<SUBMISSION>
<ACCESSION-NUMBER>0000910612-06-000193
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20061103
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20061103
<DATE-OF-FILING-DATE-CHANGE>20061103
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CBL & ASSOCIATES PROPERTIES INC
<CIK>0000910612
<ASSIGNED-SIC>6798
<IRS-NUMBER>621545718
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12494
<FILM-NUMBER>061187428
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2030 HAMILTON PLACE BVLD, SUITE 500
<STREET2>CBL CENTER
<CITY>CHATTANOOGA
<STATE>TN
<ZIP>37421
<PHONE>4238550001
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2030 HAMILTON PLACE BVLD, SUITE 500
<STREET2>CBL CENTER
<CITY>CHATTANOOGA
<STATE>TN
<ZIP>37421
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k3q06.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington, D.C.</font></b><font size=2>&nbsp;</font><b><font size=2> 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>PURSUANT TO SECTION 13 OR 15(d) OF THE</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE ACT OF 1934</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of report (Date of earliest event reported):&nbsp;</font><b><font size=2> November 2, 2006</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>CBL &amp; ASSOCIATES PROPERTIES, INC.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact Name of Registrant as Specified in its Charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="720" style=' border-collapse:collapse'>
    <tr>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Delaware</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="230" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1-12494</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>62-154718</font></b></p> </td> </tr>
    <tr>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or Other Jurisdiction of</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Incorporation)</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="230" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission File Number)</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(I.R.S. Employer Identification No.)</font></p> </td> </tr>
    <tr>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="230" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Suite 500, 2030 Hamilton Place Blvd, Chattanooga, TN 37421</font></b></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of principal executive office, including zip code)</font></p> </td> </tr>
    <tr>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="230" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(423) 855-0001</font></b></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Registrant&#146;s telephone number, including area code)</font></p> </td> </tr>
    <tr>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="230" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>N/A</font></B></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Former name, former address and former fiscal year, if changed since last report)</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.05in;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>[   ]</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>[   ]</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>[   ]</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>[   ]</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<b><font size=2>ITEM 2.02 Results of Operations and Financial Condition</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.17in;text-align:left;'><font size=2>On November 2, 2006, CBL &amp; Associates Properties, Inc. (the "Company") reported its results for the third quarter ended September 30, 2006. The Company's earnings release for the third quarter ended September 30, 2006 is attached as Exhibit 99.1. On November 3, 2006, the Company held a conference call to discuss the results for the third quarter ended September 30, 2006. The transcript of the conference call is attached as Exhibit 99.2. The Company has posted to its website certain supplemental financial and operating information for the three months and the nine months ended September 30, 2006, which is attached as Exhibit 99.3.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.17in;text-align:left;'><font size=2>The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act 1933, except as shall be expressly set forth by specific reference in such filing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="278" style=' border-collapse:collapse'>
    <tr>
        <td width="63" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 9.01  </font></b></p> </td>
        <td width="215" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements and Exhibits</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Financial Statements of Businesses Acquired</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>Not applicable</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pro Forma Financial Information</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>Not applicable</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Exhibit</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="212" style=' border-collapse:collapse'>
    <tr>
        <td width="130" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Number  </font></p> </td>
        <td width="82" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Description</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="710" style=' border-collapse:collapse'>
    <tr >
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.1  </font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Earnings Release &#150; CBL &amp; Associates Properties Reports Third Quarter 2006 Results</font></p> </td>
        <td  width="195">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="36" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.2  </font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Investor Conference Call Script &#150; Third Quarter Ended September 30, 2006</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="36" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.3  </font></p> </td>
        <td  nowrap colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Supplemental Financial and Operating Information &#150; For The Three Months And Nine Months Ended September 30, 2006</font></p> </td> </tr>
    <tr>
        <td width="36" ></td>

        <td width="1" ></td>

        <td width="423" ></td>

        <td width="55" ></td>

        <td width="195" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURE</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.17in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="573" style=' border-collapse:collapse'>
    <tr>
        <td width="314" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="259" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CBL &amp; ASSOCIATES PROPERTIES, INC.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>                                    </font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2> </font></p>


<table border="0" cellspacing=0 cellpadding=0 width="569" style=' margin-left:5.0pt;border-collapse:collapse'>
    <tr >
        <td  width="289">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="7" valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ John N. Foy</font></p> </div> </td> </tr>
    <tr >
        <td  colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="85" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>John N. Foy</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vice Chairman,</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Financial Officer and Treasurer</font></p> </td>
        <td  width="11">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="289" ></td>

        <td width="48" ></td>

        <td width="43" ></td>

        <td width="14" ></td>

        <td width="85" ></td>

        <td width="5" ></td>

        <td width="74" ></td>

        <td width="11" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date: November 3, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>earningsrelease.txt
<DESCRIPTION>EXHIBIT 99.1 EARNINGS RELEASE
<TEXT>
                                                                    Exhibit 99.1

CBL & ASSOCIATES PROPERTIES, INC.
LETTERHEAD





Contact:   Katie Reinsmidt
           Director of Investor Relations
           (423) 490-8301


            CBL & ASSOCIATES PROPERTIES REPORTS THIRD QUARTER RESULTS

o    Declares 10.4% increase in quarterly  common  dividend to $0.5050 per share
     or $2.02 annually - fifth consecutive year of double-digit increase.

o    FFO per share  increased  8.3% to $0.78 in the third quarter over the prior
     year period after adjustment for one-time gains and fee income of $0.26 per
     share.

o    Same-center NOI was unchanged  during the quarter and increased 2.4% during
     the nine months ended September 30, 2006.

o    Same store sales improved by 4.5% year-to-date.

o    Portfolio occupancy was 92.6% as of September 30, 2006.

CHATTANOOGA,  Tenn.  (November  2,  2006) - CBL &  Associates  Properties,  Inc.
(NYSE:CBL)  announced  results  for the  third  quarter  and nine  months  ended
September 30, 2006. 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.

       Net income available to common shareholders for the third quarter ended
September 30, 2006, was $14,337,000 compared with $60,093,000 for the prior-year
period. Net income available to common shareholders per diluted share was $0.22
in the third quarter ended September 30, 2006, compared with $0.92 for the
prior-year period. Net income available to common shareholders for the third
quarter ended September 30, 2005, included gains and fee income of $39,793,000
($72,541,000 before deduction for minority interest in earnings of the operating
partnership) resulting from the transaction with Galileo America, LLC
("Galileo"), which occurred in the third quarter of 2005. Additionally, net
income available to common shareholders for the third quarter ended September
30, 2006, declined over the prior-year period due to increases in depreciation
expense for the properties acquired during 2005.

       Net income available to common shareholders for the nine months ended
September 30, 2006, was $55,878,000 compared with $106,247,000 for the nine
months ended September 30, 2005. Net income available to common shareholders per
diluted share for the nine months ended September 30, 2006, was $0.86 compared
with $1.64 in the prior-year period. Net income available to common shareholders
for the nine months ended September 30, 2005, included gains and fee income of
$39,793,000 ($72,541,000 before deduction for minority interest in earnings of
the operating partnership) resulting from the transaction with Galileo.
Additionally, net income available to common shareholders for the nine months
ended September 30, 2006, declined over the prior-year period due to increases
in depreciation expense for the properties acquired during 2005.

         Funds from operations ("FFO") allocable to common shareholders for the
third quarter ended September 30, 2006, was $50,910,000, compared with
$62,761,000 for the third quarter ended September 30, 2005. FFO allocable to
common shareholders for the nine months ended September 30, 2006, was
$152,604,000 compared with $157,052,000 for the nine months ended September 30,
2005.

                                     -MORE-
<PAGE>

CBL Reports Third Quarter Results
Page 2
November 2, 2006

       FFO of the operating partnership was $91,654,000 for the third quarter of
2006, compared with $114,410,000 for the third quarter of 2005. FFO of the
operating partnership for the nine months ended September 30, 2006, was
$276,756,000 compared with $286,074,000 for the nine months ended September 30,
2005.

       FFO per share increased 8.3% to $0.78 for the third quarter ended
September 30, 2006, compared with FFO per share in the prior-year period of
$0.72 per share after adjustment for one-time gains and fee income of $0.26 per
share related to the transaction with Galileo in 2005. FFO for the three months
ended September 30, 2005, was $0.98 per share including one-time gains and fee
income of $0.26. FFO per share for the nine months ended September 30, 2006, was
$2.37 compared with $2.20 per share in the prior-year period after adjustment
for one-time gains and fee income of $0.26 per share related to the Galileo
transaction in 2005. FFO per share for the nine months ended September 30, 2005,
was $2.46 per share including one-time gains and fee income of $0.26.

HIGHLIGHTS
|X|      Total revenues increased 8.2% in the third quarter 2006 to $246,549,000
         from $227,780,000 in the prior-year period. Total revenues increased
         12.9% in the nine months ended September 30, 2006, to $728,849,000 from
         $645,525,000 in the comparable period a year ago.

|X|      Same center net operating income for the portfolio for the quarter and
         nine months ended September 30, 2006, was unchanged and increased 2.4%,
         respectively, compared with a 6.4% and 6.9% increase, respectively, for
         the prior-year periods. Same center net operating income was impacted
         by the timing necessary for the re-leasing of vacant space resulting
         from significant bankruptcy and store-closures that occurred in the
         first quarter of 2006.

|X|      Same-store sales for mall tenants of 10,000 square feet or less for
         stabilized malls for the nine months ended September 30, 2006,
         increased 4.5% for those tenants who have reported sales, compared with
         a 3.3% increase for the prior-year period. For the twelve months ended
         September 30, 2006, sales per square foot increased 5.8% to $340 per
         square foot.

|X|      The debt-to-total-market-capitalization ratio as of September 30, 2006,
         was 46.9% based on the common stock closing price of $41.91 and a fully
         converted common stock share count of 116,137,000 shares as of the same
         date. The debt-to-total-market-capitalization ratio as of September 30,
         2005, was 42.3% based on the common stock closing price of $40.99 and a
         fully converted common stock share count of 115,338,000 shares as of
         the same date.

|X|      Variable rate debt of $1,003,000 represents 10.1% of the total market
         capitalization for the Company and 21.6% of the Company's share of
         total consolidated and unconsolidated debt compared to 11.0% and 26.1%,
         respectively, in the prior year period.

         CBL's Chairman and Chief Executive Officer, Charles B. Lebovitz, said,
"Strong sales growth by our mall shops of 4.5% year-to-date and healthy
double-digit leasing spreads demonstrate that consumer and retailer demand in
our markets remains high. The lifestyle elements and restaurants we are
proactively adding to our properties are creating considerable excitement among
retailers and shoppers. We expect these enhancements to continue to generate
solid leasing results.

       "Our pipeline of new developments continues to grow and is receiving
strong endorsement by retailers. We currently have over 1.0 million square feet
of new properties, expansions and redevelopments scheduled to open in the fourth
quarter - making for one of the most active quarters in recent years. Future
developments are accelerating at an even greater pace as we currently have a
2007 development pipeline of announced projects approaching 2.5 million square
feet. Over the next several years, these new developments should provide a
continuing source of additional growth."

                                     -MORE-

<PAGE>
CBL Reports Third Quarter Results
Page 3
November 2, 2006


PORTFOLIO OCCUPANCY
<TABLE>
<CAPTION>
                                                    September 30,
                                         ----------------------------------
                                             2006                  2005
                                         -------------        -------------
<S>                                           <C>                    <C>
         Portfolio occupancy                  92.6%                  93.3%
           Mall portfolio                     92.3%                  93.2%
             Stabilized malls                 92.4%                  93.4%
             Non-stabilized malls             90.7%                  88.0%
         Associated centers                   94.9%                  94.5%
         Community centers                    88.3%                  92.8%
</TABLE>

DIVIDEND
         Today CBL announced that the Board of Directors has approved a 10.4%
increase in the regular quarterly cash dividend for the Company's Common Stock
to $0.5050 per share for the quarter ending December 31, 2006. The dividend is
payable on January 16, 2007, to shareholders of record as of December 29, 2006.
The quarterly cash dividend equates to an annual dividend of $2.02 per share
compared with the previous annual dividend of $1.83 per share. This increase
represents CBL's fourteenth consecutive annual increase and the fifth
consecutive double-digit annual increase in the common dividend.

 OTHER SIGNIFICANT EVENTS
          During the third quarter, CBL completed $317,000,000 in four separate
 new financings, secured by Hamilton Place Mall in Chattanooga, TN; Greenbrier
 Mall in Chesapeake, VA; Midland Mall in Midland, MI; and Chapel Hill Mall in
 Akron, OH. The fixed-rate loans replaced $249,700,000 in existing financing.
 Excess proceeds were used to reduce outstanding balances on the Company's lines
 of credit. As a result of the early extinguishment of the loans, CBL incurred a
 one-time charge of $935,000 for prepayment fees and the write-off of
 unamortized deferred financing costs, which was included in net income and FFO
 in the third quarter of 2006.

