Exhibit 99.3

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
REVENUES:
Minimum rents	$	155,046		$	148,447		$	309,409		$	299,566
Percentage rents		1,851			1,793			8,334			8,107
Other rents		3,947			3,544			8,362			7,397
Tenant reimbursements		74,992			74,292			152,715			149,934
Management, development and leasing fees		3,954			1,687			5,175			2,764
Other		6,690			5,563			11,670			11,418
Total revenues		246,480			235,326			495,665			479,186
EXPENSES:
Property operating		38,850			36,607			81,917			76,949
Depreciation and amortization		60,530			54,241			117,174			108,404
Real estate taxes		19,864			20,364			40,512			39,450
Maintenance and repairs		14,011			13,436			29,312			26,001
General and administrative		10,570			9,062			20,767			18,649
Loss on impairment of real estate assets		—			274			—			274
Other		4,802			4,520			8,441			8,688
Total expenses		148,627			138,504			298,123			278,415
Income from operations		97,853			96,822			197,542			200,771
Interest and other income		2,883			1,946			5,628			3,678
Interest expense		(68,814	)		(63,661	)		(134,941	)		(127,590	)
Loss on extinguishment of debt		—			—			(227	)		—
Gain on sales of real estate assets		2,698			2,030			6,228			2,930
Equity in earnings of unconsolidated affiliates		1,084			1,118			1,682			3,186
Income tax provision		(948	)		—			(1,751	)		—
Minority interest in earnings:
Operating partnership		(9,035	)		(17,726	)		(22,598	)		(35,855	)
Shopping center properties		(3,567	)		(673	)		(4,297	)		(1,261	)
Income before discontinued operations		22,154			19,856			47,266			45,859
Operating income from discontinued operations		534			1,499			520			3,751
Gain (loss) on disposal of discontinued operations		—			7,215			(55	)		7,215
Net income		22,688			28,570			47,731			56,825
Preferred dividends		(11,223	)		(7,642	)		(18,865	)		(15,284	)
Net income available to common shareholders	$	11,465		$	20,928		$	28,866		$	41,541
Basic per share data:
Income before discontinued operations, net of preferred dividends	$	0.17		$	0.19		$	0.44		$	0.48
Discontinued operations		0.01			0.14			—			0.18
Net income available to common shareholders	$	0.18		$	0.33		$	0.44		$	0.66
Weighted average common shares outstanding		65,246			64,003			65,178			63,333
Diluted per share data:
Income before discontinued operations, net of preferred dividends	$	0.17		$	0.19		$	0.43		$	0.47
Discontinued operations		—			0.13			0.01			0.17
Net income available to common shareholders	$	0.17		$	0.32		$	0.44		$	0.64
Weighted average common and potential dilutive common shares outstanding		65,922			65,385			65,905			64,857

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

The Company's calculation of FFO allocable to Company shareholders is as follows (in thousands, except per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006

Net income available to common shareholders	$	11,465		$	20,928		$	28,866		$	41,541
Minority interest in earnings of operating partnership		9,035			17,726			22,598			35,855
Depreciation and amortization expense of:
Consolidated properties		60,530			54,241			117,174			108,404
Unconsolidated affiliates		3,621			3,365			7,125			6,643
Discontinued operations		435			230			859			1,348
Non-real estate assets		(234	)		(210	)		(462	)		(405	)
Minority investors' share of depreciation and amortization		1,096			(568	)		490			(1,107	)
(Gain) loss on:
Sales of operating real estate assets		—			38			—			38
Disposal of discontinued operations		—			(7,215	)		55			(7,215	)
Funds from operations of the operating partnership	$	85,948		$	88,535		$	176,705		$	185,102
Funds from operations per diluted share	$	0.74		$	0.76		$	1.52		$	1.58
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted		116,583			116,808			116,611			116,811
Reconciliation of FFO of the operating partnership to FFO allocable to Company shareholders:
Funds from operations of the operating partnership	$	85,948		$	88,535		$	176,705		$	185,102
Percentage allocable to Company shareholders ⁽¹⁾		56.29	%		55.45	%		56.24	%		54.93	%
Funds from operations allocable to Company shareholders	$	48,380		$	49,093		$	99,379		$	101,677

⁽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:

Lease termination fees	$	2,082		$	2,426		$	5,639		$	8,294
Lease termination fees per share	$	0.02		$	0.02		$	0.05		$	0.07

Straight-line rental income	$	1,254		$	1,336		$	2,394		$	2,226
Straight-line rental income per share	$	0.01		$	0.01		$	0.02		$	0.02

Gains on outparcel sales	$	3,352		$	2,873		$	7,138		$	4,508
Gains on outparcel sales per share	$	0.03		$	0.02		$	0.06		$	0.04

Amortization of acquired above- and below-market leases	$	2,762		$	2,322		$	5,692		$	4,915
Amortization of acquired above- and below-market leases per share	$	0.02		$	0.02		$	0.05		$	0.04

