CBL & Associates Properties Announces Results of Dividend Elections and Details of Common Stock Dividend Payable on April 15, 2009

CBL & Associates Properties, Inc. (NYSE: CBL) today announced the results of the shareholders’ elections relating to the dividend payable on April 15, 2009, to shareholders of record on March 13, 2009. The dividend will consist of approximately $9.8 million in cash and approximately 4.8 million shares of CBL common stock.

A summary of the dividend election results is as follows:

• Holders of 8.3 million shares elected to receive the dividend all in shares.
• Holders of 58.1 million shares either elected to receive the dividend all in cash or made no election and will receive $0.1691 per share in cash (45.7%) and $0.2009 per share in stock (54.3%).
• The Company will pay fractional shares in cash.

The number of shares in the dividend was calculated based on the volume weighted average trading prices of the Company’s common stock on April 6, April 7 and April 8, 2009, or $3.10 per share.

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 159 properties, including 88 regional malls/open-air centers. The properties are located in 27 states and total 86.0 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has six projects under construction totaling 2.5 million square feet including Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; The Promenade in D’Iberville, MS; two lifestyle/associated centers, and one expansion. 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.

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.