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

1

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	)

2

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	%

3

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		51,949		51,949		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	%

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

5

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

6

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.

7

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

8

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.

9

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.

10

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

11

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.

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