OUTLOOK AND GUIDANCE
       Based on today's outlook and the Company's third quarter results, the
Company is providing guidance for 2006 FFO in the range of $3.33 to $3.38 per
share. The full year guidance assumes NOI growth in the range of 1.5% to 2.5%
and excludes the impact of any future unannounced acquisitions, gains on sales
of outparcels, future lease termination fees and gains on sales of non-operating
properties. 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                             $1.35       $1.40
         Adjust to fully converted shares from common shares                    (0.59)      (0.62)
                                                                               ------      ------
         Expected earnings per diluted, fully converted common share             0.76        0.78
         Add: depreciation and amortization                                      2.03        2.03
         Add: gain on sales of interest in Galileo                              (0.07)      (0.07)
         Add: minority interest in earnings of Operating Partnership             0.61        0.64
                                                                               ------      ------
         Expected FFO per diluted, fully converted common share                 $3.33       $3.38
                                                                                =====       =====
</TABLE>

INVESTOR CONFERENCE CALL AND SIMULCAST
       CBL & Associates Properties, Inc. will conduct a conference call at 10:00
a.m. ET on November 3, 2006, to discuss the third quarter results. The number to
call for this interactive teleconference is (913) 981-5520. A seven-day replay
of the conference call will be available by dialing (719) 457-0820 and entering
the passcode 1564833. A transcript of the Company's prepared remarks will be
furnished on a Form 8-K following the conference call.


                                     -MORE-

<PAGE>
CBL Reports Third Quarter Results
Page 4
November 2, 2006


       To receive the CBL & Associates Properties, Inc., third 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 2006 third 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 November 3, 2006, beginning at 10:00 a.m. ET. The online replay will follow
shortly after the call and continue through November 17, 2006.

About CBL
         CBL is one of the largest and most experienced owners and developers of
malls and shopping centers in the country. CBL owns, holds interests in or
manages 128 properties, including 79 regional malls/open-air centers. The
properties are located in 27 states and total 73.3 million square feet including
2.0 million square feet of non-owned shopping centers managed for third parties.
CBL currently has nine projects under construction totaling 2.2 million square
feet including Phase II of Gulf Coast Town Center in Ft. Myers, FL; one open-air
shopping center; two community centers, four associated/lifestyle centers and a
mall expansion. Headquartered in Chattanooga, TN, CBL has regional offices in
Boston (Waltham), MA, and Dallas, TX. Additional information can be found at
cblproperties.com.

NON-GAAP FINANCIAL MEASURES

Funds From Operations
         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 ("NAREIT") 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 and minority interests.
Adjustments for unconsolidated partnerships and joint ventures and minority
interests are calculated on the same basis. The Company defines FFO allocable to
common shareholders as defined above by NAREIT less dividends on preferred
stock. The Company's method of calculating FFO allocable to common shareholders
may be different from methods used by other REITs and, accordingly, may not be
comparable to such other REITs.

         The Company believes that FFO provides an additional indicator of the
operating performance of its 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 real estate
assets have historically risen with market conditions, we believe that FFO
enhances investors' understanding of our operating performance. The use of FFO
as an indicator of financial performance is influenced not only by the
operations of our properties and interest rates, but also by the Company's
capital structure.

         The Company presents both FFO of its operating partnership and FFO
allocable to common shareholders, as it believes that both are useful
performance measures. The Company believes FFO of its operating partnership is a
useful performance measure since it conducts substantially all of its business
through the operating partnership and, therefore, it reflects the performance of
the properties in absolute terms regardless of the ratio of ownership interests
of the Company's common shareholders and the minority interest in the operating
partnership. The Company believes FFO allocable to common shareholders is a
useful performance measure because it is the performance measure that is most
directly comparable to net income available to common shareholders.

                                     -MORE-

<PAGE>
CBL Reports Third Quarter Results
Page 5
November 2, 2006


         In the reconciliation of net income available to common shareholders to
FFO allocable to common shareholders, the Company makes an adjustment to add
back minority interest in earnings of the operating partnership in order to
arrive at FFO of the operating partnership. The Company then applies a
percentage to FFO of the operating partnership to arrive at FFO allocable to
common shareholders. The percentage is computed by taking the weighted average
number of common shares outstanding for the period and dividing it by the sum of
the weighted average number of common shares and the weighted average number of
operating partnership units outstanding during the period.

         FFO does not represent cash flows 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.

Reclassification
         Certain prior period amounts in the consolidated statements of
operations have been reclassified to present marketing fund revenues and
expenses on a gross basis in accordance with Emerging Issues Task Force Issue
No. 99-19, Reporting Revenue Gross as a Principal versus Net as an Agent. As a
result, the following amounts in the consolidated statements of operations have
changed from the previously reported amounts for the three months and the nine
months ended September 30, 2005: tenant reimbursements have increased by
$5,619,000 and $15,394,000 respectively; other revenues have decreased by
$754,000 and $2,294,000, respectively; and property operating expenses have
increased by $4,865,000 and $13,100,000, respectively. This reclassification did
not change previously reported amounts of net income available to common
shareholders.

         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.

                                     -MORE-

<PAGE>
CBL Reports Third Quarter Results
Page 6
November 2, 2006
<TABLE>
<CAPTION>
                                                                         Three Months Ended               Nine Months Ended
                                                                           September 30,                    September 30,
                                                                  -------------------------------- --------------------------------
                                                                       2006           2005              2006           2005
                                                                  -------------------------------- --------------------------------
 REVENUES:
<S>                                                                    <C>            <C>               <C>            <C>
   Minimum rents                                                       $   156,136    $   135,645       $   457,746    $   393,191
   Percentage rents                                                          3,413          3,114            11,716         12,963
   Other rents                                                               3,094          2,400            10,547          8,320
   Tenant reimbursements                                                    77,046         70,820           227,786        199,650
   Management, development and leasing fees                                  1,181         11,109             3,945         17,927
   Other                                                                     5,679          4,692            17,109         13,474
                                                                       ------------   ------------      -----------    -----------
     Total revenues                                                        246,549        227,780           728,849        645,525
                                                                       ------------   ------------      -----------    -----------

 EXPENSES:
   Property operating                                                       41,389         40,306           119,113        108,473
   Depreciation and amortization                                            62,604         45,453           171,841        130,048
   Real estate taxes                                                        20,266         16,020            60,059         47,332
   Maintenance and repairs                                                  13,846         12,373            40,112         36,607
   General and administrative                                                9,402         10,221            28,051         28,641
   Loss on impairment of real estate assets                                      -              -               274            262
   Other                                                                     5,127          3,769            13,815         10,256
                                                                       ------------   ------------      -----------    -----------
     Total expenses                                                        152,634        128,142           433,265        361,619
                                                                       ------------   ------------      -----------    -----------
 Income from operations                                                     93,915         99,638           295,584        283,906
 Interest income                                                             2,009          1,937             5,687          6,214
 Interest expense                                                          (63,884)       (52,646)         (191,474)      (151,822)
 Loss on extinguishment of debt                                               (935)           (44)             (935)          (928)
 Gain on sales of real estate assets                                         3,901         46,485             6,831         53,581
 Gain on sales of management contracts                                           -         21,619                 -         21,619
 Equity in earnings of unconsolidated affiliates                               621            995             3,807          6,769
 Minority interest in earnings:
   Operating partnership                                                   (12,075)       (49,455)          (47,930)       (87,176)
   Shopping center properties                                               (1,402)        (1,086)           (2,663)        (3,661)
                                                                       ------------   ------------      -----------    -----------
 Income before discontinued operations                                      22,150         67,443            68,907        128,502
 Operating income (loss) of discontinued operations                           (173)           290             2,680            755
 Gain (loss) on discontinued operations                                          2              2             7,217            (84)
                                                                       ------------   ------------      -----------    -----------
 Net income                                                                 21,979         67,735            78,804        129,173
 Preferred dividends                                                        (7,642)        (7,642)          (22,926)       (22,926)
 Net income available to common shareholders                           $    14,337    $    60,093       $    55,878    $   106,247
                                                                       ============   ============      ===========    ===========
 Basic per share data:
   Income before discontinued operations, net of preferred
    dividends                                                          $     0.23     $     0.95        $      0.72    $     1.68
   Discontinued operations                                                   (0.01)            -               0.16          0.01
                                                                       ------------   ------------      -----------    -----------
   Net income available to common shareholders                         $     0.22     $     0.95        $     0.88     $     1.69
                                                                       ============   ============      ===========    ===========
   Weighted average common shares outstanding                               64,174         62,940            63,616         62,693
 Diluted per share data:
   Income before discontinued operations, net of preferred
    dividends                                                          $     0.22     $     0.92        $      0.71    $      1.62
   Discontinued operations                                                      -              -               0.15           0.02
                                                                       ------------   ------------      -----------    -----------
   Net income available to common shareholders                         $     0.22     $     0.92        $     0.86     $     1.64
                                                                       ============   ============      ===========    ===========
   Weighted average common and potential dilutive
     common shares outstanding                                              65,496         65,253            65,086         64,973
</TABLE>


                                     -MORE-

<PAGE>
CBL Reports Third Quarter Results
Page 7
November 2, 2006


The Company's calculation of FFO allocable to Company shareholders is as follows
(in thousands, except per share data):
<TABLE>
<CAPTION>
                                                                  Three Months Ended                  Nine Months Ended
                                                                    September 30,                      September 30,
                                                                2006             2005              2006             2005
                                                          ----------------------------------------------------------------------
<S>                                                              <C>             <C>                <C>             <C>
Net income available to common shareholders                      $   14,337      $    60,093        $   55,878      $   106,247
Minority interest in earnings of operating partnership               12,075           49,455            47,930           87,176
Depreciation and amortization expense of:
      Consolidated properties                                        62,604           45,453           171,841          130,048
      Unconsolidated affiliates                                       3,377            2,207            10,020            6,127
      Discontinued operations                                             -              585               515              615
      Non-real estate assets                                           (218)            (188)             (623)            (553)
Minority investors' share of depreciation and amortization             (568)            (311)           (1,675)            (962)
(Gain) loss on:
      Sales of operating real estate assets                              49          (42,882)               87          (42,708)
      Discontinued operations                                            (2)              (2)           (7,217)              84
                                                           ----------------- ----------------    ----------------- --------------

Funds from operations of the operating partnership                   91,654          114,410           276,756          286,074
Percentage allocable to Company shareholders (1)                     55.55%           54.86%            55.14%           54.90%
                                                           ----------------- ----------------    ----------------- --------------
Funds from operations allocable to Company
      shareholders                                              $   50,910      $    62,761        $  152,604      $   157,052
                                                           ================= ================    ================= ==============
Basic per share data:
   Funds from operations                                        $     0.79      $      1.00        $     2.40       $     2.51
                                                           ================= ================    ================= ==============
  Weighted average common shares outstanding with
        operating partnership units fully converted                 115,534          114,737           115,371          114,197
Diluted per share data:
   Funds from operations                                        $     0.78      $      0.98        $     2.37       $     2.46
                                                           ================= ================    ================= ==============
  Weighted average common and potential dilutive
        common shares outstanding with operating
        partnership units fully converted                           116,856          117,050           116,840          116,477
<FN>
(1) Represents the weighted average number of common shares outstanding for the
period divided by the sum of the weighted average number of common shares and
the weighted average number of operating partnership units outstanding during
the period. SUPPLEMENTAL FFO INFORMATION:
</FN>

Lease termination fees (2)                                         $    4,945    $     1,221       $   13,239      $     3,648
    Lease termination fees per share                               $     0.04    $      0.01       $     0.11      $      0.03

Straight-line rental income                                        $    1,767    $     1,667       $    3,986      $     4,755
    Straight-line rental income per share                          $     0.02    $      0.01       $     0.03      $      0.04

Gains on outparcel sales                                           $    3,625    $     2,544       $    8,133      $    11,177
    Gains on outparcel sales per share                             $     0.03    $      0.02       $     0.07      $      0.10

Amortization of acquired above- and below-market leases (3)        $    4,815    $     1,668       $    9,730      $     4,532
    Amortization of acquired above- and below-market leases                                        $     0.08
per share                                                          $     0.04    $      0.01                       $      0.04

Amortization of debt premiums                                      $    1,889    $     1,948       $    5,599      $     5,605
    Amortization of debt premiums per share                        $     0.02    $      0.02       $     0.05      $      0.05

Gain on sales of non operating properties                          $        -    $     1,288       $        -      $     2,509
    Gain on sales of non operating properties per share            $        -    $      0.01       $        -      $      0.02

Loss on impairment of real estate assets                           $        -    $         -       $    (274)      $     (262)
    Loss on impairment of real estate assets per share             $        -    $         -       $        -      $         -

<FN>
(2) The amounts for the three months and nine months ended September 30, 2006,
include $3,415 and $5,223, respectively, that is attributable to properties
    that are not included in same-center comparisons.
(3) The amounts for the three months and nine months ended September 30, 2006,
include $3,711 and $5,152, respectively, that is attributable to properties
    that are not included in same-center comparisons.
</FN>
</TABLE>

                                     -MORE-

<PAGE>
CBL Reports Third Quarter Results
Page 8
November 2, 2006


Same-Center Net Operating Income
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                           Three Months Ended          Nine Months Ended
                                                                             September 30,               September 30,
                                                                       ---------------------------  -------------------------
                                                                            2006         2005           2006        2005
                                                                       ---------------------------  -------------------------

<S>                                                                         <C>          <C>            <C>         <C>
Net income                                                                  $  21,979    $ 67,735       $ 78,804    $129,173
Adjustments:
Depreciation and amortization                                                  62,604      45,453        171,841      130,048
Depreciation and amortization from unconsolidated affiliates                    3,377       2,207         10,020       6,127
Depreciation and amortization from discontinued operations                          -         585            515         615
Minority investors' share of depreciation and amortization in
   shopping center properties                                                    (568)       (311)        (1,675)       (962)
Interest expense                                                               63,884      52,646        191,474     151,822
Interest expense from unconsolidated affiliates                                 4,485       3,009         13,154       9,069
Minority investors' share of interest expense in
   shopping center properties                                                  (1,276)       (390)        (3,627)     (1,160)
Loss on extinguishment of debt                                                    935          44            935         928
Abandoned projects expense                                                        359         336            294         475
Gain on sales of real estate assets                                            (3,901)    (68,104)        (6,831)    (75,200)
Loss on impairment of real estate assets                                            -           -            274         262
Gain on sales of real estate assets of unconsolidated affiliates                 (795)       (227)        (2,302)     (2,850)
Minority interest in earnings of operating partnership                         12,075      49,455         47,930      87,176
(Gain) loss on discontinued operations                                             (2)         (2)        (7,217)         84
                                                                       --------------  -----------  -------------  ----------

