CBL & Associates Properties Reports First Quarter 2013 Results

  CBL & Associates Properties Reports First Quarter 2013 Results

Business Wire

CHATTANOOGA, Tenn. -- April 29, 2013

CBL & Associates Properties, Inc. (NYSE:CBL):

  *FFO per diluted share increased 8.2% to $0.53 for the first quarter of
    2013, compared with $0.49 for the prior-year period.
  *Same-center NOI, excluding lease termination fees, increased 1.0% in the
    first quarter 2013 over the prior-year period.
  *Portfolio occupancy at March 31, 2013, increased 40 basis points to 92.2%
    from 91.8% for the prior-year period.
  *Average gross rent per square foot for stabilized mall leases signed in
    the first quarter of 2013 increased 10.8% over the prior gross rent per
    square foot.
  *Same-store sales increased 4.4% to $355 per square foot for mall tenants
    10,000 square feet or less for stabilized malls for the rolling twelve
    months ended March 31, 2013 compared with the prior-year period.

CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the first
quarter ended March 31, 2013. A description of each non-GAAP financial measure
and the related reconciliation to the comparable GAAP measure is located at
the end of this news release.

                                                     
                                                            Three Months Ended

                                                            March 31,
                                                            2013       2012
Funds from Operations (“FFO”) per diluted share             $0.53      $0.49
                                                                        

“The strong operating performance of our market-dominant mall portfolio in the
first quarter coupled with the benefits of our new growth platforms have us
well on the path towards achieving our 2013 goals,” said Stephen Lebovitz,
CBL’s president and chief executive officer. “We are seeing solid improvement
in occupancy, NOI, sales and leasing across the portfolio even with the
tougher comparison from a year ago. The acquisition of the remaining interest
in Kirkwood Mall (Bismarck, ND) also highlights that our focused growth
strategy can yield a strong pipeline of profitable investment opportunities in
this environment. We will look to build on this momentum throughout the year.

“Our plans for further enhancements to our capital structure with the ultimate
goal of an investment grade rating are well underway. Our long-stated
preference is for long-term, fixed-rate sources of capital at the most
effective pricing, as evidenced by the refinancing of Friendly Center
(Greensboro, NC) and Renaissance Center (Durham, NC) at a low ten-year
weighted average fixed rate of 3.48%. Raising over $100 million of equity
capital in the quarter from the initial activity on our ATM program and the
disposition of five non-core office buildings clearly demonstrates our ability
to prudently fund our growth. The continued access to these attractive sources
of capital and the ample availability on our unsecured credit facilities
provide us the flexibility to execute our capital plan and our corporate
strategy.”

FFO allocable to common shareholders for the first quarter of 2013 was
$85,912,000, or $0.53 per diluted share, compared with $72,178,000, or $0.49
per diluted share, for the first quarter of 2012. FFO of the operating
partnership for the first quarter of 2013 was $101,623,000, compared with
$92,476,000, for the first quarter of 2012.

Net income attributable to common shareholders for the first quarter of 2013
was $19,090,000, or $0.12 per diluted share, compared with net income of
$15,455,000, or $0.10 per diluted share for the first quarter of 2012.

HIGHLIGHTS

  *Portfolio same-center net operating income (“NOI”), excluding lease
    termination fees, for the quarter ended March 31, 2013, increased 1.0%
    compared with an increase of 1.5% for the prior-year period.
  *Average gross rent per square foot on stabilized mall leases signed during
    the first quarter of 2013 for tenants 10,000 square feet or less increased
    10.8% over the prior gross rent per square foot.
  *Same-store sales per square foot for mall tenants 10,000 square feet or
    less for stabilized malls for the rolling twelve months ended March 31,
    2013, increased 4.4% to $355 per square foot compared with $340 per square
    foot in the prior-year period.
  *Consolidated and unconsolidated variable rate debt of $1,097,660,000, as
    of March 31, 2013, represented 10.4% of the total market capitalization
    for the Company, compared with 12.7% as of March 31, 2012, and 20.4% of
    the Company's share of total consolidated and unconsolidated debt,
    compared with 22.8% as of March 31, 2012.
  *Debt-to-total market capitalization was 51.0% as of March 31, 2013,
    compared with 55.7% as of March 31, 2012.
  *The ratio of earnings before interest, taxes, depreciation and
    amortization (“EBITDA”) to interest expense was 2.64 times for the first
    quarter of 2013, compared with 2.46 times for the first quarter of 2012.

