects under construction totaling approximately 867,000 square feet. The projects include one open-air shopping center located in Ft. Myers, FL, two community centers and two expansions. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional information can be found at http://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.