CBL & ASSOCIATES PROPERTIES INC - FORM 8-K - EX-99.3 - EXHIBIT 99.3

Attached files

file	filename
8-K - FORM 8-K - CBL & ASSOCIATES PROPERTIES INC	form8k.htm
EX-99.2 - EXHIBIT 99.2 - CBL & ASSOCIATES PROPERTIES INC	exhibit992.htm
EX-99.1 - EXHIBIT 99.1 - CBL & ASSOCIATES PROPERTIES INC	exhibit991.htm

Exhibit 99.3

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)



	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
REVENUES:
Minimum rents	$	167,609		$	168,288		$	328,397		$	339,202
Percentage rents	1,756			2,062			5,222			5,802
Other rents	4,683			4,582			9,996			9,590
Tenant reimbursements	71,732			77,022			142,219			153,832
Management, development and leasing fees	1,966			1,568			4,435			2,905
Other	7,852			8,597			16,001			17,957
Total revenues	255,598			262,119			506,270			529,288

OPERATING EXPENSES:
Property operating	36,562			35,984			74,923			76,143
Depreciation and amortization	68,126			71,839			131,283			139,538
Real estate taxes	23,756			25,124			46,602			49,450
Maintenance and repairs	13,419			14,044			26,575			30,052
General and administrative	11,993			11,241			25,793			23,041
Other	6,559			7,046			13,317			15,349
Total operating expenses	160,415			165,278			318,493			333,573
Income from operations	95,183			96,841			187,777			195,715
Interest and other income	1,298			612			2,373			1,157
Interest expense	(61,400		)	(70,914		)	(121,460		)	(139,127		)
Gain on extinguishment of debt	—			—			—			581
Gain (loss) on sales of real estate assets	2,543			(97		)	3,130			712
Equity in earnings of unconsolidated affiliates	2,073			1,455			3,339			3,233
Income tax (provision) benefit	(267		)	4,653			(39		)	6,423
Income from continuing operations	39,430			32,550			75,120			68,694
Operating income (loss) of discontinued operations	(21		)	(3,156		)	(71		)	24,594
Gain (loss) on discontinued operations	(16		)	138			895			152
Net income	39,393			29,532			75,944			93,440
Net income attributable to noncontrolling interests in:
Operating partnership	(5,197		)	(2,752		)	(9,559		)	(13,203		)
Other consolidated subsidiaries	(4,805		)	(6,404		)	(10,945		)	(12,542		)
Net income attributable to the Company	29,391			20,376			55,440			67,695
Preferred dividends	(10,594		)	(10,594		)	(21,188		)	(21,188		)
Net income attributable to common shareholders	$	18,797		$	9,782		$	34,252		$	46,507

Basic per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.12		$	0.08		$	0.22		$	0.18
Discontinued operations	—			(0.01		)	0.01			0.13
Net income attributable to common shareholders	$	0.12		$	0.07		$	0.23		$	0.31
Weighted average common shares outstanding	150,913			148,356			149,704			148,214
Diluted earnings per share data attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	0.12		$	0.08		$	0.22		$	0.18
Discontinued operations	—			(0.01		)	0.01			0.13
Net income attributable to common shareholders	$	0.12		$	0.07		$	0.23		$	0.31
Weighted average common and potential dilutive common shares outstanding	150,954			148,398			149,746			148,262
Amounts attributable to common shareholders:
Income from continuing operations, net of preferred dividends	$	18,826		$	12,134		$	33,603		$	27,233
Discontinued operations	(29		)	(2,352		)	649			19,274
Net income attributable to common shareholders	$	18,797		$	9,782		$	34,252		$	46,507

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

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,
	2012			2011			2012			2011

Net income attributable to common shareholders	$	18,797		$	9,782		$	34,252		$	46,507
Noncontrolling interest in income of operating partnership	5,197			2,752			9,559			13,203
Depreciation and amortization expense of:
Consolidated properties	68,126			71,839			131,283			139,538
Unconsolidated affiliates	11,008			8,597			22,119			14,112
Discontinued operations	—			272			116			640
Non-real estate assets	(471		)	(589		)	(888		)	(1,227		)
Noncontrolling interests' share of depreciation and amortization	(1,883		)	(153		)	(2,329		)	(302		)
Loss on impairment of real estate, net of tax benefit	—			2,256			196			5,002
Gain on depreciable property	—			—			(493		)	—
(Gain) loss on discontinued operations, net of tax provision	8			(103		)	(557		)	(117		)
Funds from operations of the operating partnership	100,782			94,653			193,258			217,356
Gain on extinguishment of debt	—			—			—			(32,015		)
Funds from operations of the operating partnership, as adjusted	$	100,782		$	94,653		$	193,258		$	185,341

Funds from operations per diluted share	$	0.53		$	0.50		$	1.02		$	1.14
Gain on extinguishment of debt(1)	—			—			—			(0.17		)
Funds from operations, as adjusted, per diluted share	$	0.53		$	0.50		$	1.02		$	0.97
Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted	190,277			190,415			190,218			190,338

Reconciliation of FFO of the operating partnership to FFO allocable to common shareholders:
Funds from operations of the operating partnership	$	100,782		$	94,653		$	193,258		$	217,356
Percentage allocable to common shareholders (2)	79.33		%	77.93		%	78.72		%	77.89		%
Funds from operations allocable to common shareholders	$	79,950		$	73,763		$	152,133		$	169,299

Funds from operations of the operating partnership, as adjusted	$	100,782		$	94,653		$	193,258		$	185,341
Percentage allocable to common shareholders (2)	79.33		%	77.93		%	78.72		%	77.89		%
Funds from operations allocable to Company shareholders, as adjusted	$	79,950		$	73,763		$	152,133		$	144,362



