CBL currently has nine projects under
construction totaling approximately 1., GameWorks Arena Sports Bar +
Grill (http://www. GameWorks' locations attract more than 15 million guests
annually."
For the first quarter 2005, FECI reported consolidated revenues of
$82.7 million of after-tax profit from land sales and $5. Included in the first quarter 2005 revenues were $2.0 million of
fuel surcharges, compared to $0.7 million), buildings delivered in 2004
($0.6 million), buildings delivered in 2005 ($0.07
Gain on disposition of discontinued operations -
diluted -- $0.06
Net income - basic $0.

redemption portage

com/) sponsored pep
rally at the Detroit area location .m.S.1%."
Mr. Henriques concluded, "I am pleased to join FECI at a time when both
businesses are performing well and the Company is poised for its next stage of
growth.22 per diluted share, for the
prior-year quarter. In addition, carload revenues
benefited from increases in construction materials, paper and lumber and
foodstuffs and kindred.7 million) and newly acquired
properties ($0.
-- During the quarter, Flagler signed a seven-year lease, commencing in
the fourth quarter of 2005, with H+R Block Mortgage for 29,143 square feet of
Deerwood North Building 400, a 113,000 -square-foot Class-A office building
located in Jacksonville, which is scheduled to be completed in the second
quarter of 2005.

Capitalization

-- The Company's cash balance on March 31, 2005 was $56. This call will be web cast
live by CCBN and can be accessed at the Company 's website,
http://www.2 4.)

REALTY SEGMENT EXPENSES

Three Months
Ended March 31
(dollars in thousands) 2005 2004
Real estate taxes - developed 2,368 2,098
Repairs + maintenance - recoverable 671 548
Services , utilities, management costs 3,921 2,987
Total expenses subject to recovery - Flagler
properties 6,960 5,633

Real estate taxes - Flagler undeveloped land 917 1,005
Repairs + maintenance - non-recoverable 195 298
Depreciation + amortization - (operating prop -
Flagler) 6,035 6,741
Depreciation + amortization - (non-operating prop
- Flagler) 1 ,005 518
SG+A - non-recoverable - Flagler 1,462 1,150
Total - non-recoverable expenses - Flagler
properties 9,614 9,712
Total rental expenses - Flagler properties 16,574 15,345

Real estate taxes - other undeveloped land 67 64
Depreciation + amortization - other 10 38
SG+A - non-recoverable - other 306 725
Total rental expenses - other realty
operations 383 827
Total rental expenses 16,957 16,172

Realty sales expense - Flagler 55 2,199
Realty sales expense - Other realty operations 409 --

Total operating expenses 17,421 18,371

(Prior-year results have been reclassified to conform to current year's
presentation, including discontinued operations. in 000's) 610 508
Multi-family (in units) 500
Hotel Rooms 250

RECONCILIATION OF NON-GAAP TO GAAP MEASURES
(dollars in thousands)
(unaudited)

Three Months
Ended March 31
2005 2004

Railway operating profit 15,012 11,107
Depreciation expense - railway operations 5,371 5,022
Railway segment's operating profit before
depreciation 20,383 16,129

Total FECR legal entity net income 16,148 9,421
Depreciation expense - legal entity 5,419 5,070
Interest income (564) (113)
Income tax expense 10,765 5,897
Total FECR legal entity EBITDA 31,768 20,275

(in
millions)
Three Months Forecast
Ended March 31 Full
Year
2005 2004 2005

Rental properties' operating profit 7,215 4,243 $27-$29
Rental properties' depreciation and
amortization expense 6,035 6,741 $27
Rental properties ' operating profit before
depreciation and amortization expense 13,250 10,984 $54 -$56

The Company reports certain non-GAAP measures for the Company's railway
business and a portion of its real estate business.

