CBL & Associates Properties Inc was organized on July 13, 1993, as a Delaware corporation. It is a self-managed, self-administered, fully integrated REIT. It owns, develops, acquires, leases, manages and operates regional shopping malls, open-air centers, associated centers, community centers and office properties. Its Properties are located in 27 states, but are in the southeastern and midwestern United States. It owns controlling interests in 72 regional malls/open-air and outlet centers (including one mixed-use center) and noncontrolling interests in 10 regional malls/open-air centers, controlling interests in 25 associated centers and noncontrolling interests in 4 associated centers, controlling interests in 7 community centers and noncontrolling interests in 4 community centers, and controlling interests in 8 office buildings which include its corporate office building, and noncontrolling interests in 5 office buildings; controlling interests in two mall redevelopments and one outlet center, owned in a 65%/35% joint venture, and a noncontrolling interest in one community center development under construction, as well as options to acquire certain shopping center development sites owned by third parties; and mortgages on five Properties, each of which is collateralized by either a first mortgage, a second mortgage or by assignment of 100% of the ownership interests in the underlying real estate and related improvements. It conduct its property management and development activities through CBL & Associates Management, Inc. The Company's properties compete with various shopping facilities in attracting retailers to lease space. In addition, retailers at its Properties face competition from discount shopping centers, outlet centers, wholesale clubs, direct mail, television shopping networks, the internet and other retail shopping developments.