Operating partnership's share of total NOI                                    163,156     152,436        493,589     435,607
General and administrative expenses                                             9,402      10,221         28,051      28,641
Management fees and non-property level revenues                                (4,527)    (12,385)       (15,433)    (25,202)
                                                                       --------------  -----------  -------------  ----------
Operating partnership's share of property NOI                                 168,031     150,272        506,207     439,046
NOI of non-comparable centers                                                 (24,645)     (6,848)       (69,009)    (12,022)
                                                                       --------------  -----------  -------------  ----------
Total same center NOI                                                       $ 143,386    $143,424      $ 437,198    $427,024
                                                                       ==============  ===========  =============  ==========
Malls                                                                       $ 132,541    $133,226      $ 403,624    $395,986
Associated centers                                                              7,108       6,373         20,642      19,136
Community centers                                                                 843       1,131          2,965       3,502
Other                                                                           2,894       2,694          9,967       8,400
                                                                       --------------  -----------  -------------  ----------
Total same center NOI                                                       $ 143,386    $143,424      $ 437,198    $427,024
                                                                       ==============  ===========  =============  ==========
</TABLE>
<TABLE>
<CAPTION>

Percentage Change:
<S>                                                                              <C>                        <C>
Malls                                                                           -0.5%                       1.9%
Associated centers                                                              11.5%                       7.9%
Community centers                                                              -25.5%                     -15.3%
Other                                                                            7.4%                      18.7%
                                                                       ---------------              -------------
Total same center NOI                                                            0.0%                       2.4%
                                                                       ===============              =============
</TABLE>


                                     -MORE-

<PAGE>
CBL Reports Third Quarter Results
Page 9
November 2, 2006


Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                                     September 30, 2006
                                                                --------------------------------------------------------------
                                                                     Fixed Rate          Variable Rate           Total
                                                                --------------------- -------------------- -------------------
<S>                                                                     <C>                    <C>               <C>
Consolidated debt                                                       $  3,488,207           $  976,209        $  4,464,416
Minority investors' share of consolidated debt                               (56,862)                   -             (56,862)
Company's share of unconsolidated affiliates' debt                           217,585               26,600             244,185
                                                                --------------------- -------------------- -------------------
Company's share of consolidated and unconsolidated debt                 $  3,648,930          $ 1,002,809        $  4,651,739
                                                                ===================== ==================== ===================
Weighted average interest rate                                                 5.97%                6.26%               6.03%
                                                                ===================== ==================== ===================
</TABLE>
<TABLE>
<CAPTION>

                                                                                     September 30, 2005
                                                                --------------------------------------------------------------
                                                                          Fixed Rate        Variable Rate               Total
                                                                --------------------- -------------------- -------------------
<S>                                                                    <C>                    <C>                <C>
Consolidated debt                                                      $   2,710,984          $   953,102        $  3,664,086
Minority investors' share of consolidated debt                               (52,168)                   -             (52,168)
Company's share of unconsolidated affiliates' debt                           116,637               26,600             143,237
                                                                --------------------- -------------------- -------------------
Company's share of consolidated and unconsolidated debt                $   2,775,453          $   979,702       $   3,755,155
                                                                ===================== ==================== ===================
Weighted average interest rate                                                 6.37%                4.81%               5.96%
                                                                ===================== ==================== ===================
</TABLE>

Debt-To-Total-Market Capitalization Ratio as of September 30, 2006
(In thousands, except stock price)
<TABLE>
<CAPTION>
                                                                      Shares
                                                                    Outstanding         Stock Price (1)          Value
                                                                --------------------- -------------------- -------------------
<S>                                                                          <C>               <C>              <C>
Common stock and operating partnership units                                 116,137           $    41.91       $   4,867,302
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                                                                                                 5,257,302
Company's share of total debt                                                                                       4,651,739
                                                                                                           -------------------
Total market capitalization                                                                                     $   9,909,041
                                                                                                           ===================
Debt-to-total-market capitalization ratio                                                                               46.9%
                                                                                                           ===================
<FN>
(1) Stock price for common stock and operating partnership units equals the
closing price of the common stock on September 29, 2006. 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                         Nine Months Ended
                                                             September 30,                             September 30,
                                              -------------------------------------------  --------------------------------------
2006:                                                Basic                Diluted               Basic              Diluted
                                              ---------------------   -------------------  ----------------   -------------------
<S>                                                         <C>                   <C>               <C>                   <C>
Weighted average shares - EPS                               64,174                65,496            63,616                65,086
Weighted average operating partnership units                51,360                51,360            51,755                51,754
                                              ---------------------   -------------------  ----------------   -------------------
Weighted average shares- FFO                              115,534                116,856           115,371               116,840
                                              =====================   ===================  ================   ===================

2005:

Weighted average shares - EPS                               62,940                65,253            62,693                64,973
Weighted average operating partnership units                51,797                51,797            51,504                51,504
                                              -------------------------------------------  ----------------   -------------------
Weighted average shares- FFO                               114,737               117,050           114,197               116,477
                                              ===========================================  ================   ===================
</TABLE>
<TABLE>
<CAPTION>


Dividend Payout Ratio                                     Three Months Ended                         Nine Months Ended
                                                             September 30,                             September 30,
                                              -------------------------------------------  --------------------------------------
                                                      2006                 2005                 2006                 2005
                                              -------------------------------------------  ----------------   -------------------
<S>                                                    <C>                <C>                  <C>                 <C>
Weighted average dividend per share                    $   0.46387        $      0.41110       $   1.39164         $     1.22910
FFO per diluted, fully converted share                 $      0.78        $         0.98       $      2.37         $        2.46
                                              -------------------------------------------  ----------------   -------------------
Dividend payout ratio                                        59.5%                 41.9%             58.7%                 50.0%
                                              ===========================================  ================   ===================
</TABLE>

                                     -MORE-

<PAGE>
CBL Reports Third Quarter Results
Page 10
November 2, 2006


Consolidated Balance Sheets
(Unaudited,  in thousands except share data)
<TABLE>
<CAPTION>
                                                                               September 30,     December 31,
                                                                                    2006             2005
                                                                              ---------------  ---------------
 ASSETS
 Real estate assets:
<S>                                                                           <C>              <C>
   Land                                                                       $    769,655     $   776,989
   Buildings and improvements                                                    5,781,710       5,698,669
                                                                              ---------------  ---------------
                                                                                 6,551,365       6,475,658
   Less: accumulated depreciation                                                 (872,048)       (727,907)
                                                                              ---------------  ---------------
                                                                                 5,679,317       5,747,751
   Real estate assets held for sale                                                      -          63,168
   Developments in progress                                                        318,033         133,509
                                                                              ---------------  ---------------
     Net investment in real estate assets                                        5,997,350       5,944,428
 Cash and cash equivalents                                                          33,560          28,838
 Receivables:
   Tenant, net of allowance                                                         61,068          55,056
   Other                                                                             9,304           6,235
 Mortgage notes receivable                                                          19,373          18,117
 Investment in unconsolidated affiliates                                            87,819          84,138
 Other assets                                                                      207,737         215,510
                                                                              ---------------  ---------------
                                                                               $ 6,416,211     $ 6,352,322
                                                                              ===============  ===============
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Mortgage and other notes payable                                              $ 4,464,416     $ 4,341,055
 Accounts payable and accrued liabilities                                          314,054         320,270
                                                                              ---------------  ---------------
     Total liabilities                                                           4,778,470       4,661,325
                                                                              ---------------  ---------------
 Commitments and contingencies
 Minority interests                                                                562,722         609,475
                                                                              ---------------  ---------------
 Shareholders' equity:
 Preferred Stock, $.01 par value, 15,000,000 shares authorized:
 8.75% Series B Cumulative Redeemable Preferred Stock,
   2,000,000 shares outstanding                                                         20              20
 7.75% Series C Cumulative Redeemable Preferred Stock,
   460,000 shares outstanding                                                            5               5

