                                                                    EXHIBIT 99.1

                               [ CBL LETTERHEAD ]


Contact:   Katie Knight
           Director, Investor Relations
           (423) 855-0001

           CBL & ASSOCIATES PROPERTIES REPORTS SECOND QUARTER RESULTS

     o    FFO per share rose 18.3% to $0.71 in the second quarter.
     o    Same-center  NOI for the quarter and  six-months  ended June 30, 2005,
          rose 2.5% and 5.9%, respectively.
     o    Same store sales improved by 3.4% year-to-date.
     o    Portfolio occupancy rose to 91.9% as of the second quarter.
     o    Completed two-for-one stock split of Company's common stock.

CHATTANOOGA, Tenn. (August 2, 2005) CBL & Associates Properties, Inc. (NYSE:CBL)
announced  results for the second  quarter ended June 30, 2005. 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.  Per share amounts have
been adjusted to reflect the two-for-one  split of the Company's  common shares,
effective June 16, 2005.

     Net income  available to common  shareholders  for the second quarter ended
June 30, 2005,  was  $20,783,000  compared with  $21,708,000  for the prior-year
period   representing  a  decline  of  4.3%.  Net  income  available  to  common
shareholders  per diluted  share was $0.32 in the second  quarter ended June 30,
2005,  compared with $0.34 for the prior-year period,  representing a decline of
5.9%. Net income  available to common  shareholders for the second quarter ended
June 30, 2005,  declined over the prior year period primarily due to an increase
in depreciation expense for the properties acquired in 2004.

     Net income  available to common  shareholders for six months ended June 30,
2005, was  $46,154,000  compared with  $51,897,000 for the six months ended June
30, 2004,  representing  a decline of 11.1%.  On a diluted per share basis,  net
income available to common  shareholders for the six months ended June 30, 2005,
was $0.71 compared with $0.82 in the prior-year  period,  representing a decline
of 13.4%. Net income  available to common  shareholders for the six months ended
June 30,  2005,  declined  over the prior  year  period  due to an  increase  in
depreciation expense for the properties acquired in 2004 and gains recognized in
2004 from the  contribution  of  properties  into the Galileo  joint  venture in
January of 2004.

     Funds from  operations  (FFO) increased 21.0% to $83,203,000 for the second
quarter of 2005 from  $68,738,000  for the second quarter of 2004. FFO per share
on a diluted  fully  converted  basis  increased  18.3% to $0.71 for the  second
quarter of 2005 from $0.60 in the  prior-year  period.  FFO  increased  24.0% to
$171,664,000  for the six months ended June 30, 2005 from  $138,398,000  for the
six months  ended June 30,  2004.  FFO per share  increased  21.3% on a diluted,
fully  converted  basis for the six months  ended June 30,  2005,  to $1.48 from
$1.22 per share in the prior-year period.

HIGHLIGHTS

     |X|  Total  revenues   increased  13.4%  in  the  second  quarter  2005  to
          $198,996,000  from  $175,506,000  in  the  prior-year  period.   Total
          revenues   increased  17.9%  in  the  first  six  months  of  2005  to
          $409,901,000 from $347,662,000 in the comparable period a year ago.

     |X|  Same center net operating  income for the  portfolio  improved for the
          quarter  and six  months  ended  June  30,  2005,  by 2.5%  and  5.9%,
          respectively,  compared with a 1.5% and 1.1%  increase,  respectively,
          for the prior-year periods.

     |X|  Same-store  sales for mall  tenants of 10,000  square feet or less for
          stabilized  malls for the six months  ended June 30,  2005,  increased
          3.4% for those tenants who have reported  sales,  compared with a 5.9%
          increase for the prior year period.