Amortization of debt premiums	$	1,928		$	1,868		$	3,830		$	3,710
Amortization of debt premiums per share	$	0.02		$	0.02		$	0.03		$	0.03

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

Income tax provision	$	(948	)	$	—		$	(1,751	)	$	—
Income tax provision per share	$	(0.01	)	$	—		$	(0.02	)	$	—

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

Same-Center Net Operating Income

(Dollars in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006

Net income	$	22,688		$	28,570		$	47,731		$	56,825

Adjustments:
Depreciation and amortization		60,530			54,241			117,174			108,404
Depreciation and amortization from unconsolidated affiliates		3,621			3,365			7,125			6,643
Depreciation and amortization from discontinued operations		435			230			859			1,348
Minority investors' share of depreciation and amortization in shopping center properties		1,096			(568	)		490			(1,107	)
Interest expense		68,814			63,661			134,941			127,590
Interest expense from unconsolidated affiliates		4,206			4,275			8,398			8,669
Minority investors' share of interest expense in shopping center properties		1,294			(1,189	)		107			(2,351	)
Loss on extinguishment of debt		—			—			227			—
Abandoned projects expense		551			(60	)		600			(65	)
Gain on sales of real estate assets		(2,698	)		(2,030	)		(6,228	)		(2,930	)
Loss on impairment of real estate assets		—			274			—			274
Gain on sales of real estate assets of unconsolidated affiliates		(654	)		(804	)		(910	)		(1,537	)
Income tax provision		948			—			1,751			—
Minority interest in earnings of operating partnership		9,035			17,726			22,598			35,855
(Gain) loss on disposal of discontinued operations		—			(7,215	)		55			(7,215	)
Operating partnership's share of total NOI		169,866			160,476			334,918			330,403
General and administrative expenses		10,570			9,062			20,767			18,649
Management fees and non-property level revenues		(12,454	)		(6,204	)		(19,239	)		(10,865	)
Operating partnership's share of property NOI		167,982			163,334			336,446			338,187
NOI of non-comparable centers		(3,056	)		(2,259	)		(5,418	)		(5,929	)
Total same-center NOI	$	164,926		$	161,075		$	331,028		$	332,258

Malls	$	153,059		$	149,195		$	307,720		$	308,535
Associated centers		7,265			7,364			14,516			14,527
Community centers		1,215			1,096			2,050			2,122
Other		3,387			3,420			6,742			7,074
Total same-center NOI	$	164,926		$	161,075		$	331,028		$	332,258

Percentage Change:
Malls		2.6	%					-0.3	%
Associated centers		-1.3	%					-0.1	%
Community centers		10.9	%					-3.4	%
Other		-1.0	%					-4.7	%
Total same-center NOI		2.4	%					-0.4	%

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

	June 30, 2007
	Fixed Rate						Variable Rate						Total
Consolidated debt	$		4,066,960				$		884,746				$		4,951,706
Minority investors' share of consolidated debt			(119,955		)				—						(119,955		)
Company's share of unconsolidated affiliates' debt			217,532						36,858						254,390
Company's share of consolidated and unconsolidated debt	$		4,164,537				$		921,604				$		5,086,141
Weighted average interest rate			5.91		%				6.20		%				5.96		%
		June 30, 2006
		Fixed Rate						Variable Rate						Total
Consolidated debt		$		3,247,156				$		1,119,463				$		4,366,619
Minority investors' share of consolidated debt				(51,436		)				—						(51,436		)
Company's share of unconsolidated affiliates' debt				225,447						26,600						252,047
Company's share of consolidated and unconsolidated debt		$		3,421,167				$		1,146,063				$		4,567,230
Weighted average interest rate				5.99		%				6.21		%				6.04		%

Debt-To-Total-Market Capitalization Ratio as of June 30, 2007

(In thousands, except stock price)

	Shares Outstanding	Stock Price (1)		Value
Common stock and operating partnership units	116,285	$	36.05	$	4,192,074
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					4,482,074
Company's share of total debt					5,086,141
Total market capitalization				$	9,568,215
Debt-to-total-market capitalization ratio					53.2	%

(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on June 29, 2007. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.

