CBL & Associates Properties (CBL) 8-K CBL & Associates Properties Reports

Exhibit 99.3

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Year Ended December 31, 2007

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
	2007			2006			2007			2006
REVENUES:
Minimum rents	$	181,592		$	161,486		$	646,383		$	616,147
Percentage rents		10,632			12,271			22,472			23,825
Other rents		11,179			9,623			23,121			20,061
Tenant reimbursements		83,125			80,501			318,808			307,037
Management, development and leasing fees		1,418			1,122			7,983			5,067
Other		6,353			6,269			21,860			23,365
Total revenues		294,299			271,272			1,040,627			995,502
EXPENSES:
Property operating		45,817			41,913			169,688			159,827
Depreciation and amortization		67,844			57,985			243,790			228,531
Real estate taxes		22,577			20,768			87,610			80,316
Maintenance and repairs		16,318			14,437			58,145			54,153
General and administrative		8,780			11,471			37,852			39,522
Impairment of real estate assets		—			206			—			480
Other		6,437			4,808			18,525			18,623
Total expenses		167,773			151,588			615,610			581,452
Income from operations		126,526			119,684			425,017			414,050
Interest and other income		3,305			3,397			10,923			9,084
Interest expense		(80,154	)		(65,593	)		(287,884	)		(257,067	)
Loss on extinguishment of debt		—			—			(227	)		(935	)
Impairment of marketable securities		(18,456	)		—			(18,456	)		—
Gain on sales of real estate assets		5,005			7,674			15,570			14,505
Equity in earnings of unconsolidated affiliates		734			1,488			3,502			5,295
Income tax provision		(4,030	)		(5,902	)		(8,390	)		(5,902	)
Minority interest in earnings:
Operating partnership		(10,360	)		(22,393	)		(46,246	)		(70,323	)
Shopping center properties		(5,797	)		(1,473	)		(12,215	)		(4,136	)
Income from continuing operations		16,773			36,882			81,594			104,571
Operating income (loss) from discontinued operations		(54	)		640			1,497			4,538
Gain on disposal of discontinued operations		2,154			1,175			6,056			8,392
Net income		18,873			38,697			89,147			117,501
Preferred dividends		(5,455	)		(7,642	)		(29,775	)		(30,568	)
Net income available to common shareholders	$	13,418		$	31,055		$	59,372		$	86,933
Basic per share data:
Income from continuing operations, net of preferred dividends	$	0.17		$	0.45		$	0.79		$	1.16
Discontinued operations		0.03			0.03			0.12			0.20
Net income available to common shareholders	$	0.20		$	0.48		$	0.91		$	1.36
Weighted average common shares outstanding		65,590			64,684			65,323			63,885
Diluted per share data:
Income from continuing operations, net of preferred dividends	$	0.17		$	0.44		$	0.79		$	1.13
Discontinued operations		0.03			0.03			0.11			0.20
Net income available to common shareholders	$	0.20		$	0.47		$	0.90		$	1.33
Weighted average common and potential dilutive common shares outstanding		65,952			65,913			65,913			65,269

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2007

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,
	2007			2006			2007			2006
Net income available to common shareholders	$	13,418		$	31,055		$	59,372		$	86,933
Minority interest in earnings of operating partnership		10,360			22,393			46,246			70,323
Depreciation and amortization expense of:
Consolidated properties		67,844			57,985			243,790			228,531
Unconsolidated affiliates		6,776			3,385			17,326			13,405
Discontinued operations		49			497			1,029			2,307
Non-real estate assets		(229	)		(228	)		(919	)		(851	)
Minority investors' share of depreciation and amortization		(322	)		(611	)		(132	)		(2,286	)
(Gain) loss on:
Sales of operating real estate assets		—			32			—			119
Disposal of discontinued operations		(2,154	)		(1,175	)		(6,056	)		(8,392	)
Income tax provision on disposal of discontinued operations		872						872
Funds from operations of the operating partnership	$	96,614		$	113,333		$	361,528		$	390,089
Funds from operations per diluted share	$	0.83		$	0.97		$	3.10		$	3.34
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted		116,585			117,071			116,584			116,857
Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership	$	96,614		$	113,333		$	361,528		$	390,089
Percentage allocable to Company shareholders (1)		56.43	%		55.87	%		56.32	%		55.32	%
Funds from operations allocable to Company shareholders	$	54,519		$	63,319		$	203,613		$	215,797

(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 operation partnership units outstanding on page 9.

