CBL & ASSOCIATES PROPERTIES INC - FORM 8-K - EX-99.3

Attached files

file	filename
8-K - CBL & ASSOCIATES PROPERTIES INC	form8kq411.htm
EX-99.2 - CBL & ASSOCIATES PROPERTIES INC	exhibit992.htm
EX-99.1 - CBL & ASSOCIATES PROPERTIES INC	exhibit991.htm

Exhibit 99.3

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2011



	Three Months Ended December 31,						Year Ended December 31,
	2011			2010			2011			2010
REVENUES:
Minimum rents	$	167,450		$	180,092		$	680,801		$	677,809
Percentage rents	8,407			8,812			17,209			17,436
Other rents	8,783			9,350			22,576			22,671
Tenant reimbursements	73,850			78,781			304,956			309,592
Management, development and leasing fees	2,121			1,740			6,935			6,416
Other	8,491			7,436			34,863			29,258
Total revenues	269,102			286,211			1,067,340			1,063,182

OPERATING EXPENSES:
Property operating	38,451			37,530			154,047			149,021
Depreciation and amortization	64,583			73,983			275,261			284,072
Real estate taxes	20,737			23,173			93,857			96,621
Maintenance and repairs	13,168			15,088			57,098			56,469
General and administrative	11,618			11,493			44,751			43,383
Loss on impairment of real estate	—			14,805			55,761			14,805
Other	6,103			6,056			28,898			25,523
Total operating expenses	154,660			182,128			709,673			669,894
Income from operations	114,442			104,083			357,667			393,288
Interest and other income	834			1,042			2,589			3,873
Interest expense	(61,563		)	(69,567		)	(271,334		)	(285,619		)
Gain on investments	—			888			—			888
Gain on extinguishment of debt	448			—			1,029			—
Gain on sales of real estate assets	55,793			310			59,396			2,887
Equity in earnings (losses) of unconsolidated affiliates	1,916			422			6,138			(188		)
Income tax (provision) benefit	(1,501		)	1,365			269			6,417
Income from continuing operations	110,369			38,543			155,754			121,546
Operating income (loss) of discontinued operations	(373		)	(119		)	29,241			(23,755		)
Gain (loss) on discontinued operations	(122		)	349			(1		)	379
Net income	109,874			38,773			184,994			98,170
Net income attributable to noncontrolling interests in:
Operating partnership	(20,398		)	(6,026		)	(25,841		)	(11,018		)
Other consolidated subsidiaries	(6,509		)	(6,607		)	(25,217		)	(25,001		)
Net income attributable to the Company	82,967			26,140			133,936			62,151
Preferred dividends	(10,594		)	(9,874		)	(42,376		)	(32,619		)
Net income attributable to common shareholders	$	72,373		$	16,266		$	91,560		$	29,532
Basic per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.49		$	0.12		$	0.46		$	0.34
Discontinued operations	—			—			0.16			(0.13		)
Net income attributable to common shareholders	$	0.49		$	0.12		$	0.62		$	0.21
Weighted average common shares outstanding	148,364			139,376			148,289			138,375

Diluted earnings per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.49		$	0.12		$	0.46		$	0.34
Discontinued operations	—			—			0.16			(0.13		)
Net income attributable to common shareholders	$	0.49		$	0.12		$	0.62		$	0.21
Weighted average common and potential dilutive common shares outstanding	148,407			139,432			148,335			138,416

Amounts attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	72,759		$	16,098		$	68,780		$	46,557
Discontinued operations	(386		)	168			22,780			(17,025		)
Net income attributable to common shareholders	$	72,373		$	16,266		$	91,560		$	29,532

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2011

The Company's calculation of FFO allocable to its shareholders is as follows:

(in thousands, except per share data)



	Three Months Ended December 31,						Year Ended December 31,
	2011			2010			2011			2010

Net income attributable to common shareholders	$	72,373		$	16,266		$	91,560		$	29,532
Noncontrolling interest in income of operating partnership	20,398			6,026			25,841			11,018
Depreciation and amortization expense of:
Consolidated properties	64,583			73,983			275,261			284,072
Unconsolidated affiliates	11,406			6,393			32,538			27,445
Discontinued operations	205			1,774			1,109			7,700
Non-real estate assets	(529		)	(1,281		)	(2,488		)	(4,182		)
Noncontrolling interests' share of depreciation and amortization	(403		)	94			(919		)	(605		)
Loss on impairment of real estate, net of tax benefit	452			14,805			56,557			40,240
Gain on depreciable property	(54,357		)	—			(56,763		)	—
(Gain) loss on discontinued operations	122			(349		)	1			(379		)
Funds from operations of the operating partnership	114,250			117,711			422,697			394,841
Gain on extinguishment of debt from discontinued operations	—			—			(31,434		)	—
Funds from operations of the operating partnership, as adjusted	$	114,250		$	117,711		$	391,263		$	394,841

Funds from operations per diluted share	$	0.60		$	0.62		$	2.22		$	2.08
Gain on extinguishment of debt from discontinued operations(1)	—			—			(0.17		)	—
Funds from operations, as adjusted, per diluted share	$	0.60		$	0.62		$	2.05		$	2.08
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted	190,424			190,101			190,380			190,043

Reconciliation of FFO of the operating partnership to FFO allocable to common shareholders:
Funds from operations of the operating partnership	$	114,250		$	117,711		$	422,697		$	394,841
Percentage allocable to common shareholders (2)	77.93		%	73.34		%	77.91		%	72.83		%
Funds from operations allocable to common shareholders	$	89,035		$	86,329		$	329,323		$	287,563

Funds from operations of the operating partnership, as adjusted	$	114,250		$	117,711		$	391,263		$	394,841
Percentage allocable to common shareholders (2)	77.93		%	73.34		%	77.91		%	72.83		%
Funds from operations allocable to Company shareholders, as adjusted	$	89,035		$	86,329		$	304,833		$	287,563

(1) Diluted per share amounts presented for reconciliation purposes may differ from actual diluted per share amounts 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 outstanding on page 4.

