Exhibit 99.3



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
REVENUES:
Minimum rents	$	170,185		$	164,613		$	340,663		$	322,123
Percentage rents	2,376			1,756			7,291			5,208
Other rents	4,698			4,664			9,995			9,950
Tenant reimbursements	72,576			70,994			146,935			140,686
Management, development and leasing fees	2,849			1,967			5,924			4,436
Other	9,753			7,850			17,606			15,910
Total revenues	262,437			251,844			528,414			498,313
OPERATING EXPENSES:
Property operating	35,098			35,491			76,176			72,356
Depreciation and amortization	70,515			67,156			142,070			129,414
Real estate taxes	22,013			23,211			45,055			45,540
Maintenance and repairs	13,772			13,034			28,463			25,791
General and administrative	12,875			11,993			26,299			25,793
Loss on impairment	21,038			—			21,038			—
Other	8,190			6,559			14,846			13,317
Total operating expenses	183,501			157,444			353,947			312,211
Income from operations	78,936			94,400			174,467			186,102
Interest and other income	661			1,295			1,388			2,370
Interest expense	(57,205		)	(61,400		)	(117,033		)	(121,231		)
Loss on extinguishment of debt	(9,108		)	—			(9,108		)	—
Gain on sales of real estate assets	457			—			1,000			94
Gain on investments	2,400			—			2,400			—
Equity in earnings of unconsolidated affiliates	2,729			2,073			5,348			3,339
Income tax provision	(757		)	(267		)	(583		)	(39		)
Income from continuing operations	18,113			36,101			57,879			70,635
Operating income (loss) of discontinued operations	35			3,308			(627		)	4,414
Gain (loss) on discontinued operations	91			(16		)	872			895
Net income	18,239			39,393			58,124			75,944
Net income attributable to noncontrolling interests in:
Operating partnership	(36		)	(5,197		)	(3,527		)	(9,559		)
Other consolidated subsidiaries	(6,479		)	(4,805		)	(12,560		)	(10,945		)
Net income attributable to the Company	11,724			29,391			42,037			55,440
Preferred dividends	(11,223		)	(10,594		)	(22,446		)	(21,188		)
Net income attributable to common shareholders	$	501		$	18,797		$	19,591		$	34,252
Basic per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	—		$	0.11		$	0.12		$	0.20
Discontinued operations	—			0.01			—			0.03
Net income attributable to common shareholders	$	—		$	0.12		$	0.12		$	0.23
Weighted average common shares outstanding	166,607			150,913			164,088			149,704

Diluted earnings per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	—		$	0.11		$	0.12		$	0.20
Discontinued operations	—			0.01			—			0.03
Net income attributable to common shareholders	$	—		$	0.12		$	0.12		$	0.23
Weighted average common and potential dilutive common shares outstanding	166,607			150,954			164,088			149,746

Amounts attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	394		$	16,184		$	19,383		$	30,071
Discontinued operations	107			2,613			208			4,181
Net income attributable to common shareholders	$	501		$	18,797		$	19,591		$	34,252



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Net income attributable to common shareholders	$	501		$	18,797		$	19,591		$	34,252
Noncontrolling interest in income of operating partnership	36			5,197			3,527			9,559
Depreciation and amortization expense of:
Consolidated properties	70,515			67,156			142,070			129,414
Unconsolidated affiliates	9,923			11,008			19,871			22,119
Discontinued operations	—			970			107			1,985
Non-real estate assets	(484		)	(471		)	(958		)	(888		)
Noncontrolling interests' share of depreciation and amortization	(1,282		)	(1,883		)	(2,889		)	(2,329		)
Loss on impairment, net of tax benefit	21,038			—			21,038			196
Gain on depreciable property	—			—			(2		)	(493		)
(Gain) loss on discontinued operations, net of taxes	(55		)	8			(540		)	(557		)
Funds from operations of the operating partnership	100,192			100,782			201,815			193,258
Gain on investments	(2,400		)	—			(2,400		)	—
Loss on extinguishment of debt	9,108			—			9,108			—
Funds from operations of the operating partnership, as adjusted	$	106,900		$	100,782		$	208,523		$	193,258

Funds from operations per diluted share	$	0.51		$	0.53		$	1.04		$	1.02
Gain on investments	(0.01		)	—			(0.01		)	—
Loss on extinguishment of debt	0.05			—			0.05			—
Funds from operations, as adjusted, per diluted share	$	0.55		$	0.53		$	1.08		$	1.02

Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted	196,153			190,277			193,633			190,218

Reconciliation of FFO of the operating partnership to FFO allocable to common shareholders:
Funds from operations of the operating partnership	$	100,192		$	100,782		$	201,815		$	193,258
Percentage allocable to common shareholders (1)	84.94		%	79.33		%	84.74		%	78.72		%
Funds from operations allocable to common shareholders	$	85,103		$	79,950		$	171,018		$	152,133

Funds from operations of the operating partnership, as adjusted	$	106,900		$	100,782		$	208,523		$	193,258
Percentage allocable to common shareholders (1)	84.94		%	79.33		%	84.74		%	78.72		%
Funds from operations allocable to common shareholders, as adjusted	$	90,801		$	79,950		$	176,702		$	152,133



SUPPLEMENTAL FFO INFORMATION:
Lease termination fees	$	1,725		$	1,408		$	2,538		$	2,158
Lease termination fees per share	$	0.01		$	0.01		$	0.01		$	0.01

Straight-line rental income	$	1,746		$	1,812		$	2,836		$	2,222
Straight-line rental income per share	$	0.01		$	0.01		$	0.01		$	0.01

Gains on outparcel sales	$	457		$	2,754		$	1,000		$	2,853
Gains on outparcel sales per share	$	—		$	0.01		$	0.01		$	0.01