(1)	Diluted per share amounts presented for reconciliation purposes may differ from actual diluted per share amounts due to rounding.
(2)	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. See the reconciliation of shares and operating partnership units outstanding on page 4.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012



	Three Months Ended June 30,						Six Months Ended June 30,
SUPPLEMENTAL FFO INFORMATION:	2012			2011			2012			2011

Lease termination fees	$	1,408		$	610		$	2,158		$	2,239
Lease termination fees per share	$	0.01		$	—		$	0.01		$	0.01

Straight-line rental income	$	1,812		$	557		$	2,222		$	1,685
Straight-line rental income per share	$	0.01		$	—		$	0.01		$	0.01

Gains on outparcel sales	$	2,754		$	1,184		$	2,853		$	1,993
Gains on outparcel sales per share	$	0.01		$	0.01		$	0.01		$	0.01

Net amortization of acquired above- and below-market leases	$	638		$	692		$	780		$	1,206
Net amortization of acquired above- and below-market leases per share	$	—		$	—		$	—		$	0.01

Net amortization of debt premiums (discounts)	$	603		$	604		$	1,055		$	1,357
Net amortization of debt premiums (discounts) per share	$	—		$	—		$	0.01		$	0.01

Income tax (provision) benefit	$	(267	)	$	4,653		$	(39	)	$	6,423
Income tax (provision) benefit per share	$	—		$	0.02		$	—		$	0.03

Loss on impairment of real estate from discontinued operations	$	—		$	(3,950	)	$	(293	)	$	(6,696	)
Loss on impairment of real estate from discontinued operations per share	$	—		$	(0.02	)	$	—		$	(0.04	)

Gain on extinguishment of debt from discontinued operations	$	—		$	—		$	—		$	31,434
Gain on extinguishment of debt from discontinued operations per share	$	—		$	—		$	—		$	0.17

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

Same-Center Net Operating Income

(Dollars in thousands)



	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011

Net income attributable to the Company	$	29,391		$	20,376		$	55,440		$	67,695

Adjustments:
Depreciation and amortization	68,126			71,839			131,283			139,538
Depreciation and amortization from unconsolidated affiliates	11,008			8,597			22,119			14,112
Depreciation and amortization from discontinued operations	—			272			116			640
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	(1,883		)	(153		)	(2,329		)	(302		)
Interest expense	61,400			70,914			121,460			139,127
Interest expense from unconsolidated affiliates	11,093			8,658			22,296			14,460
Interest expense from discontinued operations	1			1			2			179
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(1,002		)	(256		)	(1,462		)	(500		)
Abandoned projects expense	1			51			(123		)	51
(Gain) loss on sales of real estate assets	(2,543		)	97			(3,130		)	(712		)
Gain on sales of real estate assets of unconsolidated affiliates	(220		)	(1,246		)	(215		)	(1,246		)
Gain on extinguishment of debt	—			—			—			(581		)
Gain on extinguishment of debt from discontinued operations	—			—			—			(31,434		)
Writedown of mortgage notes receivable	—			—			—			1,500
Loss on impairment of real estate from discontinued operations	—			3,950			293			6,696
Income tax provision (benefit)	267			(4,653		)	39			(6,423		)
Net income attributable to noncontrolling interest in earnings of operating partnership	5,197			2,752			9,559			13,203
(Gain) loss on discontinued operations	16			(138		)	(895		)	(152		)
Operating partnership's share of total NOI	180,852			181,061			354,453			355,851
General and administrative expenses	11,993			11,241			25,793			23,041
Management fees and non-property level revenues	(6,523		)	(7,857		)	(13,285		)	(10,344		)
Operating partnership's share of property NOI	186,322			184,445			366,961			368,548
Non-comparable NOI	(7,957		)	(11,385		)	(13,220		)	(20,775		)
Total same-center NOI	$	178,365		$	173,060		$	353,741		$	347,773
Total same-center NOI percentage change	3.1		%				1.7		%

Total same-center NOI	$	178,365		$	173,060		$	353,741		$	347,773
Less lease termination fees	(1,186		)	(500		)	(1,942		)	(2,014		)
Total same-center NOI, excluding lease termination fees	$	177,179		$	172,560		$	351,799		$	345,759

Malls	$	159,328		$	154,768		$	315,203		$	309,284
Associated centers	8,194			7,742			16,287			15,589
Community centers	4,991			4,749			10,123			9,909
Offices and other	4,666			5,301			10,186			10,977
Total same-center NOI, excluding lease termination fees	$	177,179		$	172,560		$	351,799		$	345,759

Percentage Change:
Malls	2.9		%				1.9		%
Associated centers	5.8		%				4.5		%
Community centers	5.1		%				2.2		%
Offices and other	(12		)%				(7.2		)%
Total same-center NOI, excluding lease termination fees	2.7		%				1.7		%

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)



	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		%

	As of June 30, 2011
	Fixed Rate			Variable Rate			Total
Consolidated debt	$	4,079,044		$	1,115,053		$	5,194,097
Noncontrolling interests' share of consolidated debt	(15,554		)	(928		)	(16,482		)
Company's share of unconsolidated affiliates' debt	395,222			150,203			545,425
Company's share of consolidated and unconsolidated debt	$	4,458,712		$	1,264,328		$	5,723,040
Weighted average interest rate	5.64		%	2.59		%	4.97		%

Debt-To-Total-Market Capitalization Ratio as of June 30, 2012

(In thousands, except stock price)



	Shares Outstanding	Stock Price (1)	Value
Common stock and operating partnership units	190,194	$19.54	$	3,716,391
7.75% Series C Cumulative Redeemable Preferred Stock	460	250.00	115,000
7.375% Series D Cumulative Redeemable Preferred Stock	1,815	250.00	453,750
Total market equity			4,285,141
Company's share of total debt			5,423,568
Total market capitalization			$	9,708,709
Debt-to-total-market capitalization ratio			55.9		%

(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on June 29, 2012. The stock prices for the preferred stocks represent the liquidation preference of each respective series.

