<PAGE>
CBL Shareholders Approve Jacobs Purchase
Page 1
January 19, 2001
Exhibit 99.1
Contact: John Foy
Vice Chairman and CFO
(423) 855-0001
CBL SHAREHOLDERS APPROVE JACOBS PURCHASE
CHATTANOOGA, Tenn. (Jan. 19, 2001) - CBL & Associates Properties, Inc.
(NYSE:CBL) announced that, at a special meeting of shareholders held earlier
today, the Company's shareholders approved the acquisition of 21 malls and two
associated centers from The Richard E. Jacobs Group for total consideration of
approximately $1.3 billion.
Upon closing of the transaction, CBL will become the largest owner of malls
and shopping centers in the southeast and the third largest mall real estate
investment trust in terms of GLA owned in the United States. The Company's
portfolio will include 51 malls and 106 shopping centers in 26 states totaling
55.6 million square feet.
In connection with the Jacobs transaction, the Company's shareholders
approved the issuance of up to 13.94 million special common units (SCUs), which
may be exchanged for shares of common stock on a one-for-one basis after a
three-year lock-up period. The Jacobs transaction was contingent upon approval
of the issuance of the SCUs. A separate proposal to amend the share ownership
limits under the Company's current certificate of incorporation, to allow for
Jacobs' increased ownership of shares in the Company, was also approved.
Commenting on the announcement, Charles B. Lebovitz, chairman and chief
executive officer, stated, "This is an extraordinary event in the history of our
company. We have worked tirelessly over the last several months to ensure that
the integration of these properties will be as seamless as possible from day
one. This acquisition provides tremendous opportunities to apply the proven
redevelopment, management and leasing expertise of our experienced team to
maximize the internal growth from these properties and accelerate our FFO and
dividend growth over the next several years."
CBL expects the transaction to close on or about January 31, 2001. The
closing may be delayed with respect to all or a portion of the properties to the
extent necessary to obtain lender and partner consents.
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CBL Shareholders Approve Jacobs Purchase
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January 19, 2001
CBL & Associates Properties, Inc. is a real estate investment trust that
owns regional malls and community shopping centers, primarily in the Southeast
and select markets in the Northeast and Midwest. The Company currently has a
portfolio of 134 properties in 25 states totaling 36.4 million square feet,
including 1.8 million square feet of non-owned shopping centers managed for
third parties. The Company has under construction five new projects totaling
approximately 1.9 million square feet, including two malls, one community center
and two mall expansions. In addition to its headquarters in Chattanooga, TN, CBL
has a regional office in Boston (Waltham), MA. The Company can be found on the
Internet at www.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, and the Company's current report
on Form 8-K being filed in connections with the transaction described herein,
for a discussion of such risks and uncertainties.
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CBL Shareholders Approve Jacobs Purchase
Page 3
January 19, 2001
The shopping centers acquired from the Jacobs portfolio are:
<TABLE>
<CAPTION>
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Mall (Market) Total GLA Mall Store Anchors Percentage to
GLA be Acquired
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
<S> <C> <C> <C> <C>
Illinois
Cherryvale Mall (Rockford) 714,000 300,000 Bergner's, Marshall Field, Sears 84%
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Kentucky
Fayette Mall (Lexington) 1,096,000 298,000 Dillard's, JC Penney, Lazarus, 100
Sears
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Jefferson Mall (Louisville) 936,000 275,000 Dillard's, JC Penney, Lazarus, 87(1)
Sears
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Kentucky Oaks (Paducah) 878,000 298,000 Dillard's(2), Elder-Beerman, 40(2)
JC Penney, Sears, ShopKo
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Michigan
Midland Mall (Midland) 514,000 196,000 Elder-Beerman, JC Penney, 40(1)
Sears, Target
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Fashion Square Mall (Saginaw) 786,000 287,000 Hudson's, JC Penney, Sears 100
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
North Carolina
Randolph Mall (Asheboro) 376,000 147,000 Belk, JC Penney, Sears 100
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Cary Towne Center (Cary) 953,000 294,000 Hudson Belk, Dillard's, Hecht's, 80
JC Penney, Sears
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Hanes Mall (Winston-Salem) 1,556,000 548,000 Belk, Dillard's, Hecht's, 100
JC Penney, Sears
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Ohio
Eastgate Mall (Cincinnati) 905,000 268,000 Dillard's, JC Penney, Kohl's, 54(1)
Sears
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Eastgate Crossing (Cincinnati) 194,000 Border's, Circuit City, Kids 'R 54(1)
Us, Kroger
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Towne Mall (Franklin) 521,000 152,000 Dillard's, Elder-Beerman, Sears 100
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
South Carolina
Citadel Mall (Charleston) 1,068,000 294,000 Belk, Dillard's, JC Penney, 100
Parisian, Sears
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Columbia Mall (Columbia) 1,113,000 297,000 Dillard's, JC Penney, Rich's, 79(1)
Sears
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Northwoods Mall (North Charleston) 833,000 312,000 Belk, Dillard's, JC Penney, Sears 100
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Tennessee
Old Hickory Mall (Jackson) 555,000 159,000 Belk, Goldsmith's, JC Penney, 100
Sears
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Texas
Parkdale Mall (Beaumont) 1,411,000 462,000 Dillard's (2), JC Penney, 100
Montgomery Ward, Sears
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Wisconsin
East Towne Mall (Madison) 895,000 295,000 Boston Store, JC Penney, Sears, 65(1)
Younkers
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
West Towne Mall (Madison) 1,021,000 260,000 Boston Store, JC Penney, Sears, 65(1)
Younkers
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
West Towne Crossing (Madison) 447,000 Barnes & Noble, Best Buy, Cub 65(1)
Foods, Ganders Mountain, Kohl's,
Office Max, ShopKo
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Brookfield Square Mall (Milwaukee) 1,041,000 316,000 Boston Store, JC Penney, Sears 100
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Regency Mall (Racine) 918,000 268,000 Boston Store, JC Penney, Sears, 100
Younkers
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
Wausau Center (Wausau) 429,000 156,000 JC Penney, Sears, Younkers 100
------------------------------------------ ------------ ------------- ----------------------------------- ----------------
(1) CBL will potentially acquire additional interests through an offer to purchase outside partner interests
(2) Managed by a third party
</TABLE>
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