exhibit993.htm

Exhibit 99.3

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2011

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
REVENUES:
Minimum rents	$	169,081		$	166,704		$	340,765		$	332,436
Percentage rents		2,078			2,138			5,854			6,078
Other rents		4,583			4,546			9,591			9,085
Tenant reimbursements		77,179			75,430			154,164			154,006
Management, development and leasing fees		1,568			1,601			2,905			3,307
Other		8,597			7,234			17,957			14,471
Total revenues		263,086			257,653			531,236			519,383

OPERATING EXPENSES:
Property operating		36,054			36,472			76,250			74,192
Depreciation and amortization		72,111			68,772			140,092			139,221
Real estate taxes		25,401			24,502			49,681			49,120
Maintenance and repairs		14,067			13,191			30,099			28,633
General and administrative		11,241			10,321			23,041			21,395
Loss on impairment of real estate		4,457			-			4,457			-
Other		7,046			6,415			15,349			13,116
Total operating expenses		170,377			159,673			338,969			325,677
Income from operations		92,709			97,980			192,267			193,706
Interest and other income		612			948			1,157			1,999
Interest expense		(70,915	)		(72,494	)		(139,128	)		(144,874	)
Gain on extinguishment of debt		-			-			581			-
Gain (loss) on sales of real estate assets		(62	)		1,149			747			2,015
Equity in earnings of unconsolidated affiliates		1,455			409			3,233			948
Income tax benefit		4,653			1,911			6,423			3,788
Income from continuing operations		28,452			29,903			65,280			57,582
Operating income (loss) of discontinued operations		977			(25,386	)		28,043			(25,862	)
Gain on discontinued operations		103			-			117			-
Net income		29,532			4,517			93,440			31,720
Net (income) loss attributable to noncontrolling interests in:
Operating partnership		(2,752	)		2,723			(13,203	)		(1,387	)
Other consolidated subsidiaries		(6,404	)		(6,124	)		(12,542	)		(12,261	)
Net income attributable to the Company		20,376			1,116			67,695			18,072
Preferred dividends		(10,594	)		(8,358	)		(21,188	)		(14,386	)
Net income (loss) attributable to common shareholders	$	9,782		$	(7,242	)	$	46,507		$	3,686


Basic per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.06		$	0.08		$	0.17		$	0.16
Discontinued operations		0.01			(0.13	)		0.14			(0.13	)
Net income (loss) attributable to common shareholders	$	0.07		$	(0.05	)	$	0.31		$	0.03
Weighted average common shares outstanding		148,356			138,068			148,214			138,018

Diluted earnings per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.06		$	0.08		$	0.17		$	0.16
Discontinued operations		0.01			(0.13	)		0.14			(0.13	)
Net income (loss) attributable to common shareholders	$	0.07		$	(0.05	)	$	0.31		$	0.03
Weighted average common and potential dilutive common shares outstanding		148,398			138,112			148,262			138,059

Amounts attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	8,941		$	11,203		$	24,574		$	22,475
Discontinued operations		841			(18,445	)		21,933			(18,789	)
Net income (loss) attributable to common shareholders	$	9,782		$	(7,242	)	$	46,507		$	3,686

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2011

The Company's calculation of FFO allocable to its shareholders is as follows:

(in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010

Net income (loss) attributable to common shareholders	$	9,782		$	(7,242	)	$	46,507		$	3,686
Noncontrolling interest in income (loss) of operating partnership		2,752			(2,723	)		13,203			1,387
Depreciation and amortization expense of:
Consolidated properties		72,111			68,772			140,092			139,221
Unconsolidated affiliates		8,597			8,486			14,112			15,371
Discontinued operations		-			1,880			86			3,443
Non-real estate assets		(589	)		(219	)		(1,227	)		(438	)
Noncontrolling interests' share of depreciation and amortization		(153	)		(311	)		(302	)		(456	)
Gain on discontinued operations		(103	)		-			(117	)		-
Funds from operations of the operating partnership		92,397			68,643			212,354			162,214
Net loss on impairment of real estate, net of tax benefit		2,256			25,435			5,002			25,435
Funds from operations of the operating partnership, excluding loss on impairment of real estate	$	94,653		$	94,078		$	217,356		$	187,649

Funds from operations per diluted share	$	0.49		$	0.36		$	1.12		$	0.85
Net loss on impairment of real estate, net of tax benefit (1)		0.01			0.13			0.02			0.14
Funds from operations, excluding loss on impairment of real estate, per diluted share	$	0.50		$	0.49		$	1.14		$	0.99
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted		190,415			190,061			190,338			190,008

Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership	$	92,397		$	68,643		$	212,354		$	162,214
Percentage allocable to common shareholders (2)		77.93	%		72.66	%		77.89	%		72.65	%
Funds from operations allocable to Company shareholders	$	72,005		$	49,876		$	165,403		$	117,848

Funds from operations of the operating partnership, excluding loss on impairment of real estate	$	94,653		$	94,078		$	217,356		$	187,649
Percentage allocable to common shareholders (2)		77.93	%		72.66	%		77.89	%		72.65	%
Funds from operations allocable to Company shareholders, excluding loss on impairment of real estate	$	73,763		$	68,357		$	169,299		$	136,327

(1)				Diluted per share amounts presented for reconciliation purposes may differ from actual diluted per share amounts due to rounding.
(2)				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 outstanding on page 9.