PORTFOLIO OCCUPANCY

                          March 31,
                               2013    2012
Portfolio occupancy            92.2%     91.8%
Mall portfolio                 91.8%     91.9%
Stabilized malls               91.7%     91.8%
Non-stabilized malls           99.3%     95.5%
Associated centers             93.5%     92.9%
Community centers              96.0%     91.0%
                                         

ACQUISITIONS

Subsequent to the quarter end, CBL announced that it had completed the
acquisition of the remaining 51% interest in Kirkwood Mall in Bismarck, ND. In
December 2012, CBL acquired a 49% non-controlling interest in Kirkwood Mall.
In conjunction with the acquisition of the remaining interest, CBL assumed the
$40.4 million non-recourse loan secured by the property, which bears a fixed
interest rate of 5.75% and matures in April 2018.

DISPOSITION ACTIVITY

During the first quarter 2013, CBL disposed of five office buildings
generating total net proceeds of $43.5 million.

FINANCING ACTIVITY

During the quarter, CBL closed on a $100.0 million non-recourse loan secured
by Friendly Center in Greensboro, NC. The ten-year loan bears a fixed interest
rate of 3.4795% and replaced an existing $77.6 million loan that was scheduled
to mature in April 2013. CBL also closed a $16.0 million non-recourse loan
secured by Renaissance Center Phase II in Durham, NC. The ten-year loan bears
a fixed interest rate of 3.4895% and replaced the existing $15.7 million loan
that was scheduled to mature in April 2013. CBL owns 50% of Friendly Center
and Renaissance Center Phase II. Excess proceeds from the loans were used to
retire loans on several office buildings owned in this same joint venture.

CAPITAL MARKETS ACTIVITY

During the first quarter of 2013, CBL sold 2.7 million common shares, at a
weighted average price of $23.58 per share, under its At-The-Market (“ATM”)
equity offering program, generating net proceeds of $62.1 million. The
proceeds generated from the ATM program were used to reduce the outstanding
balances under the Company’s unsecured credit facilities.

OUTLOOK AND GUIDANCE

Based on first quarter results and today’s outlook, the Company is maintaining
2013 FFO guidance in the range of $2.18 - $2.26 per share. Full-year guidance
assumes same-center NOI growth in a range of 1.0% - 3.0%, $2.0 million to $4.0
million of outparcel sales and a 25-50 basis point increase in year-end
occupancy. The guidance also assumes the pay-off of the Westfield Preferred
Units mid-year using the Company’s lines of credit and cash on hand. The
guidance excludes the impact of any future unannounced transactions. The
Company expects to update its annual guidance after each quarter's results.

                                                                  
                                                           Low         High
Expected diluted earnings per common share                 $0.63       $0.71
Adjust to fully converted shares from common shares        (0.10 )     (0.11 )
Expected earnings per diluted, fully converted common      0.53        0.60
share
Add: depreciation and amortization                         1.55        1.55
Add: noncontrolling interest in earnings of Operating      0.10       0.11  
Partnership
Expected FFO per diluted, fully converted common share     $2.18      $2.26 
                                                                       

INVESTOR CONFERENCE CALL AND SIMULCAST

CBL & Associates Properties, Inc. will conduct a conference call at 11:00 a.m.
ET on Tuesday, April 30,2013, to discuss its first quarter results. The
numbers to call for this interactive teleconference are (800) 736-4594 or
(212)231-2901. A seven-day replay of the conference call will be available by
dialing (402)977-9140 and entering the passcode 21646863. A transcript of the
Company's prepared remarks will be furnished on a Form 8-K following the
conference call.

To receive the CBL & Associates Properties, Inc., first quarter earnings
release and supplemental information please visit our website at
cblproperties.com or contact Investor Relations at 423-490-8312.

The Company will also provide an online web simulcast and rebroadcast of its
2013 first quarter earnings release conference call. The live broadcast of the
quarterly conference call will be available online at cblproperties.com on
Tuesday, April 30,2013, beginning at 11:00 a.m. ET. The online replay will
follow shortly after the call and continue through May 7, 2013.

CBL is one of the largest and most active owners and developers of malls and
shopping centers in the United States. CBL owns, holds interests in or manages
158 properties, including 96 regional malls/open-air centers. The properties
are located in 31 states and total 92.7 million square feet including 10.5
million square feet of non-owned shopping centers managed for third parties.
Headquartered in Chattanooga, TN, CBL has regional offices in Boston
(Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information
can be found atcblproperties.com.