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<PAGE>
CBL Reports Second Quarter Results
Page 2
August 2, 2005


     |X|  The debt-to-total-market capitalization ratio as of June 30, 2005, was
          40.3% based on the common  stock  closing  price of $43.07 and a fully
          converted  common  stock share count of  115,162,000  shares as of the
          same date. The  debt-to-total-market  capitalization  ratio as of June
          30, 2004, was 49.4% based on the  split-adjusted  common stock closing
          price of $27.50 and a fully  converted  common  stock  share  count of
          111,962,000 shares as of the same date.

     |X|  Variable rate debt of $767,697,000 represents 8.6% of the total market
          capitalization  for the  Company and 21.2% of the  Company's  share of
          total consolidated and unconsolidated debt.

     CBL's Chairman and Chief Executive Officer, Charles B. Lebovitz, said, "The
proactive  management  approach  we provide has once again  produced  impressive
results  in all  facets  of our  business  including  development,  acquisition,
leasing,  property  management,  and financial  strategies.  We are committed to
effectively  executing these strategies so as to continue  achieving our goal of
double-digit increases in FFO for 2005 and beyond.

     "With the recent transactions involving our community center portfolio,  we
are reallocating  resources and creating further efficiencies to better leverage
the  productivity  of our team of  professionals.  The  current  healthy  retail
environment  is  having a very  positive  impact on our mall  portfolio  and has
allowed us to accelerate our program of mall  redevelopments,  renovations,  and
expansions  as  well as  ground-up  developments  of  regional  malls,  open-air
lifestyle  centers  and  community/power  centers.  These  transactions  and the
continued  strong  performance  in  our  portfolio  demonstrate  our  focus  and
commitment   to  producing   long-term   growth  and  value   creation  for  our
shareholders."

PORTFOLIO OCCUPANCY*
<TABLE>
<CAPTION>
                                                          June 30,
                                                  2005                  2004
                                              -------------        -------------
<S>                                                <C>                  <C>
Portfolio occupancy                                91.9%                91.1%
  Mall portfolio                                   91.9%                91.1%
    Stabilized malls (69)                          92.2%                91.4%
    Non-stabilized malls (3)                       84.1%                85.1%
Associated centers (28)                            93.8%                89.3%
Community centers (5)                              81.1%                92.6%
<FN>
*Figures exclude the community centers that were contributed into the Galileo America joint venture.
</FN>
</TABLE>

ACQUISITIONS

     In  June,  the  Company  acquired  a 70%  joint  venture  interest  in  the
505,000-square-foot  Laurel  Park  Place in  Livonia,  MI,  for  $82.2  million,
including closing costs.

     Subsequent to the quarter-end, the Company closed on the acquisition of The
Mall of Acadiana in Lafayette,  LA, for approximately $175.3 million,  including
closing costs. The Company also entered into an agreement to acquire 14.62 acres
located  adjacent to the mall for $3.2 million as well as an option agreement to
purchase an additional 14.32 acres for $3.2 million.

DISPOSITIONS

     Subsequent  to the quarter  end,  the  Company  entered  into a  definitive
agreement  to  transfer  its  8.4%  equity  interest  in  Galileo  America,  LLC
("Galileo"),  a joint venture  between CBL and Galileo America Inc., to Galileo.
Additionally,  CBL's  management  and  advisory  contracts  with Galileo will be
purchased by New Plan Excel Realty Trust,  Inc.  (NYSE:  NXL), a shopping center
REIT.  CBL will receive total  consideration  of  approximately  $100.0  million
related  to these  transactions,  which are  expected  to close in  August.  The
Company has  determined  that the $41.8 million gain from the sale of the equity
interest will be  recognized in net income in the third quarter 2005.  This gain
will not be included in FFO.

 OTHER SIGNIFICANT EVENTS

     On May 11, 2005,  the Company  announced a  two-for-one  stock split of the
Company's common stock effective on June 16, 2005.