Reconciliation of Shares and Operating Partnership Units Outstanding

(In thousands)

Three Months
Ended June 30,

Six Months
Ended June 30,

2007:

Basic

Diluted

Basic

Diluted

Weighted average shares - EPS

65,246

65,922

65,178

65,905

Weighted average operating partnership units

50,661

50,705

50,706

Weighted average shares- FFO

115,907

116,583

115,883

116,611

2006:

Weighted average shares - EPS

64,003

65,385

63,333

64,857

Weighted average operating partnership units

51,423

51,955

51,954

Weighted average shares- FFO

115,426

116,808

115,288

116,811

	Three Months Ended June 30,							Six Months Ended June 30,
	2007			2006			2007				2006
Weighted average dividend per share	$	0.51031		$	0.46388		$		1.02630		$	0.92777
FFO per diluted, fully converted share	$	0.74		$	0.76		$		1.52		$	1.58
Dividend payout ratio		69.0	%		61.0	%			67.5	%		58.7	%

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

Consolidated Balance Sheets

(Unaudited, in thousands except share data)

	June 30, 2007			December 31, 2006
ASSETS
Real estate assets:
Land	$	808,304		$	779,727
Buildings and improvements		6,086,572			5,944,476
		6,894,876			6,724,203
Less: accumulated depreciation		(999,471	)		(924,297	)
		5,895,405			5,799,906
Held for Sale		28,992			—
Developments in progress		306,470			294,345
Net investment in real estate assets		6,230,867			6,094,251
Cash and cash equivalents		58,245			28,700
Receivables:
Tenant, net of allowance		61,415			71,573
Other		16,132			9,656
Mortgage notes receivable		32,872			21,559
Investments in unconsolidated affiliates		98,000			78,826
Other assets		230,212			214,245
	$	6,727,743		$	6,518,810
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable	$	4,951,706		$	4,564,535
Accounts payable and accrued liabilities		309,195			309,969
Total liabilities		5,260,901			4,874,504
Commitments and contingencies
Minority interests		516,732			559,450
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
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, 65,645,516 and 65,421,311 issued and outstanding in 2007 and 2006, respectively		656			654
Additional paid-in capital		979,611			1,074,450
Accumulated other comprehensive (loss) income		(2,453	)		19
(Accumulated deficit) retained earnings		(27,716	)		9,701
Total shareholders' equity		950,110			1,084,856
	$	6,727,743		$	6,518,810

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

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)

	Three Months Ended June 30,					Six Months Ended June 30,
	2007		2006			2007		2006
EBITDA:
Net Income	$	22,688	$	28,570		$	47,731	$	56,825

Adjustments:
Depreciation and amortization		60,530		54,241			117,174		108,404
Depreciation and amortization from unconsolidated affiliates		3,621		3,365			7,125		6,643
Depreciation and amortization from discontinued operations		435		230			859		1,348
Minority investors’ share of depreciation and amortization in shopping center properties		1,096		(568	)		490		(1,107	)
Interest expense		68,814		63,661			134,941		127,590
Interest expense from unconsolidated affiliates		4,206		4,275			8,398		8,669
Minority investors’ share of interest expense in shopping center properties		1,294		(1,189	)		107		(2,351	)
Income taxes		2,246		2,080			3,317		2,299
Loss on extinguishment of debt		—		—			227		—
Loss on impairment of real estate assets		—		274			—		274
Abandoned projects expense		551		(60	)		600		(65	)
Loss on sales of operating real estate assets		—		38			—		38
Minority interest in earnings of operating partnership		9,035		17,726			22,598		35,855
(Gain) loss on discontinued operations		—		(7,215	)		55		(7,215	)
Company’s share of total EBITDA	$	174,516	$	165,428		$	343,622	$	337,207


Interest Expense:
Interest expense	$	68,814	$	63,661		$	134,941	$	127,590
Interest expense from unconsolidated affiliates		4,206		4,275			8,398		8,669
Minority investors’ share of interest expense in shopping center properties		1,294		(1,189	)		107		(2,351	)
Company’s share of total interest expense	$	74,314	$	66,747		$	143,446	$	133,908

Ratio of EBITDA to Interest Expense		2.35		2.48			2.40		2.52

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities

(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006

Company’s share of total EBITDA	$	174,516		$	165,428		$	343,622		$	337,207
Interest expense		(68,814	)		(63,661	)		(134,941	)		(127,590	)
Minority investors’ share of interest expense in shopping center properties		(1,294	)		1,189			(107	)		2,351
Income taxes		(2,246	)		(2,080	)		(3,317	)		(2,299	)
Amortization of deferred financing costs and non real estate depreciation included in operating expense		2,263			2,038			3,845			3,813
Amortization of debt premiums		(1,928	)		(1,868	)		(3,830	)		(3,710	)
Amortization of above and below market leases		(2,762	)		(2,322	)		(5,692	)		(4,924	)
Depreciation and interest expense from unconsolidated affiliates		(7,827	)		(7,640	)		(15,523	)		(15,312	)
Minority investors’ share of depreciation and amortization in shopping center properties		(1,096	)		568			(490	)		1,107
Minority interest in earnings - shopping center properties		3,567			673			4,297			1,261
Gains on outparcel sales		(2,698	)		(2,068	)		(6,228	)		(2,968	)
Income tax benfit from stock options		—			—			1,139			—
Equity in earnings of unconsolidated affiliates		(1,084	)		(1,118	)		(1,682	)		(3,186	)
Distributions from unconsolidated affiliates		2,128			2,140			3,019			4,409
Stock based compensation expense		1,084			1,459			3,210			3,654
Changes in operating assets and liabilities		12,257			31,385			17,059			(1,709	)
Cash flows provided by operating activities	$	106,066		$	124,123		$	204,381		$	192,104

