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 Ended March 31, 2009

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

	Three Months Ended March 31,
	2009			2008
REVENUES:
Minimum rents	$	171,937		$	174,531
Percentage rents		4,804			4,996
Other rents		4,280			5,014
Tenant reimbursements		81,484			86,423
Management, development and leasing fees		2,465			2,938
Other		6,090			7,029
Total revenues		271,060			280,931
EXPENSES:
Property operating		44,017			48,292
Depreciation and amortization		78,311			75,081
Real estate taxes		24,154			24,179
Maintenance and repairs		15,994			17,916
General and administrative		11,479			12,531
Other		5,157			6,999
Total expenses		179,112			184,998
Income from operations		91,948			95,933
Interest and other income		1,581			2,727
Interest expense		(71,885	)		(80,224	)
Impairment of investment		(7,706	)		—
Gain (loss) on sales of real estate assets		(139	)		3,076
Equity in earnings of unconsolidated affiliates		1,534			979
Income tax provision		(603	)		(357	)
Income from continuing operations		14,730			22,134
Operating income (loss) of discontinued operations		(66	)		283
Loss on discontinued operations		(60	)		—
Net income		14,604			22,417
Net income attributable to noncontrolling interests in:
Operating partnership		(1,306	)		(4,742	)
Other consolidated subsidiaries		(6,131	)		(6,049	)
Net income attributable to the Company		7,167			11,626
Preferred dividends		(5,455	)		(5,455	)
Net income available to common shareholders	$	1,712		$	6,171
Basic per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.03		$	0.08
Discontinued operations		(0.01	)		0.01
Net income available to common shareholders	$	0.02		$	0.09
Weighted average common shares outstanding		71,161			70,994
Diluted per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.03		$	0.08
Discontinued operations		(0.01	)		0.01
Net income available to common shareholders	$	0.02		$	0.09
Weighted average common and potential dilutive common shares outstanding		71,196			71,027
Amounts attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	1,784		$	6,011
Discontinued operations		(72	)		160
Net income available to common shareholders	$	1,712		$	6,171

1

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months Ended March 31, 2009

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

	Three Months Ended March 31,
	2009			2008
Net income available to common shareholders	$	1,712		$	6,171
Noncontrolling interest in earnings of operating partnership		1,306			4,742
Depreciation and amortization expense of:
Consolidated properties		78,311			75,081
Unconsolidated affiliates		7,509			6,677
Discontinued operations		—			775
Non-real estate assets		(247	)		(243	)
Noncontrolling interests’ share of depreciation and amortization		(201	)		(348	)
Loss on discontinued operations		60			—
Funds from operations of the operating partnership	$	88,450		$	92,855
Funds from operations per diluted share	$	0.72		$	0.75
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted		123,145			123,001
Reconciliation of FFO of the operating partnership to FFO allocable to common shareholders:
Funds from operations of the operating partnership		88,450			92,855
Percentage allocable to common shareholders (1)		57.80	%		57.73	%
Funds from operations allocable to common shareholders	$	51,124		$	53,605
(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	$	2,543		$	1,460
Lease termination fees per share	$	0.02		$	0.01
Straight-line rental income	$	1,731		$	1,501
Straight-line rental income per share	$	0.01		$	0.01
Gains on outparcel sales	$	425		$	3,360
Gains on outparcel sales per share	$	—		$	0.03
Amortization of acquired above- and below-market leases	$	1,548		$	2,597
Amortization of acquired above- and below-market leases per share	$	0.01		$	0.02
Amortization of debt premiums	$	2,035		$	2,076
Amortization of debt premiums per share	$	0.02		$	0.02
Income tax provision	$	(603	)	$	(357	)
Income tax provision per share	$	—		$	—
Abandoned projects	$	(76	)	$	(1,713	)
Abandoned projects per share	$	—		$	(0.01	)
Impairment of investment	$	(7,706	)	$	—
Impairment of investment per share	$	(0.06	)	$	—

2

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months Ended March 31, 2009

Same-Center Net Operating Income
(Dollars in thousands)

