CBL & ASSOCIATES PROPERTIES INC - FORM 8-K - EX-99.3 - SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION

Attached files

file	filename
8-K - FORM 8-K - CBL & ASSOCIATES PROPERTIES INC	form8k.htm
EX-99.1 - EARNINGS RELEASE - CBL & ASSOCIATES PROPERTIES INC	exhibit991.htm
EX-99.2 - INVESTOR CONFERENCE CALL SCRIPT - CBL & ASSOCIATES PROPERTIES INC	exhibit992.htm

Exhibit 99.3

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009
REVENUES:
Minimum rents	$	171,240		$	168,577		$	509,911		$	510,586
Percentage rents		2,602			2,849			8,743			9,257
Other rents		4,259			3,377			13,417			11,788
Tenant reimbursements		78,957			78,463			234,900			241,353
Management, development and leasing fees		1,369			1,312			4,676			5,392
Other		7,404			7,881			21,875			20,946
Total revenues		265,831			262,459			793,522			799,322

EXPENSES:
Property operating		38,420			40,203			114,492			123,155
Depreciation and amortization		73,333			71,161			215,953			225,069
Real estate taxes		25,555			25,785			75,368			74,357
Maintenance and repairs		13,145			13,116			42,728			42,350
General and administrative		10,495			8,808			31,890			31,180
Loss on impairment of real estate		-			-			25,435			-
Other		6,351			7,714			19,467			18,785
Total expenses		167,299			166,787			525,333			514,896
Income from operations		98,532			95,672			268,189			284,426
Interest and other income		832			1,246			2,831			4,189
Interest expense		(72,053	)		(71,120	)		(218,854	)		(215,847	)
Loss on impairment of investments		-			(1,143	)		-			(8,849	)
Gain on sales of real estate assets		591			1,535			2,606			1,468
Equity in earnings (losses) of unconsolidated affiliates		(1,558	)		271			(610	)		1,867
Income tax benefit		1,264			1,358			5,052			603
Income from continuing operations		27,608			27,819			59,214			67,857
Operating income (loss) of discontinued operations		69			15			183			(67	)
Gain (loss) on discontinued operations		-			10			-			(62	)
Net income		27,677			27,844			59,397			67,728
Net income attributable to noncontrolling interests in:
Operating partnership		(3,605	)		(4,758	)		(4,992	)		(11,173	)
Other consolidated subsidiaries		(6,133	)		(6,497	)		(18,394	)		(19,208	)
Net income attributable to the Company		17,939			16,589			36,011			37,347
Preferred dividends		(8,359	)		(5,455	)		(22,745	)		(16,364	)
Net income attributable to common shareholders	$	9,580		$	11,134		$	13,266		$	20,983
Basic per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.07		$	0.08		$	0.10		$	0.22
Discontinued operations		-			-			-			-
Net income attributable to common shareholders	$	0.07		$	0.08		$	0.10		$	0.22
Weighted average common shares outstanding		138,075			137,860			138,037			95,746

Diluted per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.07		$	0.08		$	0.10		$	0.22
Discontinued operations		-			-			-			-
Net income attributable to common shareholders	$	0.07		$	0.08		$	0.10		$	0.22

Weighted average common and potential dilutive common shares outstanding		138,121			137,897			138,079			95,782

Amounts attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	9,500		$	11,116		$	13,133		$	21,067
Discontinued operations		80			18			133			(84	)
Net income attributable to common shareholders	$	9,580		$	11,134		$	13,266		$	20,983

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009

Net income attributable to common shareholders	$	9,580		$	11,134		$	13,266		$	20,983
Noncontrolling interest in income of operating partnership		3,605			4,758			4,992			11,173
Depreciation and amortization expense of:
Consolidated properties		73,333			71,161			215,953			225,069
Unconsolidated affiliates		5,681			7,428			21,052			22,492
Discontinued operations		19			100			63			296
Non-real estate assets		(2,463	)		(241	)		(2,901	)		(731	)
Noncontrolling interests' share of depreciation and amortization		(243	)		(120	)		(699	)		(385	)
Gain (loss) on discontinued operations		-			(10	)		-			62
Funds from operations of the operating partnership		89,512			94,210			251,726			278,959
Loss on impairment of real estate		-			-			25,435			-
Funds from operations of the operating partnership, excluding loss on impairment of real estate	$	89,512		$	94,210		$	277,161		$	278,959


Funds from operations per diluted share	$	0.47		$	0.50		$	1.32		$	1.89
Loss on impairment of real estate per diluted share (1)		-			-			0.14			-
Funds from operations, excluding loss on impairment of real estate, per diluted share	$	0.47		$	0.50		$	1.46		$	1.89
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted		190,070			189,846			190,028			147,221


Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:

Funds from operations of the operating partnership	$	89,512		$	94,210		$	251,726		$	278,959
Percentage allocable to Company shareholders (2)		72.66	%		72.63	%		72.66	%		65.05	%
Funds from operations allocable to Company shareholders	$	65,039		$	68,425		$	182,904		$	181,463

Funds from operations of the operating partnership, excluding loss on impairment of real estate	$	89,512		$	94,210		$	277,161		$	278,959
Percentage allocable to common shareholders (2)		72.66	%		72.63	%		72.66	%		65.05	%
Funds from operations allocable to Company shareholders, excluding loss on impairment of real estate	$	65,039		$	68,425		$	201,385		$	181,463

