0000910612-09-000024.txt : 20090805 0000910612-09-000024.hdr.sgml : 20090805 20090805143948 ACCESSION NUMBER: 0000910612-09-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20090804 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090805 DATE AS OF CHANGE: 20090805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CBL & ASSOCIATES PROPERTIES INC CENTRAL INDEX KEY: 0000910612 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 621545718 STATE OF INCORPORATION: DE FISCAL YEAR END: 1207 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12494 FILM NUMBER: 09987438 BUSINESS ADDRESS: STREET 1: 2030 HAMILTON PLACE BVLD, SUITE 500 STREET 2: CBL CENTER CITY: CHATTANOOGA STATE: TN ZIP: 37421 BUSINESS PHONE: 4238550001 MAIL ADDRESS: STREET 1: 2030 HAMILTON PLACE BVLD, SUITE 500 STREET 2: CBL CENTER CITY: CHATTANOOGA STATE: TN ZIP: 37421 8-K 1 form8k2q09.htm FORM 8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES AND EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 4, 2009

CBL & ASSOCIATES PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-12494	62-154718
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

Suite 500, 2030 Hamilton Place Blvd, Chattanooga, TN 37421
(Address of principal executive office, including zip code)

423.855.0001
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 Results of Operations and Financial Condition

On August 4, 2009, CBL & Associates Properties, Inc. (the "Company") reported its results for the second quarter ended June 30, 2009. The Company's earnings release for the second quarter ended June 30, 2009 is attached as Exhibit 99.1. On August 5, 2009, the Company held a conference call to discuss the results for the second quarter ended June 30, 2009. The transcript of the conference call is attached as Exhibit 99.2. The Company has posted to its website certain supplemental financial and operating information for the three and six months ended June 30, 2009, which is attached as Exhibit 99.3.

The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits

(a)	Financial Statements of Businesses Acquired

Not applicable

(b)	Pro Forma Financial Information

Not applicable

(c)

Exhibits

Exhibit

Number

Description

99.1	Earnings Release – CBL & Associates Properties Reports Second Quarter 2008 Results

99.2	Investor Conference Call Script – Second Quarter Ended June 30, 2008

99.3	Supplemental Financial and Operating Information – For The Three and Six Months Ended June 30, 2008

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CBL & ASSOCIATES PROPERTIES, INC.

/s/ John N. Foy

_______________________________

John N. Foy

Vice Chairman,

Chief Financial Officer and Treasurer

Date: August 5, 2009

EX-99 3 exhibit991.htm EXHIBIT 99.1 - NEWS RELEASE

Exhibit 99.1

(CBL LOGO)

NEWS RELEASE



	CHARLES B. LEBOVITZ	STEPHEN D. LEBOVITZ
	Chairman of the Board and Chief Executive Office	President

		BEN S. LANDRESS
	JOHN N. FOY	Executive Vice President
	Vice Chairman of the Board and Chief Financial Officer
		MOSES LEBOVITZ
		(1905-1991)

Investor Contact: Katie Reinsmidt, Vice President - Corporate Communications and Investor Relations, 423.490.8301, katie_reinsmidt@cblproperties.com



CBL & ASSOCIATES PROPERTIES REPORTS SECOND QUARTER RESULTS



	•	Total FFO increased 2.0% in the quarter ended June 30, 2009, from the prior-year period.
	•	Same-Center NOI increased 1.3% for the quarter ended June 30, 2009, from the prior-year period, excluding lease-termination fees.
	•	Stabilized mall occupancy was 89.1% as of June 30, 2009, unchanged from the sequential quarter.
	•	CBL raised approximately $382.0 million in follow-on equity offering.
	•	CBL maintains post-offering 2009 FFO guidance range of $2.28 - $2.39 per share.

CHATTANOOGA, Tenn. (August 4, 2009) – CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the second quarter ended June 30, 2009. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure is located at the end of this news release. All share and per share information for the periods presented have been adjusted to reflect the issuance of common stock and common units, as applicable, in connection with the Company’s dividend payment on April 15, 2009. For the second quarter 2009, the per share results include a weighted average adjustment for the 66.63 million shares issued in the June 2009 equity offering discussed in more detail in the section titled - Capital Market Activity.

Funds from Operations (“FFO”) allocable to common shareholders for the quarter ended June 30, 2009, was $59,205,000, or $0.71 per diluted share, compared with $54,545,000, or $0.77 per diluted share for the quarter ended June 30, 2008. FFO allocable to common shareholders for the six months ended June 30, 2009, was $110,369,000, or $1.43 per diluted share, compared with $108,141,000, or $1.52 per diluted share for the six months ended June 30, 2008.

FFO of the operating partnership for the quarter ended June 30, 2009, was $96,299,000, compared with $94,434,000 for the quarter ended June 30, 2008, representing an increase of 2.0%. FFO of the operating partnership for the six months ended June 30, 2009, was $184,749,000, compared with $187,289,000 for the six months ended June 30, 2008. The decline in FFO of the operating partnership for the six months ended June 30, 2009, was primarily the result of a $7,706,000 non-cash impairment charge related to the Company’s investment in a mall real estate development company located in Nanjing, China.



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CBL Reports Second Quarter Results
Page 2
August 4, 2009

Net income available to common shareholders for the quarter ended June 30, 2009, was $8,137,000, or $0.10 per diluted share, compared with net income of $9,665,000, or $0.14 per diluted share for the prior-year period. Net income available to common shareholders for the six months ended June 30, 2009, was $9,849,000, or $0.13 per diluted share, compared with $15,837,000, or $0.22 per diluted share, for the six months ended June 30, 2008. The decline in net income available to common shareholders for the six months ended June 30, 2009, was primarily the result of a $4,373,000 (adjusted for non-controlling interest) non-cash impairment charge related to the Company’s investment in a mall real estate development company located in Nanjing, China.


HIGHLIGHTS
	§	Total revenues declined 2.2% during the second quarter ended June 30, 2009, to $266,524,000 from $272,483,000 in the prior-year period. Total revenues declined 2.9% in the six months ended June 30, 2009 to $537,584,000, from $553,415,000 in the prior-year period.

	§	Same-center net operating income (“NOI”) for the portfolio, excluding lease termination fees, for the quarter ended June 30, 2009, increased 1.3% compared with a decline of 1.8% for the prior-year period. Same-center NOI, excluding lease termination fees, for the six months ended June 30, 2009, declined 0.4%, compared with a 0.4% decline in the prior-year period.

	§	Same-store sales for mall tenants of 10,000 square feet or less for stabilized malls as of June 30, 2009, declined 6.0% to $321 per square foot compared with $341 per square foot in the prior-year period.

	§	The debt-to-total-market capitalization ratio as of June 30, 2009, was 82.6% based on the common stock closing price of $5.39 and a fully converted common stock share count of 189,804,000 shares as of the same date. The debt-to-total-market capitalization ratio as of June 30, 2008, was 68.6% based on the common stock closing price of $22.84 and a fully converted common stock share count of 116,960,000 shares as of the same date.

	§	Consolidated and unconsolidated variable rate debt of $1,327,908,000 represents 17.6% of the total market capitalization for the Company and 21.2% of the Company’s share of total consolidated and unconsolidated debt.

CBL’s Chairman and Chief Executive Officer, Charles B. Lebovitz, said, “I am pleased to report on the significant progress we have made this quarter enhancing our balance sheet flexibility and strengthening our liquidity position. We have secured 99% of the underlying lending commitments to extend the $560 million unsecured and the $525 million secured credit facilities. In addition, we closed $91 million in permanent financings. Combined with the $382 million in capital raised through our June equity offering, these transactions allow us to address all of our 2009 debt maturities and have identified capital to address all of our CMBS maturities through 2011.

“The commitment of the CBL team and the resiliency of our properties were also evident in the quarter. In the face of a deteriorating retail environment, we posted an increase in NOI in the mall portfolio, signed over one million square feet of leases and maintained the sequential stabilized mall occupancy rate. While leasing rates continue to reflect the tough economic climate, we remain confident in our properties and our markets.”

PORTFOLIO OCCUPANCY


	June 30,
	2009		2008

Portfolio occupancy		88.0%		91.4%
Mall portfolio		88.7%		90.9%
Stabilized malls		89.1%		91.0%
Non-stabilized malls		72.2%		89.5%
Associated centers		88.7%		94.1%
Community centers		78.5%		92.4%


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CBL Reports Second Quarter Results
Page 3
August 4, 2009

CAPITAL MARKET ACTIVITY

During the second quarter, CBL sold a total of 66,630,000 of newly-issued common stock in an underwritten public offering for net proceeds of approximately $382.0 million, after deducting the underwriting discount and other estimated offering expenses. The Company used the net proceeds from the offering to repay outstanding borrowings under its credit facilities.

FINANCING

CBL has received commitments from lenders representing approximately 99% of the aggregate underlying facility amounts for the extension and modification of its $525 million secured line of credit and its $560 million unsecured line of credit. The commitments include lenders representing $512 million of its $525 million secured facility and 100% of its $560 million unsecured facility. The commitments reflect an extension of the $525 million secured facility from February 2010 to February 2012, with an option to extend the maturity for one additional year to February 2013 (subject to continued compliance with the terms of the facility). The commitments provide that the $560 million unsecured facility will be converted over an 18-month period into a secured facility, and that the maturity of the facility will be extended from August 2011 to April 2014. The Company anticipates closing on the extension and modification of the secured and unsecured lines of credit in the third quarter 2009. Full terms and conditions of the facility will be announced at that time.

The Company also announced that it had closed two 10-year, non-recourse loans including a $33.6 million loan secured by Honey Creek Mall in Terre Haute, IN and a $57.8 million loan secured by Volusia Mall in Daytona Beach, FL. The loans are with the existing institutional lender and have an interest rate of 8.0%. These loans replace an existing $30.1 million loan secured by Honey Creek Mall and a $51.2 million loan secured by Volusia Mall. CBL used the approximately $10.1 million of excess proceeds, plus cash on hand, to pay off the $30.2 million loan secured by Bonita Lakes Mall in Meridian, MS. These advancements successfully address all of the Company’s 2009 loan maturities, except for a $53.0 million non-recourse loan secured by Eastgate Mall in Cincinnati, OH which may be paid-off using amounts made available on the $560 million credit facility from the June equity offering.

DIVIDEND

During the quarter, CBL’s Board of Directors established its Common Stock dividend policy for the remainder of 2009. The Board determined to reduce the dividend for the remainder of 2009 to the minimum level required to distribute 100% of the Company’s estimated taxable income. Future dividends payable will be determined by the Company’s Board of Directors based upon circumstances at the time of declaration.

Pursuant to the 2009 Common Stock dividend policy the Board declared a quarterly cash dividend for the Company’s Common Stock of $0.11 per share for the quarter ending June 30, 2009. The dividend was paid on July 15, 2009, to shareholders of record as of June 30, 2009.

