Exhibit 99.3

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months Ended March 31, 2007

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

	Three Months Ended March 31,
	2007			2006
REVENUES:
Minimum rents	$	155,316		$	152,152
Percentage rents		6,482			6,353
Other rents		4,429			3,880
Tenant reimbursements		78,084			75,992
Management, development and leasing fees		1,221			1,076
Other		5,009			5,866
Total revenues		250,541			245,319

EXPENSES:
Property operating		43,471			40,737
Depreciation and amortization		57,068			54,766
Real estate taxes		20,791			19,265
Maintenance and repairs		15,433			12,693
General and administrative		10,197			9,587
Other		3,639			4,168
Total expenses		150,599			141,216
Income from operations		99,942			104,103
Interest and other income		2,745			1,731
Interest expense		(66,127	)		(63,929	)
Loss on extinguishment of debt		(227	)		—
Gain on sales of real estate assets		3,530			900
Equity in earnings of unconsolidated affiliates		598			2,068
Income tax provision		(803	)		—
Minority interest in earnings:
Operating partnership		(13,563	)		(18,129	)
Shopping center properties		(730	)		(588	)
Income before discontinued operations		25,365			26,156
Operating income (loss) of discontinued operations		(267	)		2,099
Loss on discontinued operations		(55	)		—
Net income		25,043			28,255
Preferred dividends		(7,642	)		(7,642	)
Net income available to common shareholders	$	17,401		$	20,613
Basic per share data:
Income before discontinued operations, net of preferred dividends	$	0.27		$	0.30
Discontinued operations		—			0.03
Net income available to common shareholders	$	0.27		$	0.33
Weighted average common shares outstanding		65,109			62,655

Diluted per share data:
Income before discontinued operations, net of preferred dividends	$	0.27		$	0.29
Discontinued operations		(0.01	)		0.03
Net income available to common shareholders	$	0.26		$	0.32
Weighted average common and potential dilutive common shares outstanding		65,886			64,323

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

The Company’s calculation of FFO allocable to Company shareholders is as follows (in thousands, except per share data):

	Three Months Ended March 31,
	2007			2006

Net income available to common shareholders	$	17,401		$	20,613
Minority interest in earnings of operating partnership		13,563			18,129
Depreciation and amortization expense of:
Consolidated properties		57,068			54,766
Unconsolidated affiliates		3,504			3,278
Discontinued operations		—			515
Non-real estate assets		(228	)		(195	)
Minority investors’ share of depreciation and amortization		(606	)		(539	)
Loss on discontinued operations		55			—
Funds from operations of the operating partnership		90,757			96,567
Percentage allocable to Company shareholders ⁽¹⁾		56.20	%		54.41	%
Funds from operations allocable to Company shareholders	$	51,005		$	52,542
Basic per share data:
Funds from operations	$	0.78		$	0.84
Weighted average common shares outstanding with operating partnership units fully converted		115,858			115,147
Diluted per share data:
Funds from operations	$	0.78		$	0.83
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted		116,636			116,815

⁽¹⁾ Represents the weighted average number of common shares outstanding for the period divided by the

sum of the weighted average number of common shares and the weighted average number of operating

partnership units outstanding during the period.

SUPPLEMENTAL FFO INFORMATION:

Lease termination fees	$	3,369	$	5,868
Lease termination fees per share	$	0.03	$	0.05

Straight-line rental income	$	1,124	$	965
Straight-line rental income per share	$	0.01	$	0.01

Gains on outparcel sales	$	3,799	$	1,633
Gains on outparcel sales per share	$	0.03	$	0.01

Amortization of acquired above- and below-market leases	$	2,930	$	2,602
Amortization of acquired above- and below-market leases per share	$	0.03	$	0.02

Amortization of debt premiums	$	1,902	$	1,842
Amortization of debt premiums per share	$	0.02	$	0.02

Income tax provision	$	803	$	—
Income tax provision per share	$	0.01	$	—

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

Same-Center Net Operating Income

(Dollars in thousands)