NON-GAAP FINANCIAL MEASURES

Funds From Operations

FFO is a widely used measure of the operating performance of real estate
companies that supplements net income (loss) determined in accordance with
GAAP. The National Association of Real Estate Investment Trusts (“NAREIT”)
defines FFO as net income (loss) (computed in accordance with GAAP) excluding
gains or losses on sales of depreciable operating properties and impairment
losses of depreciable properties, plus depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint ventures and
noncontrolling interests. Adjustments for unconsolidated partnerships and
joint ventures and noncontrolling interests are calculated on the same basis.
We define FFO allocable to common shareholders as defined above by NAREIT less
dividends on preferred stock. The Company’s method of calculating FFO
allocable to its common shareholders may be different from methods used by
other REITs and, accordingly, may not be comparable to such other REITs.

The Company believes that FFO provides an additional indicator of the
operating performance of its properties without giving effect to real estate
depreciation and amortization, which assumes the value of real estate assets
declines predictably over time. Since values of well-maintained real estate
assets have historically risen with market conditions, the Company believes
that FFO enhances investors’ understanding of its operating performance. The
use of FFO as an indicator of financial performance is influenced not only by
the operations of the Company’s properties and interest rates, but also by its
capital structure. The Company presents both FFO of its operating partnership
and FFO allocable to its common shareholders, as it believes that both are
useful performance measures. The Company believes FFO of its operating
partnership is a useful performance measure since it conducts substantially
all of its business through its operating partnership and, therefore, it
reflects the performance of the properties in absolute terms regardless of the
ratio of ownership interests of the Company’s common shareholders and the
noncontrolling interest in the operating partnership. The Company believes FFO
allocable to its common shareholders is a useful performance measure because
it is the performance measure that is most directly comparable to net income
(loss) attributable to its common shareholders.

In the reconciliation of net income attributable to the Company's common
shareholders to FFO allocable to its common shareholders, located in this
earnings release, the Company makes an adjustment to add back noncontrolling
interest in income (loss) of its operating partnership in order to arrive at
FFO of its operating partnership. The Company then applies a percentage to FFO
of its operating partnership to arrive at FFO allocable to its common
shareholders. The percentage is computed by taking the weighted average number
of common shares outstanding for the period and dividing it by the sum of the
weighted average number of common shares and the weighted average number of
operating partnership units outstanding during the period.

FFO does not represent cash flows from operations as defined by accounting
principles generally accepted in the United States, is not necessarily
indicative of cash available to fund all cash flow needs and should not be
considered as an alternative to net income (loss) for purposes of evaluating
the Company’s operating performance or to cash flow as a measure of liquidity.

Same-Center Net Operating Income

NOI is a supplemental measure of the operating performance of the Company's
shopping centers. The Company defines NOI as operating revenues (rental
revenues, tenant reimbursements and other income) less property operating
expenses (property operating, real estate taxes and maintenance and repairs).

Similar to FFO, the Company computes NOI based on its pro rata share of both
consolidated and unconsolidated properties. The Company's definition of NOI
may be different than that used by other companies and, accordingly, the
Company's NOI may not be comparable to that of other companies. A
reconciliation of same-center NOI to net income is located at the end of this
earnings release.

Since NOI includes only those revenues and expenses related to the operations
of its shopping center properties, the Company believes that same-center NOI
provides a measure that reflects trends in occupancy rates, rental rates and
operating costs and the impact of those trends on the Company's results of
operations. Additionally, there are instances when tenants terminate their
leases prior to the scheduled expiration date and pay the Company one-time,
lump-sum termination fees. These one-time lease termination fees may distort
same-center NOI trends and may result in same-center NOI that is not
indicative of the ongoing operations of the Company's shopping center
properties. Therefore, the Company believes that presenting same-center NOI,
excluding lease termination fees, is useful to investors.

Pro Rata Share of Debt

The Company presents debt based on its pro rata ownership share (including the
Company's pro rata share of unconsolidated affiliates and excluding
noncontrolling interests' share of consolidated properties) because it
believes this provides investors a clearer understanding of the Company's
total debt obligations which affect the Company's liquidity. A reconciliation
of the Company's pro rata share of debt to the amount of debt on the Company's
consolidated balance sheet is located at the end of this earnings release.

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" included therein, for a discussion of such risks and
uncertainties.