OUTLOOK AND GUIDANCE

Based on today’s outlook and the Company’s second quarter results, the Company is maintaining 2009 FFO guidance of $2.28 to $2.39 per share. The guidance incorporates the dilution from the June 2009 equity offering and assumes the closing of the secured and unsecured credit facilities in third quarter 2009. The full year guidance also assumes $6.0 million to $9.0 million of outparcel sales and same-center NOI growth in the range of (1.5%) to (3.5%), excluding the impact of lease termination fees from both applicable periods. The guidance excludes the impact of any future unannounced acquisitions or dispositions. The Company expects to update its annual guidance after each quarter’s results.


	Low			High

Expected diluted earnings per common share	$	0.36		$	0.46
Adjust to fully converted shares from common shares		(0.12	)		(0.15	)

Expected earnings per diluted, fully converted common share		0.24			0.31
Add: depreciation and amortization		1.91			1.91
Add: noncontrolling interest in earnings of Operating Partnership		0.13			0.17

Expected FFO per diluted, fully converted common share	$	2.28		$	2.39


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CBL Reports Second Quarter Results
Page 4
August 4, 2009

INVESTOR CONFERENCE CALL AND SIMULCAST

CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m. ET on Wednesday, August 5, 2009, to discuss the second quarter results. The number to call for this interactive teleconference is (480) 629-9738. A seven-day replay of the conference call will be available by dialing (303) 590-3030 and entering the passcode 4065610. A transcript of the Company’s prepared remarks will be furnished on a Form 8-K following the conference call.

To receive the CBL & Associates Properties, Inc., second quarter earnings release and supplemental information please visit our website at cblproperties.com or contact Investor Relations at 423-490-8312.

The Company will also provide an online Web simulcast and rebroadcast of its 2009 second quarter earnings release conference call. The live broadcast of CBL’s quarterly conference call will be available online at the Company’s Web site at cblproperties.com, as well as http://www.talkpoint.com/viewer/starthere.asp?Pres=126803 on Wednesday, August 5, 2009, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue through August 13, 2009.

CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 160 properties, including 88 regional malls/open-air centers. The properties are located in 27 states and total 86.4 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has four projects under construction totaling 2.3 million square feet including Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; The Promenade in D’Iberville (Biloxi/Gulfport), MS; and one community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas, TX, and St. Louis, MO. Additional information can be found at cblproperties.com.

NON-GAAP FINANCIAL MEASURES

Funds From Operations

FFO is a widely used measure of the operating performance of real estate companies that supplements net income determined in accordance with GAAP. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (computed in accordance with GAAP) excluding gains or losses on sales of operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. The Company defines FFO allocable to its common shareholders as defined above by NAREIT less dividends on preferred stock. The Company’s method of calculating FFO allocable to its common shareholders may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure.

The Company presents both FFO of its operating partnership and FFO allocable to its common shareholders, as it believes that both are useful performance measures. The Company believes FFO of its operating partnership is a useful performance measure since it conducts substantially all of its business through its operating partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the operating partnership. The Company believes FFO allocable to its common shareholders is a useful performance measure because it is the performance measure that is most directly comparable to net income available to its common shareholders.


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CBL Reports Second Quarter Results
Page 5
August 4, 2009

In the reconciliation of net income available to the Company’s common shareholders to FFO allocable to its common shareholders, the Company makes an adjustment to add back noncontrolling interest in earnings of its operating partnership in order to arrive at FFO of its operating partnership. The Company then applies a percentage to FFO of its operating partnership to arrive at FFO allocable to its common shareholders. The percentage is computed by taking the weighted average number of common shares outstanding for the period and dividing it by the sum of the weighted average number of common shares and the weighted average number of operating partnership units outstanding during the period.

FFO does not represent cash flows from operations as defined by accounting principles generally accepted in the United States, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity.

Same-Center Net Operating Income

NOI is a supplemental measure of the operating performance of the Company’s shopping centers. The Company defines NOI as operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).

Similar to FFO, the Company computes NOI based on its pro rata share of both consolidated and unconsolidated properties. The Company’s definition of NOI may be different than that used by other companies and, accordingly, the Company’s NOI may not be comparable to that of other companies. A reconciliation of same-center NOI to net income is located at the end of this earnings release.

Since NOI includes only those revenues and expenses related to the operations of its shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates and operating costs and the impact of those trends on the Company’s results of operations. Additionally, there are instances when tenants terminate their leases prior to the scheduled expiration date and pay the Company one-time, lump-sum termination fees. These one-time lease termination fees may distort same-center NOI trends and may result in same-center NOI that is not indicative of the ongoing operations of the Company’s shopping center properties. Therefore, the Company believes that presenting same-center NOI, excluding lease termination fees, is useful to investors.

Pro Rata Share of Debt

The Company presents debt based on its pro rata ownership share (including the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s consolidated balance sheet is located at the end of this earnings release.

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.


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CBL Reports Second Quarter Results
Page 6
August 4, 2009

CBL & Associates Properties, Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008

REVENUES:
Minimum rents	$	170,491		$	177,943		$	342,428		$	352,474
Percentage rents		1,604			1,610			6,408			6,606
Other rents		4,142			4,204			8,422			9,218
Tenant reimbursements		81,695			79,952			163,179			166,375
Management, development and leasing fees		1,615			2,484			4,080			5,422
Other		6,977			6,290			13,067			13,320

Total revenues		266,524			272,483			537,584			553,415


EXPENSES:
Property operating		39,355			44,094			83,372			92,386
Depreciation and amortization		75,793			73,064			154,104			148,144
Real estate taxes		24,449			23,898			48,603			48,077
Maintenance and repairs		13,416			15,003			29,410			32,919
General and administrative		10,893			11,114			22,372			23,645
Other		5,914			6,541			11,071			13,540

Total expenses		169,820			173,714			348,932			358,711

Income from operations		96,704			98,769			188,652			194,704
Interest and other income		1,362			2,182			2,943			4,909
Interest expense		(72,842	)		(76,455	)		(144,727	)		(156,679	)
Impairment of investment		—			—			(7,706	)		—
Gain (loss) on sales of real estate assets		72			4,269			(67	)		7,345
Equity in earnings (losses) of unconsolidated affiliates		62			(186	)		1,596			793
Income tax provision		(152	)		(3,838	)		(755	)		(4,195	)

Income from continuing operations		25,206			24,741			39,936			46,877
Operating income of discontinued operations		86			1,053			20			1,335
Gain (loss) on discontinued operations		(12	)		3,112			(72	)		3,112

Net income		25,280			28,906			39,884			51,324
Net income attributable to noncontrolling interests:
Operating partnership		(5,109	)		(7,385	)		(6,415	)		(12,127	)
Other consolidated subsidiaries		(6,580	)		(6,402	)		(12,711	)		(12,451	)

Net income attributable to the Company		13,591			15,119			20,758			26,746
Preferred dividends		(5,454	)		(5,454	)		(10,909	)		(10,909	)

Net income available to common shareholders	$	8,137		$	9,665		$	9,849		$	15,837

Basic per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.10		$	0.10		$	0.13		$	0.19
Discontinued operations		—			0.04			—			0.03

Net income available to common shareholders	$	0.10		$	0.14		$	0.13		$	0.22

Weighted average common shares outstanding		82,918			71,062			77,072			71,027

Diluted per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.10		$	0.10		$	0.13		$	0.19
Discontinued operations		—			0.04			—			0.03

Net income available to common shareholders	$	0.10		$	0.14		$	0.13		$	0.22

Weighted average common and potential dilutive common shares outstanding		82,957			71,250			77,109			71,209

Amounts attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	8,092		$	7,259		$	9,880		$	13,269
Discontinued operations		45			2,406			(31	)		2,568

Net income available to common shareholders	$	8,137		$	9,665		$	9,849		$	15,837

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CBL Reports Second Quarter Results
Page 7
August 4, 2009

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


	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008


Net income available to common shareholders	$	8,137		$	9,665		$	9,849		$	15,837
Noncontrolling interest in earnings of operating partnership		5,109			7,385			6,415			12,127
Depreciation and amortization expense of:
Consolidated properties		75,793			73,064			154,104			148,144
Unconsolidated affiliates		7,555			6,694			15,064			13,371
Discontinued operations		—			117			—			892
Non-real estate assets		(243	)		(259	)		(490	)		(502	)
Noncontrolling interests’ share of depreciation and amortization		(64	)		(303	)		(265	)		(651	)
(Gain) loss on discontinued operations		12			(3,112	)		72			(3,112	)
Income tax provision on disposal of discontinued operations		—			1,183			—			1,183

Funds from operations of the operating partnership	$	96,299		$	94,434		$	184,749		$	187,289


Funds from operations per diluted share	$	0.71		$	0.77		$	1.43		$	1.52

Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted		134,906			123,223			129,058			123,183

Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership	$	96,299		$	94,434		$	184,749		$	187,289
Percentage allocable to Company shareholders ⁽¹⁾		61.48	%		57.76	%		59.74	%		57.74	%

Funds from operations allocable to Company shareholders	$	59,205		$	54,545		$	110,369		$	108,141


⁽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 See the reconciliation of shares and operating partnership units on page 9.


SUPPLEMENTAL FFO INFORMATION:

Lease termination fees	$	1,129		$	4,458		$	3,671		$	5,918
Lease termination fees per share	$	0.01		$	0.04		$	0.03		$	0.05

Straight-line rental income	$	1,570		$	1,837		$	3,301		$	3,338
Straight-line rental income per share	$	0.01		$	0.01		$	0.03		$	0.03

Gains on outparcel sales	$	154		$	4,188		$	579		$	7,548
Gains on outparcel sales per share	$	—		$	0.03		$	—		$	0.06

Amortization of acquired above- and below-market leases	$	1,532		$	2,506		$	3,080		$	5,103
Amortization of acquired above- and below-market leases per share	$	0.01		$	0.02		$	0.02		$	0.04

Amortization of debt premiums	$	1,707		$	1,961		$	3,742		$	3,936
Amortization of debt premiums per share	$	0.01		$	0.02		$	0.03		$	0.03

Income tax provision	$	(152	)	$	(2,655	)	$	(755	)	$	(3,012	)
Income tax provision per share	$	—		$	(0.02	)	$	(0.01	)	$	(0.02	)

Impairment of investment	$	—		$	—		$	(7,706	)	$	—
Impairment of investment per share	$	—		$	—		$	(0.06	)	$	—

Abandoned projects	$	(67	)	$	(1,199	)	$	(143	)	$	(2,912	)
Abandoned projects per share	$	—		$	(0.01	)	$	—		$	(0.02	)

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CBL Reports Second Quarter Results
Page 8
August 4, 2009

Same-Center Net Operating Income
(Dollars in thousands)