imac laser

The
Company acquired the interest for a total consideration of $82.
"Laurel Park Place is another great opportunity for us to create
value through our regional mall expertise," said Stephen Lebovitz,
president of CBL + Associates Properties Inc.
* "Same store" occupancy rate continues to improve, increasing to 96% in
the first quarter 2005, up sequentially from 95% in fourth quarter 2004,
compared to 89% in the first quarter 2004. I am confident about the
future prospects for Florida and FECI and the opportunities and possibilities
that will unfold as we grow together. Income from continuing operations was
$8. Included in the first quarter 2004 net income is income
from discontinued operations related to the 2004 sale of two office buildings .0 million in
the first quarter 2005 versus $11.6 million for the first quarter 2005 versus
$17 .
-- Rental properties' operating profit was $7.0 million in the first quarter 2004 due to improvements in
"same store" properties ($0.
-- On March 9, 2005, Flagler announced the purchase of a 107 ,000-square-
foot Class-A office building located in Sunrise, Florida, for $19.)

FLORIDA EAST COAST INDUSTRIES, INC.5 1,925 1,376 39.2 11.7 64. ft. ft.

simulators networked

5% and will be exchangeable on a one-for-one basis for
shares of CBL's common stock.wtaeradio .A. - Railway Reports Record Results -

- Full-Year 2005 Outlook Increased for Railway and Flagler -

Railway

* First quarter 2005 Railway segment 's revenues increased 16% to
$56.2 million from
$4.6 million in 2004. Overall occupancy decreased
slightly in the first quarter compared to 95% in the fourth quarter 2004 due
to the recent acquisition of the Doral Concourse Building, which at the time
of acquisition and at the end of the quarter was 66% leased.2 million held as deposits for possible use in 1031 exchanges).
Debt on March 31, 2005 was $341. Augustine, FL,
conducts operations through two wholly owned subsidiaries, Flagler Development
Company (Flagler) and Florida East Coast Railway, L.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(unaudited)

Three Months Ended
March 31
2005 2004
Cash Flows from Operating Activities
Net income 8,071 8,322
Adjustments to reconcile net income to cash
generated by operating activities 17,219 13,401
Changes in operating assets and liabilities (800) (11,323)
Net cash generated by operating activities 24,490 10,400

Cash Flows from Investing Activities
Purchase of properties (97,010) (19,254)
Proceeds from disposition of assets 4,885 17,648
Net cash used in investing activities (92,125) (1,606)

Cash Flows from Financing Activities
Payments of debt (1,197) (690)
Payment of dividends (1,615) (1,476)
Other 454 1,437
Net cash used in financing activities (2,358 ) (729)

Net (Decrease) Increase in Cash and Cash Equivalents (69,993) 8,065
Cash and Cash Equivalents at Beginning of Period 126,166 125,057
Cash and Cash Equivalents at End of Period 56,173 133,122

RAILWAY OPERATING RESULTS
(dollars in thousands)
(unaudited )

Three Months
Ended March 31
2005 2004

Operating revenues 56,543 48,557
Operating expenses 41,531 37,450
Operating profit 15,012 11,107

Operating ratio 73.5 % 77.3
Foodstuffs +
kindred 3.0) 1,100 1,124 (2.

simulators arena

CBL + Associates Properties Acquires Laurel Park Place in Livonia MI

5%,
maturing in 2012. "The shopping center is
well-located, situated on the corner of a highly-trafficked
intersection within an affluent Detroit suburb.5% from 77."

ST.5%, compared to 77.2 million for the first
quarter 2005 versus $4.6% to $13.feci.1 %

Railway segment 's operating profit
before depreciation 20,383 16,129
Total FECR legal entity EBITDA 31,768 20,275

RAILWAY TRAFFIC
Three Months Ended March 31
(dollars and units in thousands)

2005 2004 Percent 2005 2004 Percent
Commodity Units Units Variance Revenues Revenues Variance
Rail Carloads
Crushed stone
(aggregate) 35.9 15. ft.

whopping venturer

52%.; Las Vegas; Grapevine, Texas (near
Dallas); Auburn Hills, Mich. Lauderdale); Miami; Minneapolis; Seattle; Columbus,
Ohio; Tempe, Ariz. As the first brand under SEUI, GameWorks is
tapping SEGA 's industry expertise and leading market share across the gaming
and amusement facilities businesses to both transform its brand and provide
consumers with an even more compelling and unparallel entertainment
destination.