SUPPLEMENTAL FFO INFORMATION:

Lease termination fees	$	612		$	443		$	6,407		$	13,682
Lease termination fees per share	$	0.01		$	—		$	0.05		$	0.12
Straight-line rental income	$	2,143		$	1,301		$	5,876		$	5,329
Straight-line rental income per share	$	0.02		$	0.01		$	0.05		$	0.05
Gains on outparcel sales	$	5,478		$	8,315		$	16,651		$	16,448
Gains on outparcel sales per share	$	0.05		$	0.07		$	0.14		$	0.14
Amortization of acquired above- and below-market leases	$	2,304		$	2,842		$	10,584		$	12,572
Amortization of acquired above- and below-market leases per share	$	0.02		$	0.02		$	0.09		$	0.11
Amortization of debt premiums	$	1,935		$	1,902		$	7,714		$	7,501
Amortization of debt premiums per share	$	0.02		$	0.02		$	0.07		$	0.06
Income tax provision	$	(3,158	)	$	(5,902	)	$	(7,518	)	$	(5,902	)
Income tax provision per share	$	(0.03	)	$	(0.05	)	$	(0.06	)	$	(0.05	)
Impairment of marketable securities	$	(18,456	)	$	—		$	(18,456	)	$	—
Impairment of marketable securities	$	(0.16	)	$	—		$	(0.16	)	$	—

2

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2007

Same-Center Net Operating Income

(Dollars in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2007			2006			2007			2006
Net income	$	18,873		$	38,697		$	89,147		$	117,501
Adjustments:
Depreciation and amortization		67,844			57,985			243,790			228,531
Depreciation and amortization from unconsolidated affiliates		6,776			3,385			17,326			13,405
Depreciation and amortization from discontinued operations		49			497			1,029			2,307
Minority investors' share of depreciation and amortization in shopping center properties		(322	)		(611	)		(132	)		(2,286	)
Interest expense		80,154			65,593			287,884			257,067
Interest expense from unconsolidated affiliates		7,904			4,415			20,480			17,569
Minority investors' share of interest expense in shopping center properties		(466	)		(1,223	)		(831	)		(4,850	)
Loss on extinguishment of debt		—			—			227			935
Abandoned projects expense		1,261			629			2,216			923
Gain on sales of real estate assets		(5,005	)		(7,674	)		(15,570	)		(14,505	)
Impairment of marketable securities		18,456			—			18,456			—
Impairment of real estate assets		—			206			—			480
Gain on sales of real estate assets of unconsolidated affiliates		(473	)		(596	)		(1,706	)		(2,898	)
Minority investors' share of gain on sales of real estate assets		—			—			621			—
Income tax provision		4,030			5,902			8,390			5,902
Minority interest in earnings of operating partnership		10,360			22,393			46,246			70,323
Gain on discontinued operations		(2,154	)		(1,175	)		(6,056	)		(8,392	)
Operating partnership's share of total NOI		207,287			188,423			711,517			682,012
General and administrative expenses		8,780			11,471			37,852			39,522
Management fees and non-property level revenues		(5,051	)		(7,285	)		(27,029	)		(21,697	)
Operating partnership's share of property NOI		211,016			192,609			722,340			699,837
NOI of non-comparable centers		(18,816	)		(2,359	)		(28,442	)		(9,946	)
Total same center NOI	$	192,200		$	190,250		$	693,898		$	689,891
Malls	$	180,651		$	177,782		$	644,986		$	642,245
Associated centers		6,926			7,253			28,814			29,499
Community centers		905			1,032			4,226			3,997
Other		3,718			4,183			15,872			14,150
Total same center NOI		192,200			190,250			693,898			689,891
Less lease termination fees		(612	)		(443	)		(6,407	)		(13,682	)
Total same-center NOI, excluding lease termination fees	$	191,588		$	189,807		$	687,491		$	676,209
Percentage Change:
Malls		1.6	%					0.4	%
Associated centers		-4.5	%					-2.3	%
Community centers		-12.3	%					5.7	%
Other		-11.1	%					12.2	%
Total same center NOI		1.0	%					0.6	%
Total same-center NOI, excluding lease termination fees		0.9	%					1.7	%

3

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2007

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

	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	%
	December 31, 2006
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,517,710		$	1,046,825		$	4,564,535
Minority investors' share of consolidated debt		(56,612	)		—			(56,612	)
Company's share of unconsolidated affiliates' debt		218,203			27,816			246,019
Company's share of consolidated and unconsolidated debt	$	3,679,301		$	1,074,641		$	4,753,942
Weighted average interest rate		5.97	%		6.27	%		6.03	%

Debt-To-Total-Market Capitalization Ratio as of December 31, 2007

(In thousands, except stock price)

	Shares Outstanding	Stock Price (1)		Value
Common stock and operating partnership units	116,814	$	23.91	$	2,793,023
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
Preferred Units Sub REIT					416,113
Total market equity					3,499,136
Company's share of total debt					6,227,943
Total market capitalization				$	9,727,079
Debt-to-total-market capitalization ratio					64.0	%

(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on December 31, 2007. 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,
2007:	Basic	Diluted	Basic	Diluted
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
2006:
Weighted average shares - EPS	64,684	65,913	63,885	65,269
Weighted average operating partnership units	51,097	51,158	51,589	51,588
Weighted average shares- FFO	115,781	117,071	115,474	116,857

Dividend Payout Ratio

	Three Months Ended December 31,						Year Ended December 31,
	2007			2006			2007			2006
Weighted average dividend per share	$	0.55047		$	0.51020		$	2.08260		$	1.90170
FFO per diluted, fully converted share	$	0.83		$	0.97		$	3.10		$	3.34
Dividend payout ratio		66.3	%		52.6	%		67.2	%		56.9	%