	Three Months Ended March 31,
	2009			2008
Net income attributable to the Company	$	7,167		$	11,626
Adjustments:
Depreciation and amortization		78,311			75,081
Depreciation and amortization from unconsolidated affiliates		7,509			6,677
Depreciation and amortization from discontinued operations		—			775
Noncontrolling interests’ share of depreciation and amortization in other consolidated subsidiaries		(201	)		(348	)
Interest expense		71,885			80,224
Interest expense from unconsolidated affiliates		7,865			6,626
Noncontrolling interests’ share of interest expense in other consolidated subsidiaries		(273	)		(448	)
Abandoned projects expense		76			1,713
(Gain) loss on sales of real estate assets		139			(3,076	)
Gain on sales of real estate assets of unconsolidated affiliates		(564	)		(284	)
Impairment of investment		7,706			—
Income tax provision		603			357
Net income attributable to noncontrolling interest in earnings of operating partnership		1,306			4,742
Loss on discontinued operations		60			—
Operating partnership’s share of total NOI		181,589			183,665
General and administrative expenses		11,479			12,531
Management fees and non-property level revenues		(5,932	)		(8,092	)
Operating partnership’s share of property NOI		187,136			188,104
NOI of non-comparable centers		(3,781	)		(2,541	)
Total same-center NOI	$	183,355		$	185,563
Malls	$	166,875		$	168,258
Associated centers		7,822			8,607
Community centers		3,370			3,401
Other		5,288			5,297
Total same-center NOI		183,355			185,563
Less lease termination fees		(2,549	)		(1,352	)
Total same-center NOI, excluding lease termination fees	$	180,806		$	184,211
Percentage Change:
Malls		-0.8	%
Associated centers		-9.1	%
Community centers		-0.9	%
Other		-0.2	%
Total same-center NOI		-1.2	%
Total same-center NOI, excluding lease termination fees		-1.8	%

3

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months Ended March 31, 2009

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

	March 31, 2009
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	4,580,821		$	1,514,076		$	6,094,897
Noncontrolling interests’ share of consolidated debt		(23,477	)		(928	)		(24,405	)
Company’s share of unconsolidated affiliates’ debt		408,342			166,754			575,095
Company’s share of consolidated and unconsolidated debt	$	4,965,686		$	1,679,902		$	6,645,588
Weighted average interest rate		5.95	%		1.70	%		4.88	%

	March 31, 2008
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	4,673,477		$	1,216,143		$	5,889,620
Noncontrolling interests’ 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	%

Debt-To-Total-Market Capitalization Ratio as of March 31, 2009
(In thousands, except stock price)
	Shares Outstanding		Stock Price (1)		Value
Common stock and operating partnership units		117,064	$	2.36	$	276,271
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						566,271
Company’s share of total debt						6,645,588
Total market capitalization					$	7,211,859
Debt-to-total-market capitalization ratio						92.1	%

(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on March 31, 2009. 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 (2)
(In thousands)

	Three Months Ended March 31,
		Basic	Diluted
2009:
Weighted average shares - EPS		71,161	71,196
Weighted average operating partnership units		51,949	51,949
Weighted average shares- FFO		123,110	123,145
2008:
Weighted average shares - EPS		70,994	71,027
Weighted average operating partnership units		51,974	51,974
Weighted average shares- FFO		122,968	123,001

Dividend Payout Ratio		Three Months Ended March 31,
	2009			2008
Weighted average cash dividend per share	$	0.21763		$	0.55047
FFO per diluted, fully converted share	$	0.72		$	0.75
Dividend payout ratio		30.2	%		73.4	%

(2) As adjusted for the common stock and common units issued in connection with the Company’s dividend payment on April 15, 2009.

4

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months Ended March 31, 2009

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

	March 31, 2009			December 31, 2008
ASSETS
Real estate assets:
Land	$	926,663		$	902,504
Buildings and improvements		7,553,549			7,503,334
		8,480,212			8,405,838
Less accumulated depreciation		(1,371,814	)		(1,310,173	)
		7,108,398			7,095,665
Developments in progress		189,679			225,815
Net investment in real estate assets		7,298,077			7,321,480
Cash and cash equivalents		44,073			51,227
Cash in escrow		2,490			2,700
Receivables:
Tenant, net of allowance		70,314			74,402
Other		11,104			12,145
Mortgage notes receivable		55,867			58,961
Investment in unconsolidated affiliates		197,498			207,618
Intangible lease assets and other assets		293,447			305,802
	$	7,972,870		$	8,034,335
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable	$	6,094,897		$	6,095,676
Accounts payable and accrued liabilities		308,468			329,991
Total liabilities		6,403,365			6,425,667
Commitments and contingencies
Redeemable noncontrolling interests		439,016			439,675
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, 66,453,651 and 66,394,844 issued and outstanding in 2009 and 2008, respectively		664			664
Additional paid-in capital		1,007,345			1,003,746
Accumulated other comprehensive loss		(21,971	)		(22,594	)
Accumulated deficit		(216,171	)		(193,307	)
Total shareholders’ equity		769,879			788,521
Noncontrolling interests		360,610			380,472
Total equity		1,130,489			1,168,993
	$	7,972,870		$	8,034,335

