CBL & Associates Properties (CBL) 8-K Results of Operations and Financial Condition

Exhibit 99.3

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

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

	Three Months Ended March 31,
	2008			2007
REVENUES:
Minimum rents	$	172,032		$	154,249
Percentage rents		4,990			6,482
Other rents		5,011			4,415
Tenant reimbursements		86,279			77,671
Management, development and leasing fees		2,938			1,221
Other		7,029			4,980
Total revenues		278,279			249,018
EXPENSES:
Property operating		48,024			43,065
Depreciation and amortization		73,616			56,608
Real estate taxes		23,855			20,646
Maintenance and repairs		17,718			15,291
General and administrative		12,531			10,197
Other		6,999			3,639
Total expenses		182,743			149,446
Income from operations		95,536			99,572
Interest and other income		2,727			2,745
Interest expense		(80,224	)		(66,127	)
Loss on extinguishment of debt		—			(227	)
Gain on sales of real estate assets		3,076			3,530
Equity in earnings of unconsolidated affiliates		979			598
Income tax provision		(357	)		(803	)
Minority interest in earnings:
Operating partnership		(4,742	)		(13,563	)
Shopping center properties		(6,049	)		(730	)
Income from continuing operations		10,946			24,995
Operating income of discontinued operations		680			103
Loss on discontinued operations		—			(55	)
Net income		11,626			25,043
Preferred dividends		(5,455	)		(7,642	)
Net income available to common shareholders	$	6,171		$	17,401
Basic per share data:
Income from continuing operations, net of preferred dividends	$	0.08		$	0.27
Discontinued operations		0.01			—
Net income available to common shareholders	$	0.09		$	0.27
Weighted average common shares outstanding		65,897			65,109
Diluted per share data:
Income from continuing operations, net of preferred dividends	$	0.08		$	0.26
Discontinued operations		0.01			—
Net income available to common shareholders	$	0.09		$	0.26
Weighted average common and potential dilutive common shares outstanding		66,109			65,886

1

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

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

	Three Months Ended March 31,
	2008			2007
Net income available to common shareholders	$	6,171		$	17,401
Minority interest in earnings of operating partnership		4,742			13,563
Depreciation and amortization expense of:
Consolidated properties		73,616			56,608
Unconsolidated affiliates		6,677			3,504
Discontinued operations		2,240			460
Non-real estate assets		(243	)		(228	)
Minority investors’ share of depreciation and amortization		(348	)		(606	)
Loss on discontinued operations		—			55
Funds from operations of the operating partnership	$	92,855		$	90,757
Funds from operations per diluted share	$	0.80		$	0.78
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted		116,744			116,636
Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership		92,855			90,757
Percentage allocable to Company shareholders (1)		56.55	%		56.20	%
Funds from operations allocable to Company shareholders	$	52,510		$	51,005

⁽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 outstanding on page 4.

SUPPLEMENTAL FFO INFORMATION:
Lease termination fees	$	1,460	$	3,369
Lease termination fees per share	$	0.01	$	0.03
Straight-line rental income	$	1,413	$	1,124
Straight-line rental income per share	$	0.01	$	0.01
Gains on outparcel sales	$	3,360	$	3,799
Gains on outparcel sales per share	$	0.03	$	0.03
Amortization of acquired above- and below-market leases	$	2,597	$	2,930
Amortization of acquired above- and below-market leases per share	$	0.02	$	0.03
Amortization of debt premiums	$	1,975	$	1,902
Amortization of debt premiums per share	$	0.02	$	0.02
Income tax provision	$	357	$	803
Income tax provision per share	$	—	$	0.01

2

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

Same-Center Net Operating Income
(Dollars in thousands)