Net amortization of acquired above- and below-market leases	$	43		$	638		$	629		$	780
Net amortization of acquired above- and below-market leases per share	$	—		$	—		$	—		$	—

Net amortization of debt premiums (discounts)	$	700		$	603		$	1,076		$	1,055
Net amortization of debt premiums (discounts) per share	$	—		$	—		$	0.01		$	0.01

Income tax provision	$	(757	)	$	(267	)	$	(583	)	$	(39	)
Income tax provision per share	$	—		$	—		$	—		$	—

Loss on impairment from continuing operations	$	(21,038	)	$	—		$	(21,038	)	$	—
Loss on impairment from continuing operations per share	$	(0.11	)	$	—		$	(0.11	)	$	—

Loss on impairment from discontinued operations	$	—		$	—		$	—		$	(293	)
Loss on impairment from discontinued operations per share	$	—		$	—		$	—		$	—

Loss on extinguishment of debt from continuing operations	$	(9,108	)	$	—		$	(9,108	)	$	—
Gain on extinguishment of debt from continuing operations per share	$	(0.05	)	$	—		$	(0.05	)	$	—

Gain on investments	$	2,400		$	—		$	2,400		$	—
Gain on investments per share	$	0.01		$	—		$	0.01		$	—

(Dollars in thousands)



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Net income attributable to the Company	$	11,724		$	29,391		$	42,037		$	55,440

Adjustments:
Depreciation and amortization	70,515			67,156			142,070			129,414
Depreciation and amortization from unconsolidated affiliates	9,923			11,008			19,871			22,119
Depreciation and amortization from discontinued operations	—			970			107			1,985
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	(1,282		)	(1,883		)	(2,889		)	(2,329		)
Interest expense	57,205			61,400			117,033			121,231
Interest expense from unconsolidated affiliates	9,764			11,093			19,836			22,296
Interest expense from discontinued operations	—			1			—			231
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(977		)	(1,002		)	(1,953		)	(1,462		)
Abandoned projects expense	(1		)	1			1			(123		)
Gain on sales of real estate assets	(457		)	—			(1,000		)	(94		)
Gain on sales of real estate assets from discontinued operations	—			(2,543		)	—			(3,036		)
Gain on sales of real estate assets of unconsolidated affiliates	—			(220		)	—			(215		)
Gain on investments	(2,400		)	—			(2,400		)	—
Loss on extinguishment of debt	9,108			—			9,108			—
Loss on impairment	21,038			—			21,038			—
Loss on impairment from discontinued operations	—			—			—			293
Income tax provision	757			267			583			39
Net income attributable to noncontrolling interest in earnings of operating partnership	36			5,197			3,527			9,559
(Gain) loss on discontinued operations	(91		)	16			(872		)	(895		)
Operating partnership's share of total NOI	184,862			180,852			366,097			354,453
General and administrative expenses	12,875			11,993			26,299			25,793
Management fees and non-property level revenues	(6,057		)	(5,787		)	(14,373		)	(11,482		)
Operating partnership's share of property NOI	191,680			187,058			378,023			368,764
Non-comparable NOI	(10,077		)	(7,782		)	(18,017		)	(12,845		)
Total same-center NOI	$	181,603		$	179,276		$	360,006		$	355,919
Total same-center NOI percentage change	1.3		%				1.1		%

Total same-center NOI	$	181,603		$	179,276		$	360,006		$	355,919
Less lease termination fees	(1,775		)	(1,189		)	(2,581		)	(1,937		)
Total same-center NOI, excluding lease termination fees	$	179,828		$	178,087		$	357,425		$	353,982

Malls	$	162,404		$	162,057		$	322,324		$	321,050
Associated centers	8,153			8,187			16,483			16,251
Community centers	4,564			4,317			9,259			8,641
Offices and other	4,707			3,526			9,359			8,040
Total same-center NOI, excluding lease termination fees	$	179,828		$	178,087		$	357,425		$	353,982

Percentage Change:
Malls *	0.2		%				0.4		%
Associated centers	(0.4		)%				1.4		%
Community centers	5.7		%				7.2		%
Offices and other	33.5		%				16.4		%
Total same-center NOI, excluding lease termination fees *	1		%				1		%

(Dollars in thousands)



	As of June 30, 2013
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,534,693		$	1,087,702		$	4,622,395
Noncontrolling interests' share of consolidated debt	(68,211		)	(5,700		)	(73,911		)
Company's share of unconsolidated affiliates' debt	657,160			132,824			789,984
Company's share of consolidated and unconsolidated debt	$	4,123,642		$	1,214,826		$	5,338,468
Weighted average interest rate	5.51		%	2.11		%	4.74		%

	As of June 30, 2012
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	3,886,105		$	807,103		$	4,693,208
Noncontrolling interests' share of consolidated debt	(69,684		)	—			(69,684		)
Company's share of unconsolidated affiliates' debt	673,154			126,890			800,044
Company's share of consolidated and unconsolidated debt	$	4,489,575		$	933,993		$	5,423,568
Weighted average interest rate	5.47		%	2.53		%	4.96		%



	Shares Outstanding	Stock Price (1)	Value
Common stock and operating partnership units	199,452	$21.42	$	4,272,262
7.375% Series D Cumulative Redeemable Preferred Stock	1,815	250.00	453,750
6.625% Series E Cumulative Redeemable Preferred Stock	690	250.00	172,500
Total market equity			4,898,512
Company's share of total debt			5,338,468
Total market capitalization			$	10,236,980

(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on June 28, 2013. The stock prices for the preferred stocks represent the liquidation preference of each respective series.