5

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months Ended March 31, 2009

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,
	2009			2008
EBITDA:
Net income attributable to the company	$	7,167		$	11,626
Adjustments:
Depreciation and amortization		78,311			75,081
Depreciation and amortization from unconsolidated affiliates		7,509			6,677
Depreciation and amortization from discontinued operations		—			775
Noncontrolling interests’ share of depreciation and amortization in other consolidated subsidiaries		(201	)		(348	)
Interest expense		71,885			80,224
Interest expense from unconsolidated affiliates		7,865			6,626
Noncontrolling interests’ share of interest expense in other consolidated subsidiaries		(273	)		(448	)
Income taxes		802			656
Impairment of investment		7,706			—
Abandoned projects		76			1,713
Net income attributable to noncontrolling interest in earnings of operating partnership		1,306			4,742
Loss on discontinued operations		60			—
Company’s share of total EBITDA	$	182,213		$	187,324
Interest Expense:
Interest expense	$	71,885		$	80,224
Interest expense from unconsolidated affiliates		7,865			6,626
Noncontrolling interests’ share of interest expense in other consolidated subsidiaries		(273	)		(448	)
Company’s share of total interest expense	$	79,477		$	86,402
Ratio of EBITDA to Interest Expense		2.29			2.17
Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
	Three Months Ended March 31,
	2009			2008
Company’s share of total EBITDA	$	182,213		$	187,324
Interest expense		(71,885	)		(80,224	)
Noncontrolling interests’ share of interest expense in other consolidated subsidiaries		273			448
Income taxes		(802	)		(656	)
Amortization of deferred financing costs and non-real estate depreciation included in operating expense		2,350			2,119
Amortization of debt premiums		(2,035	)		(1,975	)
Amortization of above- and below- market leases		(1,548	)		(2,597	)
Depreciation and interest expense from unconsolidated affiliates		(15,374	)		(13,303	)
Noncontrolling interests’ share of depreciation and amortization in other consolidated subsidiaries		201			348
Net income attributable to noncontrolling interests in other consolidated subsidiaries		6,131			6,049
(Gain) loss on outparcel sales		139			(3,076	)
Realized foreign currency loss		48			—
Income tax benefit from stock options		—			1,501
Equity in earnings of unconsolidated affiliates		(1,534	)		(979	)
Distributions from unconsolidated affiliates		3,727			4,163
Share-based compensation expense		970			1,588
Changes in operating assets and liabilities		(11,110	)		(11,119	)
Cash flows provided by operating activities	$	91,735		$	89,611

6

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months Ended March 31, 2009

Schedule of Mortgage and Other Notes Payable as of March 31, 2009
(Dollars in thousands)