Reconciliation of Shares and Operating Partnership Units Outstanding

(In thousands)



	Three Months Ended June 30,		Six Months Ended June 30,
2012:	Basic	Diluted	Basic	Diluted
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

2011:
Weighted average shares - EPS	148,356	148,398	148,214	148,262
Weighted average operating partnership units	42,017	42,017	42,076	42,076
Weighted average shares- FFO	190,373	190,415	190,290	190,338

Dividend Payout Ratio



	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Weighted average cash dividend per share	$	0.22896		$	0.21913		$	0.45792		$	0.44947
FFO per diluted, fully converted share, as adjusted	$	0.53		$	0.50		$	1.02		$	0.97
Dividend payout ratio	43.2		%	43.8		%	44.9		%	46.3		%

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

Consolidated Balance Sheets

(Unaudited; in thousands, except share data)



	June 30, 2012			December 31, 2011
ASSETS
Real estate assets:
Land	$	888,084		$	851,303
Buildings and improvements	7,020,394			6,777,776
	7,908,478			7,629,079
Accumulated depreciation	(1,873,310		)	(1,762,149		)
	6,035,168			5,866,930
Held for sale	—			14,033
Developments in progress	139,500			124,707
Net investment in real estate assets	6,174,668			6,005,670
Cash and cash equivalents	71,537			56,092
Receivables:
Tenant, net of allowance for doubtful accounts of $2,051 and $1,760 in 2012 and 2011, respectively	71,520			74,160
Other, net of allowance for doubtful accounts of $1,248 and $1,400 in 2012 and 2011, respectively	8,156			11,592
Mortgage and other notes receivable	25,442			34,239
Investments in unconsolidated affiliates	304,663			304,710
Intangible lease assets and other assets	257,625			232,965
	$	6,913,611		$	6,719,428

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other indebtedness	$	4,693,208		$	4,489,355
Accounts payable and accrued liabilities	323,470			303,577
Total liabilities	5,016,678			4,792,932
Commitments and contingencies
Redeemable noncontrolling interests:
Redeemable noncontrolling partnership interests	38,218			32,271
Redeemable noncontrolling preferred joint venture interest	423,777			423,834
Total redeemable noncontrolling interests	461,995			456,105
Shareholders' equity:
Preferred stock, $.01 par value, 15,000,000 shares authorized:
7.75% Series C Cumulative Redeemable Preferred Stock, 460,000 shares outstanding	5			5
7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding	18			18
Common stock, $.01 par value, 350,000,000 shares authorized, 158,560,145 and 148,364,037 issued and outstanding in 2012 and 2011, respectively	1,586			1,484
Additional paid-in capital	1,697,943			1,657,927
Accumulated other comprehensive income	4,146			3,425
Dividends in excess of cumulative earnings	(432,908		)	(399,581		)
Total shareholders' equity	1,270,790			1,263,278
Noncontrolling interests	164,148			207,113
Total equity	1,434,938			1,470,391
	$	6,913,611		$	6,719,428

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

Condensed combined financial statement information of the unconsolidated affiliates is presented as follows:

(Unaudited; in thousands)



	As of
	June 30, 2012			December 31, 2011
ASSETS:
Investment in real estate assets	$	2,220,979		$	2,239,160
Less: Accumulated depreciation	(480,465		)	(447,121		)
	1,740,514			1,792,039
Construction in progress	20,966			19,640
Net investment in real estate assets	1,761,480			1,811,679
Other assets	180,056			190,465
Total assets	$	1,941,536		$	2,002,144

LIABILITIES:
Mortgage and other notes payable	$	1,465,123		$	1,478,601
Other liabilities	43,114			51,818
Total liabilities	1,508,237			1,530,419

OWNERS' EQUITY:
The Company	263,547			267,136
Other investors	169,752			204,589
Total owners' equity	433,299			471,725
Total liabilities and owners’ equity	$	1,941,536		$	2,002,144



	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011

Total revenues	$	62,205		$	36,851		$	124,499		$	76,947
Depreciation and amortization	(20,718		)	(12,662		)	(41,484		)	(25,100		)
Other operating expenses	(18,076		)	(10,539		)	(37,023		)	(22,805		)
Income from operations	23,411			13,650			45,992			29,042
Interest expense	(21,086		)	(13,080		)	(42,197		)	(26,237		)
Gain on sales of real estate assets	430			1,665			430			1,665
Net income	$	2,755		$	2,235		$	4,225		$	4,470


	Company's Share for the Three Months Ended June 30,						Company's Share for the Six Months Ended June 30,
	2012			2011			2012			2011

Total revenues	$	32,976		$	20,430		$	66,387		$	42,984
Depreciation and amortization	(11,008		)	(7,097		)	(22,119		)	(14,112		)
Other operating expenses	(9,022		)	(5,923		)	(18,853		)	(12,425		)
Income from operations	12,946			7,410			25,415			16,447
Interest expense	(11,093		)	(7,201		)	(22,296		)	(14,460		)
Gain on sales of real estate assets	220			1,246			220			1,246
Net income	$	2,073		$	1,455		$	3,339		$	3,233

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

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,
	2012			2011			2012			2011
EBITDA:
Net income attributable to the Company	$	29,391		$	20,376		$	55,440		$	67,695

