The acquired partnership units represent remaining interests of a former executive of the Company who retired in 1997. The $45.15 per-unit repurchase price represented a 3.5% discount off of the trailing five-day average of the closing price on the New York Stock Exchange of the Company's common stock from July 28. On Tuesday, shares of CBL were trading at $49.95, off $0.15 from Monday's close but still within $0.60 of the company's 52-week high.

CBL has 57 enclosed regional malls in its 61.1-million-sf portfolio of 163 properties in 25 states, which includes 2.6 million sf of non-owned shopping centers managed for third parties. The Company also has four projects under construction totaling approximately 1.6 million sf.

On Sept. 3, responding to a report that CBL and Australia-based Galileo Funds Management have retained Merrill Lynch to raise up to A$500 million to form a property trust that would be listed on the Australian Stock Exchange, the company acknowledged that it is "exploring a transaction with an Australia-based real estate company that would involve the company's existing community center portfolio," adding that the contemplated transaction "would not involve any of the company's regional malls and associated centers nor affect its development programs." In its March annual report, CBL reported owning a controlling interest in 61 community centers with a combined leasable area of 5.1 million sf and an average occupancy of 94.7%.