CBL & Associates Makes Strategic Investments in Two Outlet Centers

CBL & Associates Properties, Inc. (NYSE: CBL), today announced that it had acquired interests in The Outlet Shoppes at El Paso in El Paso, TX, and The Outlet Shoppes at Gettysburg in Gettysburg, PA. The operating outlet centers are owned and managed by Horizon Group Properties and its affiliates.

CBL has acquired a 75% interest in The Outlet Shoppes at El Paso and a 50% interest in The Outlet Shoppes at Gettysburg, for a total investment of $108.7 million. The total investment includes a cash consideration of $38.2 million, as well as the assumption of $70.5 million of debt, which represents CBL’s share.

“This acquisition allows us to grow our presence in the outlet center industry by investing in two established and successful centers,” said Stephen Lebovitz, president and chief executive officer for CBL. “With our expanded presence, outlet centers will provide an increasing source of growth for the CBL portfolio. Our partnership with Horizon has already been extremely encouraging, both with the outstanding performance of our center in Oklahoma City and with our new development start near Atlanta. We are excited to expand our commitment to this fast-growing format.”

CBL currently owns a 75% interest in The Outlet Shoppes at Oklahoma City in Oklahoma City, OK, which opened 100% leased in August 2011. The 350,000-square-foot outlet center features Saks Fifth Avenue OFF 5TH, Nike, Tommy Hilfiger, Banana Republic, Brooks Brothers, Coach, Guess?, J. Crew, Michael Kors and more. The Outlet Shoppes at Oklahoma City is the only outlet center in the state of Oklahoma and the only outlet center within a 145 mile radius.

CBL is also a 75% partner in the development of The Outlet Shoppes at Atlanta in Woodstock, GA, located in a northern suburb of Atlanta. The 370,000-square-foot development is currently more than 70% leased or committed with key retailers such as Saks Fifth Avenue OFF 5TH, Nike, J. Crew, Nine West, Brooks Brothers, Johnston & Murphy, Levi’s, Skechers, Chico’s, Guess?, Michael Kors, Puma, Under Armour and more. Construction is slated to begin this spring, with a late summer 2013 opening.

About The Outlet Shoppes at El Paso

The Outlet Shoppes at El Paso is a 378,000-square-foot outlet center located on I-10 between El Paso and Las Cruces, NM. The center was 99.6% occupied at December 31, 2011 and draws customers from a 300 mile radius including the more than 2.3 million residents of Juarez, Mexico. The Outlet Shoppes at El Paso features more than 80 stores including Aeropostale, BCBG, Banana Republic, Brooks Brothers, Coach, GAP, Kenneth Cole, Nike, Tommy Hilfiger and more.

About The Outlet Shoppes at Gettysburg

The Outlet Shoppes at Gettysburg is a 250,000-square-foot outlet center located along Highway 15. The nearby Gettysburg National Military Park draws over 2.3 million visitors annually. The shopping center is known for its Civil War era architecture. The Outlet Shoppes at Gettysburg was 98.2% occupied at December 31, 2011 and features over 70 brand name stores including GAP, Van Heusen, Brooks Brothers, Tommy Hilfiger, Old Navy, Under Armour and IZOD as well as the Village Stadium 10 Cinema.

About Horizon Group Properties, Inc.

Based in Norton Shores, Michigan with executive offices in Rosemont, Illinois, Horizon Group Properties, Inc. is a leading owner and developer of factory outlet shopping centers and is the developer of a master planned community in suburban Chicago. For more information, please visit www.horizongroup.com.

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 157 properties, including 89 regional malls/open-air centers. The properties are located in 27 states and total 86.4 million square feet including 3.6 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, Tenn., CBL has regional offices in Boston (Waltham), Mass., Dallas (Irving), Texas, 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.