SUPPLEMENTAL FFO INFORMATION:
Lease termination fees	$	641		$	1,617		$	2,239		$	2,148
Lease termination fees per share	$	-		$	0.01		$	0.01		$	0.01

Straight-line rental income	$	603		$	1,490		$	1,685		$	2,806
Straight-line rental income per share	$	-		$	0.01		$	0.01		$	0.01

Gains on outparcel sales	$	1,184		$	1,828		$	1,993		$	2,644
Gains on outparcel sales per share	$	0.01		$	0.01		$	0.01		$	0.01

Net amortization of acquired above- and below-market leases	$	678		$	724		$	1,206		$	1,562
Net amortization of acquired above- and below-market leases per share	$	-		$	-		$	0.01		$	0.01

Net amortization of debt premiums (discounts)	$	604		$	1,268		$	1,357		$	2,930
Net amortization of debt premiums (discounts) per share	$	-		$	0.01		$	0.01		$	0.02

Income tax benefit	$	4,653		$	1,911		$	6,423		$	3,788
Income tax benefit per share	$	0.02		$	0.01		$	0.03		$	0.02

Loss on impairment of real estate from continuing operations	$	(4,457	)	$	-		$	(4,457	)	$	-
Loss on impairment of real estate from continuing operations per share	$	(0.02	)	$	-		$	(0.02	)	$	-

(Loss) on impairment of real estate from discontinued operations	$	507		$	(25,435	)	$	(2,239	)	$	(25,435	)
(Loss) on impairment of real estate from discontinued operations per share	$	-		$	(0.13	)	$	(0.01	)	$	(0.13	)

Gain on extinguishment of debt from discontinued operations	$	-		$	-		$	32,015		$	-
Gain on extinguishment of debt from discontinued operations per share	$	-		$	-		$	0.17		$	-

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2011

Same-Center Net Operating Income

(Dollars in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010

Net income attributable to the Company	$	20,376		$	1,116		$	67,695		$	18,072

Adjustments:
Depreciation and amortization		72,111			68,772			140,092			139,221
Depreciation and amortization from unconsolidated affiliates		8,597			8,486			14,112			15,371
Depreciation and amortization from discontinued operations		-			1,880			86			3,443
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(153	)		(311	)		(302	)		(456	)
Interest expense		70,915			72,494			139,128			144,874
Interest expense from unconsolidated affiliates		8,658			8,503			14,460			15,731
Interest expense from discontinued operations		-			847			178			1,927
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(256	)		(379	)		(500	)		(613	)
Abandoned projects expense		51			260			51			359
(Gain) loss on sales of real estate assets		62			(1,149	)		(747	)		(2,015	)
Gain on sales of real estate assets of unconsolidated affiliates		(1,246	)		(679	)		(1,246	)		(629	)
Gain on extinguishment of debt		-			-			(581	)		-
Gain on extinguishment of debt from discontinued operations		-			-			(31,434	)		-
Writedown of mortgage note receivable		-			-			1,500			-
Loss on impairment of real estate		4,457			-			4,457			-
Loss on impairment of real estate from discontinued operations		(507	)		25,435			2,239			25,435
Income tax benefit		(4,653	)		(1,911	)		(6,423	)		(3,788	)
Net income (loss) attributable to noncontrolling interest in earnings of operating partnership		2,752			(2,723	)		13,203			1,387
Gain on discontinued operations		(103	)		-			(117	)		-
Operating partnership's share of total NOI		181,061			180,641			355,851			358,319
General and administrative expenses		11,241			10,321			23,041			21,395
Management fees and non-property level revenues		(7,961	)		(4,942	)		(10,466	)		(8,623	)
Operating partnership's share of property NOI		184,341			186,020			368,426			371,091
Non-comparable NOI		(2,331	)		(5,521	)		(3,676	)		(9,736	)
Total same-center NOI	$	182,010		$	180,499		$	364,750		$	361,355
Total same-center NOI percentage change		0.8	%					0.9	%

Total same-center NOI	$	182,010		$	180,499		$	364,750		$	361,355
Less lease termination fees		(491	)		(1,477	)		(2,044	)		(1,987	)
Total same-center NOI, excluding lease termination fees	$	181,519		$	179,022		$	362,706		$	359,368

Malls	$	163,265		$	161,287		$	325,365		$	324,191
Associated centers		8,021			7,828			16,207			15,577
Community centers		4,770			4,186			9,945			8,151
Offices and other		5,463			5,721			11,189			11,450
Total same-center NOI, excluding lease termination fees	$	181,519		$	179,022		$	362,706		$	359,369

Percentage Change:
Malls		1.2	%					0.4	%
Associated centers		2.5	%					4.0	%
Community centers		14.0	%					22.0	%
Office and other		-4.5	%					-2.3	%
Total same-center NOI, excluding lease termination fees		1.4	%					0.9	%

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

As of June 30, 2011 and 2010

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

	As of June 30, 2011
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	4,079,044		$	1,115,053		$	5,194,097
Noncontrolling interests' share of consolidated debt		(15,554	)		(928	)		(16,482	)
Company's share of unconsolidated affiliates' debt		395,222			150,203			545,425
Company's share of consolidated and unconsolidated debt	$	4,458,712		$	1,264,328		$	5,723,040
Weighted average interest rate		5.64	%		2.59	%		4.97	%