	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008


Net income attributable to the Company	$	13,591		$	15,119		$	20,758		$	26,746

Adjustments:
Depreciation and amortization		75,793			73,064			154,104			148,144
Depreciation and amortization from unconsolidated affiliates		7,555			6,694			15,064			13,371
Depreciation and amortization from discontinued operations		—			117			—			892
Noncontrolling interests’ share of depreciation and amortization in other consolidated subsidiaries		(64	)		(303	)		(265	)		(651	)
Interest expense		72,842			76,455			144,727			156,679
Interest expense from unconsolidated affiliates		7,497			7,208			15,362			13,834
Noncontrolling interests’ share of interest expense in other consolidated subsidiaries		(189	)		(455	)		(462	)		(903	)
Abandoned projects expense		67			1,199			143			2,912
(Gain) loss on sales of real estate assets		(72	)		(4,269	)		67			(7,345	)
Gain on sales of real estate assets of unconsolidated affiliates		(82	)		(145	)		(646	)		(429	)
Impairment of investment		—			—			7,706			—
Noncontrolling interests’ share of gain on sales of other consolidated subsidiaries		—			230			—			230
Income tax provision		152			3,838			755			4,195
Noncontrolling interests in earnings of operating partnership		5,109			7,385			6,415			12,127
(Gain) loss on discontinued operations		12			(3,112	)		72			(3,112	)

Operating partnership’s share of total NOI		182,211			183,025			363,800			366,690
General and administrative expenses		10,893			11,114			22,372			23,645
Management fees and non-property level revenues		(4,574	)		(6,357	)		(10,606	)		(14,328	)

Operating partnership’s share of property NOI		188,530			187,782			375,566			376,007
NOI of non-comparable centers		(4,442	)		(2,660	)		(8,380	)		(5,233	)

Total same-center NOI	$	184,088		$	185,122		$	367,186		$	370,774


Malls	$	166,601		$	166,420		$	333,226		$	334,797
Associated centers		8,134			8,865			15,955			17,472
Community centers		3,508			3,732			6,899			7,133
Other		5,845			6,105			11,106			11,372

Total same-center NOI		184,088			185,122			367,186			370,774
Less lease termination fees		(1,129	)		(4,438	)		(3,671	)		(5,762	)

Total same-center NOI, excluding lease termination fees	$	182,959		$	180,684		$	363,515		$	365,012


Percentage Change:
Malls		0.1	%					-0.5	%
Associated centers		-8.2	%					-8.7	%
Community centers		-6.0	%					-3.3	%
Other		-4.3	%					-2.3	%

Total same-center NOI		-0.6	%					-1.0	%

Total same-center NOI, excluding lease termination fees		1.3	%					-0.4	%

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CBL Reports Second Quarter Results
Page 9
August 4, 2009

Company’s Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)

June 30, 2009

Fixed Rate

Variable Rate

Total

Consolidated debt

4,541,048

1,147,554

5,688,602

Noncontrolling interests’ share of consolidated debt

(23,424

)

(928

)

(24,352

)

Company’s share of unconsolidated affiliates’ debt

407,022

181,282

588,304

Company’s share of consolidated and unconsolidated debt

4,924,646

1,327,908

6,252,554

Weighted average interest rate

5.98

1.68

5.06


	June 30, 2008

	Fixed Rate			Variable Rate			Total

Consolidated debt	$	4,653,373		$	1,344,785		$	5,998,158
Noncontrolling interests’ share of consolidated debt		(23,909	)		(910	)		(24,819	)
Company’s share of unconsolidated affiliates’ debt		409,702			74,145			483,847

Company’s share of consolidated and unconsolidated debt	$	5,039,166		$	1,418,020		$	6,457,186

Weighted average interest rate		5.79	%		3.59	%		5.30	%

Debt-To-Total-Market Capitalization Ratio as of June 30, 2009
(In thousands, except stock price)


	Shares Outstanding		Stock Price (1)		Value

Common stock and operating partnership units		189,804	$	5.39	$	1,023,044
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						1,313,044
Company’s share of total debt						6,252,554

Total market capitalization					$	7,565,598

Debt-to-total-market capitalization ratio						82.6	%


(1)	Stock price for common stock and operating partnership units equals the closing price of the common stock on June 30, 2009. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.

Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

Basic

Diluted

Basic

Diluted

2009:

Weighted average shares - EPS

82,918

82,957

77,072

77,109

Weighted average operating partnership units

51,949

Weighted average shares- FFO

134,867

134,906

129,021

129,058

2008:

Weighted average shares - EPS

71,062

71,250

71,027

71,209

Weighted average operating partnership units

51,976

51,973

51,976

51,972

Weighted average shares- FFO

123,038

123,223

123,003

123,183


Dividend Payout Ratio	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008

Weighted average dividend per share	$	0.15385		$	0.55047		$	0.53291		$	1.10094
FFO per diluted, fully converted share	$	0.71		$	0.77		$	1.43		$	1.52

Dividend payout ratio		21.7	%		71.5	%		37.3	%		72.4	%

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CBL Reports Second Quarter Results
Page 10
August 4, 2009

Consolidated Balance Sheets
(Unaudited, in thousands except share data)


	June 30, 2009			December 31, 2008

ASSETS
Real estate assets:
Land	$	926,588		$	902,504
Buildings and improvements		7,567,502			7,503,334

		8,494,090			8,405,838
Accumulated depreciation		(1,433,863	)		(1,310,173	)

		7,060,227			7,095,665
Developments in progress		217,207			225,815

Net investment in real estate assets		7,277,434			7,321,480
Cash and cash equivalents		50,789			51,227
Cash in escrow		—			2,700
Receivables:
Tenant, net of allowance		69,386			74,402
Other		12,725			12,145
Mortgage and other notes receivable		51,380			58,961
Investments in unconsolidated affiliates		196,106			207,618
Intangible lease assets and other assets		285,712			305,802

	$	7,943,532		$	8,034,335


LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable	$	5,688,602		$	6,095,676
Accounts payable and accrued liabilities		291,152			329,991

Total liabilities		5,979,754			6,425,667

Commitments and contingencies
Redeemable noncontrolling interests:
Redeemable noncontrolling partnership interests		91,792			18,393
Redeemable noncontrolling preferred joint venture interest		421,457			421,279

Total redeemable noncontrolling interests		513,249			439,672

Shareholders’ equity:
Preferred Stock, $.01 par value, 15,000,000 shares authorized:
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, 137,855,513 and 66,394,844 issued and outstanding in 2009 and 2008, respectively		1,378			664
Additional paid-in capital		1,420,214			993,941
Accumulated other comprehensive loss		(6,968	)		(12,786	)
Accumulated deficit		(223,202	)		(193,307	)

Total shareholders’ equity		1,191,434			788,524
Noncontrolling interests		259,095			380,472

Total equity		1,450,529			1,168,996

	$	7,943,532		$	8,034,335

-END-

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Exhibit 99.2

8/5/2009

Page 1

CBL & ASSOCIATES PROPERTIES, INC.

CONFERENCE CALL, SECOND QUARTER

AUGUST 5, 2009 @ 11:00 AM ET

John:

Thank you and good morning. We appreciate your participation in the CBL & Associates Properties, Inc. conference call to discuss second quarter results. Joining me today is Stephen Lebovitz, President and Katie Reinsmidt, Vice President - Corporate Communications and Investor Relations who will begin by reading our Safe Harbor disclosure.

Katie:

This conference call 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 results, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. We direct you 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 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included therein for a discussion of such risks and uncertainties. During our discussion today, references made to per share amounts are based upon a fully diluted converted share basis.

A transcript of today’s comments, the earnings release and additional supplemental schedules will be furnished to the SEC on Form 8-K and will be available on our website. This call will also be available for replay on the Internet through a link on our website at cblproperties.com. This conference call is the property of CBL & Associates Properties, Inc. Any redistribution, retransmission or rebroadcast of this call without the express written consent of CBL is strictly prohibited.

During this conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. A description of each non-GAAP measure and a reconciliation of each non-GAAP financial measure to the comparable GAAP financial measure will be included in the earnings release that is furnished on the Form 8-K.

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John:

Thank you, Katie.

We appreciate everyone joining us today to discuss recent events and second quarter results. Since last quarter’s conference call in May we have made tremendous progress towards our goal of strengthening the balance sheet and accessing capital. In June, we successfully completed a follow-on equity offering raising more than $380 million through the sale of 66.63 million shares of common stock at a price per share of $6.00. With the stock trading at a severe discount to the underlying value, the decision to issue equity was certainly painful, however; we believe that it was the right one and one that will contribute to the long-term strength of the organization. We’ve also made outstanding progress in working with our bank group to extend our lines of credit and are pleased to announce that we have achieved lender commitments for 99% of the aggregate facility capacity. These commitments cover $512 million of the $525 million secured line of credit that matures in February 2010 and the full amount of the $560 million unsecured line of credit that matures in August 2011. The commitments call for the facilities to be extended for approximately three years into 2013 and 2014. The extensions of practically the full capacity of both facilities is a major achievement and one that has not yet been replicated in the industry to this scale. The proceeds from the equity offering, coupled with this progress on our lines of credit, allow us to execute a plan that addresses all of our maturities through 2011.

The commitments for the unsecured line of credit provide for drawing down amounts available under the facility to retire a number of non-recourse, property specific mortgages that mature in 2009, 2010 and 2011. The assets will then be pledged as collateral to secure the facility. The mortgages will be retired at maturity, so as not to trigger any pre-payment penalties and the line will be gradually secured over the next 18 months. As a result of this plan we should have a designated capital source for our CMBS maturities through 2011 leaving only the institutional maturities to be refinanced. With our long-term relationships and past success in refinancing institutional debt, we believe that we will again be successful in refinancing or extending all of these maturities.

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We were also able to negotiate the interest rate increases on the unsecured facility in stages, so that we would not experience a spike in interest expense from the early extensions. There is a 1.5% LIBOR floor, which goes into effect in January 2010. We anticipate minimal changes to the existing debt covenants from the extensions and modification of these facilities. While the market has yet to reward these achievements in price performance, they will have a positive long-term impact on CBL and our future successes.

During the quarter we also closed on two 10-year, non-recourse loans including a $33.6 million loan secured by Honey Creek Mall in Terre Haute, IN and a $57.8 million loan secured by Volusia Mall in Daytona Beach, FL. The loans are with existing institutional lenders and have an interest rate of 8.0%. These loans replace an existing $30.1 million loan secured by Honey Creek Mall and a $51.2 million loan secured by Volusia Mall. We used the $10.1 million of excess proceeds, plus cash on hand, to pay off the $30.2 million loan secured by Bonita Lakes Mall in Meridian, MS. Bonita Lakes will be contributed to the collateral pool for the $525 million credit line. These transactions successfully address all of our 2009 loan maturities. The $53.0 million non-recourse loan secured by Eastgate Mall in Cincinnati, OH has been identified to be paid off at maturity in December of this year and included in the collateral pool for the $560 million credit facility.

We are continuing to focus on de-leveraging. The equity offering was only the first step in our long-term plan to lower debt levels through the natural amortization of principal as well as dispositions and good, solid joint venture opportunities. We have seen an improvement recently in the disposition and joint venture market and are receiving a moderate level of interest from private equity, local players and 1031 exchange buyers and we continue to explore these opportunities. We anticipate that in the near term we are more likely to complete smaller community center or office sales where financing is more readily available, but are in discussions for transactions of different scales and scopes.