	As of
	June 30, 2013			December 31, 2012
ASSETS
Real estate assets:
Land	$	909,585		$	905,339
Buildings and improvements	7,237,585			7,228,293
	8,147,170			8,133,632
Accumulated depreciation	(2,061,148		)	(1,972,031		)
	6,086,022			6,161,601
Held for sale	—			29,425
Developments in progress	210,086			137,956
Net investment in real estate assets	6,296,108			6,328,982
Cash and cash equivalents	64,430			78,248
Receivables:
Tenant, net of allowance for doubtful accounts of $2,154 and $1,977 in 2013 and 2012, respectively	78,803			78,963
Other, net of allowance for doubtful accounts of $1,283 and $1,270 in 2013 and 2012, respectively	29,985			8,467
Mortgage and other notes receivable	25,020			25,967
Investments in unconsolidated affiliates	282,389			259,810
Intangible lease assets and other assets	257,908			309,299
	$	7,034,643		$	7,089,736

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other indebtedness	$	4,622,395		$	4,745,683
Accounts payable and accrued liabilities	327,399			358,874
Total liabilities	4,949,794			5,104,557
Commitments and contingencies
Redeemable noncontrolling interests:
Redeemable noncontrolling partnership interests	40,471			40,248
Redeemable noncontrolling preferred joint venture interest	423,777			423,834
Total redeemable noncontrolling interests	464,248			464,082
Shareholders' equity:
Preferred stock, $.01 par value, 15,000,000 shares authorized:
7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding	18			18
6.625% Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding	7			7
Common stock, $.01 par value, 350,000,000 shares authorized, 169,906,529 and 161,309,652 issued and outstanding in 2013 and 2012, respectively	1,699			1,613
Additional paid-in capital	1,955,990			1,773,630
Accumulated other comprehensive income	7,855			6,986
Dividends in excess of cumulative earnings	(510,761		)	(453,561		)
Total shareholders' equity	1,454,808			1,328,693
Noncontrolling interests	165,793			192,404
Total equity	1,620,601			1,521,097
	$	7,034,643		$	7,089,736



	As of
	June 30, 2013			December 31, 2012
ASSETS
Investment in real estate assets	$	2,147,166		$	2,143,187
Accumulated depreciation	(522,680		)	(492,864		)
	1,624,486			1,650,323
Developments in progress	74,038			21,809
Net investment in real estate assets	1,698,524			1,672,132
Other assets	170,975			175,540
Total assets	$	1,869,499		$	1,847,672

LIABILITIES
Mortgage and other indebtedness	$	1,454,758		$	1,456,622
Other liabilities	41,279			48,538
Total liabilities	1,496,037			1,505,160

OWNERS' EQUITY
The Company	218,639			196,694
Other investors	154,823			145,818
Total owners' equity	373,462			342,512
Total liabilities and owners’ equity	$	1,869,499		$	1,847,672

(Dollars in thousands)



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
EBITDA:
Net income attributable to the Company	$	11,724		$	29,391		$	42,037		$	55,440

Adjustments:
Depreciation and amortization	70,515			67,156			142,070			129,414
Depreciation and amortization from unconsolidated affiliates	9,923			11,008			19,871			22,119
Depreciation and amortization from discontinued operations	—			970			107			1,985
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	(1,282		)	(1,883		)	(2,889		)	(2,329		)
Interest expense	57,205			61,400			117,033			121,231
Interest expense from unconsolidated affiliates	9,764			11,093			19,836			22,296
Interest expense from discontinued operations	—			1			—			231
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(977		)	(1,002		)	(1,953		)	(1,462		)
Income and other taxes	1,510			1,103			1,503			1,017
Loss on extinguishment of debt	9,108			—			9,108			—
Loss on impairment	21,038			—			21,038			—
Loss on impairment from discontinued operations	—			—			—			293
Abandoned projects	(1		)	1			1			(123		)
Gain on investments	(2,400		)	—			(2,400		)	—
Net income attributable to noncontrolling interest in earnings of operating partnership	36			5,197			3,527			9,559
Gain on depreciable property	—			—			(2		)	(493		)
Gain on discontinued operations	(91		)	16			(870		)	(895		)
Company's share of total EBITDA	$	186,072		$	184,451		$	368,017		$	358,283


Interest Expense:
Interest expense	$	57,205		$	61,400		$	117,033		$	121,231
Interest expense from unconsolidated affiliates	9,764			11,093			19,836			22,296
Interest expense from discontinued operations	—			1			—			231
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(977		)	(1,002		)	(1,953		)	(1,462		)
Company's share of total interest expense	$	65,992		$	71,492		$	134,916		$	142,296

Ratio of EBITDA to Interest Expense	2.82			2.58			2.73			2.52



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Company's share of total EBITDA	$	186,072		$	184,451		$	368,017		$	358,283
Interest expense	(57,205		)	(61,400		)	(117,033		)	(121,231		)
Interest expense from discontinued operations	—			(1		)	—			(231		)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries	977			1,002			1,953			1,462
Income and other taxes	(1,510		)	(1,103		)	(1,503		)	(1,017		)

Net amortization of deferred financing costs and debt premiums (discounts)	917			1,716			2,503			3,753
Net amortization of deferred financing costs and debt premiums (discounts) from discontinued operations	—			—			—			34

Net amortization of intangible lease assets and liabilities	134			(419		)	(180		)	(147		)
Depreciation and interest expense from unconsolidated affiliates	(19,687		)	(22,101		)	(39,707		)	(44,415		)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	1,282			1,883			2,889			2,329