	As of June 30, 2010
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	4,009,395		$	1,446,472		$	5,455,867
Noncontrolling interests' share of consolidated debt		(24,850	)		(928	)		(25,778	)
Company's share of unconsolidated affiliates' debt		422,013			167,576			589,589
Company's share of consolidated and unconsolidated debt	$	4,406,558		$	1,613,120		$	6,019,678
Weighted average interest rate		5.90	%		2.75	%		5.06	%

Debt-To-Total-Market Capitalization Ratio as of June 30, 2011

(In thousands, except stock price)

	Shares Outstanding		Stock Price (1)		Value
Common stock and operating partnership units		190,378	$	18.13	$	3,451,553
7.75% Series C Cumulative Redeemable Preferred Stock		460		250.00		115,000
7.375% Series D Cumulative Redeemable Preferred Stock		1,815		250.00		453,750
Total market equity						4,020,303
Company's share of total debt						5,723,040
Total market capitalization					$	9,743,343
Debt-to-total-market capitalization ratio						58.7	%

(1)	Stock price for common stock and operating partnership units equals the closing price of the common stock on June 30, 2011. The stock prices for the preferred stocks represent the liquidation preference of each respective series.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2011

Reconciliation of Shares and Operating Partnership Units Outstanding

(In thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
2011:	Basic		Diluted		Basic		Diluted
Weighted average shares - EPS		148,356		148,398		148,214		148,262
Weighted average operating partnership units		42,017		42,017		42,076		42,076
Weighted average shares- FFO		190,373		190,415		190,290		190,338

2010:
Weighted average shares - EPS		138,068		138,112		138,018		138,059
Weighted average operating partnership units		51,949		51,949		51,949		51,949
Weighted average shares- FFO		190,017		190,061		189,967		190,008

Dividend Payout Ratio

	Three Months Ended June 30,						Six Months Ended June 30,
		2011			2010			2011			2010
Weighted average cash dividend per share	$	0.21913		$	0.22690		$	0.44947		$	0.45796
FFO per diluted, fully converted share	$	0.49		$	0.36		$	1.12		$	0.85
Dividend payout ratio		44.7	%		63.0	%		40.1	%		53.9	%

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

As of June 30, 2011 and December 31, 2010

Consolidated Balance Sheets

(Unaudited; in thousands, except share data)

	As of
	June 30, 2011			December 31, 2010
ASSETS
Real estate assets:
Land	$	926,198		$	928,025
Buildings and improvements		7,543,765			7,543,326
		8,469,963			8,471,351
Accumulated depreciation		(1,838,515	)		(1,721,194	)
		6,631,448			6,750,157
Developments in progress		198,590			139,980
Net investment in real estate assets		6,830,038			6,890,137
Cash and cash equivalents		47,891			50,896
Receivables, net of allowances:
Tenant		72,349			77,989
Other		12,579			11,996
Mortgage and other notes receivable		26,388			30,519
Investments in unconsolidated affiliates		180,443			179,410
Intangible lease assets and other assets		275,909			265,607
	$	7,445,597		$	7,506,554

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other indebtedness	$	5,194,097		$	5,209,747
Accounts payable and accrued liabilities		293,164			314,651
Total liabilities		5,487,261			5,524,398
Commitments and contingencies
Redeemable noncontrolling interests:
Redeemable noncontrolling partnership interests		35,306			34,379
Redeemable noncontrolling preferred joint venture interest		423,776			423,834
Total redeemable noncontrolling interests		459,082			458,213
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, 1,815,000 shares outstanding		18			18
Common stock, $.01 par value, 350,000,000 shares authorized, 148,361,580 and 147,923,707 issued and outstanding in 2011 and 2010, respectively		1,484			1,479
Additional paid-in capital		1,658,149			1,657,507
Accumulated other comprehensive income		7,665			7,855
Accumulated deficit		(382,322	)		(366,526	)
Total shareholders' equity		1,284,999			1,300,338
Noncontrolling interests		214,255			223,605
Total equity		1,499,254			1,523,943
	$	7,445,597		$	7,506,554

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2011

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,
	2011			2010			2011			2010
EBITDA:
Net income attributable to the Company	$	20,376		$	1,116		$	67,695		$	18,072

Adjustments:
Depreciation and amortization		72,111			68,772			140,092			139,221
Depreciation and amortization from unconsolidated affiliates		8,597			8,486			14,112			15,371
Depreciation and amortization from discontinued operations		-			1,880			86			3,443
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(153	)		(311	)		(302	)		(456	)
Interest expense		70,915			72,494			139,128			144,874
Interest expense from unconsolidated affiliates		8,658			8,503			14,460			15,731
Interest expense from discontinued operations		-			847			178			1,927
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(256	)		(379	)		(500	)		(613	)
Income and other taxes		(4,114	)		(1,327	)		(5,834	)		(3,037	)
Gain on extinguishment of debt		-			-			(581	)		-
Gain on extinguishment of debt from discontinued operations		-			-			(31,434	)		-
Writedown of mortgage note receivable		-			-			1,500			-
Loss on impairment of real estate		4,457			-			4,457			-
Loss on impairment of real estate from discontinued operations		(507	)		25,435			2,239			25,435
Abandoned projects		51			260			51			359
Net income (loss) attributable to noncontrolling interest in earnings of operating partnership		2,752			(2,723	)		13,203			1,387
Gain on discontinued operations		(103	)		-			(117	)		-
Company's share of total EBITDA	$	182,784		$	183,053		$	358,433		$	361,714


