CBL Celebrates Grand Opening of Southaven Towne Center near Memphis (Southaven, MS), TN; Majority of Retailers at Southaven Towne Center make their Debut in the Market.

CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE:CBL) today celebrated the grand opening of Southaven Towne Center, an open-air shopping center near Memphis (Southaven, MS), TN. CBL executives, along with The Honorable Greg Davis, Mayor of Southaven, and other key dignitaries were in attendance to celebrate the opening of the area's newest and most unique shopping, dining and entertainment destination.

"Southaven Towne Center is a phenomenal shopping destination," said Stephen Lebovitz, president of CBL & Associates Properties, Inc. "Southaven Towne Center offers the region an exceptional place to shop, dine and simply have fun. We have taken extra steps in creating the open-air format in an effort to provide Southaven and the surrounding communities with a shopping complex of which they can be proud that has the 'best in retailing today'."

Lebovitz added, "This is an important day for CBL because it highlights our company as one of the largest and most experienced shopping center developers in the country and showcases our expertise in the arena of open-air development formats. The tremendous interest we continue to receive from our retail partners speaks to the convenience and attractiveness of this format and has encouraged us to explore opportunities to develop a second phase."

"Southaven Towne Center is the result of years of hard work by so many people developing a model public/private development partnership that will surely enhance the quality of life for our residents," said Southaven Mayor Greg Davis. "It has been an honor and privilege to work with a first-class company like CBL and I want to thank them for bringing so many high quality shopping choices to Southaven and DeSoto County. This shopping center is an important contributor to the continued growth of our community as we retain consumer spending in Southaven and add a significant employer to our workforce."

Southaven Towne Center is a 447,000-square-foot regional open-air shopping destination featuring two department stores, Dillard's and JCPenney, more than five large space retailers including Circuit City, Linens 'n Things, Pier 1, Sportsman's Warehouse, Cost Plus World Market and Gordmans, plus more than 30 small shop retailers and numerous restaurants, almost all making their debut in the market. Dillard's and Gordmans are scheduled to open in spring 2006. Southaven Towne Center is currently 100% leased and committed.

Southaven Towne Center is expected to contribute approximately 1,000 jobs to the local economy and produce in excess of $100 million annually in retail sales. Located in the southeast quadrant of Interstate 55 and Goodman Road, the shopping center will feature an open-air pedestrian environment with extensive landscaping and a variety of stylish, eye-catching architectural elements.

CBL & Associates Properties, Inc. owns and manages three regional malls in Mississippi including Bonita Lakes Mall in Meridian, Pemberton Square in Vicksburg and Turtle Creek Mall in Hattiesburg. CBL owns and/or manages eight regional malls in Tennessee including Hamilton Place in Chattanooga, Governor's Square in Clarksville, Old Hickory Mall in Jackson, Foothills Mall in Maryville, College Square in Morristown, Hickory Hollow Mall, CoolSprings Galleria and RiverGate Mall in Nashville.

CBL 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 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 867,000 square feet including an 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.