Adjustments:
Depreciation and amortization	68,126			71,839			131,283			139,538
Depreciation and amortization from unconsolidated affiliates	11,008			8,597			22,119			14,112
Depreciation and amortization from discontinued operations	—			272			116			640
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	(1,883		)	(153		)	(2,329		)	(302		)
Interest expense	61,400			70,914			121,460			139,127
Interest expense from unconsolidated affiliates	11,093			8,658			22,296			14,460
Interest expense from discontinued operations	1			1			2			179
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(1,002		)	(256		)	(1,462		)	(500		)
Income and other taxes	1,103			(4,114		)	1,017			(5,834		)
Gain on extinguishment of debt	—			—			—			(581		)
Gain on extinguishment of debt from discontinued operations	—			—			—			(31,434		)
Writedown of mortgage note receivable	—			—			—			1,500
Loss on impairment of real estate from discontinued operations	—			3,950			293			6,696
Abandoned projects	1			51			(123		)	51
Net income attributable to noncontrolling interest in earnings of operating partnership	5,197			2,752			9,559			13,203
Gain on depreciable property	—			—			(493		)	—
(Gain) loss on discontinued operations	16			(138		)	(895		)	(152		)
Company's share of total EBITDA	$	184,451		$	182,749		$	358,283		$	358,398

Interest Expense:
Interest expense	$	61,400		$	70,914		$	121,460		$	139,127
Interest expense from unconsolidated affiliates	11,093			8,658			22,296			14,460
Interest expense from discontinued operations	1			1			2			179
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	(1,002		)	(256		)	(1,462		)	(500		)
Company's share of total interest expense	$	71,492		$	79,317		$	142,296		$	153,266

Ratio of EBITDA to Interest Expense	2.58			2.30			2.52			2.34

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

Reconciliation of EBITDA to Cash Flows Provided By Operating Activities

(In thousands)



	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011

Company's share of total EBITDA	$	184,451		$	182,749		$	358,283		$	358,398
Interest expense	(61,400		)	(70,914		)	(121,460		)	(139,127		)
Interest expense from discontinued operations	(1		)	(1		)	(2		)	(179		)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries	1,002			256			1,462			500
Income and other taxes	(1,103		)	4,114			(1,017		)	5,834
Net amortization of deferred financing costs and debt premiums (discounts)	1,716			3,888			3,787			6,088
Net amortization of intangible lease assets	(419		)	(274		)	(147		)	(527		)
Depreciation and interest expense from unconsolidated affiliates	(22,101		)	(17,255		)	(44,415		)	(28,572		)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries	1,883			153			2,329			302
Noncontrolling interests in earnings of other consolidated subsidiaries	4,805			6,404			10,945			12,542
(Gain) loss on outparcel sales	(2,543		)	97			(2,637		)	(712		)
Realized (gain) loss on available for sale securities	(160		)	—			(160		)	22
Equity in earnings of unconsolidated affiliates	(2,073		)	(1,455		)	(3,339		)	(3,233		)
Distributions from unconsolidated affiliates	4,147			2,463			7,314			3,922
Share-based compensation expense	464			429			1,739			1,502
Provision for doubtful accounts	663			83			1,331			1,542
Change in deferred tax assets	(507		)	(4,668		)	2,316			(4,926		)
Changes in operating assets and liabilities	20,671			12,712			4,988			(15,781		)
Cash flows provided by operating activities	$	129,495		$	118,781		$	221,317		$	197,595

