CBL & Associates Properties Reports Fourth Quarter And Full Year 2011 Results

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

• Reported FFO per diluted share of $0.60 for the fourth quarter 2011 and $2.22 for the year ended December 31, 2011.
• Same-center net operating income improved 0.6% for the fourth quarter 2011 and 1.4% for the year ended December 31, 2011, over the prior-year periods, excluding lease termination fees.
• Same-store sales per square foot increased 3.3% for mall tenants 10,000 square feet or less for stabilized malls for the year ended December 31, 2011.
• Portfolio occupancy at December 31, 2011, increased 120 basis points from the prior-year period, to 93.6%.
• Positive average leasing spread of 7.6% during the fourth quarter 2011.
• Reduced total debt by $494 million during the fourth quarter 2011.

CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the fourth quarter and year ended December 31, 2011. 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 December 31,								Year Ended December 31,
			2011				2010				2011				2010
Funds from Operations (“FFO”) per diluted share			$	0.60			$	0.62			$	2.22			$	2.08

CBL’s President and Chief Executive Officer Stephen Lebovitz commented, “We are pleased with our excellent results for the fourth quarter including a 120-basis-point increase in portfolio occupancy, positive leasing spreads and same-center NOI growth. We outperformed our previously increased FFO guidance. The capital provided during the quarter from closing the TIAA-CREF joint venture, community center disposition and financings significantly enhances our liquidity position and contributed to the nearly $500 million in debt reduction during the quarter.

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