4

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2007

Consolidated Balance Sheets

(Unaudited, in thousands except share data)

	December 31, 2007			December 31, 2006
ASSETS
Real estate assets:
Land	$	917,578		$	779,727
Buildings and improvements		7,267,112			5,944,476
		8,184,690			6,724,203
Less: accumulated depreciation		(1,102,767	)		(924,297	)
		7,081,923			5,799,906
Developments in progress		319,049			294,345
Net investment in real estate assets		7,400,972			6,094,251
Cash and cash equivalents		65,826			28,700
Receivables:
Tenant, net of allowance		72,570			71,573
Other		10,257			9,656
Mortgage notes receivable		135,772			21,559
Investment in unconsolidated affiliates		142,550			78,826
Intangible lease assets and other assets		273,356			214,245
	$	8,101,303		$	6,518,810
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable	$	5,869,318		$	4,564,535
Accounts payable and accrued liabilities		394,213			309,969
Total liabilities		6,263,531			4,874,504
Commitments and contingencies
Minority interests		917,473			559,450
Shareholders' equity:
Preferred Stock, $.01 par value, 15,000,000 shares authorized:
8.75% Series B Cumulative Redeemable Preferred Stock, 2,000,000 shares outstanding		—			20
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, 65,710,828 and 65,421,311 issued and outstanding in 2007 and 2006, respectively		662			654
Additional paid-in capital		989,799			1,074,450
Accumulated other comprehensive (loss) income		(20	)		19
(Accumulated deficit) retained earnings		(70,154	)		9,701
Total shareholders' equity		920,299			1,084,856
	$	8,101,303		$	6,518,810

5

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2007

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,
	2007			2006			2007			2006
EBITDA:
Net Income	$	18,873		$	38,697		$	89,147		$	117,501
Adjustments:
Depreciation and amortization		67,844			57,985			243,790			228,531
Depreciation and amortization from unconsolidated affiliates		6,776			3,385			17,326			13,405
Depreciation and amortization from discontinued operations		49			497			1,029			2,307
Minority investors' share of depreciation and amortization in shopping center properties		(322	)		(611	)		(132	)		(2,286	)
Interest expense		80,154			65,593			287,884			257,067
Interest expense from unconsolidated affiliates		7,904			4,415			20,480			17,569
Minority investors' share of interest expense in shopping center properties		(466	)		(1,223	)		(831	)		(4,850	)
Loss on extinguishment of debt		—			—			227			935
Abandoned projects expense		1,261			629			2,216			923
Impairment of real estate assets		—			206			—			480
Income taxes		4,271			6,195			10,570			8,875
Loss on sales of operating real estate assets		—			32			—			119
Minority interest in earnings of operating partnership		10,360			22,393			46,246			70,323
Gain on disposal of discontinued operations		(2,154	)		(1,175	)		(6,056	)		(8,392	)
Company's share of total EBITDA	$	194,550		$	197,018		$	711,896		$	702,507
Interest Expense:
Interest expense	$	80,154		$	65,593		$	287,884		$	257,067
Interest expense from unconsolidated affiliates		7,904			4,415			20,480			17,569
Minority investors' share of interest expense in shopping center properties		(466	)		(1,223	)		(831	)		(4,850	)
Company's share of total interest expense	$	87,592		$	68,785		$	307,533		$	269,786
Ratio of EBITDA to Interest Expense		2.22			2.86			2.31			2.60

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities

(In thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2007			2006			2007			2006
Company's share of total EBITDA	$	194,550		$	197,018		$	711,896		$	702,507
Interest expense		(80,154	)		(65,593	)		(287,884	)		(257,067	)
Minority investors' share of interest expense in shopping center properties		466			1,223			831			4,850
Income taxes		(4,271	)		(6,195	)		(10,570	)		(8,875	)
Amortization of deferred financing costs and non real estate depreciation included in operating expense		1,806			1,556			7,270			7,014
Amortization of debt premiums		(1,935	)		(1,902	)		(7,714	)		(7,501	)
Amortization of above and below market leases		(2,304	)		(2,842	)		(10,584	)		(12,572	)
Depreciation and interest expense from unconsolidated affiliates		(14,680	)		(7,800	)		(37,806	)		(30,974	)
Minority investors' share of depreciation and amortization in shopping center properties		322			611			132			2,286
Minority interest in earnings - shopping center properties		5,797			1,473			12,215			4,136
Gains on outparcel sales		(5,005	)		(7,706	)		(15,570	)		(14,624	)
Realized gain on available for sale securities		—			(1,073	)		—			(1,073	)
Impairment of marketable securities		18,456			—			18,456			—
Income tax benefit from stock options		1,892			5,750			6,031			5,750
Equity in earnings of unconsolidated affiliates		(734	)		(1,488	)		(3,502	)		(5,295	)
Distributions from unconsolidated affiliates		2,526			5,768			9,450			12,285
Share-based compensation expense		2,327			1,256			6,854			6,190
Changes in operating assets and liabilities		34,902			206			64,232			(18,126	)
Cash flows provided by operating activities	$	153,961		$	120,262		$	463,737		$	388,911