FINANCIAL REVIEW:

Before we get into second quarter financial results, I would like to remind everyone that the second quarter 2009 FFO per share and earnings per share amounts were significantly impacted by the equity offering compared with the prior year. However, both periods have been restated for the six million shares issued with the stock dividend in the first quarter.

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We were pleased to achieve a 2.0% increase in gross FFO this quarter and, excluding the impairment charge taken in the first quarter 2009, a 2.8% increase for the six months ended June 30, 2009 as compared with the prior year period. FFO per share for the second quarter was $0.71 per share compared with $0.77 per share in the prior year period. The current quarter FFO per share was impacted by the stock issued in the June offering. FFO included:

•

Bad debt expense in the second quarter and six months 2009 of approximately $1.7 million and $3.8 million, compared with $3.0 million and $3.9 million, respectively for the prior year periods. The higher bad debt expense in the prior year quarter was a result of the significant bankruptcy and store closures. We continue to take a very conservative approach to writing off any bad debt expenses and keep a close eye on receivables.

•

Gains on outparcel sales were $154,000 in the second quarter compared with $4.2 million or $0.03 per share in the prior year period. For the first six months of 2009 gains were $0.05 per share lower than the prior year period.

•

FFO included lease termination fees of $0.01 and $0.03 per share in the second quarter and six months ended June 30, 2009 compared with $0.04 and $0.05 per share in the prior year periods.

Excluding lease termination fees, same-center NOI increased 1.3% for the quarter and declined 0.4% for the six months as compared with the prior year periods. Our FFO and NOI results this quarter illustrate the strength of our properties and the success of our continued efforts to reduce expenses and overhead. Over the past few quarters we have outlined significant cost reduction measures which are resulting in an estimated $36 million in annual cash savings. This quarter we are really starting to see the benefits of these efforts. Other highlights of the quarter included:

•

Debt-to-market capitalization ratio was 82.6% as of the end of June compared with 68.6% as of the end of the prior year period. The increase in our debt-to-market cap is primarily a result of the decline in our stock price. Debt levels were significantly reduced from the first quarter as a result of the proceeds raised in the equity offering.

•

Variable rate debt was 17.6% of the total market capitalization as of the end of June 2009 versus 15.1% as of the end of the prior year

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period. Variable rate debt represented 21.2% of CBL’s share of consolidated and unconsolidated debt compared with 22.0% in the prior year period.

•

Our cost recovery ratio for the second quarter was 105.8%, compared with 96.3%, in the prior-year period. For the six months ended June 30, 2009 our cost recovery ratio was 101.1% compared with 96.0% in the prior year period. With 85% of the portfolio on fixed CAM, the cost recovery ratio year-to-date has been positively impacted by the expense reductions. For the second quarter, the ratio also benefited from the $1.3 million lower bad debt expense.

•

G&A represented approximately 4.1% of total revenues in the second quarter flat with the prior year period. G&A expense represented approximately 4.2% of total revenues for the six months ended June 30, 2009 compared with 4.3% of total revenues in the prior year period.

•

Our EBITDA to interest coverage ratio was 2.29 times as of June 30, 2009 compared with 2.27 times at the close of the prior year period.

GUIDANCE:

We are maintaining FFO guidance for 2009 in the range of $2.28 to $2.39 per share, which was adjusted to reflect the increase in shares outstanding as a result of the equity offering. Major assumptions in our guidance include NOI growth of negative 1.5% to 3.5% and outparcel sales of $6.0 million to $9.0 million. Additionally, the guidance assumes we close both credit facilities in the third quarter. We will continue to update our guidance quarterly, as necessary.

DIVIDEND

Contributing to our focus on maximizing internal cash flows, in June the Board determined to reduce the common dividend rate to the minimum required to pay 100% of taxable income for the remainder of 2009. The actions on the dividend to-date have resulted in an estimated savings of $160 million annually. The Board will continue to review the dividend policy quarterly. Taxable income estimates will be updated to incorporate quarterly results as well as the dilution from the equity offering.

Now I will turn the call over to Stephen for an update on operations during the quarter.

Stephen:

8/5/2009

Page 6

Thank you, John.

In June we held our annual Connection leasing event in Chattanooga as a follow up to ICSC’s RECon Las Vegas Convention. We welcomed over 120 retail representatives to Chattanooga for three days of deal making. The event was very successful and our leasing team reported strong progress on moving forward existing deals as well as starting new deals. While the focus of most national retailers is on renewals of existing leases, we are tapping into the expansion plans of a number of regional retailers such as electronics store hhgregg, Charming Charlie’s, an accessories store concept, and EarthFare, an organic grocer. Our leasing team actually leased over 25% more square footage in the operating portfolio in the first six months of 2009 compared with the prior year period. The increase in leasing has been primarily in the renewal of existing leases. With expansion plans limited for many retailers, maintaining their current base of successful stores is even more important. With the lowest occupancy cost in the peer group, our portfolio is attractive to retailers and we continue to benefit from this trend.

LEASING AND OCCUPANCY:

During the second quarter we completed over one million square feet of new and renewal leases in our operating portfolio including 620,000 square feet of new leases and 390,000 square feet of renewals. We also completed 118,000 square feet of development leases. To date, we have completed approximately 82% of our 2009 renewals.

For stabilized mall leasing in the second quarter, on a same space basis, rental rates were signed at an average decrease of 7.4% from the prior gross rent per square foot. This is a slight improvement over the first quarter numbers and we expect the rest of the year to be in this range. We are continuing to experience pressure on rental spreads. However, there were a couple of portfolio deals that had a disproportionate impact on the quarter results. One portfolio of 17 stores and one portfolio of eight stores together accounted for approximately 280 basis points of the 740 basis point decline in average rents during the second quarter.

We are still receiving a number of rent relief requests from retailers, but have continued to maintain a hard line, which is evident in the continued stability of the stabilized mall base rents in our portfolio. For instance where we do grant rent relief, we keep the length of relief short and seek a quid pro

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quo such as a longer lease term, removal of a cart restriction or other provisions.

We have had a number of inquiries on the calculation of leasing spreads recently and wanted to clarify to everyone that our leasing spreads represent leases signed in the quarter, not stores opened. We believe this presents the closest thing to real time market information rather than reporting spreads on stores opened in the quarter, which would lag the market by several months.

Stabilized mall occupancy was flat sequentially at 89.1% and declined 190 basis points from 91.0% at the end of the prior year period. Total portfolio occupancy declined 60 basis points sequentially and 340 basis points from the prior year to 88.0%. The year-over-year decline was primarily a result of the closure of junior boxes in the associated center and community center portfolio. Of the roughly 50 junior anchor and box locations that vacated as a result of the 2008 bankruptcies and store closures, we have 24 executed leases or LOIs totaling more than 675,000 square feet. While 34% of the junior box spaces have been re-leased, the new stores have not yet taken occupancy. A few stores are slated to open later this year, and the majority will open beginning in early 2010. We are still projecting year-end occupancy to be down approximately 200 basis points from the end of 2008.

RETAIL SALES:

Same-store sales declined 6.0% to $321 per square foot for reporting tenants 10,000 square feet or less in stabilized malls for the twelve months ended June 30, 2009. While sales are continuing to experience pressure, our centers have been holding up better than the peer group, which is indicative of the stability of our market dominant strategy.

BANKRUPTCY UPDATE:

Year-to-date in 2009, the bankruptcy activity we are experiencing has been more in-line with average annual bankruptcy activity versus the onslaught that the market predicted. As DIP financing becomes more readily available for retailers, we may see additional companies file, however many are choosing to focus on improving their operating margins and making it through the current environment. During the quarter, Eddie Bauer filed for Chapter 11, but Golden Gate Capital has acquired their leases at auction. We are hopeful that the store closures from this transaction will be minimal. No Eddie Bauer stores in our portfolio have closed to-date. We have 17 locations, totaling 123,000 square feet and $3.0 million in gross annual rent.

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Garfields Restaurants also filed for Chapter 11 during the quarter. We have eleven locations totaling 58,000 square feet and $1.8 million in gross annual rents. To-date three locations have closed totaling 16,000 square feet and $500,000 in rent.

DEVELOPMENT

In July, Target, ULTA and additional shops joined Kohl’s, Marshall’s, Michaels, and PETCO at Hammock Landing, our recently opened community center project in West Melbourne, FL. The center is continuing to receive interest from retailers and is currently over 90% leased and committed.

On October 11^th we will celebrate the opening of The Promenade in D’Iberville, MS, part of the Gulfport/Biloxi trade area. Target will open along with Marshalls, Best Buy, Dick’s Sporting Goods, ULTA and others. The project is currently over 90% leased and committed. This fall we will also open the first phase of Settlers Ridge in Pittsburgh, PA. The project is currently over 90% leased and committed and includes Giant Eagle Market District, Cinemark Theater, PF Changs, REI, LA Fitness, shops and restaurants. Additionally, in October Hollywood Theaters will celebrate its grand opening at our development The Pavilion at Port Orange in Port Orange, FL. This project is currently over 80% leased and committed.

We are pleased with the continued strength of the leasing of our development program. The location of all of our projects in their respective markets is very strong and we believe that these centers are positioned for long-term success.

CONCLUSION:

We are pleased with this quarter's results, highlighted by the increase in our comp NOI number and in FFO. While we expect the economy to remain weak at least through the end of this year, we believe our properties are well-positioned and will perform better than properties located in major metropolitan markets. As a Company we have made significant progress in positioning our balance sheet to withstand the constrained credit markets and other economic factors. The liquidity risk that may have overhung CBL in 2008 and going into 2009 has been alleviated by the equity offering and the extension of over $1.5 billion in credit facilities and permanent financings. The world may be different when this economic cycle is over, but CBL will be around to enjoy the new opportunities that emerge.

8/5/2009

Page 9

Thank you for joining us today and we will now answer any questions you may have.

