Exhibit 99.3

CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
For the Three Months and Year Ended December 31, 2008

Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)


	Three Months Ended December 31,						Year Ended December 31,

	2008			2007			2008			2007

REVENUES:
Minimum rents	$	188,300		$	181,000		$	716,570		$	645,753
Percentage rents		8,509			10,632			18,375			22,472
Other rents		9,372			11,179			22,887			23,121
Tenant reimbursements		85,183			83,056			336,173			318,755
Management, development and leasing fees		2,459			1,418			19,393			7,983
Other		5,575			6,353			24,820			21,860

Total revenues		299,398			293,638			1,138,218			1,039,944


EXPENSES:
Property operating		49,274			45,646			190,148			169,489
Depreciation and amortization		102,369			67,576			332,475			243,522
Real estate taxes		23,658			22,518			95,393			87,552
Maintenance and repairs		17,258			16,285			65,617			58,111
General and administrative		11,973			8,780			45,241			37,852
Other		14,643			6,437			33,333			18,525

Total expenses		219,175			167,242			762,207			615,051

Income from operations		80,223			126,396			376,011			424,893
Interest and other income		2,942			3,305			10,076			10,923
Interest expense		(79,473	)		(80,154	)		(313,209	)		(287,884	)
Loss on extinguishment of debt		—			—			—			(227	)
Impairment of marketable securities		(11,403	)		(18,456	)		(17,181	)		(18,456	)
Gain on sales of real estate assets		279			5,005			12,401			15,570
Equity in earnings of unconsolidated affiliates		1,523			734			2,831			3,502
Income tax provision		(738	)		(4,030	)		(13,495	)		(8,390	)
Minority interest in (earnings) losses:
Operating partnership		7,700			(10,360	)		(7,495	)		(46,246	)
Shopping center properties		(6,010	)		(5,797	)		(23,959	)		(12,215	)

Income (loss) from continuing operations		(4,957	)		16,643			25,980			81,470
Operating income of discontinued operations		347			76			1,809			1,621
Gain on discontinued operations		10			2,154			3,798			6,056

Net income (loss)		(4,600	)		18,873			31,587			89,147
Preferred dividends		(5,455	)		(5,455	)		(21,819	)		(29,775	)

Net income (loss) available to common shareholders	$	(10,055	)	$	13,418		$	9,768		$	59,372

Basic per share data:
Income (loss) from continuing operations, net of preferred dividends	$	(0.16	)	$	0.17		$	0.06		$	0.79
Discontinued operations		0.01			0.03			0.09			0.12

Net income (loss) available to common shareholders	$	(0.15	)	$	0.20		$	0.15		$	0.91


Weighted average common shares outstanding		66,085			65,590			66,005			65,323

Diluted per share data:
Income (loss) from continuing operations, net of preferred dividends	$	(0.16	)	$	0.17		$	0.06		$	0.78
Discontinued operations		0.01			0.03			0.09			0.12

Net income (loss) available to common shareholders	$	(0.15	)	$	0.20		$	0.15		$	0.90


Weighted average common and potential dilutive common shares outstanding		66,085			65,952			66,148			65,913

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008

The Company’s calculation of FFO allocable to Company shareholders is as follows (in thousands, except per share data):


	Three Months Ended December 31,						Year Ended December 31,

	2008			2007			2008			2007


Net income (loss) available to common shareholders	$	(10,055	)	$	13,418		$	9,768		$	59,372
Minority interest in earnings (losses) of operating partnership		(7,700	)		10,360			7,495			46,246
Depreciation and amortization expense of:
Consolidated properties		102,369			67,576			332,475			243,522
Unconsolidated affiliates		8,875			6,776			29,987			17,326
Discontinued operations		—			317			892			1,297
Non-real estate assets		(257	)		(229	)		(1,027	)		(919	)
Minority investors’ share of depreciation and amortization		(15	)		(322	)		(958	)		(132	)
Gain on discontinued operations		(10	)		(2,154	)		(3,798	)		(6,056	)
Income tax provision on disposal of discontinued operations		—			872			1,439			872

Funds from operations of the operating partnership	$	93,207		$	96,614		$	376,273		$	361,528


Funds from operations per diluted share	$	0.80		$	0.83		$	3.22		$	3.10

Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted		116,806			116,585			116,781			116,584


Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership	$	93,207		$	96,614		$	376,273		$	361,528
Percentage allocable to Company shareholders ⁽¹⁾		56.62	%		56.43	%		56.59	%		56.32	%

Funds from operations allocable to Company shareholders	$	52,774		$	54,519		$	212,933		$	203,613


⁽¹⁾	Represents the weighted average number of common shares outstanding for the period divided by the sum of the weighted average number of common shares and the weighted average number of operating partnership units outstanding during the period. See the reconciliation of shares and operating partnership units on page 4.

SUPPLEMENTAL FFO INFORMATION:


Lease termination fees	$	1,994		$	612		$	11,250		$	6,407
Lease termination fees per share	$	0.02		$	0.01		$	0.10		$	0.05

Straight-line rental income	$	2,056		$	2,143		$	6,137		$	5,876
Straight-line rental income per share	$	0.02		$	0.02		$	0.05		$	0.05

Gains on outparcel sales	$	1,720		$	5,600		$	15,963		$	16,651
Gains on outparcel sales per share	$	0.01		$	0.05		$	0.14		$	0.14

Amortization of acquired above- and below-market leases	$	3,850		$	2,299		$	10,735		$	10,579
Amortization of acquired above- and below-market leases per share	$	0.03		$	0.02		$	0.09		$	0.09

Amortization of debt premiums	$	1,991		$	1,935		$	7,909		$	7,714
Amortization of debt premiums per share	$	0.02		$	0.02		$	0.07		$	0.07

Income tax provision	$	(738	)	$	(3,158	)	$	(12,056	)	$	(7,518	)
Income tax provision per share	$	(0.01	)	$	(0.03	)	$	(0.10	)	$	(0.06	)

Impairment of marketable securities	$	(11,403	)	$	(18,456	)	$	(17,181	)	$	(18,456	)
Impairment of marketable securities per share	$	(0.10	)	$	(0.16	)	$	(0.15	)	$	(0.16	)

Abandoned projects	$	(9,407	)	$	(1,261	)	$	(12,351	)	$	(2,216	)
Abandoned projects per share	$	(0.08	)	$	(0.01	)	$	(0.11	)	$	(0.02	)

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008

Same-Center Net Operating Income
(Dollars in thousands)