6

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2007

Schedule of Mortgage and Other Notes Payable as of December 31, 2007

(Dollars in thousands )

								Balance
Location	Property	Maturity Date	Interest Rate		Balance			Fixed		Variable
Operating Properties:
High Point, NC	Oak Hollow Mall	Feb-08	7.31	%	$	39,723		$	39,723	$	—
Winston-Salem, NC	Hanes Mall	Jul-08	7.31	%		99,598			99,598		—
Nashville, TN	Hickory Hollow Mall	Aug-08	6.77	%		82,254			82,254		—
Nashville, TN	The Courtyard At Hickory Hollow Mall	Aug-08	6.77	%		3,829			3,829		—
Nashville, TN	Rivergate Mall	Aug-08	6.77	%		66,477			66,477		—
Nashville, TN	The Village At Rivergate	Aug-08	6.77	%		3,140			3,140		—
Lansing, MI	Meridian Mall	Oct-08	4.52	%		86,288			86,288		—
Stillwater, OK	Lakeview Pointe	Nov-08	5.97	%		19,239			—		19,239
Cary, NC	Cary Towne Center	Mar-09	6.85	%		83,597			83,597		—
Daytona Beach, FL	Volusia Mall	Mar-09	4.75	%		52,314			52,314		—
Fairview Heights, IL	St. Clair Square	Apr-09	7.00	%		61,810			61,810		—
Terre Haute, IN	Honey Creek Mall	May-09	4.75	%		31,002			31,002		—
Burlington, NC	Alamance Crossing	Sep-09	6.20	%		62,528			—		62,528
Meridian, MS	Bonita Lakes Mall	Oct-09	6.82	%		24,199			24,199		—
Meridian, MS	Bonita Lakes Crossing	Oct-09	6.82	%		7,582			7,582		—
Cincinnati, OH	Eastgate Mall	Dec-09	4.55	%		54,374	(a)		54,374		—
Little Rock, AR	Park Plaza Mall	May-10	4.90	%		39,885			39,885		—
Spartanburg, SC	WestGate Crossing	Jul-10	8.42	%		9,272			9,272		—
Burnsville, MN	Burnsville Center	Aug-10	8.00	%		65,164			65,164		—
Roanoke, VA	Valley View Mall	Sep-10	5.10	%		42,567			42,567		—
Beaumont, TX	Parkdale Mall	Sep-10	5.01	%		51,581			51,581		—
Beaumont, TX	Parkdale Crossing	Sep-10	5.01	%		8,144			8,144		—
Nashville, TN	CoolSprings Galleria	Sep-10	6.22	%		125,161			125,161		—
Stroud, PA	Stroud Mall	Dec-10	8.42	%		30,581			30,581		—
Wausau, WI	Wausau Center	Dec-10	6.70	%		12,133			12,133		—
York, PA	York Galleria	Dec-10	8.34	%		48,874			48,874		—
Lexington, KY	Fayette Mall	Jul-11	7.00	%		90,220			90,220		—
St. Peters, MO	Mid Rivers Mall	Jul-11	5.66	%		78,748			78,748		—
Panama City, FL	Panama City Mall	Aug-11	7.30	%		38,290			38,290		—
Asheville, NC	Asheville Mall	Sep-11	6.98	%		65,757			65,757		—
Ft. Smith, AR	Massard Crossing	Feb-12	7.54	%		5,657			5,657		—
Houston, TX	Willowbrook Plaza	Feb-12	7.54	%		28,945			28,945		—
Vicksburg, MS	Pemberton Plaza	Feb-12	7.54	%		1,933			1,933		—
Fayetteville, NC	Cross Creek Mall	Apr-12	5.00	%		60,983			60,983		—
Colonial Heights, VA	Southpark Mall	May-12	5.10	%		35,067			35,067		—
Asheboro, NC	Randolph Mall	Jul-12	6.50	%		14,072			14,072		—
Douglasville, GA	Arbor Place	Jul-12	6.51	%		73,058			73,058		—
Douglasville, GA	The Landing At Arbor Place	Jul-12	6.51	%		8,247			8,247		—
Jackson, TN	Old Hickory Mall	Jul-12	6.51	%		32,271			32,271		—
Louisville, KY	Jefferson Mall	Jul-12	6.51	%		40,697			40,697		—
North Charleston, SC	Northwoods Mall	Jul-12	6.51	%		58,267			58,267		—
Racine, WI	Regency Mall	Jul-12	6.51	%		31,913			31,913		—
Saginaw, MI	Fashion Square	Jul-12	6.51	%		55,937			55,937		—
Spartanburg, SC	WestGate Mall	Jul-12	6.50	%		50,551			50,551		—
Chattanooga, TN	CBL Center	Aug-12	6.25	%		13,922			13,922		—
Livonia, MI	Laurel Park Place	Dec-12	5.00	%		48,881			48,881		—

