CBL and Associates Properties is a Real estate investment trust that makes money by developing and operating shopping malls in 27 states. About 80% of CBL's 159 properties are located in the midwestern and southeastern United States. The malls that CBL owns are both enclosed malls and open-air strip malls, as well as "lifestyle centers" which combine shopping, dining, and entertainment in one facility. Like other retail REITs, CBL's revenues come from tenant leases, rents that it collects based on tenants sales, advertising, and sales of both peripheral land and properties.^[1][2]

Despite slowing consumer spending, in the first quarter of 2008 CBL increased its Funds From Operation by 2.3%. This can be attributed to the regional dominance CBL achieves by only building or acquiring malls in areas without other major retail centers, which creates stability in its revenue stream. CBL has continued to borrow against its assets (securing $400 million in loans in late April) to build and acquire new properties, with recently announced plans for new construction in Florida, Texas, Missouri, and Pennsylvania. Taking advantage of the current economic downturn to start developments at lower prices, CBL will be ready with a number of new malls to take advantage of an economic upturn.

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