	Three Months Ended March 31,
	2008			2007
Net income	$	11,626		$	25,043
Adjustments:
Depreciation and amortization		73,616			56,608
Depreciation and amortization from unconsolidated affiliates		6,677			3,504
Depreciation and amortization from discontinued operations		2,240			460
Minority investors’ share of depreciation and amortization in shopping center properties		(348	)		(606	)
Interest expense		80,224			66,127
Interest expense from unconsolidated affiliates		6,626			4,192
Minority investors’ share of interest expense in shopping center properties		(448	)		(1,187	)
Loss on extinguishment of debt		—			227
Abandoned projects expense		1,713			48
Gain on sales of real estate assets		(3,076	)		(3,530	)
Gain on sales of real estate assets of unconsolidated affiliates		(284	)		(269	)
Income tax provision		357			803
Minority interest in earnings of operating partnership		4,742			13,563
Loss on discontinued operations		—			55
Operating partnership’s share of total NOI		183,665			165,038
General and administrative expenses		12,531			10,197
Management fees and non-property level revenues		(8,429	)		(6,690	)
Operating partnership’s share of property NOI		187,767			168,545
NOI of non-comparable centers		(21,466	)		(1,199	)
Total same-center NOI	$	166,301		$	167,346
Malls	$	152,781		$	154,574
Associated centers		8,110			8,085
Community centers		1,849			1,384
Other		3,561			3,303
Total same-center NOI		166,301			167,346
Less lease termination fees		(811	)		(3,369	)
Total same-center NOI, excluding lease termination fees	$	165,490		$	163,977
Percentage Change:
Malls		-1.2	%
Associated centers		0.3	%
Community centers		33.6	%
Other		7.8	%
Total same-center NOI		-0.6	%
Total same-center NOI, excluding lease termination fee		0.9	%

3

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

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

	March 31, 2008
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	4,673,477		$	1,216,143		$	5,889,620
Minority investors’ share of consolidated debt		(24,073	)		(3,043	)		(27,116	)
Company’s share of unconsolidated affiliates’ debt		410,759			65,873			476,632
Company’s share of consolidated and unconsolidated debt	$	5,060,163		$	1,278,973		$	6,339,136
Weighted average interest rate		5.79	%		3.75	%		5.38	%
	March 31, 2007
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,877,689		$	836,753		$	4,714,442
Minority investors’ share of consolidated debt		(24,703	)		—			(24,703	)
Company’s share of unconsolidated affiliates’ debt		208,730			29,902			238,632
Company’s share of consolidated and unconsolidated debt	$	4,061,716		$	866,655		$	4,928,371
Weighted average interest rate		5.93	%		6.22	%		5.98	%

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

	Shares
	Outstanding		Stock Price (1)		Value
Common stock and operating partnership units		116,941	$	23.53	$	2,751,622
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						3,041,622
Company’s share of total debt						6,339,136
Total market capitalization					$	9,380,758
Debt-to-total-market capitalization ratio						67.6	%

(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on March 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
	March 31,
	Basic		Diluted
2008:
Weighted average shares - EPS		65,897		66,109
Weighted average operating partnership units		50,634		50,635
Weighted average shares- FFO		116,531		116,744
2007:
Weighted average shares - EPS		65,109		65,886
Weighted average operating partnership units		50,749		50,750
Weighted average shares- FFO		115,858		116,636

	Three Months Ended
Dividend Payout Ratio	March 31,
	2008			2007
Weighted average dividend per share	$	0.55047		$	0.51032
FFO per diluted, fully converted share	$	0.80		$	0.78
Dividend payout ratio		68.8	%		65.4	%

4

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

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

	March 31, 2008			December 31, 2007
ASSETS
Real estate assets:
Land	$	868,233		$	917,578
Buildings and improvements		7,207,622			7,263,907
		8,075,855			8,181,485
Less: accumulated depreciation		(1,157,209	)		(1,102,767	)
		6,918,646			7,078,718
Held for sale		161,298			—
Developments in progress		308,467			323,560
Net investment in real estate assets		7,388,411			7,402,278
Cash and cash equivalents		65,742			65,826
Cash in escrow		2,640			—
Receivables:
Tenant, net of allowance		68,506			72,570
Other		11,233			10,257
Mortgage notes receivable		40,849			135,137
Investment in unconsolidated affiliates		195,397			142,550
Intangible lease assets and other assets		256,170			276,429
	$	8,028,948		$	8,105,047
LIABILITIES AND SHAREHOLDERS’ EQUITY
Mortgage and other notes payable	$	5,889,620		$	5,869,318
Accounts payable and accrued liabilities		363,043			394,884
Total liabilities		6,252,663			6,264,202
Commitments and contingencies
Minority interests		888,510			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, 66,306,773 and 66,179,747 issued and outstanding in 2008 and 2007, respectively		663			662
Additional paid-in capital		999,468			990,048
Accumulated other comprehensive loss		(12,329	)		(20	)
Accumulated deficit		(100,039	)		(70,154	)
Total shareholders’ equity		887,775			920,548
	$	8,028,948		$	8,105,047