Interest Expense:
Interest expense	$	70,915		$	72,494		$	139,128		$	144,874
Interest expense from unconsolidated affiliates		8,658			8,503			14,460			15,731
Interest expense from discontinued operations		-			847			178			1,927
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(256	)		(379	)		(500	)		(613	)
Company's share of total interest expense	$	79,317		$	81,465		$	153,266		$	161,919

Ratio of EBITDA to Interest Expense		2.30			2.25			2.34			2.23

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities

(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2011			2010			2011			2010

Company's share of total EBITDA	$	182,784		$	183,053		$	358,433		$	361,714
Interest expense		(70,915	)		(72,494	)		(139,128	)		(144,874	)
Interest expense from discontinued operations		-			(847	)		(178	)		(1,927	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		256			379			500			613
Income and other taxes		4,114			1,327			5,834			3,037
Net amortization of deferred financing costs and debt premiums (discounts)		3,888			2,014			6,088			3,383
Net amortization of deferred financing costs and debt premiums (discounts) from discontinued operations		-			29			-			57
Net amortization of intangible lease assets		(274	)		90			(527	)		79
Depreciation and interest expense from unconsolidated affiliates		(17,255	)		(16,989	)		(28,572	)		(31,102	)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		153			311			302			456
Noncontrolling interests in earnings of other consolidated subsidiaries		6,404			6,124			12,542			12,261
(Gain) loss on outparcel sales		62			(1,149	)		(747	)		(2,015	)
Realized foreign currency loss		-			-			-			169
Realized loss on available for sale securities		-			-			22			-
Equity in earnings of unconsolidated affiliates		(1,455	)		(409	)		(3,233	)		(948	)
Distributions from unconsolidated affiliates		2,463			1,708			3,922			2,730
Income tax effect from share-based compensation		-			(545	)		-			(1,815	)
Share-based compensation expense		429			582			1,502			1,561
Provision for doubtful accounts		120			290			1,542			1,745
Change in deferred tax assets		(4,668	)		835			(4,926	)		349
Changes in operating assets and liabilities		12,675			(10,799	)		(15,781	)		(23,553	)
Cash flows provided by operating activities	$	118,781		$	93,510		$	197,595		$	181,920

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

As of June 30, 2011

Schedule of Mortgage and Other Indebtedness

(Dollars in thousands )

			Optional
		Original	Extended
		Maturity	Maturity	Interest					Balance
Location	Property	Date	Date	Rate		Balance			Fixed		Variable