		Original Maturity Date	Optional Extended Maturity Date
				Interest Rate					Balance
Location	Property					Balance			Fixed		Variable
Operating Properties:
Fairview Heights, IL	St. Clair Square	Apr-09	—	7.00	%	$	59,160	(a)	$	59,160	$	—
Terre Haute, IN	Honey Creek Mall	May-09	—	6.95	%		30,179	(b)		30,179		—
Daytona Beach, FL	Volusia Mall	May-09	—	6.70	%		51,334	(b)		51,334		—
Pearland, TX	Pearland Office	Jul-09	Jul-12	1.66	%		7,562	(c)		—		7,562
Pearland, TX	Pearland Town Center	Jul-09	Jul-12	1.66	%		125,626	(c)		—		125,626
Chattanooga, TN	CBL Center II	Aug-09	Aug-10	1.75	%		11,599			—		11,599
Burlington, NC	Alamance Crossing	Sep-09	Sep-11	1.77	%		74,413			—		74,413
Meridian, MS	Bonita Lakes Crossing	Oct-09	—	6.82	%		7,235	(b)		7,235		—
Meridian, MS	Bonita Lakes Mall	Oct-09	—	6.82	%		23,090	(b)		23,090		—
Stillwater, OK	Lakeview Pointe	Nov-09	Nov-10	1.55	%		15,600			—		15,600
Cincinnati, OH	Eastgate Mall	Dec-09	—	4.55	%		53,055	(d)		53,055		—
Little Rock, AR	Park Plaza Mall	May-10	—	8.69	%		39,255			39,255		—
Spartanburg, SC	WestGate Crossing	Jul-10	—	8.42	%		9,121			9,121		—
Burnsville, MN	Burnsville Center	Aug-10	—	8.00	%		62,954			62,954		—
Roanoke, VA	Valley View Mall	Sep-10	—	8.61	%		41,654			41,654		—
Beaumont, TX	Parkdale Crossing	Sep-10	—	5.01	%		7,856			7,856		—
Beaumont, TX	Parkdale Mall	Sep-10	—	5.01	%		49,755			49,755		—
Nashville, TN	CoolSprings Galleria	Sep-10	—	6.22	%		122,798			122,798		—
Lansing, MI	Meridian Mall	Nov-10	Nov-11	5.18	%		40,000	(e)		40,000
Stroud, PA	Stroud Mall	Dec-10	—	8.42	%		30,099			30,099		—
Wausau, WI	Wausau Center	Dec-10	—	6.70	%		11,580			11,580		—
York, PA	York Galleria	Dec-10	—	8.34	%		48,090			48,090		—
Statesboro, GA	Statesboro Crossing	Feb-11	Feb-13	1.52	%		15,780			—		15,780
St. Louis, MO	West County Center- Former Lord & Taylor	Mar-11	Mar-13	1.55	%		23,494			—		23,494
Lexington, KY	Fayette Mall	Jul-11	—	7.00	%		88,255			88,255		—
St. Louis, MO	Mid Rivers Mall	Jul-11	—	7.24	%		78,748			78,748		—
Panama City, FL	Panama City Mall	Aug-11	—	7.30	%		37,585			37,585		—
Asheville, NC	Asheville Mall	Sep-11	—	6.98	%		64,341			64,341		—
Nashville, TN	Rivergate Mall	Sep-11	Sep-13	5.85	%		87,500	(f)		87,500
Milford, CT	Milford Marketplace	Jan-12	Jan-13	4.03	%		17,250			—		17,250
Ft. Smith, AR	Massard Crossing	Feb-12	—	7.54	%		5,555			5,555		—
Vicksburg, MS	Pemberton Plaza	Feb-12	—	7.54	%		1,898			1,898		—
Houston, TX	Willowbrook Plaza	Feb-12	—	7.54	%		28,426			28,426		—
High Point, NC	Oak Hollow Mall	Feb-12	—	4.50	%		37,708			37,708		—
Fayetteville, NC	Cross Creek Mall	Apr-12	—	7.40	%		59,812			59,812		—
Colonial Heights, VA	Southpark Mall	May-12	—	7.00	%		33,956			33,956		—
Douglasville, GA	Arbor Place	Jul-12	—	6.51	%		70,651			70,651		—
Saginaw, MI	Fashion Square	Jul-12	—	6.51	%		54,094			54,094		—
Louisville, KY	Jefferson Mall	Jul-12	—	6.51	%		39,357			39,357		—
North Charleston, SC	Northwoods Mall	Jul-12	—	6.51	%		56,348			56,348		—
Jackson, TN	Old Hickory Mall	Jul-12	—	6.51	%		31,208			31,208		—
Asheboro, NC	Randolph Mall	Jul-12	—	6.50	%		13,608			13,608		—
Racine, WI	Regency Mall	Jul-12	—	6.51	%		30,861			30,861		—
Douglasville, GA	The Landing At Arbor Place	Jul-12	—	6.51	%		7,975			7,975		—
Spartanburg, SC	WestGate Mall	Jul-12	—	6.50	%		48,883			48,883		—
Chattanooga, TN	CBL Center	Aug-12	—	6.25	%		13,613			13,613		—
Livonia, MI	Laurel Park Place	Dec-12	—	8.50	%		47,862			47,862		—
Monroeville, PA	Monroeville Mall	Jan-13	—	5.73	%		119,969			119,969		—
Greensburg, PA	Westmoreland Mall	Mar-13	—	5.05	%		73,115			73,115		—
St. Louis, MO	West County Center	Apr-13	—	5.19	%		154,513			154,513		—
Columbia, SC	Columbia Place	Sep-13	—	5.45	%		29,904			29,904		—
St. Louis, MO	South County Center	Oct-13	—	4.96	%		78,625			78,625		—
Joplin, MO	Northpark Mall	Mar-14	—	5.75	%		37,829			37,829		—
Laredo, TX	Mall del Norte	Dec-14	—	5.04	%		113,400			113,400		—
Rockford, IL	Cherryvale Mall	Oct-15	—	5.00	%		88,962			88,962		—
Brookfield, IL	Brookfield Square	Nov-15	—	5.08	%		99,590			99,590		—
Madison, WI	East Towne Mall	Nov-15	—	5.00	%		75,825			75,825		—
Madison, WI	West Towne Mall	Nov-15	—	5.00	%		107,104			107,104		—
Bloomington, IL	Eastland Mall	Dec-15	—	5.85	%		59,400			59,400		—
Decatur, IL	Hickory Point Mall	Dec-15	—	5.85	%		31,695			31,695		—
Overland Park, KS	Oak Park Mall	Dec-15	—	5.85	%		275,700			275,700		—