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

Schedule of Mortgage and Other Notes Payable as of June 30, 2007

(Dollars In thousands )

								Balance
Location	Property	Maturity Date	Interest Rate		Balance			Fixed		Variable

Operating Properties:
High Point, NC	Oak Hollow Mall	Feb-08	7.31	%	$	40,613		$	40,613	$	—
Winston-Salem, NC	Hanes Mall	Jul-08	7.31	%		101,008			101,008		—
Nashville, TN	Hickory Hollow Mall	Aug-08	6.77	%		83,267			83,267		—
Nashville, TN	The Courtyard At Hickory Hollow Mall	Aug-08	6.77	%		3,877			3,877		—
Nashville, TN	Rivergate Mall	Aug-08	6.77	%		67,296			67,296		—
Nashville, TN	The Village At Rivergate	Aug-08	6.77	%		3,179			3,179		—
Lansing, MI	Meridian Mall	Oct-08	4.52	%		87,529			87,529		—
Cary, NC	Cary Towne Center	Mar-09	6.85	%		84,150			84,150		—
Joplin, MO	Northpark Mall	Mar-09	5.50	%		39,429			39,429		—
Daytona Beach, FL	Volusia Mall	Mar-09	4.75	%		52,683			52,683		—
Fairview Heights, IL	St. Clair Square	Apr-09	7.00	%		62,642			62,642		—
Terre Haute, IN	Honey Creek Mall	Apr-09	4.75	%		31,311			31,311		—
Meridian, MS	Bonita Lakes Mall	Oct-09	6.82	%		24,617			24,617		—
Meridian, MS	Bonita Lakes Crossing	Oct-09	6.82	%		7,713			7,713		—
Cincinnati, OH	Eastgate Mall	Dec-09	4.55	%		54,881	(a)		54,881		—
Little Rock, AR	Park Plaza Mall	May-10	4.90	%		40,113			40,113		—
Spartanburg, SC	WestGate Crossing	Jul-10	8.42	%		9,327			9,327		—
Burnsville, MN	Burnsville Center	Aug-10	8.00	%		65,988			65,988		—
Roanoke, VA	Valley View Mall	Sep-10	5.10	%		42,850			42,850		—
Beaumont, TX	Parkdale Mall	Sep-10	5.01	%		52,279			52,279		—
Beaumont, TX	Parkdale Crossing	Sep-10	5.01	%		8,255			8,255		—
Nashville, TN	CoolSprings Galleria	Sep-10	6.22	%		126,040			126,040		—
Stroud, PA	Stroud Mall	Dec-10	8.42	%		30,756			30,756		—
Wausau, WI	Wausau Center	Dec-10	6.70	%		12,341			12,341		—
York, PA	York Galleria	Dec-10	8.34	%		49,158			49,158		—
Lexington, KY	Fayette Mall	Jul-11	7.00	%		90,838			90,838		—
Asheville, NC	Asheville Mall	Sep-11	6.98	%		66,289			66,289		—
Ft. Smith, AR	Massard Crossing	Feb-12	7.54	%		5,692			5,692		—
Houston, TX	Willowbrook Plaza	Feb-12	7.54	%		29,125			29,125		—
Vicksburg, MS	Pemberton Plaza	Feb-12	7.54	%		1,945			1,945		—
Fayetteville, NC	Cross Creek Mall	Apr-12	5.00	%		61,422			61,422		—
Colonial Heights, VA	Southpark Mall	May-12	5.10	%		35,485			35,485		—
Asheboro, NC	Randolph Mall	Jul-12	6.50	%		14,247			14,247		—
Douglasville, GA	Arbor Place	Jul-12	6.51	%		73,968			73,968		—
Douglasville, GA	The Landing At Arbor Place	Jul-12	6.51	%		8,350			8,350		—
Jackson, TN	Old Hickory Mall	Jul-12	6.51	%		32,673			32,673		—
Louisville, KY	Jefferson Mall	Jul-12	6.51	%		41,204			41,204		—
North Charleston, SC	Northwoods Mall	Jul-12	6.51	%		58,993			58,993		—
Racine, WI	Regency Mall	Jul-12	6.51	%		32,310			32,310		—
Saginaw, MI	Fashion Square	Jul-12	6.51	%		56,633			56,633		—
Spartanburg, SC	WestGate Mall	Jul-12	6.50	%		51,181			51,181		—
Chattanooga, TN	CBL Center	Aug-12	6.25	%		14,039			14,039		—
Panama City, FL	Panama City Mall	Aug-12	7.30	%		38,550			38,550		—