Operating Properties:
Pearland, TX	Pearland Office	Jul-11	Jul-12	2.59	%	$	7,562		$	-	$	7,562
Pearland, TX	Pearland Town Center	Jul-11	Jul-12	2.59	%		126,322			-		126,322
Chattanooga, TN	CBL Center II	Aug-11		4.50	%		11,599			-		11,599
Asheville, NC	Asheville Mall	Sep-11		6.98	%		61,461			61,461		-
Burlington, NC	Alamance Crossing	Sep-11		3.50	%		51,847			-		51,847
Nashville, TN	RiverGate Mall	Sep-11	Sep-13	2.50	%		87,500			-		87,500
Ft. Smith, AR	Massard Crossing	Feb-12		7.54	%		5,366			5,366		-
Vicksburg, MS	Pemberton Plaza	Feb-12		7.54	%		1,834			1,834		-
Houston, TX	Willowbrook Plaza	Feb-12		7.54	%		27,457			27,457		-
Statesboro, GA	Statesboro Crossing	Feb-12	Feb-13	1.19	%		14,025			-		14,025
D'lberville, MS	The Promenade	Mar-12		1.88	%		63,555	(a)		-		63,555
St. Louis, MO	West County Center - restaurant village	Mar-12	Mar-13	1.19	%		20,834			-		20,834
Fayetteville, NC	Cross Creek Mall	Apr-12		7.40	%		57,412			57,412		-
Colonial Heights, VA	Southpark Mall	May-12		7.00	%		31,695			31,695		-
Douglasville, GA	Arbor Place	Jul-12		6.51	%		65,794			65,794		-
Saginaw, MI	Fashion Square	Jul-12		6.51	%		50,375			50,375		-
Louisville, KY	Jefferson Mall	Jul-12		6.51	%		36,651			36,651		-
North Charleston, SC	Northwoods Mall	Jul-12		6.51	%		52,474			52,474		-
Jackson, TN	Old Hickory Mall	Jul-12		6.51	%		29,063			29,063		-
Asheboro, NC	Randolph Mall	Jul-12		6.50	%		12,671			12,671		-
Racine, WI	Regency Mall	Jul-12		6.51	%		28,740			28,740		-
Douglasville, GA	The Landing at Arbor Place	Jul-12		6.51	%		7,427			7,427		-
Spartanburg, SC	WestGate Mall	Jul-12		6.50	%		45,520			45,520		-
Chattanooga, TN	CBL Center	Aug-12		6.25	%		12,993			12,993		-
Livonia, MI	Laurel Park Place	Dec-12		8.50	%		45,743			45,743		-
Monroeville, PA	Monroeville Mall	Jan-13		5.73	%		111,858			111,858		-
Greensburg, PA	Westmoreland Mall	Mar-13		5.05	%		67,646			67,646		-
St. Louis, MO	West County Center	Apr-13		5.19	%		147,244			147,244		-
Columbia, SC	Columbia Place	Sep-13		5.45	%		27,842			27,842		-
St. Louis, MO	South County Center	Oct-13		4.96	%		74,925			74,925		-
Joplin, MO	Northpark Mall	Mar-14		5.75	%		35,520			35,520		-
Laredo, TX	Mall del Norte	Dec-14		5.04	%		113,400			113,400		-
Fairview Heights, IL	St. Clair Square	Jan-15		4.30	%		70,125	(b)		-		70,125
Rockford, IL	CherryVale Mall	Oct-15		5.00	%		85,142			85,142		-
Brookfield, IL	Brookfield Square	Nov-15		5.08	%		95,386			95,386		-
Madison, WI	East Towne Mall	Nov-15		5.00	%		72,589			72,589		-
Madison, WI	West Towne Mall	Nov-15		5.00	%		102,531			102,531		-
Bloomington, IL	Eastland Mall	Dec-15		5.85	%		59,400			59,400		-
Decatur, IL	Hickory Point Mall	Dec-15		5.85	%		30,514			30,514		-
Overland Park, KS	Oak Park Mall	Dec-15		5.85	%		275,700			275,700		-
Nashville, TN	CoolSprings Crossing	Apr-16		4.54	%		13,531	(c)		13,531		-
Chattanooga, TN	Gunbarrel Pointe	Apr-16		4.64	%		12,039	(d)		12,039		-
Janesville, WI	Janesville Mall	Apr-16		8.38	%		7,362			7,362		-
Stroud, PA	Stroud Mall	Apr-16		4.59	%		36,181	(e)		36,181		-
York, PA	York Galleria	Apr-16		4.55	%		57,805	(f)		57,805		-
Akron, OH	Chapel Hill Mall	Aug-16		6.10	%		71,942			71,942		-
Chesapeake, VA	Greenbrier Mall	Aug-16		5.91	%		79,235			79,235		-
Chattanooga, TN	Hamilton Place	Aug-16		5.86	%		109,002			109,002		-
Midland, MI	Midland Mall	Aug-16		6.10	%		35,504			35,504		-
St. Louis, MO	Chesterfield Mall	Sep-16		5.74	%		140,000			140,000		-
Southaven, MS	Southaven Towne Center	Jan-17		5.50	%		42,987			42,987		-
Cary, NC	Cary Towne Center	Mar-17		8.50	%		58,922			58,922		-
Charleston, SC	Citadel Mall	Apr-17		5.68	%		70,724			70,724		-
Chattanooga, TN	Hamilton Corner	Apr-17		5.67	%		16,024			16,024		-

			Optional
		Original	Extended
		Maturity	Maturity	Interest						Balance
Location	Property	Date	Date	Rate			Balance			Fixed			Variable

Layton, UT	Layton Hills Mall	Apr-17		5.66	%		101,077			101,077			-
Lafayette, LA	Mall of Acadiana	Apr-17		5.67	%		141,425			141,425			-
Lexington, KY	The Plaza at Fayette Mall	Apr-17		5.67	%		41,750			41,750			-
Fairview Heights, IL	The Shoppes at St. Clair Square	Apr-17		5.67	%		21,158			21,158			-
Cincinnati, OH	EastGate Crossing	May-17		5.66	%		15,743			15,743			-
Nashville, TN	CoolSprings Galleria	May-18		6.98	%		112,258			112,258			-
Winston-Salem, NC	Hanes Mall	Oct-18		6.99	%		159,277			159,277			-
Nashville, TN	Hickory Hollow Mall	Oct-18		6.00	%		26,580			26,580			-
Nashville, TN	The Courtyard at Hickory Hollow	Oct-18		6.00	%		1,536			1,536			-
Terre Haute, IN	Honey Creek Mall	Jul-19		8.00	%		32,187			32,187			-
Daytona Beach, FL	Volusia Mall	Jul-19		8.00	%		55,370			55,370			-
Chattanooga, TN	The Terrace	Jun-20		7.25	%		14,582			14,582			-
Burnsville, MN	Burnsville Center	Jul-20		6.00	%		81,649			81,649			-
Huntsville, AL	Parkway Place	Jul-20		6.50	%		41,366			41,366			-
Roanoke, VA	Valley View Mall	Jul-20		6.50	%		64,019			64,019			-
Cincinnati, OH	EastGate Mall	Apr-21		5.83	%		43,926			43,926			-
Chattanooga, TN	Hamilton Crossing & Expansion	Apr-21		5.99	%		10,574			10,574			-
Little Rock, AR	Park Plaza Mall	Apr-21		5.28	%		99,079			99,079			-
Beaumont, TX	Parkdale Mall & Crossing	Apr-21		5.85	%		94,577			94,577			-
Wausau, WI	Wausau Center	Apr-21		5.85	%		19,741			19,741			-
Lexington, KY	Fayette Mall	May-21		5.42	%		184,708			184,708			-
St. Louis, MO	Mid Rivers Mall	May-21		5.88	%		91,865			91,865			-
SUBTOTAL						$	4,531,447		$	4,078,078		$	453,369
Weighted average interest rate							5.36	%		5.65	%		2.78	%

