CBL Completes More Than $1.6 Billion in Financings in 2009 and Launches 2010 with New $72 Million Loan

CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it closed a $72.0 million non-recourse loan secured by St. Clair Square in Fairview Heights, IL. The new five-year loan bears a floating interest rate of LIBOR plus 400 basis points. This loan replaces the existing $58.0 million loan, which was scheduled to mature in April 2010. Concurrent with the closing, CBL entered into a two-year LIBOR cap agreement with an associated strike rate of 3.0%.

This announcement marks the continued financing successes of CBL. In 2009, CBL refinanced or extended more than $1.6 billion in mortgage loans and credit facilities. These included the extension of its three major credit facilities, while maintaining full lending capacity aggregating $1.2 billion, as well as successfully addressing nine property-specific mortgages or construction loans totaling more than $360.0 million.

Commenting on the closing, John N. Foy, Chief Financial Officer, said, "We are proud of our financing achievements and continue to demonstrate our ability to access credit and financial resources. We are well underway with refinancing efforts for our 2010 maturities and are confident that we will successfully address all of our maturities while continuing our conservative approach of laddering maturities into the future.”

About CBL & Associates Properties, Inc.

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 163 properties, including 88 regional malls/open-air centers. The properties are located in 27 states and total 87.8 million square feet including 3.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has one project under construction totaling 500,000 square feet, The Pavilion at Port Orange in Port Orange, FL. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com.

Information included herein contains "forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations” incorporated by reference therein, for a discussion of such risks and uncertainties.