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

									Balance
Location		Property	Maturity Date	Interest Rate		Balance			Fixed			Variable
Livonia, MI		Laurel Park Place	Dec-12	5.00	%		49,252			49,252			—
Monroeville, PA		Monroeville Mall	Jan-13	5.30	%		125,590			125,590			—
Greensburg, PA		Westmoreland Mall	Jan-13	5.05	%		76,960			76,960			—
Columbia, SC		Columbia Place	Oct-13	5.45	%		31,343			31,343			—
Laredo, TX		Mall del Norte	Dec-14	5.04	%		113,400			113,400			—
Brookfield, WI		Brookfield Square	Nov-15	5.08	%		102,544			102,544			—
Madison, WI		East Towne Mall	Nov-15	5.00	%		78,104			78,104			—
Madison, WI		West Towne Mall	Nov-15	5.00	%		110,321			110,321			—
Rockford, IL		Cherryvale Mall	Nov-15	5.00	%		91,649			91,649			—
Bloomington, IL		Eastland Mall	Dec-15	5.85	%		59,400			59,400			—
Decatur, IL		Hickory Point Mall	Dec-15	5.85	%		32,513			32,513			—
Overland Park, KS		Oak Park Mall	Dec-15	5.85	%		275,700			275,700			—
Janesville, WI		Janesville Mall	Apr-16	8.38	%		11,493			11,493			—
Akron, OH		Chapel Hill Mall	Aug-16	6.10	%		76,231			76,231			—
Chattanooga, TN		Hamilton Place	Aug-16	5.86	%		115,777			115,777			—
Chesapeake, VA		Greenbrier Mall	Aug-16	5.91	%		84,119			84,119			—
Midland, MI		Midland Mall	Aug-16	6.10	%		37,620			37,620			—
Southaven, MS		Southaven Towne Center	Jan-17	5.50	%		45,761			45,761			—
Charleston, SC		Citadel Mall	Apr-17	5.68	%		75,040			75,040			—
Chattanooga, TN		Hamilton Corner	Apr-17	5.67	%		17,006			17,006			—
Fairview Heights, IL		The Shoppes at St. Clair Square	Apr-17	5.67	%		22,452			22,452			—
Lafayette, LA		Mall of Acadiana	Apr-17	5.67	%		150,080			150,080			—
Layton, UT		Layton Hills Mall	Apr-17	5.66	%		107,271			107,271			—
Lexington, KY		The Plaza at Fayette Mall	Apr-17	5.67	%		44,306			44,306			—
Cincinnati, OH		Eastgate Crossing	May-17	5.66	%		16,702			16,702			—
Ft. Myers, FL		Gulf Coast Town Center Phase I	Jul-17	5.60	%		190,800			190,800			—
		SUBTOTAL					4,035,682			4,035,682			—
Weighted average interest rate							5.93	%		5.93	%		0.00	%

Debt Premiums:
Joplin, MO	Northpark Mall		Mar-09	5.50	%	$	507		$	507		$	—
Daytona Beach, FL	Volusia Mall		Mar-09	4.75	%		1,702			1,702			—
Terre Haute, IN	Honey Creek Mall		Apr-09	4.75	%		1,236			1,236			—
Little Rock, AR	Park Plaza Mall		May-10	4.90	%		3,893			3,893			—
Roanoke, VA	Valley View Mall		Sep-10	5.10	%		4,397			4,397			—
Fayetteville, NC	Cross Creek Mall		Apr-12	5.00	%		6,090			6,090			—
Colonial Heights, VA	Southpark Mall		May-12	5.10	%		2,751			2,751			—
Livonia, MI	Laurel Park Place		Dec-12	5.00	%		7,836			7,836			—
Monroeville, PA	Monroeville Mall		Jan-13	5.30	%		2,445			2,445			—
	SUBTOTAL						30,857			30,857			—
Weighted average interest rate							5.02	%		5.02	%

Total Loans On Operating Properties And Debt Premiums							4,066,538			4,066,538			—
Weighted average interest rate							5.93	%		5.93	%		0.00	%

Construction Loans:
Stillwater, OK	Lakeview Pointe		Nov-08	6.57	%	$	18,060		$	—		$	18,060
Milford, CT	Milford Marketplace		Dec-08	6.52	%		2,198			—			2,198
Burlington, NC	Alamance Crossing		Sep-09	6.57	%		43,556			—			43,556
	SUBTOTAL						63,814			—			63,814

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

										Balance
Location		Property	Maturity Date		Interest Rate		Balance			Fixed			Variable

Lines Of Credit					6.16	%		820,932			—			820,932

Other								422			422			—

Total Consolidated Debt							$	4,951,706		$	4,066,960		$	884,746
Weighted average interest rate								5.97	%		5.93	%		6.19	%