5

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months Ended March 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 March 31,
	2008			2007
EBITDA:
Net income	$	11,626		$	25,043
Adjustments:
Depreciation and amortization		73,616			56,608
Depreciation and amortization from unconsolidated affiliates		6,677			3,504
Depreciation and amortization from discontinued operations		2,240			460
Minority investors’ share of depreciation and amortization in shopping center properties		(348	)		(606	)
Interest expense		80,224			66,127
Interest expense from unconsolidated affiliates		6,626			4,192
Minority investors’ share of interest expense in shopping center properties		(448	)		(1,187	)
Income taxes		656			1,071
Loss on extinguishment of debt		—			227
Abandoned projects		1,713			48
Minority interest in earnings of operating partnership		4,742			13,563
Loss on discontinued operations		—			55
Company’s share of total EBITDA	$	187,324		$	169,105
Interest Expense:
Interest expense	$	80,224		$	66,127
Interest expense from unconsolidated affiliates		6,626			4,192
Minority investors’ share of interest expense in shopping center properties		(448	)		(1,187	)
Company’s share of total interest expense	$	86,402		$	69,132
Ratio of EBITDA to Interest Expense		2.17			2.45

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

	Three Months Ended March 31,
	2008			2007
Company’s share of total EBITDA	$	187,324		$	169,105
Interest expense		(80,224	)		(66,127	)
Minority investors’ share of interest expense in shopping center properties		448			1,187
Income taxes		(656	)		(1,071	)
Amortization of deferred financing costs and non real estate depreciation included in operating expense		2,119			1,582
Amortization of debt premiums		(1,975	)		(1,902	)
Amortization of above and below market leases		(2,597	)		(2,930	)
Depreciation and interest expense from unconsolidated affiliates		(13,303	)		(7,696	)
Minority investors’ share of depreciation and amortization in shopping center properties		348			606
Minority interest in earnings - shopping center properties		6,049			730
Gains on outparcel sales		(3,076	)		(3,530	)
Income tax benefit from stock options		1,501			1,139
Equity in earnings of unconsolidated affiliates		(979	)		(598	)
Distributions from unconsolidated affiliates		4,163			891
Share-based compensation expense		1,588			2,126
Changes in operating assets and liabilities		(11,119	)		4,802
Cash flows provided by operating activities	$	89,611		$	98,314

6

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

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

								Balance
		Maturity Date	Interest Rate
Location	Property				Balance			Fixed		Variable
Operating Properties:
Winston-Salem, NC	Hanes Mall	Jul-08	7.31	%	$	98,732		$	98,732	$	—
Nashville, TN	Hickory Hollow Mall	Aug-08	6.77	%		81,726			81,726		—
Nashville, TN	The Courtyard at Hickory Hollow Mall	Aug-08	6.77	%		3,805			3,805		—
Nashville, TN	Rivergate Mall	Aug-08	6.77	%		66,051			66,051		—
Nashville, TN	The Village at Rivergate	Aug-08	6.77	%		3,120			3,120		—
Lansing, MI	Meridian Mall	Oct-08	4.52	%		85,656			85,656		—
Stillwater, OK	Lakeview Pointe	Nov-08	3.59	%		19,239			—		19,239
Milford, CT	Milford Marketplace	Dec-08	4.23	%		17,819			—		17,819
High Point, NC	Oak Hollow Mall	Feb-09	7.31	%		39,266			39,266		—
Cary, NC	Cary Towne Center	Mar-09	6.85	%		83,257			83,257		—
Daytona Beach, FL	Volusia Mall	Mar-09	4.75	%		52,124			52,124		—
Fairview Heights, IL	St. Clair Square	Apr-09	7.00	%		61,299			61,299		—
Terre Haute, IN	Honey Creek Mall	May-09	4.75	%		30,843			30,843		—
Chattanooga, TN	CBL Center II	Aug-09	4.36	%		10,985			—		10,985
Burlington, NC	Alamance Crossing	Sep-09	4.00	%		70,132			—		70,132
Meridian, MS	Bonita Lakes Mall	Oct-09	6.82	%		23,985			23,985		—
Meridian, MS	Bonita Lakes Crossing	Oct-09	6.82	%		7,515			7,515		—
Cincinnati, OH	Eastgate Mall	Dec-09	4.55	%		54,116	(a)		54,116		—
Little Rock, AR	Park Plaza Mall	May-10	4.90	%		39,762			39,762		—
Spartanburg, SC	WestGate Crossing	Jul-10	8.42	%		9,243			9,243		—
Burnsville, MN	Burnsville Center	Aug-10	8.00	%		64,740			64,740		—
Roanoke, VA	Valley View Mall	Sep-10	5.10	%		42,392			42,392		—
Beaumont, TX	Parkdale Mall	Sep-10	5.01	%		51,224			51,224		—
Beaumont, TX	Parkdale Crossing	Sep-10	5.01	%		8,088			8,088		—
Nashville, TN	CoolSprings Galleria	Sep-10	6.22	%		124,696			124,696		—
Stroud, PA	Stroud Mall	Dec-10	8.42	%		30,488			30,488		—
Wausau, WI	Wausau Center	Dec-10	6.70	%		12,026			12,026		—
York, PA	York Galleria	Dec-10	8.34	%		48,721			48,721		—
Lexington, KY	Fayette Mall	Jul-11	7.00	%		89,841			89,841		—
St. Peters, MO	Mid Rivers Mall	Jul-11	5.66	%		78,748			78,748		—
Panama City, FL	Panama City Mall	Aug-11	7.30	%		38,153			38,153		—
Asheville, NC	Asheville Mall	Sep-11	6.98	%		65,483			65,483		—
Ft. Smith, AR	Massard Crossing	Feb-12	7.54	%		5,633			5,633		—
Houston, TX	Willowbrook Plaza	Feb-12	7.54	%		28,822			28,822		—
Vicksburg, MS	Pemberton Plaza	Feb-12	7.54	%		1,925			1,925		—
Fayetteville, NC	Cross Creek Mall	Apr-12	5.00	%		60,757			60,757		—
Colonial Heights, VA	Southpark Mall	May-12	5.10	%		34,853			34,853		—
Asheboro, NC	Randolph Mall	Jul-12	6.50	%		13,982			13,982		—
Douglasville, GA	Arbor Place	Jul-12	6.51	%		72,592			72,592		—
Douglasville, GA	The Landing at Arbor Place	Jul-12	6.51	%		8,194			8,194		—
Jackson, TN	Old Hickory Mall	Jul-12	6.51	%		32,065			32,065		—
Louisville, KY	Jefferson Mall	Jul-12	6.51	%		40,438			40,438		—
North Charleston, SC	Northwoods Mall	Jul-12	6.51	%		57,896			57,896		—
Racine, WI	Regency Mall	Jul-12	6.51	%		31,709			31,709		—