 7.375% Series D Cumulative Redeemable Preferred Stock,
   700,000 shares outstanding                                                            7               7
 Common Stock, $.01 par value, 180,000,000 shares authorized,
   64,778,624 and 62,512,816 issued and outstanding in 2006 and
   2005, respectively                                                                  648             625
 Additional paid-in capital                                                      1,054,487       1,037,764
 Deferred Compensation                                                                   -          (8,895)
 Accumulated other comprehensive income                                                907             288
 Retained earnings                                                                  18,945          51,708
                                                                              ---------------  ---------------
     Total shareholders' equity                                                  1,075,019       1,081,522
                                                                              ---------------  ---------------
                                                                               $ 6,416,211     $ 6,352,322
                                                                              ===============  ===============
</TABLE>
                                     -END-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>conferencecall.htm
<DESCRIPTION>EXHIBIT 99.2 - CONFERENCE CALL
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 99.2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>11/3/2006 11:18 AM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>CBL &amp; ASSOCIATES PROPERTIES, INC.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>CONFERENCE CALL, THIRD QUARTER </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>NOVEMBER 3, 2006 @ 10:00 AM EDT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Stephen: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Thank you and good morning.  We appreciate your participation in the CBL &amp; Associates Properties Inc., conference call to discuss third quarter results.  Joining me today is John Foy, the Company&#146;s Chief Financial Officer and Katie Reinsmidt, Director of Investor Relations who will begin by reading our Safe Harbor disclosure.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Katie:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>This conference call 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 results, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements.  During our discussion today, references made to per share are adjusted to account for the 2-for1 stock split of the Company&#146;s common stock and based upon a fully diluted converted share.  Also, references made to community centers are only those that are wholly owned or owned in partnerships by CBL &amp; Associates Properties, Inc.  We direct you to the Company&#146;s various filings with the Securities and Exchange Commission including, without limitation, the Company&#146;s Annual
Report on Form 10-K and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; included therein for a discussion of such risks and uncertainties.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>A transcript of today&#146;s comments including the earnings release and additional supplemental schedules will be furnished to the SEC on Form 8-K and will be available on our website.  This call will also be available for replay on the Internet through a link on our website at cblproperties.com.  This conference call is the property of CBL &amp; Associates Properties, Inc.  Any redistribution, retransmission or rebroadcast of this call without the express written consent of CBL is strictly prohibited.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>During this conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G.  A description of each non-GAAP measure and a reconciliation of each non-GAAP financial measure to the comparable GAAP financial measure will be included in the earnings release on the Form 8-K.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Stephen:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Thank you, Katie. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>11/3/2006 11:18 AM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We are pleased to report that, contrary to reports from some skeptics earlier in the year, the consumer is alive, well and spending at CBL malls. The strength of the consumer is resulting in continued healthy demand at our properties - traffic and sales have trended upward.  In addition, early forecasts call for a strong holiday sales season. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>During the third quarter we achieved 8.3% FFO per share growth over the prior year&#146;s FFO of $0.72 per share after adjustment for $0.26 per share of one-time gains and fee income related to the Galileo transaction.  Year-to-date sales growth was very good at 4.5% and leasing spreads have improved.  We believe these trends will result in stronger occupancy and NOI growth during the 4<sup>th</sup> quarter and in 2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font SIZE=2>DEVELOPMENT REVIEW:</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We continue to focus on growing our development pipeline and are pleased to have a number of projects coming online in the fourth quarter, benefiting our growth.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In October we celebrated the grand opening of Lakeview Point.  This 207,000 square foot community center in Stillwater, OK, is anchored by Belk, Ross Dress for Less, Linens N&#146; Things, Petco and Pier One.  The center includes over 70,000 square feet of additional shops and is 91% leased and committed.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We also opened Target and JCPenney in October at High Pointe Commons, a 300,000 square foot community center development in Harrisburg, PA.  The project features 73,000 square feet of small shop space, which began opening in October and will continue through first quarter.  The project is 73% leased and committed.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>At the 866,000 square foot second phase of Gulf Coast Town Center In Ft. Myers, FL, Best Buy, Belk, Bass Pro Shops, and JCPenney have opened.   Costco, Borders, and the 225,000 square feet of small shops and restaurants in phase II will open through the first half of next year.  The second phase is currently 92% leased and committed.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Last month Kohl&#146;s opened in an expanded former Proffits store at College Square Mall in Morristown, TN.  The opening was very successful, with sales greatly exceeding Kohl&#146;s plan. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Later this month we will open The Shops at Pineda Ridge, a community center in Melbourne, FL.  This development includes a 140,000 square foot Home Depot, which opened earlier this year, and 30,000 square feet of shop space.  The project is 95% leased and committed.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We will also complete the opening of The Plaza at Fayette Mall this month. This project is a 190,000 square foot associated center located adjacent to our Fayette Mall in Lexington, KY.  In July, Cinemark Theater opened.  Gordman&#146;s, Guitar Center, and Old Navy celebrated their openings in October and this month the 40,000 square feet of small shop space and restaurants will open.  This project is 91% leased and committed.  Earlier </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>11/3/2006 11:18 AM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>this year we added an Abuelo&#146;s restaurant to the front of Fayette Mall and P.F. Chang&#146;s will open in early December.   </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>At Cary Town Center in Cary, NC, we are converting a portion of existing mall space into an exterior oriented lifestyle element with front-in parking and a streetscape atmosphere.  We have relocated several existing mall tenants into the new space along with new additions Chico&#146;s and Coldwater Creek.  Chico&#146;s opened in late October and Coldwater Creek will open this month.  The project is 100% leased and committed.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We have started construction on additional projects opening in 2007 including the expansion at Brookfield Square in Milwaukee, WI.  We will be adding a Mitchell&#146;s Fish Market and Claim Jumpers restaurant to the front entrance of the mall.  In addition, we are in the process of adding a free standing Fresh Market and a corner outparcel development anchored by Abuelo&#146;s and Fleming&#146;s Steakhouse plus 20,000 square feet of small shops.  This development is another great example of how we proactively enhance our existing mall properties.  This new addition meets a growing demand in the Brookfield marketplace for additional shopping options and will further enhance Brookfield&#146;s dominant position in its market.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We recently announced an anchor redevelopment at Mall del Norte in Laredo, TX.  A 16-screen Cinemark Theater will join the recently opened Circuit City in a former Montgomery Ward location.  The 72,000 square foot theater is expected to open next spring.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Construction is continuing on York Town Center, a 281,000 square foot community center located in York, PA.  This project is anchored by Dick&#146;s Sporting Goods, Best Buy, Ross Dress For Less, Staples, and Bed, Bath &amp; Beyond and will include 84,000 square feet of shops and restaurants.  This project is approximately 93% leased and committed and will open in fall 2007.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Shoppes at St. Clair Square is an 84,000 square foot lifestyle center that will adjoin our 1.1 million square foot St. Clair Square Mall in Fairview Heights, IL.  The project includes Barnes &amp; Noble, Ann Taylor LOFT, Aveda, Banana Republic, Chico&#146;s, Coldwater Creek, J. Jill, Joseph A. Bank, and Talbots.  The development is approximately 94% leased and committed and is scheduled to open in Spring 2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>At Valley View Mall in Roanoke, VA, we are under construction with a 76,000 square foot lifestyle wing called The District at Valley View.  The project will include Barnes &amp; Noble, plus fashion retailers and restaurants including Carrabba's, Abuelo's, and Panera Bread.  Abuelo&#146;s and Carabba&#146;s will open this year, with the remaining shops and restaurants opening in 2007.  This project is currently 64% leased and committed.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We recently commenced site work for a lifestyle expansion at CherryVale Mall in Rockford, IL.  The 82,000 square foot addition called The District at CherryVale will </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>11/3/2006 11:18 AM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>include upscale fashion retailer Coldwater Creek, Granite City Food &amp; Brewery, Barnes &amp; Noble, along with ten additional first-class stores and restaurants.  This project is scheduled for completion in late fall 2007 and is currently 80% leased and committed.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In Burlington, NC, we are under construction on the 622,000 square foot first phase of Alamance Crossing.  This development will be anchored by Dillard&#146;s, Belk, JCPenney, Barnes &amp; Noble, two additional anchors, and will offer shoppers approximately 170,000 square feet of small shops and a restaurant village.  The project is currently 85% leased and committed and will open in fall 2007.  The 195,000 square foot Phase II is expected to open in 2008.    </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In Milford, CT, construction is progressing on Milford Marketplace, our 112,000 square foot lifestyle center.  The project is anchored by a 30,000 square foot Wild Oats and will feature Ann Taylor LOFT, Coldwater Creek, Chico&#146;s, White House | Black Market, Tengda Asian Bistro, and others.  The project is 78% leased and committed and is scheduled to open in Summer 2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In the third quarter we announced a number of the small shops joining the Pearland Town Center development including Chico&#146;s, White House|Black Market, Ann Taylor LOFT, Coldwater Creek, 346 Brooks Brothers, Paiva, Forever 21, and Hollister.  This 700,000 square foot lifestyle center is located approximately 20 miles south of Houston in Pearland, TX.  This center will feature Dillard&#146;s and Macy&#146;s as anchors, Barnes &amp; Noble, several junior anchors and approximately 300,000 square feet of small shop space.  This project will also include hotel and residential components.  The retail portion of Pearland is scheduled to begin construction in early 2007 and open in fall 2008.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We are nearing completion on several of the mall renovations currently underway.   CoolSprings Galleria&#146;s renovation was completed in May and the other malls will finish their upgrades this month.    For 2007, we have mall renovations planned for Honey Creek Mall in Terre Haute, IN, Mall del Norte in Laredo, TX, and Georgia Square in Athens, GA.  Total estimated expenditures for the three renovations are $34 million.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Last week Belk announced that they would be selling several of the Parisians stores they recently acquired.  Included in that list are the Parisians stores at Hamilton Place Mall, Laurel Park Place and Citadel Mall.  The Parisian at Laurel Park Place is being purchased by The Bon Ton.  The purchasers at Hamilton Place and Citadel Mall have not yet been announced and we are working closely with Belk in this process. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font SIZE=2>LEASING:</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In the third quarter, we signed a total of approximately 1.0 million square feet of leases including approximately 700,000 square feet of leases in our operating portfolio.  The 700,000 square feet was comprised of 340,000 square feet of new leases and 360,000 square feet of renewal leases. We also completed approximately 297,000 square feet of </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>11/3/2006 11:18 AM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 5</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>leasing for development projects in the third quarter.  This compares with 550,000 square feet completed in the operating portfolio in the third quarter 2005, of which 220,000 square feet were new leases and 330,000 square feet were renewals.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>For same space leasing of 20,000 square feet and less, we achieved an average increase of 10.6% over the average base rent per square foot in the prior leases.   </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>For total leasing, we achieved an average increase of 8.8% over the average base rent per square foot of expiring leases in the quarter.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Stabilized mall occupancy at the end of the quarter was 92.4%.  Although this represents a 100 basis point decline from the prior year period, our occupancy rate remains one of the highest in the industry.  Total portfolio occupancy at September 30, 2006 declined 70 basis points from the prior year period to 92.6%.  Occupancy in the associated centers increased 40 basis points to 94.9% at quarter-end.  The vacancy created from the decline in community center occupancy was immaterial, totaling only 15,000 square feet.  With the significant number of openings projected for the fourth quarter, we expect year-end portfolio occupancy to be close to last years.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We have made significant progress on back-filling the 147,000 square feet of vacant Casual Corner spaces.  We have over 56% of the space leased and committed at base rent increases of over 20%.  We are also making significant progress on the 120,000 square feet of former Musicland space.  We have nearly 50% of that space leased or committed.  For the former Musicland spaces we have been achieving generally comparable rents on new leases.  The Casual Corner and Musicland closings are still impacting occupancy, as over 92,000 square feet of the leased and committed space was not yet open on September 30.  If all the space we had leased and committed opened by third quarter end, stabilized mall occupancy would have been 50 basis points higher.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In addition to the Casual Corner and Musicland space, timing issues and relocations at several of the malls have impacted our occupancy.  For example, Turtle Creek Mall in Hattiesburg, MS, which has historically maintained 100% occupancy, had a 15% decline in occupancy from the prior year.  The principal reason for this was that three stores elected not to reopen after the hurricane last year.  We have successfully re-leased these spaces to Hollister, S&amp;K, Forever 21, and Man Alive with openings occurring last month and in November.  The timing delays just at Turtle Creek accounted for 10 basis points of the decline in mall occupancy this quarter.  There were several other malls where a similar issue occurred impacting occupancy on a temporary basis.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font SIZE=2>BANKRUPTCY UPDATE:</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Year-to-date we have been impacted by 46 store closures due to bankruptcies representing 151,000 square feet and $3.0 million in annual base rents. This compares with 17 stores comprising 37,000 square feet and $867,000 in annual base rent for the prior year period.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>11/3/2006 11:18 AM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 6</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font SIZE=2>RETAIL SALES</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We enjoyed a 4.5% increase in same stores sales for the year-to-date ended September 30, 2006 for reporting tenants 10,000 square feet or less in stabilized malls.  For the trailing twelve-months ended September 30, 2006 same store sales in stabilized malls increased 5.8% over the prior year to an average of $340 per square foot.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='background-color:yellow'><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Occupancy costs, as a percent of sales, was unchanged at 13.4% for the first nine months of 2006, compared with the prior year period.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I will now turn the call over to John for our financial review.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font SIZE=2>JOHN:</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Thank you, Stephen.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Yesterday we were pleased to provide our shareholders with a 10.4% increase in our regular common dividend to an annualized rate of $ 2.02 per share from $1.83 per share.  This increase represents our fifth consecutive double-digit increase and our fourteenth consecutive dividend increase.  Based on the new 2006 FFO per share guidance that we will discuss in just a moment, we estimate the FFO payout ratio for 2006 will be between 55-57%.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font SIZE=2>LOAN REFINANCINGS:</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>During the third quarter we completed $317.0 million in four individual new financings secured by four malls.  The new loans are ten-year, non-recourse with a weighted average interest rate of 5.96%.  The new loans replaced one fixed rate loan and three floating rate term loans totaling $249.8 million that were scheduled to mature in the first half of 2007.  These financings netted $64.7 million of excess financing proceeds that were used to pay down outstanding balances on our lines of credit.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>As a result of these refinancings we incurred a one-time expense of $935,000 for prepayment fees and the write-off of unamortized deferred financing costs, which was reflected in GAAP net income and FFO in the third quarter.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font SIZE=2>FINANCIAL REVIEW:</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>During the third quarter 2006 FFO per share increased 8.3% to $0.78 per share from $0.72 per share in the prior year period adjusted from $0.98 for the $0.26 per share in </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>11/3/2006 11:18 AM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 7</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>one-time gains and fee income related to the Galileo transaction.  In the third quarter FFO included approximately $4.9 million or $0.04 per share from lease termination fees compared with $1.2 million or $0.01 per share in the prior year period.  The majority of the lease termination fees we received this quarter were related to a theater outparcel at Oak Park Mall, in Overland Park, KS.  We are looking at several possible development opportunities for that outparcel.  We would like to note that the $3.3 million in termination fees we received from this property were not included in the same center pool and are therefore, not included in same center NOI this quarter.  We recorded approximately $3.0 million or $0.03 per share in gains on outparcel sales in the third quarter 2006, compared with $2.5 million or $0.02 per share in the prior year period.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>During the third quarter we revised the depreciable lives of certain assets and liabilities related to the properties that were acquired in the fourth quarter 2005.  This resulted in an increase of $6.3 million in depreciation expense as well as a   $0.01 increase in the net amortization of above and below market leases for the third quarter. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>All of this quarter&#146;s increase in FFO was attributable to external sources.  Approximately 27% of the increase in FFO year-to-date was attributable to internal sources and 73% of the increase was attributable to external sources.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Same center NOI was flat for the quarter and up 2.4% for the nine-months.  The flat growth in same center NOI was primarily due to a continued loss of rental income from the store closures and bankruptcies we have experienced this year.  We have made progress in re-leasing these spaces, however, we had anticipated the re-opening of new tenants to occur at a faster pace.  Our leasing team is working to bring in new stores that will not only enhance our previous rental stream, but also enhance the malls&#146; retailer mix.  We believe that taking more time with this process will provide for a better tenant mix and greater value.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Additional highlights in the quarter included:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>G&amp;A represented approximately 3.8% of total revenues, compared with 4.5% in the prior year period.  </font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our cost recovery ratio was 102.0% compared with 103.1% in the prior year period.  </font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our debt-to-total market capitalization ratio was 46.9% at the end of September compared with 42.3%.  Variable rate debt represented approximately 10.1% of the total market capitalization at the end of September and 21.6% of total debt.  As we maintain an active development pipeline we expect our variable rate debt to continue to be 20-25% of total debt.  Excluding variable debt related to development projects, variable rate debt as a percentage of total debt would have been around 17.0%.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our EBITDA to interest coverage ratio at the end of September was 2.51 times, compared with 2.83 times for the prior year period.  Excluding the effects of the Galileo transaction the EBITDA to interest coverage ratio in the prior year period would have been 2.62 times.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>11/3/2006 11:18 AM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 8</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font SIZE=2>GUIDANCE UPDATE:</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>As indicated in our press release, we are providing a guidance range for 2006 FFO per share of $3.33 to $3.38 per share, which excludes the impact of any unannounced acquisitions, future gain on the sale of outparcels, future lease termination fees, and gains on sales of non-operating properties.  The new guidance incorporates the $0.03 in outparcel sales achieved in the third quarter, the adjustments to FAS 141, and $0.04 in lease termination fees, which was partially offset by approximately $0.02 in lost rental revenue and recoveries from the lease terminations.  The new guidance is based on full year 2006 same center NOI growth of 1.5% to 2.5%.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font SIZE=2>CONCLUSION:</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The development pipeline continues to ramp up and additional projects are coming online.  Our existing portfolio of market dominant properties as well as our strong development pipeline will provide us with healthy momentum for the remainder of the year and beyond.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Thank you again for joining us today.  We appreciate your continued support and would now be happy to answer any questions you may have.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>


</div>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>supplemental.txt
<DESCRIPTION>EXHIBIT 99.3 SUPPLEMENTAL
<TEXT>
                                                                    Exhibit 99.3

                        CBL & Associates Properties, Inc.
                Supplemental Financial And Operating Information
          For The Three Months And Nine Months Ended September 30, 2006

Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
<TABLE>
<CAPTION>
                                                                         Three Months Ended               Nine Months Ended
                                                                           September 30,                    September 30,
                                                                  -------------------------------- --------------------------------
                                                                       2006           2005              2006           2005
                                                                  -------------------------------- --------------------------------
 REVENUES:
<S>                                                                    <C>            <C>               <C>            <C>
   Minimum rents                                                       $   156,136    $   135,645       $   457,746    $   393,191
   Percentage rents                                                          3,413          3,114            11,716         12,963
   Other rents                                                               3,094          2,400            10,547          8,320
   Tenant reimbursements                                                    77,046         70,820           227,786        199,650
   Management, development and leasing fees                                  1,181         11,109             3,945         17,927
   Other                                                                     5,679          4,692            17,109         13,474
                                                                       ------------   ------------      -----------    -----------
     Total revenues                                                        246,549        227,780           728,849        645,525
                                                                       ------------   ------------      -----------    -----------

 EXPENSES:
   Property operating                                                       41,389         40,306           119,113        108,473
   Depreciation and amortization                                            62,604         45,453           171,841        130,048
   Real estate taxes                                                        20,266         16,020            60,059         47,332
   Maintenance and repairs                                                  13,846         12,373            40,112         36,607
   General and administrative                                                9,402         10,221            28,051         28,641
   Loss on impairment of real estate assets                                      -              -               274            262
   Other                                                                     5,127          3,769            13,815         10,256
                                                                       ------------   ------------      -----------    -----------
     Total expenses                                                       152,634        128,142           433,265        361,619
                                                                       ------------   ------------      -----------    -----------
 Income from operations                                                     93,915         99,638           295,584        283,906
 Interest income                                                             2,009          1,937             5,687          6,214
 Interest expense                                                          (63,884)       (52,646)         (191,474)      (151,822)
 Loss on extinguishment of debt                                               (935)           (44)             (935)          (928)
 Gain on sales of real estate assets                                         3,901         46,485             6,831         53,581
 Gain on sales of management contracts                                           -         21,619                 -         21,619
 Equity in earnings of unconsolidated affiliates                               621            995             3,807          6,769
 Minority interest in earnings:
   Operating partnership                                                   (12,075)       (49,455)          (47,930)       (87,176)
   Shopping center properties                                               (1,402)        (1,086)           (2,663)        (3,661)
                                                                       ------------   ------------      -----------    -----------
 Income before discontinued operations                                      22,150         67,443            68,907        128,502
 Operating income (loss) of discontinued operations                           (173)           290             2,680            755
 Gain (loss) on discontinued operations                                          2              2             7,217            (84)
                                                                       ------------   ------------      -----------    -----------
 Net income                                                                 21,979         67,735            78,804        129,173
 Preferred dividends                                                        (7,642)        (7,642)          (22,926)       (22,926)
 Net income available to common shareholders                           $    14,337    $    60,093       $    55,878    $   106,247
                                                                       ============   ============      ===========    ===========
 Basic per share data:
   Income before discontinued operations, net of preferred
    dividends                                                          $      0.23    $      0.95       $      0.72    $      1.68
   Discontinued operations                                                   (0.01)             -              0.16           0.01
                                                                       ------------   ------------      -----------    -----------
   Net income available to common shareholders                         $      0.22    $      0.95       $      0.88    $      1.69
                                                                       ============   ============      ===========    ===========
   Weighted average common shares outstanding                               64,174         62,940            63,616         62,693
 Diluted per share data:
   Income before discontinued operations, net of preferred
    dividends                                                          $      0.22    $      0.92       $      0.71    $      1.62
   Discontinued operations                                                       -              -              0.15           0.02
                                                                       ------------   ------------      -----------    -----------
   Net income available to common shareholders                         $      0.22    $      0.92       $      0.86    $      1.64
                                                                       ============   ============      ===========    ===========
   Weighted average common and potential dilutive
     common shares outstanding                                              65,496         65,253            65,086         64,973
</TABLE>



<PAGE>



                        CBL & Associates Properties, Inc.
                Supplemental Financial And Operating Information
          For The Three Months And Nine Months Ended September 30, 2006

The Company's calculation of FFO allocable to Company shareholders is as follows
(in thousands, except per share data):
<TABLE>
<CAPTION>
                                                                  Three Months Ended                  Nine Months Ended
                                                                    September 30,                      September 30,
                                                                2006             2005              2006             2005
                                                          ----------------------------------------------------------------------
<S>                                                              <C>             <C>                <C>             <C>
Net income available to common shareholders                      $   14,337      $    60,093        $   55,878      $   106,247
Minority interest in earnings of operating partnership               12,075           49,455            47,930           87,176
Depreciation and amortization expense of:
      Consolidated properties                                        62,604           45,453           171,841          130,048
      Unconsolidated affiliates                                       3,377            2,207            10,020            6,127
      Discontinued operations                                             -              585               515              615
      Non-real estate assets                                           (218)            (188)             (623)            (553)
Minority investors' share of depreciation and amortization             (568)            (311)           (1,675)            (962)
(Gain) loss on:
      Sales of operating real estate assets                              49          (42,882)               87          (42,708)
      Discontinued operations                                            (2)              (2)           (7,217)              84
                                                           ----------------- ----------------    ----------------- --------------

Funds from operations of the operating partnership                   91,654          114,410           276,756          286,074
Percentage allocable to Company shareholders (1)                     55.55%           54.86%            55.14%           54.90%
                                                           ----------------- ----------------    ----------------- --------------
Funds from operations allocable to Company
      shareholders                                              $   50,910      $    62,761        $  152,604       $   157,052
                                                           ================= ================    ================= ==============
Basic per share data:
   Funds from operations                                        $     0.79       $     1.00        $     2.40       $      2.51
                                                           ================= ================    ================= ==============
  Weighted average common shares outstanding with
        operating partnership units fully converted                115,534          114,737           115,371           114,197
Diluted per share data:
   Funds from operations                                        $     0.78       $     0.98        $     2.37       $     2.46
                                                           ================= ================    ================= ==============
  Weighted average common and potential dilutive
        common shares outstanding with operating
        partnership units fully converted                           116,856          117,050           116,840          116,477
<FN>
(1) Represents the weighted average number of common shares outstanding for the
period divided by the sum of the weighted average number of common shares and
the weighted average number of operating partnership units outstanding during
the period. SUPPLEMENTAL FFO INFORMATION:
</FN>

Lease termination fees (2)                                         $    4,945    $     1,221       $   13,239      $     3,648
    Lease termination fees per share                               $     0.04    $      0.01       $     0.11      $      0.03

Straight-line rental income                                        $    1,767    $     1,667       $    3,986      $     4,755
    Straight-line rental income per share                          $     0.02    $      0.01       $     0.03      $      0.04

Gains on outparcel sales                                           $    3,625    $     2,544       $    8,133      $    11,177
    Gains on outparcel sales per share                             $     0.03    $      0.02       $     0.07      $      0.10

Amortization of acquired above- and below-market leases (3)        $    4,815    $     1,668       $    9,730      $     4,532
    Amortization of acquired above- and below-market leases                                        $     0.08
per share                                                          $     0.04    $      0.01                       $      0.04

Amortization of debt premiums                                      $    1,889    $     1,948       $    5,599      $     5,605
    Amortization of debt premiums per share                        $     0.02    $      0.02       $     0.05      $      0.05

Gain on sales of non operating properties                          $        -    $     1,288       $        -      $     2,509
    Gain on sales of non operating properties per share            $        -    $      0.01       $        -      $      0.02

Loss on impairment of real estate assets                           $        -    $         -       $    (274)      $     (262)
    Loss on impairment of real estate assets per share             $        -    $         -       $        -      $         -

<FN>
(2) The amounts for the three months and nine months ended September 30, 2006,
include $3,415 and $5,223, respectively, that is attributable to properties
    that are not included in same-center comparisons.
(3) The amounts for the three months and nine months ended September 30, 2006,
include $3,711 and $5,152, respectively, that is attributable to properties
    that are not included in same-center comparisons.
</FN>
</TABLE>



<PAGE>



                        CBL & Associates Properties, Inc.
                Supplemental Financial And Operating Information
          For The Three Months And Nine Months Ended September 30, 2006

Same-Center Net Operating Income
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                           Three Months Ended          Nine Months Ended
                                                                             September 30,               September 30,
                                                                       ---------------------------  -------------------------
                                                                            2006         2005           2006        2005
                                                                       ---------------------------  -------------------------

<S>                                                                         <C>          <C>            <C>         <C>
Net income                                                                  $  21,979    $ 67,735       $ 78,804    $129,173
Adjustments:
Depreciation and amortization                                                  62,604      45,453        171,841     130,048
Depreciation and amortization from unconsolidated affiliates                    3,377       2,207         10,020       6,127
Depreciation and amortization from discontinued operations                          -         585            515         615
Minority investors' share of depreciation and amortization in
   shopping center properties                                                    (568)       (311)        (1,675)       (962)
Interest expense                                                               63,884      52,646        191,474     151,822
Interest expense from unconsolidated affiliates                                 4,485       3,009         13,154       9,069
Minority investors' share of interest expense in
   shopping center properties                                                  (1,276)       (390)        (3,627)     (1,160)
Loss on extinguishment of debt                                                    935          44            935         928
Abandoned projects expense                                                        359         336            294         475
Gain on sales of real estate assets                                            (3,901)    (68,104)        (6,831)    (75,200)
Loss on impairment of real estate assets                                            -           -            274         262
Gain on sales of real estate assets of unconsolidated affiliates                 (795)       (227)        (2,302)     (2,850)
Minority interest in earnings of operating partnership                         12,075      49,455         47,930      87,176
(Gain) loss on discontinued operations                                             (2)         (2)        (7,217)         84
                                                                       --------------  -----------  -------------  ----------

Operating partnership's share of total NOI                                    163,156     152,436        493,589     435,607
General and administrative expenses                                             9,402      10,221         28,051      28,641
Management fees and non-property level revenues                                (4,527)    (12,385)       (15,433)    (25,202)
                                                                       --------------  -----------  -------------  ----------
Operating partnership's share of property NOI                                 168,031     150,272        506,207     439,046
NOI of non-comparable centers                                                 (24,645)     (6,848)       (69,009)    (12,022)
                                                                       --------------  -----------  -------------  ----------
Total same center NOI                                                       $ 143,386    $143,424      $ 437,198    $427,024
                                                                       ==============  ===========  =============  ==========
Malls                                                                       $ 132,541    $133,226      $ 403,624    $395,986
Associated centers                                                              7,108       6,373         20,642      19,136
Community centers                                                                 843       1,131          2,965       3,502
Other                                                                           2,894       2,694          9,967       8,400
                                                                       --------------  -----------  -------------  ----------
Total same center NOI                                                      $ 143,386    $143,424      $ 437,198    $427,024
                                                                       ==============  ===========  =============  ==========
</TABLE>
<TABLE>
<CAPTION>

Percentage Change:
<S>                                                                              <C>                        <C>
Malls                                                                           -0.5%                       1.9%
Associated centers                                                              11.5%                       7.9%
Community centers                                                              -25.5%                     -15.3%
Other                                                                            7.4%                      18.7%
                                                                       ---------------              -------------
Total same center NOI                                                            0.0%                       2.4%
                                                                       ===============              =============
</TABLE>



<PAGE>



                        CBL & Associates Properties, Inc.
                Supplemental Financial And Operating Information
          For The Three Months And Nine Months Ended September 30, 2006

Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                                     September 30, 2006
                                                                --------------------------------------------------------------
                                                                     Fixed Rate          Variable Rate           Total
                                                                --------------------- -------------------- -------------------
<S>                                                                     <C>                    <C>               <C>
Consolidated debt                                                       $  3,488,207           $  976,209        $  4,464,416
Minority investors' share of consolidated debt                               (56,862)                   -             (56,862)
Company's share of unconsolidated affiliates' debt                           217,585               26,600             244,185
                                                                --------------------- -------------------- -------------------
Company's share of consolidated and unconsolidated debt                 $  3,648,930          $ 1,002,809        $  4,651,739
                                                                ===================== ==================== ===================
Weighted average interest rate                                                 5.97%                6.26%               6.03%
                                                                ===================== ==================== ===================
</TABLE>
<TABLE>
<CAPTION>

                                                                                     September 30, 2005
                                                                --------------------------------------------------------------
                                                                          Fixed Rate        Variable Rate               Total
                                                                --------------------- -------------------- -------------------
<S>                                                                    <C>                    <C>                <C>
Consolidated debt                                                      $   2,710,984          $   953,102        $  3,664,086
Minority investors' share of consolidated debt                               (52,168)                   -             (52,168)
Company's share of unconsolidated affiliates' debt                           116,637               26,600             143,237
                                                                --------------------- -------------------- -------------------
Company's share of consolidated and unconsolidated debt                $   2,775,453          $   979,702       $   3,755,155
                                                                ===================== ==================== ===================
Weighted average interest rate                                                 6.37%                4.81%               5.96%
                                                                ===================== ==================== ===================
</TABLE>

