FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * CBL & ASSOCIATES INC 2. Issuer Name and Ticker or Trading Symbol CBL & ASSOCIATES PROPERTIES INC [ CBL ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    __X__ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)         (First)         (Middle)
2030 HAMILTON PLACE BLVD., SUITE 500
3. Date of Earliest Transaction (MM/DD/YYYY)
3/10/2020
(Street)
CHATTANOOGA, TN 374216000
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  3/10/2020    C    15520703  A $0 (1) 16555808.764  D (2)  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Units   (3) 3/10/2020    C        15520703    (4) 11/3/2043  Common Stock  15520703   (1) 0  D   
Common Units   (3)                  (4) 11/3/2043  Common Stock  208675    208675  I (5)(6)(7)(8)(9) By Partnerships 

Explanation of Responses:
(1)  The Reporting Person redeemed units of limited partnership interest ("Units") of CBL Associates Limited Partnership, of which a wholly owned subsidiary of the issuer is the general partner. Units are redeemable for an equal number of shares of the issuer's Common Stock or, at the election of the issuer, cash equal to the fair market value of such shares. The issuer elected to redeem reporting person's Units with Common Stock.
(2)  Additionally, the Reporting Person owns, directly or indirectly, limited partnership interests in CBL & Associates Limited Partnership, a Delaware limited partnership (the "Operating Partnership"), that, together with the partnership interests of other limited partners in the Operating Partnership which are controlled by the Reporting Person, may be exchanged at any time for an aggregate of 208,675 shares of the Issuer's Common Stock (on a one-for-one basis) or cash, at the Issuer's election.
(3)  The Common Units are exercisable on a 1 to 1 ratio with no exercise price.
(4)  Immediately exercisable.
(5)  Includes 50,425 Common Units owned directly by Warehouse Partnership, a general partnership controlled by the Reporting Person.
(6)  Includes 58,203 Common Units owned directly by CBL Employees Partnership/Conway, a general partnership controlled by the Reporting Person.
(7)  Includes 7,254 Common Units owned directly by Girvin Road Partnership, a general partnership controlled by the Reporting Person.
(8)  Includes 92,793 Common Units owned directly by Foothills Plaza Partnership, a general partnership controlled by the Reporting Person.
(9)  The Reporting Person disclaims beneficial ownership of hte reported securities except to the extent of its pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
CBL & ASSOCIATES INC
2030 HAMILTON PLACE BLVD., SUITE 500
CHATTANOOGA, TN 374216000

X


Signatures
/s/ CBL & Associates, Inc. by: Charles B. Lebovitz, Chairman 3/12/2020
**Signature of Reporting Person Date
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