CBL & Associates Properties Reports Second Quarter Results.

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CBL & Associates Properties Reports Second Quarter Results.

CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE:CBL):

--FFO per share rose 18.3% to $0.71 in the second quarter.

--Same-center NOI for the quarter and six-months ended June 30, 2005, rose 2.5% and 5.9%, respectively.

--Same store sales improved by 3.4% year-to-date.

--Portfolio occupancy rose to 91.9% as of the second quarter.

--Completed two-for-one stock split of Company's common stock.

CBL & Associates Properties, Inc. (NYSE:CBL) announced results for the second quarter ended June 30, 2005. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure is located at the end of this news release. Per share amounts have been adjusted to reflect the two-for-one split of the Company's common shares, effective June 16, 2005.

Net income available to common shareholders for the second quarter ended June 30, 2005, was $20,783,000 compared with $21,708,000 for the prior-year period representing a decline of 4.3%. Net income available to common shareholders per diluted share was $0.32 in the second quarter ended June 30, 2005, compared with $0.34 for the prior-year period, representing a decline of 5.9%. Net income available to common shareholders for the second quarter ended June 30, 2005, declined over the prior year period primarily due to an increase in depre...

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