7

								Balance
		Maturity Date	Interest Rate
Location	Property				Balance			Fixed			Variable
Saginaw, MI	Fashion Square	Jul-12	6.51	%		55,580			55,580			—
Spartanburg, SC	WestGate Mall	Jul-12	6.50	%		50,228			50,228			—
Chattanooga, TN	CBL Center	Aug-12	6.25	%		13,862			13,862			—
Livonia, MI	Laurel Park Place	Dec-12	5.00	%		48,683			48,683			—
Monroeville, PA	Monroeville Mall	Jan-13	5.30	%		123,253			123,253			—
Greensburg, PA	Westmoreland Mall	Jan-13	5.05	%		75,353			75,353			—
St. Louis, MO	West County Center	Apr-13	5.82	%		157,484			157,484			—
Columbia, SC	Columbia Place	Sep-13	5.45	%		30,743			30,743			—
St. Louis, MO	South County Center	Oct-13	5.50	%		80,143			80,143			—
Joplin, MO	Northpark Mall	Mar-14	5.50	%		38,764			38,764			—
Laredo, TX	Mall del Norte	Dec-14	5.04	%		113,400			113,400			—
Rockford, IL	CherryVale Mall	Oct-15	5.00	%		90,526			90,526			—
Brookfield, IL	Brookfield Square	Nov-15	5.08	%		101,310			101,310			—
Madison, WI	East Towne Mall	Nov-15	5.00	%		77,152			77,152			—
Madison, WI	West Towne Mall	Nov-15	5.00	%		108,977			108,977			—
Bloomington, IL	Eastland Mall	Dec-15	5.85	%		59,400			59,400			—
Decatur, IL	Hickory Point Mall	Dec-15	5.85	%		32,173			32,173			—
Overland Park, KS	Oak Park Mall	Dec-15	5.85	%		275,700			275,700			—
Janesville, WI	Janesville Mall	Apr-16	8.38	%		10,882			10,882			—
Akron, OH	Chapel Hill Mall	Aug-16	6.10	%		75,504			75,504			—
Chattanooga, TN	Hamilton Place	Aug-16	5.86	%		114,624			114,624			—
Chesapeake, VA	Greenbrier Mall	Aug-16	5.91	%		83,289			83,289			—
Midland, MI	Midland Mall	Aug-16	6.10	%		37,262			37,262			—
St. Louis, MO	Chesterfield Mall	Sep-16	5.96	%		140,000			140,000			—
Southaven, MS	Southaven Towne Center	Jan-17	5.50	%		45,274			45,274			—
Charleston, SC	Citadel Mall	Apr-17	5.68	%		74,304			74,304			—
Chattanooga, TN	Hamilton Corner	Apr-17	5.67	%		16,850			16,850			—
Fairview Heights, IL	The Shoppes at St. Clair Square	Apr-17	5.67	%		22,231			22,231			—
Lafayette, LA	Mall of Acadiana	Apr-17	5.67	%		148,603			148,603			—
Layton, UT	Layton Hills Mall	Apr-17	5.66	%		106,214			106,214			—
Lexington, KY	The Plaza at Fayette Mall	Apr-17	5.67	%		43,869			43,869			—
Cincinnati, OH	Eastgate Crossing	May-17	5.66	%		16,539			16,539			—
	SUBTOTAL				$	4,370,317		$	4,252,142		$	118,175
Weighted average interest rate						5.88	%		5.93	%		4.00	%
Debt Premiums (Discounts):
Daytona Beach, FL	Volusia Mall	Mar-09	4.75	%	$	984		$	984		$	—
Terre Haute, IN	Honey Creek Mall	Apr-09	4.75	%		759			759			—
Little Rock, AR	Park Plaza Mall	May-10	4.90	%		2,865			2,865			—
Roanoke, VA	Valley View Mall	Sep-10	5.10	%		3,423			3,423			—
St. Peters, MO	Mid Rivers Mall	Jul-11	5.66	%		4,281			4,281			—
Fayetteville, NC	Cross Creek Mall	Apr-12	5.00	%		5,204			5,204			—
Colonial Heights, VA	Southpark Mall	May-12	5.10	%		2,347			2,347			—
Livonia, MI	Laurel Park Place	Dec-12	5.00	%		6,810			6,810			—
Monroeville, PA	Monroeville Mall	Jan-13	5.30	%		2,128			2,128			—
St. Louis, MO	West County Center	Apr-13	5.82	%		(4,052	)		(4,052	)		—
St. Louis, MO	South County Center	Oct-13	5.50	%		(1,971	)		(1,971	)		—
Joplin, MO	Northpark Mall	Mar-14	5.50	%		453			453			—
St. Louis, MO	Chesterfield Mall	Sep-16	5.96	%		(2,280	)		(2,280	)		—
	SUBTOTAL				$	20,951		$	20,951		$	—
Weighted average interest rate						4.86	%		4.86	%
Total Loans On Operating Properties And Debt Premiums (Discounts)					$	4,391,268		$	4,273,093		$	118,175
Weighted average interest rate						5.87	%		5.93	%		4.00	%