7

Monroeville, PA	Monroeville Mall		Jan-13	5.30	%		124,050			124,050			—
Greensburg, PA	Westmoreland Mall		Jan-13	5.05	%		75,895			75,895			—
St. Louis, MO	West County Center		Apr-13	5.82	%		158,209			158,209			—
Columbia, SC	Columbia Place		Sep-13	5.45	%		30,945			30,945			—
St. Louis, MO	South County Center		Oct-13	5.50	%		80,514			80,514			—
Joplin, MO	Northpark Mall		Mar-14	5.50	%		38,991			38,991			—
Laredo, TX	Mall del Norte		Dec-14	5.04	%		113,400			113,400			—
Rockford, IL	CherryVale Mall		Oct-15	5.00	%		90,905			90,905			—
Brookfield, IL	Brookfield Square		Nov-15	5.08	%		101,726			101,726			—
Madison, WI	East Towne Mall		Nov-15	5.00	%		77,473			77,473			—
Madison, WI	West Towne Mall		Nov-15	5.00	%		109,430			109,430			—
Bloomington, IL	Eastland Mall		Dec-15	5.85	%		59,400			59,400			—
Decatur, IL	Hickory Point Mall		Dec-15	5.85	%		32,288			32,288			—
Overland Park, KS	Oak Park Mall		Dec-15	5.85	%		275,700			275,700			—
Janesville, WI	Janesville Mall		Apr-16	8.38	%		11,115			11,115			—
Akron, OH	Chapel Hill Mall		Aug-16	6.10	%		75,750			75,750			—
Chattanooga, TN	Hamilton Place		Aug-16	5.86	%		115,014			115,014			—
Chesapeake, VA	Greenbrier Mall		Aug-16	5.91	%		83,570			83,570			—
Midland, MI	Midland Mall		Aug-16	6.10	%		37,383			37,383			—
St. Louis, MO	Chesterfield Mall		Sep-16	5.96	%		140,000			140,000			—
Southaven, MS	Southaven Towne Center		Jan-17	5.50	%		45,434			45,434			—
Charleston, SC	Citadel Mall		Apr-17	5.68	%		74,553			74,553			—
Chattanooga, TN	Hamilton Corner		Apr-17	5.67	%		16,904			16,904			—
Fairview Heights, IL	The Shoppes at St. Clair Square		Apr-17	5.67	%		22,306			22,306			—
Lafayette, LA	Mall of Acadiana		Apr-17	5.67	%		149,102			149,102			—
Layton, UT	Layton Hills Mall		Apr-17	5.66	%		106,571			106,571			—
Lexington, KY	The Plaza at Fayette Mall		Apr-17	5.67	%		44,017			44,017			—
Cincinnati, OH	Eastgate Crossing		May-17	5.66	%		16,594			16,594			—
	SUBTOTAL					$	4,351,971		$	4,270,204		$	81,767
Weighted average interest rate							5.94	%		5.93	%		6.15	%
Debt Premiums:		��
Daytona Beach, FL	Volusia Mall		Mar-09	4.75	%	$	1,225		$	1,225		$	—
Terre Haute, IN	Honey Creek Mall		Apr-09	4.75	%		919			919			—
Little Rock, AR	Park Plaza Mall		May-10	4.90	%		3,208			3,208			—
Roanoke, VA	Valley View Mall		Sep-10	5.10	%		3,750			3,750			—
St. Peters, MO	Mid Rivers Mall		Jul-11	5.66	%		4,603			4,603			—
Fayetteville, NC	Cross Creek Mall		Apr-12	5.00	%		5,502			5,502			—
Colonial Heights, VA	Southpark Mall		May-12	5.10	%		2,483			2,483			—
Livonia, MI	Laurel Park Place		Dec-12	5.00	%		7,153			7,153			—
Monroeville, PA	Monroeville Mall		Jan-13	5.30	%		2,234			2,234			—
St. Louis, MO	West County Center		Apr-13	5.82	%		(4,338	)		(4,338	)		—
St. Louis, MO	South County Center		Oct-13	5.50	%		(1,949	)		(1,949	)		—
Joplin, MO	Northpark Mall		Mar-14	5.50	%		471			471			—
St. Louis, MO	Chesterfield Mall		Sep-16	5.96	%		(2,334	)		(2,334	)		—
	SUBTOTAL					$	22,927		$	22,927		$	—
Weighted average interest rate							4.87	%		4.87	%		—
Total Loans On Operating Properties And Debt Premiums							4,374,898			4,293,131			81,767
Weighted average interest rate							5.93	%		5.93	%		6.15	%
Construction Loans:
Port Orange, FL	The Pavilion At Port Orange		Jun-08	6.38	%		6,059			—			6,059
West Melbourne, FL	Hammock Landing		Jun-08	6.38	%		2,999			—			2,999
Milford, CT	Milford Marketplace		Dec-08	6.06	%		16,257			—			16,257
Chattanooga, TN	CBL Center II		Aug-09	6.49	%		7,503			—			7,503
Pearland, TX	Pearland Town Center		Jul-10	6.21	%		42,992			—			42,992
Pittsburgh, PA	Settler's Ridge		Dec-10	5.54	%		3,194			—			3,194
	SUBTOTAL						79,004			—			79,004