Noncontrolling interests in earnings of other consolidated subsidiaries	6,479			4,805			12,560			10,945
Gains on outparcel sales	(457		)	(2,543		)	(1,000		)	(2,637		)
Realized foreign currency loss	—			—			—			—
Realized gain on available for sale securities	—			(160		)	—			(160		)
Equity in earnings of unconsolidated affiliates	(2,729		)	(2,073		)	(5,348		)	(3,339		)
Distributions of earnings from unconsolidated affiliates	3,446			4,147			7,911			7,314
Income tax effect from share-based compensation	—			—			—			—
Share-based compensation expense	423			464			1,887			1,739
Provision for doubtful accounts	229			663			927			1,331
Change in deferred tax assets	(837		)	(507		)	1,824			2,316
Changes in operating assets and liabilities	(11,821		)	19,144			(62,482		)	3,461
Cash flows provided by operating activities	$	105,713		$	127,968		$	173,218		$	219,790



Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Balance
Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Fixed		Variable

Operating Properties:
Columbia Place	Columbia, SC	Sep-13		5.45%	$	27,266		$	27,266	—
The Forum at Grandview	Madison, MS	Sep-13	Sep-14	3.19%	10,200			—		10,200
Alamance West	Burlington, NC	Dec-13	Dec-15	3.19%	16,000			—		16,000
North Park Mall	Joplin, MO	Mar-14		5.75%	33,199			33,199		—
The Promenade	D'lberville, MS	Dec-14	Dec-18	1.90%	52,620			—		52,620
Mall del Norte	Laredo, TX	Dec-14		5.04%	113,400			113,400		—
Imperial Valley Mall	El Centro, CA	Sep-15		4.99%	51,920			51,920		—
CherryVale Mall	Rockford, IL	Oct-15		5.00%	81,368			81,368		—
Brookfield Square	Brookfield, IL	Nov-15		5.08%	91,225			91,225		—
East Towne Mall	Madison, WI	Nov-15		5.00%	69,390			69,390		—
West Towne Mall	Madison, WI	Nov-15		5.00%	98,013			98,013		—
Eastland Mall	Bloomington, IL	Dec-15		5.85%	59,400			59,400		—
Hickory Point Mall	Decatur, IL	Dec-15		5.85%	29,325			29,325		—
The Outlet Shoppes at Gettysburg	Gettysburg, PA	Feb-16		5.87%	39,806			39,806		—
CoolSprings Crossing	Nashville, TN	Apr-16		4.54%	12,660		(a)	12,660		—
Gunbarrel Pointe	Chattanooga, TN	Apr-16		4.64%	11,272		(b)	11,272		—
Janesville Mall	Janesville, WI	Apr-16		8.38%	4,671			4,671		—
Stroud Mall	Stroud, PA	Apr-16		4.59%	33,863		(c)	33,863		—
York Galleria	York, PA	Apr-16		4.55%	54,086		(d)	54,086		—
Statesboro Crossing	Statesboro, GA	Jun-16	Jun-18	2.00%	11,400			—		11,400
Chapel Hill Mall	Akron, OH	Aug-16		6.10%	69,373			69,373		—
Greenbrier Mall	Chesapeake, VA	Aug-16		5.91%	76,325			76,325		—
Hamilton Place	Chattanooga, TN	Aug-16		5.86%	104,971			104,971		—
Midland Mall	Midland, MI	Aug-16		6.10%	34,236			34,236		—
Chesterfield Mall	St. Louis, MO	Sep-16		5.74%	140,000			140,000		—
Dakota Square Mall	Minot, ND	Nov-16		6.23%	58,083			58,083		—
St. Clair Square	Fairview Heights, IL	Dec-16		3.28%	123,125			—		123,125
Southaven Towne Center	Southaven, MS	Jan-17		5.50%	41,363			41,363		—
Cary Towne Center	Cary, NC	Mar-17		8.50%	54,818			54,818		—
Acadiana Mall	Lafayette, LA	Apr-17		5.67%	136,305			136,305		—
Citadel Mall	Charleston, SC	Apr-17		5.68%	68,282			68,282		—
Hamilton Corner	Chattanooga, TN	Apr-17		5.67%	15,444			15,444		—
Layton Hills Mall	Layton, UT	Apr-17		5.66%	97,415			97,415		—
The Plaza at Fayette Mall	Lexington, KY	Apr-17		5.67%	40,239			40,239		—
The Shoppes at St. Clair Square	Fairview Heights, IL	Apr-17		5.67%	20,393			20,393		—
EastGate Crossing	Cincinnati, OH	May-17		5.66%	15,176			15,176		—
The Outlet Shoppes at El Paso	El Paso, TX	Dec-17		7.06%	65,918			65,918		—
Kirkwood Mall	Bismarck, ND	Apr-18		5.75%	40,095			40,095		—
Hanes Mall	Winston-Salem, NC	Oct-18		6.99%	155,112			155,112		—
Honey Creek Mall	Terre Haute, IN	Jul-19		8.00%	30,464			30,464		—
Volusia Mall	Daytona Beach, FL	Jul-19		8.00%	52,405			52,405		—



Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Balance
Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance			Fixed			Variable