(1)	Diluted per share amount presented for reconciliation purposes may differ from actual diluted per share amount due to rounding.
(2)	Represents the weighted average number of common shares outstanding for the period divided by the sum of the weighted average number of common shares and the weighted average number of operating partnership units outstanding during the period. See the reconciliation of shares and operating partnership units on page 5.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

SUPPLEMENTAL FFO INFORMATION

(in thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009

Lease termination fees	$	429		$	742		$	2,577		$	4,413
Lease termination fees per share	$	-		$	-		$	0.01		$	0.03

Straight-line rental income	$	1,778		$	2,858		$	4,540		$	6,166
Straight-line rental income per share	$	0.01		$	0.02		$	0.02		$	0.04

Gains on outparcel sales	$	545		$	1,755		$	2,605		$	2,406
Gains on outparcel sales per share	$	-		$	0.01		$	0.01		$	0.02

Amortization of acquired above- and below-market leases	$	646		$	1,372		$	2,208		$	4,452
Amortization of acquired above- and below-market leases per share	$	-		$	0.01		$	0.01		$	0.03

Amortization of debt premiums	$	1,279		$	1,615		$	4,209		$	5,357
Amortization of debt premiums per share	$	0.01		$	0.01		$	0.02		$	0.04

Income tax benefit	$	1,264		$	1,358		$	5,052		$	603
Income tax benefit per share	$	-		$	-		$	0.03		$	-

Abandoned projects expense	$	(61	)	$	(1,203	)	$	(420	)	$	(1,346	)
Abandoned projects expense per share	$	-		$	-		$	-		$	-

Loss on impairment of real estate	$	-		$	-		$	(25,435	)	$	-
Loss on impairment of real estate per share	$	-		$	-		$	(0.13	)	$	-

Loss on impairment of investments	$	-		$	(1,143	)	$	-		$	(8,849	)
Loss on impairment of investments per share	$	-		$	-		$	-		$	(0.06	)

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

Same-Center Net Operating Income

(Dollars in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009

Net income attributable to the Company	$	17,939		$	16,589		$	36,011		$	37,347

Adjustments:
Depreciation and amortization		73,333			71,161			215,953			225,069
Depreciation and amortization from unconsolidated affiliates		5,681			7,428			21,052			22,492
Depreciation and amortization from discontinued operations		19			100			63			296
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(243	)		(120	)		(699	)		(385	)
Interest expense		72,053			71,120			218,854			215,847
Interest expense from unconsolidated affiliates		5,658			7,398			21,389			22,760
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(313	)		(233	)		(926	)		(695	)
Abandoned projects expense		61			1,203			420			1,346
Gain on sales of real estate assets		(591	)		(1,535	)		(2,606	)		(1,468	)
(Gain) loss on sales of real estate assets of unconsolidated affiliates		46			(220	)		1			(938	)
Loss on impairment of investments		-			1,143			-			8,849
Loss on impairment of real estate		-			-			25,435			-
Income tax benefit		(1,264	)		(1,358	)		(5,052	)		(603	)
Net income attributable to noncontrolling interests in operating partnership		3,605			4,758			4,992			11,173
Gain (loss) on discontinued operations		-			(10	)		-			62
Operating partnership's share of total NOI		175,984			177,424			534,887			541,152
General and administrative expenses		10,495			8,808			31,890			31,180
Management fees and non-property level revenues		(1,665	)		(3,886	)		(15,731	)		(13,581	)
Operating partnership's share of property NOI		184,814			182,346			551,046			558,751
Non-comparable NOI		(4,747	)		(2,944	)		(11,279	)		(10,697	)
Total same-center NOI	$	180,067		$	179,402		$	539,767		$	548,054
Total same-center NOI percentage change		0.4	%					-1.5	%

Total same-center NOI		180,067			179,402			539,767			548,054
Less lease termination fees		(422	)		(750	)		(2,569	)		(2,564	)
Total same-center NOI, excluding lease termination fees	$	179,645		$	178,652		$	537,198		$	545,490

Malls	$	160,131		$	160,138		$	483,320		$	489,472
Associated centers		8,196			7,546			23,883			23,498
Community centers		4,311			4,379			12,839			13,105
Offices and other		7,007			6,589			17,156			19,415
Total same-center NOI, excluding lease termination fees	$	179,645		$	178,652		$	537,198		$	545,490

Percentage Change:
Malls		0.0	%					-1.3	%
Associated centers		8.6	%					1.6	%
Community centers		-1.6	%					-2.0	%
Offices and other		6.3	%					-11.6	%
Total same-center NOI, excluding lease termination fees		0.6	%					-1.5	%

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

	September 30, 2010
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,795,104		$	1,629,766		$	5,424,870
Noncontrolling interests' share of consolidated debt		(24,863	)		(928	)		(25,791	)
Company's share of unconsolidated affiliates' debt		420,545			167,496			588,041
Company's share of consolidated and unconsolidated debt	$	4,190,786		$	1,796,334		$	5,987,120
Weighted average interest rate		5.78	%		2.93	%		4.93	%

	September 30, 2009
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	4,521,262		$	1,157,299		$	5,678,561
Noncontrolling interests' share of consolidated debt		(23,370	)		(928	)		(24,298	)
Company's share of unconsolidated affiliates' debt		405,597			193,711			599,308
Company's share of consolidated and unconsolidated debt	$	4,903,489		$	1,350,082		$	6,253,571
Weighted average interest rate		5.84	%		1.91	%		4.99	%