EX-99 7 exhibit993.htm EXHIBIT 99.3 - SUPPLEMENTAL

Exhibit 99.3

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Six Months Ended June 30, 2009

Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008

REVENUES:
Minimum rents	$	170,491		$	177,943		$	342,428		$	352,474
Percentage rents		1,604			1,610			6,408			6,606
Other rents		4,142			4,204			8,422			9,218
Tenant reimbursements		81,695			79,952			163,179			166,375
Management, development and leasing fees		1,615			2,484			4,080			5,422
Other		6,977			6,290			13,067			13,320

Total revenues		266,524			272,483			537,584			553,415


EXPENSES:
Property operating		39,355			44,094			83,372			92,386
Depreciation and amortization		75,793			73,064			154,104			148,144
Real estate taxes		24,449			23,898			48,603			48,077
Maintenance and repairs		13,416			15,003			29,410			32,919
General and administrative		10,893			11,114			22,372			23,645
Other		5,914			6,541			11,071			13,540

Total expenses		169,820			173,714			348,932			358,711

Income from operations		96,704			98,769			188,652			194,704
Interest and other income		1,362			2,182			2,943			4,909
Interest expense		(72,842	)		(76,455	)		(144,727	)		(156,679	)
Impairment of investment		—			—			(7,706	)		—
Gain (loss) on sales of real estate assets		72			4,269			(67	)		7,345
Equity in earnings (losses) of unconsolidated affiliates		62			(186	)		1,596			793
Income tax provision		(152	)		(3,838	)		(755	)		(4,195	)

Income from continuing operations		25,206			24,741			39,936			46,877
Operating income of discontinued operations		86			1,053			20			1,335
Gain (loss) on discontinued operations		(12	)		3,112			(72	)		3,112

Net income		25,280			28,906			39,884			51,324
Net income attributable to noncontrolling interests:
Operating partnership		(5,109	)		(7,385	)		(6,415	)		(12,127	)
Other consolidated subsidiaries		(6,580	)		(6,402	)		(12,711	)		(12,451	)

Net income attributable to the Company		13,591			15,119			20,758			26,746
Preferred dividends		(5,454	)		(5,454	)		(10,909	)		(10,909	)

Net income available to common shareholders	$	8,137		$	9,665		$	9,849		$	15,837

Basic per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.10		$	0.10		$	0.13		$	0.19
Discontinued operations		—			0.04			—			0.03

Net income available to common shareholders	$	0.10		$	0.14		$	0.13		$	0.22

Weighted average common shares outstanding		82,918			71,062			77,072			71,027

Diluted per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.10		$	0.10		$	0.13		$	0.19
Discontinued operations		—			0.04			—			0.03

Net income available to common shareholders	$	0.10		$	0.14		$	0.13		$	0.22

Weighted average common and potential dilutive common shares outstanding		82,957			71,250			77,109			71,209

Amounts attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	8,092		$	7,259		$	9,880		$	13,269
Discontinued operations		45			2,406			(31	)		2,568

Net income available to common shareholders	$	8,137		$	9,665		$	9,849		$	15,837

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2009

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


	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008


Net income available to common shareholders	$	8,137		$	9,665		$	9,849		$	15,837
Noncontrolling interest in earnings of operating partnership		5,109			7,385			6,415			12,127
Depreciation and amortization expense of:
Consolidated properties		75,793			73,064			154,104			148,144
Unconsolidated affiliates		7,555			6,694			15,064			13,371
Discontinued operations		—			117			—			892
Non-real estate assets		(243	)		(259	)		(490	)		(502	)
Noncontrolling interests’ share of depreciation and amortization		(64	)		(303	)		(265	)		(651	)
(Gain) loss on discontinued operations		12			(3,112	)		72			(3,112	)
Income tax provision on disposal of discontinued operations		—			1,183			—			1,183

Funds from operations of the operating partnership	$	96,299		$	94,434		$	184,749		$	187,289


Funds from operations per diluted share	$	0.71		$	0.77		$	1.43		$	1.52

Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted		134,906			123,223			129,058			123,183

Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership	$	96,299		$	94,434		$	184,749		$	187,289
Percentage allocable to Company shareholders ⁽¹⁾		61.48	%		57.76	%		59.74	%		57.74	%

Funds from operations allocable to Company shareholders	$	59,205		$	54,545		$	110,369		$	108,141


⁽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. See the reconciliation of shares and operating partnership units on page 4.


SUPPLEMENTAL FFO INFORMATION:

Lease termination fees	$	1,129		$	4,458		$	3,671		$	5,918
Lease termination fees per share	$	0.01		$	0.04		$	0.03		$	0.05

Straight-line rental income	$	1,570		$	1,837		$	3,301		$	3,338
Straight-line rental income per share	$	0.01		$	0.01		$	0.03		$	0.03

Gains on outparcel sales	$	154		$	4,188		$	579		$	7,548
Gains on outparcel sales per share	$	—		$	0.03		$	—		$	0.06

Amortization of acquired above- and below-market leases	$	1,532		$	2,506		$	3,080		$	5,103
Amortization of acquired above- and below-market leases per share	$	0.01		$	0.02		$	0.02		$	0.04

Amortization of debt premiums	$	1,707		$	1,961		$	3,742		$	3,936
Amortization of debt premiums per share	$	0.01		$	0.02		$	0.03		$	0.03

Income tax provision	$	(152	)	$	(2,655	)	$	(755	)	$	(3,012	)
Income tax provision per share	$	—		$	(0.02	)	$	(0.01	)	$	(0.02	)

Impairment of investment	$	—		$	—		$	(7,706	)	$	—
Impairment of investment per share	$	—		$	—		$	(0.06	)	$	—

Abandoned projects	$	(67	)	$	(1,199	)	$	(143	)	$	(2,912	)
Abandoned projects per share	$	—		$	(0.01	)	$	—		$	(0.02	)

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2009

Same-Center Net Operating Income
(Dollars in thousands)


	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008


Net income attributable to the Company	$	13,591		$	15,119		$	20,758		$	26,746

Adjustments:
Depreciation and amortization		75,793			73,064			154,104			148,144
Depreciation and amortization from unconsolidated affiliates		7,555			6,694			15,064			13,371
Depreciation and amortization from discontinued operations		—			117			—			892
Noncontrolling interests’ share of depreciation and amortization in other consolidated subsidiaries		(64	)		(303	)		(265	)		(651	)
Interest expense		72,842			76,455			144,727			156,679
Interest expense from unconsolidated affiliates		7,497			7,208			15,362			13,834
Noncontrolling interests’ share of interest expense in other consolidated subsidiaries		(189	)		(455	)		(462	)		(903	)
Abandoned projects expense		67			1,199			143			2,912
(Gain) loss on sales of real estate assets		(72	)		(4,269	)		67			(7,345	)
Gain on sales of real estate assets of unconsolidated affiliates		(82	)		(145	)		(646	)		(429	)
Impairment of investment		—			—			7,706			—
Noncontrolling interests’ share of gain on sales of other consolidated subsidiaries		—			230			—			230
Income tax provision		152			3,838			755			4,195
Noncontrolling interests in earnings of operating partnership		5,109			7,385			6,415			12,127
(Gain) loss on discontinued operations		12			(3,112	)		72			(3,112	)

Operating partnership’s share of total NOI		182,211			183,025			363,800			366,690
General and administrative expenses		10,893			11,114			22,372			23,645
Management fees and non-property level revenues		(4,574	)		(6,357	)		(10,606	)		(14,328	)

Operating partnership’s share of property NOI		188,530			187,782			375,566			376,007
NOI of non-comparable centers		(4,442	)		(2,660	)		(8,380	)		(5,233	)

Total same-center NOI	$	184,088		$	185,122		$	367,186		$	370,774


Malls	$	166,601		$	166,420		$	333,226		$	334,797
Associated centers		8,134			8,865			15,955			17,472
Community centers		3,508			3,732			6,899			7,133
Other		5,845			6,105			11,106			11,372

Total same-center NOI		184,088			185,122			367,186			370,774
Less lease termination fees		(1,129	)		(4,438	)		(3,671	)		(5,762	)

Total same-center NOI, excluding lease termination fees	$	182,959		$	180,684		$	363,515		$	365,012


Percentage Change:
Malls		0.1	%					-0.5	%
Associated centers		-8.2	%					-8.7	%
Community centers		-6.0	%					-3.3	%
Other		-4.3	%					-2.3	%

Total same-center NOI		-0.6	%					-1.0	%

Total same-center NOI, excluding lease termination fees		1.3	%					-0.4	%

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2009

Company’s Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)

June 30, 2009

Fixed Rate

Variable Rate

Total

Consolidated debt

4,541,048

1,147,554

5,688,602

Noncontrolling interests’ share of consolidated debt

(23,424

)

(928

)

(24,352

)

Company’s share of unconsolidated affiliates’ debt

407,022

181,282

588,304

Company’s share of consolidated and unconsolidated debt

4,924,646

1,327,908

6,252,554

Weighted average interest rate

5.98

1.68

5.06


	June 30, 2008

	Fixed Rate			Variable Rate			Total

Consolidated debt	$	4,653,373		$	1,344,785		$	5,998,158
Noncontrolling interests’ share of consolidated debt		(23,909	)		(910	)		(24,819	)
Company’s share of unconsolidated affiliates’ debt		409,702			74,145			483,847

Company’s share of consolidated and unconsolidated debt	$	5,039,166		$	1,418,020		$	6,457,186

Weighted average interest rate		5.79	%		3.59	%		5.30	%

Debt-To-Total-Market Capitalization Ratio as of June 30, 2009
(In thousands, except stock price)


	Shares Outstanding		Stock Price (1)		Value

Common stock and operating partnership units		189,804	$	5.39	$	1,023,044
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						1,313,044
Company’s share of total debt						6,252,554

Total market capitalization					$	7,565,598

Debt-to-total-market capitalization ratio						82.6	%


(1)	Stock price for common stock and operating partnership units equals the closing price of the common stock on June 30, 2009. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.

Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

Basic

Diluted

Basic

Diluted

2009:

Weighted average shares - EPS

82,918

82,957

77,072

77,109

Weighted average operating partnership units

51,949

Weighted average shares- FFO

134,867

134,906

129,021

129,058

2008:

Weighted average shares - EPS

71,062

71,250

71,027

71,209

Weighted average operating partnership units

51,976

51,973

51,976

51,972

Weighted average shares- FFO

123,038

123,223

123,003

123,183


Dividend Payout Ratio	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008

Weighted average dividend per share	$	0.15385		$	0.55047		$	0.53291		$	1.10094
FFO per diluted, fully converted share	$	0.71		$	0.77		$	1.43		$	1.52

Dividend payout ratio		21.7	%		71.5	%		37.3	%		72.4	%

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2009

Consolidated Balance Sheets
(Unaudited, in thousands except share data)


	June 30, 2009			December 31, 2008

ASSETS
Real estate assets:
Land	$	926,588		$	902,504
Buildings and improvements		7,567,502			7,503,334

		8,494,090			8,405,838
Accumulated depreciation		(1,433,863	)		(1,310,173	)

		7,060,227			7,095,665
Developments in progress		217,207			225,815

Net investment in real estate assets		7,277,434			7,321,480
Cash and cash equivalents		50,789			51,227
Cash in escrow		—			2,700
Receivables:
Tenant, net of allowance		69,386			74,402
Other		12,725			12,145
Mortgage and other notes receivable		51,380			58,961
Investments in unconsolidated affiliates		196,106			207,618
Intangible lease assets and other assets		285,712			305,802

	$	7,943,532		$	8,034,335


LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable	$	5,688,602		$	6,095,676
Accounts payable and accrued liabilities		291,152			329,991

Total liabilities		5,979,754			6,425,667

Commitments and contingencies
Redeemable noncontrolling interests:
Redeemable noncontrolling partnership interests		91,792			18,393
Redeemable noncontrolling preferred joint venture interest		421,457			421,279