(Continued)



SUPPLEMENTAL FFO INFORMATION:
Lease termination fees	$	570		$	238		$	3,272		$	2,815
Lease termination fees per share	$	—		$	—		$	0.02		$	0.01

Straight-line rental income	$	1,650		$	738		$	5,387		$	5,278
Straight-line rental income per share	$	0.01		—			$	0.03		$	0.03

Gains on outparcel sales	$	1,966		$	410		$	3,989		$	3,015
Gains on outparcel sales per share	$	0.01		$	—		$	0.02		$	0.02

Net amortization of acquired above- and below-market leases	$	24		$	178		$	2,107		$	2,386
Net amortization of acquired above- and below-market leases per share	$	—		$	—		$	0.01		$	0.01

Net amortization of debt premiums (discounts)	$	871		$	925		$	2,831		$	5,134
Net amortization of debt premiums (discounts) per share	$	—		$	—		$	0.01		$	0.03

Income tax (provision) benefit	$	(1,501	)	$	1,365		$	269		$	6,417
Income tax (provision) benefit per share	$	(0.01	)	$	0.01		$	—		$	0.03

Loss on impairment of real estate from continuing operations	$	—		$	(14,805	)	$	(55,761	)	$	(14,805	)
Loss on impairment of real estate from continuing operations per share	$	—		$	(0.08	)	$	(0.29	)	$	(0.08	)

Loss on impairment of real estate from discontinued operations	$	(729	)	$	—		$	(2,968	)	$	(25,435	)
Loss on impairment of real estate from discontinued operations per share	$	—		$	—		$	(0.02	)	$	(0.13	)

Gain on extinguishment of debt from discontinued operations	$	—		$	—		$	31,434		$	—
Gain on extinguishment of debt from discontinued operations per share	$	—		$	—		$	0.17		$	—

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2011

Same-Center Net Operating Income

(Dollars in thousands)



	Three Months Ended December 31,						Year Ended December 31,
	2011			2010			2011			2010

Net income attributable to the Company	$	82,967		$	26,140		$	133,936		$	62,151

Adjustments:
Depreciation and amortization	64,583			73,983			275,261			284,072
Depreciation and amortization from unconsolidated affiliates	11,406			6,393			32,538			27,445
Depreciation and amortization from discontinued operations	205			1,774			1,109			7,700
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	(403		)	94			(919		)	(605		)
Interest expense	61,563			69,567			271,334			285,619
Interest expense from unconsolidated affiliates	11,236			6,472			32,891			27,861
Interest expense from discontinued operations	—			963			179			3,765
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(529		)	(41		)	(1,329		)	(967		)
Abandoned projects expense	43			(28		)	94			392
Gain on sales of real estate assets	(55,793		)	(310		)	(59,396		)	(2,887		)
Gain on sales of real estate assets of unconsolidated affiliates	(118		)	(129		)	(1,445		)	(128		)
Gain on investments	—			(888		)	—			(888		)
Gain on extinguishment of debt	(448		)	—			(1,029		)	—
Gain on extinguishment of debt from discontinued operations	—			—			(31,434		)	—
Writedown of mortgage notes receivable	—			—			1,900			—
Loss on impairment of real estate	—			14,805			55,761			14,805
Loss on impairment of real estate from discontinued operations	729			—			2,968			25,435
Income tax provision (benefit)	1,501			(1,365		)	(269		)	(6,417		)
Net income attributable to noncontrolling interest in earnings of operating partnership	20,398			6,026			25,841			11,018
(Gain) loss on discontinued operations	122			(349		)	1			(379		)
Operating partnership's share of total NOI	197,462			203,107			737,992			737,992
General and administrative expenses	11,618			11,493			44,751			43,383
Management fees and non-property level revenues	(5,793		)	(5,965		)	(22,036		)	(21,530		)
Operating partnership's share of property NOI	203,287			208,635			760,707			759,845
Non-comparable NOI	(7,329		)	(14,167		)	(18,052		)	(27,886		)
Total same-center NOI	$	195,958		$	194,468		$	742,655		$	731,959
Total same-center NOI percentage change	0.8		%				1.5		%

Total same-center NOI	$	195,958		$	194,468		$	742,655		$	731,959
Less lease termination fees	(521		)	(207		)	(2,910		)	(2,633		)
Total same-center NOI, excluding lease termination fees	$	195,437		$	194,261		$	739,745		$	729,326

Malls	$	176,047		$	175,637		$	666,572		$	658,006
Associated centers	8,183			8,192			32,333			31,899
Community centers	4,422			4,246			17,559			15,967
Offices and other	6,785			6,186			23,281			23,454
Total same-center NOI, excluding lease termination fees	$	195,437		$	194,261		$	739,745		$	729,326

Percentage Change:
Malls	0.2		%				1.3		%
Associated centers	(0.1		)%				1.4		%
Community centers	4.1		%				10		%
Office and other	9.7		%				(0.7		)%
Total same-center NOI, excluding lease termination fees	0.6		%				1.4		%