Plus CBL’s Share Of Unconsolidated Affiliates’ Debt:
Huntsville, AL	Parkway Place		Jun-08		6.32	%	$	26,600		$	—		$	26,600
Del Rio, TX	Plaza del Sol		Aug-10		9.15	%		1,036			1,036			—
York, PA	York Town Center		Oct-11		6.83	%		7,301			—			7,301
Myrtle Beach, SC	Coastal Grand—Myrtle Beach		Oct-14		5.09	%		47,167	(b)		47,167			—
Lee’s Summit, MO	Summit Fair — Guarantee		N/A		N/A			2,957			—			2,957
El Centro, CA	Imperial Valley Mall		Sep-15		4.99	%		35,097			35,097			—
Raleigh, NC	Triangle Town Center		Dec-15		5.74	%		100,000			100,000			—
Clarksville, TN	Governor’s Square Mall		Sep-16		8.23	%		13,798			13,798			—
Paducah, KY	Kentucky Oaks Mall		Jan-17		5.27	%		14,858			14,858			—
Harrisburg, PA	High Pointe Commons		May-17		5.74	%		5,576			5,576			—
	SUBTOTAL							254,390			217,532			36,858

Less Minority Interests’ Share Of Consolidated Debt:			Minority Interest %
Chattanooga, TN	CBL Center		8.00	%	6.25	%	$	(1,123	)	$	(1,123	)	$	—
Chattanooga, TN	Hamilton Corner		10.00	%	5.67	%		(1,701	)		(1,701	)		—
Chattanooga, TN	Hamilton Place		10.00	%	5.86	%		(11,578	)		(11,578	)		—
Ft. Myers, FL	Gulf Coast Town Center		50.00	%	5.60	%		(95,400	)		(95,400	)		—
High Point, NC	Oak Hollow Mall		25.00	%	7.31	%		(10,153	)		(10,153	)		—
	SUBTOTAL							(119,955	)		(119,955	)		—

Company’s Share Of Consolidated And Unconsolidated Debt							$	5,086,141		$	4,164,537		$	921,604
Weighted average interest rate								5.96	%		5.91	%		6.20	%

Total Debt of Unconsolidated Affiliates
Huntsville, AL	Parkway Place		Jun-08		6.32	%	$	53,200		$	—		$	53,200
Del Rio, TX	Plaza del Sol		Aug-10		9.15	%		2,180			2,180			—
York, PA	York Town Center		Oct-11		6.83	%		14,602			—			14,602
Myrtle Beach, SC	Coastal Grand—Myrtle Beach		Oct-14		5.09	%		94,334			94,334			—
El Centro, CA	Imperial Valley Mall		Sep-15		4.99	%		58,496			58,496			—
Raleigh, NC	Triangle Town Center		Dec-15		5.74	%		200,000			200,000			—
Clarksville, TN	Governor’s Square Mall		Sep-16		8.23	%		29,048			29,048			—
Paducah, KY	Kentucky Oaks Mall		Jan-17		5.27	%		29,715			29,715			—
Harrisburg, PA	High Pointe Commons		May-17		5.74	%		11,153			11,153			—
							$	492,728		$	424,926		$	67,802
Weighted average interest rate								5.77	%		5.67	%		6.43	%

(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.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet

Property Type	Square Feet	Prior Gross Rent PSF			New Initial Gross Rent PSF		% Change Initial		New Average Gross Rent PSF ⁽²⁾			% Change Average

Quarter:
All Property Types ⁽¹⁾	806,345	$	33.63	$		36.13	7.4	%		$	36.67		9.0	%
Stabilized malls	746,475		34.98			37.69	7.7	%			38.19		9.2	%
New leases	251,078		36.18			44.04	21.7	%			45.10		24.6	%
Renewal leases	495,397	$	34.38	$		34.47	0.3	%		$	34.69		0.9	%

Year to Date:
All Property Types ⁽¹⁾	1,535,929	$	33.49	$		36.28	8.3	%		$	36.95		10.3	%
Stabilized malls	1,433,899		34.60			37.58	8.6	%			38.25		10.5	%
New leases	521,949		36.25			44.70	23.3	%			45.95		26.8	%
Renewal leases	911,950	$	33.65	$		33.51	-0.4	%		$	33.83		0.5	%

Average Annual Base Rents Per Square Foot By Property Type of Small Shop Space Less Than 10,000 Square Feet

	As of June 30,
	2007		2006
Stabilized malls	$	28.00	$	27.54
Non-stabilized malls		28.29		27.87
Associated centers		12.09		10.95
Community centers		15.09		16.70
Other		19.53		19.34

⁽¹⁾	Includes Stabilized malls, Associated centers, Community centers and Other.