Total redeemable noncontrolling interests		513,249			439,672

Shareholders’ equity:
Preferred Stock, $.01 par value, 15,000,000 shares authorized:
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, 137,855,513 and 66,394,844 issued and outstanding in 2009 and 2008, respectively		1,378			664
Additional paid-in capital		1,420,214			993,941
Accumulated other comprehensive loss		(6,968	)		(12,786	)
Accumulated deficit		(223,202	)		(193,307	)

Total shareholders’ equity		1,191,434			788,524
Noncontrolling interests		259,095			380,472

Total equity		1,450,529			1,168,996

	$	7,943,532		$	8,034,335

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2009

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 June 30,						Six Months Ended June 30,

	2009			2008			2009			2008

EBITDA:
Net income attributable to the Company	$	13,591		$	15,119		$	20,758		$	26,746

Adjustments:
Depreciation and amortization		75,793			73,064			154,104			148,144
Depreciation and amortization from unconsolidated affiliates		7,555			6,694			15,064			13,371
Depreciation and amortization from discontinued operations		—			117			—			892
Noncontrolling interests’ share of depreciation and amortization in other consolidated subsidiaries		(64	)		(303	)		(265	)		(651	)
Interest expense		72,842			76,455			144,727			156,679
Interest expense from unconsolidated affiliates		7,497			7,208			15,362			13,834
Noncontrolling interests’ share of interest expense in other consolidated subsidiaries		(189	)		(455	)		(462	)		(903	)
Income and other taxes		1,495			5,258			2,297			5,914
Impairment of investment		—			—			7,706			—
Abandoned projects		67			1,199			143			2,912
Noncontrolling interests in earnings of operating partnership		5,109			7,385			6,415			12,127
(Gain) loss on discontinued operations		12			(3,112	)		72			(3,112	)

Company’s share of total EBITDA	$	183,708		$	188,629		$	365,921		$	375,953


Interest Expense:
Interest expense	$	72,842		$	76,455		$	144,727		$	156,679
Interest expense from unconsolidated affiliates		7,497			7,208			15,362			13,834
Noncontrolling interests’ share of interest expense in other consolidated subsidiaries		(189	)		(455	)		(462	)		(903	)

Company’s share of total interest expense	$	80,150		$	83,208		$	159,627		$	169,610


Ratio of EBITDA to Interest Expense		2.29			2.27			2.29			2.22


Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008


Company’s share of total EBITDA	$	183,708		$	188,629		$	365,921		$	375,953
Interest expense		(72,842	)		(76,455	)		(144,727	)		(156,679	)
Noncontrolling interests’ share of interest expense in other consolidated subsidiaries		189			455			462			903
Income and other taxes		(1,495	)		(5,258	)		(2,297	)		(5,914	)
Amortization of deferred financing costs and non-real estate depreciation included in operating expense		2,101			2,292			4,431			4,411
Amortization of debt premiums		(1,707	)		(1,961	)		(3,742	)		(3,936	)
Amortization of above- and below- market leases		(1,555	)		(2,511	)		(3,112	)		(5,108	)
Depreciation and interest expense from unconsolidated affiliates		(15,052	)		(13,902	)		(30,426	)		(27,205	)
Noncontrolling interests’ share of depreciation and amortization in other consolidated subsidiaries		64			303			265			651
Noncontrolling interest in earnings of other consolidated subsidiaries		6,580			6,402			12,711			12,451
Realized foreign currency loss		29			—			76			—
(Gains) losses on outparcel sales		(72	)		(4,269	)		67			(7,345	)
Income tax benefit from stock options		—			2,235			—			3,736
Equity in (earnings) losses of unconsolidated affiliates		(62	)		186			(1,596	)		(793	)
Distributions from unconsolidated affiliates		2,293			2,780			6,020			6,943
Share-based compensation expense		905			1,139			1,875			2,727
Changes in operating assets and liabilities		4,327			(2,082	)		(6,783	)		(10,299	)

Cash flows provided by operating activities	$	107,411		$	97,983		$	199,145		$	190,496

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2009

Schedule of Mortgage and Other Notes Payable as of June 30, 2009

(Dollars in thousands)


		Original Maturity Date	Optional Extended Maturity Date
				Interest Rate					Balance

Location	Property					Balance			Fixed			Variable


Operating Properties:
Chattanooga, TN	CBL Center II	Aug-09	Aug-10	1.57	%		11,599			—			11,599
Burlington, NC	Alamance Crossing	Sep-09	Sep-11	1.56	%		74,413			—			74,413
Stillwater, OK	Lakeview Pointe	Nov-09	Nov-10	1.32	%		15,600			—			15,600
Cincinnati, OH	Eastgate Mall	Dec-09	—	4.55	%		52,782	(a)		52,782			—
Fairview Heights, IL	St. Clair Square	Apr-10	—	7.50	%		58,597			58,597			—
Little Rock, AR	Park Plaza Mall	May-10	—	8.69	%		39,128			39,128			—
Spartanburg, SC	WestGate Crossing	Jul-10	—	8.42	%		9,090			9,090			—
Pearland, TX	Pearland Office	Jul-10	Jul-12	1.53	%		7,562	(b)		—			7,562
Pearland, TX	Pearland Town Center	Jul-10	Jul-12	1.53	%		126,226	(b)		—			126,226
Burnsville, MN	Burnsville Center	Aug-10	—	8.00	%		62,485			62,485			—
Roanoke, VA	Valley View Mall	Sep-10	—	8.61	%		41,460			41,460			—
Beaumont, TX	Parkdale Crossing	Sep-10	—	5.01	%		7,796			7,796			—
Beaumont, TX	Parkdale Mall	Sep-10	—	5.01	%		49,376			49,376			—
Nashville, TN	CoolSprings Galleria	Sep-10	—	6.22	%		122,325			122,325			—
Lansing, MI	Meridian Mall	Nov-10	Nov-11	5.18	%		40,000	(c)		40,000
Stroud, PA	Stroud Mall	Dec-10	—	8.42	%		30,002			30,002			—
Wausau, WI	Wausau Center	Dec-10	—	6.70	%		11,464			11,464			—
York, PA	York Galleria	Dec-10	—	8.34	%		47,933			47,933			—
Statesboro, GA	Statesboro Crossing	Feb-11	Feb-13	1.31	%		15,848			—			15,848
St. Louis, MO	West County Center- Former Lord & Taylor	Mar-11	Mar-13	1.31	%		24,410			—			24,410
Lexington, KY	Fayette Mall	Jul-11	—	7.00	%		87,841			87,841			—
St. Louis, MO	Mid Rivers Mall	Jul-11	—	7.24	%		78,748			78,748			—
Panama City, FL	Panama City Mall	Aug-11	—	7.30	%		37,442			37,442			—
Asheville, NC	Asheville Mall	Sep-11	—	6.98	%		64,043			64,043			—
Nashville, TN	Rivergate Mall	Sep-11	Sep-13	5.85	%		87,500	(d)		87,500
Milford, CT	Milford Marketplace	Jan-12	Jan-13	3.81	%		17,200			—			17,200
Ft. Smith, AR	Massard Crossing	Feb-12	—	7.54	%		5,535			5,535			—
Vicksburg, MS	Pemberton Plaza	Feb-12	—	7.54	%		1,891			1,891			—
Houston, TX	Willowbrook Plaza	Feb-12	—	7.54	%		28,320			28,320			—
High Point, NC	Oak Hollow Mall	Feb-12	—	4.50	%		37,708			37,708			—
Fayetteville, NC	Cross Creek Mall	Apr-12	—	7.40	%		59,565			59,565			—
Colonial Heights, VA	Southpark Mall	May-12	—	7.00	%		33,722			33,722			—
Douglasville, GA	Arbor Place	Jul-12	—	6.51	%		70,146			70,146			—
Saginaw, MI	Fashion Square	Jul-12	—	6.51	%		53,707			53,707			—
Louisville, KY	Jefferson Mall	Jul-12	—	6.51	%		39,075			39,075			—
North Charleston, SC	Northwoods Mall	Jul-12	—	6.51	%		55,945			55,945			—
Jackson, TN	Old Hickory Mall	Jul-12	—	6.51	%		30,985			30,985			—
Asheboro, NC	Randolph Mall	Jul-12	—	6.50	%		13,510			13,510			—
Racine, WI	Regency Mall	Jul-12	—	6.51	%		30,641			30,641			—
Douglasville, GA	The Landing At Arbor Place	Jul-12	—	6.51	%		7,918			7,918			—
Spartanburg, SC	WestGate Mall	Jul-12	—	6.50	%		48,533			48,533			—
Chattanooga, TN	CBL Center	Aug-12	—	6.25	%		13,549			13,549			—
Livonia, MI	Laurel Park Place	Dec-12	—	8.50	%		47,654			47,654			—
Monroeville, PA	Monroeville Mall	Jan-13	—	5.73	%		119,131			119,131			—
Greensburg, PA	Westmoreland Mall	Mar-13	—	5.05	%		72,537			72,537			—
St. Louis, MO	West County Center	Apr-13	—	5.19	%		153,762			153,762			—
Columbia, SC	Columbia Place	Sep-13	—	5.45	%		29,687			29,687			—
St. Louis, MO	South County Center	Oct-13	—	4.96	%		78,241			78,241			—
Joplin, MO	Northpark Mall	Mar-14	—	5.75	%		37,591			37,591			—
Laredo, TX	Mall del Norte	Dec-14	—	5.04	%		113,400			113,400			—
Rockford, IL	CherryVale Mall	Oct-15	—	5.00	%		88,558			88,558			—
Brookfield, IL	Brookfield Square	Nov-15	—	5.08	%		99,146			99,146			—
Madison, WI	East Towne Mall	Nov-15	—	5.00	%		75,484			75,484			—
Madison, WI	West Towne Mall	Nov-15	—	5.00	%		106,620			106,620			—
Bloomington, IL	Eastland Mall	Dec-15	—	5.85	%		59,400			59,400			—
Decatur, IL	Hickory Point Mall	Dec-15	—	5.85	%		31,571			31,571			—
Overland Park, KS	Oak Park Mall	Dec-15	—	5.85	%		275,700			275,700			—
Janesville, WI	Janesville Mall	Apr-16	—	8.38	%		9,640			9,640			—
Akron, OH	Chapel Hill Mall	Aug-16	—	6.10	%		74,217			74,217			—
Chesapeake, VA	Greenbrier Mall	Aug-16	—	5.91	%		81,821			81,821			—
Chattanooga, TN	Hamilton Place	Aug-16	—	5.86	%		112,587			112,587			—
Midland, MI	Midland Mall	Aug-16	—	6.10	%		36,626			36,626			—
St. Louis, MO	Chesterfield Mall	Sep-16	—	5.74	%		140,000			140,000			—
Southaven, MS	Southaven Towne Center	Jan-17	—	5.50	%		44,442			44,442			—
Cary, NC	Cary Towne Center	Mar-17	—	8.50	%		72,658			72,658			—
Charleston, SC	Citadel Mall	Apr-17	—	5.68	%		73,004			73,004			—
Chattanooga, TN	Hamilton Corner	Apr-17	—	5.67	%		16,542			16,542			—
Layton, UT	Layton Hills Mall	Apr-17	—	5.66	%		104,349			104,349			—
Lafayette, LA	Mall of Acadiana	Apr-17	—	5.67	%		145,997			145,997			—
Lexington, KY	The Plaza at Fayette Mall	Apr-17	—	5.67	%		43,101			43,101			—
Fairview Heights, IL	The Shoppes at St. Clair Square	Apr-17	—	5.67	%		21,842			21,842			—
Cincinnati, OH	Eastgate Crossing	May-17	—	5.66	%		16,250			16,250			—
Nashville, TN	Courtyard at Hickory Hollow	Oct-18	—	6.00	%		1,901			1,901			—
Winston-Salem, NC	Hanes Mall	Oct-18	—	6.99	%		162,900			162,900			—
Nashville, TN	Hickory Hollow Mall	Oct-18	—	6.00	%		32,900			32,900			—
Terre Haute, IN	Honey Creek Mall	Jul-19	—	8.00	%		33,600			33,600			—
Daytona Beach, FL	Volusia Mall	Jul-19	—	8.00	%		57,800			57,800			—