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CBL Reports Second Quarter Results
Page 3
August 2, 2005

OUTLOOK AND GUIDANCE

     Based on today's  outlook and the Company's  second  quarter  results,  the
Company is  providing  guidance  for 2005 FFO in the range of $3.27 to $3.31 per
share.  The full year  guidance  assumes NOI growth in the range of 3% to 4% and
excludes the impact of any future  acquisitions,  lease  termination fee income,
gains on sales of outparcels, or gains on sales of non-operating properties. The
guidance  does  incorporate  the  expected  sale of CBL's  equity  interest  and
management  contracts  with Galileo,  which  represents  $0.26 per share in FFO.
Included  in net  income is the  $41.8  million  gain on the sale of the  equity
interest, which represents $0.36 per share. The $0.36 per share gain will not be
included in FFO. The Company  expects to update its annual  guidance  after each
quarter's results.

<TABLE>
<CAPTION>
                                                                        Low       High
<S>                                                                     <C>      <C>
Expected diluted earnings per common share                              $2.07    $2.11
      Adjust to fully converted shares from common shares               (0.92)   (0.93)
                                                                        ------   ------
Expected earnings per diluted, fully converted common share              1.15     1.18
      Add: depreciation and amortization                                 1.52     1.52
      Add: gain on sales of interest in Galileo                         (0.36)   (0.36)
      Add: minority interest in earnings of Operating Partnership        0.96     0.97
                                                                        ------   ------
Expected FFO per diluted, fully converted common share                  $3.27    $3.31
                                                                        ======   ======
</TABLE>


INVESTOR CONFERENCE CALL AND SIMULCAST

     CBL & Associates  Properties,  Inc. will conduct a conference call at 10:00
a.m. EDT on August 3, 2005, to discuss the second quarter results. The number to
call for this interactive teleconference is 913-981-5532.  A seven-day replay of
the conference call will be available by dialing  719-457-0820  and entering the
passcode  4800349.  A  transcript  of the  Company's  prepared  remarks  will be
furnished on a Form 8-K following the conference call.

     To receive the CBL & Associates  Properties,  Inc., second quarter earnings
release   and   supplemental   information   please   visit   our   website   at
cblproperties.com or contact Investor Relations at 423-490-8292.

     The Company will also provide an online Web  simulcast and  rebroadcast  of
its 2005 second quarter earnings release  conference call. The live broadcast of
CBL's quarterly  conference  call will be available  online at the Company's Web
site at cblproperties.com, as well as www.streetevents.com and www.earnings.com,
on August 3, 2005,  beginning at 10:00 a.m.  EDT. The online  replay will follow
shortly after the call and continue through August 17, 2005.

     CBL & Associates Properties,  Inc. is the fourth largest mall REIT in North
America and the largest  owner of malls and shopping  centers in the  Southeast,
ranked by GLA. CBL owns, holds interests in or manages 174 properties  including
72 enclosed  regional  malls.  The properties are located in 30 states and total
75.7 million square feet including 2.0 million square feet of non-owned shopping
centers  managed for third  parties.  CBL  currently  has eight  projects  under
construction  totaling  approximately  1.5 million  square  feet.  The  projects
include two  open-air  shopping  centers  located in Ft.  Myers,  FL and Memphis
(Southaven,  MS), TN, three community centers and three expansions.  In addition
to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham),
MA. Additional information can be found at cblproperties.com.

NON-GAAP FINANCIAL MEASURES

Funds From Operations

     FFO is a widely used measure of the  operating  performance  of real estate
companies that  supplements  net income  determined in accordance with generally
accepted accounting principles ("GAAP"). The National Association of Real Estate
Investment  Trusts defines FFO as net income  (computed in accordance with GAAP)
excluding gains or losses on sales of operating  properties,  plus  depreciation
and  amortization,  and after  adjustments for  unconsolidated  partnerships and
joint ventures.  The Company believes that FFO provides an additional  indicator
of the operating  performance of the Company's  properties without giving effect
to real estate  depreciation and  amortization,  which assumes the value of real
estate assets decline  predictably  over time.  Since values of  well-maintained

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CBL Reports Second Quarter Results
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August 2, 2005

real estate assets have historically risen or fallen with market conditions, the
Company  believes that FFO enhances  investors'  understanding  of the Company's
operating performance.

