Just as your pulse is checked during a routine physical, free cash flow is used as an indicator of a company's health. It equals the cash brought in from operations minus the money needed to pay the bills. Think about leftover money in your checking account after you pay this month's bills.

Investors and analysts see this leftover money as a gauge of a company's ability to perform. It is available for transactions such as handing out dividends and working on new products.

Some argue free cash flow is wrongly overshadowed by the emphasis often placed on earnings. Earnings numbers can be manipulated and don't always tell the whole story -- and earnings don't mean much if there's nothing left over after a company pays its expenses. Even if you bring in a six-figure salary, but no money left after paying the bills, are you in great financial shape?

You don't have to be Einstein to figure out free cash flow. To calculate the number, subtract the company's expenditures and dividends from its operating cash flow.

If the free cash flow is written in red ink, it doesn't necessarily signal curtains. This is common for young companies looking to grow. It also could be a result of heavy investments, which in the long run could be worth a standing ovation.

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Thursday, September 04, 2008

CBL & Associates Properties Announces Common and Preferred Stock Dividends

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Comtex

CHATTANOOGA, Tenn., Sep 04, 2008 (BUSINESS WIRE) ----CBL & Associates Properties, Inc. (NYSE: CBL) today announced that its Board of Directors has declared a regular quarterly cash dividend for the Company's Common Stock of $0.545 per share for the quarter ending September 30, 2008. The dividend is payable on October 15, 2008, to shareholders of record as of September 30, 2008. The quarterly cash dividend equates to an annual dividend of $2.18 per share.

The Board declared a quarterly cash dividend of $0.484375 per depositary share for the quarter ending September 30, 2008, for the Company's 7.75% Series C Cumulative Redeemable Preferred Stock. The dividend, which equates to an annual dividend payment of $1.9375 per depositary share, is payable on September 30, 2008, to shareholders of record as of September 16, 2008.

The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the quarter ending September 30, 2008, for the Company's 7.375% Series D Cumulative Redeemable Preferred Stock. The dividend, which equates to an annual dividend payment of $1.84375 per depositary share, is payable on September 30, 2008, to shareholders of record as of September 16, 2008.

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 157 properties, including 87 regional malls/open-air centers. The properties are located in 27 states and total 84.1 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has thirteen projects under construction totaling 3.8 million square feet including Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; Hammock Landing in West Melbourne, FL; The Promenade in D'Iberville, MS; two lifestyle/associated centers, six expansions/redevelopments, and one community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas, TX, and St. Louis, MO. 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.

SOURCE: CBL & Associates Properties, Inc.

 CBL & Associates Properties, Inc.
   Katie Reinsmidt Director of Corporate Communications & Investor Relations 423-490-8301 katie_reinsmidt@cblproperties.com

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