Debt-To-Total-Market Capitalization Ratio as of September 30, 2010

(In thousands, except stock price)

		Shares Outstanding		Stock Price (1)		Value
Common stock and operating partnership units			190,025	$	13.06	$	2,481,727
7.75% Series C Cumulative Redeemable Preferred Stock			460		250.00		115,000
7.375% Series D Cumulative Redeemable Preferred Stock			1,330		250.00		332,500
Total market equity							2,929,227
Company's share of total debt							5,987,120
Total market capitalization						$	8,916,347
Debt-to-total-market capitalization ratio							67.1	%

(1)	Stock price for common stock and operating partnership units equals the closing price of the common stock on September 30, 2010. 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 September 30,				Nine Months Ended September 30,
2010:	Basic		Diluted		Basic		Diluted
Weighted average shares - EPS		138,075		138,121		138,037		138,079
Weighted average operating partnership units		51,949		51,949		51,949		51,949
Weighted average shares- FFO		190,024		190,070		189,986		190,028

2009:
Weighted average shares - EPS		137,860		137,897		95,746		95,782
Weighted average operating partnership units		51,948		51,949		51,439		51,439
Weighted average shares- FFO		189,808		189,846		147,185		147,221

Dividend Payout Ratio

	Three Months Ended September 30,						Nine Months Ended September 30,
		2010			2009			2010			2009
Weighted average dividend per share	$	0.22690		$	0.10370		$	0.68486		$	0.63661
FFO per diluted, fully converted share	$	0.47		$	0.50		$	1.32		$	1.89
Dividend payout ratio		48.3	%		20.7	%		51.9	%		33.7	%

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

Consolidated Balance Sheets

(Unaudited, in thousands except share data)

	September 30, 2010			December 31, 2009
ASSETS
Real estate assets:
Land	$	944,821		$	946,750
Buildings and improvements		7,568,635			7,569,015
		8,513,456			8,515,765
Accumulated depreciation		(1,665,563	)		(1,505,840	)
		6,847,893			7,009,925
Held for sale		1,366			-
Developments in progress		121,299			85,110
Net investment in real estate assets		6,970,558			7,095,035
Cash and cash equivalents		56,668			48,062
Receivables:
Tenant, net of allowance		73,942			73,170
Other		12,671			8,162
Mortgage and other notes receivable		37,866			38,208
Investments in unconsolidated affiliates		196,083			186,523
Intangible lease assets and other assets		267,692			279,950
	$	7,615,480		$	7,729,110

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Mortgage and other indebtedness	$	5,424,870		$	5,616,139
Accounts payable and accrued liabilities		306,929			248,333
Total liabilities		5,731,799			5,864,472
Commitments and contingencies
Redeemable noncontrolling interests:
Redeemable noncontrolling partnership interests		27,650			22,689
Redeemable noncontrolling preferred joint venture interest		423,834			421,570
Total redeemable noncontrolling interests		451,484			444,259
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, 1,330,000 and 700,000 shares outstanding in 2010 and 2009, respectively		13			7
Common Stock, $.01 par value, 350,000,000 shares authorized, 138,075,818 and 137,888,408 issued and outstanding in 2010 and 2009, respectively		1,381			1,379
Additional paid-in capital		1,504,421			1,399,654
Accumulated other comprehensive income		5,398			491
Accumulated deficit		(353,208	)		(283,640	)
Total shareholders' equity		1,158,010			1,117,896
Noncontrolling interests		274,187			302,483
Total equity		1,432,197			1,420,379
	$	7,615,480		$	7,729,110

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

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 September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009
EBITDA:
Net income attributable to the Company	$	17,939		$	16,589		$	36,011		$	37,347

Adjustments:
Depreciation and amortization		73,333			71,161			215,953			225,069
Depreciation and amortization from unconsolidated affiliates		5,681			7,428			21,052			22,492
Depreciation and amortization from discontinued operations		19			100			63			296
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(243	)		(120	)		(699	)		(385	)
Interest expense		72,053			71,120			218,854			215,847
Interest expense from unconsolidated affiliates		5,658			7,398			21,389			22,760
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(313	)		(233	)		(926	)		(695	)
Income and other taxes		(1,085	)		(815	)		(4,122	)		1,482
Loss on impairment of investments		-			1,143			-			8,849
Loss on impairment of real estate		-			-			25,435			-
Abandoned projects		61			1,203			420			1,346
Net income attributable to noncontrolling interests in operating partnership		3,605			4,758			4,992			11,173
(Gain) loss on discontinued operations		-			(10	)		-			62
Company's share of total EBITDA	$	176,708		$	179,722		$	538,422		$	545,643

Interest Expense:
Interest expense	$	72,053		$	71,120		$	218,854		$	215,847
Interest expense from unconsolidated affiliates		5,658			7,398			21,389			22,760
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		(313	)		(233	)		(926	)		(695	)
Company's share of total interest expense	$	77,398		$	78,285		$	239,317		$	237,912

Ratio of EBITDA to Interest Expense		2.28			2.30			2.25			2.29

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities

(In thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2010			2009			2010			2009