	Three Months Ended March 31,
	2007				2006

Net income	$	25,043			$	28,255

Adjustments:
Depreciation and amortization		57,068				54,766
Depreciation and amortization from unconsolidated affiliates		3,504				3,278
Depreciation and amortization from discontinued operations		—				515
Minority investors’ share of depreciation and amortization in
shopping center properties		(606	)			(539	)
Interest expense		66,127				63,929
Interest expense from unconsolidated affiliates		4,192				4,394
Minority investors’ share of interest expense in
shopping center properties		(1,187	)			(1,162	)
Loss on extinguishment of debt		227				—
Abandoned projects expense		48				(5	)
Gain on sales of real estate assets		(3,530	)			(900	)
Gain on sales of real estate assets of unconsolidated affiliates		(269	)			(733	)
Income tax provision		803				—
Minority interest in earnings of operating partnership		13,563				18,129
(Gain) loss on discontinued operations		55				—
Operating partnership’s share of total NOI		165,038				169,927
General and administrative expenses		10,197				9,587
Management fees and non-property level revenues		(6,918	)			(4,661	)
Operating partnership’s share of property NOI		168,317				174,853
NOI of non-comparable centers		(2,241	)			(3,670	)
Total same center NOI	$	166,076			$	171,183

Malls	$	154,661			$	159,339
Associated centers		7,250				7,164
Community centers		808				1,026
Other		3,357				3,654
Total same center NOI	$	166,076			$	171,183

Percentage Change:
Malls		-2.9	%
Associated centers		1.2	%
Community centers		-21.2	%
Other		-8.1	%
Total same center NOI		-3.0	%	*

* The percentage change in same center NOI excluding applicable lease termination fees of $3.4 million and $ 5.4 million for the three months ended March 31, 2007 and March 31, 2006, respectively, was a 1.8% decrease.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

Company’s Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

	March 31, 2007
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,877,689		$	836,753		$	4,714,442
Minority investors’ share of consolidated debt		(24,703	)		—			(24,703	)
Company’s share of unconsolidated affiliates’ debt		208,730			29,902			238,632
Company’s share of consolidated and unconsolidated debt	$	4,061,716		$	866,655		$	4,928,371
Weighted average interest rate		5.93	%		6.22	%		5.98	%

		March 31, 2006
		Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,262,444		$	1,131,444		$	4,393,888
Minority investors’ share of consolidated debt		(51,686	)		—			(51,686	)
Company’s share of unconsolidated affiliates’ debt		225,238			26,550			251,788
Company’s share of consolidated and unconsolidated debt	$	3,435,996		$	1,157,994		$	4,593,990
Weighted average interest rate		5.99	%		5.55	%		5.88	%

Debt-To-Total-Market Capitalization Ratio as of March 31, 2007

(In thousands, except stock price)

	Shares Outstanding	Stock Price (1)		Value
Common stock and operating partnership units	116,272	$	44.84	$	5,213,636
8.75% Series B Cumulative Redeemable Preferred Stock	2,000		50.00		100,000
7.75% Series C Cumulative Redeemable Preferred Stock	460		250.00		115,000
7.375% Series D Cumulative Redeemable Preferred Stock	700		250.00		175,000
Total market equity					5,603,636
Company’s share of total debt					4,928,371
Total market capitalization				$	10,532,007
Debt-to-total-market capitalization ratio					46.8	%

(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on March 30, 2007. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

Reconciliation of Shares and Operating Partnership Units Outstanding

(In thousands)

	Three Months Ended March 31,
2007:	Baisc	Diluted
Weighted average shares - EPS	65,109	65,886
Weighted average operating partnership units	50,749	50,750
Weighted average shares- FFO	115,858	116,636

2006:
Weighted average shares - EPS	62,655	64,323
Weighted average operating partnership units	52,492	52,492
Weighted average shares- FFO	115,147	116,815

Dividend Payout Ratio

	Three Months Ended March 31,
		2007			2006
Weighted average dividend per share	$	0.51032		$	0.46390
FFO per diluted, fully converted share	$	0.78		$	0.83
Dividend payout ratio		65.4	%		55.9	%

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

Consolidated Balance Sheets

(Unaudited, in thousands except share data)

