CBL & Associates Properties Prices Offering of Common Stock

CHATTANOOGA, Tenn.--(Business Wire)--
CBL & Associates Properties, Inc. (NYSE: CBL) announced that it has priced an
offering of 58,350,000 shares of its common stock at a price per share of $6.00.
CBL has also granted the underwriters a 30-day option to purchase up to an
additional 8,752,500 shares of its common stock.

This offering is being made pursuant to an effective shelf registration
statement filed by CBL with the Securities and Exchange Commission. Merrill
Lynch & Co. and Wachovia Securities are acting as joint book-running managers
for the offering. KeyBanc Capital Markets is acting as lead manager for the
offering. Morgan Keegan & Company, Inc., Piper Jaffray, PNC Capital Markets LLC
and RBC Capital Markets are acting as senior co-managers for the offering. BB&T
Capital Markets, Raymond James, Societe Generale and Wedbush Morgan Securities
Inc. are acting as co-managers for the offering. Subject to customary
conditions, the offering is expected to close on or about June 15, 2009.

The company intends to use the net proceeds from the offering, which are
expected to be approximately $334.4 million (after deducting the underwriting
discount and other estimated offering expenses and without giving effect to any
exercise of the underwriters` option to purchase additional shares of stock), to
repay outstanding borrowings under its credit facilities and for general
corporate purposes.

To obtain a copy of the prospectus and the final prospectus supplement for this
offering, when available, please contact: Merrill Lynch & Co., Attention:
Prospectus Department, 4 World Financial Center, New York, New York 10080,
telephone: (212) 449-1000; or Wachovia Securities, Attn: Equity Syndicate Dept.,
375 Park Avenue, New York, NY 10152, 1-800-326-5897,
equity.syndicate@wachovia.com.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or other jurisdiction. The offering
may be made only by means of a prospectus supplement and the related prospectus.

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.

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 results,
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 information under the caption "Supplemental Risk Factors"
in the prospectus supplement, when available, for the offering described herein
and the information under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations" in the
company`s Annual Report on Form 10-K for the year ended December 31, 2008 and in
its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009,
for a discussion of such risks and uncertainties.

CBL & Associates Properties, Inc.
Katie Reinsmidt, 423.490.8301
Vice President - Corporate Communications and Investor Relations
katie_reinsmidt@cblproperties.com

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