Debt-To-Total-Market Capitalization Ratio as of September 30, 2006
(In thousands, except stock price)
<TABLE>
<CAPTION>
                                                                      Shares
                                                                    Outstanding         Stock Price (1)          Value
                                                                --------------------- -------------------- -------------------
<S>                                                                          <C>               <C>              <C>
Common stock and operating partnership units                                 116,137           $    41.91       $   4,867,302
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                                                                                                 5,257,302
Company's share of total debt                                                                                       4,651,739
                                                                                                           -------------------
Total market capitalization                                                                                     $   9,909,041
                                                                                                           ===================
Debt-to-total-market capitalization ratio                                                                               46.9%
                                                                                                           ===================
<FN>
(1) Stock price for common stock and operating partnership units equals the
closing price of the common stock on September 29, 2006. 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                         Nine Months Ended
                                                             September 30,                             September 30,
                                              -------------------------------------------  --------------------------------------
2006:                                                Basic                Diluted               Basic              Diluted
                                              ---------------------   -------------------  ----------------   -------------------
<S>                                                         <C>                   <C>               <C>                   <C>
Weighted average shares - EPS                               64,174                65,496            63,616                65,086
Weighted average operating partnership units                51,360                51,360            51,755                51,754
                                              ---------------------   -------------------  ----------------   -------------------
Weighted average shares- FFO                              115,534                116,856           115,371               116,840
                                              =====================   ===================  ================   ===================

2005:

Weighted average shares - EPS                               62,940                65,253            62,693                64,973
Weighted average operating partnership units                51,797                51,797            51,504                51,504
                                              -------------------------------------------  ----------------   -------------------
Weighted average shares- FFO                               114,737               117,050           114,197               116,477
                                              ===========================================  ================   ===================
</TABLE>
<TABLE>
<CAPTION>


Dividend Payout Ratio                                     Three Months Ended                         Nine Months Ended
                                                             September 30,                             September 30,
                                              -------------------------------------------  --------------------------------------
                                                      2006                 2005                 2006                 2005
                                              -------------------------------------------  ----------------   -------------------
<S>                                                    <C>                <C>                  <C>                 <C>
Weighted average dividend per share                    $   0.46387        $      0.41110       $   1.39164         $     1.22910
FFO per diluted, fully converted share                 $      0.78        $         0.98       $      2.37         $        2.46
                                              -------------------------------------------  ----------------   -------------------
Dividend payout ratio                                        59.5%                 41.9%             58.7%                 50.0%
                                              ===========================================  ================   ===================
</TABLE>



<PAGE>



                        CBL & Associates Properties, Inc.
                Supplemental Financial And Operating Information
          For The Three Months And Nine Months Ended September 30, 2006

Consolidated Balance Sheets
(Unaudited,  in thousands except share data)
<TABLE>
<CAPTION>
                                                                               September 30,     December 31,
                                                                                    2006             2005
                                                                              ---------------  ---------------
 ASSETS
 Real estate assets:
<S>                                                                           <C>              <C>
   Land                                                                       $    769,655     $   776,989
   Buildings and improvements                                                    5,781,710       5,698,669
                                                                              ---------------  ---------------
                                                                                 6,551,365       6,475,658
   Less: accumulated depreciation                                                 (872,048)       (727,907)
                                                                              ---------------  ---------------
                                                                                 5,679,317       5,747,751
   Real estate assets held for sale                                                      -          63,168
   Developments in progress                                                        318,033         133,509
                                                                              ---------------  ---------------
     Net investment in real estate assets                                        5,997,350       5,944,428
 Cash and cash equivalents                                                          33,560          28,838
 Receivables:
   Tenant, net of allowance                                                         61,068          55,056
   Other                                                                             9,304           6,235
 Mortgage notes receivable                                                          19,373          18,117
 Investment in unconsolidated affiliates                                            87,819          84,138
 Other assets                                                                      207,737         215,510
                                                                              ---------------  ---------------
                                                                               $ 6,416,211     $ 6,352,322
                                                                              ===============  ===============
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Mortgage and other notes payable                                              $ 4,464,416     $ 4,341,055
 Accounts payable and accrued liabilities                                          314,054         320,270
                                                                              ---------------  ---------------
     Total liabilities                                                           4,778,470       4,661,325
                                                                              ---------------  ---------------
 Commitments and contingencies
 Minority interests                                                                562,722         609,475
                                                                              ---------------  ---------------
 Shareholders' equity:
 Preferred Stock, $.01 par value, 15,000,000 shares authorized:
 8.75% Series B Cumulative Redeemable Preferred Stock,
   2,000,000 shares outstanding                                                         20              20
 7.75% Series C Cumulative Redeemable Preferred Stock,
   460,000 shares outstanding                                                            5               5

 7.375% Series D Cumulative Redeemable Preferred Stock,
   700,000 shares outstanding                                                            7               7
 Common Stock, $.01 par value, 180,000,000 shares authorized,
   64,778,624 and 62,512,816 issued and outstanding in 2006 and
   2005, respectively                                                                  648             625
 Additional paid-in capital                                                      1,054,487       1,037,764
 Deferred Compensation                                                                   -          (8,895)
 Accumulated other comprehensive income                                                907             288
 Retained earnings                                                                  18,945          51,708
                                                                              ---------------  ---------------
     Total shareholders' equity                                                  1,075,019       1,081,522
                                                                              ---------------  ---------------
                                                                               $ 6,416,211     $ 6,352,322
                                                                              ===============  ===============
</TABLE>


<PAGE>



                        CBL & Associates Properties, Inc.
                Supplemental Financial And Operating Information
          For The Three Months And Nine Months Ended September 30, 2006

The Company presents the ratio of earnings before interest, taxes, depreciation
and amortization (EBITDA) to interest because the Company believes that the
EBITDA to interest coverage ratio, along with cash flows from operating
activities, investing activities and financing activities, provides investors an
additional indicator of the Company's ability to incur and service debt.

Ratio of EBITDA to Interest Expense
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                         Three Months Ended         Nine Months Ended
                                                                            September 30,             September 30,
                                                                      --------------------------  -----------------------
                                                                          2006        2005           2006       2005
                                                                      --------------------------  -----------------------
EBITDA:
<S>                                                                       <C>         <C>            <C>        <C>
Net Income                                                                $ 21,979    $  67,735      $ 78,804   $129,173
Adjustments:
Depreciation and amortization                                               62,604       45,453       171,841    130,048
Depreciation and amortization from unconsolidated affiliates                 3,377        2,207        10,020      6,127
Depreciation and amortization from discontinued operations                       -          585           515        615
Minority investors' share of depreciation and amortization in
   shopping center properties                                                 (568)        (311)       (1,675)      (962)
Interest expense                                                            63,884       52,646       191,474    151,822
Interest expense from unconsolidated affiliates                              4,485        3,009        13,154      9,069
Minority investors' share of interest expense in  shopping center
   properties                                                               (1,276)        (390)       (3,627)    (1,160)
Income taxes                                                                   380          369         2,680      1,671
Loss on extinguishment of debt                                                 935           44           935        928
Loss on impairment of real estate assets                                         -            -           274        262
Abandoned projects expense                                                     359          336           294        475
Gain on sales of management contracts                                            -      (21,619)            -    (21,619)
(Gain) loss on sales of operating real estate assets                            49      (42,882)           87    (42,708)
Minority interest in earnings of operating partnership                      12,075       49,455        47,930     87,176
(Gain) loss on discontinued operations                                          (2)          (2)       (7,217)        84
                                                                      -------------  -----------  ------------ ----------
Company's share of total EBITDA                                           $168,281    $ 156,635     $ 505,489   $451,001
                                                                      =============  ===========  ============ ==========

Interest Expense:
Interest expense                                                          $ 63,884    $  52,646     $ 191,474   $151,822
Interest expense from unconsolidated affiliates                              4,485        3,009        13,154      9,069
Minority investors' share of interest expense in shopping center
   properties                                                               (1,276)        (390)       (3,627)    (1,160)
                                                                      -------------  -----------  ------------ ----------
Company's share of total interest expense                                 $ 67,093    $  55,265     $ 201,001   $159,731
                                                                      =============  ===========  ============ ==========
Ratio of EBITDA to Interest Expense                                           2.51         2.83          2.51       2.82
                                                                      =============  ===========  ============ ==========
</TABLE>

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
<TABLE>
<CAPTION>
                                                                         Three Months Ended         Nine Months Ended
                                                                            September 30,             September 30,
                                                                      --------------------------  -----------------------
                                                                          2006        2005           2006       2005
                                                                      --------------------------  -----------------------

<S>                                                                       <C>         <C>           <C>         <C>
Company's share of total EBITDA                                           $168,281    $ 156,635     $ 505,489   $451,001
Interest expense                                                           (63,884)     (52,646)     (191,474)  (151,822)
Minority investors' share of interest expense in shopping center
  properties                                                                 1,276          390         3,627      1,160
Income taxes                                                                  (380)        (369)       (2,680)    (1,671)
Amortization of deferred financing costs and non real estate
  depreciation included  in operating expense                                1,651        2,318         5,466      5,694
Amortization of debt premiums                                               (1,889)      (1,921)       (5,599)    (5,506)
Amortization of above and below market leases                               (4,815)      (1,738)       (9,738)    (4,551)
Depreciation and interest expense from unconsolidated affiliates            (7,862)      (5,216)      (23,174)   (15,196)
Minority investors' share of depreciation and amortization in
  shopping center properties                                                   568          311         1,675        962
Minority interest in earnings - shopping center properties                   1,402        1,086         2,663      3,661
Gains on outparcel sales                                                    (3,950)      (3,603)       (6,918)   (10,873)
Equity in earnings of unconsolidated affiliates                               (621)      (6,769)       (3,807)    (6,769)
Distributions from unconsolidated affiliates                                 2,108        5,637         6,517      5,637
Stock based compensation expense                                             1,280        1,828         4,934      3,520
Changes in operating assets and liabilities                                (16,621)       2,587       (18,331)    (4,721)
                                                                      ------------- ------------  ------------ ----------
Cash flows provided by operating activities                               $ 76,544    $  98,530     $ 268,650   $270,526
                                                                      ============= ============  ============ ==========
</TABLE>


                        CBL & Associates Properties, Inc.
                Supplemental Financial And Operating Information
          For The Three Months And Nine Months Ended September 30, 2006

Schedule of Mortgage and Other Notes Payable as of September 30, 2006
(Dollars In thousands )
<TABLE>
<CAPTION>

                                                                                      Balance
                                                  Maturity   Interest                ----------------------
Location             Property                       Date       Rate     Balance        Fixed     Variable
-----------------------------------------------------------------------------------------------------------
Operating Properties:
<S>                  <C>                           <C>           <C>      <C>           <C>            <C>
Cincinnati, OH       Eastgate Crossing             Apr-07        6.38%    $ 9,811       $ 9,811        $ -
Charleston, SC       Citadel Mall                  May-07        7.39%     29,293        29,293          -
Highpoint, NC        Oak Hollow Mall               Feb-08        7.31%     41,875        41,875          -
Winston-Salem, NC    Hanes Mall                    Jul-08        7.31%    103,702       103,702          -
Nashville, TN        Courtyard At Hickory Hollow   Aug-08        6.77%      3,945         3,945          -
Nashville, TN        Hickory Hollow Mall           Aug-08        6.77%     84,746        84,746          -
Nashville, TN        Rivergate Mall                Aug-08        6.77%     68,492        68,492          -
Nashville, TN        The Village At Rivergate      Aug-08        6.77%      3,235         3,235          -
Lansing, MI          Meridian Mall                 Oct-08        4.52%     89,340        89,340          -
Cary, NC             Cary Towne Center             Mar-09        6.85%     85,210        85,210          -
Joplin, MO           Northpark Mall                Mar-09        5.50%     40,072        40,072          -
Daytona Beach, FL    Volusia Mall                  Mar-09        4.75%     53,215        53,215          -
Fairview Heights, IL St. Clair Square              Apr-09        7.00%     64,238        64,238          -
Terre Haute, IN      Honey Creek Mall              Apr-09        4.75%     31,756        31,756          -
Meridian, MS         Bonita Lakes Crossing         Oct-09        6.82%      7,902         7,902          -
Meridian, MS         Bonita Lakes Mall             Oct-09        6.82%     25,218        25,218          -
Cincinnati, OH       Eastgate Mall                 Dec-09        4.55%     55,620  (a)   55,620          -
Little Rock, AR      Park Plaza Mall               May-10        4.90%     40,450        40,450          -
Spartanburg, SC      WestGate Crossing             Jul-10        8.42%      9,409         9,409          -
Burnsville, MN       Burnsville Center             Aug-10        8.00%     67,165        67,165          -
Roanoke, VA          Valley View Mall              Sep-10        5.10%     43,387        43,387          -
Beaumont, TX         Parkdale Crossing             Sep-10        5.01%      8,415         8,415          -
Beaumont, TX         Parkdale Mall                 Sep-10        5.01%     53,296        53,296          -
Nashville, TN        CoolSprings Galleria          Sep-10        6.22%    127,344       127,344          -
Stroud, PA           Stroud Mall                   Dec-10        8.42%     31,016        31,016          -
Wausau, WI           Wausau Center                 Dec-10        6.70%     12,641        12,641          -
York, PA             York Galleria                 Dec-10        8.34%     49,580        49,580          -
Lexington, KY        Fayette Mall                  Jul-11        7.00%     92,021        92,021          -
Chattanooga, TN      Hamilton Corner               Aug-11       10.13%      1,817         1,817          -
Asheville,  NC       Asheville Mall                Sep-11        6.98%     67,054        67,054          -
Ft. Smith, AR        Massard Crossing              Feb-12        7.54%      5,744         5,744          -
Vicksburg, MS        Pemberton Plaza               Feb-12        7.54%      1,963         1,963          -
Houston, TX          Willowbrook Plaza             Feb-12        7.54%     29,390        29,390          -
Fayetteville, NC     Cross Creek Mall              Apr-12        5.00%     62,050        62,050          -
Colonial Heights, VA Southpark Mall                May-12        5.10%     36,085        36,085          -
Douglasville, GA     Arbor Place                   Jul-12        6.51%     75,278        75,278          -
Saginaw, MI          Fashion Square                Jul-12        6.51%     57,636        57,636          -
Louisville, KY       Jefferson Mall                Jul-12        6.51%     41,934        41,934          -
North Charleston, SC Northwoods Mall               Jul-12        6.51%     60,037        60,037          -
Jackson, TN          Old Hickory Mall              Jul-12        6.51%     33,251        33,251          -
Asheboro, NC         Randolph Mall                 Jul-12        6.50%     14,500        14,500          -
Racine, WI           Regency Mall                  Jul-12        6.51%     32,882        32,882          -
Douglasville, GA     The Landing At Arbor Place    Jul-12        6.51%      8,498         8,498          -
Spartanburg, SC      WestGate Mall                 Jul-12        6.50%     52,088        52,088          -
Chattanooga, TN      CBL Center                    Aug-12        6.25%     14,208        14,208          -
Panama City, FL      Panama City Mall              Aug-12        7.30%     38,934        38,934          -
Livonia, MI          Laurel Park Place             Dec-12        5.00%     49,797        49,797          -
Monroeville, PA      Monroeville Mall              Jan-13        5.30%    127,848       127,848          -
Greensburg, PA       Westmoreland Mall             Jan-13        5.05%     78,506        78,506          -
Columbia, SC         Columbia Place                Oct-13        5.45%     31,918        31,918          -
Laredo, TX           Mall del Norte                Dec-14        5.04%    113,400       113,400          -
Brookfield, IL       Brookfield Square             Nov-15        5.08%    103,732       103,732          -
Rockford, IL         Cherryvale Mall               Nov-15        5.00%     92,731        92,731          -
<PAGE>