The Terrace	Chattanooga, TN	Jun-20		7.25%	14,096			14,096			—
Burnsville Center	Burnsville, MN	Jul-20		6.00%	78,431			78,431			—
Parkway Place	Huntsville, AL	Jul-20		6.50%	39,845			39,845			—
Valley View Mall	Roanoke, VA	Jul-20		6.50%	61,665			61,665			—
Parkdale Mall & Crossing	Beaumont, TX	Mar-21		5.85%	90,962			90,962			—
EastGate Mall	Cincinnati, OH	Apr-21		5.83%	41,700			41,700			—
Hamilton Crossing & Expansion	Chattanooga, TN	Apr-21		5.99%	10,181			10,181			—
Park Plaza Mall	Little Rock, AR	Apr-21		5.28%	94,998			94,998			—
Wausau Center	Wausau, WI	Apr-21		5.85%	18,992			18,992			—
Fayette Mall	Lexington, KY	May-21		5.42%	177,299			177,299			—
Alamance Crossing - East	Burlington, NC	Jul-21		5.83%	49,676			49,676			—
Asheville Mall	Asheville, NC	Sep-21		5.80%	75,559			75,559			—
Cross Creek Mall	Fayetteville, NC	Jan-22		4.54%	135,589			135,589			—
The Outlet Shoppes at Oklahoma City	Oklahoma City, OK	Jan-22		5.73%	58,406			58,406			—
Northwoods Mall	North Charleston, SC	Apr-22		5.08%	71,818			71,818			—
Arbor Place	Douglasville, GA	May-22		5.10%	120,187			120,187			—
CBL Center	Chattanooga, TN	Jun-22		5.00%	21,436			21,436			—
Fashion Square	Saginaw, MI	Jun-22		4.95%	41,128			41,128			—
Jefferson Mall	Louisville, KY	Jun-22		4.75%	70,139			70,139			—
Southpark Mall	Colonial Heights, VA	Jun-22		4.85%	66,030			66,030			—
WestGate Mall	Spartanburg, SC	Jul-22		4.99%	39,244			39,244			—
	SUBTOTAL				$	3,718,007		$	3,504,662		$	213,345
Weighted average interest rate					5.4		%	5.56		%	2.75		%

Debt Premiums (Discounts): (e)

Northpark Mall	Joplin, MO	Mar-14		5.50%	$	48		$	48		—
Imperial Valley Mall	El Centro, CA	Sep-15		3.75%	1,373			1,373			—
Chesterfield Mall	St. Louis, MO	Sep-16		5.96%	(870		)	(870		)	—
Dakota Square Mall	Minot, ND	Nov-16		5.03%	2,352			2,352			—
The Outlet Shoppes at El Paso	El Paso, TX	Dec-17		4.75%	6,114			6,114			—
Kirkwood Mall	Bismarck, ND	Apr-18		4.25%	2,750			2,750			—
	SUBTOTAL				$	11,767		$	11,767		—
Weighted average interest rate					4.49		%	4.49		%

Total Loans On Operating Properties And Debt Premiums (Discounts)					$	3,729,774		$	3,516,429		$	213,345
Weighted average interest rate					5.4		%	5.56		%	2.75		%

Construction Loans:
The Outlet Shoppes at Atlanta	Woodstock, GA	Aug-15	Aug-17	2.94%	$	40,963		—			$	40,963
	SUBTOTAL			2.94%	$	40,963		—			$	40,963

Credit Facilities:
Unsecured term facilities:
$600,000 capacity		Nov-15	Nov-16	1.60%	$	300,297		—			$	300,297
$100,000 capacity		Feb-16		1.59%	52,679			—			52,679
$600,000 capacity		Nov-16	Nov-17	1.60%	430,418			—			430,418
$50,000 Term Loan		Feb-18		2.09%	50,000			—			50,000
	SUBTOTAL			1.63%	$	833,394		—			$	833,394



Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance				Balance
Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance				Fixed			Variable


Other	Pearland Town Center				$	18,264		(f)	$	18,264		—

Total Consolidated Debt					$	4,622,395			$	3,534,693		$	1,087,702
Weighted average interest rate					4.71		%		5.57		%	1.9		%

Plus CBL's Share Of Unconsolidated Affiliates' Debt:
Summit Fair	Lee's Summit, MO	Jul-13		5.00%	$	13,419		(g)	—			$	13,419
Hammock Landing Phase I	West Melbourne, FL	Nov-13	Nov-14	3.70%	41,068				—			41,068
Hammock Landing Phase II	West Melbourne, FL	Nov-13		3.69%	2,757				—			2,757
The Pavilion at Port Orange	Port Orange, FL	Mar-14	Mar-15	3.69%	62,772				—			62,772
Coastal Grand-Myrtle Beach	Myrtle Beach, SC	Oct-14		5.09%	39,200			(h)	39,200			—
Gulf Coast Town Center Phase III	Ft. Myers, FL	Jul-15		2.75%	6,529				—			6,529
Oak Park Mall	Overland Park, KS	Dec-15		5.85%	137,850				137,850			—
Triangle Town Center	Raleigh, NC	Dec-15		5.74%	90,671				90,671			—
Fremaux Town Center	Slidell, LA	Mar-16	Mar-18	2.32%	5,531.00				—			5,531
Renaissance Center Phase I	Durham, NC	Jul-16		5.61%	16,732				16,732			—
Governor's Square Mall	Clarksville, TN	Sep-16		8.23%	9,749				9,749			—
Kentucky Oaks Mall	Paducah, KY	Jan-17		5.27%	11,844				11,844			—
The Shops at Friendly Center	Greensboro, NC	Jan-17		5.90%	20,369				20,369			—
High Pointe Commons	Harrisburg, PA	May-17		5.74%	6,865				6,865			—
Gulf Coast Town Center Phase I	Ft. Myers, FL	Jul-17		5.60%	95,400				95,400			—
High Pointe Commons Phase II	Harrisburg, PA	Jul-17		6.10%	2,740				2,740			—
CoolSprings Galleria	Nashville, TN	Jun-18		6.98%	54,233				54,233			—
York Town Center	York, PA	Feb-22		4.90%	18,507				18,507			—
York Town Center - Pier 1	York, PA	Feb-22		2.95%	748				—			748
West County Center	St. Louis, MO	Dec-22		3.40%	95,000				95,000			—
Friendly Shopping Center	Greensboro, NC	Apr-23		3.48%	50,000				50,000			—
Renaissance Center Phase II	Durham, NC	Apr-23		3.49%	8,000				8,000			—
	SUBTOTAL				$	789,984			$	657,160		$	132,824