	March 31, 2007			December 31, 2006
ASSETS
Real estate assets:
Land	$	787,466		$	779,727
Buildings and improvements		6,080,290			5,944,476
		6,867,756			6,724,203
Less: accumulated depreciation		(972,530	)		(924,297	)
		5,895,226			5,799,906
Developments in progress		239,066			294,345
Net investment in real estate assets		6,134,292			6,094,251
Cash and cash equivalents		46,811			28,700
Receivables:
Tenant, net of allowance		64,751			71,573
Other		8,916			9,656
Mortgage notes receivable		33,834			21,559
Investment in unconsolidated affiliates		95,425			78,826
Other assets		235,319			214,245
	$	6,619,348		$	6,518,810
LIABILITIES AND SHAREHOLDERS’ EQUITY
Mortgage and other notes payable	$	4,714,442		$	4,564,535
Accounts payable and accrued liabilities		299,631			309,969
Total liabilities		5,014,073			4,874,504
Commitments and contingencies
Minority interests		535,663			559,450
Shareholders’ equity:
Preferred Stock, $.01 par value, 15,000,000 shares authorized:
8.75% Series B Cumulative Redeemable Preferred Stock, 2,000,000 shares outstanding		20			20
7.75% Series C Cumulative Redeemable Preferred Stock, 460,000 shares outstanding		5			5
7.375% Series D Cumulative Redeemable Preferred Stock, 700,000 shares outstanding		7			7
Common Stock, $.01 par value, 180,000,000 shares authorized, 65,421,311 and 62,512,816 issued and outstanding in 2007 and 2006, respectively		656			654
Additional paid-in capital		1,074,404			1,074,450
Accumulated other comprehensive income		550			19
Retained earnings (accumulated deficit)		(6,030	)		9,701
Total shareholders’ equity		1,069,612			1,084,856
	$	6,619,348		$	6,518,810

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

The Company presents the ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest because the Company believes that the EBITDA to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company’s ability to incur and service debt.

Ratio of EBITDA to Interest Expense

(Dollars in thousands)

	Three Months Ended March 31,
	2007			2006
EBITDA:
Net income	$	25,043		$	28,255

Adjustments:
Depreciation and amortization		57,068			54,766
Depreciation and amortization from unconsolidated affiliates		3,504			3,278
Depreciation and amortization from discontinued operations		—			515
Minority investors’ share of depreciation and amortization in shopping center properties		(606	)		(539	)
Interest expense		66,127			63,929
Interest expense from unconsolidated affiliates		4,192			4,394
Minority investors’ share of interest expense in shopping center properties		(1,187	)		(1,162	)
Income taxes		1,071			220
Loss on extinguishment of debt		227			—
Abandoned projects		48			(5	)
Minority interest in earnings of operating partnership		13,563			18,129
Loss on discontinued operations		55			—
Company’s share of total EBITDA	$	169,105		$	171,780


Interest Expense:
Interest expense	$	66,127		$	63,929
Interest expense from unconsolidated affiliates		4,192			4,394
Minority investors’ share of interest expense in shopping center properties		(1,187	)		(1,162	)
Company’s share of total interest expense	$	69,132		$	67,161

Ratio of EBITDA to Interest Expense		2.45			2.56

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities

(In thousands)

	Three Months Ended March 31,
	2007			2006

Company’s share of total EBITDA	$	169,105		$	171,780
Interest expense		(66,127	)		(63,929	)
Minority investors’ share of interest expense in shopping center properties		1,187			1,162
Income taxes		(1,071	)		(220	)
Amortization of deferred financing costs and non real estate depreciation included in operating expense		1,582			1,777
Amortization of debt premiums		(1,902	)		(1,842	)
Amortization of above and below market leases		(2,930	)		(2,602	)
Depreciation and interest expense from unconsolidated affiliates		(7,696	)		(7,672	)
Minority investors’ share of depreciation and amortization in shopping center properties		606			539
Minority interest in earnings - shopping center properties		730			588
Gains on outparcel sales		(3,530	)		(900	)
Income tax benefit from stock options		1,139			—
Equity in earnings of unconsolidated affiliates		(598	)		(2,068	)
Distributions from unconsolidated affiliates		891			2,269
Stock based compensation expense		2,126			2,195
Changes in operating assets and liabilities		4,802			(33,095	)
Cash flows provided by operating activities	$	98,314		$	67,982

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

Schedule of Mortgage and Other Notes Payable as of March 31, 2007

(Dollars In thousands )