Florida East Coast Industries Reports Strong First Quarter 2005 Results

16 per diluted share, for the first quarter 2004 (which
includes $1. Capital expenditures for the Railway,
before the purchase of any strategic land parcels to be inventoried for future
Railway customers, are expected to remain between $32 and $36 million. Flagler's rental properties' operating profit
before depreciation and amortization expense is now expected to range between
$54 and $56 million in 2005, an increase of 21% to 25% over 2004.9 million), buildings delivered in 2005 ($0.

Development, Acquisition and Sales Activity

-- At quarter end, Flagler had nine projects, totaling 1,195,000 square
feet, in various stages of development (714,000 square feet in the
construction stage and 481 ,000 square feet in pre-development).

About Florida East Coast Industries, Inc.3 million square feet of commercial and industrial space,
as well as an additional 714,000 square feet under construction , and owns
approximately 750 acres of entitled land and approximately 2,665 acres of
additional Florida properties. Central Time).
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(unaudited )

Three Months
Ended March 31
2005 2004

Operating revenues:
Railway operations 56,543 48,557
Realty rental and service 21,455 17,818
Realty sales 4,885 5,048
Total revenues 82,883 71,423

Operating expenses:
Railway operations 41,531 37,450
Realty rental and services 16,957 16,172
Realty sales 464 2,199
Corporate general + administrative 12,465 4,980
Total Expenses 71 ,417 60,801

Operating profit 11,466 10,622

Interest income 407 196
Interest expense (4,674) (3,946)
Other income 6,252 2,697
1,985 (1,053)

Income before income taxes 13,451 9,569
Provision for income taxes (5,380) (3,685)
Income from continuing operations 8,071 5,884

DISCONTINUED OPERATIONS
Income from operation of discontinued operations
(net of taxes) -- 135
Gain on disposition of discontinued operations (net
of taxes) -- 2,303
Income from discontinued operations -- 2,438

Net income 8,071 8,322

EARNINGS PER SHARE
Income from continuing operations - basic and
diluted $0.3 4,909 4,708 4.0 (10.8 2,852 2,531 12.4
Ancillary revenue -- -- -- 1 ,156 960 20.

thomson simulators

It is currently 85. The
properties are located in 29 states and total 73.
Additional information can be found at http://cblproperties. (near Detroit); Ybor City, Fla., Inc (SEUI)
Owned and operated by the newly formed Sega Entertainment U.0 million in the first quarter 2004.7% increase in
crushed stone revenues, reflecting a combination of strong construction
demand, new business from existing customers, improved pricing and increased
volume from the hurricane rebuilding effort.1 million in the first quarter of 2004 due
to higher revenues, partly offset by higher salary and wage expense and
increased expenses in support of higher volumes.
-- On January 13, 2005 , Flagler announced Marriott Vacations Club
International renewed its lease of 70,800 square feet in SouthPark Center,
Building 600, located in Orlando.m.)

INFORMATION BY INDUSTRY SEGMENT
(dollars in thousands)
(unaudited)

Three Months
Ended March 31
2005 2004
Operating Revenues
Railway operations 56,543 48,557
Realty:
Flagler realty rental and services 20,573 17,016
Flagler realty sales 200 4,031
Other rental 882 802
Other sales 4,685 1,017
Total realty 26,340 22,866
Total revenues 82,883 71,423

Operating Expenses
Railway operations 41,531 37,450
Realty:
Flagler realty rental and services 16,574 15,345
Flagler realty sales 55 2,199
Other rental 383 827
Other sales 409 --
Total realty 17,421 18,371
Corporate general + administrative 12,465 4,980
Total expenses 71 ,417 60,801

Operating Profit (Loss)
Railway operations 15,012 11,107
Realty 8,919 4,495
Corporate general + administrative (12,465) (4,980)
Operating profit 11,466 10,622

Interest income 407 196
Interest expense (4,674) (3,946)
Other income 6 ,252 2,697
1,985 (1,053)

Income before income taxes 13,451 9,569
Provision for income taxes (5,380) (3,685)
Income from continuing operations 8,071 5,884