     FFO does not represent  cash flow from  operations as defined by accounting
principles   generally  accepted  in  the  United  States,  is  not  necessarily
indicative  of cash  available  to fund all cash flow  needs and  should  not be
considered  as an  alternative  to net income for  purposes  of  evaluating  the
Company's operating performance or to cash flow as a measure of liquidity.

Same-Center Net Operating Income

     Net operating  income  ("NOI") is a  supplemental  measure of the operating
performance  of the  Company's  shopping  centers.  The  Company  defines NOI as
operating  revenues (rental revenues,  tenant  reimbursements  and other income)
less property  operating  expenses  (property  operating,  real estate taxes and
maintenance and repairs).

     Similar to FFO,  the  Company  computes  NOI based on its pro rata share of
both consolidated and unconsolidated properties. The Company's definition of NOI
may be  different  than  that  used by other  companies  and,  accordingly,  the
Company's NOI may not be comparable to that of other companies. A reconciliation
of same-center NOI to net income is located at the end of this earnings release.

     Since  NOI  includes  only  those  revenues  and  expenses  related  to the
continuing  operations of its shopping center  properties,  the Company believes
that same-center NOI provides a measure that reflects trends in occupancy rates,
rental rates and operating costs and the impact of those trends on the Company's
results of operations.

Pro Rata Share of Debt

     The Company  presents debt based on its pro rata ownership share (including
the Company's pro rata share of unconsolidated affiliates and excluding minority
investors' share of consolidated  properties)  because it believes this provides
investors a clearer  understanding of the Company's total debt obligations which
affect the Company's liquidity. A reconciliation of the Company's pro rata share
of debt to the amount of debt on the  Company's  consolidated  balance  sheet is
located at the end of this earnings release.

     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.

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CBL Reports Second Quarter Results
Page 5
August 2, 2005

                        CBL & Associates Properties, Inc.
                      Consolidated Statements of Operations
               (Unaudited; in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                                Three Months Ended            Six Months Ended
                                                                    June 30,                     June 30,
                                                              ------------------------      ------------------------
                                                                 2005          2004            2005          2004
                                                              ----------    ----------      ----------    ----------
REVENUES:
<S>                                                           <C>           <C>             <C>           <C>
Minimum rents                                                 $ 127,378     $ 113,487       $ 257,809     $ 221,937
Percentage rents                                                  1,758         1,472           9,857         8,157
Other rents                                                       2,795         2,456           5,920         5,242
Tenant reimbursements                                            58,315        50,523         119,101        98,519
Management, development and leasing fees                          3,773         1,716           6,818         3,511
Other                                                             4,977         5,849          10,396        10,296
                                                              ----------    ----------      ----------    ----------
Total revenues                                                  198,996       175,503         409,901       347,662
                                                              ----------    ----------      ----------    ----------