	SUBTOTAL					$	4,422,279		$	4,129,421		$	292,858

Weighted average interest rate							5.86	%		6.16	%		1.63	%

Debt Premiums (Discounts): (e)

Little Rock, AR	Park Plaza Mall	May-10	—	4.90	%		1,099			1,099			—
Roanoke, VA	Valley View Mall	Sep-10	—	5.10	%		1,746			1,746			—
St. Louis, MO	Mid Rivers Mall	Jul-11	—	5.66	%		2,658			2,658			—
Fayetteville, NC	Cross Creek Mall	Apr-12	—	5.00	%		3,679			3,679			—
Colonial Heights, VA	Southpark Mall	May-12	—	5.10	%		1,661			1,661			—
Livonia, MI	Laurel Park Place	Dec-12	—	5.00	%		5,053			5,053			—
Monroeville, PA	Monroeville Mall	Jan-13	—	5.30	%		1,588			1,588			—
St. Louis, MO	West County Center	Apr-13	—	5.82	%		(3,075	)		(3,075	)		—
St. Louis, MO	South County Center	Oct-13	—	5.50	%		(1,553	)		(1,553	)		—
Joplin, MO	Northpark Mall	Mar-14	—	5.50	%		361			361			—
St. Louis, MO	Chesterfield Mall	Sep-16	—	5.96	%		(1,941	)		(1,941	)		—

	SUBTOTAL					$	11,276		$	11,276		$	—

Weighted average interest rate							4.78	%		4.78	%

Total Loans On Operating Properties And Debt Premiums (Discounts)						$	4,433,555		$	4,140,697		$	292,858

Weighted average interest rate							5.86	%		6.16	%		1.63	%

Construction Loans:

D’lberville, MS	The Promenade	Dec-10	Dec-11	2.07	%		79,085	(f)		—			79,085
Pittsburgh, PA	Settler’s Ridge	Jun-11	Dec-12	3.32	%		20,567			—			20,567


	SUBTOTAL					$	99,652		$	—		$	99,652


Credit Facilities:
Unsecured credit facility, $560,000 capacity		Aug-10	Aug-11	1.37	%	$	202,500		$	—		$	202,500

Secured credit facilities:
$524,850 capacity		Feb-10	—	1.12	%		489,850	(g)		400,000			89,850
$105,000 capacity		Jun-11	—	4.50	%		—			—			—
$20,000 capacity		Mar-10	—	1.12	%		20,000			—			20,000
$17,200 capacity		Apr-10	—	1.12	%		5,200			—			5,200

Total secured facilities				3.70	%		515,050			400,000			115,050

Unsecured term facilities:
General		Apr-11	Apr-13	2.02	%		228,000			—			228,000
Starmount		Nov-10	Nov-12	1.56	%		209,494			—			209,494

Total term facilities				1.80	%		437,494			—			437,494

	SUBTOTAL			1.03	%	$	1,155,044		$	400,000		$	755,044


Other						$	351		$	351		$	—


Total Consolidated Debt						$	5,688,602		$	4,541,048		$	1,147,554
Weighted average interest rate							5.13	%		6.01	%		1.66	%

Plus CBL’s Share Of Unconsolidated Affiliates’ Debt:
Ft. Myers, FL	Gulf Coast Town Center Phase III	Apr-10	Apr-12	1.82	%	$	11,561		$	—		$	11,561
Huntsville, AL	Parkway Place	Jun-10	—	1.32	%		26,084			—			26,084
Lee’s Summit, MO	Summit Fair	Jun-10	—	2.38	%		14,419	(h)		—			14,419
Del Rio, TX	Plaza del Sol	Aug-10	—	9.15	%		444			444			—
West Melbourne, FL	Hammock Landing	Aug-10	Aug-13	2.32	%		44,062			—			44,062
West Melbourne, FL	Hammock Landing	Aug-10	Aug-11	2.32	%		3,640			—			3,640
Port Orange, FL	The Pavilion At Port Orange	Jun-11	Jun-13	1.57	%		52,804			—			52,804
Port Orange, FL	The Pavilion At Port Orange Phase II	Jun-11	Jun-12	1.56	%		8,300			—			8,300
York, PA	York Town Center	Oct-11	—	1.57	%		20,412			—			20,412
Greensboro, NC	Bank of America Building	Apr-13	—	5.33	%		4,625			4,625			—
Greensboro, NC	First Citizens Bank Building	Apr-13	—	5.33	%		2,555			2,555			—
Greensboro, NC	First National Bank Building	Apr-13	—	5.33	%		405			405			—
Greensboro, NC	Friendly Center	Apr-13	—	5.33	%		38,812			38,812			—
Greensboro, NC	Friendly Center Office Building	Apr-13	—	5.33	%		1,100			1,100			—
Greensboro, NC	Green Valley Office Building	Apr-13	—	5.33	%		971			971			—
Greensboro, NC	Renaissance Center Phase II	Apr-13	—	5.22	%		7,850			7,850			—
Greensboro, NC	Wachovia Office Building	Apr-13	—	5.33	%		1,533			1,533			—
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14	—	5.09	%		44,776			44,776			—
El Centro, CA	Imperial Valley Mall	Sep-15	—	4.99	%		33,911			33,911			—
Raleigh, NC	Triangle Town Center	Dec-15	—	5.74	%		97,739			97,739			—
Greensboro, NC	Renaissance Center Phase I	Jul-16	—	5.61	%		17,917			17,917			—
Clarksville, TN	Governor’s Square Mall	Sep-16	—	8.23	%		12,682			12,682			—
Paducah, KY	Kentucky Oaks Mall	Jan-17	—	5.27	%		13,973			13,973			—
Greensboro, NC	Shops at Friendly Center	Jan-17	—	5.90	%		21,790			21,790			—
Harrisburg, PA	High Pointe Commons	May-17	—	5.74	%		7,539			7,539			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17	—	5.60	%		95,400			95,400			—
Harrisburg, PA	High Pointe Commons Phase II	Jul-17	—	6.10	%		3,000			3,000			—

	SUBTOTAL					$	588,304		$	407,022		$	181,282


Less Noncontrolling Interests’ Share Of Consolidated Debt:		Noncontrolling Interest %
Chattanooga, TN	CBL Center	8.00%		6.25	%	$	(1,084	)	$	(1,084	)	$	—
Chattanooga, TN	CBL Center II	8.00%		1.57	%		(928	)		—			(928	)
Chattanooga, TN	Hamilton Corner	10.00%		5.67	%		(1,654	)		(1,654	)		—
Chattanooga, TN	Hamilton Place	10.00%		5.86	%		(11,259	)		(11,259	)		—
High Point, NC	Oak Hollow Mall	25.00%		4.50	%		(9,427	)		(9,427	)		—

	SUBTOTAL					$	(24,352	)	$	(23,424	)	$	(928	)


Company’s Share Of Consolidated And Unconsolidated Debt						$	6,252,554		$	4,924,646		$	1,327,908

Weighted average interest rate							5.06	%		5.98	%		1.68	%
Total Debt of Unconsolidated Affiliates:
Ft. Myers, FL	Gulf Coast Town Center Phase III	Apr-10	Apr-12	1.82	%	$	11,561		$	—		$	11,561
Huntsville, AL	Parkway Place	Jun-10	—	1.32	%		52,168			—			52,168
Lee’s Summit, MO	Summit Fair	Jun-10	—	2.38	%		53,402			—			53,402
Del Rio, TX	Plaza del Sol	Aug-10	—	9.15	%		877			877			—
West Melbourne, FL	Hammock Landing	Aug-10	Aug-13	2.32	%		44,062			—			44,062
West Melbourne, FL	Hammock Landing	Aug-10	Aug-11	2.32	%		3,640			—			3,640
Port Orange, FL	The Pavilion At Port Orange	Jun-11	Jun-13	1.57	%		52,804			—			52,804
Port Orange, FL	The Pavilion At Port Orange Phase II	Jun-11	Jun-12	1.56	%		8,300			—			8,300
York, PA	York Town Center	Oct-11	—	1.57	%		40,824			—			40,824
Greensboro, NC	Bank of America Building	Apr-13	—	5.33	%		9,250			9,250			—
Greensboro, NC	First Citizens Bank Building	Apr-13	—	5.33	%		5,110			5,110			—
Greensboro, NC	First National Bank Building	Apr-13	—	5.33	%		809			809			—
Greensboro, NC	Friendly Center	Apr-13	—	5.33	%		77,625			77,625			—
Greensboro, NC	Friendly Center Office Building	Apr-13	—	5.33	%		2,199			2,199			—
Greensboro, NC	Green Valley Office Building	Apr-13	—	5.33	%		1,941			1,941			—
Greensboro, NC	Renaissance Center Phase II	Apr-13	—	5.22	%		15,700			15,700			—
Greensboro, NC	Wachovia Office Building	Apr-13	—	5.33	%		3,066			3,066			—
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14	—	5.09	%		89,552	(i)		89,552			—
El Centro, CA	Imperial Valley Mall	Sep-15	—	4.99	%		56,518			56,518			—
Raleigh, NC	Triangle Town Center	Dec-15	—	5.74	%		195,479			195,479			—
Greensboro, NC	Renaissance Center Phase I	Jul-16	—	5.61	%		35,835			35,835			—
Clarksville, TN	Governor’s Square Mall	Sep-16	—	8.23	%		26,699			26,699			—
Paducah, KY	Kentucky Oaks Mall	Jan-17	—	5.27	%		27,946			27,946			—
Greensboro, NC	Shops at Friendly Center	Jan-17	—	5.90	%		43,580			43,580			—
Harrisburg, PA	High Pointe Commons	May-17	—	5.74	%		15,078			15,078			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17	—	5.60	%		190,800			190,800			—
Harrisburg, PA	High Pointe Commons Phase II	Jul-17	—	6.10	%		6,000			6,000			—

						$	1,070,825		$	804,064		$	266,761

Weighted average interest rate							4.78	%		5.60	%		1.69	%


(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)	In January 2009, the Company entered into an interest rate cap on a total notional amount of $129,000 related to it’s Pearland, TX properties to limit the maximum rate of interest that may be applied to the variable-rate loan to 5.55%. The cap terminates in July 2010.