Debt Premiums (Discounts): (g)

Fayetteville, NC	Cross Creek Mall	Apr-12		7.40	%	$	1,114		$	1,114		$	-
Colonial Heights, VA	Southpark Mall	May-12		7.00	%		530			530			-
Livonia, MI	Laurel Park Place	Dec-12		8.50	%		2,108			2,108			-
Monroeville, PA	Monroeville Mall	Jan-13		5.73	%		699			699			-
St. Louis, MO	West County Center	Apr-13		5.19	%		(1,423	)		(1,423	)		-
St. Louis, MO	South County Center	Oct-13		4.96	%		(853	)		(853	)		-
Joplin, MO	Northpark Mall	Mar-14		5.75	%		208			208			-
St. Louis, MO	Chesterfield Mall	Sep-16		5.74	%		(1,417	)		(1,417	)		-
SUBTOTAL						$	966		$	966		$	-
Weighted average interest rate							2.32	%		2.32	%		-

Total Loans On Operating Properties And Debt Premiums (Discounts)						$	4,532,413		$	4,079,044		$	453,369
Weighted average interest rate							5.36	%		5.65	%		2.78	%

Construction Loans:

Madison, MS	The Forum at Grandview - Land	Sep-12	Sep-13	3.69	%	$	1,800		$	-		$	1,800
Madison, MS	The Forum at Grandview	Sep-13	Sep-14	3.19	%		10,200			-			10,200
Burlington, NC	Alamance West	Dec-13	Dec-15	3.19	%		5,028			-			5,028
Oklahoma City, OK	The Outlet Shoppes at Oklahoma City	Dec-13	Dec-15	3.19	%		24,746			-			24,746
SUBTOTAL						$	41,774		$	-		$	41,774

Credit Facilities:
Secured credit facilities:
$520,000 capacity		Aug-11	Apr-14	2.94	%	$	150,196		$	-		$	150,196
$525,000 capacity		Feb-12	Feb-13	5.25	%		31,500			-			31,500
$105,000 capacity		Jun-13		3.00	%		1,000			-			1,000
Total secured facilities				3.35	%		182,696			-			182,696
Unsecured term facilities:
Starmount		Nov-11	Nov-12	1.29	%		209,214			-			209,214
General		Apr-12	Apr-13	1.79	%		228,000			-			228,000
Total term facilities				1.55	%		437,214			-			437,214
SUBTOTAL				2.08	%	$	619,910		$	-		$	619,910

Total Consolidated Debt						$	5,194,097		$	4,079,044		$	1,115,053
Weighted average interest rate							4.95	%		5.65	%		2.41	%

						Optional
			Original			Extended
			Maturity			Maturity	Interest						Balance
Location	Property		Date			Date	Rate			Balance			Fixed			Variable

Plus CBL's Share Of Unconsolidated Affiliates' Debt:
West Melbourne, FL	Hammock Landing Phase I		Aug-11			Aug-13	4.50	%	$	42,084		$	-		$	42,084
West Melbourne, FL	Hammock Landing Phase II		Aug-11				2.20	%		3,276			-			3,276
York, PA	York Town Center		Oct-11				1.44	%		19,877			-			19,877
Port Orange, FL	The Pavilion at Port Orange		Dec-11			Dec-13	4.50	%		68,282			-			68,282
Lee's Summit, MO	Summit Fair		Jul-12				4.00	%		16,684	(h)		-			16,684
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 Office Building		Apr-13				5.33	%		1,100			1,100			-
Greensboro, NC	Friendly Shopping Center		Apr-13				5.33	%		38,813			38,813			-
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	%		42,129	(i)		42,129			-
El Centro, CA	Imperial Valley Mall		Sep-15				4.99	%		32,600			32,600			-
Raleigh, NC	Triangle Town Center		Dec-15				5.74	%		94,407			94,407			-
Greensboro, NC	Renaissance Center Phase I		Jul-16				5.61	%		17,357			17,357			-
Clarksville, TN	Governor's Square Mall		Sep-16				8.23	%		11,309			11,309			-
Paducah, KY	Kentucky Oaks Mall		Jan-17				5.27	%		12,944			12,944			-
Greensboro, NC	The Shops at Friendly Center		Jan-17				5.90	%		21,122			21,122			-
Harrisburg, PA	High Pointe Commons		May-17				5.74	%		7,224			7,224			-
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	%		2,878			2,878			-
SUBTOTAL									$	545,425		$	395,222		$	150,203

Less Noncontrolling Interests' Share Of Consolidated Debt:		Noncontrolling Interest %
Chattanooga, TN	CBL Center			8.00	%		6.25	%	$	(1,039	)	$	(1,039	)	$	-
Chattanooga, TN	CBL Center II			8.00	%		4.50	%		(928	)		-			(928	)
Chattanooga, TN	Hamilton Corner			10.00	%		5.67	%		(1,602	)		(1,602	)		-
Chattanooga, TN	Hamilton Crossing & Expansion			8.00	%		5.99	%		(846	)		(846	)		-
Chattanooga, TN	Hamilton Place			10.00	%		5.86	%		(10,900	)		(10,900	)		-
Chattanooga, TN	The Terrace			8.00	%		7.25	%		(1,167	)		(1,167	)		-
SUBTOTAL									$	(16,482	)	$	(15,554	)	$	(928	)