8

Lines Of Credit				5.04	%		1,415,032			250,000			1,165,032
Other							384			384			—
Total Consolidated Debt						$	5,869,318		$	4,543,515		$	1,325,803
Weighted average interest rate							5.88	%		5.80	%		6.13	%
Plus CBL's Share Of Unconsolidated Affiliates' Debt:
Huntsville, AL	Parkway Place	Jun-08		6.10	%	$	26,600		$	—		$	26,600
Lee's Summit, MO	Summit Fair	Jun-10		7.19	%		5,371	(b)		—			5,371
Del Rio, TX	Plaza del Sol	Aug-10		9.15	%		949			949			—
York, PA	York Town Center	Oct-11		6.50	%		17,504			—			17,504
Myrtle Beach, SC	Coastal GrandMyrtle Beach	Oct-14		5.09	%		46,592	(c)		46,592			—
El Centro, CA	Imperial Valley Mall	Sep-15		4.99	%		34,812			34,812			—
Raleigh, NC	Triangle Town Center	Dec-15		5.74	%		100,000			100,000			—
Clarksville, TN	Governor's Square Mall	Sep-16		8.23	%		13,540			13,540			—
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.27	%		14,611			14,611			—
Greensboro, NC	Shops at Friendly Center	Jan-17		5.90	%		22,242			22,242			—
Harrisburg, PA	High Pointe Commons	May-17		5.74	%		7,757			7,757			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17		5.60	%		95,400			95,400			—
	SUBTOTAL					$	385,378		$	335,903		$	49,475
Less Minority Interests' Share Of Consolidated Debt:		Minority Interest %
Chattanooga, TN	CBL Center	8.00	%	6.25	%	$	(1,114	)	$	(1,114	)	$	—
Chattanooga, TN	CBL Center II	8.00	%	6.49	%		(600	)		—			(600	)
Pittsburgh, PA	Settler's Ridge	60.00	%	5.54	%		(1,917	)		—			(1,917	)
Chattanooga, TN	Hamilton Corner	10.00	%	5.67	%		(1,690	)		(1,690	)		—
Chattanooga, TN	Hamilton Place	10.00	%	5.86	%		(11,501	)		(11,501	)		—
Highpoint, NC	Oak Hollow Mall	25.00	%	7.31	%		(9,931	)		(9,931	)		—
	SUBTOTAL						(26,753	)		(24,236	)		(2,517	)
Company's Share Of Consolidated And Unconsolidated Debt						$	6,227,943		$	4,855,182		$	1,372,761
Weighted average interest rate							5.87	%		5.79	%		6.14	%
Total Debt of Unconsolidated Affiliates:
Huntsville, AL	Parkway Place	Jun-08		6.10	%	$	53,200		$	—		$	53,200
Del Rio, TX	Plaza del Sol	Aug-10		9.15	%		1,876			1,876			—
York, PA	York Town Center	Oct-11		6.50	%		35,008			—			35,008
Myrtle Beach, SC	Coastal GrandMyrtle Beach	Oct-14		5.09	%		93,184			93,184			—
El Centro, CA	Imperial Valley Mall	Sep-15		4.99	%		58,019			58,019			—
Raleigh, NC	Triangle Town Center	Dec-15		5.74	%		200,000			200,000			—
Clarksville, TN	Governor's Square Mall	Sep-16		8.23	%		28,506			28,506			—
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.27	%		29,222			29,222			—
Greensboro, NC	Shops at Friendly Center	Jan-17		5.90	%		44,485			44,485			—
Harrisburg, PA	High Pointe Commons	May-17		5.74	%		15,513			15,513			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17		5.60	%		190,800			190,800			—
						$	749,813		$	661,605		$	88,208
Weighted average interest rate							5.72	%		5.65	%		6.26	%

9

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2007

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)	764,458	$	34.59	$	37.33	7.9	%	$	38.06	10.0	%
Stabilized malls	727,735		35.41		38.23	8.0	%		38.98	10.1	%
New leases	236,566		38.26		44.41	16.1	%		45.72	19.5	%
Renewal leases	491,169		34.04		35.26	3.6	%		35.73	5.0	%
Year to Date:
All Property Types (1)	2,857,412	$	34.23	$	36.77	7.4	%	$	37.52	9.6	%
Stabilized malls	2,674,937		35.33		38.01	7.6	%		38.76	9.7	%
New leases	972,808		37.58		44.27	17.8	%		45.56	21.2	%
Renewal leases	1,702,129		34.05		34.44	1.1	%		34.88	2.4	%

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

	As of December 31,
	2007		2006
Stabilized malls	$	29.20	$	28.03
Non-stabilized malls		26.70		27.77
Associated centers		11.78		11.32
Community centers		11.76		14.21
Other		17.08		19.48

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

⁽²⁾ Average Gross Rent does not incorporate future annual increases for common area maintenance expense reimbursements.