							Balance
Location	Property	Maturity Date	Interest Rate		Balance		Fixed		Variable

Operating Properties:
Ft. Myers, FL	Gulf Coast Town Center Phase I	Aug-07	6.38	%	$	52,000	$	—	$	52,000
High Point, NC	Oak Hollow Mall	Feb-08	7.31	%		41,026		41,026		—
Winston-Salem, NC	Hanes Mall	Jul-08	7.31	%		102,105		102,105		—
Nashville, TN	Hickory Hollow Mall	Aug-08	6.77	%		83,753		83,753		—
Nashville, TN	The Courtyard At Hickory Hollow Mall	Aug-08	6.77	%		3,899		3,899		—
Nashville, TN	Rivergate Mall	Aug-08	6.77	%		67,689		67,689		—
Nashville, TN	The Village At Rivergate	Aug-08	6.77	%		3,197		3,197		—
Lansing, MI	Meridian Mall	Oct-08	4.52	%		88,140		88,140		—
Stillwater, OK	Lakeview Pointe	Nov-08	6.57	%		17,953		—		17,953
Ft. Myers, FL	Gulf Coast Town Center Phase II	Jan-09	6.63	%		84,865		—		84,865
Cary, NC	Cary Towne Center	Mar-09	6.85	%		84,581		84,581		—
Joplin, MO	Northpark Mall	Mar-09	5.50	%		39,640		39,640		—
Daytona Beach, FL	Volusia Mall	Mar-09	4.75	%		52,863		52,863		—
Fairview Heights, IL	St. Clair Square	Apr-09	7.00	%		63,292		63,292		—
Terre Haute, IN	Honey Creek Mall	Apr-09	4.75	%		31,462		31,462		—
Meridian, MS	Bonita Lakes Mall	Oct-09	6.82	%		24,821		24,821		—
Meridian, MS	Bonita Lakes Crossing	Oct-09	6.82	%		7,777		7,777		—
Cincinnati, OH	Eastgate Mall(a)	Dec-09	4.55	%		55,130		55,130		—
Little Rock, AR	Park Plaza Mall	May-10	4.90	%		40,218		40,218		—
Spartanburg, SC	WestGate Crossing	Jul-10	8.42	%		9,353		9,353		—
Burnsville, MN	Burnsville Center	Aug-10	8.00	%		66,388		66,388		—
Roanoke, VA	Valley View Mall	Sep-10	5.10	%		43,070		43,070		—
Beaumont, TX	Parkdale Mall	Sep-10	5.01	%		52,622		52,622		—
Beaumont, TX	Parkdale Crossing	Sep-10	5.01	%		8,309		8,309		—
Nashville, TN	CoolSprings Galleria	Sep-10	6.22	%		126,459		126,459		—
Stroud, PA	Stroud Mall	Dec-10	8.42	%		30,838		30,838		—
Wausau, WI	Wausau Center	Dec-10	6.70	%		12,443		12,443		—
York, PA	York Galleria	Dec-10	8.34	%		49,290		49,290		—
Lexington, KY	Fayette Mall	Jul-11	7.00	%		91,319		91,319		—
Asheville, NC	Asheville Mall	Sep-11	6.98	%		66,549		66,549		—
Ft. Smith, AR	Massard Crossing	Feb-12	7.54	%		5,709		5,709		—
Houston, TX	Willowbrook Plaza	Feb-12	7.54	%		29,209		29,209		—
Vicksburg, MS	Pemberton Plaza	Feb-12	7.54	%		1,950		1,950		—
Fayetteville, NC	Cross Creek Mall	Apr-12	5.00	%		61,635		61,635		—
Colonial Heights, VA	Southpark Mall	May-12	5.10	%		35,689		35,689		—
Asheboro, NC	Randolph Mall	Jul-12	6.50	%		14,333		14,333		—
Douglasville, GA	Arbor Place	Jul-12	6.51	%		74,411		74,411		—
Douglasville, GA	The Landing At Arbor Place	Jul-12	6.51	%		8,400		8,400		—
Jackson, TN	Old Hickory Mall	Jul-12	6.51	%		32,869		32,869		—
Louisville, KY	Jefferson Mall	Jul-12	6.51	%		41,451		41,451		—
North Charleston, SC	Northwoods Mall	Jul-12	6.51	%		59,347		59,347		—
Racine, WI	Regency Mall	Jul-12	6.51	%		32,504		32,504		—
Saginaw, MI	Fashion Square	Jul-12	6.51	%		56,973		56,973		—
Spartanburg, SC	WestGate Mall	Jul-12	6.50	%		51,488		51,488		—

Schedule of Mortgage and Other Notes Payable as of March 31, 2007

(Dollars In thousands )