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012



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

Operating Properties:
Nashville, TN	RiverGate Mall	Sep-12	Sep-13	3.47%	$	77,500		$	—	$	77,500
Livonia, MI	Laurel Park Place	Dec-12		8.50%	44,669			44,669		—
Monroeville, PA	Monroeville Mall	Jan-13		5.73%	107,910			107,910		—
Statesboro, GA	Statesboro Crossing	Feb-13		1.25%	13,546			—		13,546
Greensburg, PA	Westmoreland Mall	Mar-13		5.05%	65,009			65,009		—
Columbia, SC	Columbia Place	Sep-13		5.45%	27,265			27,265		—
St. Louis, MO	South County Center	Oct-13		4.96%	73,148			73,148		—
Joplin, MO	Northpark Mall	Mar-14		5.75%	34,396			34,396		—
Laredo, TX	Mall del Norte	Dec-14		5.04%	113,400			113,400		—
D'lberville, MS	The Promenade	Dec-14	Dec-16	1.93%	58,000			—		58,000
Rockford, IL	CherryVale Mall	Oct-15		5.00%	83,302			83,302		—
Brookfield, IL	Brookfield Square	Nov-15		5.08%	93,358			93,358		—
Madison, WI	East Towne Mall	Nov-15		5.00%	71,029			71,029		—
Madison, WI	West Towne Mall	Nov-15		5.00%	100,329			100,329		—
Bloomington, IL	Eastland Mall	Dec-15		5.85%	59,400			59,400		—
Decatur, IL	Hickory Point Mall	Dec-15		5.85%	29,937			29,937		—
Gettysburg, PA	The Outlet Shoppes at Gettysburg	Feb-16		5.87%	40,517			40,517		—
Nashville, TN	CoolSprings Crossing	Apr-16		2.14%	13,105		(a)	13,105		—
Chattanooga, TN	Gunbarrel Pointe	Apr-16		2.24%	11,664		(b)	11,664		—
Janesville, WI	Janesville Mall	Apr-16		8.38%	5,960			5,960		—
Stroud, PA	Stroud Mall	Apr-16		2.19%	35,047		(c)	35,047		—
York, PA	York Galleria	Apr-16		2.15%	55,985		(d)	55,985		—
Akron, OH	Chapel Hill Mall	Aug-16		6.10%	70,697			70,697		—
Chesapeake, VA	Greenbrier Mall	Aug-16		5.91%	77,823			77,823		—
Chattanooga, TN	Hamilton Place	Aug-16		5.86%	107,045			107,045		—
Midland, MI	Midland Mall	Aug-16		6.10%	34,889			34,889		—
St. Louis, MO	Chesterfield Mall	Sep-16		5.74%	140,000			140,000		—
Minot, ND	Dakota Square Mall	Nov-16		6.23%	58,938			58,938		—
Fairview Heights, IL	St. Clair Square	Dec-16		3.47%	124,625			—		124,625
Southaven, MS	Southaven Towne Center	Jan-17		5.50%	42,198			42,198		—
Cary, NC	Cary Towne Center	Mar-17		8.50%	56,957			56,957		—
Charleston, SC	Citadel Mall	Apr-17		5.68%	69,483			69,483		—
Chattanooga, TN	Hamilton Corner	Apr-17		5.67%	15,742			15,742		—
Layton, UT	Layton Hills Mall	Apr-17		5.66%	99,298			99,298		—
Lafayette, LA	Mall of Acadiana	Apr-17		5.67%	138,937			138,937		—
Lexington, KY	The Plaza at Fayette Mall	Apr-17		5.67%	41,016			41,016		—
Fairview Heights, IL	The Shoppes at St. Clair Square	Apr-17		5.67%	20,787			20,787		—
Cincinnati, OH	EastGate Crossing	May-17		5.66%	15,468			15,468		—
El Paso, TX	The Outlet Shoppes at El Paso	Dec-17		7.06%	66,787			66,787		—
Winston-Salem, NC	Hanes Mall	Oct-18		6.99%	157,267			157,267		—
Terre Haute, IN	Honey Creek Mall	Jul-19		8.00%	31,360			31,360		—
Daytona Beach, FL	Volusia Mall	Jul-19		8.00%	53,946			53,946		—
Chattanooga, TN	The Terrace	Jun-20		7.25%	14,348			14,348		—
Burnsville, MN	Burnsville Center	Jul-20		6.00%	80,088			80,088		—
Huntsville, AL	Parkway Place	Jul-20		6.50%	40,630			40,630		—
Roanoke, VA	Valley View Mall	Jul-20		6.50%	62,880			62,880		—
Beaumont, TX	Parkdale Mall & Crossing	Mar-21		5.85%	92,822			92,822		—
Oklahoma City, OK	The Outlet Shoppes at Oklahoma City	Mar-21		5.73%	59,452			59,452		—
Cincinnati, OH	EastGate Mall	Apr-21		5.83%	42,845			42,845		—
Chattanooga, TN	Hamilton Crossing & Expansion	Apr-21		5.99%	10,383			10,383		—
Little Rock, AR	Park Plaza Mall	Apr-21		5.28%	97,092			97,092		—
Wausau, WI	Wausau Center	Apr-21		5.85%	19,377			19,377		—
Lexington, KY	Fayette Mall	May-21		5.42%	181,104			181,104		—
St. Louis, MO	Mid Rivers Mall	May-21		5.88%	90,188			90,188		—
Burlington, NC	Alamance Crossing - East	Jul-21		5.83%	50,308			50,308		—



		Original Maturity	Optional Extended Maturity	Interest					Balance
Location	Property	Date	Date	Rate	Balance				Fixed			Variable
Asheville, NC	Asheville Mall	Sep-21		5.80%	76,986				76,986			—
Fayetteville, NC	Cross Creek Mall	Jan-22		4.54%	138,732				138,732			—
North Charleston, SC	Northwoods Mall	Apr-22		5.08%	72,837				72,837			—
Douglasville, GA	Arbor Place	May-22		5.10%	121,873				121,873			—
Chattanooga, TN	CBL Center I & II	Jun-22		5.00%	21,954				21,954			—
Saginaw, MI	Fashion Square	Jun-22		4.95%	42,000				42,000			—
Louisville, KY	Jefferson Mall	Jun-22		4.75%	71,190				71,190			—
Colonial Heights, VA	Southpark Mall	Jun-22		4.85%	67,000				67,000			—
Spartanburg, SC	WestGate Mall	Jul-22		4.99%	40,000				40,000			—
	SUBTOTAL				$	4,131,828			$	3,858,157		$	273,671
Weighted average interest rate					5.26		%		5.42		%	3.03		%

Debt Premiums (Discounts): (e)

Livonia, MI	Laurel Park Place	Dec-12		7.54%	$	571			$	571		$	—
Monroeville, PA	Monroeville Mall	Jan-13		5.83%	241				241			—
St. Louis, MO	South County Center	Oct-13		4.96%	(485		)		(485		)	—
St. Louis, MO	Chesterfield Mall	Sep-16		4.96%	(1,132		)		(1,132		)	—
Minot, ND	Dakota Square Mall	Nov-16		5.03%	2,952				2,952			—
El Paso, TX	The Outlet Shoppes at El Paso	Dec-17		4.75%	7,408				7,408			—
Joplin, MO	Northpark Mall	Apr-22		5.08%	129				129			—
	SUBTOTAL				$	9,684			$	9,684		$	—

Total Loans On Operating Properties And Debt Premiums (Discounts)					$	4,141,512			$	3,867,841		$	273,671
Weighted average interest rate					5.26		%		5.42		%	3.03		%

Construction Loans:

Madison, MS	The Forum at Grandview - Land	Sep-12	Sep-13	3.74%	$	2,023			$	—		$	2,023
Madison, MS	The Forum at Grandview	Sep-13	Sep-14	3.24%	10,200				—			10,200
Burlington, NC	Alamance West	Dec-13	Dec-15	3.24%	16,000				—			16,000
	SUBTOTAL			3.28%	$	28,223			$	—		$	28,223

Credit Facilities:
Secured credit facilities:
$525,000 capacity		Feb-14	Feb-15	2.75%	—				—			—
$520,000 capacity		Apr-14		2.75%	110,000				—			110,000
$105,000 capacity		Jun-15	Jun-16	2.49%	—				—			—
Total secured facilities				2.75%	110,000				—			110,000
Unsecured term facilities:
Starmount		Nov-12		1.35%	167,209				—			167,209
General		Apr-13		1.84%	228,000				—			228,000
Total term facilities				1.63%	395,209				—			395,209
	SUBTOTAL			1.88%	$	505,209			$	—		$	505,209