 

10

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2007

Top 25 Tenants Based On Percentage Of Total Revenues For The Year Ended December 31, 2007:

	Tenant	Number of Stores	Square Feet	Annual Gross Rentals (1)		Percentage of Total Revenues
1	Limited Brands, LLC	162	803,523	$	31,329,844	3.01	%
2	Foot Locker, Inc.	198	760,640		31,021,076	2.98	%
3	The Gap Inc.	107	1,116,668		27,450,816	2.64	%
4	Abercrombie & Fitch, Co.	90	608,047		22,689,087	2.18	%
5	AE Outfitters Retail Company	80	462,375		20,551,015	1.97	%
6	Signet Group plc (2)	122	204,473		19,282,615	1.85	%
7	Finish Line, Inc.	89	446,013		17,123,420	1.65	%
8	Zale Corporation	151	157,038		16,255,012	1.56	%
9	Luxottica Group, S.P.A. (3)	155	340,917		16,216,445	1.56	%
10	Genesco Inc. (4)	183	249,437		14,737,664	1.42	%
11	New York & Company, Inc.	56	397,360		14,540,697	1.40	%
12	JC Penney Co. Inc. (5)	74	8,424,596		14,516,094	1.39	%
13	Express Fashions	46	398,762		13,709,803	1.32	%
14	Dick's Sporting Goods, Inc.	15	902,638		12,913,156	1.24	%
15	The Regis Corporation	211	249,598		12,566,224	1.21	%
16	The Children's Place Retail Store (6)	70	292,355		11,937,328	1.15	%
17	Pacific Sunwear of California	80	286,286		10,936,043	1.05	%
18	Charming Shoppes, Inc. (7)	58	341,837		10,867,992	1.04	%
19	Charlotte Russe Holding, Inc.	46	318,334		10,812,545	1.04	%
20	Christopher & Banks, Inc.	87	297,170		10,805,405	1.04	%
21	Aeropostale, Inc.	74	250,666		10,275,445	0.99	%
22	Sun Capital Partners, Inc. (8)	57	732,572		9,743,391	0.94	%
23	The Buckle, Inc.	49	242,120		9,140,201	0.88	%
24	Claire's Stores, Inc.	121	142,552		8,734,815	0.84	%
25	Hallmark Cards, Inc.	68	269,551		8,618,394	0.82	%
		2,449	18,695,527	$	386,774,527	37.17	%

(1) Includes annual minimum rent and tenant reimbursements based on amounts in effect at December 31, 2007.

(2) Signet Group PLC operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, & 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) The Children's Place Retail Stores, Inc. also operates The Disney Stores.

(7) Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug, and Catherine's.

(8) SunCapital Partners, Inc. operates Anchor Blue, Fazoli's, Friendly's, Life Uniform, Mattress Firm, Mervyn's, Shopko, Smokey Bones, Souper Salad, and The Limited.

11

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2007

Capital Expenditures for Three Months and Year Ended December 31, 2007

(In thousands)

	Three Months		Year
Tenant allowances	$	19,811	$	65,165
Renovations		9,289		41,362
Deferred maintenance:
Parking lot and parking lot lighting		5,635		7,870
Roof repairs and replacements		9,159		21,957
Other capital expenditures		2,734		8,064
Total deferred maintenance expenditures		17,528		37,891
Total capital expenditures	$	46,628	$	144,418

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)

	2007		2006
Quarter ended:
March 31,	$	1,001	$	388
June 30,		1,593		950
September 30,		548		401
December 31,		1,478		832
	$	4,620	$	2,571

12

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For The Year Ended December 31, 2007

Properties Opened Year-to-date

(Dollars in thousands)