7

		Original Maturity Date	Optional Extended Maturity Date
				Interest Rate					Balance
Location	Property					Balance			Fixed			Variable
Janesville, WI	Janesville Mall	Apr-16	—	8.38	%		9,899			9,899			—
Akron, OH	Chapel Hill Mall	Aug-16	—	6.10	%		74,482			74,482			—
Chesapeake, VA	Greenbrier Mall	Aug-16	—	5.91	%		82,123			82,123			—
Chattanooga, TN	Hamilton Place	Aug-16	—	5.86	%		113,007			113,007			—
Midland, MI	Midland Mall	Aug-16	—	6.10	%		36,757			36,757			—
St. Louis, MO	Chesterfield Mall	Sep-16	—	5.74	%		140,000			140,000			—
Southaven, MS	Southaven Towne Center	Jan-17	—	5.50	%		44,613			44,613			—
Cary, NC	Cary Towne Center	Mar-17	—	8.50	%		74,083			74,083			—
Charleston, SC	Citadel Mall	Apr-17	—	5.68	%		73,272			73,272			—
Chattanooga, TN	Hamilton Corner	Apr-17	—	5.67	%		16,602			16,602			—
Layton, UT	Layton Hills Mall	Apr-17	—	5.66	%		104,732			104,732			—
Lafayette, LA	Mall of Acadiana	Apr-17	—	5.67	%		146,533			146,533			—
Lexington, KY	The Plaza at Fayette Mall	Apr-17	—	5.67	%		43,258			43,258			—
Fairview Heights, IL	The Shoppes at St. Clair Square	Apr-17	—	5.67	%		21,922			21,922			—
Cincinnati, OH	Eastgate Crossing	May-17	—	5.66	%		16,309			16,309			—
Nashville, TN	Courtyard at Hickory Hollow	Oct-18	—	6.00	%		1,938			1,938			—
Winston-Salem, NC	Hanes Mall	Oct-18	—	6.99	%		163,320			163,320			—
Nashville, TN	Hickory Hollow Mall	Oct-18	—	6.00	%		33,547			33,547			—
	SUBTOTAL					$	4,458,811		$	4,167,487		$	291,324
Weighted average interest rate							5.85	%		6.14	%		1.81	%
Debt Premiums (Discounts):
Terre Haute, IN	Honey Creek Mall	May-09	—	6.95	%		109			109			—
Little Rock, AR	Park Plaza Mall	May-10	—	8.69	%		1,458			1,458			—
Roanoke, VA	Valley View Mall	Sep-10	—	8.61	%		2,087			2,087			—
St. Louis, MO	Mid Rivers Mall	Jul-11	—	7.24	%		2,984			2,984			—
Fayetteville, NC	Cross Creek Mall	Apr-12	—	7.40	%		3,988			3,988			—
Colonial Heights, VA	Southpark Mall	May-12	—	7.00	%		1,800			1,800			—
Livonia, MI	Laurel Park Place	Dec-12	—	8.50	%		5,410			5,410			—
Monroeville, PA	Monroeville Mall	Jan-13	—	5.73	%		1,698			1,698			—
St. Louis, MO	West County Center	Apr-13	—	5.19	%		(3,274	)		(3,274	)		—
St. Louis, MO	South County Center	Oct-13	—	4.96	%		(1,638	)		(1,638	)		—
Joplin, MO	Northpark Mall	Mar-14	—	5.75	%		379			379			—
St. Louis, MO	Chesterfield Mall	Sep-16	—	5.74	%		(2,018	)		(2,018	)		—
	SUBTOTAL					$	12,983		$	12,983		$	—
Weighted average interest rate							4.80	%		4.80	%
Total Loans On Operating Properties And Debt Premiums (Discounts)						$	4,471,794		$	4,180,470		$	291,324
Weighted average interest rate							5.85	%		6.13	%		1.81	%
Construction Loans:
D’lberville, MS	The Promenade	Dec-10	Dec-11	0.47	%	$	79,085	(g)	$	—		$	79,085
Pittsburgh, PA	Settlers Ridge	Dec-10	Dec-12	1.46	%		17,623			—			17,623
	SUBTOTAL					$	96,708			—		$	96,708
Credit Facilities:
Unsecured credit facility, $560,000 capacity		Aug-09	Aug-11	1.58	%	$	522,500		$	—		$	522,500
Secured credit facilities:
$524,850 capacity		Feb-10	—	1.33	%		524,850	(h)		400,000			124,850
$105,000 capacity		Jun-10	—	1.46	%		17,000			—			17,000
$20,000 capacity		Mar-10	—	1.30	%		20,000			—			20,000
$17,200 capacity		Apr-10	—	1.30	%		4,200			—			4,200
Total secured facilities				3.54	%		566,050			400,000			166,050
Unsecured term facilities:
General		Apr-11	Apr-13	2.23	%		228,000			—			228,000
Starmount		Nov-10	Nov-12	1.78	%		209,494			—			209,494
Total term facilities				2.01	%		437,494			—			437,494
	SUBTOTAL			1.26	%	$	1,526,044		$	400,000		$	1,126,044
Other						$	351		$	351		$	—
Total Consolidated Debt						$	6,094,897		$	4,580,821		$	1,514,076
Weighted average interest rate							4.91	%		5.98	%		1.66	%