                                                              
CBL & Associates Properties, Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
                                                                   
                                                                   
                                                     Three Months Ended

                                                     March 31,
                                                     2013          2012
REVENUES:
Minimum rents                                        $ 170,478     $ 157,510
Percentage rents                                       4,915         3,452
Other rents                                            5,297         5,286
Tenant reimbursements                                  74,359        69,692
Management, development and leasing fees               3,075         2,469
Other                                                 7,853       8,060   
Total revenues                                        265,977     246,469 
                                                                   
OPERATING EXPENSES:
Property operating                                     41,078        36,865
Depreciation and amortization                          71,555        62,258
Real estate taxes                                      23,042        22,329
Maintenance and repairs                                14,691        12,757
General and administrative                             13,424        13,800
Other                                                 6,656       6,758   
Total operating expenses                              170,446     154,767 
Income from operations                                 95,531        91,702
Interest and other income                              727           1,075
Interest expense                                       (59,828 )     (59,831 )
Gain on sales of real estate assets                    543           94
Equity in earnings of unconsolidated                   2,619         1,266
affiliates
Income tax benefit                                    174         228     
Income from continuing operations                      39,766        34,534
Operating income (loss) of discontinued                (662    )     1,106
operations
Gain on discontinued operations                       781         911     
Net income                                             39,885        36,551
Net income attributable to noncontrolling
interests in:
Operating partnership                                  (3,491  )     (4,362  )
Other consolidated subsidiaries                       (6,081  )    (6,140  )
Net income attributable to the Company                 30,313        26,049
Preferred dividends                                   (11,223 )    (10,594 )
Net income attributable to common shareholders       $ 19,090     $ 15,455  
                                                                   
                                                                   
Basic per share data attributable to common
shareholders:
Income from continuing operations, net of            $ 0.12        $ 0.09
preferred dividends
Discontinued operations                               -           0.01    
Net income attributable to common shareholders       $ 0.12       $ 0.10    
Weighted average common shares outstanding             161,540       148,495
                                                                   
Diluted earnings per share data attributable
to common shareholders:
Income from continuing operations, net of            $ 0.12        $ 0.09
preferred dividends
Discontinued operations                               -           0.01    
Net income attributable to common shareholders       $ 0.12       $ 0.10    
Weighted average common and potential dilutive         161,540       148,538
common shares outstanding
                                                                   
Amounts attributable to common shareholders:
Income from continuing operations, net of            $ 18,989      $ 13,880
preferred dividends
Discontinued operations                               101         1,575   
Net income attributable to common shareholders       $ 19,090     $ 15,455  
                                                                   

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

                                         March 31,
                                         2013                  2012
                                                               
    Net income attributable              $   19,090            $   15,455
    to common shareholders
    Noncontrolling interest
    in income of operating                   3,491                 4,362
    partnership
    Depreciation and
    amortization expense of:
    Consolidated properties                  71,555                62,258
    Unconsolidated                           9,948                 11,111
    affiliates
    Discontinued operations                  107                   1,015
    Non-real estate assets                   (474      )           (417     )
    Noncontrolling
    interests' share of                      (1,607    )           (446     )
    depreciation and
    amortization
    Loss on impairment of
    real estate, net of tax                  -                     196
    benefit
    Gain on depreciable                      (2        )           (493     )
    property
    Gain on discontinued                    (485      )          (565     )
    operations, net of taxes
    Funds from operations of
    the operating                            101,623               92,476
    partnership
                                                               
    Funds from operations                $   0.53              $   0.49
    per diluted share
    Weighted average common
    and potential dilutive
    common shares                            191,085               190,302
    outstanding with
    operating partnership
    units fully converted
                                                               
    Reconciliation of FFO of
    the operating
    partnership to FFO
    allocable to common
    shareholders:
    Funds from operations of
    the operating                        $   101,623           $   92,476
    partnership
    Percentage allocable to                 84.54     %          78.05    %
    common shareholders ^(1)
    Funds from operations
    allocable to common                  $   85,912           $   72,178   
    shareholders
                                                               
    Represents the weighted average number of common shares outstanding for
    the period divided by the sum of the weighted average number of common
(1) 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 9.
                                                               
    SUPPLEMENTAL FFO
    INFORMATION:
    Lease termination fees               $   813               $   750
    Lease termination fees               $   -                 $   -
    per share
                                                               