	Three Months Ended December 31,						Year Ended December 31,

	2008			2007			2008			2007


Net income (loss)	$	(4,600	)	$	18,873		$	31,587		$	89,147

Adjustments:
Depreciation and amortization		102,369			67,576			332,475			243,522
Depreciation and amortization from unconsolidated affiliates		8,875			6,776			29,987			17,326
Depreciation and amortization from discontinued operations		—			317			892			1,297
Minority investors’ share of depreciation and amortization in shopping center properties		(15	)		(322	)		(958	)		(132	)
Interest expense		79,473			80,154			313,209			287,884
Interest expense from unconsolidated affiliates		7,653			7,904			28,525			20,480
Minority investors’ share of interest expense in shopping center properties		(135	)		(466	)		(1,492	)		(831	)
Loss on extinguishment of debt		—			—			—			227
Abandoned projects expense		9,407			1,261			12,351			2,216
Gain on sales of real estate assets		(279	)		(5,005	)		(12,401	)		(15,570	)
Gain on sales of real estate assets of unconsolidated affiliates		(832	)		(473	)		(3,548	)		(1,706	)
Impairment of marketable securities		11,403			18,456			17,181			18,456
Minority investors’ share of gain on sales of shopping center real estate assets		—			—			—			621
Income tax provision		738			4,030			13,495			8,390
Minority interest in earnings (losses) of operating partnership		(7,700	)		10,360			7,495			46,246
Gain on discontinued operations		(10	)		(2,154	)		(3,798	)		(6,056	)

Operating partnership’s share of total NOI		206,347			207,287			765,000			711,517
General and administrative expenses		11,973			8,780			45,241			37,852
Management fees and non-property level revenues		(8,025	)		(10,020	)		(36,607	)		(35,756	)

Operating partnership’s share of property NOI		210,295			206,047			773,634			713,613
NOI of non-comparable centers		(25,317	)		(13,379	)		(89,121	)		(18,934	)

Total same-center NOI	$	184,978		$	192,668		$	684,513		$	694,679


Malls	$	171,871		$	178,979		$	630,616		$	639,439
Associated centers		7,445			8,068			31,340			32,592
Community centers		1,815			1,903			7,682			6,922
Other		3,847			3,718			14,875			15,726

Total same-center NOI		184,978			192,668			684,513			694,679
Less lease termination fees		(601	)		(600	)		(8,425	)		(6,397	)

Total same-center NOI, excluding lease termination fees	$	184,377		$	192,068		$	676,088		$	688,282


Percentage Change:
Malls		-4.0	%					-1.4	%
Associated centers		-7.7	%					-3.8	%
Community centers		-4.6	%					11.0	%
Other		3.5	%					-5.4	%

Total same-center NOI		-4.0	%					-1.5	%

Total same-center NOI, excluding lease termination fees		-4.0	%					-1.8	%

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008

Company’s Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)


	December 31, 2008

	Fixed Rate			Variable Rate			Total

Consolidated debt	$	4,608,347		$	1,487,329		$	6,095,676
Minority investors’ share of consolidated debt		(23,648	)		(928	)		(24,576	)
Company’s share of unconsolidated affiliates’ debt		418,761			143,468			562,229

Company’s share of consolidated and unconsolidated debt	$	5,003,460		$	1,629,869		$	6,633,329

Weighted average interest rate		5.96	%		2.02	%		4.99	%


	December 31, 2007

	Fixed Rate			Variable Rate			Total

Consolidated debt	$	4,543,515		$	1,325,803		$	5,869,318
Minority investors’ share of consolidated debt		(24,236	)		(2,517	)		(26,753	)
Company’s share of unconsolidated affiliates’ debt		335,903			49,475			385,378

Company’s share of consolidated and unconsolidated debt	$	4,855,182		$	1,372,761		$	6,227,943

Weighted average interest rate		5.79	%		6.14	%		5.87	%


Debt-To-Total-Market Capitalization Ratio as of December 31, 2008
(In thousands, except stock price)

	Shares Outstanding			Stock Price (1)			Value

Common stock and operating partnership units		117,010		$	6.50		$	760,565
7.75% Series C Cumulative Redeemable Preferred Stock		460			250.00			115,000
7.375% Series D Cumulative Redeemable Preferred Stock		700			250.00			175,000

Total market equity								1,050,565
Company’s share of total debt								6,633,329

Total market capitalization							$	7,683,894

Debt-to-total-market capitalization ratio								86.3	%


(1)	Stock price for common stock and operating partnership units equals the closing price of the common stock on December 31, 2008. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.

Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)


	Three Months Ended December 31,						Year Ended December 31,

	Basic			Diluted			Basic			Diluted

2008:
Weighted average shares - EPS		66,085			66,085			66,005			66,148
Weighted average dilutive shares for FFO (1)		—			93			—			—
Weighted average operating partnership units		50,628			50,628			50,633			50,633

Weighted average shares- FFO		116,713			116,806			116,638			116,781


2007:
Weighted average shares - EPS		65,590			65,952			65,323			65,913
Weighted average operating partnership units		50,637			50,633			50,671			50,671

Weighted average shares- FFO		116,227			116,585			115,994			116,584


	Three Months Ended December 31,						Year Ended December 31,

Dividend Payout Ratio	2008			2007			2008			2007

Weighted average dividend per share	$	0.37255		$	0.55047		$	2.02396		$	2.08260
FFO per diluted, fully converted share	$	0.80		$	0.83		$	3.22		$	3.10

Dividend payout ratio		46.6	%		66.3	%		62.9	%		67.2	%

(1)

Because the Company incurred a net loss during the three months ended December 31, 2008, there are no potentially dilutive shares recognized in the number of diluted weighted average shares for EPS purposes for that period due to their anti-dilutive nature. However, because FFO was positive during the fourth quarter of 2008, the dilutive shares are recognized in the number of diluted weighted average shares for purposes of calculating FFO per share.

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008

Consolidated Balance Sheets
(Unaudited, in thousands except share data)


	December 31, 2008			December 31, 2007

ASSETS
Real estate assets:
Land	$	902,504		$	917,578
Buildings and improvements		7,503,334			7,263,907

		8,405,838			8,181,485
Accumulated depreciation		(1,310,173	)		(1,102,767	)

		7,095,665			7,078,718
Developments in progress		225,815			323,560

Net investment in real estate assets		7,321,480			7,402,278
Cash and cash equivalents		51,227			65,826
Cash in escrow		2,700			—
Receivables:
Tenant, net of allowance		74,402			72,570
Other		12,145			10,257
Mortgage and other notes receivable		58,961			135,137
Investments in unconsolidated affiliates		207,618			142,550
Intangible lease assets and other assets		305,802			276,429

	$	8,034,335		$	8,105,047

LIABILITIES AND SHAREHOLDERS’ EQUITY
Mortgage and other notes payable	$	6,095,676		$	5,869,318
Accounts payable and accrued liabilities		329,991			394,884

Total liabilities		6,425,667			6,264,202

Commitments and contingencies
Minority interests		815,010			920,297

Shareholders’ equity:
Preferred Stock, $.01 par value, 15,000,000 shares authorized:
7.75% Series C Cumulative Redeemable Preferred Stock, 460,000 shares outstanding		5			5
7.375% Series D Cumulative Redeemable Preferred Stock, 700,000 shares outstanding		7			7
Common Stock, $.01 par value, 180,000,000 shares authorized, 66,394,844 and 66,179,747 issued and outstanding in 2008 and 2007, respectively		664			662
Additional paid-in capital		1,008,883			990,048
Accumulated other comprehensive loss		(22,594	)		(20	)
Accumulated deficit		(193,307	)		(70,154	)

Total shareholders’ equity		793,658			920,548

	$	8,034,335		$	8,105,047

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008

The Company presents the ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest because the Company believes that the EBITDA to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company’s ability to incur and service debt.