8

		Original Maturity Date	Optional Extended Maturity Date
				Interest Rate					Balance
Location	Property					Balance			Fixed			Variable
Plus CBL’s Share Of Unconsolidated Affiliates’ Debt:
Huntsville, AL	Parkway Place	Jun-09	Jun-10	1.50	%	$	26,213		$	—		$	26,213
Ft. Myers, FL	Gulf Coast Town Center Phase III	Apr-10	Apr-12	2.06	%		11,561			—			11,561
Lee’s Summit, MO	Summit Fair	Jun-10	—	2.62	%		11,879	(i)		—			11,879
Del Rio, TX	Plaza del Sol	Aug-10	—	9.15	%		533			533			—
West Melbourne, FL	Hammock Landing	Aug-10	Aug-13	2.58	%		39,144			—			39,144
West Melbourne, FL	Hammock Landing	Aug-10	Aug-11	2.57	%		3,640			—			3,640
Port Orange, FL	The Pavilion At Port Orange	Jun-11	Jun-13	1.78	%		45,605			—			45,605
Port Orange, FL	The Pavilion At Port Orange Phase II	Jun-11	Jun-12	1.73	%		8,300			—			8,300
York, PA	York Town Center	Oct-11	—	1.79	%		20,412			—			20,412
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	%		1,100			1,100			—
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	%		45,088			45,088			—
El Centro, CA	Imperial Valley Mall	Sep-15	—	4.99	%		34,066			34,066			—
Raleigh, NC	Triangle Town Center	Dec-15	—	5.74	%		98,130			98,130			—
Greensboro, NC	Renaissance Center Phase 1	Jul-16	—	5.61	%		17,979			17,979			—
Clarksville, TN	Governor’s Square Mall	Sep-16	—	8.23	%		12,838			12,838			—
Paducah, KY	Kentucky Oaks Mall	Jan-17	—	5.27	%		14,013			14,013			—
Greensboro, NC	Shops at Friendly Center	Jan-17	—	5.90	%		21,868			21,868			—
Harrisburg, PA	High Pointe Commons	May-17	—	5.74	%		7,576			7,576			—
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					$	575,096		$	408,342		$	166,754
Less Noncontrolling Interests’ Share Of Consolidated Debt:		Minority Interest%
Chattanooga, TN	CBL Center	8.00%		6.25	%	$	(1,089	)	$	(1,089	)	$	—
Chattanooga, TN	CBL Center II	8.00%		1.75	%		(928	)		—			(928	)
Chattanooga, TN	Hamilton Corner	10.00%		5.67	%		(1,660	)		(1,660	)		—
Chattanooga, TN	Hamilton Place	10.00%		5.86	%		(11,301	)		(11,301	)		—
High Point, NC	Oak Hollow Mall	25.00%		4.50	%		(9,427	)		(9,427	)		—
	SUBTOTAL					$	(24,405	)	$	(23,477	)	$	(928	)
Company’s Share Of Consolidated And Unconsolidated Debt						$	6,645,588		$	4,965,686		$	1,679,902
Weighted average interest rate							4.88	%		5.95	%		1.70	%
Total Debt of Unconsolidated Affiliates:
Huntsville, AL	Parkway Place	Jun-09	Jun-10	1.50	%	$	52,426		$	—		$	52,426
Ft. Myers, FL	Gulf Coast Town Center Phase III	Apr-10	Apr-12	2.06	%		11,561			—			11,561
Lee’s Summit, MO	Summit Fair	Jun-10	—	2.62	%		43,996			—			43,996
Del Rio, TX	Plaza del Sol	Aug-10	—	9.15	%		1,053			1,053			—
West Melbourne, FL	Hammock Landing	Aug-10	Aug-13	2.58	%		39,144			—			39,144
West Melbourne, FL	Hammock Landing	Aug-10	Aug-11	2.57	%		3,640			—			3,640
Port Orange, FL	The Pavilion At Port Orange	Jun-11	Jun-13	1.78	%		45,605			—			45,605
Port Orange, FL	The Pavilion At Port Orange Phase II	Jun-11	Jun-12	1.73	%		8,300			—			8,300
York, PA	York Town Center	Oct-11	—	1.79	%		40,824			—			40,824
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	%		90,177	(j)		90,177			—
El Centro, CA	Imperial Valley Mall	Sep-15	—	4.99	%		56,776			56,776			—
Releigh, NC	Triangle Town Center	Dec-15	—	5.74	%		196,260			196,260			—
Greensboro, NC	Renaissance Center Phase 1	Jul-16	—	5.61	%		35,959			35,959			—
Clarksville, TN	Governor’s Square Mall	Sep-16	—	8.23	%		27,028			27,028			—
Paducah, KY	Kentucky Oaks Mall	Jan-17	—	5.27	%		28,025			28,025			—
Greensboro, NC	Shops at Friendly Center	Jan-17	—	5.90	%		43,737			43,737			—
Harrisburg, PA	High Pointe Commons	May-17	—	5.74	%		15,152			15,152			—
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			—
						$	1,052,163		$	806,667		$	245,496
Weighted average interest rate							4.76	%		5.60	%		2.02	%

(a)	A loan extension with a maturity date of April 2010 and a principal balance of $59,160 was executed in April 2009.
(b)	These loans are secured by the same institutional lender. We are in the process of completing our negotiations on these loans, which we anticipate closing in the second quarter.
(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 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.