Company's share of total EBITDA	$	176,708		$	179,722		$	538,422		$	545,643
Interest expense		(72,053	)		(71,120	)		(218,854	)		(215,847	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries		313			233			926			695
Income and other taxes		1,085			815			4,122			(1,482	)
Amortization of deferred financing costs and debt premiums (discounts)		1,779			170			5,219			(767	)
Net amortization of intangible lease assets		(1,560	)		(575	)		(1,481	)		(2,061	)
Depreciation and interest expense from unconsolidated affiliates		(11,339	)		(14,826	)		(42,441	)		(45,252	)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		243			120			699			385
Noncontrolling interest in income of other consolidated subsidiaries		6,133			6,497			18,394			19,208
(Gain) loss on outparcel sales		(591	)		(1,535	)		(2,606	)		(1,468	)
Realized foreign currency loss		-			-			169			76
Equity in earnings of unconsolidated affiliates		1,558			(271	)		610			(1,867	)
Distributions from unconsolidated affiliates		824			2,155			3,554			8,175
Income tax benefit from share-based compensation		-			-			(1,815	)		-
Share-based compensation expense		373			488			1,932			2,363
Provision for doubtful accounts		1,205			690			2,950			4,487
Change in deferred tax accounts		1,896			(326	)		2,245			386
Changes in operating assets and liabilities		1,344			(3,535	)		(22,207	)		(14,827	)
Cash flows provided by operating activities	$	107,918		$	98,702		$	289,838		$	297,847

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

Schedule of Mortgage and Other Notes Payable as of September 30, 2010

(Dollars in thousands )

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

Operating Properties:

Stillwater, OK	Lakeview Pointe	Nov-10		-		1.26	%	$	14,950		$	-	$	14,950
Wausau, WI	Wausau Center	Dec-10		-		6.70	%		10,853			10,853		-
D'lberville, MS	The Promenade	Dec-10	Dec-11			2.07	%		64,265	(a)		-		64,265
Statesboro, GA	Statesboro Crossing	Feb-11	Feb-13			1.26	%		15,002			-		15,002
St. Louis, MO	West County Center - restaurant village	Mar-11	Mar-13			1.26	%		29,424			-		29,424
Pittsburgh, PA	Settlers Ridge	Jun-11	Dec-12			3.26	%		56,833			-		56,833
Lexington, KY	Fayette Mall	Jul-11		-		7.00	%		85,660			85,660		-
St. Louis, MO	Mid Rivers Mall	Jul-11		-		7.24	%		78,748			78,748		-
Pearland, TX	Pearland Town Center	Jul-11	Jul-12			2.71	%		126,469			-		126,469
Pearland, TX	Pearland Office	Jul-11	Jul-12			2.71	%		7,562			-		7,562
Burlington, NC	Alamance Crossing	Sep-11		-		1.51	%		52,350	(b)		40,000		12,350
Panama City, FL	Panama City Mall	Aug-11		-		7.30	%		36,662			36,662		-
Chattanooga, TN	CBL Center II	Aug-11		-		4.50	%		11,599			-		11,599
Asheville, NC	Asheville Mall	Sep-11		-		6.98	%		62,472			62,472		-
Nashville, TN	RiverGate Mall	Sep-11	Sep-13			2.51	%		87,500			-		87,500
Milford, CT	Milford Marketplace	Jan-12	Jan-13			3.76	%		16,950			-		16,950
Ft. Smith, AR	Massard Crossing	Feb-12		-		7.54	%		5,436			5,436		-
Houston, TX	Willowbrook Plaza	Feb-12		-		7.54	%		27,815			27,815		-
Vicksburg, MS	Pemberton Plaza	Feb-12		-		7.54	%		1,857			1,857		-
High Point, NC	Oak Hollow Mall	Feb-12		-		2.00	%		39,856			39,856		-
Fayetteville, NC	Cross Creek Mall	Apr-12		-		7.40	%		58,257			58,257		-
Colonial Heights, VA	Southpark Mall	May-12		-		7.00	%		32,488			32,488		-
Douglasville, GA	Arbor Place	Jul-12		-		6.51	%		67,493			67,493		-
Saginaw, MI	Fashion Square	Jul-12		-		6.51	%		51,675			51,675		-
Louisville, KY	Jefferson Mall	Jul-12		-		6.51	%		37,597			37,597		-
North Charleston, SC	Northwoods Mall	Jul-12		-		6.51	%		53,829			53,829		-
Jackson, TN	Old Hickory Mall	Jul-12		-		6.51	%		29,813			29,813		-
Asheboro, NC	Randolph Mall	Jul-12		-		6.50	%		12,999			12,999		-
Racine, WI	Regency Mall	Jul-12		-		6.51	%		29,481			29,481		-
Douglasville, GA	The Landing at Arbor Place	Jul-12		-		6.51	%		7,619			7,619		-
Spartanburg, SC	WestGate Mall	Jul-12		-		6.50	%		46,696			46,696		-
Chattanooga, TN	CBL Center	Aug-12		-		6.25	%		13,210			13,210		-
Livonia, MI	Laurel Park Place	Dec-12		-		8.50	%		46,507			46,507		-
Monroeville, PA	Monroeville Mall	Jan-13		-		5.73	%		114,698			114,698		-
Greensburg, PA	Westmoreland Mall	Mar-13		-		5.05	%		69,538			69,538		-
St. Louis, MO	West County Center	Apr-13		-		5.19	%		149,784			149,784		-
Columbia, SC	Columbia Place	Sep-13		-		5.45	%		28,558			28,558		-
St. Louis, MO	South County Center	Oct-13		-		4.96	%		76,216			76,216		-
Joplin, MO	Northpark Mall	Mar-14		-		5.75	%		36,329			36,329		-
Laredo, TX	Mall del Norte	Dec-14		-		5.04	%		113,400			113,400		-
Fairview Heights, IL	St. Clair Square	Jan-15		-		4.53	%		71,250	(c)		71,250		-
Rockford, IL	CherryVale Mall	Oct-15		-		5.00	%		86,463			86,463		-
Brookfield, IL	Brookfield Square	Nov-15		-		5.08	%		96,841			96,841		-
Madison, WI	East Towne Mall	Nov-15		-		5.00	%		73,708			73,708		-
Madison, WI	West Towne Mall	Nov-15		-		5.00	%		104,113			104,113		-
Bloomington, IL	Eastland Mall	Dec-15		-		5.85	%		59,400			59,400		-
Decatur, IL	Hickory Point Mall	Dec-15		-		5.85	%		30,925			30,925		-
Overland Park, KS	Oak Park Mall	Dec-15		-		5.85	%		275,700			275,700		-
Janesville, WI	Janesville Mall	Apr-16		-		8.38	%		8,261			8,261		-
Akron, OH	Chapel Hill Mall	Aug-16		-		6.10	%		72,828			72,828		-
Chesapeake, VA	Greenbrier Mall	Aug-16		-		5.91	%		80,240			80,240		-
Chattanooga, TN	Hamilton Place	Aug-16		-		5.86	%		110,396			110,396		-
Midland, MI	Midland Mall	Aug-16		-		6.10	%		35,941			35,941		-
St. Louis, MO	Chesterfield Mall	Sep-16		-		5.74	%		140,000			140,000		-
Southaven, MS	Southaven Towne Center	Jan-17		-		5.50	%		43,552			43,552		-
Cary, NC	Cary Towne Center	Mar-17		-		8.50	%		65,060			65,060		-