								Balance
Location	Property	Maturity Date	Interest Rate		Balance			Fixed			Variable
Chattanooga, TN	CBL Center	Aug-12	6.25	%		14,096			14,096			—
Panama City, FL	Panama City Mall	Aug-12	7.30	%		38,673			38,673			—
Livonia, MI	Laurel Park Place	Dec-12	5.00	%		49,426			49,426			—
Monroeville, PA	Monroeville Mall	Jan-13	5.30	%		126,333			126,333			—
Greensburg, PA	Westmoreland Mall	Jan-13	5.05	%		77,482			77,482			—
Columbia, SC	Columbia Place	Oct-13	5.45	%		31,537			31,537			—
Laredo, TX	Mall del Norte	Dec-14	5.04	%		113,400			113,400			—
Brookfield, IL	Brookfield Square	Nov-15	5.08	%		102,946			102,946			—
Madison, WI	East Towne Mall	Nov-15	5.00	%		78,413			78,413			—
Madison, WI	West Towne Mall	Nov-15	5.00	%		110,758			110,758			—
Rockford, IL	Cherryvale Mall	Nov-15	5.00	%		92,015			92,015			—
Bloominton, IL	Eastland Mall	Dec-15	5.85	%		59,400			59,400			—
Decatur, IL	Hickory Point Mall	Dec-15	5.85	%		32,623			32,623			—
Overland Park, KS	Oak Park Mall	Dec-15	5.85	%		275,700			275,700			—
Janesville, WI	Janesville Mall	Apr-16	8.38	%		11,786			11,786			—
Akron, OH	Chapel Hill Mall	Aug-16	6.10	%		76,466			76,466			—
Chattanooga, TN	Hamilton Place	Aug-16	5.86	%		116,150			116,150			—
Chesapeake, VA	Greenbrier Mall	Aug-16	5.91	%		84,388			84,388			—
Midland, MI	Midland Mall	Aug-16	6.10	%		37,736			37,736			—
Southaven, MS	Southaven Towne Center	Jan-17	5.50	%		45,913			45,913			—
Charleston, SC	Citadel Mall	Apr-17	5.68	%		75,200			75,200			—
Chattanooga, TN	Hamilton Corner	Apr-17	5.67	%		17,040			17,040			—
Fairview Heights, IL	The Shoppes at St. Clair Square	Apr-17	5.67	%		22,500			22,500			—
Lafayette, LA	Mall of Acadiana	Apr-17	5.67	%		150,400			150,400			—
Layton, UT	Layton Hills Mall	Apr-17	5.66	%		107,500			107,500			—
Lexington, KY	The Plaza at Fayette Mall	Apr-17	5.67	%		44,400			44,400			—
SUBTOTAL						3,999,300			3,844,482			154,818
Weighted average interest rate						5.98	%		5.95	%		6.53	%

Debt Premiums:
Joplin, MO	Northpark Mall	Mar-09	5.50	%		525			525			—
Daytona Beach, FL	Volusia Mall	Mar-09	4.75	%		1,937			1,937			—
Terre Haute, IN	Honey Creek Mall	Apr-09	4.75	%		1,393			1,393			—
Little Rock, AR	Park Plaza Mall	May-10	4.90	%		4,226			4,226			—
Roanoke, VA	Valley View Mall	Sep-10	5.10	%		4,716			4,716			—
Fayetteville, NC	Cross Creek Mall	Apr-12	5.00	%		6,381			6,381			—
Colonial Heights, VA	Southpark Mall	May-12	5.10	%		2,884			2,884			—
Livonia, MI	Laurel Park Place	Dec-12	5.00	%		8,172			8,172			—
Monroeville, PA	Monroeville Mall	Jan-13	5.30	%		2,551			2,551			—
SUBTOTAL						32,785			32,785			—
Weighted average interest rate						5.02	%

SUBTOTAL						4,032,085			3,877,267			154,818
Weighted average interest rate						5.97	%		5.95	%		6.53	%

Schedule of Mortgage and Other Notes Payable as of March 31, 2007

(Dollars In thousands )

									Balance
Location	Property	Maturity Date		Interest Rate		Balance			Fixed			Variable
Construction Loans:
Burlington, NC	Alamance Crossing	Sep-09		6.57	%		34,003			—			34,003
SUBTOTAL							34,003			—			34,003
Weighted average interest rate
Lines of Credit				6.12	%		647,932			—			647,932
Weighted average interest rate
Other							422			422			—