8

								Balance
		Maturity Date	Interest Rate
Location	Property				Balance			Fixed			Variable
Construction Loans:
Pearland, TX	Pearland Town Center	Jul-10	4.03	%	$	68,012		$	—		$	68,012
Pittsburgh, PA	Settler’s Ridge	Dec-10	3.74	%		5,409			—			5,409
Statesboro, GA	Statesboro Crossing	Feb-11	3.78	%		3,291			—			3,291
St. Louis, MO	West County Center Former Lord & Taylor	Mar-11	3.70	%		6,654			—			6,654
	SUBTOTAL				$	83,366		$	—		$	83,366
Lines Of Credit			3.92	%	$	1,414,602	(d)	$	400,000		$	1,014,602
Other					$	384		$	384		$	—
Total Consolidated Debt					$	5,889,620		$	4,673,477		$	1,216,143
Weighted average interest rate						5.38	%		5.81	%		3.73	%
Plus CBL’s Share Of Unconsolidated Affiliates’ Debt:
Huntsville, AL	Parkway Place	Jun-08	3.56	%	$	26,600		$	—		$	26,600
Port Orange, FL	The Pavilion at Port Orange	Jun-08	4.25	%		3,073			—			3,073
West Melbourne, FL	Hammock Landing	Jun-08	4.25	%		1,521			—			1,521
West Melbourne, FL	Hammock Landing	Nov-08	4.95	%		3,693			—			3,693
Port Orange, FL	The Pavilion at Port Orange	Apr-09	5.02	%		5,186			—			5,186
Lee’s Summit, MO	Summit Fair	Jun-10	5.09	%		6,476	(b)		—			6,476
Del Rio, TX	Plaza del Sol	Aug-10	9.15	%		870			870			—
York, PA	York Town Center	Oct-11	4.32	%		19,324			—			19,324
Greensboro, NC	Friendly Center	Apr-13	5.33	%		38,812			38,812			—
Greensboro, NC	Renaissance Center Phase II	Apr-13	5.22	%		7,850			7,850			—
Greensboro, NC	Friendly Center Office Building	Apr-13	5.33	%		1,100			1,100			—
Greensboro, NC	First National Bank Building	Apr-13	5.33	%		405			405			—
Greensboro, NC	Green Valley Office Building	Apr-13	5.33	%		971			971			—
Greensboro, NC	First Citizens Bank Building	Apr-13	5.33	%		2,555			2,555			—
Greensboro, NC	Bank of America Building	Apr-13	5.33	%		4,625			4,625			—
Greensboro, NC	Wachovia Office Building	Apr-13	5.33	%		1,533			1,533			—
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14	5.09	%		46,299	(c)		46,299			—
El Centro, CA	Imperial Valley Mall	Sep-15	4.99	%		34,666			34,666			—
Raleigh, NC	Triangle Town Center	Dec-15	5.74	%		99,637			99,637			—
Greensboro, NC	Renaissance Center Phase I	Jul-16	5.61	%		18,235			18,235			—
Clarksville, TN	Governor’s Square Mall	Sep-16	8.23	%		13,407			13,407			—
Paducah, KY	Kentucky Oaks Mall	Jan-17	5.27	%		14,501			14,501			—
Greensboro, NC	Shops at Friendly Center	Jan-17	5.90	%		22,170			22,170			—
Harrisburg, PA	High Pointe Commons	May-17	5.74	%		7,711			7,711			—
Harrisburg, PA	High Pointe Commons Phase II	Jul-17	6.10	%		12			12			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17	5.60	%		95,400			95,400			—
	SUBTOTAL				$	476,632		$	410,759		$	65,873
		Minority Interest %
Less Minority Interests’ Share Of Consolidated Debt:
Chattanooga, TN	CBL Center	8.00%	6.25	%	$	(1,109	)	$	(1,109	)	$	—
Chattanooga, TN	CBL Center II	8.00%	4.36	%		(879	)		—			(879	)
Pittsburgh, PA	Settler’s Ridge	40.00%	3.74	%		(2,164	)		—			(2,164	)
Chattanooga, TN	Hamilton Corner	10.00%	5.67	%		(1,685	)		(1,685	)		—
Chattanooga, TN	Hamilton Place	10.00%	5.86	%		(11,462	)		(11,462	)		—
Highpoint, NC	Oak Hollow Mall	25.00%	7.31	%		(9,817	)		(9,817	)		—
	SUBTOTAL					(27,116	)		(24,073	)		(3,043	)
Company’s Share Of Consolidated And Unconsolidated Debt					$	6,339,136		$	5,060,163		$	1,278,973
Weighted average interest rate						5.38	%		5.79	%		3.75	%

9

								Balance
		Maturity Date	Interest Rate
Location	Property				Balance			Fixed			Variable
Total Debt of Unconsolidated Affiliates:
Huntsville, AL	Parkway Place	Jun-08	3.56	%	$	53,200		$	—		$	53,200
Port Orange, FL	The Pavilion At Port Orange	Jun-08	4.25	%		6,146			—			6,146
West Melbourne, FL	Hammock Landing	Jun-08	4.25	%		3,041			—			3,041
West Melbourne, FL	Hammock Landing	Nov-08	4.95	%		7,385			—			7,385
Port Orange, FL	The Pavilion At Port Orange	Apr-09	5.02	%		10,372			—			10,372
Lee’s Summit, MO	Summit Fair	Jun-10	5.09	%		23,985			—			23,985
Del Rio, TX	Plaza del Sol	Aug-10	9.15	%		1,719			1,719			—
York, PA	York Town Center	Oct-11	4.32	%		38,648			—			38,648
Greensboro, NC	Friendly Center	Apr-13	5.33	%		77,625			77,625			—
Greensboro, NC	Renaissance Center Phase II	Apr-13	5.22	%		15,700			15,700			—
Greensboro, NC	Friendly Center Office Building	Apr-13	5.33	%		2,199			2,199			—
Greensboro, NC	First National Bank Building	Apr-13	5.33	%		809			809			—
Greensboro, NC	Green Valley Office Building	Apr-13	5.33	%		1,941			1,941			—
Greensboro, NC	First Citizens Bank Building	Apr-13	5.33	%		5,110			5,110			—
Greensboro, NC	Bank of America Building	Apr-13	5.33	%		9,250			9,250			—
Greensboro, NC	Wachovia Office Building	Apr-13	5.33	%		3,066			3,066			—
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14	5.09	%		92,598			92,598			—
El Centro, CA	Imperial Valley Mall	Sep-15	4.99	%		57,777			57,777			—
Raleigh, NC	Triangle Town Center	Dec-15	5.74	%		199,273			199,273			—
Greensboro, NC	Renaissance Center Phase I	Jul-16	5.61	%		36,469			36,469			—
Clarksville, TN	Governor’s Square Mall	Sep-16	8.23	%		28,225			28,225			—
Paducah, KY	Kentucky Oaks Mall	Jan-17	5.27	%		29,002			29,002			—
Greensboro, NC	Shops at Friendly Center	Jan-17	5.90	%		44,340			44,340			—
Harrisburg, PA	High Pointe Commons	May-17	5.74	%		15,421			15,421			—
Harrisburg, PA	High Pointe Commons Phase II	Jul-17	6.10	%		23			23			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17	5.60	%		190,800			190,800			—
					$	954,124		$	811,347		$	142,777
Weighted average interest rate						5.40	%		5.60	%		4.25	%