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

Total Consolidated Debt					$	4,693,208			$	3,886,105		$	807,103
Weighted average interest rate					4.89		%		5.43		%	2.32		%

Plus CBL's Share Of Unconsolidated Affiliates' Debt:
Lee's Summit, MO	Summit Fair	Jul-12		5.00%	$	16,368		(g)	$	—		$	16,368
Greensboro, NC	Bank of America Building	Apr-13		5.33%	4,625				4,625			—
Greensboro, NC	First Citizens Bank Building	Apr-13		5.33%	2,555				2,555			—
Greensboro, NC	First National Bank Building	Apr-13		5.33%	405				405			—
Greensboro, NC	Friendly Center Office Building	Apr-13		5.33%	1,100				1,100			—
Greensboro, NC	Friendly Shopping Center	Apr-13		5.33%	38,812				38,812			—
Greensboro, NC	Green Valley Office Building	Apr-13		5.33%	971				971			—



		Original Maturity	Optional Extended Maturity	Interest					Balance
Location	Property	Date	Date	Rate	Balance				Fixed			Variable
Greensboro, NC	Renaissance Center Phase II	Apr-13		5.22%	7,850				7,850			—
Greensboro, NC	Wachovia Office Building	Apr-13		5.33%	1,533				1,533			—
St. Louis, MO	West County Center	Apr-13		5.19%	71,870				71,870			—
West Melbourne, FL	Hammock Landing Phase I	Nov-13	Nov-14	3.74%	42,487				—			42,487
West Melbourne, FL	Hammock Landing Phase II	Nov-13		3.74%	3,085				—			3,085
Port Orange, FL	The Pavilion at Port Orange	Mar-14	Mar-15	3.75%	64,950				—			64,950
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14		5.09%	40,702				40,702			—
El Centro, CA	Imperial Valley Mall	Sep-15		4.99%	31,894				31,894			—
Overland Park, KS	Oak Park Mall	Dec-15		5.85%	137,850				137,850			—
Raleigh, NC	Triangle Town Center	Dec-15		5.74%	92,592				92,592			—
Greensboro, NC	Renaissance Center Phase I	Jul-16		5.61%	17,054				17,054			—
Clarksville, TN	Governor's Square Mall	Sep-16		8.23%	10,562				10,562			—
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.27%	12,410				12,410			—
Greensboro, NC	The Shops at Friendly Center	Jan-17		5.90%	20,756				20,756			—
Harrisburg, PA	High Pointe Commons	May-17		5.74%	7,035				7,035			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17		5.60%	95,400			(h)	95,400			—
Harrisburg, PA	High Pointe Commons Phase II	Jul-17		6.10%	2,805				2,805			—
Nashville, TN	CoolSprings Galleria	Jun-18		6.98%	55,141				55,141			—
York, PA	York Town Center	Feb-22		4.90%	18,905				18,905			—
	SUBTOTAL				$	799,717			$	672,827		$	126,890

Debt Premiums (Discounts) - Unconsolidated:
St. Louis, MO	West County Center	Apr-13		5.85%	$	327			$	327		$	—

Less Noncontrolling Interests' Share Of Consolidated Debt:		Noncontrolling Interest %
Gettysburg, PA	The Outlet Shoppes at Gettysburg	50%		5.87%	$	(20,258	)		$	(20,258	)	—
Chattanooga, TN	Hamilton Place	10%		5.86%	(10,705		)		(10,705		)	—
Chattanooga, TN	Hamilton Corner	10%		5.67%	(1,574		)		(1,574		)	—
El Paso, TX	The Outlet Shoppes at El Paso	25%		7.06%	(16,697		)		(16,697		)	—
Chattanooga, TN	The Terrace	8%		7.25%	(1,148		)		(1,148		)	—
Oklahoma City, OK	The Outlet Shoppes at Oklahoma City	25%		5.73%	(14,863		)		(14,863		)	—
Chattanooga, TN	Hamilton Crossing & Expansion	8%		5.99%	(831		)		(831		)	—
Chattanooga, TN	CBL Center I & II	8%		5.00%	(1,756		)		(1,756		)	—
	SUBTOTAL				$	(67,832	)		$	(67,832	)	$	—

Less Noncontrolling Interests' Share Of Debt Premium:
El Paso, TX	The Outlet Shoppes at El Paso	25%		4.75%	$	(1,852	)		$	(1,852	)	$	—

Company's Share Of Consolidated And Unconsolidated Debt					$	5,423,568			$	4,489,575		$	933,993
Weighted average interest rate					4.96		%		5.47		%	2.53		%

Total Debt of Unconsolidated Affiliates:
Lee's Summit, MO	Summit Fair	Jul-12		5.00%	$	60,623			$	—		$	60,623
Greensboro, NC	Bank of America Building	Apr-13		5.33%	9,250				9,250			—
Greensboro, NC	First Citizens Bank Building	Apr-13		5.33%	5,110				5,110			—
Greensboro, NC	First National Bank Building	Apr-13		5.33%	809				809			—
Greensboro, NC	Friendly Center Office Building	Apr-13		5.33%	2,199				2,199			—
Greensboro, NC	Friendly Shopping Center	Apr-13		5.33%	77,625				77,625			—
Greensboro, NC	Green Valley Office Building	Apr-13		5.33%	1,941				1,941			—
Greensboro, NC	Renaissance Center Phase II	Apr-13		5.22%	15,700				15,700			—
Greensboro, NC	Wachovia Office Building	Apr-13		5.33%	3,066				3,066			—
St. Louis, MO	West County Center	Apr-13		5.19%	143,740				143,740			—
West Melbourne, FL	Hammock Landing Phase I	Nov-13	Nov-14	3.74%	42,487				—			42,487
West Melbourne, FL	Hammock Landing Phase II	Nov-13		3.74%	3,085				—			3,085
Port Orange, FL	The Pavilion at Port Orange	Mar-14	Mar-15	3.75%	64,950				—			64,950
Myrtle Beach, SC	Coastal Grand-Myrtle Beach	Oct-14		5.09%	81,403			(h)	81,403			—
El Centro, CA	Imperial Valley Mall	Sep-15		4.99%	53,156				53,156			—
Overland Park, KS	Oak Park Mall	Dec-15		5.85%	275,700				275,700			—