⁽²⁾	Average Gross Rent does not incorporate future annual increases for common area maintenance expense reimbursements.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

Top 25 Tenants Based On Percentage Of Total Revenues For The Six Months Ended June 30, 2007:

	Tenant	Number of Stores	Square Feet	Annual Gross Rentals (1)		Percentage of Total Revenues
1	Limited Brands, LLC	218	1,280,125	$	44,924,249		4.16	%
2	Foot Locker, Inc.	190	735,099		29,347,919		2.72	%
3	The Gap Inc.	97	1,002,835		24,333,696		2.25	%
4	Abercrombie & Fitch, Co.	75	512,359		18,416,896		1.71	%
5	AE Outfitters Retail Company	72	410,449		17,613,548		1.63	%
6	Signet Group plc (2)	113	184,114		17,206,493		1.59	%
7	Finish Line, Inc.	84	421,495		15,910,953		1.47	%
8	Zale Corporation	143	150,054		15,315,867		1.42	%
9	Luxottica Group, S.P.A. (3)	141	306,047		14,433,157		1.34	%
10	JC Penney Co. Inc. (4)	69	7,747,616		13,600,566		1.26	%
11	New York & Company, Inc.	49	353,646		12,672,188		1.17	%
12	Genesco Inc. (5)	165	215,989		12,519,635		1.16	%
13	The Regis Corporation	200	232,995		11,736,502		1.09	%
14	Dick's Sporting Goods, Inc.	13	770,686		10,886,434		1.01	%
15	The Children's Place Retail St (6)	62	262,867		10,617,016		0.98	%
16	Pacific Sunwear of California	78	277,734		10,161,318		0.94	%
17	Aeropostale, Inc.	71	240,464		9,720,603		0.90	%
18	Charming Shoppes, Inc. (7)	53	315,537		9,577,340		0.89	%
19	Christopher & Banks, Inc.	76	261,004		9,214,705		0.85	%
20	Charlotte Russe Holding, Inc.	41	285,052		9,193,899		0.85	%
21	Trans World Entertainment (8)	60	282,732		8,577,997		0.79	%
22	The Buckle, Inc.	46	225,408		8,122,699		0.75	%
23	Claire's Stores, Inc.	112	129,986		7,849,919		0.73	%
24	Hallmark Cards, Inc.	61	243,141		7,285,682		0.67	%
25	Sears, Roebuck and Co. (9)	72	8,869,503		6,773,827		0.63	%
		2,361	25,716,937	$	356,013,107		32.96	%

(1)	Includes annual minimum rent and tenant reimbursements based on amounts in effect at June 30, 2007.

(2)	Signet Group PLC operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, & Rogers Jewelers.

(3)	Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearl Vision.

(4)	JC Penney Co. Inc. owns 28 of these stores.

(5)	Genesco Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat Zone, and Cap Factory stores. An offer to purchase Genesco by Footlocker was extended and has been rejected.

(6)	The Children's Place Retail Stores, Inc. also operates The Disney Stores.

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

(8)	Trans World Entertainment operates FYE , Sam Goody, Suncoast Motion Picture, and Saturday Matinee.

(9)	Sears owns 52 of these stores.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

Capital Expenditures for Three Months and Six Months Ended June 30, 2007

(In thousands)

	Three Months		Six Months

Tenant allowances	$	16,507	$	27,346

Renovations		10,668		16,571

Deferred maintenance:
Parking lot and parking lot lighting		124		249
Roof repairs and replacements		2,664		5,145
Other capital expenditures		1,362		3,313
Total deferred maintenance expenditures		4,150		8,707

Total capital expenditures	$	31,325	$	52,624

The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as deferred maintenance expenditures. These expenditures are billed to tenants as common area maintenance expense and the majority is recovered over a five to fifteen year period. Renovation capital expenditures are for remodelings and upgrades to enhance our competitive position in the market area. A portion of these expenditures covering items such as new floor coverings, painting, lighting and new seating areas are also recovered through tenant billings. The costs of other items such as new entrances, new ceilings and skylights are not recovered from tenants. We estimate that 30% of our renovation expenditures are recoverable from our tenants over a ten to fifteen year period. The third category of capital expenditures is tenant allowances, sometimes made to third-generation tenants. Tenant allowances are recovered through minimum rents from the tenants over the term of the lease.

Deferred Leasing Costs Capitalized

(In thousands)

	2007		2006
Quarter ended:
March 31,	$	1,001	$	388
June 30,		1,593		950
September 30,		—		401
December 31,		—		832
	$	2,594	$	2,571

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

Properties Opened Year-to-date

(Dollars in thousands)

			CBL's Share of
Property	Location	Total Project Square Feet	Total Cost		Cost To Date	Date Opened	Initial Yield(b)

Mall Expansion:
Brookfield Square - Mitchell's Fish Market	Brookfield, WI	7,500	3,044		2,044	April-07	8.4	%
Southpark Mall - Regal Cinema	Colonial Heights, VA	68,242	11,322		11,322	July-07	11.0	%

Open-Air Center:
Alamance Crossing East	Burlington, NC	571,700	79,950		69,675	August-07	8.4	%