Discontinued Operations
Income from operation of discontinued operations
(net of taxes) -- 135
Gain on disposition of discontinued operations (net
of taxes) -- 2,303

Net Income 8,071 8,322

(Prior year's results have been reclassified to conform to current year's
presentation, including discontinued operations.9 32.0 16.7
Chemicals +
distillants 0.9
Other 4.

battletech networked

(NYSE: CBL) today announced that it has entered into
an agreement to acquire a 70% joint venture interest in Laurel Park
Place in Livonia (Detroit), MI, from Schostak Brothers + Company.com
Information included herein contains "forward-looking statements"
within the meaning of the federal securities laws.; Long Beach, Calif . Each GameWorks location features a variety of unique attractions, from
the race zone and Indy 500 Formula, a 30-foot vertical free-fall on Sky
Pirates, high-energy bowling and a scalable 70-foot free-standing climbing
rock in Las Vegas. is the North American Amusement Facilities
Operation arm of Tokyo, Japan-based SEGA Corporation, a worldwide leader of
amusement facilities, software and arcade machines for consumers both inside
and outside the home.6 million as a result of improvements
in "same store" occupancy, new buildings delivered in 2004 and 2005, and
recent building acquisitions compared to the 2004 first quarter.
-- On January 20, 2005, Flagler announced the execution of a long-term
lease with Baker Distributing Company for 122,000 square feet of a 151,000-
square -foot build-to-suit warehouse under construction at Flagler Center.5 million.S.3 38. in 000's) 6,089 5,677
Same store buildings 58 58
Same store revenues (in 000's) $17,564 $16,437
Same store occupancy rate 96 % 89 %

Properties in the pipeline
Number of projects 9 7
Lease-up (sq . in 000's) 8,283 7,429
Industrial (sq.

imac cyberdome

----CBL + Associates
Properties, Inc. The
projects include two open-air shopping centers located in Ft. Festivities kick off with the live broadcast of ESPN Radio
1250's Tim Benz Show from 7 - 9 p.2 million, and rental properties' operating profit before depreciation and
amortization expense(1) increased 21% to $13 .

Realty Acquisition and Sales

* Flagler purchased a 240,000-square-foot building located in Miami for
$41. In anticipation of existing tenant growth and rental demand in Flagler 's
markets, Flagler expects to deliver six buildings in 2005 (approximately
954,000 square feet ). In support of Flagler's longer-term growth, during the
quarter, two Class-A office buildings in South Florida and 665 gross acres
earmarked for future development in Lakeland, Florida, along the I-4 corridor
between Tampa and Orlando, were acquired utilizing tax-deferred proceeds from
2004 realty sales.1 million), buildings delivered in 2004
($0. will hold a conference call to discuss
first quarter 2005 results this morning, Thursday, April 21, 2005, at
10:00 a. The dial-in numbers for
the call are (888) 868-9078 or (973) 582-2792.23
Net income - diluted $0. in 000's) 2,881 2,047
Industrial (sq . ft.

cyberdome sherman

9 million represents debt held by the joint venture to
which the property is subject), including closing costs. CBL will
receive a preferred return on its equity equal to 100% of the
property 's net cash flow.S. to Offer Special Promotional Line-up
Including Pittsburgh's ESPN Radio 1250 Pep Rally in Detroit

GLENDALE, Calif.
The U.A.
Developed under the creative direction of entertainment powerhouses Steven
Spielberg, Universal Studios and SEGA, GameWorks has become the leader in
location-based entertainment and currently operates 18 locations, and has
numerous international partnerships.6 million in the prior-
year period.8 million).
Flagler also announced the purchase of 665 gross acres in Lakeland, Florida,
located between Tampa and Orlando along the I-4 corridor, which will be
planned and developed as an industrial business park utilizing tax-deferred
proceeds from 2004 realty sales.7 million
and other property listed for sale at asking prices totaling $14.