9

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months Ended March 31, 2009

Schedule of Maturities of Mortgage and Other Notes Payable as of March 31, 2009

(Dollars in thousands )

Based on Maturity Dates As Though All Extension Options Available Have Been Exercised as of March 31, 2009:

Year	Consolidated Debt		CBL’s Share of Unconsolidated Affiliates’ Debt		Noncontrolling Interests’ Share of Consolidated Debt			CBL’s Share of Consolidated and Unconsolidated Debt		% of Total
2009	$	224,053	$	—	$	—		$	224,053		3.37	%
2010		1,016,411		38,625		(928	)		1,054,108		15.86	%
2011		984,927		24,052		—			1,008,979		15.17	%
2012		942,121		19,861		(10,516	)		951,466		14.32	%
2013		828,149		142,599		—			970,748		14.61	%
2014		151,229		45,088		—			196,317		2.95	%
2015		738,276		132,195		—			870,471		13.10	%
2016		456,268		30,818		(11,301	)		475,785		7.16	%
2017		541,325		141,858		(1,660	)		681,523		10.26	%
2018		199,155		—		—			199,155		3.00	%
Face Amount of Debt		6,081,914		575,096		(24,405	)		6,632,605		99.80	%
Net Premiums on Debt		12,983		—		—			12,983		0.20	%
Total	$	6,075,897	$	575,096	$	(24,405	)	$	6,645,588		100.00	%
Based on Original Maturity Dates as of March 31, 2009:
Year	Consolidated Debt		CBL’s Share of Unconsolidated Affiliates’ Debt		Noncontrolling Interests’ Share of Consolidated Debt			CBL’s Share of Consolidated and Unconsolidated Debt		% of Total
2009	$	981,353	$	26,213	$	(928	)	$	1,006,638		15.15	%
2010		1,335,414		66,757		—			1,402,171		21.10	%
2011		623,703		74,317		—			698,020		10.49	%
2012		599,065		—		(10,516	)		588,549		8.86	%
2013		456,126		57,850		—			513,976		7.73	%
2014		151,229		45,088		—			196,317		2.95	%
2015		738,276		132,195		—			870,471		13.10	%
2016		456,268		30,818		(11,301	)		475,785		7.16	%
2017		541,325		141,858		(1,660	)		681,523		10.26	%
2018		199,155		—		—			199,155		3.00	%
Face Amount of Debt		6,081,914		575,096		(24,405	)		6,632,605		99.80	%
Net Premiums on Debt		12,983		—		—			12,983		0.20	%
Total	$	6,094,897	$	575,096	$	(24,405	)	$	6,645,588		100.00	%

Debt Covenant Compliance Ratios as of March 31, 2009

Unsecured Line of Credit	Required	Actual	Compliance
Debt to Gross Asset Value	65.0%	57.5%	Yes
Interest Coverage Ratio*	>1.75x	2.34x	Yes
Debt Service Coverage Ratio*	>1.55x	1.93x	Yes

* Based on rolling twelve months

10

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months Ended March 31, 2009

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 (2)		% Change Average
All Property Types (1)	543,392	$	37.17	$	32.35	-13.0	%	$	33.01	-11.2	%
Stabilized malls	490,923		39.00		33.97	-12.9	%		34.67	-11.1	%
New leases	92,349		40.35		37.93	-6.0	%		40.55	0.5	%
Renewal leases	398,574	$	38.68	$	33.05	-14.6	%	$	33.31	-13.9	%

Total Leasing Activity

	Square Feet
Total Leased	1,257,350
Operating Portfolio	1,204,614
Development Portfolio	52,736

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

	As of March 31,
	2009		2008
Stabilized malls	$	29.34	$	29.03
Non-stabilized malls		26.68		25.14
Associated centers		12.08		11.75
Community centers		14.62		13.51
Other		19.05		18.11

⁽⁽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.