Total Consolidated Debt						$	4,714,442		$	3,877,689		$	836,753
Weighted average interest rate							5.99	%		5.94	%		6.21	%
Plus Company’s Share Of Unconsolidated Affiliates’ Debt:
Huntsville, AL	Parkway Place	Jun-08		6.32	%		26,600			—			26,600
Del Rio, TX	Plaza del Sol	Aug-10		9.15	%		1,177			1,177			—
York, PA	York Town Center	Oct-11		6.83	%		3,302			—			3,302
Myrtle Beach, SC	Coastal Grand—Myrtle Beach	Oct-14		5.09	%		38,449			38,449			—
El Centro, CA	Imperial Valley Mall	Sep-15		4.99	%		35,238			35,238			—
Raleigh, NC	Triangle Town Center	Dec-15		5.74	%		100,000			100,000			—
Clarksville, TN	Governor’s Square Mall	Sep-16		8.23	%		13,882			13,882			—
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.27	%		14,893			14,893			—
Harrisburg, PA	High Pointe Commons	May-17		5.74	%		5,091			5,091			—
							238,632			208,730			29,902
Less Minority Interests’ Share of Consolidated Debt:		Minority Interest
Chattanooga, TN	CBL Center	8.0000	%	6.2500	%		(1,128	)		(1,128	)		—
Chattanooga, TN	Hamilton Corner	10.0000	%	5.6700	%		(1,704	)		(1,704	)		—
Chattanooga, TN	Hamilton Place	10.0000	%	5.8600	%		(11,615	)		(11,615	)		—
Ft. Myers, FL	Gulf Coast Town Center	50.0000	%	6.6250	%		—			—			—
High Point, NC	Oak Hollow Mall	25.0000	%	7.3100	%		(10,256	)		(10,256	)		—
							(24,703	)		(24,703	)		—
Company’s Share of Total Consolidated and Unconsolidated Debt						$	4,928,371		$	4,061,716		$	866,655
Weighted average interest rate							5.98	%		5.93	%		6.22	%
Total Debt of Unconsolidated Affiliates:
Huntsville, AL	Parkway Place	Jun-08		6.320	%		53,200			—			53,200
Del Rio, TX	Plaza del Sol	Aug-10		9.150	%		2,327			2,327			—
York, PA	York Town Center	Oct-11		6.825	%		6,604			—			6,604
Myrtle Beach, SC	Coastal Grand—Myrtle Beach(b)	Oct-14		5.090	%		94,899			94,899			—
El Centro, CA	Imperial Valley Mall	Sep-15		4.985	%		58,729			58,729			—
Raleigh, NC	Triangle Town Center	Dec-15		5.737	%		200,000			200,000			—
Clarksville, TN	Governor’s Square Mall	Sep-16		8.230	%		29,226			29,226			—
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.627	%		29,787			29,787			—
Harrisburg, PA	High Pointe Commons	May-17		5.740	%		10,181			10,181			—
						$	484,953		$	425,149		$	59,804
Weighted average interest rate							5.76	%		5.67	%		6.38	%

(a) Represents a first mortgage securing the property. In addition to the first mortgage, there is also a $7,750 B-note that is held by the Company.

(b) Represents a first mortgage securing the property. In addition to the first mortgage, there is also $18,000 of B-notes that are payable to the

Company and its joint venture partner, each of which hold $9,000.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

New and Renewal Leasing Activity of Same Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors

Property Type	Square Feet	Prior Base Rent PSF		New Initial Base Rent PSF		% Change Initial		New Average Base Rent PSF		% Change Average

All Property Types ⁽¹⁾	813,041	$	24.39	$	25.25	3.5	%	$	26.05	6.8	%
Stabilized malls	770,881		24.87		25.77	3.6	%		26.59	6.9	%
New leases	289,837		23.81		29.97	25.9	%		31.51	32.3	%
Renewal leases	481,044	$	25.51	$	23.24	-8.9	%	$	23.63	-7.4	%

Total Leasing Activity of All Small Shop Spaces Compared to Expiring Tenants of Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors

Property Type	Leased Square Feet	Leased Average Base Rent PSF		Total Expiring Square Feet	Expiring Prior Base Rent PSF		% Change Average

All Property Types ⁽¹⁾	876,790	$	26.02	983,389	$	24.52	6.1	%
Stabilized malls	828,721		26.58	948,361		24.88	6.8	%
New leases	347,677		30.67	467,317		24.23	26.6	%
Renewal leases	481,044	$	23.63	481,044	$	25.51	-7.4	%

Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors

	As of March 31,
	2007		2006
Stabilized malls	$	26.98	$	26.71
Non-stabilized malls		27.62		27.11
Associated centers		11.83		10.85
Community centers		14.71		9.44
Other		19.53		19.33