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2011

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)



	As of December 31, 2011
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,733,355		$	756,000		$	4,489,355
Noncontrolling interests' share of consolidated debt	(30,416		)	(726		)	(31,142		)
Company's share of unconsolidated affiliates' debt	658,470			150,171			808,641
Company's share of consolidated and unconsolidated debt	$	4,361,409		$	905,445		$	5,266,854
Weighted average interest rate	5.58		%	2.47		%	5.04		%

	As of December 31, 2010
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,694,742		$	1,515,005		$	5,209,747
Noncontrolling interests' share of consolidated debt	(24,708		)	(928		)	(25,636		)
Company's share of unconsolidated affiliates' debt	398,154			168,290			566,444
Company's share of consolidated and unconsolidated debt	$	4,068,188		$	1,682,367		$	5,750,555
Weighted average interest rate	5.83		%	2.77		%	4.94		%

Debt-To-Total-Market Capitalization Ratio as of December 31, 2011

(In thousands, except stock price)



	Shares Outstanding	Stock Price (1)	Value
Common stock and operating partnership units	190,380	$15.70	$	2,988,966
7.75% Series C Cumulative Redeemable Preferred Stock	460	250.00	115,000
7.375% Series D Cumulative Redeemable Preferred Stock	1,815	250.00	453,750
Total market equity			3,557,716
Company's share of total debt			5,266,854
Total market capitalization			$	8,824,570
Debt-to-total-market capitalization ratio			59.7		%

(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on December 30, 2011. The stock prices for the

preferred stocks represent the liquidation preference of each respective series.

Reconciliation of Shares and Operating Partnership Units Outstanding

(In thousands)



	Three Months Ended December 31,		Year Ended December 31,
2011:	Basic	Diluted	Basic	Diluted
Weighted average shares - EPS	148,364	148,407	148,289	148,335
Weighted average operating partnership units	42,017	42,017	42,046	42,046
Weighted average shares- FFO	190,381	190,424	190,335	190,381

2010:
Weighted average shares - EPS	139,376	139,432	138,375	138,416
Weighted average operating partnership units	50,670	50,669	51,626	51,627
Weighted average shares- FFO	190,046	190,101	190,001	190,043

Dividend Payout Ratio



	Three Months Ended December 31,						Year Ended December 31,
	2011			2010			2011			2010
Weighted average cash dividend per share	$	0.21913		$	0.22010		$	0.88773		$	0.90496
FFO per diluted, fully converted share	$	0.60		$	0.62		$	2.22		$	2.08
Dividend payout ratio	36.5		%	35.5		%	40		%	43.5		%

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2011

Consolidated Balance Sheets

(Unaudited; in thousands, except share data)



	As of
	December 31, 2011			December 31, 2010
ASSETS
Real estate assets:
Land	$	851,303		$	928,025
Buildings and improvements	6,777,776			7,543,326
	7,629,079			8,471,351
Accumulated depreciation	(1,762,149		)	(1,721,194		)
	5,866,930			6,750,157
Held for sale	14,033			—
Developments in progress	124,707			139,980
Net investment in real estate assets	6,005,670			6,890,137
Cash and cash equivalents	56,092			50,896
Receivables:
Tenant, net of allowance for doubtful accounts of $1,760 and $3,167 in 2011 and 2010, respectively	74,160			77,989
Other, net of allowance for doubtful accounts of $1,397 in 2011	11,592			11,996
Mortgage and other notes receivable	34,239			30,519
Investments in unconsolidated affiliates	304,710			179,410
Intangible lease assets and other assets	232,965			265,607
	$	6,719,428		$	7,506,554

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other indebtedness	$	4,489,355		$	5,209,747
Accounts payable and accrued liabilities	303,577			314,651
Total liabilities	4,792,932			5,524,398
Commitments and contingencies
Redeemable noncontrolling interests:
Redeemable noncontrolling partnership interests	32,271			34,379
Redeemable noncontrolling preferred joint venture interest	423,834			423,834
Total redeemable noncontrolling interests	456,105			458,213
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, 1,815,000 shares outstanding	18			18
Common stock, $.01 par value, 350,000,000 shares authorized, 148,364,037 and 147,923,707 issued and outstanding in 2011 and 2010, respectively	1,484			1,479
Additional paid-in capital	1,657,927			1,657,507
Accumulated other comprehensive income	3,425			7,855
Dividends in excess of cumulative earnings	(399,581		)	(366,526		)
Total shareholders' equity	1,263,278			1,300,338
Noncontrolling interests	207,113			223,605
Total equity	1,470,391			1,523,943
	$	6,719,428		$	7,506,554

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2011

The Company presents the ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest because the Company believes that the EBITDA to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt.

Ratio of EBITDA to Interest Expense

(Dollars in thousands)



	Three Months Ended December 31,						Year Ended December 31,
	2011			2010			2011			2010
EBITDA:
Net income attributable to the Company	$	82,967		$	26,140		$	133,936		$	62,151