Ratio of EBITDA to Interest Expense (Dollars in thousands)

	Three Months Ended December 31,						Year Ended December 31,

	2008			2007			2008			2007

EBITDA:
Net income (loss)	$	(4,600	)	$	18,873		$	31,587		$	89,147

Adjustments:
Depreciation and amortization		102,369			67,576			332,475			243,522
Depreciation and amortization from unconsolidated affiliates		8,875			6,776			29,987			17,326
Depreciation and amortization from discontinued operations		—			317			892			1,297
Minority investors’ share of depreciation and amortization in shopping center properties		(15	)		(322	)		(958	)		(132	)
Interest expense		79,473			80,154			313,209			287,884
Interest expense from unconsolidated affiliates		7,653			7,904			28,525			20,480
Minority investors’ share of interest expense in shopping center properties		(135	)		(466	)		(1,492	)		(831	)
Taxes		1,343			4,271			16,345			10,570
Loss on extinguishment of debt		—			—			—			227
Impairment of marketable securities		11,403			18,456			17,181			18,456
Abandoned projects		9,407			1,261			12,351			2,216
Minority interest in earnings (losses) of operating partnership		(7,700	)		10,360			7,495			46,246
Gain on discontinued operations		(10	)		(2,154	)		(3,798	)		(6,056	)

Company’s share of total EBITDA	$	208,063		$	213,006		$	783,799		$	730,352


Interest Expense:
Interest expense	$	79,473		$	80,154		$	313,209		$	287,884
Interest expense from unconsolidated affiliates		7,653			7,904			28,525			20,480
Minority investors’ share of interest expense in shopping center properties		(135	)		(466	)		(1,492	)		(831	)

Company’s share of total interest expense	$	86,991		$	87,592		$	340,242		$	307,533


Ratio of EBITDA to Interest Expense		2.39			2.43			2.30			2.37


Reconciliation of EBITDA to Cash Flows Provided By Operating Activities (In thousands)

	Three Months Ended December 31,						Year Ended December 31,

	2008			2007			2008				2007


Company’s share of total EBITDA	$	208,063		$	213,006		$	783,799		$	730,352
Interest expense		(79,473	)		(80,154	)		(313,209	)		(287,884	)
Minority investors’ share of interest expense in shopping center properties		135			466			1,492			831
Taxes		(1,343	)		(4,271	)		(16,345	)		(10,570	)
Amortization of deferred financing costs and non-real estate depreciation included in operating expense		2,362			1,807			9,382			7,270
Amortization of debt premiums		(1,991	)		(1,935	)		(7,909	)		(7,714	)
Amortization of above- and below- market leases		(3,763	)		(2,304	)		(10,659	)		(10,584	)
Depreciation and interest expense from unconsolidated affiliates		(16,528	)		(14,680	)		(58,512	)		(37,806	)
Minority investors’ share of depreciation and amortization in shopping center properties		15			322			958			132
Minority interest in earnings - shopping center properties		6,010			5,797			23,959			12,215
Gains on outparcel sales		(279	)		(5,005	)		(12,401	)		(15,570	)
Income tax benefit from stock options		—			4,965			7,472			9,104
Equity in earnings of unconsolidated affiliates		(1,523	)		(734	)		(2,831	)		(3,502	)
Distributions from unconsolidated affiliates		4,757			2,526			15,661			9,450
Share-based compensation expense		988			2,335			5,016			6,862
Changes in operating assets and liabilities		(12,436	)		38,362			(6,780	)		67,693

Cash flows provided by operating activities	$	104,994		$	160,503		$	419,093		$	470,279

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Twelve Months Ended December 31, 2008

Schedule of Mortgage and Other Notes Payable as of December 31, 2008
(Dollars in thousands )


			Optional Extended Maturity Date
		Original Maturity Date							Balance
				Interest Rate
Location	Property			Interest Rate		Balance			Fixed		Variable