⁽¹⁾ Includes Stabilized malls, Associated centers, Community centers and Other.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

Top 25 Tenants Based On Percentage Of Total Revenues For The Year Ended March 31, 2007:

	Tenant	Number of Stores	Square Feet	Annual Gross Rentals (1)		Percentage of Total Revenues
1	Limited Brands, LLC	218	1,283,248	$	45,572,299	4.22	%
2	Foot Locker, Inc.	190	735,099		29,603,533	2.74	%
3	The Gap Inc.	98	1,002,835		24,249,209	2.25	%
4	Abercrombie & Fitch, Co.	74	505,346		18,216,099	1.69	%
5	AE Outfitters Retail Company	72	399,329		16,844,444	1.56	%
6	Signet Group plc (2)	111	176,140		16,510,558	1.53	%
7	Finish Line, Inc.	82	414,639		15,576,193	1.44	%
8	Zale Corporation	142	146,441		14,693,694	1.36	%
9	Luxottica Group, S.P.A.(3)	143	309,064		14,502,606	1.34	%
10	JC Penney Co. Inc. (4)	68	7,618,875		13,554,058	1.26	%
11	New York & Company, Inc.	47	341,578		12,020,376	1.11	%
12	The Regis Corporation	200	232,995		11,709,264	1.08	%
13	Genesco Inc. (5)	153	200,236		11,520,162	1.07	%
14	Dick’s Sporting Goods, Inc.	13	770,686		11,085,621	1.03	%
15	Pacific Sunwear of California	85	297,818		10,910,725	1.01	%
16	The Children’s Place Retail St (6)	61	258,867		10,518,478	0.97	%
17	Aeropostale, Inc.	69	233,903		9,665,831	0.89	%
18	Charming Shoppes, Inc. (7)	51	304,613		9,243,485	0.86	%
19	Christopher & Banks, Inc.	72	247,293		8,749,260	0.81	%
20	Trans World Entertainment (8)	60	282,732		8,592,301	0.80	%
21	Charlotte Russe Holding, Inc.	38	264,737		8,562,310	0.79	%
22	The Buckle, Inc.	46	225,408		8,122,786	0.75	%
23	Claire’s Stores, Inc.	114	132,051		7,980,278	0.74	%
24	Hallmark Cards, Inc.	62	247,583		7,485,751	0.69	%
25	Sears, Roebuck and Co. (9)	72	8,869,502		6,794,535	0.63	%
		2,341	25,501,018	$	352,283,856	32.62	%

(1)	Includes annual minimum rent and tenant reimbursements based on amounts in effect at March 31, 2007.

(2)	Signet Group operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw’s Jewelers, Osterman’s Jewelers, LeRoy’s Jewelers, Jared Jewelers, Belden Jewelers, & Rogers Jewelers.

(3)	Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearl Vision.

(4)	JC Penney Co. Inc. owns 28 of these stores.

(5)	Genesco Inc. operates Journey’s, Jarman, Underground Station, Hat World, Lids, Hat Zone, and Cap Factory stores.

(6)	The Children’s Place Retail Stores, Inc. also operates The Disney Stores.

(7)	Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug, and Catherine’s.

(8)	Trans World Entertainment operates FYE , Sam Goody, Suncoast Motion Picture, and Saturday Matinee.

(9)	Sears owns 52 of these stores.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

Capital Expenditures for Three Months Ended March 31 , 2007

(In thousands)

Tenant allowances	$	10,500

Renovations		5,903

Deferred maintenance:
Parking lot and parking lot lighting		28
Roof repairs and replacements		1,713
Other capital expenditures		2,816
Total deferred maintenance expenditures		4,557

Total capital expenditures	$	20,960

The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as deferred maintenance expenditures. These expenditures are billed to tenants as common area maintenance expense and the majority is recovered over a five to fifteen year period. Renovation capital expenditures are for remodelings and upgrades to enhance our competitive position in the market area. A portion of these expenditures covering items such as new floor coverings, painting, lighting and new seating areas are also recovered through tenant billings. The costs of other items such as new entrances, new ceilings and skylights are not recovered from tenants. We estimate that 30% of our renovation expenditures are recoverable from our tenants over a ten to fifteen year period. The third category of capital expenditures is tenant allowances, sometimes made to third-generation tenants. Tenant allowances are recovered through minimum rents from the tenants over the term of the lease.

