Exhibit 99.1


                                [CBL LETTERHEAD]



Investor                                 Media
Contact: Katie Knight                    Contact: Deborah Gibb
         Director of Investor Relations         Director of Corporate Relations
        (423) 490-8301                          (423) 490-8315

              CBL COMPLETES $400 MILLION UNSECURED CREDIT FACILITY

CHATTANOOGA, Tenn. (August 27, 2004) - CBL & Associates Properties, Inc. (NYSE:
  CBL) today announced that it has completed a new, unsecured credit facility
  for up to $400 million. The facility will have an initial term of two years
  with three one-year extensions at the Company's option and will bear interest
  based on leverage in the range of 100 to 145 basis points over the LIBOR. The
  facility replaces an existing $130 million unsecured line that was set to
  expire in September 2004.

The banks participating in the new credit facility include Wells Fargo Bank as
  Administrative Agent and Co-Lead Arranger; KeyBank as Syndication Agent and
  Co-Lead Arranger; and Wachovia Bank and U.S. Bank as Co-Documentation Agents.
  Also participating are LaSalle Bank, National City Bank of Kentucky, Societe
  General, Union Bank of California, and PNC Bank.

"This credit facility will provide additional flexibility for our active
  acquisition and development programs," stated Charles B. Lebovitz, chairman
  and chief executive officer of CBL & Associates Properties. "With over $705
  million of transactions completed so far this year and other acquisitions
  available in the market, this new facility furthers our ability to react
  quickly. We are also excited to extend long-standing relationships with
  several members of our existing lending group and to add four new banks to our
  facility. We have enjoyed tremendous support from our banks and look forward
  to continuing this successful partnership."

  CBL & Associates Properties, Inc. is one of the top five owners of shopping
  centers in North America and the largest owner of malls and shopping centers
  in the Southeast, ranked by GLA owned. CBL owns, holds interests in or manages
  167 properties, including 67 enclosed regional malls. The properties are
  located in 27 states and total 69.2 million square feet including 2.0 million
  square feet of non-owned shopping centers managed for third parties. CBL has
  ten projects under construction totaling approximately 2.0 million square feet
  including one regional mall - Imperial Valley Mall in the Imperial Valley
  region of California, an open-air shopping center in Southaven, MS, one
  community center and seven expansions. In addition to its office in
  Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional
  information can be found at www.cblproperties.com.

  Information included herein contains "forward-looking statements" within the
  meaning of the federal securities laws. Such statements are inherently subject
  to risks and uncertainties, many of which cannot be predicted with accuracy
  and some of which might not even be anticipated. Future events and actual
  events, financial and otherwise, may differ materially from the events and
  results discussed in the forward-looking statements. The reader is directed to
  the Company's various filings with the Securities and Exchange Commission,
  including without limitation the Company's Annual Report on Form 10-K and the
  "Management's Discussion and Analysis of Financial Condition and Results of
  Operations" incorporated by reference therein, for a discussion of such risks
  and uncertainties.