Company's Share Of Consolidated And Unconsolidated Debt									$	5,723,040		$	4,458,712		$	1,264,328
Weighted average interest rate										4.97	%		5.64	%		2.59	%

			Optional
		Original	Extended
		Maturity	Maturity	Interest						Balance
Location	Property	Date	Date	Rate			Balance			Fixed			Variable

Total Debt of Unconsolidated Affiliates:
West Melbourne, FL	Hammock Landing Phase I	Aug-11	Aug-13	4.50	%	$	42,084		$	-		$	42,084
West Melbourne, FL	Hammock Landing Phase II	Aug-11		2.20	%		3,276			-			3,276
York, PA	York Town Center	Oct-11		1.44	%		39,754			-			39,754
Port Orange, FL	The Pavilion at Port Orange	Dec-11	Dec-13	4.50	%		68,282			-			68,282
Lee's Summit, MO	Summit Fair	Jul-12		4.00	%		61,793			-			61,793
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 Office Building	Apr-13		5.33	%		2,199			2,199			-
Greensboro, NC	Friendly Shopping Center	Apr-13		5.33	%		77,625			77,625			-
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	%		84,259	(i)		84,259			-
El Centro, CA	Imperial Valley Mall	Sep-15		4.99	%		54,333			54,333			-
Raleigh, NC	Triangle Town Center	Dec-15		5.74	%		188,814			188,814			-
Greensboro, NC	Renaissance Center Phase I	Jul-16		5.61	%		34,714			34,714			-
Clarksville, TN	Governor's Square Mall	Sep-16		8.23	%		23,809			23,809			-
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.27	%		25,889			25,889			-
Greensboro, NC	The Shops at Friendly Center	Jan-17		5.90	%		42,243			42,243			-
Harrisburg, PA	High Pointe Commons	May-17		5.74	%		14,447			14,447			-
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	%		5,756			5,756			-
						$	995,953		$	780,764		$	215,189
Weighted average interest rate							5.19	%		5.59	%		3.76	%

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

As of June 30, 2011

Schedule of Maturities of Mortgage and Other Indebtedness

(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		Noncontrolling Interests' Share of Consolidated Debt			CBL's Share of Consolidated and Unconsolidated Debt		% of Total

2011	$	124,907	$	23,153	$	(928	)	$	147,132		2.57	%
2012		917,868		16,684		(1,039	)		933,513		16.30	%
2013		814,174		168,218		-			982,392		17.17	%
2014		309,316		42,129		-			351,445		6.14	%
2015		821,161		127,007		-			948,168		16.57	%
2016		562,601		28,666		(10,900	)		580,367		10.14	%
2017		509,810		139,568		(1,602	)		647,776		11.32	%
2018		299,651		-		-			299,651		5.24	%
2019		87,557		-		-			87,557		1.53	%
2020		201,616		-		(1,167	)		200,449		3.50	%
2021		544,470		-		(846	)		543,624		9.50	%
Face Amount of Debt		5,193,131		545,425		(16,482	)		5,722,074		99.98	%
Net Premiums on Debt		966		-		-			966		0.02	%
Total	$	5,194,097	$	545,425	$	(16,482	)	$	5,723,040		100.00	%

Based on Original Maturity Dates:

Year	Consolidated Debt		CBL's Share of Unconsolidated Affiliates' Debt		Noncontrolling Interests' Share of Consolidated Debt			CBL's Share of Consolidated and Unconsolidated Debt		% of Total

2011	$	705,701	$	133,519	$	(928	)	$	838,292		14.64	%
2012		870,929		16,684		(1,039	)		886,574		15.49	%
2013		470,489		57,852		-			528,341		9.23	%
2014		148,920		42,129		-			191,049		3.34	%
2015		791,387		127,007		-			918,394		16.05	%
2016		562,601		28,666		(10,900	)		580,367		10.14	%
2017		509,810		139,568		(1,602	)		647,776		11.32	%
2018		299,651		-		-			299,651		5.24	%
2019		87,557		-		-			87,557		1.53	%
2020		201,616		-		(1,167	)		200,449		3.50	%
2021		544,470		-		(846	)		543,624		9.50	%
Face Amount of Debt		5,193,131		545,425		(16,482	)		5,722,074		99.98	%
Net Premiums on Debt		966		-		-			966		0.02	%
Total	$	5,194,097	$	545,425	$	(16,482	)	$	5,723,040		100.00	%