EXPENSES:
Property operating                                               28,361        26,350          60,026        53,995
Depreciation and amortization                                    43,339        32,878          84,625        65,434
Real estate taxes                                                15,892        14,095          31,343        27,176
Maintenance and repairs                                          11,926        10,174          24,271        20,367
General and administrative                                        9,234         7,992          18,420        16,225
Loss on impairment of real estate assets                              -             -             262             -
Other                                                             3,057         4,923           6,487         7,955
                                                              ----------    ----------      ----------    ----------
Total expenses                                                  111,809        96,412         225,434       191,152
                                                              ----------    ----------      ----------    ----------
Income from operations                                           87,187        79,091         184,467       156,510
Interest income                                                   2,594           706           4,277         1,586
Interest expense                                                (50,255)      (42,798)        (99,176)      (83,232)
Loss on extinguishment of debt                                        -             -            (884)            -
Gain on sales of real estate assets                               4,382         4,955           7,096        24,780
Equity in earnings of unconsolidated affiliates                   2,683         2,682           5,774         5,546
Minority interest in earnings:
Operating partnership                                           (16,895)      (17,840)        (37,721)      (42,874)
Shopping center properties                                       (1,178)       (1,819)         (2,575)       (3,058)
                                                              ----------    ----------      ----------    ----------
Income before discontinued operations                            28,518        24,977          61,258        59,258
Operating income (loss) of discontinued operations                  (39)          622             266           951
Gain (loss) on discontinued operations                              (54)          525             (86)          520
                                                              ----------    ----------      ----------    ----------
Net income                                                       28,425        26,124          61,438        60,729
Preferred dividends                                              (7,642)       (4,416)        (15,284)       (8,832)
                                                              ----------    ----------      ----------    ----------
Net income available to common shareholders                   $  20,783     $  21,708       $  46,154     $  51,897
                                                              ==========    ==========      ==========    ==========
Basic per share data:
Income before discontinued operations, net of preferred
 dividends                                                    $    0.33     $    0.34       $    0.73     $    0.83
Discontinued operations                                           (0.00)         0.02            0.01          0.02
                                                              ----------    ----------      ----------    ----------
Net income available to common shareholders                   $    0.33     $    0.35       $    0.74     $    0.85
                                                              ==========    ==========      ==========    ==========
Weighted average common shares outstanding                       62,685        61,200          62,567        60,928

Diluted per share data:
Income before discontinued operations, net of preferred
 dividends                                                    $    0.32     $    0.32       $    0.71     $    0.80
Discontinued operations                                           (0.00)         0.02            0.00          0.02
                                                              ----------    ----------      ----------    ----------
Net income available to common shareholders                   $    0.32     $    0.34       $    0.71     $    0.82
                                                              ==========    ==========      ==========    ==========
Weighted average common and potential dilutive
common shares outstanding                                        65,004        63,510          64,895        63,372
</TABLE>

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CBL Reports Second Quarter Results
Page 6
August 2, 2005

The Company's  calculation of FFO is as follows (in thousands,  except per share
data):
<TABLE>
<CAPTION>
                                                                     Three Months Ended            Six Months Ended
                                                                         June 30,                     June 30,
                                                                  ------------------------      ------------------------
                                                                     2005          2004            2005          2004
                                                                  ----------    ----------      ----------    ----------
<S>                                                                <C>           <C>             <C>           <C>
Net income available to common shareholders                        $ 20,783      $ 21,708        $ 46,154      $ 51,897
Add:
Depreciation and amortization from consolidated properties           43,339        32,878          84,625        65,434
Depreciation and amortization from unconsolidated affiliates          2,210         1,547           3,920         2,743
Depreciation and amortization from discontinued operations                -           156               -           345
Minority interest in earnings of operating partnership               16,895        17,840          37,721        42,874
Less:
(Gain) loss on sales of operating real estate assets                    397        (4,484)            174       (23,565)
Minority investors' share of depreciation and amortization             (289)         (304)           (651)         (597)
(Gain) loss on discontinued operations                                   54          (525)             86          (520)
Depreciation and amortization of non-real estate assets                (186)          (78)           (365)         (213)
                                                                  ----------    ----------      ----------    ----------
Funds from operations                                              $ 83,203      $ 68,738       $ 171,664     $ 138,398
                                                                  ==========    ==========      ==========    ==========

Funds from operations applicable to Company shareholders           $ 45,646      $ 37,732        $ 94,228     $  75,814
                                                                  ==========    ==========      ==========    ==========
Basic per share data:
Funds from operations                                              $   0.73      $   0.62        $   1.51     $    1.24
                                                                  ==========    ==========      ==========    ==========
Weighted average common shares outstanding with operating
 partnership units fully converted                                  114,134       111,490         113,923       111,220
Diluted per share data:
Funds from operations                                              $   0.71      $   0.60        $   1.48     $    1.22
                                                                  ==========    ==========      ==========    ==========
Weighted average common and potential dilutive common shares
  outstanding with operating parntership units fully converted       116,452       113,802         116,251       113,664