    Straight-line rental                 $   1,090             $   410
    income
    Straight-line rental                 $   0.01              $   -
    income per share
                                                               
    Gains on outparcel sales             $   543               $   99
    Gains on outparcel sales             $   -                 $   -
    per share
                                                               
    Net amortization of
    acquired above- and                  $   586               $   142
    below-market leases
    Net amortization of
    acquired above- and                  $   -                 $   -
    below-market leases per
    share
                                                               
    Net amortization of debt             $   376               $   452
    premiums (discounts)
    Net amortization of debt
    premiums (discounts) per             $   -                 $   -
    share
                                                               
    Income tax benefit                   $   174               $   228
    Income tax benefit per               $   -                 $   -
    share
                                                               
    Loss on impairment of
    real estate from                     $   -                 $   (293     )
    discontinued operations
    Loss on impairment of
    real estate from                     $   -                 $   -
    discontinued operations
    per share
                                                               

                                                              
Same-Center Net Operating Income
(Dollars in thousands)
                                                                   
                                                     Three Months Ended

                                                     March 31,
                                                     2013          2012
                                                                   
Net income attributable to the Company               $ 30,313      $ 26,049
                                                                   
Adjustments:
Depreciation and amortization                          71,555        62,258
Depreciation and amortization from                     9,948         11,111
unconsolidated affiliates
Depreciation and amortization from                     107           1,015
discontinued operations
Noncontrolling interests' share of
depreciation and amortization in other                 (1,607  )     (446    )
consolidated subsidiaries
Interest expense                                       59,828        59,831
Interest expense from unconsolidated                   10,072        11,203
affiliates
Interest expense from discontinued operations          -             230
Noncontrolling interests' share of interest            (976    )     (460    )
expense in other consolidated subsidiaries
Abandoned projects expense                             2             (124    )
Gain on sales of real estate assets                    (543    )     (94     )
Loss on sales of real estate assets of                 -             5
unconsolidated affiliates
Loss on impairment of real estate from                 -             293
discontinued operations
Income tax benefit                                     (174    )     (228    )
Net income attributable to noncontrolling              3,491         4,362
interest in earnings of operating partnership
Gain on discontinued operations                       (781    )    (911    )
Operating partnership's share of total NOI             181,235       174,094
General and administrative expenses                    13,424        13,800
Management fees and non-property level                (7,444  )    (7,105  )
revenues
Operating partnership's share of property NOI          187,215       180,789
Non-comparable NOI                                    (7,992  )    (3,422  )
Total same-center NOI                                $ 179,223    $ 177,367 
Total same-center NOI percentage change               1.0     %
                                                                   
Total same-center NOI                                $ 179,223     $ 177,367
Less lease termination fees                           (813    )    (756    )
Total same-center NOI, excluding lease               $ 178,410    $ 176,611 
termination fees
                                                                   
Malls                                                $ 160,726     $ 159,711
Associated centers                                     8,330         8,064
Community centers                                      4,695         4,324
Offices and other                                     4,659       4,512   
Total same-center NOI, excluding lease               $ 178,410    $ 176,611 
termination fees
                                                                   
Percentage Change:
Malls                                                  0.6     %
Associated centers                                     3.3     %
Community centers                                      8.6     %
Offices and other                                     3.3     %
Total same-center NOI, excluding lease                1.0     %
termination fees
                                                                   

                                                                   
    Company's Share of Consolidated
    and Unconsolidated Debt
    (Dollars in
    thousands)
                                       As of March 31, 2013
                                       Fixed Rate      Variable Rate   Total
    Consolidated debt                  $ 3,712,645     $ 967,876       $ 4,680,521
    Noncontrolling interests' share      (89,079   )     -               (89,079    )
    of consolidated debt
    Company's share of                  658,942       129,784       788,726    
    unconsolidated affiliates' debt
    Company's share of consolidated    $ 4,282,508    $ 1,097,660    $ 5,380,168  
    and unconsolidated debt
    Weighted average                    5.40      %    2.39      %    4.79       %
    interest rate
                                                                       
                                       As of March 31, 2012
                                       Fixed Rate      Variable Rate   Total
    Consolidated debt                  $ 3,393,241     $ 1,066,007     $ 4,459,248
    Noncontrolling interests' share      (29,256   )     (726      )     (29,982    )
    of consolidated debt
    Company's share of                  675,356       127,019       802,375    
    unconsolidated affiliates' debt
    Company's share of consolidated    $ 4,039,341    $ 1,192,300    $ 5,231,641  
    and unconsolidated debt
    Weighted average                    5.48      %    2.67      %    4.84       %
    interest rate
                                                                       
