Katie Reinsmidt

This conference call contains forward-looking statements within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties. Future events and actual results, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. We direct you to the company’s various filings with the Securities and Exchange Commission, including without limitation, the company’s most recent Annual Report on Form 10-K.

During our discussion today, references made to per share amounts are based on a fully diluted converted share basis. During this call, the company may discuss non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each non-GAAP financial measure to the comparable GAAP financial measure will be included in the earnings release that is furnished on Form 8-K along with the transcript of today’s comments and additional supplemental schedules.

This call will also be available for replay on the Internet through a link on our website at cblproperties.com.

Stephen Lebovitz

Thank you, Katie. During the fourth quarter, we continued our string of improving results. We achieved growth in occupancy of 120 basis points, a 60 basis point increase in same-center NOI, positive leasing spreads in the high single digits, and our eighth consecutive quarter of sales growth.

We are encouraged by the over 38% increase in our stock price in the fourth quarter, and sustained share price gain so far in 2012 that reflect these continued improvements. 2011 was also a very productive year for improving our balance sheet. In total, we ended the year with nearly $500 million less in debt than 2010, with proceeds generated by asset sales in the TIAA joint venture.

At the end of the fourth quarter, we have more than $1.1 million in availability on our credit lines, providing us with tremendous financial flexibility. We have kept our focus on reducing our overall leverage, and have been successful at selling off non-core property at attractive pricing. For 2012, we expect to see more attractive growth opportunities, while remaining focused on strengthening our balance sheet.

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