(a)	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.
(b)	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.
(c)	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.
(d)	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.

10

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

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

Property Type	Square Feet	Prior Base Rent PSF		New Initial Base Rent PSF		% Change Initial			New Average Base Rent PSF		% Change Average
All Property Types (1)	872,951	$	35.56	$	39.23		10.3	%	$	40.08		12.7	%
Stabilized malls	820,391		36.66		40.47		10.4	%		41.36		12.8	%
New leases	168,762		44.55		54.16		21.6	%		56.40		26.6	%
Renewal leases	651,629	$	34.62	$	36.93		6.7	%	$	37.47		8.2	%

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

	As of March 31,
	2008		2007
Stabilized malls	$	29.03	$	27.80
Non-stabilized malls		25.14		28.23
Associated centers		11.75		11.83
Community centers		13.51		14.71
Other		18.11		19.53

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

11

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

Top 25 Tenants Based On Percentage Of Total Revenues For The Three Months Ended March 31, 2008

	Tenant	Number of Stores	Square Feet	Annual Gross Rentals (1)		Percentage of Total Annualized Revenues
1	Foot Locker, Inc.	190	733,703	$	30,603,513	2.05%
2	Limited Brands, LLC	155	755,719		30,600,325	2.05%
3	The Gap Inc.	105	1,105,430		27,091,696	1.81%
4	Abercrombie & Fitch, Co.	93	626,313		22,992,919	1.54%
5	AE Outfitters Retail Company	80	462,375		20,881,944	1.40%
6	Signet Group plc (2)	119	199,707		19,112,037	1.28%
7	Luxottica Group, S.P.A. (3)	158	342,022		17,003,453	1.14%
8	Finish Line, Inc.	89	440,499		16,773,932	1.12%
9	Zale Corporation	144	150,962		16,184,113	1.08%
10	Express Fashions	53	437,061		15,269,132	1.02%
11	Genesco Inc. (4)	180	246,485		15,163,766	1.01%
12	JC Penney Co. Inc. (5)	75	8,498,635		14,775,733	0.99%
13	New York & Company, Inc.	56	397,360		14,487,883	0.97%
14	The Regis Corporation	211	249,087		12,769,951	0.85%
15	Dick’s Sporting Goods, Inc.	15	902,638		12,287,228	0.82%
16	The Children’s Place Retail Stores, Inc. (6)	68	285,124		11,802,297	0.79%
17	Christopher & Banks, Inc.	89	302,351		11,262,130	0.75%
18	Pacific Sunwear of California	78	279,279		11,077,605	0.74%
19	Charlotte Russe Holding, Inc.	46	318,334		10,986,838	0.74%
20	Aeropostale, Inc.	76	258,479		10,745,110	0.72%
21	Charming Shoppes, Inc. (7)	55	325,926		10,457,028	0.70%
22	The Buckle, Inc.	49	242,066		9,434,145	0.63%
23	Sun Capital Partners, Inc. (8)	55	706,327		9,072,094	0.61%
24	Claire’s Stores, Inc.	121	142,567		9,034,560	0.60%
25	Tween Brands, Inc. (9)	64	259,072		8,530,498	0.57%
		2,424	18,667,521	$	388,399,930	25.98%

(1)	Includes annual minimum rent and tenant reimbursements based on amounts in effect at March 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)	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)	Sun Capital Partners, Inc. operates Anchor Blue, Fazoli’s, Friendly’s, Life Uniform, Mattress Firm, Mervyn’s, Shopko, Smokey Bones, Souper Salad and The Limited.
(9)	Tween Brands, Inc. operates Limted Too and Justice.