SUPPLEMENTAL FFO INFORMATION:

Lease termination fees                                             $    178      $  1,444        $  2,426     $   2,601
   Lease termination fees per share                                $      -      $   0.01        $   0.02     $    0.02

Straight-line rental income                                        $  1,327      $    596        $  2,852     $   1,242
   Straight-line rental income per share                           $   0.01      $   0.01        $   0.02     $    0.01

Gains on outparcel sales                                           $  6,023      $    705        $  8,633     $   2,041
   Gains on outparcel sales per share                              $   0.05      $   0.01        $   0.07     $    0.02

Amortization of acquired above- and below-market leases            $  1,279      $    607        $  2,812     $   1,242
   Amortization of acquired above- and below-market leases
   per share                                                       $   0.01      $   0.01        $   0.02     $    0.01

Amortization of debt premiums                                      $  1,948      $  1,166        $  3,661     $   2,139
   Amortization of debt premiums per share                         $   0.02      $   0.01        $   0.03     $    0.02

Gain on sales of non operating properties                          $    406      $      -        $    815     $       -
   Gain on sales of non operating properties per share             $      -      $      -        $   0.01     $       -

Loss on impairment of real estate assets                           $      -      $      -        $   (262)    $       -
   Loss on impairment of real estate assets per share              $      -      $      -        $      -     $       -
</TABLE>

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CBL Reports Second Quarter Results
Page 7
August 2, 2005


Same-Center Net Operating Income
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                    Three Months Ended    Six Months Ended
                                                                          June 30,             June 30,
                                                                 ---------------------------------------------
                                                                     2005       2004         2005      2004
                                                                 ----------  ----------  ---------  ----------
<S>                                                                <C>       <C>          <C>       <C>
Net income                                                         $ 28,425  $ 26,124     $ 61,438  $ 60,729

Adjustments:
Depreciation and amortization                                        43,339    32,878       84,625    65,434
Depreciation and amortization from unconsolidated affiliates          2,210     1,547        3,920     2,743
Depreciation and amortization from discontinued operations                -       156            -       345
Minority investors' share of depreciation and amortization in
   shopping center properties                                          (289)     (304)        (651)     (597)
Interest expense                                                     50,255    42,798       99,176    83,232
Interest expense from unconsolidated affiliates                       3,538     1,658        6,060     3,077
Interest expense from discontinued operations                             -         9            -        20
Minority investors' share of interest expense in
   shopping center properties                                          (392)     (369)        (770)     (702)
Loss on extinguishment of debt                                            -         -          884         -
Abandoned projects expense                                               17     1,240          138     1,685
Gain on sales of real estate assets                                  (4,382)   (4,955)      (7,096)  (24,780)
Loss on impairment of real estate assets                                  -         -          262         -
Gain on sales of real estate assets of unconsolidated affiliates     (1,689)        -       (2,623)     (592)
Minority interest in earnings of operating partnership               16,895    17,840       37,721    42,874
(Gain) loss on discontinued operations                                   54      (525)          86      (520)
                                                                 ----------  ----------  ---------  ----------
Operating partnership's share of total NOI                          137,981   118,097      283,170   232,948
General and administrative expenses                                   9,234     7,992       18,420    16,225
Management fees and non-property level revenues                      (7,283)   (1,786)     (12,815)   (5,317)
                                                                 ----------  ----------  ---------  ----------
Operating partnership's share of property NOI                       139,932   124,303      288,775   243,856
NOI of non-comparable centers                                       (24,716)  (11,948)     (48,099)  (16,485)
                                                                 ----------  ----------  ---------  ----------
Total same center NOI                                             $ 115,216  $112,355    $ 240,676  $227,371
                                                                 ==========  ==========  =========  ==========