Operating Properties:
Milford, CT	Milford Marketplace	Jan-09	—	2.64	%	$	19,009	(a)	$	—	$	19,009
High Point, NC	Oak Hollow Mall	Feb-09	—	7.31	%		38,183	(b)		38,183		—
Cary, NC	Cary Towne Center	Mar-09	—	6.85	%		82,203			82,203		—
Daytona Beach, FL	Volusia Mall	Mar-09	—	6.70	%		51,536			51,536		—
Fairview Heights, IL	St. Clair Square	Apr-09	—	7.00	%		59,709			59,709		—
Terre Haute, IN	Honey Creek Mall	May-09	—	6.95	%		30,350			30,350		—
Pearland, TX	Pearland Town Center	Jul-09	Jul-12	3.03	%		110,915	(c)		—		110,915
Pearland, TX	Pearland Hotel	Jul-09	Jul-12	3.03	%		8,298	(c)		—		8,298
Pearland, TX	Pearland Office	Jul-09	Jul-12	3.03	%		7,563	(c)		—		7,563
Chattanooga, TN	CBL Center II	Aug-09	Aug-10	3.83	%		11,599			—		11,599
Burlington, NC	Alamance Crossing	Sep-09	Sep-11	1.72	%		74,413			—		74,413
Meridian, MS	Bonita Lakes Crossing	Oct-09	—	6.82	%		7,307			7,307		—
Meridian, MS	Bonita Lakes Mall	Oct-09	—	6.82	%		23,319			23,319		—
Stillwater, OK	Lakeview Pointe	Nov-09	Nov-10	1.59	%		15,600			—		15,600
Cincinnati, OH	Eastgate Mall	Dec-09	—	4.55	%		53,325	(d)		53,325		—
Little Rock, AR	Park Plaza Mall	May-10	—	8.69	%		39,398			39,398		—
Spartanburg, SC	WestGate Crossing	Jul-10	—	8.42	%		9,155			9,155		—
Burnsville, MN	Burnsville Center	Aug-10	—	8.00	%		63,414			63,414		—
Roanoke, VA	Valley View Mall	Sep-10	—	8.61	%		41,845			41,845		—
Beaumont, TX	Parkdale Crossing	Sep-10	—	5.01	%		7,915			7,915		—
Beaumont, TX	Parkdale Mall	Sep-10	—	5.01	%		50,129			50,129		—
Nashville, TN	CoolSprings Galleria	Sep-10	—	6.22	%		123,305			123,305		—
Lansing, MI	Meridian Mall	Nov-10	Nov-11	5.18	%		40,000	(e)		40,000		—
Stroud, PA	Stroud Mall	Dec-10	—	8.42	%		30,208			30,208		—
Wausau, WI	Wausau Center	Dec-10	—	6.70	%		11,695			11,695		—
York, PA	York Galleria	Dec-10	—	8.34	%		48,267			48,267		—
Statesboro, GA	Statesboro Crossing	Feb-11	Feb-13	1.47	%		15,549			—		15,549
Lexington, KY	Fayette Mall	Jul-11	—	7.00	%		88,662			88,662		—
St. Louis, MO	Mid Rivers Mall	Jul-11	—	7.24	%		78,748			78,748		—
Panama City, FL	Panama City Mall	Aug-11	—	7.30	%		37,741			37,741		—
Asheville, NC	Asheville Mall	Sep-11	—	6.98	%		64,634			64,634		—
Nashville, TN	Rivergate Mall	Sep-11	Sep-13	5.85	%		87,500	(f)		87,500		—
Ft. Smith, AR	Massard Crossing	Feb-12	—	7.54	%		5,577			5,577		—
Vicksburg, MS	Pemberton Plaza	Feb-12	—	7.54	%		1,905			1,905		—
Houston, TX	Willowbrook Plaza	Feb-12	—	7.54	%		28,535			28,535		—
Fayetteville, NC	Cross Creek Mall	Apr-12	—	7.40	%		60,055			60,055		—
Colonial Heights, VA	Southpark Mall	May-12	—	7.00	%		34,186			34,186		—
Douglasville, GA	Arbor Place	Jul-12	—	6.51	%		71,148			71,148		—
Saginaw, MI	Fashion Square	Jul-12	—	6.51	%		54,474			54,474		—
Louisville, KY	Jefferson Mall	Jul-12	—	6.51	%		39,634			39,634		—
North Charleston, SC	Northwoods Mall	Jul-12	—	6.51	%		56,744			56,744		—
Jackson, TN	Old Hickory Mall	Jul-12	—	6.51	%		31,428			31,428		—
Asheboro, NC	Randolph Mall	Jul-12	—	6.50	%		13,703			13,703		—
Racine, WI	Regency Mall	Jul-12	—	6.51	%		31,078			31,078		—
Douglasville, GA	The Landing At Arbor Place	Jul-12	—	6.51	%		8,032			8,032		—
Spartanburg, SC	WestGate Mall	Jul-12	—	6.50	%		49,228			49,228		—
Chattanooga, TN	CBL Center	Aug-12	—	6.25	%		13,677			13,677		—
Livonia, MI	Laurel Park Place	Dec-12	—	8.50	%		48,088			48,088		—
Monroeville, PA	Monroeville Mall	Jan-13	—	5.73	%		120,831			120,831		—
Greensburg, PA	Westmoreland Mall	Mar-13	—	5.05	%		73,685			73,685		—
St. Louis, MO	West County Center	Apr-13	—	5.19	%		155,298			155,298		—
Columbia, SC	Columbia Place	Sep-13	—	5.45	%		30,118			30,118		—
St. Louis, MO	South County Center	Oct-13	—	4.96	%		79,025			79,025		—
Joplin, MO	Northpark Mall	Mar-14	—	5.75	%		38,076			38,076		—


			Optional Extended Maturity Date
		Original Maturity Date								Balance
				Interest Rate
Location	Property			Interest Rate		Balance				Fixed			Variable

Laredo, TX	Mall del Norte	Dec-14	—	5.04	%		113,400				113,400			—
Rockford, IL	Cherryvale Mall	Oct-15	—	5.00	%		89,360				89,360			—
Brookfield, IL	Brookfield Square	Nov-15	—	5.08	%		100,028				100,028			—
Madison, WI	East Towne Mall	Nov-15	—	5.00	%		76,163				76,163			—
Madison, WI	West Towne Mall	Nov-15	—	5.00	%		107,581				107,581			—
Bloomington, IL	Eastland Mall	Dec-15	—	5.85	%		59,400				59,400			—
Decatur, IL	Hickory Point Mall	Dec-15	—	5.85	%		31,817				31,817			—
Overland Park, KS	Oak Park Mall	Dec-15	—	5.85	%		275,700				275,700			—
Janesville, WI	Janesville Mall	Apr-16	—	8.38	%		10,152				10,152			—
Akron, OH	Chapel Hill Mall	Aug-16	—	6.10	%		74,743				74,743			—
Chesapeake, VA	Greenbrier Mall	Aug-16	—	5.91	%		82,421				82,421			—
Chattanooga, TN	Hamilton Place	Aug-16	—	5.86	%		113,420				113,420			—
Midland, MI	Midland Mall	Aug-16	—	6.10	%		36,886				36,886			—
St. Louis, MO	Chesterfield Mall	Sep-16	—	5.74	%		140,000				140,000			—
Southaven, MS	Southaven Towne Center	Jan-17	—	5.50	%		44,782				44,782			—
Charleston, SC	Citadel Mall	Apr-17	—	5.68	%		73,535				73,535			—
Chattanooga, TN	Hamilton Corner	Apr-17	—	5.67	%		16,662				16,662			—
Layton, UT	Layton Hills Mall	Apr-17	—	5.66	%		105,111				105,111			—
Lafayette, LA	Mall of Acadiana	Apr-17	—	5.67	%		147,061				147,061			—
Lexington, KY	The Plaza at Fayette Mall	Apr-17	—	5.67	%		43,414				43,414			—
Fairview Heights, IL	The Shoppes at St. Clair Square	Apr-17	—	5.67	%		22,001				22,001			—
Cincinnati, OH	Eastgate Crossing	May-17	—	5.66	%		16,368				16,368			—
Nashville, TN	Courtyard at Hickory Hollow	Oct-18	—	6.00	%		1,976				1,976			—
Winston-Salem, NC	Hanes Mall	Oct-18	—	7.31	%		163,730				163,730			—
Nashville, TN	Hickory Hollow Mall	Oct-18	—	6.00	%		34,194				34,194			—