Adjustments:
Depreciation and amortization	64,583			73,983			275,261			284,072
Depreciation and amortization from unconsolidated affiliates	11,406			6,393			32,538			27,445
Depreciation and amortization from discontinued operations	205			1,774			1,109			7,700
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	(403		)	94			(919		)	(605		)
Interest expense	61,563			69,567			271,334			285,619
Interest expense from unconsolidated affiliates	11,236			6,472			32,891			27,861
Interest expense from discontinued operations	—			963			179			3,765
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(529		)	(41		)	(1,329		)	(967		)
Income and other taxes	1,619			(1,559		)	650			(5,681		)
Gain on investments				(888		)				(888		)
Gain on extinguishment of debt	(448		)	—			(1,029		)	—
Gain on extinguishment of debt from discontinued operations	—			—			(31,434		)	—
Writedown of mortgage note receivable	—			—			1,900			—
Loss on impairment of real estate	—			14,805			55,761			14,805
Loss on impairment of real estate from discontinued operations	729			—			2,968			25,435
Abandoned projects	43			(28		)	94			392
Net income attributable to noncontrolling interest in earnings of operating partnership	20,398			6,026			25,841			11,018
Gain on depreciable property	(54,357		)	—			(56,763		)	—
(Gain) loss on discontinued operations	122			(349		)	1			(379		)
Company's share of total EBITDA	$	199,134		$	203,352		$	742,989		$	741,743


Interest Expense:
Interest expense	$	61,563		$	69,567		$	271,334		$	285,619
Interest expense from unconsolidated affiliates	11,236			6,472			32,891			27,861
Interest expense from discontinued operations	—			963			179			3,765
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(529		)	(41		)	(1,329		)	(967		)
Company's share of total interest expense	$	72,270		$	76,961		$	303,075		$	316,278

Ratio of EBITDA to Interest Expense	2.76			2.64			2.45			2.35

(Continued)

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities

(In thousands)



	Three Months Ended December 31,						Year Ended December 31,
	2011			2010			2011			2010

Company's share of total EBITDA	$	199,134		$	203,352		$	742,989		$	741,743
Interest expense	(61,563		)	(69,567		)	(271,334		)	(285,619		)
Interest expense from discontinued operations	—			(963		)	(179		)	(3,765		)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	529			41			1,329			967
Income and other taxes	(1,619		)	1,559			(650		)	5,681
Net amortization of deferred financing costs and debt premiums (discounts)	2,096			2,060			10,239			7,193
Net amortization of deferred financing costs and debt premiums (discounts) from discontinued operations	—			135			—			221
Net amortization of intangible lease assets	273			97			(906		)	(1,384		)
Depreciation and interest expense from unconsolidated affiliates	(22,642		)	(12,865		)	(65,429		)	(55,306		)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	403			(94		)	919			605
Noncontrolling interests in earnings of other consolidated subsidiaries	6,509			6,607			25,217			25,001
Gain on outparcel sales	(1,437		)	(310		)	(2,633		)	(2,887		)
Realized foreign currency loss	—			—			—			169
Realized loss on available for sale securities	—			114			22			114
Equity in (earnings) losses of unconsolidated affiliates	(1,916		)	(422		)	(6,138		)	188
Distributions from unconsolidated affiliates	3,415			1,405			9,586			4,959
Income tax effect from share-based compensation	—			—			—			(1,815		)
Share-based compensation expense	14			380			1,783			2,313
Provision for doubtful accounts	(259		)	(59		)	1,743			2,891
Change in deferred tax assets	(663		)	(214		)	(5,695		)	2,031
Changes in operating assets and liabilities	1,427			8,697			976			(13,508		)
Cash flows provided by operating activities	$	123,701		$	139,953		$	441,839		$	429,792

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2011

Schedule of Mortgage and Other Indebtedness

(Dollars in thousands )



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

Operating Properties:
Ft. Smith, AR	Massard Crossing	Feb-12		7.54%	$	5,318		$	5,318	—
Vicksburg, MS	Pemberton Plaza	Feb-12		7.54%	1,817			1,817		—
Houston, TX	Willowbrook Plaza	Feb-12		7.54%	27,213			27,213		—
Statesboro, GA	Statesboro Crossing	Feb-12		1.3%	13,611			—		13,611
Colonial Heights, VA	Southpark Mall	May-12		7%	31,142			31,142		—
Asheboro, NC	Randolph Mall	Jul-12		6.5%	12,443			12,443		—
Douglasville, GA	Arbor Place	Jul-12		6.51%	64,615			64,615		—
Saginaw, MI	Fashion Square	Jul-12		6.51%	49,472			49,472		—
Louisville, KY	Jefferson Mall	Jul-12		6.51%	35,994			35,994		—
North Charleston, SC	Northwoods Mall	Jul-12		6.51%	51,534			51,534		—
Jackson, TN	Old Hickory Mall	Jul-12		6.51%	28,542			28,542		—
Racine, WI	Regency Mall	Jul-12		6.51%	28,225			28,225		—
Douglasville, GA	The Landing at Arbor Place	Jul-12		6.51%	7,294			7,294		—
Spartanburg, SC	WestGate Mall	Jul-12		6.5%	44,703			44,703		—
Chattanooga, TN	CBL Center	Aug-12		6.25%	12,843			12,843		—
Nashville, TN	RiverGate Mall	Sep-12		2.58%	87,500			—		87,500
Livonia, MI	Laurel Park Place	Dec-12		8.5%	45,218			45,218		—
Monroeville, PA	Monroeville Mall	Jan-13		5.73%	109,912			109,912		—
Chattanooga, TN	CBL Center II	Feb-13		4.5%	9,078			—		9,078
Greensburg, PA	Westmoreland Mall	Mar-13		5.05%	66,344			66,344		—
Columbia, SC	Columbia Place	Sep-13		5.45%	27,349			27,349		—
St. Louis, MO	South County Center	Oct-13		4.96%	74,047			74,047		—
Joplin, MO	Northpark Mall	Mar-14		5.75%	34,966			34,966		—
Laredo, TX	Mall del Norte	Dec-14		5.04%	113,400			113,400		—
D'lberville, MS	The Promenade	Dec-14	Dec-16	1.97%	58,000			—		58,000
Rockford, IL	CherryVale Mall	Oct-15		5%	84,234			84,234		—
Brookfield, IL	Brookfield Square	Nov-15		5.08%	94,385			94,385		—
Madison, WI	East Towne Mall	Nov-15		5%	71,819			71,819		—
Madison, WI	West Towne Mall	Nov-15		5%	101,444			101,444		—
Bloomington, IL	Eastland Mall	Dec-15		5.85%	59,400			59,400		—
Decatur, IL	Hickory Point Mall	Dec-15		5.85%	30,228			30,228		—
Nashville, TN	CoolSprings Crossing	Apr-16		4.54%	13,320		(a)	13,320		—
Chattanooga, TN	Gunbarrel Pointe	Apr-16		4.64%	11,854		(b)	11,854		—
Janesville, WI	Janesville Mall	Apr-16		8.38%	6,623			6,623		—
Stroud, PA	Stroud Mall	Apr-16		4.59%	35,621		(c)	35,621		—
York, PA	York Galleria	Apr-16		4.55%	56,905		(d)	56,905		—
Akron, OH	Chapel Hill Mall	Aug-16		6.1%	71,329			71,329		—
Chesapeake, VA	Greenbrier Mall	Aug-16		5.91%	78,539			78,539		—