Less Noncontrolling Interests' Share Of Consolidated Debt:		Noncontrolling Interest %
The Outlet Shoppes at Gettysburg	Gettysburg, PA	50%		5.87%	$	(19,903	)		$	(19,903	)	—
Statesboro Crossing	Statesboro, GA	50%		2.00%	(5,700		)		—			(5,700		)
Hamilton Place	Chattanooga, TN	10%		5.86%	(10,497		)		(10,497		)	—
Hamilton Corner	Chattanooga, TN	10%		5.67%	(1,544		)		(1,544		)	—
The Outlet Shoppes at El Paso	El Paso, TX	25%		7.06%	(16,479		)		(16,479		)	—
The Terrace	Chattanooga, TN	8%		7.25%	(1,128		)		(1,128		)	—
Hamilton Crossing & Expansion	Chattanooga, TN	8%		5.99%	(814		)		(814		)	—
The Outlet Shoppes at Oklahoma City	Oklahoma City, OK	25%		5.73%	(14,602		)		(14,602		)	—
CBL Center	Chattanooga, TN	8%		5.00%	(1,715		)		(1,715		)	—

	SUBTOTAL				$	(72,382	)		$	(66,682	)	$	(5,700	)



Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance				Balance
Property	Location	Original Maturity Date	Optional Extended Maturity Date	Interest Rate	Balance				Fixed			Variable

Less Noncontrolling Interests' Share Of Debt Premium: (f)
The Outlet Shoppes at El Paso	El Paso, TX	25%		4.75%	$	(1,529	)		$	(1,529	)	—

Company's Share Of Consolidated And Unconsolidated Debt					$	5,338,468			$	4,123,642		$	1,214,826
Weighted average interest rate					4.74		%		5.51		%	2.11		%

Total Debt of Unconsolidated Affiliates:
Summit Fair	Lee's Summit, MO	Jul-13		5.00%	$	49,699			—			$	49,699
Hammock Landing Phase I	West Melbourne, FL	Nov-13		3.70%	41,068				—			41,068
Hammock Landing Phase II	West Melbourne, FL	Nov-13		3.69%	2,757				—			2,757
The Pavilion at Port Orange	Port Orange, FL	Mar-14		3.69%	62,772				—			62,772
Coastal Grand-Myrtle Beach	Myrtle Beach, SC	Oct-14		5.09%	78,399			(h)	78,399			—
Gulf Coast Town Center Phase III	Ft. Myers, FL	Jul-15		2.75%	6,529				—			6,529
Oak Park Mall	Overland Park, KS	Dec-15		5.85%	275,700				275,700			—
Triangle Town Center	Raleigh, NC	Dec-15		5.74%	181,341				181,341			—
Fremaux Town Center	Slidell, LA	Mar-16		2.32%	5,531				—			5,531
Renaissance Center Phase I	Durham, NC	Jul-16		5.61%	33,464				33,464			—
Governor's Square Mall	Clarksville, TN	Sep-16		8.23%	20,525				20,525			—
Kentucky Oaks Mall	Paducah, KY	Jan-17		5.27%	23,688				23,688			—
The Shops at Friendly Center	Greensboro, NC	Jan-17		5.90%	40,738				40,738			—
High Pointe Commons	Harrisburg, PA	May-17		5.74%	13,730				13,730			—
Gulf Coast Town Center Phase I	Ft. Myers, FL	Jul-17		5.60%	190,800				190,800			—
High Pointe Commons Phase II	Harrisburg, PA	Jul-17		6.10%	5,480				5,480			—
CoolSprings Galleria	Nashville, TN	Jun-18		6.98%	108,466				108,466			—
York Town Center	York, PA	Feb-22		4.90%	37,014				37,014			—
York Town Center - Pier 1	York, PA	Feb-22		2.95%	1,497				—			1,497
West County Center	St. Louis, MO	Dec-22		3.40%	190,000				190,000			—
Friendly Shopping Center	Greensboro, NC	Apr-23		3.48%	100,000				100,000			—
Renaissance Center Phase II	Durham, NC	Apr-23		3.49%	16,000				16,000			—
					$	1,485,198			$	1,315,345		$	169,853
Weighted average interest rate					5.13		%		5.28		%	3.99		%



(a)	The Company has an interest rate swap on a notional amount of $12,660, amortizing to $11,313 over the term of the swap, related to CoolSprings Crossing to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(b)	The Company has an interest rate swap on a notional amount of $11,272, amortizing to $10,083 over the term of the swap, related to Gunbarrel Point to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(c)	The Company has an interest rate swap on a notional amount of $33,863, amortizing to $30,276 over the term of the swap, related to Stroud Mall to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(d)	The Company has an interest rate swap on a notional amount of $54,086, amortizing to $48,337 over the term of the swap, related to York Galleria to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in April 2016.
(e)	The weighted average interest rates used for debt premiums (discounts) reflect the market interest rate in effect as of the assumption of the related debt.
(f)	Pearland Town Center is owned 88% by the Company and 12% by a noncontrolling partner. This amount represents the noncontrolling partner's equity contribution that is accounted for as a financing due to certain terms of the joint venture agreement.
(g)	Represents the 27% share of the outstanding balance of the construction financing that the Company has guaranteed. The maximum amount that the Company has guaranteed is approximately $13,419.
(h)	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.



