Lancaster, PA (June 27, 2006) — CBL & Associates Properties, Inc. (NYSE:CBL) and High Real Estate Group today announced development plans for York Town Center, a 291,000-square-foot shopping center located in York (Springettsbury Township), PA.  York Town Center is a 50/50 joint venture of High Real Estate Group and CBL.  The companies will partner in the development and operation of the property, and CBL will also handle management and leasing duties.  Construction on York Town Center has begun with completion scheduled for September 2007.

    Located on 32 acres across from CBL's 771,000-square-foot York Galleria Mall at the intersection of State Route 24 (Mt. Zion Road) and U.S. Route 30, York Town Center will be anchored by a 50,000-square-foot Dick's Sporting Goods, 45,000-square-foot Best Buy, 30,000-square-foot Ross Dress for Less, 28,000-square-foot Bed Bath & Beyond, a 20,000-square-foot Staples, an additional anchor and 84,000 square feet of small shops and outparcels, including such retailers and restaurants as Ulta Cosmetics, Chili's, and Longhorn Steakhouse.

     Stephen Lebovitz, CBL & Associates Properties, Inc. president, noted, "Our ongoing partnership with High Real Estate Group has been very successful.  We are on track for opening our first project, the 311,000-square-foot High Pointe Commons in Harrisburg later this year, and construction is underway on York Town Center.  At CBL, one of our core strategies is to develop associated centers around our existing regional malls in order to leverage the traffic and dominant position of these malls.  York Town Center is the latest example of the benefits of that strategy as we have already secured leases and commitments for 74 percent of the space before the start of construction.  Such a high pre-leasing percentage highlights the favorable demographics of the York trade area and the strong location across from York Galleria.  We look forward to pursuing future developments with High Real Estate Group."

     H. Stephen Evans, managing director of High Real Estate Group's retail division, commented, "Our selection of CBL as our partner for York Town Center, as well as our High Pointe Commons project in Harrisburg, PA, has greatly facilitated High Real Estate Group's entry into retail development.  York Town Center, with many leading national retailers and several exciting restaurants, will be a first-class retail destination capable of meeting the growing demands of the surrounding communities.  The project site located within the flexible zoning district, which Springettsbury Township adopted to encourage economic development, will create over 1,000 jobs, and is expected to generate more than $6.5 million in new annual state and local tax revenue.  In addition, the project is the catalyst for transportation improvements, which will facilitate the flow of traffic in the Township."

     Carter Burgess is the architect for York Town Center and Rettew Associates is the civil engineer.  EMJ Corporation is the general contractor.

     Person interested in learning more about leasing space should contact Lewis Hilton, leasing manager, CBL & Associates Properties, Inc., CBL Center, Suite 500, 2030 Hamilton Place Blvd., Chattanooga, TN 37421, telephone 800-333-7310, ext. 354, E-mail lewis_hilton@cblproperties.com or David Locke, project manager, Watermill Center, Suite 395, 800 South Street, Waltham, MA 02453-1436, telephone 888-258-0766, E-mail david_locke@cblproperties.com.  For outparcel information, please contact Tom Reddy, assistant director of peripheral property, telephone 800-333-7310, ext. 266, E-mail tom_reddy@cblproperties.com.

About High Real Estate Group
     High Real Estate Group, based in Lancaster, PA, is a full-service real estate organization providing development, industrial/commercial brokerage, asset and property management, corporate real estate service, strategic planning and consultation, appraisals, construction services, architecture, hospitality services, and investments.  With offices and properties throughout the eastern United States, the company owns and manages over 9 million square feet of industrial/commercial, retail, multi-family, and hotel properties.  More information is available by visiting highrealestategroup.com.

About CBL & Associates Properties, Inc.
     CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country.  CBL owns, holds interest in or manages 127 properties, including 79 regional malls/open-air centers.  The properties are located in 26 states and total 72.7 million square feet including 2 million square feet of non-owned shopping centers managed for third parties.  CBL currently has ten projects under construction totaling 2.6 million square feet including Phase II of Gulf Coast Town Center in Ft. Myers, FL; two open-air shopping centers; three community centers, two associated centers and two expansions.  Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, and Dallas, TX.  Additional information can be found at cblproperties.com.

     Information included herein contains "forward-looking statements" within the meaning of the federal securities laws.  Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated.  Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements.  The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties.

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