											Balance
Location	Property	Original Maturity Date	Optional Extended Maturity Date		Interest Rate			Balance			Fixed			Variable
Charleston, SC	Citadel Mall	Apr-17		-		5.68	%		71,609			71,609			-
Chattanooga, TN	Hamilton Corner	Apr-17		-		5.67	%		16,225			16,225			-
Fairview Heights, IL	The Shoppes at St. Clair Square	Apr-17		-		5.67	%		21,424			21,424			-
Lafayette, LA	Mall of Acadiana	Apr-17		-		5.67	%		143,200			143,200			-
Layton, UT	Layton Hills Mall	Apr-17		-		5.66	%		102,348			102,348			-
Lexington, KY	The Plaza at Fayette Mall	Apr-17		-		5.67	%		42,274			42,274			-
Cincinnati, OH	EastGate Crossing	May-17		-		5.66	%		15,940			15,940			-
Nashville, TN	CoolSprings Galleria	May-18		-		6.98	%		114,349			114,349			-
Nashville, TN	The Courtyard at Hickory Hollow	Oct-18		-		6.00	%		1,704			1,704			-
Nashville, TN	Hickory Hollow Mall	Oct-18		-		6.00	%		29,500			29,500			-
Winston-Salem, NC	Hanes Mall	Oct-18		-		6.99	%		160,695			160,695			-
Daytona Beach, FL	Volusia Mall	Jul-19		-		8.00	%		56,365			56,365			-
Terre Haute, IN	Honey Creek Mall	Jul-19		-		8.00	%		32,766			32,766			-
Chattanooga, TN	The Terrace	Jun-20		-		7.25	%		14,747			14,747			-
Roanoke, VA	Valley View Mall	Jul-20		-		6.50	%		64,826			64,826			-
Burnsville, MN	Burnsville Center	Jul-20		-		6.00	%		82,760			82,760			-

	SUBTOTAL							$	4,233,860		$	3,790,956		$	442,904
Weighted average interest rate									5.45	%		5.80	%		2.51	%

Debt Premiums (Discounts): (d)


St. Louis, MO	Mid Rivers Mall	Jul-11		-		7.24	%	$	1,022		$	1,022		$	-
Fayetteville, NC	Cross Creek Mall	Apr-12		-		7.40	%		2,094			2,094			-
Colonial Heights, VA	Southpark Mall	May-12		-		7.00	%		959			959			-
Livonia, MI	Laurel Park Place	Dec-12		-		8.50	%		3,228			3,228			-
Monroeville, PA	Monroeville Mall	Jan-13		-		5.73	%		1,035			1,035			-
St. Louis, MO	West County Center	Apr-13		-		5.19	%		(2,054	)		(2,054	)		-
St. Louis, MO	South County Center	Oct-13		-		4.96	%		(1,120	)		(1,120	)		-
Joplin, MO	Northpark Mall	Mar-14		-		5.75	%		266			266			-
St. Louis, MO	Chesterfield Mall	Sep-16		-		5.74	%		(1,602	)		(1,602	)		-
	SUBTOTAL							$	3,828		$	3,828		$	-
Weighted average interest rate									4.33	%		4.33	%

Total Loans On Operating Properties And Debt Premiums (Discounts)								$	4,237,688		$	3,794,784		$	442,904
Weighted average interest rate									5.45	%		5.79	%		2.51	%

Construction Loans:

Madison, MS	The Forum at Grandview - Land	Sep-12	Sep-13			3.76	%	$	1,800		$	-		$	1,800
Madison, MS	The Forum at Grandview	Sep-13	Sep-14			3.26	%		3,524			-			3,524

	SUBTOTAL							$	5,324			-		$	5,324

Credit Facilities:
Secured credit facilities:
$560,000 capacity		Aug-11	Apr-14			3.10	%	$	518,920		$	-		$	518,920
$525,000 capacity		Feb-12	Feb-13			5.25	%		220,124			-			220,124
$105,000 capacity		Jun-12		-		4.50	%		5,000			-			5,000
Total secured facilities						3.75	%		744,044			-			744,044
Unsecured term facilities:
Starmount		Nov-10	Nov-12			1.38	%		209,494			-			209,494
General		Apr-11	Apr-13			1.87	%		228,000			-			228,000
Total term facilities						1.64	%		437,494			-			437,494
	SUBTOTAL					2.96	%	$	1,181,538		$	-		$	1,181,538

Other								$	320		$	320		$	-

Total Consolidated Debt								$	5,424,870		$	3,795,104		$	1,629,766
Weighted average interest rate									4.91	%		5.79	%		2.84	%

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

Plus CBL's Share Of Unconsolidated Affiliates' Debt:
Ft. Myers, FL	Gulf Coast Town Center Phase III	Apr-11			Apr-12			1.76	%		11,561				-			11,561
West Melbourne, FL	Hammock Landing Phase I	Aug-11			Aug-13			4.50	%		42,334				-			42,334
West Melbourne, FL	Hammock Landing Phase II	Aug-11			Aug-11			2.26	%		3,276				-			3,276
York, PA	York Town Center	Oct-11				-		1.51	%		20,118				-			20,118
Port Orange, FL	The Pavilion at Port Orange	Dec-11			Dec-13			4.50	%		69,363				-			69,363
Lee's Summit, MO	Summit Fair	Jul-12				-		4.00	%		20,844		(e)		-			20,844
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 Office Building	Apr-13				-		5.33	%		1,100				1,100			-
Greensboro, NC	Friendly Shopping Center	Apr-13				-		5.33	%		38,813				38,813			-
Greensboro, NC	Green Valley Office Building	Apr-13				-		5.33	%		971				971			-
Greensboro, NC	Renaissance Center Phase II	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	%		43,154		(f)		43,154			-
El Centro, CA	Imperial Valley Mall	Sep-15				-		4.99	%		33,107				33,107			-
Raleigh, NC	Triangle Town Center	Dec-15				-		5.74	%		95,702				95,702			-
Greensboro, NC	Renaissance Center Phase I	Jul-16				-		5.61	%		17,577				17,577			-
Clarksville, TN	Governor's Square Mall	Sep-16				-		8.23	%		11,833				11,833			-
Paducah, KY	Kentucky Oaks Mall	Jan-17				-		5.27	%		13,330				13,330			-
Greensboro, NC	The Shops at Friendly Center	Jan-17				-		5.90	%		21,382				21,382			-
Harrisburg, PA	High Pointe Commons	May-17				-		5.74	%		7,344				7,344			-
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	%		2,920				2,920			-
Huntsville, AL	Parkway Place	Jul-20				-		6.50	%		20,944				20,944			-
	SUBTOTAL									$	588,041			$	420,545		$	167,496

Less Noncontrolling Interests' Share Of Consolidated Debt:		Noncontrolling Interest %
Chattanooga, TN	CBL Center II		8.00	%				4.50	%	$	(928	)		$	-		$	(928	)
High Point, NC	Oak Hollow Mall		25.00	%				2.00	%		(9,964	)			(9,964	)		-
Chattanooga, TN	CBL Center		8.00	%				6.25	%		(1,057	)			(1,057	)		-
Chattanooga, TN	Hamilton Place		10.00	%				5.86	%		(11,040	)			(11,040	)		-
Chattanooga, TN	Hamilton Corner		10.00	%				5.67	%		(1,622	)			(1,622	)		-
Chattanooga, TN	The Terrace		8.00	%				7.25	%		(1,180	)			(1,180	)		-
	SUBTOTAL									$	(25,791	)		$	(24,863	)	$	(928	)

Company's Share Of Consolidated And Unconsolidated Debt										$	5,987,120			$	4,190,786		$	1,796,334
Weighted average interest rate											4.93	%			5.78	%		2.93	%

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

Total Debt of Unconsolidated Affiliates:
Ft. Myers, FL	Gulf Coast Town Center Phase III	Apr-11	Apr-12			1.76	%	$	11,561			$	-		$	11,561
West Melbourne, FL	Hammock Landing Phase I	Aug-11	Aug-13			4.50	%		42,334				-			42,334
West Melbourne, FL	Hammock Landing Phase II	Aug-11		-		2.26	%		3,276				-			3,276
York, PA	York Town Center	Oct-11		-		1.51	%		40,235				-			40,235
Port Orange, FL	The Pavilion at Port Orange	Dec-11	Jun-13			4.50	%		69,363				-			69,363
Lee's Summit, MO	Summit Fair	Jul-12		-		4.00	%		77,201		(e)		-			77,201
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 Shopping 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 II	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	%		86,307		(f)		86,307			-
El Centro, CA	Imperial Valley Mall	Sep-15		-		4.99	%		55,178				55,178			-
Raleigh, NC	Triangle Town Center	Dec-15		-		5.74	%		191,403				191,403			-
Greensboro, NC	Renaissance Center Phase I	Jul-16		-		5.61	%		35,153				35,153			-
Clarksville, TN	Governor's Square Mall	Sep-16		-		8.23	%		24,912				24,912			-
Paducah, KY	Kentucky Oaks Mall	Jan-17		-		5.27	%		26,659				26,659			-
Greensboro, NC	The Shops at Friendly Center	Jan-17		-		5.90	%		42,763				42,763			-
Harrisburg, PA	High Pointe Commons	May-17		-		5.74	%		14,689				14,689			-
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	%		5,841				5,841			-
Huntsville, AL	Parkway Place	Jul-20		-		6.50	%		41,888				41,888			-
								$	1,075,263			$	831,293		$	243,970
Weighted average interest rate									5.19	%			5.63	%		3.69	%

