May 29, 2007 -- CBL & Associates Properties, Inc. today announced that it has exercised its option to redeem all 2,000,000 outstanding shares of its 8.75% Series B Cumulative Redeemable Preferred Stock at the par value of $50 per share. The par value, plus accrued and unpaid dividends, will be paid on June 28, 2007, to shareholders of the 8.75% Series B Cumulative Redeemable Preferred Stock. Dividends will cease to accrue as of the redemption date. A notice of redemption is being mailed today to the registered holder of the 8.75% Series B Cumulative Redeemable Preferred Stock. Copies of the notice of redemption may be obtained from Computershare, at: Computershare Trust Company, N.A., c/o Computershare, Inc., 250 Royall Street, Canton, MA, 02021. The 8.75% Series B Cumulative Redeemable Preferred Stock is held only in book-entry form through The Depository Trust Company ("DTC"). DTC will redeem the securities in accordance with its procedures and will notify holders. The redemption will result in a charge to Funds From Operations and net income of approximately $3.6 million in the second quarter 2007 related to the write-off of direct issuance costs for the 8.75% Series B Cumulative Redeemable Preferred Stock.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  CBL & Associates Properties Inc., 8.75% Series B Cumulative Redeemable Preferred Stock, liquidation preference $50 per share, redeemable at the issuer's option on or after 6/14/2007 at $50 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 8.75% ($4.375) per annum paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the 15th day of the month in which the payment is due or on the date fixed by the board, not more than 30 days or less than 10 days prior to the payment date. Dividends paid by preferreds issued by REITs are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	8.75% $4.375	$50.00 $50.00	Called for 6/28/2007 None	NF NF 1/30/2006	3/30, 6/30, 9/30 & 12/30 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

Company's Online Information Links

HOME PAGE:     http://www.cblproperties.com/
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Online Company Profile	Go to Online Profile

Company's Online SEC EDGAR Filings

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Company's Email Address Links

Inv Rel Email Address	john_foy@cblproperties.com
General Email Address	charles_lebovitz@cblproperties.com

Address and Phone Numbers

Address:   One Park Place, 6148 Lee Highway, Chattanooga, TN 37421
Main Phone Number	423-855-0001
Fax Number	423-490-8662
Investor Contact (CFO)   John N. Foy	423-855-0001
Toll Free Phone Number	Unknown

CEO - Charles B. Lebovitz

CFO - John N. Foy