Florida East Coast Industries, Inc.m. These statements may be identified by the use of words like
"plan," "expect," "aim," "believe," "project," "anticipate," "intend,"
"estimate," "will," "should," "could," "may," and other expressions that
indicate future events and trends.3 6.

imac laser

CBL expects the transaction to close
within the next 30-days. The 505,000
square foot shopping center is located on 31 acres in the western
Detroit suburb of Livonia at the intersection of Six Mile Road and
Interstate 275. Myers,
FL, and Memphis (Southaven, MS), TN, one associated center, three
community centers and three expansions. The first 100 people to arrive wearing
black and gold will receive a free Pro Pass video game card good for three
hours of video game play at the Detroit venue., Inc.
* Realty sales proceeds in the quarter totaled $4. The
momentum in the Railway's first quarter revenues and operating profit was
better than expected, and as a result we are increasing our 2005 full-year
outlook.9 million, compared to $71.
-- Railway segment 's operating profit increased 35. The increased revenues resulted
from "same store" properties ($1 .com . and the Caribbean)
and other risks inherent in the real estate and other businesses of the
Company.

FLORIDA EAST COAST INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)

March 31 December 31
2005 2004
(unaudited)

Assets
Cash and equivalents 56 ,173 126,166
Other current assets 51,843 54,804
Properties, less accumulated depreciation 926,406 853,458
Other assets and deferred charges 41,708 28,765
Total assets 1,076,130 1,063,193

Liabilities and Shareholders' Equity
Short-term debt 4,970 4,789
Other current liabilities 63,678 64,732
Deferred income taxes 181,076 178,831
Long-term debt 336,687 338,065
Accrued casualty and other liabilities 11,521 11,850
Shareholders ' equity 478,198 464,926
Total liabilities and shareholders ' equity 1,076,130 1,063,193

FLORIDA EAST COAST INDUSTRIES, INC .1 17,028 15,109 12.3
Vehicles 6.

thomson networked

"
Laurel Park Place is anchored by Parisian's, the areas first Von
Maur and more than 75 specialty stores including Ann Taylor, Chico 's,
Talbots, California Pizza Kitchen, and Williams-Sonoma., Inc.9 million, compared to
$5.25 per diluted share, for the first quarter 2005 (which
includes $2.9 million, or $0.1% in the prior-year
quarter.5 million
write-off of tenant improvements and common areas related to the renovation of
two office buildings in Jacksonville.com , with an archived version of the web cast available
approximately two hours after completion of the call. These forward-looking
statements include the Company's present expectations or beliefs concerning
future events.25 $0.7
Total carload 54. ft.

cyberdome birthday

0 million of cash and through the issuance of
SCUs of CBL's Operating Partnership estimated at a value of
approximately $30. ESPN Radio 1250 returns on
Sunday for "Steel City Game Day," which airs from 1 - 6 p. (near Cincinnati); and Chicago.0 million and a 107,000-square-foot building located in Sunrise for
$19. The overall growth in Florida remains strong
and we continue to see additional demand for transportation benefiting from
Florida's population growth as well as hurricane rebuilding efforts. With the businesses performing well, I
will focus my attention on the future, looking for opportunities to create and
realize value for the shareholders of FECI. FECI reported
consolidated first quarter 2005 net income of $8. Flagler's rental and services' revenues are now
expected to range between $81 and $85 million, an increase of 16% to 22% over
2004.
-- Flagler's overall occupancy rates increased to 94% in the first quarter
2005, compared to 89 % in the first quarter 2004.
-- On January 19, 2005, Ryder System, Inc.7 million, composed of non-recourse, fixed and
variable rate real estate mortgages.C.4

REALTY SEGMENT REVENUES

Three Months
Ended March 31
(dollars in thousands) 2005 2004
Rental revenues - Flagler 16,164 14,323
Services fee revenues 29 31
Rental income - straight-line rent adjustments 2,058 1 ,116
Operating expense recoveries 2,015 1,308
Rental revenues - undeveloped land 260 218
Other 47 20
Total rental revenue - Flagler properties 20 ,573 17,016
Realty revenues - other realty operations 882 802
Total rental revenues 21,455 17,818

Building and land sales - Flagler 200 4,031
Building and land sales - other realty operations 4,685 1,017
Total building and land sales revenues 4,885 5,048

Total realty segment revenues 26,340 22,866

(Prior year's results have been reclassified to conform to current year's
presentation, including discontinued operations. The Company
operates in two distinctly different lines of businesses, railway and realty,
which many investors value and evaluate separately, using metrics similar to
the non -GAAP financial measures provided by the Company.

simulators sq

2
million ($50. The initial yield, based on income in-place and
a purchase price of $82.