                                                                       
    Debt-To-Total-Market
    Capitalization Ratio as of March
    31, 2013
    (In thousands,                     Shares
    except stock price)
                                       Outstanding     Stock Price     Value
                                                       (1)
    Common stock and operating           192,933       $ 23.60         $ 4,553,219
    partnership units
    7.375% Series D Cumulative           1,815           250.00          453,750
    Redeemable Preferred Stock
    6.625% Series E Cumulative           690             250.00         172,500    
    Redeemable Preferred Stock
    Total market                                                         5,179,469
    equity
    Company's share of                                                  5,380,168  
    total debt
    Total market                                                       $ 10,559,637 
    capitalization
    Debt-to-total-market                                                51.0       %
    capitalization ratio
                                                                       
    Stock price for common stock and operating partnership units equals the closing
(1) price of the common stock on March 28, 2013. 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
                         March 31,
    2013:                Basic         Diluted
    Weighted average       161,540       161,540
    shares - EPS
    Weighted average
    operating             29,545      29,545    
    partnership units
    Weighted average      191,085     191,085   
    shares- FFO
                                                                       
    2012:
    Weighted average       148,495       148,538
    shares - EPS
    Weighted average
    operating             41,764      41,764    
    partnership units
    Weighted average      190,259     190,302   
    shares- FFO
                                                                       
                                                                       
    Dividend Payout      Three Months Ended
    Ratio
                         March 31,
                         2013          2012
    Weighted average
    cash dividend per    $ 0.23864     $ 0.21913
    share
    FFO per diluted,
    fully converted      $ 0.53       $ 0.49      
    share
    Dividend payout       45.0    %    44.7      %
    ratio
                                                                       


Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
                                                           
                                                                
                                               As of
                                               March 31,        December 31,

                                               2013             2012
ASSETS
Real estate assets:
Land                                           $ 905,310        $ 905,339
Buildings and improvements                      7,215,147      7,228,293  
                                                 8,120,457        8,133,632
Accumulated depreciation                        (2,026,560 )    (1,972,031 )
                                                 6,093,897        6,161,601
Held for sale                                    -                29,425
Developments in progress                        164,948        137,956    
Net investment in real estate assets             6,258,845        6,328,982
Cash and cash equivalents                        66,580           78,248
Receivables:
Tenant, net of allowance for doubtful
accounts of $2,054 and $1,977 in 2013            76,331           78,963
and 2012, respectively
Other, net of allowance for doubtful
accounts of $1,283 and $1,270 in 2013            15,571           8,467
and 2012, respectively
Mortgage and other notes receivable              22,337           25,967
Investments in unconsolidated affiliates         275,349          259,810
Intangible lease assets and other assets        275,064        309,299    
                                               $ 6,990,077     $ 7,089,736  
                                                                
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other indebtedness                $ 4,680,521      $ 4,745,683
Accounts payable and accrued liabilities        302,946        358,874    
Total liabilities                               4,983,467      5,104,557  
Commitments and contingencies
Redeemable noncontrolling interests:
Redeemable noncontrolling partnership            43,615           40,248
interests
Redeemable noncontrolling preferred             423,719        423,834    
joint venture interest
Total redeemable noncontrolling                 467,334        464,082    
interests
Shareholders' equity:
Preferred stock, $.01 par value,
15,000,000 shares authorized:
7.375% Series D Cumulative Redeemable
Preferred Stock, 1,815,000 shares                18               18
outstanding
6.625% Series E Cumulative Redeemable
Preferred Stock, 690,000 shares                  7                7
outstanding
Common stock, $.01 par value,
350,000,000 shares authorized,
163,387,752 and 161,309,652 issued and           1,634            1,613
outstanding in 2013 and 2012,
respectively
Additional paid-in capital                       1,804,108        1,773,630
Accumulated other comprehensive income           7,850            6,986
Dividends in excess of cumulative               (472,184   )    (453,561   )
earnings
Total shareholders' equity                       1,341,433        1,328,693
Noncontrolling interests                        197,843        192,404    
Total equity                                    1,539,276      1,521,097  
                                               $ 6,990,077     $ 7,089,736  

Contact:

CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations/Corporate Investments
katie_reinsmidt@cblproperties.com