                                                                                      Balance
                                                  Maturity   Interest                ----------------------
Location             Property                       Date       Rate     Balance        Fixed     Variable
-----------------------------------------------------------------------------------------------------------

Madison, WI          East Towne Mall               Nov-15        5.00%     79,021        79,021          -
Madison, WI          West Towne Mall               Nov-15        5.00%    111,617       111,617          -
Bloomington, IL      Eastland Mall                 Dec-15        5.85%     59,400        59,400          -
Decatur, IL          Hickory Point Mall            Dec-15        5.85%     32,838        32,838          -
Overland Park, KS    Oak Park Mall                 Dec-15        5.85%    275,700       275,700          -
Janesville, WI       Janesville Mall               Apr-16        8.38%     12,211        12,211          -
Akron, OH            Chapel Hill Mall              Aug-16        6.10%     76,925        76,925          -
Chesapeake, VA       Greenbrier Mall               Aug-16        5.91%     84,914        84,914          -
Chattanooga, TN      Hamilton Place                Aug-16        5.86%    116,880       116,880          -
Midland, MI          Midland Mall                  Aug-16        6.10%     37,963        37,963          -
                                                                      -----------   -----------  ---------
                                                                        3,451,144     3,451,144          -
                                                                      -----------   -----------  ---------
Weighted average interest rate                                              6.01%         6.01%      0.00%

Debt Premiums:
Joplin, MO           Northpark Mall                Mar-09        5.50%        560           560          -
Daytona Beach, FL    Volusia Mall                  Mar-09        4.75%      2,402         2,402          -
Terre Haute, IN      Honey Creek Mall              Apr-09        4.75%      1,703         1,703          -
Little Rock, AR      Park Plaza Mall               May-10        4.90%      4,885         4,885          -
Roanoke, VA          Valley View Mall              Sep-10        5.10%      5,346         5,346          -
Fayetteville, NC     Cross Creek Mall              Apr-12        5.00%      6,956         6,956          -
Colonial Heights, VA Southpark Mall                May-12        5.10%      3,148         3,148          -
Livonia, MI          Laurel Park Place             Dec-12        5.00%      8,833         8,833          -
Monroeville, PA      Monroeville Mall              Jan-13        5.30%      2,756         2,756          -
                                                                      -----------   -----------  ---------
                                                                           36,589        36,589          -
                                                                      -----------   -----------  ---------
Weighted average interest rate                                              5.01%         5.01%

Total Loans On Operating Properties And Debt Premiums                   3,487,733     3,487,733          -
                                                                      -----------   -----------  ---------
Weighted average interest rate                                              6.00%         6.00%      0.00%

Construction Loans:
Southaven, MS        Southaven Towne Center        Jun-07        6.43%     27,730             -     27,730
Ft. Myers, FL        Gulf Coast Town Center Ph I   Aug-07        6.63%     52,000             -     52,000
Fairview Heights, IL The Shoppes at St. Clair      Jun-08        6.57%     13,518             -     13,518
Stillwater, OK       Lakeview Pointe               Nov-08        6.58%     15,626             -     15,626
Ft. Myers, FL        Gulf Coast Town Center PhII   Jan-09        6.63%     49,664             -     49,664
Lexington, KY        The Plaza at Fayette          May-09        6.58%     27,302             -     27,302
Burlington, NC       Alamance Crossing             Sep-09        6.58%     21,937             -     21,937
                                                                      -----------   -----------  ---------
                                                                          207,777             -    207,777
                                                                      -----------   -----------  ---------
Lines Of Credit                                                  6.17%    768,432             -    768,432
                                                                      -----------   -----------  ---------
Other                                                                         474           474          -
                                                                      -----------   -----------  ---------
Total Consoldiated Debt                                                $4,464,416    $ 3,488,207 $ 976,209
Weighted average interest rate                                              6.06%         6.00%      6.25%

Plus CBL's Share Of Unconsolidated Affiliates' Debt:
Paducah, KY          Kentucky Oaks Mall            Jun-07        9.00%     14,988        14,988          -
Huntsville, AL       Parkway Place                 Jun-08        6.33%     26,600             -     26,600
Del Rio, TX          Plaza del Sol                 Aug-10        9.15%      1,321         1,321          -
Myrtle Beach, SC     Coastal Grand-Myrtle Beach    Oct-14        5.09%     48,003  (b)   48,003          -
El Centro, CA        Imperial Valley Mall          Sep-15        4.99%     35,513        35,513          -
Raleigh, NC          Triangle Town Center          Dec-15        5.74%    100,000       100,000          -
Clarksville, TN      Governor's Square Mall        Sep-16        8.23%     14,174        14,174          -
Harrisburg, PA       High Pointe Commons           May-17        5.74%      3,586         3,586          -
                                                                      -----------   -----------  ---------
                                                                          244,185       217,585     26,600
                                                                      -----------   -----------  ---------

<PAGE>

                                                                                      Balance
                                                  Maturity   Interest                ----------------------
Location             Property                       Date       Rate     Balance        Fixed     Variable
-----------------------------------------------------------------------------------------------------------
Less Minority Interests' Share Of Consolidated Debt
Chattanooga, TN      CBL Center                     8.00%        6.25%     (1,137)       (1,137)         -
Chattanooga, TN      Hamilton Corner               10.00%       10.13%       (182)         (182)         -
Chattanooga, TN      Hamilton Place                10.00%        7.00%    (11,688)      (11,688)         -
Ft. Smith, AR        Massard Crossing              90.00%        7.54%     (5,169)       (5,169)         -
Highpoint, NC        Oak Hollow Mall               25.00%        7.31%    (10,469)      (10,469)         -
Houston, TX          Willowbrook Plaza             90.00%        7.54%    (26,451)      (26,451)         -
Vicksburg, MS        Pemberton Plaza               90.00%        7.31%     (1,766)       (1,766)         -
                                                                      -----------   -----------  ---------
                                                                          (56,862)      (56,862)         -
                                                                      -----------   -----------  ---------
Company's Share Of Consolidated And Unconsolidated Debt                $4,651,739    $ 3,648,930 $1,002,809
                                                                      ===========   ===========  =========
Weighted average interest rate                                              6.03%         5.97%      6.26%

Total Debt of Unconsolidated Affiliates
Paducah, KY          Kentucky Oaks Mall            Jun-07        9.00%    $29,976      $ 29,976        $ -
Huntsville, AL       Parkway Place                 Jun-08        6.33%     53,200             -     53,200
Del Rio, TX          Plaza del Sol                 Aug-10        9.15%      2,611         2,611          -
Myrtle Beach, SC     Coastal Grand-Myrtle Beach    Oct-14        5.09%    114,007       114,007          -
El Centro, CA        Imperial Valley Mall          Sep-15        4.99%     59,188        59,188          -
Raleigh, NC          Triangle Town Center          Dec-15        5.74%    200,000       200,000          -
Clarksville, TN      Governor's Square Mall        Sep-16        8.23%     29,839        29,839          -
Harrisburg, PA       High Pointe Commons           May-17        5.74%      7,172         7,172          -
                                                                      -----------   -----------  ---------
                                                                        $ 495,993     $ 442,793   $ 53,200
                                                                      ===========   ===========  =========
Weighted average interest rate                                              5.93%         5.88%      6.33%


<FN>
(a) Represents a first mortgage securing the property. In addition to the first
mortgage, there is also a $7,750 B-note that is held by the Company. (b)
Represents a first mortgage securing the property. In addition to the first
mortgage, there is also $18,000 of B-notes that are payable to the Company and
its joint venture partner, each of which hold $9,000.

</FN>
</TABLE>

<PAGE>



                  CBL & Associates Properties, Inc.
           Supplemental Financial And Operating Information
            For The Three Months And Nine Months Ended September 30, 2006

New and  Renewal  Leasing  Activity  of Same Small  Shop Space Less Than  20,000
Square Feet Excluding Junior Anchors
<TABLE>
<CAPTION>

                                                   New                        New
                       Square      Prior Base   Initial Base % Change      Average Base    % Change
 Property Type          Feet        Rent PSF    Rent PSF      Initial       Rent PSF       Average
----------------    -------------- -----------  ----------  ------------  -------------   -----------
Quarter:
<S>                       <C>         <C>         <C>              <C>         <C>             <C>
Stabilized malls          623,853     $ 23.99     $ 25.78          7.5%        $ 26.59         10.8%
Associated centers         32,163       12.20       12.39          1.6%          12.53          2.7%
Community centers           4,500       21.67       21.67          0.0%          21.67          0.0%
TOTAL                     660,516     $ 23.40     $ 25.10          7.3%        $ 25.87         10.6%

Year to Date:
Stabilized malls        1,891,754     $ 25.23     $ 26.28          4.1%        $ 27.02          7.1%
Associated centers         66,075       14.47       15.10          4.3%          15.22          5.2%
Community centers          16,802       21.22       22.10          4.1%          22.35          5.3%
TOTAL                   1,974,631     $ 24.84     $ 25.87          4.1%        $ 26.59          7.1%

</TABLE>

Stabilized  Mall  Leasing  Activity  of Same Small  Shop Space Less Than  20,000
Square Feet Excluding Junior Anchors
<TABLE>
<CAPTION>
                                                   New                        New
                       Square      Prior Base   Initial Base % Change     Average Base     % Change
                        Feet        Rent PSF    Rent PSF      Initial       Rent PSF       Average
                    -------------- -----------  ----------  ------------  -------------   -----------
Quarter:
<S>                       <C>         <C>         <C>             <C>          <C>             <C>
New leases                295,760     $ 23.92     $ 26.64         11.4%        $ 28.06         17.3%
Renewal leases            328,093       24.05       25.00          4.0%          25.26          5.0%
TOTAL                     623,853     $ 23.99     $ 25.78          7.5%        $ 26.59         10.8%

Year to Date:
New leases                770,380     $ 25.01     $ 28.64         14.5%        $ 30.03         20.1%
Renewal leases          1,121,374       25.38       24.65         -2.9%          24.96         -1.6%
TOTAL                   1,891,754     $ 25.23     $ 26.28          4.1%        $ 27.02          7.1%
</TABLE>

Total Leasing  Activity of All Small Shop Spaces Compared to Expiring Tenants of
Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors
<TABLE>
<CAPTION>

                                                                         % Change of Total
                                                               Total      Leased to Total
                                     Leased       Total      Expiring       Expiring
                       Leased      Average Base Expiring    Average Base  Average Base
 Property Type       Square Feet    Rent PSF    Square Feet  Rent PSF       Rent PSF
----------------    -------------- -----------  ------------------------  -------------

Quarter:
<S>                       <C>         <C>         <C>           <C>           <C>
Stabilized malls          662,707     $ 26.45     587,018       $ 24.56       7.7%
Associated centers         32,163       12.53      40,570         11.87       5.6%
Community centers           4,500       21.67       3,327         15.84      36.8%
TOTAL                     699,370     $ 25.78     630,915       $ 23.70       8.8%

Year to Date:
Stabilized malls        1,978,110     $ 27.02   2,284,753       $ 24.99       8.1%
Associated centers         70,075       15.21      73,239         13.89       9.5%
Community centers          17,829       22.22      12,227         20.13      10.4%
TOTAL                   2,066,014     $ 26.57   2,370,219       $ 24.62       7.9%
</TABLE>

