CBL Announces Acquisition and Planned Redevelopment of Two Sears Anchor Locations at Top CBL Malls

CBL & Associates Properties, Inc. (NYSE: CBL), today announced that it had acquired two Sears locations at CBL’s Fayette Mall in Lexington, KY, and CoolSprings Galleria in Nashville, TN. Sears will continue to operate in both locations until closing dates have been finalized.

“The acquisition of these Sears stores will allow us to create substantial value at two of our most productive malls,” said Stephen Lebovitz, president and chief executive officer. “We have plans to redevelop and expand both buildings to create space for new high-end specialty stores and restaurants designed to augment each properties’ market-dominant position and enhance their strong growth rates. Additional details on these exciting projects will be announced in the near future.”

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 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 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" incorporated by reference therein, for a discussion of such risks and uncertainties.