		Original Maturity	Optional Extended Maturity	Interest				Balance
Location	Property	Date	Date	Rate	Balance			Fixed			Variable
Raleigh, NC	Triangle Town Center	Dec-15		5.74%	185,185			185,185			—
Greensboro, NC	Renaissance Center Phase I	Jul-16		5.61%	34,109			34,109			—
Clarksville, TN	Governor's Square Mall	Sep-16		8.23%	22,237			22,237			—
Paducah, KY	Kentucky Oaks Mall	Jan-17		5.27%	24,820			24,820			—
Greensboro, NC	The Shops at Friendly Center	Jan-17		5.90%	41,513			41,513			—
Harrisburg, PA	High Pointe Commons	May-17		5.74%	14,069			14,069			—
Ft. Myers, FL	Gulf Coast Town Center Phase I	Jul-17		5.60%	190,800			190,800			—
Harrisburg, PA	High Pointe Commons Phase II	Jul-17		6.10%	5,611			5,611			—
Nashville, TN	CoolSprings Galleria	Jun-18		6.98%	110,281			110,281			—
York, PA	York Town Center	Feb-22		4.90%	37,811			37,811			—
					$	1,507,280		$	1,336,135		$	171,145
Weighted average interest rate					5.58		%	5.76		%	4.19		%



(a)	The Company has an interest rate swap on a notional amount of $13,104, 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 $11,664, 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 $35,047, 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 $55,985, amortizing to $48,337 over the term of the swap, related to York Galleria 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.

(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 $18,615.

(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.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

Schedule of Maturities of Mortgage and Other Indebtedness

(Dollars in thousands )

Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:



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

2012	$	211,878	$	16,368	$	—		$	228,246	4.21	%
2013	594,401		132,806		—			727,207		13.41	%
2014	286,260		83,189		—			369,449		6.81	%
2015	453,355		327,286		—			780,641		14.39	%
2016	834,295		27,616		(30,963		)	830,948		15.32	%
2017	566,673		138,406		(18,271		)	686,808		12.66	%
2018	157,267		55,141		—			212,408		3.92	%
2019	85,306		—		—			85,306		1.57	%
2020	197,946		—		(1,148		)	196,798		3.63	%
2021	720,557		—		(15,694		)	704,863		13	%
2022	575,586		18,905		(1,756		)	592,735		10.93	%
Face Amount of Debt	4,683,524		799,717		(67,832		)	5,415,409		99.85	%
Net Premiums (Discounts) on Debt	9,684		327		(1,852		)	8,159		0.15	%
Total	$	4,693,208	$	800,044	$	(69,684	)	$	5,423,568	100	%

Based on Original Maturity Dates:



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

2012	$	291,401	$	16,368	$	—		$	307,769	5.67	%
2013	541,078		175,293		—			716,371		13.2	%
2014	334,060		105,652		—			439,712		8.1	%
2015	437,355		262,336		—			699,691		12.9	%
2016	776,295		27,616		(30,963		)	772,948		14.25	%
2017	566,673		138,406		(18,271		)	686,808		12.66	%
2018	157,267		55,141		—			212,408		3.92	%
2019	85,306		—		—			85,306		1.57	%
2020	197,946		—		(1,148		)	196,798		3.63	%
2021	720,557		—		(15,694		)	704,863		13	%
2022	575,586		18,905		(1,756		)	592,735		10.93	%
Face Amount of Debt	4,683,524		799,717		(67,832		)	5,415,409		99.85	%
Net Premiums (Discounts) on Debt	9,684		327		(1,852		)	8,159		0.15	%
Total	$	4,693,208	$	800,044	$	(69,684	)	$	5,423,568	100	%

Debt Covenant Compliance Ratios



Covenant	Required	Actual	In Compliance
Debt to Gross Asset Value	<65%	52.5%	Yes
Interest Coverage Ratio *	>1.75x	2.54x	Yes
Debt Service Coverage Ratio *	>1.50x	1.97x	Yes

* Based on rolling twelve months

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

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)	699,453	$	40.15	$	42.59	6.1	%	$	44.18	10.0	%
Stabilized malls	647,723	41.78		44.44		6.4	%	46.06		10.2	%
New leases	109,772	47.86		51.24		7.1	%	54.19		13.2	%
Renewal leases	537,951	40.54		43.05		6.2	%	44.40		9.5	%

Year-to-Date:
All Property Types (1)	1,499,471	$	38.85	$	40.80	5.0	%	$	42.18	8.6	%
Stabilized malls	1,386,431	40.29		42.47		5.4	%	43.90		8.9	%
New leases	246,192	43.49		52.77		21.3	%	55.96		28.7	%
Renewal leases	1,140,239	39.60		40.25		1.6	%	41.29		4.3	%

Total Leasing Activity



		Square Feet
Quarter:
Operating portfolio:
New leases		433,929
Renewal leases		759,038
Development portfolio		47,977
Total leased		1,240,944

Year-to-Date:
Operating Portfolio:
New leases		750,714
Renewal leases		2,097,554
Development Portfolio		160,315
Total leased		3,008,583

Average Annual Base Rents Per Square Foot ⁽³⁾ By Property Type For Small Shop Space Less Than 10,000 Square Feet



	As of June 30,
	2012		2011
Stabilized malls	$	29.31	$	29.07
Non-stabilized malls	22.64		26.18
Associated centers	11.85		12.19
Community centers	15.48		13.41
Office buildings	18.23		17.94

(1) Includes stabilized malls, associated centers, community centers and other.

