CBL Retires Westfield Joint Venture Preferred Units

  CBL Retires Westfield Joint Venture Preferred Units

Business Wire

CHATTANOOGA, Tenn. -- September 17, 2013

CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it has
completed the redemption of all outstanding perpetual preferred joint venture
units (“PJV”) of its joint venture, CW Joint Venture, LLC, (“CWJV”) with
Westfield America Limited Partnership (“Westfield”). The units were redeemed
using availability on the Company’s lines of credit for approximately $408.6
million (plus any accrued and unpaid preferred return). The PJV units were
originally issued in 2007 as part of the acquisition of four malls in St.
Louis, MO, by CWJV.

“We are pleased to retire the Westfield preferred units and further simplify
our balance sheet as we continue to successfully execute our capital plan,”
said Stephen Lebovitz, CBL’s president and CEO. “Throughout the year we have
raised more than $425 million through $220 million of portfolio-enhancing
dispositions and $210 million of common stock issuances through our ATM
program. These activities have demonstrated both our strong access to multiple
capital sources and the demand for our market-dominant assets.”

About CBL & Associates Properties, Inc.:

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
154 properties, including 93 regional malls/open-air centers. The properties
are located in 31 states and total 89.3 million square feet including 9.3
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 at cblproperties.com.

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

Contact:

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