<PAGE>

Total Leasing  Activity of All Small Shop Spaces Compared to Expiring Tenants of
Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors
<TABLE>
<CAPTION>
                        New Leases           Average Base  % Change over       Renewal Leasese            Average Base   % Change
                   ------------------------  Rent PSF      Expiring Leases   ------------------------   Rent PSF       Of Renewal
                   Square     Average Base    of Expiring   Average Base     Square      Average Base   Of Expring     Average Base
                    Feet       Rent PSF      Leases(1)     Rent PSF           Feet       Rent PSF       Renewals       Rent PSF
                   --------- -------------- --------------  ---------------- ---------   ------------- --------------- -------------
Quarter:
<S>                       <C>         <C>         <C>              <C>         <C>           <C>           <C>              <C>
Stabilized malls          334,614     $ 27.62     $ 25.21          9.6%        328,093       $ 25.26       $ 24.05          5.0%
Associated centers              -           -       10.63           N/A         32,163         12.53         12.20          2.7%
Community centers           4,500       21.67       15.84         36.8%              -             -             -           N/A
TOTAL                     339,114     $ 27.54     $ 24.64         11.8%        360,256       $ 24.12       $ 22.99          4.9%

Year to Date:
Stabilized malls          856,736     $ 29.70     $ 24.62         20.6%      1,121,374       $ 24.96       $ 25.38         -1.6%
Associated centers         23,157       18.44       15.52         18.8%         46,918         13.61         12.97          4.9%
Community centers          11,629       20.46       16.67         22.7%          6,200         25.49         23.49          8.5%
TOTAL                     891,522     $ 29.29     $ 24.38         20.1%      1,174,492       $ 24.51       $ 24.88         -1.5%
<FN>
(1) Excluding Renewals
</FN>
</TABLE>

Average  Annual Base Rents Per Square Foot By Property  Type of Small Shop Space
Less Than 20,000 Square Feet Excluding Junior Anchors
<TABLE>
<CAPTION>
                       As of September 30,
                    --------------------------
                        2006          2005
                    -------------- -----------
<S>                       <C>         <C>
Stabilized malls          $ 26.74     $ 25.85
Non-stabilized malls        26.80       27.46
Associated centers          10.78       10.16
Community centers           16.68        9.00
Other                       19.47       19.33
</TABLE>


<PAGE>



                        CBL & Associates Properties, Inc.
                Supplemental Financial And Operating Information
          For The Three Months And Nine Months Ended September 30, 2006



Top 25 Tenants Based On Percentage Of Total Revenues For The Nine Months Ended
Septmeber 30, 2006:
<TABLE>
<CAPTION>
                                                                                      Annual           Percentage
                                            Number of                                 Gross             of Total
                 Tenant                       Stores          Square Feet          Rentals (1)          Revenues
---------------------------------------    ------------      -------------        -------------       ------------
<S>    <C>                                     <C>            <C>                  <C>                    <C>
  1    Limited Brands, Inc.                    228            1,371,219            $47,489,308            4.6%
  2    Foot Locker, Inc.                       194              750,373             29,472,798            2.8%
  3    The Gap Inc.                             97            1,074,894             23,966,344            2.3%
  4    Abercrombie & Fitch, Co.                 79              502,813             18,196,714            1.8%
  5    Luxottica Group, S.P.A. (2)             195              352,548             16,845,566            1.6%
  6    AE Outfitters Retail Company             73              392,900             16,026,519            1.5%
  7    Signet Group plc  (3)                   107              165,240             15,579,898            1.5%
  8    Zale Corporation                        145              145,600             14,394,059            1.4%
  9    Finish Line, Inc.                        75              384,174             14,277,101            1.4%
  10   JC Penney Co. Inc.  (4)                  69            7,669,779             13,240,345            1.3%
  11   New York & Company, Inc.                 48              355,121             11,604,822            1.1%
  12   The Regis Corporation                   199              231,241             11,512,599            1.1%
  13   Dick's Sporting Goods, Inc.              13              770,686             11,047,354            1.1%
  14   Genesco Inc. (5)                        147              190,490             10,750,327            1.0%
  15   The Children's Place Retail Stores (6)   63              268,632             10,711,267            1.0%
  16   Trans World Entertainment (7)            77              330,651             10,387,662            1.0%
  17   Pacific Sunwear of California            81              283,274             10,136,679            1.0%
  18   Charming Shoppes, Inc. (8)               54              321,104              9,588,442            0.9%
  19   Aeropostale, Inc.                        68              230,104              9,343,161            0.9%
  20   Christopher & Banks, Inc.                70              240,890              8,313,810            0.8%
  21   Hallmark Cards, Inc.                     66              264,337              8,124,411            0.8%
  22   The Buckle, Inc.                         45              219,408              7,812,963            0.8%
  23   Claire's Stores, Inc.                   115              131,011              7,739,379            0.7%
  24   Federated Department Stores Inc. (9)     80            5,981,863              7,721,076            0.7%
  25   Charlotte Russe Holding, Inc.            34              236,469              7,410,285            0.7%
                                           ------------      -------------        -------------       ------------
                                             2,422           22,864,821           $351,692,890           33.8%
                                           ============      =============        =============       ============

<FN>
(1)  Includes annual minimum rent and tenant  reimbursements based on amounts in
     effect at September 30, 2006.

(2)  Luxottica was previously Lenscrafters and Sunglass Hut. Luxottica purchased
     Cole  National   Corporation,   which  operates  Pearl  Vision  and  Things
     Remembered in October 2004.

(3)  Signet Group was previously Sterling, Inc. They operate Kay Jewelers, Marks
     & Morgan,  JB  Robinson,  Shaw's  Jewelers,  Osterman's  Jewelers,  LeRoy's
     Jewelers, Jared Jewelers, Belden Jewelers, & Rogers Jewelers.

(4)  J.C. Penney owns 28 of these stores.

(5)  Genesco Inc. operates Journey's,  Jarman,  Underground  Station, Hat World,
     Lids, Hat Zone, and Cap Factory stores.

(6)  The Children's Place also operates The Disney Store.

(7)  Trans World  Entertainment  operates FYE (formerly Camelot Music and Record
     Town), Sam Goody, Suncoast Motion Picture and Saturday Matinee.

(8)  Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine's.

(9)  Federated  Department  Stores  merged  with May  Company in 2005.  They now
     operate Macy's, After Hours Formalwear,  Desmond's Formal Wear,  Mitchell's
     Formal Wear, Tuxedo World and David's Bridal.
</FN>
</TABLE>

<PAGE>


                        CBL & Associates Properties, Inc.
                Supplemental Financial And Operating Information
          For The Three Months And Nine Months Ended September 30, 2006

Capital Expenditures for Three Months and Nine Months Ended September 30 , 2006
(In thousands)
<TABLE>
<CAPTION>
                                                        Three Months   Nine Months
                                                       ----------------------------
<S>                                                         <C>          <C>
Tenant allowances                                           $ 15,335     $ 31,069
                                                        ------------- ------------
Renovations                                                   27,312       48,164
                                                        ------------- ------------
Deferred maintenance:
   Parking lot and parking lot lighting                        4,056        6,162
   Roof repairs and replacements                               4,111        5,580
   Other capital expenditures                                  3,510        4,349
                                                        ------------- ------------
   Total deferred maintenance expenditures                    11,677       16,091
                                                        ------------- ------------
Total capital expenditures                                  $ 54,324     $ 95,324
                                                        ============= ============
</TABLE>


Deferred Leasing Costs Capitalized
(In thousands)
<TABLE>
<CAPTION>
                                                            2006         2005
                                                        ------------- ------------
Quarter ended:
<S>                                                          <C>          <C>
   March 31,                                                 $   388      $   374
   June 30,                                                      950          699
   September 30,                                                 401          629
   December 31,                                                    -          581
                                                        ------------- ------------
                                                             $ 1,739      $ 2,283
                                                        ============= ============
</TABLE>

<PAGE>


                       CBL & Associates Properties, Inc.
                Supplemental Financial And Operating Information
                  For The Nine Months Ended September 30, 2006


Announced Properties in Pre-development at September 30, 2006
<TABLE>
<CAPTION>
                                            Total
                                          Estimated
                                           Project   Estimated
                                           Square     Opening
   Property                  Location       Feet       Date
------------------------  --------------- ---------  ---------
<S>                       <C>                <C>      <C>
District at Cherryvale    Rockford, IL       82,000   Fall-07
Gulf Coast Town Ctr  I    Ft.(Myers, FL     187,000   Fall-07
Alamance Crossing East    Burlington, NC    194,400   Summer-08
Pearland Town Center      Pearland, TX      700,000   Fall-08
                                          ---------
                                          1,163,400
                                          =========
</TABLE>


Properties Opened Year-to-date
(Dollars in thousands)
<TABLE>
<CAPTION>
                                            Total      CBL's Share of
                                          Project    --------------------
                                           Square     Total       Cost       Date     Initial
   Property                  Location       Feet       Cost     To Date     Opened    Yield
------------------------  --------------- ---------  ---------  ---------  ---------- -----
Mall Expansions:
<S>                       <C>                <C>        <C>        <C>          <C>   <C>
Cross Creek Mall -        Fayetteville, NC   4,900      1,036      1,036    Apr-06    10.0%
   Starbucks & Salsarita's
Southaven Town Center -   Southaven, MS     59,000      7,200      7,200    Apr-06     8.6%
   Gordman's
Coastal Grand - PetSmart  Myrtle Beach, SC  20,100      2,600      2,600    May-06     8.0%
Hanes Mall -              Winston-Salem, NC 66,000     10,200     10,200    Jul-06    10.0%
   Dick's Sporting Goods
Southaven Town Center -
   Books-A-Million        Southaven, MS     15,000      2,530      2,530    Oct-06    10.0%
                                          ---------  ---------  ---------
                                           165,000   $ 23,566   $ 23,566
                                          =========  =========  =========
</TABLE>

Announced Property Renovations and Redevelopments
(Dollars in thousands)
<TABLE>
<CAPTION>

                                            Total      CBL's Share of
                                           Project   --------------------
                                           Square     Total       Cost      Opening      Initial
   Property                  Location       Feet       Cost     To Date      Date        Yield
------------------------  --------------- ---------  ---------  ---------  ----------    -----
Mall Renovations:
<S>                       <C>             <C>        <C>         <C>        <C>             <C>
CoolSprings Galleria      Nashville, TN   1,125,914  $  17,709   $ 17,668   OPEN/May-06     NA
Madison Square            Huntsville, AL    932,452     11,500     10,409    Fall-06        NA
Chapel Hill Mall          Akron, OH         861,653      1,700        854    Fall-06        NA
Harford Mall              Baltimore, MD     490,458      7,400      6,372    Fall-06        NA
Park Plaza                Little Rock, AR 1,371,870     19,434     16,757    Fall-06        NA
Wausau Center             Wausau, WI        429,970      3,300      3,015    Fall-06        NA
Northpark Mall            Joplin, MO        991,076     11,335      8,416    Fall-06        NA
Honey Creek Mall          Terre Haute, IN   680,890      4,600        126   Spring-07       NA

Redevelopments:
Burnsville Center         Burnsville, MN     82,900     13,000        909   OPEN/April-06   9.0%
Hickory Hollow -
former JCPenney           Nashville, TN     138,189      6,705      5,715   OPEN/June-06    8.5%
Hamilton Crossings        Chattanooga, TN   185,370      4,613      4,093   OPEN/Sept-06   10.8%
Cary Town Center          Cary, NC           21,595      4,720      3,225    Nov-06        10.8%
Mall del Norte - Theater  Laredo, TX         72,000     15,628        204   Spring-07       7.0%
                                          ---------  ---------  ---------
                                          7,384,337  $ 121,644  $ 77,763
                                          =========  =========  =========
</TABLE>


Properties Under Development at September 30, 2006
(Dollars in thousands)
<TABLE>
<CAPTION>

                                            Total      CBL's Share of
                                           Project    --------------------
                                           Square     Total       Cost      Opening             Initial
   Property                  Location       Feet       Cost     To Date      Date               Yield
------------------------  --------------- ---------  ---------  ---------  ----------           -----
Mall/Lifestyle Expansions:
<S>                          <C>               <C>      <C>         <C>       <C>               <C>
District at Valley View      Roanoke, VA       75,576   $ 18,025    $ 5,303   Nov-06/Mar-07     8.1%
Brookfield Square Restaurant
  Addition                   Brookfield, WI    19,500      6,470      2,879   Spring/Fall 2007  8.6%

Open-Air Center Expansions:
Gulf Coast Town Center
  PHII(a)                    Ft. Myers, FL    866,117    109,641 (b) 68,017   Nov-06/Mar-07   9.2%

Associated/Lifestyle Centers:
The Plaza at Fayette Mall    Lexington, KY    190,309 (c) 38,341     35,392   Jul/Nov-06        9.0%
The Shoppes at St. Clair     Fairview Heights, 84,080     27,487     22,073    Mar-07           7.0%
Milford Marketplace          Milford, CT      112,038     25,600      2,968    July-07          8.1%
Brookfield Square            Brookfield, WI    57,511      9,428      4,233   Spring/Fall 2007  8.6%

Community Centers:
Lakeview Point               Stillwater, OK   207,300     21,537     21,397    Oct-06           9.1%
High Pointe Commons (a)      Harrisburg, PA   299,395      8,100      7,078    Oct-06          11.3%
The Shops at Pineda Ridge    Melbourne, FL    169,974      6,445      5,811    Nov-06           9.7%
Alamance Crossing East       Burlington, NC   622,600     94,357     43,145    Aug-07           8.4%
York Town Center (a)         York, PA         280,645     20,926      3,918    Oct-07           9.4%

                                            ---------  ---------  ---------
                                            2,985,045  $ 386,357  $ 222,214
                                            =========  =========  =========
<FN>
(a)  50/50 Joint Venture
(b) Amounts shown are 100% of total cost and cost to date. (c) Includes a 59,000
square foot Cinemark Theater, which opened in June 2006
</FN>
</TABLE>
</TEXT>
</DOCUMENT>
</SUBMISSION>