(1) A reconciliation to the most comparable GAAP measures is provided in
the table labeled "RECONCILIATION OF NON-GAAP TO GAAP MEASURES., Florida East Coast
Industries, Inc. Revenues
for the first quarter 2005 included realty sales of $4.5 million of
after-tax expenses related to the CEO transition), compared to income of
$5.3 million , or $0. The rental
properties' operating profit in the first quarter 2004 included a $1.6 49 . ft.

Indoor or outdoor locations to play laser tag and other laser games.

winona venturer

0 million, issued at a 25% premium to the average
closing price of CBL's common stock for the five days preceding the
closing date .

On game day, Sunday February 5, the Detroit venue and all GameWorks Arena
Sports Bar + Grill venues nationwide will offer a $20 Pro Pass, good for three
hours of video game play , five-bottle buckets of Budweiser or Miller beer for
$10, and 50 cent chicken wings during the game (with minimum purchase). (near Ft.

About GameWorks and Sega Entertainment U.S. AUGUSTINE , Fla.9% to $20.
-- Rental properties' operating profit before depreciation and
amortization expense for the quarter increased 20.2 million (which
includes $25., headquartered in St.L.22

Average shares outstanding - basic 31,868,687 36,578,461
Average shares outstanding - diluted 32,643,728 37,244,258


(Prior year's results have been reclassified to conform to current year's
presentation, including discontinued operations .7
Construction
materials 1.7 2,968 2,306 28.8
Intermodal 74.1 13. in 000's) -- 113
In construction (sq.

s2 laser

As previously mentioned, the joint venture holds approximately
$50.5 million square feet . 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.

GameWorks Arena Sports Bar + Grill Gets Ready for Some Football With Super Bowl Weekend Promotions

(Logo: http://www.

Railway First Quarter Results

-- Florida East Coast Railway (Railway) segment's revenues in the first
quarter 2005 increased 16.25 $0. in 000's) 1,990 5,401
Commercial (sq.

portage ultrazone

CBL owns, holds interests in or
manages 167 properties, including 70 enclosed regional malls. All 14 GameWorks Venues in the U.gameworks.newscom.m.0 million,
compared to the 2004 first quarter, benefiting primarily from stronger
revenues.
Adolfo Henriques, Chairman, President and Chief Executive Officer of
Florida East Coast Industries, stated, "Our Railway and Realty businesses
continue to generate outstanding results that achieve new records.4 million for the first quarter 2004.1 million, or $0. Given the Railway's
strong first quarter results, the Company is increasing its 2005 full-year
outlook (previously provided in the fourth quarter 2004 press release).4% to $56.5 million from $48.
-- Property under sale contracts at March 31, 2005 totaled $38.4 million.5 3.5
Total freight
units/revenues 129.4
-- -- -- 56,543 48,557 16.

dorado simulators

The mall was originally built in 1989 and expanded in
1994.0 million square feet of non-owned shopping centers
managed for third parties. Future events and actual events, financial and otherwise,
may differ materially from the events and results discussed in the
forward-looking statements.com/) locations across the country are suiting up
for Super Bowl XL weekend offering game day festivities and specials at all 14
venues , including and ESPN Radio (http://www.m. (in Tampa);
Sunrise, Fla. Henriques continued, "Flagler also delivered record results as new
buildings were delivered to the market and 'same store' occupancy climbed to
96%.0 million in the first quarter of 2004.2 million in the prior-year period. Eastern Time (9:00 a.16
Income from operation of discontinued operations -
basic and diluted -- --
Gain on disposition of discontinued operations -
basic -- $0.25 $0.)