Year	Consolidated Debt		CBL's Share of Unconsolidated Affiliates' Debt		Noncontrolling Interests' Share of Consolidated Debt			CBL's Share of Consolidated and Unconsolidated Debt		% of Total

2013	$	27,266	$	16,176	$	—		$	43,442	0.82	%
2014	175,063		80,268		—			255,331		4.78	%
2015	496,641		297,822		—			794,463		14.88	%
2016	1,115,447		26,481		(30,400		)	1,111,528		20.82	%
2017	1,026,734		137,218		(18,023		)	1,145,929		21.47	%
2018	309,227		59,764		(5,700		)	363,291		6.81	%
2019	82,869		—		—			82,869		1.55	%
2020	194,037		—		(1,128		)	192,909		3.61	%
2021	559,367		—		(814		)	558,553		10.46	%
2022	623,977		114,255		(16,317		)	721,915		13.52	%
2023	—		58,000		—			58,000		1.09	%
Face Amount of Debt	4,610,628		789,984		(72,382		)	5,328,230		99.81	%
Net Premiums on Debt	11,767		—		(1,529		)	10,238		0.19	%
Total	$	4,622,395	$	789,984	$	(73,911	)	$	5,338,468	100.00	%



Year	Consolidated Debt		CBL's Share of Unconsolidated Affiliates' Debt		Noncontrolling Interests' Share of Consolidated Debt			CBL's Share of Consolidated and Unconsolidated Debt		% of Total

2013	$	53,466	$	57,244	$	—		$	110,710	2.07	%
2014	217,483		101,972		—			319,455		5.98	%
2015	821,901		235,050		—			1,056,951		19.81	%
2016	1,256,968		32,012		(36,100		)	1,252,880		23.47	%
2017	555,353		137,218		(18,023		)	674,548		12.64	%
2018	245,207		54,233		—			299,440		5.61	%
2019	82,869		—		—			82,869		1.55	%
2020	194,037		—		(1,128		)	192,909		3.61	%
2021	559,367		—		(814		)	558,553		10.46	%
2022	623,977		114,255		(16,317		)	721,915		13.52	%
2023	—		58,000		—			58,000		1.09	%
Face Amount of Debt	4,610,628		789,984		(72,382		)	5,328,230		99.81	%
Net Premiums on Debt	11,767		—		(1,529		)	10,238		0.19	%
Total	$	4,622,395	$	789,984	$	(73,911	)	$	5,338,468	100.00	%



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)	523,773	$	38.79	$	41.84	7.9	%	$	43.47	12.1	%
Stabilized malls	465,616	40.92		44.15		7.9	%	45.88		12.1	%
New leases	168,720	41.47		49.34		19	%	52.41		26.4	%
Renewal leases*	296,896	40.61		41.21		1.5	%	42.18		3.9	%

Year-to-Date:
All Property Types (1)	1,097,712	$	38.59	$	41.34	7.1	%	$	42.97	11.4	%
Stabilized malls	1,004,021	40.20		43.09		7.2	%	44.78		11.4	%
New leases	287,169	42.81		52.14		21.8	%	55.30		29.2	%
Renewal leases*	716,852	39.15		39.46		0.8	%	40.57		3.6	%



		Tenant	Number of Stores	Square Feet	Percentage of Total Annualized Revenues
1		Limited Brands, LLC (1)	166	845,377	3.16	%
2		Foot Locker, Inc.	160	635,592	2.35	%
3		AE Outfitters Retail Company	89	528,451	2.08	%
4		The Gap, Inc.	71	797,650	1.67	%
5		Signet Jewelers Limited (2)	110	202,245	1.64	%
6		Genesco Inc. (3)	197	297,415	1.58	%
7		JC Penney Company, Inc. (4)	75	8,663,559	1.51	%
8		Dick's Sporting Goods, Inc. (5)	23	1,287,809	1.46	%
9		Abercrombie & Fitch, Co.	67	455,731	1.42	%
10		Dress Barn, Inc. (6)	138	660,092	1.39	%
11		Luxottica Group, S.P.A. (7)	127	281,100	1.3	%
12		Aeropostale, Inc.	95	343,781	1.27	%
13		Express Fashions	49	399,484	1.25	%
14		Zale Corporation	126	133,132	1.21	%
15		Finish Line, Inc.	68	362,003	1.18	%
16		New York & Company, Inc.	46	320,269	1.04	%
17		Charlotte Russe Holding, Inc.	53	360,255	1.02	%
18		Best Buy Co., Inc. (8)	67	554,025	1.02	%
19		Forever 21 Retail, Inc.	23	421,545	0.99	%
20		The Buckle, Inc.	51	257,683	0.93	%
21		Sun Capital Partners, Inc. (9)	45	630,914	0.87	%
22		The Children's Place Retail Stores, Inc.	59	260,951	0.84	%
23		Claire's Stores, Inc.	121	145,668	0.8	%
24		Barnes & Noble Inc.	19	579,099	0.76	%
25		Shoe Show, Inc.	52	575,902	0.75	%
			2,097	19,999,732	33.49	%

(1	)	Limited Brands, LLC operates Victoria's Secret and Bath & Body Works.
(2	)	Signet Group plc operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers and Rogers Jewelers.
(3	)	Genesco Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat Zone, and Cap Factory stores.
(4	)	JC Penney Company, Inc. owns 36 of these stores.
(5	)	Dick's Sporting Goods, Inc. operates Dick's Sporting Goods and Golf Galaxy stores.
(6	)	Dress Barn, Inc. operates Justice, dressbarn and maurices.
(7	)	Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearle Vision.
(8	)	Best Buy Co., Inc. operates Best Buy and Best Buy Mobile.
(9	)	Sun Capital Partners, Inc. operates Gordmans, Limited Stores, Fazoli's Restaurants, Smokey Bones and Bar Louie Restaurants. SunCapital no longer operates Life Uniforms.

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.