(c)	The Company has entered into an interest rate swap on a notional amount of $40,000 related to Meridian Mall to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate.

(d)	The Company has entered into an interest rate swap on a notional amount of $87,500 related to Rivergate Mall to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate.

(e)	The interest rates used for debt premiums(discounts) reflects the market interest rate in effect as of the assumption of the related debt.

(f)	The Company has entered into an interest rate cap on a notional amount of $80,000 related to The Promenade to limit the maximum interest rate that may be applied to the variable-rate loan to 4.00%. The cap terminates in December 2010. Loan proceeds in the amount of $55,121 of the total debt balance reported have been drawn by the Company and the remainder of the balance has been placed in a restricted cash account to provide for future development costs to be incurred.

(g)	The Company has entered into interest rate swaps on a total notional amount of $400,000 related to its largest secured credit facility to effectively fix the interest rate on that portion of the credit line. Therefore, this amount is currently reflected as having a fixed rate.

(h)	Represents the 27% share of the outstanding balance of the construction financing that the Company has guaranteed. The maximum amount that the Company has guaranteed is $31,554.

(i)	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 and Six Months Ended June 30, 2009

Schedule of Maturities of Mortgage and Other Notes Payable Based on Outstanding Balances as of June 30, 2009

(Dollars in thousands)

Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:


Year	Consolidated Debt		CBL’s Share of Unconsolidated Affiliates’ Debt		Minority Interests’ Share of Consolidated Debt			CBL’s Share of Consolidated and Unconsolidated Debt		% of Total


2009	$	52,782	$	—	$	—		$	52,782		0.84	%
2010		1,021,905		40,947		(928	)		1,061,924		16.98	%
2011		664,072		24,052		—			688,124		11.01	%
2012		942,253		19,861		(10,511	)		951,603		15.22	%
2013		826,316		154,717		—			981,033		15.69	%
2014		150,991		44,776		—			195,767		3.13	%
2015		736,479		131,650		—			868,129		13.88	%
2016		454,891		30,599		(11,259	)		474,231		7.58	%
2017		538,185		141,702		(1,654	)		678,233		10.85	%
2018		197,701		—		—			197,701		3.16	%
2019		91,751		—		—			91,751		1.47	%

Face Amount of Debt		5,677,326		588,304		(24,352	)		6,241,278		99.82	%
Net Premiums on Debt		11,276		—		—			11,276		0.18	%

Total	$	5,688,602	$	588,304	$	(24,352	)	$	6,252,554		100.00	%


Based on Original Maturity Dates as of June 30, 2009:

Year	Consolidated Debt		CBL’s Share of Unconsolidated Affiliates’ Debt		Minority Interests’ Share of Consolidated Debt			CBL’s Share of Consolidated and Unconsolidated Debt		% of Total


2009	$	154,394	$	—	$	(928	)	$	153,466		2.45	%
2010		1,659,573		100,210		—			1,759,783		28.15	%
2011		644,399		81,516		—			725,915		11.61	%
2012		595,604		—		(10,511	)		585,093		9.36	%
2013		453,358		57,851		—			511,209		8.18	%
2014		150,991		44,776		—			195,767		3.13	%
2015		736,479		131,650		—			868,129		13.88	%
2016		454,891		30,599		(11,259	)		474,231		7.58	%
2017		538,185		141,702		(1,654	)		678,233		10.85	%
2018		197,701		—		—			197,701		3.16	%
2019		91,751		—		—			91,751		1.47	%

Face Amount of Debt		5,677,326		588,304		(24,352	)		6,241,278		99.82	%
Net Premiums on Debt		11,276		—		—			11,276		0.18	%

Total	$	5,688,602	$	588,304	$	(24,352	)	$	6,252,554		100.00	%


Debt Covenant Compliance Ratios as of June 30, 2009

Unsecured Line of Credit	Required	Actual	In Compliance

Debt to Gross Asset Value	65%	55%	Yes
Interest Coverage Ratio*	>1.75 x	2.29 x	Yes
Debt Service Coverage Ratio*	>1.55 x	1.89x	Yes

* Based on rolling twelve months

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2009

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet


Property Type	Square Feet		Prior Gross Rent PSF		New Initial Gross Rent PSF		% Change Initial			New Average Gross Rent PSF ⁽²⁾		% Change Average


Quarter:
All Property Types ⁽¹⁾		569,485	$	41.51	$	37.24		-10.3	%	$	38.41		-7.5	%
Stabilized malls		512,276		43.66		39.17		-10.3	%		40.41		-7.4	%
New leases		161,280		45.64		41.31		-9.5	%		44.27		-3.0	%
Renewal leases		350,996	$	42.74	$	38.18		-10.7	%	$	38.64		-9.6	%

Year to Date:
All Property Types ⁽¹⁾		1,112,877	$	39.39	$	34.85		-11.5	%	$	35.78		-9.2	%
Stabilized malls		1,003,199		41.38		36.62		-11.5	%		37.60		-9.1	%
New leases		253,629		43.72		40.08		-8.3	%		42.92		-1.8	%
Renewal leases		749,570	$	40.58	$	35.45		-12.6	%	$	35.81		-11.8	%

Total Leasing Activity


	Square
	Feet

Quarter:
Total Leased		1,124,857
Operating Portfolio		1,006,658
Development Portfolio		118,199

Year to Date:
Total Leased		2,382,207
Operating Portfolio		2,211,272
Development Portfolio		170,935

Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 10,000 Square Feet


	As of June 30,

	2009		2008

Stabilized malls	$	29.27	$	29.17
Non-stabilized malls		26.71		24.84
Associated centers		11.90		11.60
Community centers		14.80		14.05
Other		19.09		17.52

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

⁽²⁾ Average Gross Rent does not incorporate allowable future increases for recoverable common area expenses.

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2009

Top 25 Tenants Based on Percentage of Total Revenues as of June 30, 2009


	Tenant	Number of Stores		Square Feet		Percentage of Total Annualized Revenues

1	Limited Brands, LLC		161		800,742		2.97	%
2	Foot Locker, Inc.		181		685,553		2.49	%
3	The Gap Inc.		95		987,422		2.26	%
4	Abercrombie & Fitch, Co.		98		659,673		2.20	%
5	AE Outfitters Retail Company		86		501,338		2.09	%
6	Signet Group plc (1)		118		209,148		1.81	%
7	Luxottica Group, S.P.A. (2)		150		329,390		1.54	%
8	Zale Corporation		143		150,382		1.51	%
9	Genesco Inc. (3)		185		255,050		1.43	%
10	Dick’s Sporting Goods, Inc.		17		1,024,973		1.30	%
11	Express Fashions		49		404,982		1.29	%
12	JC Penney Co. Inc. (4)		77		8,532,990		1.25	%
13	Finish Line, Inc. (5)		73		376,481		1.23	%
14	New York & Company, Inc.		58		412,948		1.19	%
15	The Regis Corporation		210		247,291		1.17	%
16	Charlotte Russe Holding, Inc.		52		360,274		1.15	%
17	Aeropostale, Inc.		76		258,799		0.98	%
18	Pacific Sunwear of California		70		256,000		0.91	%
19	Christopher & Banks, Inc.		88		300,185		0.90	%
20	The Buckle, Inc.		49		242,386		0.89	%
21	The Children’s Place Retail Stores, Inc.		54		227,571		0.84	%
22	Charming Shoppes, Inc. (6)		51		290,878		0.82	%
23	Claire’s Stores, Inc.		116		135,315		0.80	%
24	Tween Brands, Inc. (7)		67		271,266		0.76	%
25	Collective Brands, Inc.		88		239,167		0.76	%

			2,412		18,160,204		34.54	%


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

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

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

(4)	JC Penney Co. Inc. owns 30 of these stores.

(5)	Finish Line, Inc. sold 17 Man Alive stores to Jimmy Jazz during the second quarter.

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

(7)	Tween Brands, Inc. operates Limited Too and Justice.

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2009

Capital Expenditures for the Three Months and Six Months Ended June 30, 2009
(In thousands)


	Three Months		Six Months


Tenant allowances	$	9,583	$	17,878


Renovations		294		382


Deferred maintenance:
Parking lot and parking lot lighting		522		561
Roof repairs and replacements		844		1,983
Other capital expenditures		942		1,925

Total deferred maintenance expenditures		2,308		4,469


Total capital expenditures	$	12,185	$	22,729

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)


	2009		2008


Quarter ended:
March 31,	$	651	$	596
June 30,		208		990
September 30,		—		818
December 31,		—		911

	$	859	$	3,315

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Six Months Ended June 30, 2009

Properties Opened Year-To-Date
(Dollars in thousands)


		Total Project Square Feet	CBL’s Share of

Property	Location		Total Cost		Cost To Date		Date Opened	Initial Yield (a)


Mall Expansions:
Asheville Mall - Barnes & Noble	Asheville, NC	40,000	$	11,684	$	7,904	Spring-09	5.3	%
Oak Park Mall - Barnes & Noble (e)	Kansas City, KS	34,000		9,619		11,386	Spring-09	7.9	%

Redevelopments:
West County - Former Lord & Taylor	St. Louis, MO	90,620		34,149		26,197	Spring-09	9.9	%

Community Center:
Hammock Landing (Phase I and Phase 1A) (b)	West Melbourne, FL	470,042		39,673		46,931	Spring-09/Fall-10	7.3	%*


		634,662	$	95,125	$	92,418


Properties Under Development at June 30, 2009 (Dollars in thousands)

		Total Project Square Feet	CBL’s Share of

Property	Location		Total Cost		Cost To Date		Opening Date	Initial Yield(a)

Community/Open-Air Centers:
Settlers Ridge (Phase I) (e)	Robinson Township, PA	393,822		108,959		66,578	Fall-09	6.1	%*
Summit Fair (d)	Lee’s Summit, MO	483,172		22,000		22,000	Summer-09/Summer-10	9.0	%
The Pavilion at Port Orange (Phase I and Phase 1A) (b)	Port Orange, FL	495,669		73,813		47,499	Fall-09/Summer-10	7.1	%
The Promenade (c)	D’Iberville, MS	681,684		88,216		61,869	Fall-09	8.0	%

		2,054,347	$	292,988	$	197,946


(a)	Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees.
(b)	50/50 Joint Venture. Costs to date may be gross of applicable reimbursements.
(c)	The Promenade is an 85/15 joint venture. Amounts shown are 100% of total costs and cost to date as CBL has funded all costs to date. Costs to date may be gross of applicable reimbursements.
(d)	CBL’s interest represents 27% of project cost.
(e)	Costs to date may be gross of applicable reimbursements.

* Pro Forma initial yields for phased projects reflect full land cost in Phase I. Combined pro forma yields are higher than Phase I project yields.