CBL & Associates Properties Announces 2009 Common Stock Dividend Policy and Preferred Stock Dividends

CBL & Associates Properties, Inc. (NYSE: CBL) today announced that its Board of Directors has established its Common Stock dividend policy for the remainder of 2009. The Board has determined to reduce the dividend for the remainder of 2009 to the minimum level required to distribute 100% of the Company’s estimated taxable income. The Company estimates that for the remainder of 2009 it will need to distribute to common shareholders $0.33 per share or $0.11 per quarter for the second, third and fourth quarters. The Board intends to pay the dividend in cash. The actual future dividends payable will be determined by the Company’s Board of Directors based upon circumstances at the time of declaration. Actual dividends paid may vary from the currently expected amounts.

Pursuant to the 2009 Common Stock dividend policy the Board has declared a quarterly cash dividend for the Company’s Common Stock of $0.11 per share for the quarter ending June 30, 2009. The dividend is payable on July 15, 2009, to shareholders of record as of June 30, 2009.

“The Company and the Board of Directors recognize the importance of retaining internal cash flows in the current economic environment,” said Charles B. Lebovitz, chairman and chief executive officer of CBL & Associates Properties, Inc. “This dividend policy will allow CBL to utilize cash flows to maximize long-term shareholder value.”

The Board also declared a quarterly cash dividend of $0.484375 per depositary share for the quarter ending June 30, 2009, for the Company's 7.75% Series C Cumulative Redeemable Preferred Stock. The dividend, which equates to an annual dividend payment of $1.9375 per depositary share, is payable on June 30, 2009, to shareholders of record as of June 15, 2009.

The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the quarter ending June 30, 2009, for the Company's 7.375% Series D Cumulative Redeemable Preferred Stock. The dividend, which equates to an annual dividend payment of $1.84375 per depositary share, is payable on June 30, 2009, to shareholders of record as of June 15, 2009.

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 four projects under construction totaling 2.4 million square feet including The Promenade in D'Iberville, MS; Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; and one open-air center. 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.