FLAGLER REAL ESTATE STATISTICS
(unaudited )

Three Months
Ended March 31
2005 2004
Property types
Office (sq. in 000's) 714 490
Predevelopment (sq.

sq winona

The Company has also retained the right to
purchase the remaining joint venture interest for $14. The Company will finance the balance of the purchase
with approximately $1. In addition to its office in
Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA.S. Since its first location premiered in 1997, GameWorks has opened
and SEUI continues to operate 14 venues in the United States, including sites
in Ontario, Calif .5 million, compared to the prior-year period, driven by stronger-than-
expected demand, improved pricing and new business.
* The Company increased its full-year 2005 outlook for Railway segment 's
revenues and operating profit as a result of stronger-than-expected demand in
the first quarter . (NYSE: FLA) (FECI) announced results for the first quarter of
2005.8% primarily due to a 12.3 million ).
Florida East Coast Industries, Inc. Flagler owns,
leases and manages 7. For more information , visit the Company's Web site at
http://www. The Company assumes no
obligation to update the information contained in this news release, which
speaks only as of its date.1 23,283 19,643 18. in 000's) 4,311 4,312

100% owned properties
Rentable square feet (in 000's) 7,192 6,359
Occupied square feet (in 000's) 6,778 5,677
Number of buildings owned 63 58
Occupancy rate 94 % 89 %

Same store statistics
Same store square footage (in 000's) 6,359 6,359
Same store occupancy (sq. in 000's) 481 454
Total 1,195 1,057

Entitlement pipeline
Acres 750 814
Total square feet (in 000's) 10,884 13,338
Office (sq. ft.

s2 venturer

Business Editors

CHATTANOOGA, Tenn.
Guests 21 and older can also enter a drawing for prizes by voting for their
favorite Super Bowl commercial each quarter. Serving millions of guests annually,
GameWorks features signature bar and dining experiences through its GameWorks
Grill, Jax Grill, Hopscotch Lounge and the newly launched Arena Sports Bar +
Grill.
* Railway segment's operating profit increased 35% to $15.
* The Company increased its full-year 2005 outlook for Flagler's rental
and services ' revenues, rental properties' operating profit and rental
properties' operating profit before depreciation and amortization expense(1)
as a result of recent building acquisitions. Capital
investment at Flagler for 2005 is now expected to be between
$145 and $165 million, which includes approximately $75 million for
acquisitions of land and finished buildings utilizing proceeds from third and
fourth quarter 2004 realty sales.
-- Total carload revenues grew 14. (FECR).8 1.1)
Paper + lumber 1.4 4. ft. The Company also uses
some of these measures internally as part of its incentive compensation plans
for management employees.

tag imac

5% occupied and achieved sales per square
foot of $409 per square foot in 2004.
CBL + Associates Properties, Inc.
The Company's outlook for full-year 2005 financial results assumes
continued strength in the national and Florida economies .5% compared to the prior-year period, reflecting improved pricing, new
customers, and improvements in local business (international and motor
carriers).3 million,
compared to $11. commenced a 239 ,000-square-foot
build-to-suit office lease in Flagler Station, located in Miami.
-- During the quarter, Flagler signed a five-year lease, commencing in the
third quarter of 2005, with GMAC for 29,624 square feet of the Lakeside II
building, a 113,000-square-foot Class-A office building at Flagler Center
located in Jacksonville, which was completed in April 2005. FECR is a regional freight railroad that
operates 351 miles of mainline track from Jacksonville to Miami and provides
intermodal drayage services at terminals located in Atlanta, Jacksonville and
Miami. Further information on these and other risk factors is included in
the Company's filings with the Securities and Exchange Commission, including
the Company's most recently filed Forms 10-K and 10-Q.3 11 .3 55,387 47,597 16.