		Original Maturity	Optional Extended Maturity	Interest				Balance
Location	Property	Date	Date	Rate	Balance			Fixed			Variable
Chattanooga, TN	Hamilton Place	Aug-16		5.86%	108,038			108,038			—
Midland, MI	Midland Mall	Aug-16		6.1%	35,201			35,201			—
St. Louis, MO	Chesterfield Mall	Sep-16		5.74%	140,000			140,000			—
Fairview Heights, IL	St. Clair Square	Dec-16		3.19%	125,000			—			125,000
Southaven, MS	Southaven Towne Center	Jan-17		5.5%	42,598			42,598			—
Cary, NC	Cary Towne Center	Mar-17		8.5%	57,960			57,960			—
Charleston, SC	Citadel Mall	Apr-17		5.68%	70,112			70,112			—
Chattanooga, TN	Hamilton Corner	Apr-17		5.67%	15,885			15,885			—
Layton, UT	Layton Hills Mall	Apr-17		5.66%	100,200			100,200			—
Lafayette, LA	Mall of Acadiana	Apr-17		5.67%	140,199			140,199			—
Lexington, KY	The Plaza at Fayette Mall	Apr-17		5.67%	41,388			41,388			—
Fairview Heights, IL	The Shoppes at St. Clair Square	Apr-17		5.67%	20,975			20,975			—
Cincinnati, OH	EastGate Crossing	May-17		5.66%	15,608			15,608			—
Winston-Salem, NC	Hanes Mall	Oct-18		6.99%	158,288			158,288			—
Nashville, TN	Hickory Hollow Mall	Oct-18		6%	25,058			25,058			—
Nashville, TN	The Courtyard at Hickory Hollow	Oct-18		6%	1,448			1,448			—
Terre Haute, IN	Honey Creek Mall	Jul-19		8%	31,782			31,782			—
Daytona Beach, FL	Volusia Mall	Jul-19		8%	54,672			54,672			—
Chattanooga, TN	The Terrace	Jun-20		7.25%	14,467			14,467			—
Burnsville, MN	Burnsville Center	Jul-20		6%	80,880			80,880			—
Huntsville, AL	Parkway Place	Jul-20		6.5%	41,004			41,004			—
Roanoke, VA	Valley View Mall	Jul-20		6.5%	63,459			63,459			—
Beaumont, TX	Parkdale Mall & Crossing	Mar-21		5.85%	93,713			93,713			—
Oklahoma City, OK	The Outlet Shoppes at Oklahoma City	Mar-21		5.73%	60,000			60,000			—
Cincinnati, OH	EastGate Mall	Apr-21		5.83%	43,393			43,393			—
Chattanooga, TN	Hamilton Crossing & Expansion	Apr-21		5.99%	10,480			10,480			—
Little Rock, AR	Park Plaza Mall	Apr-21		5.28%	98,099			98,099			—
Wausau, WI	Wausau Center	Apr-21		5.85%	19,562			19,562			—
Lexington, KY	Fayette Mall	May-21		5.42%	182,931			182,931			—
St. Louis, MO	Mid Rivers Mall	May-21		5.88%	91,039			91,039			—
Burlington, NC	Alamance Crossing	Jul-21		5.83%	50,606			50,606			—
Asheville, NC	Asheville Mall	Sep-21		5.8%	77,663			77,663			—
Fayetteville, NC	Cross Creek Mall	Jan-22		4.54%	140,000			140,000			—
	SUBTOTAL				$	4,007,989		$	3,714,800		$	293,189
Weighted average interest rate					5.34		%	5.54		%	2.72		%

Debt Premiums (Discounts): (e)

Colonial Heights, VA	Southpark Mall	May-12		2.58%	$	243		$	243		—
Livonia, MI	Laurel Park Place	Dec-12		7.54%	1,342			1,342			—
Monroeville, PA	Monroeville Mall	Jan-13		5.83%	471			471			—
St. Louis, MO	South County Center	Oct-13		4.96%	(670		)	(670		)	—
Joplin, MO	Northpark Mall	Mar-14		6.51%	168			168			—
St. Louis, MO	Chesterfield Mall	Sep-16		4.96%	(1,263		)	(1,263		)	—
	SUBTOTAL				$	291		$	291		—



