"We are certainly taking a guarded approach to business," hesaid. "So far there has been more smoke than fire."

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One way the company is trying to ensure minimal exposure,Lebovitz said, is to make sure main anchors are committed and 50%of tenants are signed before starting a new development project."We don't start with a project until we've got good preleasingdone," he said.

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CBL is considering the sale of some of its underperformingassets. Additionally, management is looking at the sale of someoutparcel spaces to hotel operators who are interested in takingadvantage of a mall's dining and shopping traffic.

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During the fourth quarter, FFO per share came in at 83 cents,down from 97 cents during the same year-ago period. Net income fellto $13.4 million from just under $31.1 million.

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Occupancy in the company's portfolio dropped one basis point to94%. CBL owns interests in 159 properties, including 84 regionalcenters, across the country.

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