	SUBTOTAL					$	4,455,924			$	4,192,978		$	262,946

Weighted average interest rate							5.93	%			6.15	%		2.49	%

Debt Premiums (Discounts):
Daytona Beach, FL	Volusia Mall	Mar-09	—	4.75	%	$	249			$	249		$	—
Terre Haute, IN	Honey Creek Mall	Apr-09	—	4.75	%		273				273			—
Little Rock, AR	Park Plaza Mall	May-10	—	4.90	%		1,810				1,810			—
Roanoke, VA	Valley View Mall	Sep-10	—	5.10	%		2,425				2,425			—
St. Louis, MO	Mid Rivers Mall	Jul-11	—	5.66	%		3,304				3,304			—
Fayetteville, NC	Cross Creek Mall	Apr-12	—	5.00	%		4,296				4,296			—
Colonial Heights, VA	Southpark Mall	May-12	—	5.10	%		1,938				1,938			—
Livonia, MI	Laurel Park Place	Dec-12	—	5.00	%		5,759				5,759			—
Monroeville, PA	Monroeville Mall	Jan-13	—	5.30	%		1,805				1,805			—
St. Louis, MO	West County Center	Apr-13	—	5.82	%		(3,469	)			(3,469	)		—
St. Louis, MO	South County Center	Oct-13	—	5.50	%		(1,721	)			(1,721	)		—
Joplin, MO	Northpark Mall	Mar-14	—	5.50	%		398				398			—
St. Louis, MO	Chesterfield Mall	Sep-16	—	5.96	%		(2,049	)			(2,049	)		—

	SUBTOTAL					$	15,018			$	15,018		$	—

Weighted average interest rate							4.83	%			4.83	%

Total Loans On Operating Properties And Debt Premiums (Discounts)						$	4,470,942			$	4,207,996		$	262,946

Weighted average interest rate							5.93	%			6.14	%		2.49	%

Construction Loans:

D’lberville, MS	The Promenade	Dec-10	Dec-11	1.75	%	$	79,085		(g)	$	—		$	79,085
Pittsburgh, PA	Settler’s Ridge	Dec-10	Dec-12	2.03	%		15,270				—			15,270
St. Louis, MO	West County Center- Former Lord & Taylor	Mar-11	Mar-13	1.51	%		20,984				—			20,984

	SUBTOTAL					$	115,339			$	—		$	115,339


			Optional Extended Maturity Date
		Original Maturity Date								Balance
				Interest Rate
Location	Property			Interest Rate		Balance				Fixed			Variable

Credit Facilities:
Unsecured credit facility, $560,000 capacity		Aug-09	Aug-11	1.92	%	$	522,500			$	—		$	522,500

Secured credit facilities:
$524,850 capacity		Feb-09	Feb-10	1.29	%		524,850		(h)		400,000			124,850
$105,000 capacity		Jun-10	—	—			—				—			—
$20,000 capacity		Mar-10	—	2.23	%		20,000				—			20,000
$17,200 capacity		Apr-10	—	2.70	%		4,200				—			4,200

Total secured facilities				3.64	%		549,050				400,000			149,050

Unsecured term facilities:
General		Apr-11	Apr-13	2.11	%		228,000				—			228,000
Starmount		Nov-10	Nov-12	1.63	%		209,494				—			209,494

Total term facilities				1.88	%		437,494				—			437,494

	SUBTOTAL			1.35	%	$	1,509,044			$	400,000		$	1,109,044


Other						$	351			$	351		$	—


Total Consolidated Debt						$	6,095,676			$	4,608,347		$	1,487,329

Weighted average interest rate							5.01	%			5.99	%		1.95	%

Plus CBL’s Share Of Unconsolidated Affiliates’ Debt:
Huntsville, AL	Parkway Place	Jun-09	Jun-10	2.43	%	$	26,342			$	—		$	26,342
Ft. Myers, FL	Gulf Coast Town Center Phase III	Apr-10	Apr-12	2.46	%		10,979				—			10,979
Lee’s Summit, MO	Summit Fair	Jun-10	—	3.56	%		9,642		(i)		—			9,642
Del Rio, TX	Plaza del Sol	Aug-10	—	9.15	%		620				620			—
West Melbourne, FL	Hammock Landing	Aug-10	Aug-13	3.69	%		31,177				—			31,177
West Melbourne, FL	Hammock Landing	Aug-10	Aug-11	3.83	%		3,640				—			3,640
Port Orange, FL	The Pavilion At Port Orange	Jun-11	Jun-13	1.86	%		33,384				—			33,384
Port Orange, FL	The Pavilion At Port Orange Phase II	Jun-11	Jun-12	2.69	%		8,300				—			8,300
York, PA	York Town Center	Oct-11	—	3.01	%		20,004				—			20,004
Greensboro, NC	Bank of America Building	Apr-13	—	5.33	%		4,625				4,625			—
Greensboro, NC	First Citizens Bank Building	Apr-13	—	5.33	%		2,555				2,555			—
Greensboro, NC	First National Bank Building	Apr-13	—	5.33	%		405				405			—
Greensboro, NC	Friendly Center	Apr-13	—	5.33	%		38,812				38,812			—
Greensboro, NC	Friendly Center Office Building	Apr-13	—	5.33	%		1,099				1,099			—
Greensboro, NC	Green Valley Office Building	Apr-13	—	5.33	%		971				971			—
Greensboro, NC	Renaissance Center Phase 2	Apr-13	—	5.22	%		7,850				7,850			—
Greensboro, NC	Wachovia Office Building	Apr-13	—	5.33	%		1,533				1,533			—
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14	—	5.09	%		54,397		(j)		54,397			—
El Centro, CA	Imperial Valley Mall	Sep-15	—	4.99	%		34,218				34,218			—
Raleigh, NC	Triangle Town Center	Dec-15	—	5.74	%		98,515				98,515			—
Greensboro, NC	Renaissance Center Phase 1	Jul-16	—	5.61	%		18,049				18,049			—
Clarksville, TN	Governor’s Square Mall	Sep-16	—	8.23	%		12,983				12,983			—
Paducah, KY	Kentucky Oaks Mall	Jan-17	—	5.27	%		14,168				14,168			—
Greensboro, NC	Shops at Friendly Center	Jan-17	—	5.90	%		21,945				21,945			—
Harrisburg, PA	High Pointe Commons	May-17	—	5.74	%		7,616				7,616			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17	—	5.60	%		95,400				95,400			—
Harrisburg, PA	High Pointe Commons Phase II	Jul-17	—	6.10	%		3,000				3,000			—