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

Total Loans On Operating Properties And Debt Premiums (Discounts)					$	4,008,280			$	3,715,091		$	293,189
Weighted average interest rate					5.34		%		5.54		%	2.72		%

Construction Loans:

Madison, MS	The Forum at Grandview - Land	Sep-12	Sep-13	3.78%	$	2,023			—			$	2,023
Madison, MS	The Forum at Grandview	Sep-13	Sep-14	3.28%	10,200				—			10,200
Burlington, NC	Alamance West	Dec-13	Dec-15	3.28%	13,698				—			13,698
	SUBTOTAL			3.25%	$	25,921			—			$	25,921

Credit Facilities:
Secured credit facilities:
$105,000 capacity		Jun-13		3.02%	$	15,000			—			$	15,000
$525,000 capacity		Feb-14	Feb-15	3.04%	—				—			—
$520,000 capacity		Apr-14		3.05%	12,300				—			12,300
Total secured facilities				3.03%	27,300				—			27,300
Unsecured term facilities:
Starmount		Nov-12		1.4%	181,590				—			181,590
General		Apr-12	Apr-13	1.88%	228,000				—			228,000
Total term facilities				1.67%	409,590				—			409,590
	SUBTOTAL			1.75%	$	436,890			—			$	436,890

Other	Pearland Town Center				$	18,264		(f)	$	18,264		—

Total Consolidated Debt					$	4,489,355			$	3,733,355		$	756,000
Weighted average interest rate					4.99		%		5.54		%	2.18		%



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

Plus CBL's Share Of Unconsolidated Affiliates' Debt:
Port Orange, FL	The Pavilion at Port Orange	Mar-12		4.5%	$	68,282			—			$	68,282
York, PA	York Town Center	Mar-12		1.52%	19,716				—			19,716
Lee's Summit, MO	Summit Fair	Jul-12		5%	16,437			(g)	—			16,437
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%	38,812				38,812			—
Greensboro, NC	Green Valley Office Building	Apr-13		5.33%	971				971			—
Durham, 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			—
St. Louis, MO	West County Center	Apr-13		5.19%	72,758				72,758			—
West Melbourne, FL	Hammock Landing Phase I	Nov-13		3.78%	42,487				—			42,487
West Melbourne, FL	Hammock Landing Phase II	Nov-13		3.75%	3,249				—			3,249
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14		5.09%	41,424			(h)	41,424			—
El Centro, CA	Imperial Valley Mall	Sep-15		4.99%	32,251				32,251			—
Overland Park, KS	Oak Park Mall	Dec-15		5.85%	137,850				137,850			—
Raleigh, NC	Triangle Town Center	Dec-15		5.74%	93,513				93,513			—
Durham, NC	Renaissance Center Phase I	Jul-16		5.61%	17,208				17,208			—
Clarksville, TN	Governor's Square Mall	Sep-16		8.23%	10,944				10,944			—
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.27%	12,680				12,680			—
Greensboro, NC	The Shops at Friendly Center	Jan-17		5.9%	20,942				20,942			—
Harrisburg, PA	High Pointe Commons	May-17		5.74%	7,127				7,127			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17		5.6%	95,400				95,400			—
Harrisburg, PA	High Pointe Commons Phase II	Jul-17		6.1%	2,845				2,845			—
Nashville, TN	CoolSprings Galleria	Jun-18		6.98%	55,568				55,568			—
	SUBTOTAL				$	808,532			$	658,361		$	150,171

Debt Premiums (Discounts) - Unconsolidated:
St. Louis, MO	West County Center	Apr-13		5.85%	$	109			$	109		—

Less Noncontrolling Interests' Share Of Consolidated Debt:		Noncontrolling Interest %
Chattanooga, TN	CBL Center	8%		6.25%	$	(1,028	)		$	(1,028	)	—
Chattanooga, TN	CBL Center II	8%		4.5%	(726		)		—			(726		)
Chattanooga, TN	Hamilton Crossing & Expansion	8%		5.67%	(838		)		(838		)	—
Chattanooga, TN	The Terrace	8%		7.25%	(1,157		)		(1,157		)	—
Chattanooga, TN	Hamilton Corner	10%		5.68%	(1,589		)		(1,589		)	—
Chattanooga, TN	Hamilton Place	10%		5.99%	(10,804		)		(10,804		)	—
Oklahoma City, OK	The Outlet Shoppes at Oklahoma City	25%		5.73%	(15,000		)		(15,000		)	—
	SUBTOTAL				$	(31,142	)		$	(30,416	)	$	(726	)

Company's Share Of Consolidated And Unconsolidated Debt					$	5,266,854			$	4,361,409		$	905,445
Weighted average interest rate					5.04		%		5.58		%	2.47		%