Open-Air Center Expansion:
Gulf Coast Town Center -	Ft. Myers, FL	595,990	83,286	(a)	83,286	Spring-07	9.2	%
Phase II-shops/Costco(a)

AssociatedCenter:
The Shoppes at St. Clair Square	Fairview Heights, IL	84,080	27,487		27,257	March-07	7.0	%

Associated Center Renovation:
Madison Plaza	Huntsville, AL	153,085	1,200		1,156	June-07	NA

Redevelopments:
Mall del Norte - Theater	Laredo, TX	81,150	14,403		10,277	Spring-07	7.4	%

Announced Property Renovations and Redevelopments

(Dollars in thousands)

			CBL's Share of
Property	Location	Total Project Square Feet	Total Cost		Cost To Date		Opening Date	Initial Yield(b)
Mall Renovations:
Brookfield Square	Brookfield, WI	1,132,984	$	18,100	$	1,187	Fall-07	NA
Mall del Norte	Laredo, TX	1,207,687		20,400		10,649	Fall-07	NA
Honey Creek Mall	Terre Haute, IN	678,763		5,600		2,357	Fall-07	NA
Georgia Square	Athens, GA	674,738		16,900		1,182	Spring-08	NA

Redevelopments:
Parkdale Mall - Former Dillards (Phase I)	Beaumont, TX	50,720		14,720		6,879	Fall-07	4.1	%
Northpark Mall - Former Wards	Joplin, MO	90,688		9,750		4,321	Fall-07	7.8	%
Columbia Place - Former JCPenney	Columbia, SC	124,819		12,831		9,577	Aug-07/Feb-08	6.5	%
Westgate Mall - Former Proffits	Spartanburg, SC	153,000		N/A		N/A	August-07	NA
		4,113,399	$	98,301	$	36,152

(a)	50/50 Joint Venture. Amounts shown are 100% of total costs and cost to date as CBL has funded all costs to date.

(b)	Pro forma initial yields represented here may be lower than actual initial returns as theyare reduced for management and development fees.

CBL & Associates Properties, Inc.

Supplemental Financial And Operating Information

For the Three Months and Six Months Ended June 30, 2007

Properties Under Development at June 30, 2007

(Dollars in thousands)

				CBL's Share of
Property	Location	Total Project Square Feet		Total Cost		Cost To Date			Opening Date			Initial Yield(b)

Mall Expansions:
The District at Valley View - shops	Roanoke, VA	61,200		$	18,026		$	15,312		July/Fall-07	7.6		%
Brookfield Square - Fresh Market	Brookfield, WI	22,400			4,960			4,587		Fall-07	7.6		%
The District at CherryVale	Rockford, IL	84,541			21,099			10,199		Fall-07	7.4		%
Harford Mall - lifestyle expansion	Bel Air, MD	39,222	(a)		9,654			5,580		September-07	6.1		%
Southpark Mall - Foodcourt	Colonial Heights, VA	17,150			4,188			729		Spring-08	11.0		%
Coastal Grand - JCPenney	Myrtle Beach, SC	103,395			NA			NA		Spring-08	NA
Coastal Grand - Ulta Cosmetics	Myrtle Beach, SC	10,000			1,449			—		Spring-08	8.7		%
Cary Towne Center - Mimi's Café	Cary, NC	6,674			2,243			467		Spring-08	15.0		%
Brookfield Square - Claim Jumpers	Brookfield, WI	12,000			3,430			136		Fall-08	11.9		%

Associated/Lifestyle Centers:
Milford Marketplace	Milford, CT	107,226			26,028			15,372		October-07	8.3		%
Brookfield Square - Corner Development	Brookfield, WI	19,745			8,372			4,067		Fall-08	8.0		%
Imperial Valley Commons (Phase I) (b)	El Centro, CA	610,966			11,471			6,474		Fall-08/Summer-09	8.7		%

Office:
CBL Center II	Chattanooga, TN	74,598			17,120			3,628		January-08	8.6		%

Mixed -Use Center:
Pearland Town Center (Retail Portion)	Pearland, TX	719,388			154,182			52,366		Fall-08	7.4		%

Community/Open-Air Centers:
York Town Center (c)	York, PA	274,495			21,099			13,137		September-07	9.8		%
Cobblestone Village at Palm Coast	Palm Coast, FL	277,770			10,520			16,272		October-07	7.7		%
Alamance Crossing - Theater/Shops	Burlington, NC	82,997			18,882			—		Spring-08	8.4		%
Summit Fair	Lee's Summit, MO	513,000			15,654			—		Fall-08/Summer-09	9.6		%
		3,036,767		$	348,377		$	148,325

(a) Total square footage includes redevelopement and expansion of 2,641 square feet.

(b) 60/40 Joint Venture. Amounts shown are 100% of total costs and cost to date as CBL has funded all costs to date.

(d) Pro forma initial yields represented here may be lower than actual initial returns as they are reduced for management and development fees.