portage battletech

is the fourth largest mall REIT
in North America and the largest owner of malls and shopping centers
in the Southeast, ranked by GLA. Before leaving
for Detroit, the show's hosts, Guy and Eddy are giving away a game-day VIP
party for 10. Festivities also include trivia
games and sports-related game floor challenges.; Newport, Ky. There are
also three international GameWorks, with locations in Guam, Mexico, and Santo
Domingo, The Dominican Republic.
(SEUI), GameWorks delivers guests groundbreaking entertainment by fusing
state-of-the-art video games and attractions with one-of-a-kind, quality
dining and bar experiences. In addition to providing innovative entertainment to the
general public, GameWorks also hosts hundreds of specialty events throughout
the year, and through its internal party-planning department can accommodate
corporate affairs , teambuilding outings, birthday parties and various other
private events.A.3 million compared to the prior-
year period.9 million.25 per
diluted share, compared to $8. Operating profit from operating properties' rents is expected to range
between $27 and $29 million.2% to $15. As a result , the Railway's
operating ratio improved to 73.

Realty First Quarter Results

Rental Portfolio and Leasing Results

-- Flagler Development Company's (Flagler) rental and services' revenues
increased 20. Property sale contracts typically have contingencies and
exit clauses that enable buyers/sellers to terminate within a specified amount
of time.1 3.

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The SCUs will be entitled to receive an initial annual
dividend of 6.5 million square feet
including 2 . at GameWorks Sports
Bar + Grill located at Great Lakes Crossing Mall 4316 Baldwin Road, Auburn
Hills , Mich.

Sega Entertainment U.

Realty Operations

* First quarter 2005 Flagler Development Company's (Flagler) rental and
services' revenues increased 21% to $20.5 million utilizing tax-deferred proceeds from 2004 realty sales."
Mr.1 million, or $0.
Railway segment revenues are now expected to range between
$216 and $223 million, an increase of 8% to 11% over 2004 , and Railway segment
operating profit is now expected to range between $54 and $56 million, an
increase of 14% to 18% over 2004.
The Company is also increasing its 2005 outlook for Flagler (previously
provided in the fourth quarter 2004 press release) as a result of recent
building acquisitions .
The Company currently expects full-year 2005 realty sales of
$20 to $40 million.9 1.3 38.0 32,104 27,954 14.3 114. The Company believes these
measures to be performance measures that investors commonly use to value the
relevant businesses and to evaluate their ongoing performance .

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0 million in
cash or Special Common Units (SCUs) of the Operating Partnership, at
the Company 's option.2 million, is 8.9 million of non-recourse debt at an interest rate of 8.com/cgi-bin/prnh/20051103 /LATH046LOGO )
Football fans in Detroit can get the party started early with Pittsburgh's
ESPN Radio 1250 pep rally Saturday, February 4 at 5 p.
* Rental properties' operating profit increased to $7.8 million of after-tax profit from land sales). Intermodal revenues (which include drayage) increased
18.
-- On February 7, 2005, Flagler announced the purchase of Doral Concourse,
a 240,000 -square-foot Class-A office building located in Miami, Florida for
$41 million, using tax-deferred proceeds from 2004 realty sales.feci.

This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The Company cautions that such statements
are necessarily based on certain assumptions, which are subject to risks and
uncertainties that could cause actual results to materially differ from those
contained in these forward-looking statements. Important factors that could
cause such differences include, but are not limited to, the changing general
economic , business, competitive, regulatory and market conditions
(particularly in the state of Florida, the southeast U.5 1,322 800 65.8 1.

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With the
implementation of our aggressive leasing and marketing strategy we are
confident that we can further enhance the performance of this mall . 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 , for a
discussion of such risks and uncertainties.S. The operating ratio improved to 73.
* In addition, Flagler significantly grew its development opportunities
with the purchase of 665 gross acres in Lakeland, Florida, which will be
planned and developed as an industrial business park . Our first
quarter results for both businesses demonstrated significant improvement
compared to the first quarter of 2004, as we capitalized on the improving
national and Florida economies.

FECI is a unique Company with exceptional assets that embodies the
past as well as the future of the state of Florida.7 million) and newly acquired
properties ($0. A replay of the call will be
available approximately two hours after completion of the call through
Thursday, May 5, 2005, by dialing (877 ) 519-4471 or (973) 341-3080 and
entering access code 5885411. ft.

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