(2) Average Gross Rent does not incorporate allowable future increases for recoverable common area expenses.

(3) Average annual base rents per square foot are based on contractual rents in effect as of June 30, 2012, including the impact of any rent concessions.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

Top 25 Tenants Based On Percentage Of Total Annualized Revenues



	Tenant	Number of Stores	Square Feet	Percentage of Total Annualized Revenues
1	Limited Brands, LLC (1)	161	817,473	2.84%
2	Foot Locker, Inc.	172	669,221	2.18%
3	AE Outfitters Retail Company	87	514,740	2.01%
4	The Gap, Inc.	76	860,521	1.68%
5	Signet Group plc (2)	113	203,885	1.66%
6	Genesco Inc. (3)	191	285,586	1.45%
7	Abercrombie & Fitch, Co.	77	522,271	1.41%
8	Dick's Sporting Goods, Inc.	22	1,272,713	1.39%
9	Luxottica Group, S.P.A. (4)	132	292,454	1.29%
10	Express Fashions	49	409,730	1.23%
11	Zale Corporation	133	137,908	1.2%
12	Dress Barn, Inc. (6)	117	541,636	1.18%
13	Aeropostale, Inc.	87	316,396	1.16%
14	JC Penney Company, Inc. (5)	75	8,635,417	1.16%
15	Finish Line, Inc.	71	374,344	1.14%
16	Best Buy Co., Inc. (7)	66	576,727	1%
17	New York & Company, Inc.	50	357,522	0.97%
18	Forever 21 Retail, Inc.	22	339,954	0.94%
19	The Buckle, Inc.	49	244,425	0.87%
20	Sun Capital Partners, Inc. (8)	54	650,405	0.86%
21	The Children's Place Retail Stores, Inc.	59	260,812	0.82%
22	Claire's Stores, Inc.	120	142,419	0.8%
23	Barnes & Noble Inc.	20	728,409	0.76%
24	The Regis Corporation	141	170,582	0.72%
25	Charlotte Russe Holding, Inc.	51	351,095	0.71%
		2,195	19,676,645	31.43%

(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)	Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearl Vision.
(5)	JC Penney Co., Inc. owns 36 of these stores.
(6)	Dress Barn, Inc. operates Justice, dressbarn and maurices.
(7)	Best Buy Co., Inc. operates Best Buy and Best Buy Mobile.
(8)	Sun Capital Partners, Inc. operates Gordmans, Life Uniform, Limited Stores, Fazoli's Restaurants, Smokey Bones and Bar Louie Restaurants.

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

Capital Expenditures

(In thousands)



	Three Months		Six Months

Tenant allowances	$	16,065	$	24,338

Renovations	4,865		5,661

Deferred maintenance:
Parking lot and parking lot lighting	6,951		7,041
Roof repairs and replacements	2,334		3,823
Other capital expenditures	4,777		9,114
Total deferred maintenance expenditures	14,062		19,978

Total capital expenditures	$	34,992	$	49,977

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)



	2012		2011
Quarter ended:
March 31,	$	533	$	412
June 30,	950		744
September 30,	—		721
December 31,	—		1,104
	$	1,483	$	2,981

CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

For the Three Months and Six Months Ended June 30, 2012

Properties Opened During the Six Months Ended June 30, 2012

(Dollars in thousands)



			CBL's Share of
Property	Location	Total Project Square Feet	Total Cost (a)		Cost to Date (b)		Opening Date	Initial Yield
Community Center Expansions:
The Forum at Grandview - Phase II	Madison, MS	83,060	$	16,826	$	12,255	Summer-12	7.6	%

Mall Redevelopment:
Foothills Mall/Plaza - Carmike Cinemas	Maryville, TN	45,276	$	8,337	$	8,683	March-12	7.3	%


Total Properties Opened		128,336	$	25,163	$	20,938

Properties Under Development at June 30, 2012

(Dollars in thousands)



			CBL's Share of
Property	Location	Total Project Square Feet	Total Cost (a)		Cost to Date (b)		Expected Opening Date	Initial Yield
Community Center Expansions:
Waynesville Commons	Waynesville, NC	127,585	$	9,987	$	8,171	Fall-12	10.6	%

Mall Expansions:
The Shoppes at Southaven Towne Center - Phase I	Southaven, MS	15,557	$	1,755	$	9	Fall-12	17.4	%

Outlet Centers:
The Outlet Shoppes at Atlanta (c)	Woodstock, GA	370,456	$	80,490	$	8,845	Summer-13	10.0	%
The Outlet Shoppes at Oklahoma City - Phase II (c)	Oklahoma City, OK	27,986	6,663		107		November-12	11.0	%
		398,442	$	87,153	$	8,952

Mall Redevelopments:
Monroeville Mall - JC Penney/Cinemark	Pittsburgh, PA	464,792	$	26,178	$	8,029	Fall-12/Winter-13	7.6	%


Total Under Development		1,006,376	$	125,073	$	25,161


(a) Total Cost is presented net of reimbursements to be received.
(b) Cost to Date does not reflect reimbursements until they are received.
(c) The Outlet Shoppes at Atlanta and The Outlet Shoppes at Oklahoma City are 75/25 joint ventures. Total cost and cost to date are reflected at 100 percent.

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