Asset Management

TIAA-CREF and CBL Close $1.09 Billion Real Estate Joint Venture

New York and Chattanooga, TN, October 6, 2011

TIAA-CREF and CBL & Associates Properties, Inc. (NYSE: CBL), today announced the closing of their $1.09 billion real estate joint venture to invest in market dominant shopping malls.

TIAA-CREF has completed its investment in four of CBL’s market dominant shopping malls: Oak Park Mall in Kansas City, KS; West County Center in St. Louis, MO; CoolSprings Galleria in Nashville, TN; and Pearland Town Center in Pearland, TX.

“With the ongoing disconnect in public versus private market valuations, we believe this transaction provides us with the most advantageous source of monetizing the equity value in our portfolio,” said Stephen Lebovitz, CBL’s president & chief executive officer. “TIAA-CREF’s investment strengthens our balance sheet and partners us with a well-capitalized institution to pursue new opportunities.”

TIAA-CREF has $17 billion (6/30/11) of primarily high-quality properties in the office, retail, industrial and multifamily sectors across the U.S., Canada, and Western Europe.

“We believe dominant regional malls are an important part of a well-diversified real estate portfolio, and this investment alongside CBL allows us to expand our presence in this sector,” said Philip McAndrews, managing director and head of global real estate transactions and joint ventures, TIAA-CREF. “This investment in super regional malls with CBL is part of our strategy to invest in assets that provide durable income streams with enduring long term values.”

TIAA-CREF received a 50 percent pari passu interest in the three enclosed malls, including Oak Park Mall, West County Center, and CoolSprings Galleria, and a 12 percent interest in Pearland Town Center. In total, CBL reduced outstanding debt balances by approximately $486 million through TIAA-CREF’s assumption of approximately $267 million of property specific debt and cash proceeds of approximately $219 million. CBL continues to manage and lease the properties.

Eastdil Secured acted as CBL’s exclusive financial advisor in arranging this joint venture.

About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $469 billion in combined assets under management (as of 6/30/11) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 158 properties, including 85 regional malls/open-air centers. The properties are located in 27 states and total 85.3 million square feet including 3.6 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com .

Media Contact
TIAA-CREF
Abby Aylman Cohen
aacohen@tiaa-cref.org, 212 916-4381

CBL & Associates Properties, Inc.
Katie Reinsmidt
katie_reinsmidt@cblproperties.com, 423 490-8301

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