12

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

Capital Expenditures for Three Months Ended March 31, 2008
(In thousands)

Tenant allowances	$	9,580
Renovations		5,286
Deferred maintenance:
Parking lot and parking lot lighting		1,007
Roof repairs and replacements		802
Other capital expenditures		1,524
Total deferred maintenance expenditures		3,333
Total capital expenditures	$	18,199

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
Quarter ended:	$	596
March 31,		—
June 30,		—
September 30,		—
December 31,	$	596

13

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Quarter Ended March 31, 2008

Properties Opened Year-to-date (Dollars in thousands)		Total Project	CBL’s Share of
Property	Location	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	$	1,043	Spring-08	15.0	%
Coastal Grand - Ulta Cosmetics	Myrtle Beach, SC	10,000		1,449		1,456	Spring-08	8.7	%
Coastal Grand - JCPenney	Myrtle Beach, SC	103,395		NA		NA	Spring-08	NA
Office:
CBL Center II	Chattanooga, TN	74,598		17,120		12,825	January-08	8.6	%
		194,667	$	20,812	$	15,324

Announced Property Renovations and Redevelopments (Dollars in thousands)		Total Project	CBL’s Share of
Property	Location	Square Feet	Total Cost		Cost To Date		Opening Date	Initial Yield(a)
Redevelopments:
Parkdale Mall - Former Dillards (Phase I & II)	Beaumont, TX	70,220	$	29,266	$	14,513	Jan-08/Fall-08	6.6	%
West County - Former Lord & Taylor	St. Louis, MO	90,687		34,149		9,404	Winter-08	9.9	%
Mall Renovations:
Brookfield Square	Brookfield, WI	1,132,984	$	18,100	$	9,096	Fall-08	NA
Georgia Square	Athens, GA	674,738		16,900		10,857	Spring-08	NA
		1,968,629	$	98,415	$	43,870

Properties Under Development at March 31, 2008 (Dollars in thousands)		Total Project	CBL’s Share of
Property	Location	Square Feet	Total Cost		Cost To Date		Opening Date	Initial Yield(a)
Mall Expansions:
Asheville Mall - Barnes & Noble	Asheville, NC	35,968	$	12,123	$	783	Spring-09	5.1	%
Brookfield Square - Claim Jumpers	Brookfield, WI	12,000		3,430		707	Fall-08	11.9	%
High Pointe Commons - Christmas Tree Shops	Harrisburg, PA	34,938		1,741		985	Fall-08	9.0	%
Laural Park Place - Food Court	Detroit, MI	34,000		5,588		233	Winter-08	8.6	%
Oak Park Mall - Barnes & Noble	Kansas City, KS	35,539		9,657		1,857	Winter-08	6.7	%
Southpark Mall - Foodcourt	Colonial Heights, VA	17,150		4,188		2,019	Spring-08	11.0	%
Associated/Lifestyle Centers:
Brookfield Square - Corner Development	Brookfield, WI	19,745		8,372		1,508	Fall-08	8.0	%
Imperial Valley Commons (Phase I) (b)	El Centro, CA	610,966		11,471		25,070	Summer-09/Summer-10	8.1	%
Mixed -Use Center:
Pearland Town Center (Retail Portion)	Pearland, TX	694,417		150,016		109,917	Summer-08	7.8	%
Pearland Town Center (Hotel Portion)	Pearland, TX	72,500		17,866		7,213	Summer-08	8.3	%
Pearland Town Center (Residential Portion)	Pearland, TX	68,110		10,799		3,035	Summer-08	8.8	%
Pearland Town Center (Office Portion)	Pearland, TX	51,560		9,385		330	Summer-08	8.7	%
Community/Open-Air Centers:
Alamance Crossing - Theater/Shops	Burlington, NC	82,997		18,882		6,631	Spring-08	8.4	%
Hammock Landing (Phase I) (d)	West Melbourne, FL	458,126		77,314		34,198	Spring-09	7.6	%
Settlers Ridge (b)	Robinson Township, PA	508,192		117,105		33,763	Summer-09	7.8	%
Statesboro Crossing (d)	Statesboro, GA	160,238		20,224		10,817	Fall-08/Summer-10	8.2	%
Summit Fair (c)	Lee’s Summit, MO	482,051		22,000		22,000	Fall-08/Summer-09	9.8	%
The Pavilion at Port Orange (Phase I) (d)	Port Orange, FL	505,669		145,795		35,219	Fall-09	7.5	%
		3,884,166	$	645,956	$	296,285

(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

14