11

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months Ended March 31, 2009

Top 25 Tenants Based On Percentage Of Total Revenues For The Three Months Ended March 31, 2009

	Tenant	Number of Stores		Square Feet		Percentage of Total Annualized Revenues
1	Limited Brands, LLC		160		797,072		2.92	%
2	Foot Locker, Inc.		181		687,095		2.52	%
3	Abercrombie & Fitch, Co.		98		659,673		2.20	%
4	The Gap Inc.		91		899,896		2.13	%
5	AE Outfitters Retail Company		85		491,407		2.03	%
6	Signet Group plc (1)		117		207,256		1.78	%
7	Luxottica Group, S.P.A. (2)		150		328,833		1.53	%
8	Zale Corporation		144		151,970		1.52	%
9	Finish Line, Inc.		90		438,433		1.50	%
10	Genesco Inc. (3)		182		250,437		1.41	%
11	Express Fashions		51		411,970		1.34	%
12	JC Penney Co. Inc. (4)		79		8,614,704		1.29	%
13	The Regis Corporation		212		250,021		1.18	%
14	New York & Company, Inc.		58		412,948		1.18	%
15	Dick’s Sporting Goods, Inc.		15		944,937		1.16	%
16	Charlotte Russe Holding, Inc.		52		360,274		1.15	%
17	Aeropostale, Inc.		76		258,465		0.98	%
18	Pacific Sunwear of California		70		256,016		0.90	%
19	Christopher & Banks, Inc.		87		297,169		0.90	%
20	The Buckle, Inc.		51		251,346		0.89	%
21	The Children’s Place Retail Stores, Inc.		54		227,571		0.84	%
22	Sun Capital Partners, Inc. (5)		59		795,644		0.84	%
23	Charming Shoppes, Inc. (6)		51		290,878		0.82	%
24	Claire’s Stores, Inc.		116		135,315		0.80	%
25	Collective Brands, Inc.		88		239,167		0.78	%
			2,417		18,658,497		34.59	%

(1)	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.
(2)	Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut and Pearl Vision.
(3)	Genesco Inc. operates Journey’s, Jarman, Underground Station, Hat World, Lids, Hat Zone and Cap Factory stores.
(4)	JC Penney Co. Inc. owns 30 of these stores.
(5)	Sun Capital Partners, Inc. operates Anchor Blue, Fazoli’s, Friendly’s, Life Uniform, Shopko, Smokey Bones, Souper Salad and The Limited.
(6)	Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine’s.

12

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For the Three Months Ended March 31, 2009

Capital Expenditures for Three Months Ended March 31, 2009
(In thousands)

Tenant allowances	$	8,295
Renovations		88
Deferred maintenance:
Parking lot and parking lot lighting		39
Roof repairs and replacements		1,139
Other capital expenditures		983
Total deferred maintenance expenditures		2,161
Total capital expenditures	$	10,544

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)

	2009		2008
Quarter ended:
March 31,	$	651	$	596
June 30,		—		990
September 30,		—		818
December 31,		—		911
	$	651	$	3,315

13

CBL & Associates Properties, Inc.
Supplemental Financial And Operating Information
For The Quarter Ended March 31, 2009

Properties Opened Year-to-date
(Dollars in thousands)

		Total Project Square Feet	CBL’s Share of
			Total Cost		Cost To Date		Date Opened	Initial Yield(a)
Property	Location
Mall Expansions:
Asheville Mall - Barnes & Noble	Asheville, NC	40,000	$	11,684	$	7,903	Spring-09		5.3	%
Oak Park Mall - Barnes & Noble (b)	Kansas City, KS	34,000		9,619		11,504	Spring-09		7.9	%
Redevelopments:
West County - Former Lord & Taylor	St. Louis, MO	90,620		34,149		24,607	Spring-09		9.9	%
		164,620	$	55,452	$	44,014
Properties Under Development at March 31, 2009 (Dollars in thousands)
		Total Project Square Feet	CBL’s Share of
			Total Cost		Cost To Date		Opening Date	Initial Yield(a)
Property	Location
Community/Open-Air Centers:
Hammock Landing (Phase I and Phase 1A) (c)	West Melbourne, FL	470,042	$	39,673	$	39,606	Spring-09/Fall-10		7.3	% *
Settlers Ridge (Phase I) (d)	Robinson Township, PA	393,422		108,818		55,320	Fall-09		6.1	% *
Summit Fair (e)	Lee’s Summit, MO	483,172		22,000		22,000	Summer-09		9.4	%
The Pavilion at Port Orange (Phase I and Phase 1A) (c)	Port Orange, FL	495,669		73,813		44,750	Fall-09/Summer-10		7.1	% *
The Promenade (d)	D’Iberville, MS	681,317		88,127		46,928	Fall-09		8.0	%
		2,523,622	$	332,431	$	208,604

(a)	Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees.
(b)	Costs to date may be gross of applicable reimbursements that have not yet been received.
(c)	50/50 Joint Venture. Costs to date may be gross of applicable reimbursements that have not yet been received.
(d)	Settlers Ridge is a 60/40 Joint Venture. The Promenade is an 85/15 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.
(e)	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.

14