(a)	The Company has 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 $66,561 of the total debt balance reported have been drawn by the Company and the remainder of the balance is retained in a restricted cash account to provide for future costs, development reimbursements, or loan repayment, as required by the related debt agreement.
(b)	The Company has an interest rate swap on a notional amount of $40,000 related to Alamance Crossing to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in November 2010.
(c)	The Company has an interest rate cap on a notional amount of $72,000, amortizing to $69,375 over the term of the cap, related to St. Clair Square to limit the maximum interest rate that may be applied to the variable-rate loan to 7.00%. The cap terminates in January 2012.
(d)	The weighted average interest rates used for debt premiums (discounts) reflect the market interest rate in effect as of the assumption of the related debt.
(e)	The Company has guaranteed 27%, up to a maximum of $24,379, of the outstanding balance of this construction financing.
(f)	Represents a first mortgage securing the property. In addition to the first mortgage, there is also $18,000 of B-notes that are payable to the Company and its joint venture partner, each of which hold $9,000.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

Schedule of Maturities of Mortgage and Other Notes Payable Based on Outstanding Balances as of September 30, 2010

(Dollars in thousands )

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

Year	Consolidated Debt		CBL's Share of Unconsolidated Affiliates' Debt		Noncontrolling Interests' Share of Consolidated Debt			CBL's Share of Consolidated and Unconsolidated Debt		% of Total

2010	$	25,803	$	-	$	-		$	25,803		0.43	%
2011		391,756		23,394		(928	)		414,222		6.92	%
2012		967,986		32,405		(11,021	)		989,370		16.52	%
2013		1,037,594		169,549		-			1,207,143		20.16	%
2014		672,173		43,154		-			715,327		11.95	%
2015		798,400		128,809		-			927,209		15.49	%
2016		447,666		29,410		(11,040	)		466,036		7.78	%
2017		521,632		140,376		(1,622	)		660,386		11.03	%
2018		306,248		-		-			306,248		5.12	%
2019		89,131		-		-			89,131		1.49	%
2020		162,653		20,944		(1,180	)		182,417		3.05	%
Face Amount of Debt		5,421,042		588,041		(25,791	)		5,983,292		99.94	%
Net Premiums on Debt		3,828		-		-			3,828		0.06	%
Total	$	5,424,870	$	588,041	$	(25,791	)	$	5,987,120		100.00	%

Based on Original Maturity Dates as of September 30, 2010:

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

2010	$	299,562	$	-	$	-		$	299,562		5.00	%
2011		1,397,201		146,652		(928	)		1,542,925		25.77	%
2012		806,502		20,844		(11,021	)		816,325		13.63	%
2013		442,318		57,852		-			500,170		8.35	%
2014		149,729		43,154		-			192,883		3.22	%
2015		798,400		128,809		-			927,209		15.49	%
2016		447,666		29,410		(11,040	)		466,036		7.78	%
2017		521,632		140,376		(1,622	)		660,386		11.03	%
2018		306,248		-		-			306,248		5.12	%
2019		89,131		-		-			89,131		1.49	%
2020		162,653		20,944		(1,180	)		182,417		3.05	%
Face Amount of Debt		5,421,042		588,041		(25,791	)		5,983,292		99.94	%
Net Premiums on Debt		3,828		-		-			3,828		0.06	%
Total	$	5,424,870	$	588,041	$	(25,791	)	$	5,987,120		100.00	%

Debt Covenant Compliance Ratios as of September 30, 2010

Covenant *	Required	Actual			In Compliance
Debt to Gross Asset Value	<65%		55	%	Yes
Interest Coverage Ratio	>1.75x		2.29	x	Yes
Debt Service Coverage Ratio	>1.50x		1.83	x	Yes

* Based on rolling twelve months, as applicable

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

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)		670,401	$	38.73	$	35.75		-7.7	%	$	36.88		-4.8	%
Stabilized malls		596,503		41.14		37.91		-7.9	%		39.12		-4.9	%
New leases		151,439		43.78		44.43		1.5	%		46.79		6.9	%
Renewal leases		445,064		40.25		35.69		-11.3	%		36.51		-9.3	%

Year to Date:
All Property Types (1)		1,933,317	$	38.79	$	34.43		-11.2	%	$	35.46		-8.6	%
Stabilized malls		1,750,045		40.77		36.15		-11.3	%		37.22		-8.7	%
New leases		489,760		43.50		39.43		-9.4	%		41.45		-4.7	%
Renewal leases		1,260,285		39.71		34.87		-12.2	%		35.58		-10.4	%

