CBL & Associates Properties Announces 6.5% Increase in Common Dividend Distribution to Annual Rate of $0.98 Per Share

Announcement Marks Fourth Consecutive Year of Common Dividend Increase

CBL & Associates Properties, Inc. (NYSE: CBL) today announced that its Board of Directors has declared a 6.5% increase in the quarterly cash dividend for the Company’s Common Stock to $0.245 per share for the quarter ending December 31, 2013. The increased quarterly dividend represents an annualized dividend rate of $0.98 per share compared with the previous annualized dividend rate of $0.92 per share. The dividend is payable on January 15, 2014, to shareholders of record as of December 30, 2013.

The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the quarter ending December 31, 2013, 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 December 30, 2013, to shareholders of record as of December 13, 2013.

The Board also declared a quarterly cash dividend of $0.4140625 per depositary share for the quarter ending December 31, 2013, for the Company's 6.625% Series E Cumulative Redeemable Preferred Stock. The dividend, which equates to an annual dividend payment of $1.65625 per depositary share, is payable on December 30, 2013, to shareholders of record as of December 13, 2013.

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 155 properties, including 96 regional malls/open-air centers. The properties are located in 30 states and total 90.7 million square feet including 10.7 million square feet of non-owned shopping centers managed for third parties. 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.

CBL & Associates Properties, Inc.Katie Reinsmidt, 423-490-8301Senior Vice President - Investor Relations/Corporate [e-mail]