	SUBTOTAL					$	562,229			$	418,761		$	143,468


Less Minority Interests’ Share Of Consolidated Debt:		Minority Interest %
Chattanooga, TN	CBL Center	8.00%		6.25	%	$	(1,094	)		$	(1,094	)	$	—
Chattanooga, TN	CBL Center II	8.00%		3.83	%		(928	)			—			(928	)
Chattanooga, TN	Hamilton Corner	10.00%		5.67	%		(1,666	)			(1,666	)		—
Chattanooga, TN	Hamilton Place	10.00%		5.86	%		(11,342	)			(11,342	)		—
High Point, NC	Oak Hollow Mall	25.00%		7.31	%		(9,546	)			(9,546	)		—

	SUBTOTAL					$	(24,576	)		$	(23,648	)	$	(928	)


Company’s Share Of Consolidated And Unconsolidated Debt						$	6,633,329			$	5,003,460		$	1,629,869

Weighted average interest rate							4.99	%			5.96	%		2.02	%


			Optional Extended Maturity Date
		Original Maturity Date								Balance
				Interest Rate
Location	Property			Interest Rate		Balance				Fixed			Variable


Total Debt of Unconsolidated Affiliates:
Huntsville, AL	Parkway Place	Jun-09	Jun-10	2.43	%	$	52,684			$	—		$	52,684
Ft. Myers, FL	Gulf Coast Town Center Phase III	Apr-10	Apr-12	2.46	%		10,979				—			10,979
Lee’s Summit, MO	Summit Fair	Jun-10	—	3.56	%		35,710				—			35,710
Del Rio, TX	Plaza del Sol	Aug-10	—	9.15	%		1,226				1,226			—
West Melbourne, FL	Hammock Landing	Aug-10	Aug-13	3.69	%		31,177				—			31,177
West Melbourne, FL	Hammock Landing	Aug-10	Aug-11	3.83	%		3,640				—			3,640
Port Orange, FL	The Pavilion At Port Orange	Jun-11	Jun-13	1.86	%		33,384				—			33,384
Port Orange, FL	The Pavilion At Port Orange Phase II	Jun-11	Jun-12	2.69	%		8,300				—			8,300
York, PA	York Town Center	Oct-11	—	3.01	%		40,008				—			40,008
Greensboro, NC	Bank of America Building	Apr-13	—	5.33	%		9,250				9,250			—
Greensboro, NC	First Citizens Bank Building	Apr-13	—	5.33	%		5,110				5,110			—
Greensboro, NC	First National Bank Building	Apr-13	—	5.33	%		809				809			—
Greensboro, NC	Friendly Center	Apr-13	—	5.33	%		77,625				77,625			—
Greensboro, NC	Friendly Center Office Building	Apr-13	—	5.33	%		2,199				2,199			—
Greensboro, NC	Green Valley Office Building	Apr-13	—	5.33	%		1,941				1,941			—
Greensboro, NC	Renaissance Center Phase 2	Apr-13	—	5.22	%		15,700				15,700			—
Greensboro, NC	Wachovia Office Building	Apr-13	—	5.33	%		3,066				3,066			—
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14	—	5.09	%		90,794		(j)		90,794			—
El Centro, CA	Imperial Valley Mall	Sep-15	—	4.99	%		57,031				57,031			—
Raleigh, NC	Triangle Town Center	Dec-15	—	5.74	%		197,029				197,029			—
Greensboro, NC	Renaissance Center Phase 1	Jul-16	—	5.61	%		36,098				36,098			—
Clarksville, TN	Governor’s Square Mall	Sep-16	—	8.23	%		27,333				27,333			—
Paducah, KY	Kentucky Oaks Mall	Jan-17	—	5.27	%		28,335				28,335			—
Greensboro, NC	Shops at Friendly Center	Jan-17	—	5.90	%		43,891				43,891			—
Harrisburg, PA	High Pointe Commons	May-17	—	5.74	%		15,231				15,231			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17	—	5.60	%		190,800				190,800			—
Harrisburg, PA	High Pointe Commons Phase II	Jul-17	—	6.10	%		6,000				6,000			—

						$	1,025,350			$	809,468		$	215,882

Weighted average interest rate							5.02	%			5.60	%		2.85	%


(a)	A loan extension with a maturity date of January 2012 and a principal balance of $17,250 was executed in January 2009. There is a one-year extension option, which, if exercised, will extend the maturity date to January 2013.

(b)	The Company previously obtained an option to extend this loan from its original maturity date for an additional five years. Rather than pursue the extension option, the Company has entered into discussions with the lender to renegotiate the terms and maturity of the loan on a more favorable basis.

(c)	In January 2009, the Company entered into an interest rate cap on a total notional amount of $129,000 related to it’s Pearland, TX properties to limit the maximum rate of interest that may be applied to the variable-rate loan to 5.55%. The cap terminates in July 2010.

(d)	Represents a first mortgage securing the property. In addition to the first mortgage, there is also a $7,750 B-note that is held by the Company.

(e)	The Company has entered into an interest rate swap on a notional amount of $40,000 related to Meridian Mall to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate.

(f)	The Company has entered into an interest rate swap on a notional amount of $87,500 related to Rivergate Mall to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate.

(g)	The Company has entered into an interest rate cap on a notional amount of $80,000 related to The Promenade in D’Iberville to limit the maximum interest rate that may be applied to the variable-rate loan to 4.00%. The cap terminates in December 2010. Loan proceeds in the amount of $31,356 of the total debt balance reported have been drawn by the Company and the remainder of the balance has been placed in a restricted cash account to provide for future development costs to be incurred.

(h)	The Company has entered into interest rate swaps on a total notional amount of $400,000 related to its largest secured credit facility to effectively fix the interest rate on that portion of the credit line. Therefore, this amount is currently reflected as having a fixed rate.

(i)	Represents the 27% share of the outstanding balance of the construction financing that the Company has guaranteed. The maximum amount that the Company has guaranteed is $31,554.

(j)	Represents a first mortgage securing the property. In addition to the first mortgage, there is also $18,000 of B-notes that are payable to the Company and its joint venture partner, each of which hold $9,000.