Debt Covenant Compliance Ratios

Covenant

Required

Actual

Compliance

Debt to Gross Asset Value

<65

Yes

Interest Coverage Ratio *

>1.75

2.40

Yes

Debt Service Coverage Ratio *

>1.50

1.88

Yes

* Based on rolling twelve months

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

As of June 30, 2011

Top 25 Tenants Based On Percentage Of Budgeted Total Annualized Revenues

	Tenant	Number of Stores		Square Feet		Percentage of Total Annualized Revenues
1	Limited Brands, LLC (1)		156		792,737		3.15	%
2	Foot Locker, Inc.		173		664,727		2.43	%
3	AE Outfitters Retail Company		83		490,881		2.21	%
4	The Gap, Inc.		79		864,130		1.95	%
5	Abercrombie & Fitch, Co.		88		598,775		1.94	%
6	Signet Group plc (2)		111		199,130		1.85	%
7	Genesco Inc. (3)		190		278,586		1.57	%
8	Dick's Sporting Goods, Inc.		21		1,226,221		1.55	%
9	Luxottica Group, S.P.A. (4)		136		300,973		1.48	%
10	Zale Corporation		130		133,119		1.36	%
11	Express Fashions		47		393,820		1.30	%
12	Finish Line, Inc.		72		374,276		1.26	%
13	JC Penney Company, Inc. (5)		72		8,350,554		1.24	%
14	New York & Company, Inc.		50		357,522		1.16	%
15	Dress Barn, Inc. (6)		101		447,792		1.12	%
16	Aeropostale, Inc.		76		269,960		1.11	%
17	Charlotte Russe Holding, Inc.		51		353,386		1.00	%
18	The Buckle, Inc.		48		239,636		0.95	%
19	Forever 21 Retail, Inc.		20		295,077		0.95	%
20	Best Buy Co., Inc.		42		523,327		0.90	%
21	Pacific Sunwear of California		62		230,937		0.90	%
22	Sun Capital Partners, Inc. (7)		54		607,884		0.89	%
23	Barnes & Noble Inc.		19		674,347		0.85	%
24	The Regis Corporation		150		180,738		0.85	%
25	Claire's Stores, Inc.		114		134,764		0.85	%
			2,145		18,983,299		34.82	%

(1)	Limited Brands, LLC operates Victoria's Secret and Bath & Body Works.
(2)	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.
(3)	Genesco Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat Zone, and Cap Factory stores.
(4)	Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearl Vision.
(5)	JC Penney Co., Inc. owns 36 of these stores.
(6)	Dress Barn, Inc. operates Justice, dressbarn and maurices.
(7)	Sun Capital Partners, Inc. operates Gordmans, Limited Stores, Fazoli's, Smokey Bones, Souper Salad and Bar Louie Restaurants.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2011

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)		644,826	$	35.17	$	37.28		6.0	%	$	38.62		9.8	%
Stabilized malls		583,672		36.83		39.08		6.1	%		40.52		10.0	%
New leases		190,586		36.58		42.80		17.0	%		45.59		24.6	%
Renewal leases		393,086		36.95		37.27		0.9	%		38.05		3.0	%

Year-to-Date:
All Property Types (1)		1,436,895	$	35.54	$	35.99		1.3	%	$	37.15		4.5	%
Stabilized malls		1,344,261		36.60		37.04		1.2	%		38.25		4.5	%
New leases		341,864		39.31		44.88		14.2	%		47.77		21.5	%
Renewal leases		1,002,397		35.68		34.37		-3.7	%		35.00		-1.9	%

Total Leasing Activity

	Square Feet
Quarter:
Total Leased		1,697,605
Operating Portfolio		1,689,625
Development Portfolio		7,980

Year-to-Date:
Total Leased		3,419,671
Operating Portfolio		3,385,324
Development Portfolio		34,347

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

	As of June 30,
	2011		2010
Stabilized malls	$	29.07	$	28.95
Non-stabilized malls		26.18		25.41
Associated centers		12.19		11.89
Community centers		13.41		14.68
Other		17.94		19.21

(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, 2011

Capital Expenditures

(In thousands)

	Three Months		Six Months

Tenant allowances	$	15,140	$	20,896

Renovations		8,756		9,657

Deferred maintenance:
Parking lot and parking lot lighting		1,512		2,482
Roof repairs and replacements		1,253		1,783
Other capital expenditures		940		2,348
Total deferred maintenance expenditures		3,705		6,613

Total capital expenditures	$	27,601	$	37,166

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)

	2011		2010
Quarter ended:
March 31,	$	412	$	212
June 30,		744		567
September 30,		-		929
December 31,		-		976
	$	1,156	$	2,684

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

As of June 30, 2011

Properties Under Development

(Dollars in thousands)

				CBL's Share of
Property	Location	Total Project Square Feet		Total Cost (b)		Cost to Date (c)		Expected Opening Date	Initial Yield
Open-Air Center Expansion:
Alamance West	Burlington, NC		236,438	$	16,130	$	11,606	Fall-11		11.0	%

Community Center Expansion:
Settlers Ridge Phase II	Robinson Township, PA		86,617	$	12,370	$	13,400	Summer-11		9.9	%

Outlet Center:
The Outlet Shoppes at Oklahoma City (a)	Oklahoma City, OK		324,565	$	60,973	$	51,479	August-11		10.6	%

Mall Redevelopments:
Foothills Mall/Plaza - Carmike Cinema	Maryville, TN		45,276	$	8,337	$	1,551	Spring-12		7.3	%
Layton Hills Mall - Dick's Sporting Goods	Layton, UT		126,060		6,978		3,999	October-11		10.9	%
Stroud Mall - Cinemark Theatre	Stroudsburg, PA		44,979		7,472		4,273	November-11		5.9	%
			216,315	$	22,787	$	9,823

Total Under Development			863,935	$	112,260	$	86,308

(a)	The Outlet Shoppes at Oklahoma City is a 75/25 joint venture. Total cost and cost to date are reflected at 100 percent.
(b)	Total Cost is presented net of reimbursements to be received.
(c)	Cost to Date does not reflect reimbursements until they are received.