Total Leasing Activity

	Square Feet

Quarter:
Total leased		1,075,526
Operating portfolio		1,022,697
Development portfolio		52,829

Year to Date:
Total leased		3,466,260
Operating portfolio		3,170,955
Development portfolio		295,305

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

	As of September 30,
	2010		2009
Stabilized malls	$	28.82	$	29.04
Non-stabilized malls		25.57		26.04
Associated centers		11.78		11.74
Community centers		14.56		14.83
Offices		18.41		19.11

(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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

Top 25 Tenants Based on Percentage of Total Revenues as of September 30, 2010

	Tenant	Number of Stores		Square Feet		Percentage of Total Annualized Revenues
1	Limited Brands, LLC (1)		159		804,848		3.13	%
2	Foot Locker, Inc.		177		677,686		2.47	%
3	Abercrombie & Fitch, Co.		96		651,171		2.21	%
4	The Gap, Inc.		87		949,234		2.14	%
5	AE Outfitters Retail Company		84		494,397		2.10	%
6	Signet Group plc (2)		116		206,853		1.87	%
7	Genesco Inc. (3)		191		277,084		1.53	%
8	Luxottica Group, S.P.A. (4)		141		313,406		1.49	%
9	Dick's Sporting Goods, Inc.		19		1,120,064		1.46	%
10	Express Fashions		48		401,113		1.35	%
11	Zale Corporation		134		136,563		1.33	%
12	JC Penney Company, Inc. (5)		74		8,470,642		1.29	%
13	New York & Company, Inc.		55		391,967		1.19	%
14	Finish Line, Inc.		72		372,872		1.17	%
15	Dress Barn, Inc. (6)		97		427,396		1.06	%
16	Charlotte Russe Holding, Inc.		51		353,385		1.03	%
17	Aeropostale, Inc.		76		261,199		1.01	%
18	Pacific Sunwear of California		67		248,824		0.94	%
19	The Buckle, Inc.		49		244,601		0.90	%
20	Barnes & Noble Inc.		20		704,452		0.89	%
21	Forever 21 Retail, Inc.		20		287,368		0.86	%
22	Sun Capital Partners, Inc. (7)		56		621,286		0.86	%
23	The Regis Corporation		155		186,642		0.85	%
24	The Children's Place Retail Stores, Inc.		54		228,965		0.84	%
25	Christopher & Banks, Inc.		84		287,130		0.82	%
			2,182		19,119,148		34.79	%

(1)	Limited Brands, LLC operates Victoria's Secret and Bath & Body Works.
(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)	Genesco Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat Zone and Cap Factory stores.
(4)	Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut and Pearl Vision.
(5)	JC Penney Company, Inc. owns 36 of these stores.
(6)	Dress Barn, Inc. operates Justice, dressbarn and maurices.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

Capital Expenditures for the Three Months and Nine Months Ended September 30, 2010

(In thousands)

	Three Months		Nine Months

Tenant allowances	$	12,656	$	30,339

Renovations		34		151

Deferred maintenance:
Parking lot and parking lot lighting		4,370		4,849
Roof repairs and replacements		1,373		3,189
Other capital expenditures		2,227		6,727
Total deferred maintenance expenditures		7,970		14,765

Total capital expenditures	$	20,660	$	45,255

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)

	2010		2009
Quarter ended:
March 31,	$	212	$	651
June 30,		567		208
September 30,		929		690
December 31,		-		699
	$	1,708	$	2,248

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Nine Months Ended September 30, 2010

Properties Opened During the Nine Months Ended September 30, 2010

(Dollars in thousands)

CBL's Share of

Property

Location

Total

Project

Square

Feet

Total

Cost (d)

Cost

to Date (e)

Date Opened

Initial

Yield

Community Center:

The Pavilion at Port Orange (Phase I and Phase 1A) (a)

Port Orange, FL

494,025

67,742

61,367

Fall-09/Spring-10

7.3

Properties Under Development at September 30, 2010

(Dollars in thousands)

				CBL's Share of
Property	Location	Total Project Square Feet		Total Cost (d)		Cost to Date (e)		Expected Opening Date	Initial Yield
Mall Expansion:
Alamance West	Burlington, NC		235,938	$	16,176	$	3,096	Fall-11		10.9	%

Community Center Expansion:
Settlers Ridge Phase II	Robinson Township, PA		86,617		11,598		3,729	Summer-11		10.4	%

Community/Outlet Centers:
The Forum at Grandview Phase I (b)	Madison, MS		110,690		18,591		20,857	Fall-10		6.3	%*
The Outlet Shoppes at Oklahoma City (c)	Oklahoma City, OK		325,200		60,828		-	Fall-11		10.3	%
			758,445	$	107,193	$	27,682

(a)	The Pavilion at Port Orange is a 50/50 joint venture.
(b)	The Forum at Grandview is a 75/25 joint venture.
(c)	The Outlet Shoppes at Oklahoma City was owned by Horizon Group Properties, Inc. ("Horizon") at September 30, 2010. The Company entered into a 75/25 joint venture with Horizon in October 2010 related to this property.
(d)	Total Cost is presented net of reimbursements to be received.
(e)	Cost to Date does not reflect reimbursements until they are received.

*	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.

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CBL & ASSOCIATES PROPERTIES INC Reports