Profile: CBL & Associates Properties, Inc. (CBL.N)

CBL & Associates Properties, Inc. (CBL) is a self-managed, self-administered, integrated real estate investment trust (REIT). The Company is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air centers, community centers and office properties. The Company’s shopping centers are located in 27 domestic states and in Brazil, but are primarily in the southeastern and midwestern United States. The Company conducts all of its business through the Operating Partnership. CBL is the 100% owner of two qualified REIT subsidiaries; CBL Holdings I, Inc. and CBL Holdings II, Inc. CBL Holdings I, Inc. is the sole general partner of the Operating Partnership. As of December 31, 2008, CBL Holdings I, Inc. owned a 1.6% general partnership interest and CBL Holdings II, Inc. owned a 55.1% limited partnership interest in the Operating Partnership, for a combined interest held by the Company of 56.7%. On February 1, 2008, the Company entered into a 50/50 joint venture, CBL-TRS Joint Venture II, LLC, affiliated with CBL-TRS Joint Venture, LLC (collectively, CBL-TRS), both of which are joint venture partners with Teachers’ Retirement System of the State of Illinois (TRS).

During 2008, CBL-TRS acquired Renaissance Center, located in Durham, NC, and an anchor parcel at Friendly Center, located in Greensboro, NC to complete the joint ventures’ acquisitions from the Starmount Company or its affiliates (the Starmount Company). During 2008, the Company completed the sale of seven community centers and two office properties, along with a parcel adjacent to one of the office properties. In April 2008, the Company completed the sale of five community centers located in Greensboro, NC. In June 2008, the Company completed the sale of a Greensboro, NC office property. In August 2008, the Company completed the sale of an additional community center located in Greensboro, NC. In June 2008, the Company sold Chicopee Marketplace III. In April 2008, the Company entered into a 50/50 joint venture, TENCO-CBL Servicos Imobiliarios S.A. (the Service Company), with TENCO Realty S.A. In April 2008, CBL entered into an 85/15 joint venture, The Promenade at D’Iberville, LLC with certain affiliates of Forum Development Group, LLC (Forum). On January 30, 2008, CBL entered into two 50/50 joint ventures, West Melbourne I, LLC and West Melbourne II, LLC, with certain affiliates of Benchmark Development (Benchmark).

As of December 31, 2008, the Company owned interests in 84 regional malls/open-air centers (the Malls), 33 associated centers (the Associated Centers), 12 community centers (the Community Centers), one mixed-use center and 19 office buildings, including its corporate office (the Office Buildings); interests in two shopping center expansions and four community centers that are under construction (the Construction Properties), as well as options to acquire certain shopping center development sites, and mortgages on 14 properties, 13 that are secured by first mortgages and one that is secured by a wrap-around mortgage on the underlying real estate and related improvements (the Mortgages). The Company conducts its property management and development activities through CBL & Associates Management, Inc. (the Management Company).

Malls

The Company owns a controlling interest in 75 Malls (including large open-air centers) and non-controlling interests in nine Malls. It also owns a controlling interest in two Mall expansions that are under construction. The Malls are generally anchored by two or more department stores and a variety of mall stores. Anchor tenants own or lease their stores and non-anchor stores (20,000 square feet or less) lease their locations. The Company classifies its regional malls into two categories include malls that have completed their initial lease-up are referred to as stabilized malls, and malls that are in their initial lease-up phase and have not been open for three calendar years are referred to as non-stabilized malls.

Mall Stores

The Malls have approximately 8,050 mall stores. National and regional retail chains (excluding local franchises) lease approximately 82.6% of the occupied mall store GLA. The Malls received 83.3% of their revenues from mall stores for the year ended December 31, 2008.

Associated Centers

The Company owns a controlling interest in 30 Associated Centers and a non-controlling interest in three Associated Centers as of December 31, 2008. Associated Centers are retail properties that are adjacent to a regional mall complex and include one or more anchors, or big box retailers, along with smaller tenants.

Community Centers

The Company owns a controlling-interest in eight Community Centers and a non-controlling interest in four Community Centers. It owns a controlling interest in four Community Centers that are under construction.

Mixed-Use Center

The Company owns a controlling-interest in one Mixed-Use Center, Pearland Town Center (Pearland), which combines retail, hotel, residential and office components. The Property features a 718,000 square-foot total GLA open-air lifestyle center. Of the Leasable GLA of 388,988 square feet, 74.7% is occupied.

Office Buildings

The Company owns a controlling interest in 13 office buildings and a non-controlling interest in six office buildings. CBL owns a 92% interest in the 128,000 square foot office building where its corporate headquarters is located. As of December 31, 2008, it occupied 81% of the total square footage of the building.

Mortgages

CBL owns 14 mortgages, 13 of which are collateralized by first mortgages. In this property one is collateralized by a wrap-around mortgage on the underlying real estate and related improvements.