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008

Schedule of Maturities of Mortgage and Other Notes Payable as of December 31, 2008
(Dollars in thousands)

Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:


Year	Consolidated Debt		CBL’s Share of Unconsolidated Affiliates’ Debt		Minority Interests’ Share of Consolidated Debt				CBL’s Share of Consolidated and Unconsolidated Debt		% of Total


2009	$	364,941	$	—		$	(10,474	)	$	354,467		5.34	%
2010		1,001,580		36,604			—			1,038,184		15.65	%
2011		985,783		23,644			—			1,009,427		15.22	%
2012		899,032		19,279			(1,094	)		917,217		13.83	%
2013		810,990		122,411			—			933,401		14.07	%
2014		151,476		54,397			—			205,873		3.10	%
2015		740,049		132,733			—			872,782		13.16	%
2016		457,622		31,032			(11,342	)		477,312		7.20	%
2017		469,285		142,129			(1,666	)		609,748		9.19	%
2018		199,900		—			—			199,900		3.01	%

Face Amount of Debt		6,080,658		562,229			(24,576	)		6,618,311		99.77	%
Net Premiums on Debt		15,018		—			—			15,018		0.23	%

Total	$	6,095,676	$	562,229		$	(24,576	)	$	6,633,329		100.00	%


Based on Original Maturity Dates as of December 31, 2008:

Year	Consolidated Debt		CBL’s Share of Unconsolidated Affiliates’ Debt		Minority Interests’ Share of Consolidated Debt				CBL’s Share of Consolidated and Unconsolidated Debt		% of Total


2009	$	1,640,679	$	26,342		$	(10,474	)	$	1,656,547		24.97	%
2010		793,380		56,058			—			849,438		12.81	%
2011		621,818		61,688			—			683,506		10.30	%
2012		547,492		—			(1,094	)		546,398		8.24	%
2013		458,957		57,850			—			516,807		7.79	%
2014		151,476		54,397			—			205,873		3.10	%
2015		740,049		132,733			—			872,782		13.16	%
2016		457,622		31,032			(11,342	)		477,312		7.20	%
2017		469,285		142,129			(1,666	)		609,748		9.19	%
2018		199,900		—			—			199,900		3.01	%

Face Amount of Debt		6,080,658		562,229			(24,576	)		6,618,311		99.77	%
Net Premiums on Debt		15,018		—			—			15,018		0.23	%

Total	$	6,095,676	$	562,229		$	(24,576	)	$	6,633,329		100.00	%

Debt Covenant Compliance Ratios as of December 31, 2008


Unsecured Line of Credit	Required	Actual	Compliance

Debt to Gross Asset Value	65%	57%		Yes
Interest Coverage Ratio*	>1.75x	2.30x		Yes
Debt Service Coverage Ratio*	>1.55x	1.91x		Yes


*	Based on rolling twelve months

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet


Property Type	Square Feet		Prior Gross Rent PSF		New Initial Gross Rent PSF			% Change Initial			New Average Gross Rent PSF ⁽²⁾		% Change Average


Quarter:
All Property Types ⁽¹⁾		847,395	$	36.42		$	34.78		-4.5	%	$	35.64		-2.1	%
Stabilized malls		805,860		37.13			35.44		-4.6	%		36.32		-2.2	%
New leases		150,018		49.03			53.41		8.9	%		55.68		13.6	%
Renewal leases		655,842		34.40			31.32		-9.0	%		31.89		-7.3	%

Year to Date:
All Property Types ⁽¹⁾		3,037,176	$	36.18		$	37.55		3.8	%	$	38.58		6.6	%
Stabilized malls		2,771,999		37.76			39.30		4.1	%		40.39		7.0	%
New leases		703,370		43.87			49.81		13.5	%		52.29		19.2	%
Renewal leases		2,068,629		35.68			35.72		0.1	%		36.34		1.8	%

Total Leasing Activity


	Square Feet


Quarter:
Total Leased		1,143,656
Operating Portfolio		1,017,723
Development Portfolio		125,933

Year to Date:
Total Leased		6,099,281
Operating Portfolio		4,129,309
Development Portfolio		1,969,972

Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 10,000 Square Feet


	As of December 31,

	2008		2007

Stabilized malls	$	29.46	$	29.20
Non-stabilized malls		25.81		26.70
Associated centers		11.91		11.78
Community centers		14.46		11.76
Other		18.50		16.97


⁽¹⁾	Includes Stabilized malls, Associated centers, Community centers and Other.

⁽²⁾	Average Gross Rent does not incorporate allowable future increases for recoverable common area expenses.

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008

Top 25 Tenants Based on Percentage of Total Revenues as of December 31, 2008


	Tenant	Number of Stores		Square Feet		Annual Gross Rentals (1)		Percentage of Total Revenues

1	Limited Brands, LLC		160		789,265	$	32,608,199		2.86	%
2	Foot Locker, Inc.		182		696,075		28,524,645		2.50	%
3	The Gap Inc.		103		1,085,866		26,852,838		2.36	%
4	Abercrombie & Fitch, Co.		98		659,673		24,137,962		2.12	%
5	AE Outfitters Retail Company		85		490,380		22,434,607		1.97	%
6	Signet Group plc (2)		120		210,955		19,865,357		1.74	%
7	Zale Corporation		147		156,023		17,097,659		1.50	%
8	Finish Line, Inc.		90		442,033		16,881,695		1.48	%
9	Luxottica Group, S.P.A. (3)		153		334,977		16,802,174		1.47	%
10	Genesco Inc. (4)		183		251,471		15,722,052		1.38	%
11	New York & Company, Inc.		58		420,875		15,443,954		1.35	%
12	Express Fashions		51		427,356		14,697,777		1.29	%
13	Dick’s Sporting Goods, Inc.		17		1,024,973		14,412,196		1.26	%
14	JC Penney Co. Inc. (5)		75		8,528,507		14,294,938		1.25	%
15	Charlotte Russe Holding, Inc.		52		360,274		13,092,435		1.15	%
16	The Regis Corporation		211		248,655		12,891,079		1.13	%
17	Aeropostale, Inc.		76		258,465		10,865,496		0.95	%
18	Christopher & Banks, Inc.		87		297,169		10,405,514		0.91	%
19	Sun Capital Partners, Inc. (6)		60		876,722		10,367,377		0.91	%
20	Charming Shoppes, Inc. (7)		52		297,806		9,896,691		0.87	%
21	The Buckle, Inc.		50		246,746		9,872,004		0.87	%
22	Pacific Sunwear of California		70		256,017		9,870,955		0.87	%
23	The Children’s Place Retail Stores, Inc.		54		227,570		9,389,416		0.82	%
24	Claire’s Stores, Inc.		121		143,024		9,134,720		0.80	%
25	Tween Brands, Inc. (8)		65		263,019		8,882,745		0.78	%

			2,420		18,993,896	$	394,444,485		34.59	%


(1)	Includes annual minimum rent and tenant reimbursements based on amounts in effect at December 31, 2008.
(2)	Signet Group plc operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw’s Jewelers, Osterman’s Jewelers, LeRoy’s Jewelers, Jared Jewelers, Belden Jewelers and Rogers Jewelers.
(3)	Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut and Pearl Vision.
(4)	Genesco Inc. operates Journey’s, Jarman, Underground Station, Hat World, Lids, Hat Zone and Cap Factory stores.
(5)	JC Penney Co. Inc. owns 30 of these stores.
(6)	Sun Capital Partners, Inc. operates Anchor Blue, Fazoli’s, Friendly’s, Life Uniform, Shopko, Smokey Bones, Souper Salad and The Limited.
(7)	Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine’s.
(8)	Tween Brands, Inc. operates Limited Too and Justice.