Deferred Leasing Costs Capitalized

(In thousands)

	2007
Quarter ended:
March 31,	$	1,001
June 30,		—
September 30,		—
December 31,		—
	$	1,001

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

Properties Opened Year-to-date

(Dollars in thousands)

			CBL’s Share of
Property	Location	Total Project Square Feet	Total Cost				Cost To Date		Date Opened	Initial (d) Yield
Mall Expansion:
Brookfield Square - Mitchell’s Fish Market	Brookfield, WI	7,500	$	3,044			$	1,839	April-07	8.6	%

Open-Air Center Expansion:
Gulf Coast Town Center -	Ft. Myers, FL	595,990		80,797	(	a)		80,797	Spring-07	9.2	%
Phase II-shops/Costco

Associated Center:
The Shoppes at St. Clair Square	Fairview Heights, IL	84,080		27,487				27,257	March-07	7.0	%

Announced Property Renovations and Redevelopments

(Dollars in thousands)

			CBL’s Share of
Property	Location	Total Project Square Feet	Total Cost		Cost To Date		Opening Date	Initial (d) Yield
Mall Renovations:
Brookfield Square	Brookfield, WI	1,132,984	$	13,500	$	1,542	Fall-07	NA
Georgia Square	Athens, GA	674,738		13,200		487	Fall-07	NA
Mall del Norte	Laredo, TX	1,207,687		18,400		3,425	Fall-07	NA
Honey Creek Mall	Terre Haute, IN	678,763		4,600		244	Fall-07	NA

Associated Center Renovation:
Madison Plaza	Huntsville, AL	153,085		1,200		689	July-07	NA

Redevelopments:
Parkdale Mall - Former Dillards	Beaumont, TX	50,720		14,720		466	Fall-07	4.0	%
Northpark Mall - Former Wards	Joplin, MO	90,688		11,543		399	Fall-07	6.6	%
Mall del Norte - Theater	Laredo, TX	81,150		14,929		5,634	Spring-07	6.9	%
Columbia Place - Former JCPenney	Columbia, SC	124,819		15,051		4,627	Aug-07/ Feb-08	5.5	%
Westgate Mall - Former Proffits	Spartanburg, SC	153,000		NA		NA	August-07	NA
		4,347,634	$	107,143	$	17,513

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Three Months Ended March 31, 2007

Properties Under Development at March 31, 2007

(Dollars in thousands)

					CBL’s Share of
Property	Location	Total Project Square Feet			Total Cost		Cost To Date		Opening Date	Initial (d) Yield
Mall Expansions:
The District at Valley View - shops	Roanoke, VA	61,200			$	18,026	$	12,446	June-07	7.6	%
Brookfield Square - Claim Jumpers	Brookfield, WI	12,000				3,430		—	Fall-07	8.6	%
The District at CherryVale	Rockford, IL	84,541				21,099		4,446	Fall-07	7.4	%
Harford Mall - lifestyle expansion	Bel Air, MD	39,222	(	b)		9,736		3,539	September-07	6.1	%
Southpark Mall - Regal Cinema	Colonial Heights, VA	85,392				15,510		7,914	Fall-07	8.5	%

Associated/Lifestyle Centers:
Milford Marketplace	Milford, CT	107,226				25,215		8,372	October-07	8.1	%
Brookfield Square -	Brookfield, WI	57,511				13,332		8,403	Spring/Fall-07	8.6	%
Corner Shops & Fresh Market

Office:
CBL Center II	Chattanooga, TN	74,598				17,120		958	January-08	8.6	%

Mixed -Use Center:
Pearland Town Center	Pearland, TX	719,388				154,182			Fall-08	7.4	%

Community/Open-Air Centers:
Alamance Crossing East	Burlington, NC	655,455				98,832		58,282	August-07	8.4	%
York Town Center (c)	York, PA	274,495				21,099		17,881	September-07	9.5	%
Cobblestone Village at Palm Coast	Palm Coast, FL	277,770				11,316		11,316	October-07	7.7	%
		2,448,798			$	408,897	$	133,557

50/50 Joint Venture. Cost shown are CBL’s 50% share due to the fact that the JV partner funds their share.

(a) Amounts shown are 100% of total cost and cost to date for all of Phase II due to the fact that CBL funds all cost.

(b) Total square footage includes redevelopement and expansion of 2,641 square feet.

(d) Initial yields include reductions for management and development fees.