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

Total Debt of Unconsolidated Affiliates:
Port Orange, FL	The Pavilion at Port Orange	Mar-12		4.5%	$	68,282			—			$	68,282
York, PA	York Town Center	Mar-12		1.52%	39,433				—			39,433
Lee's Summit, MO	Summit Fair	Jul-12		5%	60,880				—			60,880
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 Office Building	Apr-13		5.33%	2,199				2,199			—
Greensboro, NC	Friendly Shopping Center	Apr-13		5.33%	77,625				77,625			—
Greensboro, NC	Green Valley Office Building	Apr-13		5.33%	1,941				1,941			—
Durham, 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			—
St. Louis, MO	West County Center	Apr-13		5.19%	145,515				145,515			—
West Melbourne, FL	Hammock Landing Phase I	Nov-13		3.78%	42,487				—			42,487
West Melbourne, FL	Hammock Landing Phase II	Nov-13		3.75%	3,249				—			3,249
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14		5.09%	82,849			(h)	82,849			—
El Centro, CA	Imperial Valley Mall	Sep-15		4.99%	53,752				53,752			—
Overland Park, KS	Oak Park Mall	Dec-15		5.85%	275,700				275,700			—
Raleigh, NC	Triangle Town Center	Dec-15		5.74%	187,025				187,025			—
Durham, NC	Renaissance Center Phase I	Jul-16		5.61%	34,416				34,416			—
Clarksville, TN	Governor's Square Mall	Sep-16		8.23%	23,040				23,040			—
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.27%	25,361				25,361			—
Greensboro, NC	The Shops at Friendly Center	Jan-17		5.9%	41,883				41,883			—
Harrisburg, PA	High Pointe Commons	May-17		5.74%	14,253				14,253			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17		5.6%	190,800				190,800			—
Harrisburg, PA	High Pointe Commons Phase II	Jul-17		6.1%	5,690				5,690			—
Nashville, TN	CoolSprings Galleria	Jun-18		6.98%	111,136				111,136			—
					$	1,521,451			$	1,307,120		$	214,331
Weighted average interest rate					5.25		%		5.58		%	4.05		%



(a)	The Company has an interest rate swap on a notional amount of $13,320, amortizing to $11,313 over the term of the swap, related to CoolSprings 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 April 2016.
(b)	The Company has an interest rate swap on a notional amount of $11,854, amortizing to $10,083 over the term of the swap, related to Gunbarrel Point 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 April 2016.
(c)	The Company has an interest rate swap on a notional amount of $35,621, amortizing to $30,276 over the term of the swap, related to Stroud Mall 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 April 2016.
(d)	The Company has an interest rate swap on a notional amount of $56,905, amortizing to $48,337 over the term of the swap, related to York Galleria Mall 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 April 2016.
(e)	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.
(f)	Pearland Town Center is owned 88% by the Company and 12% by a noncontrolling partner. This amount represents the noncontrolling partner's equity contribution that is accounted for as a financing due to certain terms of the joint venture agreement.
(g)	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 approximately $19,170.
(h)	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 Year Ended December 31, 2011

Schedule of Maturities of Mortgage and Other Indebtedness

(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

2012	$	729,074	$	104,435	$	(1,028	)	$	832,481	15.81	%
2013	531,753		176,345		(726		)	707,372		13.43	%
2014	189,130		41,424		—			230,554		4.37	%
2015	455,208		263,614		—			718,822		13.65	%
2016	740,430		28,152		(10,804		)	757,778		14.39	%
2017	504,925		138,994		(1,589		)	642,330		12.2	%
2018	184,794		55,568		—			240,362		4.56	%
2019	86,454		—		—			86,454		1.64	%
2020	199,810		—		(1,157		)	198,653		3.77	%
2021	727,486		—		(15,838		)	711,648		13.51	%
2022	140,000		—		—			140,000		2.66	%
Face Amount of Debt	4,489,064		808,532		(31,142		)	5,266,454		99.99	%
Net Premiums on Debt	291		109		—			400		0.01	%
Total	$	4,489,355	$	808,641	$	(31,142	)	$	5,266,854	100	%

Based on Original Maturity Dates:



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

2012	$	959,097	$	104,435	$	(1,028	)	$	1,062,504	20.17	%
2013	325,628		176,345		(726		)	501,247		9.52	%
2014	236,930		41,424		—			278,354		5.28	%
2015	441,510		263,614		—			705,124		13.39	%
2016	682,430		28,152		(10,804		)	699,778		13.29	%
2017	504,925		138,994		(1,589		)	642,330		12.2	%
2018	184,794		55,568		—			240,362		4.56	%
2019	86,454		—		—			86,454		1.64	%
2020	199,810		—		(1,157		)	198,653		3.77	%
2021	727,486		—		(15,838		)	711,648		13.51	%
2022	140,000		—		—			140,000		2.66	%
Face Amount of Debt	4,489,064		808,532		(31,142		)	5,266,454		99.99	%
Net Premiums on Debt	291		109		—			400		0.01	%
Total	$	4,489,355	$	808,641	$	(31,142	)	$	5,266,854	100	%

Debt Covenant Compliance Ratios



Covenant	Required	Actual	Compliance
Debt to Gross Asset Value	<65%	51.4%	Yes
Interest Coverage Ratio *	>1.75x	2.45x	Yes
Debt Service Coverage Ratio *	>1.50x	1.89x	Yes

* Based on rolling twelve months

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2011

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)	1,075,697	$	37.74	$	39.42	4.5	%	$	40.62	7.6	%
Stabilized malls	1,029,493	38.40		40.21		4.7	%	41.44		7.9	%
New leases	165,865	44.07		50.62		15	%	54.21		23	%
Renewal leases	863,628	37.31		38.21		2.4	%	38.98		4.5	%

Year-to-Date:
All Property Types (1)	3,055,000	$	36.05	$	37.16	3.1	%	$	38.32	6.3	%
Stabilized malls	2,840,969	37.24		38.40		3.1	%	39.60		6.3	%
New leases	655,968	40.46		46.40		14.7	%	49.37		22	%
Renewal leases	2,185,001	36.27		36.00		(0.7	)%	36.66		1.1	%