			CBL's Share of
Property	Location	Total Project Square Feet	Total Cost (a)		Cost to Date (b)		Expected Opening Date	Initial Unleveraged Yield
Outlet Centers:
The Outlet Shoppes at Atlanta (c)	Woodstock, GA	370,456	$	80,490	$	56,999	July-13	11.7%
The Outlet Shoppes at Louisville (d)	Simpsonville, KY	373,944	80,472		9,056		August-14	10.2%
		744,400	$	160,962	$	66,055

Community Centers:
Fremaux Town Center - Phase I (d)	Slidell, LA	295,000	$	52,396	$	26,045	Summer-14	8.5%

Mall Expansions:
Cross Creek Mall - Shops	Fayetteville, NC	45,620	$	15,831	$	6,259	November-13	9.8%
Volusia Mall - Restaurant District	Daytona Beach, FL	27,500	7,114		5,309		Fall-13	10.4%
The Shoppes at Southaven Towne Center - Phase II	Southaven, MS	22,925	3,968		1,661		November-13	12.2%
West Towne Mall - Phase I	Madison, WI	22,500	5,454		2,054		October-13	11.8%
		118,545	$	32,367	$	15,283
Mall Redevelopments:
Monroeville Mall - JC Penney /Cinemark (e)	Pittsburgh, PA	78,223	$	26,178	$	16,706	October-12/Winter-13	7.6%
South County - Dick's Sporting Goods	St. Louis, MO	50,000	8,051		626		November-13	9.5%
Southpark Mall - Dick's Sporting Goods	Colonial Heights, VA	85,322	9,379		4,090		July-13	6.5%
		213,545	$	43,608	$	21,422

Associated Center Redevelopment:
The Shops at Northgate	Chattanooga, TN	75,018	$	6,105	$	5,124	October-13	9.2%

Total Properties Under Development		1,446,508	$	295,438	$	133,929



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Weighted average cash dividend per share	$	0.23838		$	0.22896		$	0.47702		$	0.45792
FFO as adjusted, per diluted fully converted share	$	0.55		$	0.53		$	1.08		$	1.02
Dividend payout ratio	43.3		%	43.2		%	44.2		%	44.9		%



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Total revenues	$	60,024		$	62,205		$	120,743		$	124,499
Depreciation and amortization	(19,122		)	(20,718		)	(38,270		)	(41,484		)
Other operating expenses	(17,105		)	(18,076		)	(35,518		)	(37,023		)
Income from operations	23,797			23,411			46,955			45,992
Interest expense	(19,043		)	(21,086		)	(38,711		)	(42,197		)
Gain on sales of real estate assets	—			430			—			430
Net income	$	4,754		$	2,755		$	8,244		$	4,225



	Company's Share for the Three Months Ended June 30,						Company's Share for the Six Months Ended June 30,
	2013			2012			2013			2012

Total revenues	$	30,776		$	32,976		$	62,446		$	66,387
Depreciation and amortization	(9,923		)	(11,008		)	(19,871		)	(22,119		)
Other operating expenses	(8,360		)	(9,022		)	(17,391		)	(18,853		)
Income from operations	12,493			12,946			25,184			25,415
Interest expense	(9,764		)	(11,093		)	(19,836		)	(22,296		)
Gain on sales of real estate assets	—			220			—			220
Net income	$	2,729		$	2,073		$	5,348		$	3,339



Covenant	Required	Actual
Debt to total asset value	<60%	50.3%
Ratio of unencumbered asset value to unsecured indebtedness	>1.60x	3.65x
Ratio of unencumbered NOI to unsecured interest expense	>1.75x	8.80x
Ratio of EBITDA to fixed charges (debt service)	>1.50x	2.09x



		Square Feet
Quarter:
Operating portfolio:
New leases		366,840
Renewal leases		754,870
Development portfolio		364,270
Total leased		1,485,980

Year-to-Date:
Operating Portfolio
New leases		701,750
Renewal leases		1,757,009
Development Portfolio		451,060
Total leased		2,909,819



	Three Months Ended June 30,		Six Months Ended June 30,
2013:	Basic	Diluted	Basic	Diluted
Weighted average shares - EPS	166,607	166,607	164,088	164,088
Weighted average operating partnership units	29,546	29,546	29,545	29,545
Weighted average shares- FFO	196,153	196,153	193,633	193,633

2012:
Weighted average shares - EPS	150,913	150,954	149,704	149,746
Weighted average operating partnership units	39,323	39,323	40,472	40,472
Weighted average shares- FFO	190,236	190,277	190,176	190,218



	As of June 30,
	2013		2012
Stabilized malls	$	29.66	$	29.31
Non-stabilized malls	23.04		22.64
Associated centers	11.82		11.85
Community centers	15.74		15.48
Office buildings	19.16		18.23



	2013		2012
Quarter ended:
March 31,	$	461	$	533
June 30,	356		950
September 30,	—		934
December 31,	—		768
	$	817	$	3,185



(a)	Total Cost is presented net of reimbursements to be received.
(b)	Cost to Date does not reflect reimbursements until they are received.
(c)	This property is a 75/25 joint venture. Total cost and cost to date are reflected at 100%
(d)	This property is a 65/35 joint venture. Total cost and cost to date are reflected at 100%
(e)	JC Penney opened October 2012. Cinemark to open Winter 2013.



	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

Tenant allowances	$	13,116	$	16,065	$	21,614	$	24,338

Renovations	9,546		4,865		11,932		5,661

Deferred maintenance:
Parking lot and parking lot lighting	864		6,951		1,054		7,041
Roof repairs and replacements	2,302		2,334		2,767		3,823
Other capital expenditures	1,592		4,777		2,914		9,114
Total deferred maintenance expenditures	4,758		14,062		6,735		19,978

Total capital expenditures	$	27,420	$	34,992	$	40,281	$	49,977