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008


Capital Expenditures for the Three Months and Year Ended December 31, 2008 (In thousands)
	Three Months		Full Year


Tenant allowances	$	8,779	$	42,247

Renovations		488		17,184


Deferred maintenance:
Parking lot and parking lot lighting		2,806		6,073
Roof repairs and replacements		892		5,512
Other capital expenditures		1,598		6,935

Total deferred maintenance expenditures		5,296		18,520

Total capital expenditures	$	14,563	$	77,951

The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as deferred maintenance expenditures. These expenditures are billed to tenants as common area maintenance expense and the majority is recovered over a five to fifteen year period. Renovation capital expenditures are for remodelings and upgrades to enhance our competitive position in the market area. A portion of these expenditures covering items such as new floor coverings, painting, lighting and new seating areas are also recovered through tenant billings. The costs of other items such as new entrances, new ceilings and skylights are not recovered from tenants. We estimate that 30% of our renovation expenditures are recoverable from our tenants over a ten to fifteen year period. The third category of capital expenditures is tenant allowances, sometimes made to third-generation tenants. Tenant allowances are recovered through minimum rents from the tenants over the term of the lease.


Deferred Leasing Costs Capitalized (In thousands)

	2008		2007

Quarter ended:
March 31,	$	596	$	1,001
June 30,		990		1,593
September 30,		818		548
December 31,		911		1,478

	$	3,315	$	4,620

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months and Year Ended December 31, 2008


Properties Opened Year-To-Date
(Dollars in thousands)

			CBL’s Share of

Property	Location	Total Project Square Feet	Total Cost		Cost To Date		Date Opened	Initial Yield (a)


Mall Expansions:
Cary Towne Center - Mimi’s Café	Cary, NC	6,674	$	2,243	$	1,072	Spring-08	15.0	%
Coastal Grand - Ulta Cosmetics	Myrtle Beach, SC	10,000		1,494		1,956	Spring-08	8.7	%
Coastal Grand - JCPenney	Myrtle Beach, SC	103,395		N/A		N/A	Spring-08	N/A	(b)
Brookfield Square - Claim Jumpers	Brookfield, WI	12,000		3,430		2,859	Summer-08	9.7	%
Southpark Mall - Foodcourt	Colonial Heights, VA	17,150		7,755		5,530	Summer-08	11.0	%
High Pointe Commons - Christmas Trees Shops	Harrisburg, PA	34,938		6,247		6,130	Fall-08	9.0	%
Laurel Park Place - Food Court	Detroit, MI	30,031		4,909		3,649	Winter-08	10.5	%

Mall Renovations:
Georgia Square	Athens, GA	674,738		16,900		16,902	Spring-08	N/A
Brookfield Square	Brookfield, WI	1,132,984		18,100		17,999	Fall-08	N/A

Redevelopmets:
Parkdale Mall - Former Dillards (Phase I & II)	Beaumont, TX	70,220		29,266		17,117	Jan-08/Fall-08	6.6	%

Associated/Lifestyle Centers:
Brookfield Square - Corner Development	Brookfield, WI	19,745		10,718		8,638	Winter-08	8.4	%

Community/Open-Air Centers:
Alamance Crossing - Theater/Buildings P, N&T	Burlington, NC	82,997		18,882		11,158	Spring-08	8.4	%
Statesboro Crossing (c)	Statesboro, GA	160,166		20,266		20,573	Fall-08/Summer-10	8.1	%

Mixed-Use Center:
Pearland Town Center (Retail Portion)	Pearland, TX	692,604		151,366		128,681	Summer-08	8.2	%
Pearland Town Center (Hotel Portion)	Pearland, TX	72,500		17,583		16,142	Summer-08	8.4	%
Pearland Town Center (Residential Portion)	Pearland, TX	68,110		10,677		9,665	Summer-08	9.8	%
Pearland Town Center (Office Portion)	Pearland, TX	51,560		10,306		7,850	Summer-08	8.8	%

Office:
CBL Center II	Chattanooga, TN	74,598		17,120		13,648	January-08	8.6	%

		3,314,410	$	347,262	$	289,569


Announced Property Renovations and Redevelopments
(Dollars in thousands)

			CBL’s Share of

Property	Location	Total Project Square Feet	Total Cost		Cost To Date		Opening Date	Initial Yield (a)


Redevelopments:
West County - Former Lord & Taylor	St. Louis, MO	90,620	$	34,149	$	21,231	Spring-09	9.9	%


Properties Under Development at December 31, 2008
(Dollars in thousands)

			CBL’s Share of

Property	Location	Total Project Square Feet	Total Cost		Cost To Date		Opening Date	Initial Yield (a)


Mall Expansions:
Asheville Mall - Barnes & Noble	Asheville, NC	40,000	$	11,684	$	7,260	Spring-09	5.3	%
Oak Park Mall - Barnes & Noble	Kansas City, KS	35,539		9,619		9,948	Spring-09	6.9	%

Community/Open-Air Centers:
Hammock Landing (Phase I and Phase 1A) (d)	West Melbourne, FL	463,153		39,286		40,660	Spring-09/Fall-10	7.5	% *
Settlers Ridge (Phase I) (e)	Robinson Township, PA	389,773		99,009		50,040	Fall-09	6.4	% *
Summit Fair (f)	Lee’s Summit, MO	482,051		22,000		22,000	Fall-08/Summer-09	9.8	%
The Pavilion at Port Orange (Phase I and Phase 1A) (d)	Port Orange, FL	495,669		73,813		39,244	Fall-09/Summer-10	6.5	% *
The Promenade (c)	D’Iberville, MS	681,317		87,058		46,806	Fall-09	8.0	%

		2,587,502	$	342,469	$	215,958


(a)	Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees.

(b)	The Company is leasing the land to JCPenney at an annual yield of 17.7% based on land costs.

(c)	Statesboro Crossing is a 50/50 joint venture. The Promenade is an 85/15 joint venture. Amounts shown are 100% of total cost to date as CBL has funded all costs to date. Costs to date may be gross of applicable reimbursements that have not yet been received.

(d)	50/50 joint venture. Cost to date may be gross of applicable reimbursements that have not yet been received.

(e)	60/40 joint venture. Amounts shown are 100% of total costs and cost to date as CBL has funded all costs to date. Costs to date may be gross of applicable reimbursements that have not yet been received.

(f)	CBL’s interest represents 27% of project cost.

*Pro Forma initial yields for phased projects reflect full land cost in Phase I. Combined pro forma yields are higher than Phase I project yields.