Total Leasing Activity



		Square Feet

Quarter:
Total Leased		1,686,845
Operating Portfolio		1,665,117
Development Portfolio		21,728

Year-to-Date:
Total Leased		7,146,540
Operating Portfolio		6,819,360
Development Portfolio		327,180

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



	As of December 31,
	2011		2010
Stabilized malls	$	29.68	$	29.36
Non-stabilized malls	23.92		25.64
Associated centers	11.65		12.04
Community centers	14.38		13.76
Other	17.68		18.14

^{(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 Year Ended December 31, 2011

Top 25 Tenants Based On Percentage Of Total Annualized Revenues



	Tenant	Number of Stores	Square Feet	Percentage of Total Annualized Revenues
1	Limited Brands, LLC (1)	157	800,820	3.26%
2	Foot Locker, Inc.	173	669,063	2.51%
3	AE Outfitters Retail Company	84	496,381	2.27%
4	The Gap, Inc.	78	838,076	2%
5	Abercrombie & Fitch, Co.	86	586,775	1.94%
6	Signet Group plc (2)	112	201,107	1.92%
7	Dick's Sporting Goods, Inc.	22	1,272,738	1.65%
8	Genesco Inc. (3)	191	279,230	1.63%
9	Luxottica Group, S.P.A. (4)	134	297,360	1.51%
10	Zale Corporation	131	134,207	1.39%
11	Express Fashions	48	401,503	1.37%
12	Finish Line, Inc.	72	377,895	1.32%
13	JC Penney Company, Inc. (5)	74	8,529,870	1.31%
14	Aeropostale, Inc.	79	284,406	1.21%
15	Dress Barn, Inc. (6)	106	473,326	1.2%
16	New York & Company, Inc.	50	357,522	1.19%
17	Best Buy Co., Inc.	60	549,431	1.09%
18	Forever 21 Retail, Inc.	21	314,113	1.04%
19	The Buckle, Inc.	48	239,907	0.98%
20	Sun Capital Partners, Inc. (7)	53	643,668	0.97%
21	Pacific Sunwear of California	62	230,237	0.91%
22	The Children's Place Retail Stores, Inc.	56	239,634	0.88%
23	Claire's Stores, Inc.	116	137,624	0.88%
24	Barnes & Noble Inc.	19	700,266	0.86%
25	The Regis Corporation	147	177,086	0.86%
		2,179	19,232,245	36.15%

(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 Co., Inc. owns 36 of these stores.

(6) Dress Barn, Inc. operates Justice, dressbarn and maurices.

(7) Sun Capital Partners, Inc. operates Gordmans, Limited Stores, Fazoli's, Smokey Bones, Souper Salad and Bar Louie Restaurants.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2011

Capital Expenditures

(In thousands)



	Three Months		Twelve Months

Tenant allowances	$	14,268	$	46,403

Renovations	4,299		23,300

Deferred maintenance:
Parking lot and parking lot lighting	3,459		8,793
Roof repairs and replacements	584		3,312
Other capital expenditures	3,752		8,707
Total deferred maintenance expenditures	7,795		20,812

Total capital expenditures	$	26,362	$	90,515

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)



	2011		2010
Quarter ended:
March 31,	$	412	$	212
June 30,	744		567
September 30,	721		929
December 31,	1,104		976
	$	2,981	$	2,684

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Year Ended December 31, 2011

Properties Opened During the Twelve Months Ended December 31, 2011

(Dollars in thousands)



			CBL's Share of
Property	Location	Total Project Square Feet	Total Cost (b)		Cost to Date (c)		Opening Date	Initial Yield
Community Center Expansion:
Settlers Ridge Phase II	Robinson Township, PA	86,144	$	20,722	$	20,722	Summer-11	9.8	%

Community / Open-Air Center:
The Outlet Shoppes at Oklahoma City (a)	Oklahoma City, OK	324,565	$	60,974	$	63,175	August-11	10.6	%

Mall Expansion:
Alamance West	Burlington, NC	236,438	$	16,130	$	17,180	Fall-11	11	%

Mall Redevelopment:
Layton Hills Mall - Dick's Sporting Goods	Layton, UT	126,060	$	7,001	$	5,448	September-11	11.5	%
Stroud Mall - Cinemark	Stroudsburg, PA	44,979	7,472		7,454		November-11	5.9	%
		171,039	$	14,473	$	12,902

Total Properties Opened		818,186	$	112,299	$	113,979

Properties Under Development at December 31, 2011

(Dollars in thousands)



			CBL's Share of
Property	Location	Total Project Square Feet	Total Cost (b)		Cost to Date (c)		Expected Opening Date	Initial Yield
Community Center Expansions:
The Forum at Grandview - Phase II	Madison, MS	83,060	$	16,826	$	4,700	Summer - 12	7.6	%
Waynesville Commons	Waynesville, NC	127,585	9,987		4,683		Fall - 12	10.6	%
		210,645	$	26,813	$	9,383

Mall Redevelopments:
Foothills Mall/Plaza - Carmike	Maryville, TN	45,276	$	8,337	$	7,336	Spring-12	7.3	%
Monroeville Mall - JC Penney / Cinemark	Pittsburgh, PA	464,792	26,178		7,714		Fall - 12 / Winter - 13	7.6	%
		510,068	$	34,515	$	15,050

Total Under Development		720,713	$	61,328	$	24,433

(a) The Outlet Shoppes at Oklahoma City is a 75/25 joint venture. Total cost and cost to date are reflected at 100 percent.

(b) Total Cost is presented net of reimbursements to be received.

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