Malls                                                             $ 106,088  $102,946    $ 221,983  $209,137
Associated centers                                                    5,580     4,971       11,039    11,322
Community centers                                                     1,044       867        2,354     1,381
Other                                                                 2,504     3,571        5,300     5,531
                                                                 ----------  ----------  ---------  ----------
Total same center NOI                                             $ 115,216  $112,355    $ 240,676  $227,371
                                                                 ==========  ==========  =========  ==========

Percentage Change:
Malls                                                                  3.1%                   6.1%
Associated centers                                                    12.3%                  -2.5%
Community centers                                                     20.4%                  70.5%
Other                                                                -29.9%                  -4.2%
                                                                 ----------              ---------
Total same center NOI                                                  2.5%                   5.9%
                                                                 ==========              =========
</TABLE>

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<PAGE>
CBL Reports Second Quarter Results
Page 8
August 2, 2005

Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                                         June 30, 2005
                                                                    ------------------------------------------------------
                                                                        Fixed Rate       Variable Rate        Total
                                                                    -------------------  -------------  ------------------
<S>                                                                        <C>              <C>               <C>
Consolidated debt                                                          $ 2,778,311      $ 680,530         $ 3,458,841
Minority investors' share of consolidated debt                                 (52,436)             -             (52,436)
Company's share of unconsolidated affiliates' debt                             121,715         87,167             208,882
                                                                    -------------------  -------------  ------------------
Company's share of consolidated and unconsolidated debt                    $ 2,847,590      $ 767,697         $ 3,615,287
                                                                    ===================  =============  ==================
Weighted average interest rate                                                   6.36%          4.26%               5.91%
                                                                    ===================  =============  ==================

                                                                                         June 30, 2004
                                                                    ------------------------------------------------------
                                                                        Fixed Rate       Variable Rate        Total
                                                                    -------------------  -------------  ------------------
Consolidated debt                                                          $ 2,366,070      $ 729,365         $ 3,095,435
Minority investors' share of consolidated debt                                 (53,365)             -             (53,365)
Company's share of unconsolidated affiliates' debt                              58,885        121,041             179,926
                                                                    -------------------  -------------  ------------------
Company's share of consolidated and unconsolidated debt                    $ 2,371,590      $ 850,406         $ 3,221,996
                                                                    ===================  =============  ==================
Weighted average interest rate                                                   6.56%          2.36%               5.45%
                                                                    ===================  =============  ==================
</TABLE>


Debt-To-Total-Market Capitalization Ratio as of June 30, 2005
(In thousands, except stock price)
<TABLE>
<CAPTION>
                                                                          Shares
                                                                       Outstanding       Stock Price (1)      Value
                                                                    -------------------  -------------  ------------------
<S>                                                                            <C>          <C>              <C>
Common stock and operating partnership units                                   115,162      $ 43.07          $  4,960,027
8.75% Series B Cumulative Redeemable Preferred Stock                             2,000        50.00               100,000
7.75% Series C Cumulative Redeemable Preferred Stock                               460       250.00               115,000
7.375% Series D Cumulative Redeemable Preferred Stock                              700       250.00               175,000
                                                                                                        ------------------
Total market equity                                                                                             5,350,027
Company's share of total debt                                                                                   3,615,287
                                                                                                        ------------------
Total market capitalization                                                                                  $  8,965,314
                                                                                                        ==================
Debt-to-total-market capitalization ratio                                                                           40.3%
                                                                                                        ==================
<FN>
     (1)  Stock price for common stock and  operating  partnership  units equals
          the  closing  price of the common  stock on June 30,  2005.  The stock
          price for the preferred stock represents the liquidation preference of
          each respective series of preferred stock.
</FN>
</TABLE>

Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
<TABLE>
<CAPTION>
                                                             Three Months Ended                  Six Months Ended
                                                                  June 30,                            June 30,
                                                     ----------------------------------  ---------------------------------
2005:                                                   Basic            Diluted            Basic            Diluted
                                                     -------------  -------------------  -------------  ------------------
<S>                                                        <C>                  <C>            <C>                 <C>
Weighted average shares - EPS                              62,685               65,004         62,567              64,895
Weighted average operating partnership units               51,449               51,448         51,356              51,356
                                                     -------------  -------------------  -------------  ------------------
Weighted average shares- FFO                              114,134              116,452        113,923             116,251
                                                     =============  ===================  =============  ==================

2004:
Weighted average shares - EPS                              61,200               63,510         60,928              63,372
Weighted average operating partnership units               50,290               50,292         50,292              50,292
                                                     -------------  -------------------  -------------  ------------------
Weighted average shares- FFO                              111,490              113,802        111,220             113,664
                                                     =============  ===================  =============  ==================
</TABLE>

Dividend Payout Ratio
<TABLE>
<CAPTION>
                                                             Three Months Ended                  Six Months Ended
                                                                  June 30,                            June 30,
                                                     ----------------------------------  ---------------------------------
                                                         2005              2004              2005             2004
                                                     -------------  -------------------  -------------  ------------------
<S>                                                     <C>                  <C>            <C>                 <C>
Weighted average dividend per share                     $ 0.40861            $ 0.36270      $ 0.81800           $ 0.72540
FFO per diluted, fully converted share                  $    0.71            $    0.60      $    1.48           $    1.22
                                                     -------------  -------------------  -------------  ------------------
Dividend payout ratio                                       57.6%                60.5%          55.3%               59.5%
                                                     =============  ===================  =============  ==================

</TABLE>

                                     -MORE-
<PAGE>
CBL Reports Second Quarter Results
Page 9
August 2, 2005

Consolidated Balance Sheets
(Preliminary and unaudited,  in thousands)

<TABLE>
<CAPTION>
                                                             June 30,      December 31,
                                                               2005           2004
                                                           -----------     ------------
ASSETS
Real estate assets:
<S>                                                        <C>             <C>
Land                                                       $  666,681      $  659,782
Buildings and improvements                                  4,820,211       4,670,462
                                                           -----------     ------------
                                                            5,486,892       5,330,244
Less: accumulated depreciation                               (651,614)       (575,464)
                                                           -----------     ------------
                                                            4,835,278       4,754,780
Real estate assets held for sale                                    -          61,607
Developments in progress                                      170,131          78,393
                                                           -----------     ------------
Net investment in real estate assets                        5,005,409       4,894,780
Cash and cash equivalents                                      37,888          25,766
Receivables:
Tenant, net of allowance                                       35,326          38,409
Other                                                          10,216          13,706
Mortgage notes receivable                                      18,301          27,804
Investment in unconsolidated affiliates                        98,737          84,782
Other assets                                                  119,047         119,253
                                                           -----------     ------------
                                                           $5,324,924      $5,204,500
                                                           ===========     ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable                           $3,458,841      $3,359,466
Mortgage notes payable on real estate assets held for sale          -          12,213
Accounts payable and accrued liabilities                      222,894         212,064
                                                           -----------     ------------
Total liabilities                                           3,681,735       3,583,743
                                                           -----------     ------------
Commitments and contingencies
Minority interests                                            577,115         566,606
                                                           -----------     ------------
Shareholders' equity:
Preferred stock, $.01 par value                                    32              32
Common stock, $.01 par value                                      633             626
Additional paid-in capital                                  1,049,974       1,025,479
Deferred compensation                                         (10,570)         (3,081)
Retained earnings                                              26,005          31,095
                                                           -----------     ------------
Total shareholders' equity                                  1,066,074       1,054,151
                                                           -----------     ------------
                                                           $5,324,924      $5,204,500
                                                           ===========     ============
</TABLE>