				CBL'sShareof
Property	Location	Total Project Square Feet		TotalCost			CostTo Date		Date Opened	Initial Yield(a)
Mall Expansions:
Brookfield Square - Mitchell's Fish    Market	Brookfield, WI	7,500		$	3,044		$	3,044	April-07	8.4	%
Southpark Mall - Regal Cinema	Colonial Heights, VA	68,242			11,322			11,322	July-07	11.0	%
The District at Valley View - shops	Roanoke, VA	61,200			18,026			17,227	July/Fall-07	7.6	%
Brookfield Square - Fresh Market	Brookfield, WI	22,400			4,960			4,960	August-07	7.6	%
Harford Mall - lifestyle expansion	Bel Air, MD	39,222	(b)		9,736			8,269	September-07	6.1	%
The District at CherryVale	Rockford, IL	84,541			21,099			19,537	Fall-07	7.4	%
Coastal Grand - Old Navy	Myrtle Beach, SC	23,269			1,813			1,763	October-07	7.9	%
Community/Open-Air Centers:
Alamance Crossing East	Burlington, NC	571,700			79,300	(e)		82,605	August-07	8.4	%
York Town Center (c)	York, PA	274,495			21,085			19,511	September-07	9.8	%
Cobblestone Village at Palm Coast	Palm Coast, FL	277,770			10,520	(e)		17,324	October-07	7.7	%
Open-Air Center Expansion:
Gulf Coast Town Center -   Phase II-shops/Costco(d)	Ft. Myers, FL	595,990			83,286			83,286	Spring-07	9.2	%
Associated/Lifestyle Centers:
The Shoppes at St. Clair Square	Fairview Heights, IL	84,080			27,487	(e)		31,964	March-07	7.0	%
Milford Marketplace	Milford, CT	105,638			25,729			22,567	October-07	8.3	%
Mall Renovations:
Mall del Norte	Laredo, TX	1,207,687			20,400			20,400	Fall-07	N/A
Honey Creek Mall	Terre Haute, IN	678,763			5,600			4,842	Fall-07	N/A
Associated Center Renovation:
Madison Plaza	Huntsville, AL	153,085			1,320			1,320	June-07	N/A
Redevelopments:
Mall del Norte - Theater	Laredo, TX	82,500			14,403			11,379	Spring-07	7.4	%
Westgate Mall - Former Proffits	Spartanburg, SC	153,000			N/A			N/A	August-07	N/A
Northpark Mall - Former Wards	Joplin, MO	90,688			9,750			7,900	October-07	7.8	%
Columbia Place - Former JCPenney	Columbia, SC	124,819			12,831			11,604	Aug/Oct-07	7.0	%
		4,706,589		$	381,711		$	380,824

13

Announced Property Renovations and Redevelopments

(Dollars in thousands)

			CBL'sShareof
Property	Location	Total Project Square Feet	Total Cost		CostTo Date		Opening Date	Initial Yield(a)
Mall Renovations:
Brookfield Square	Brookfield, WI	1,132,984	$	18,100	$	6,068	Fall-08	N/A
Georgia Square	Athens, GA	674,738		16,900		9,060	Spring-08	N/A
Redevelopments:
Parkdale Mall - Former Dillards (Phase I & II)	Beaumont, TX	50,720		14,679		9,612	Jan-08/Fall-08	6.6	%
		1,858,442	$	49,679	$	24,740

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

(b) Total square footage includes redevelopement and expansion of 2,641 square feet.

(c) 50/50 Joint Venture.

(d) 50/50 Joint Venture. Amounts shown are 100% of total costs and cost to date as CBL has funded all costs to date.

(e) Cost-to-date higher than total cost due to pending reimbursements.

14

Properties Under Development at December 31, 2007

(Dollars in thousands)

			CBLsShareof
Property	Location	Total Project Square Feet	Total Cost		CostTo Date		Opening Date	Initial Yield(a)
Mall Expansions:
Southpark Mall - Foodcourt	Colonial Heights, VA	17,150		4,188		939	Spring-08	11.0	%
Coastal Grand - JCPenney	Myrtle Beach, SC	103,395		N/A		N/A	Spring-08	N/A
Coastal Grand - Ulta Cosmetics	Myrtle Beach, SC	10,000		1,449		1,498	Spring-08	8.7	%
Cary Towne Center - Mimi's Caf	Cary, NC	6,674		2,243		948	Spring-08	15.0	%
Brookfield Square Claim Jumpers	Brookfield, WI	12,000		3,430		707	Fall-08	11.9	%
Associated/Lifestyle Centers:
Brookfield Square - Corner Development	Brookfield, WI	19,745		8,372		1,478	Fall-08	8.0	%
Imperial Valley Commons (Phase I) (b)	El Centro, CA	610,966		11,471		19,802	Fall-08/ Summer-09	8.1	%
Office:
CBL Center II	Chattanooga, TN	74,598		17,120		10,711	January-08	8.6	%
Mixed -Use Center:
Pearland Town Center (Retail Portion)	Pearland, TX	694,417		160,248		95,842	Fall-08	7.4	%
Pearland Town Center (Hotel Portion)	Pearland, TX	72,500		17,886		2,882	Fall-08	8.3	%
Pearland Town Center (Residential Portion)	Pearland, TX	68,110		11,312		958	Fall-08	8.4	%
Pearland Town Center (Office Portion)	Pearland, TX	51,560		9,385		316	Fall-08	8.7	%
Community/Open-Air Centers:
Alamance Crossing - Theater/Shops	Burlington, NC	82,997		18,882		2,669	Spring-08	8.4	%
Statesboro Crossing (d)	Statesboro, GA	162,450		20,465		4,956	Fall-08	8.2	%
Summit Fair (c)	Lee's Summit, MO	512,551		22,000		22,000	Fall-08/ Summer-09	9.6	%
Settlers Ridge (b)	Robinson Township, PA	515,444		119,146		31,137	Summer-09	8.6	%
		3,014,557	$	427,597	$	196,843

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

(b) 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 are gross of applicable reimbursements.

(c) CBL's interest represent 27% of project cost.

(d) 50/50 Joint Venture

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