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 * LEBOVITZ STEPHEN D 2. Issuer Name and Ticker or Trading Symbol CBL & ASSOCIATES PROPERTIES INC [ CBL ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
CEO
(Last)         (First)         (Middle)
2030 HAMILTON PLACE BLVD., SUITE 500
3. Date of Earliest Transaction (MM/DD/YYYY)
2/12/2020
(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  2/12/2020    A    435563 (1) A $0 (1) 1612939.91  D (2)  
Common Stock  2/12/2020    F    20428  D $.776  1592511.91  D (2)  
Common Stock                 1150  I (3) By Spouse 
Common Stock                 31818  I (3) By Trust 

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   (4)                  (5) 11/3/2043  Common Stock  49365    49365  I (3) By Trust (6)
Common Units   (4)                  (5) 11/3/2043  Common Stock  480297    480297  D   
Common Units   (4)                  (5) 11/3/2043  Common Stock  9650    9650  I (3) By Trust (7)

Explanation of Responses:
(1)  Grant of restricted Common Stock pursuant to the terms of the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan, as amended.
(2)  Additionally, the Reporting Person owns a limited partnership interest in CBL & Associates Limited Partnership, a Delaware limited partnership, that may be exchanged at any time for an aggregate of 480,297 shares of the Issuer's Common Stock (on a one-for-one basis) or cash, at the Issuer's election.
(3)  The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
(4)  The Common units are exercisable on a 1 to 1 ratio with no exercise price.
(5)  Immediately exercisable.
(6)  By Stephen D. Lebovitz and Lisa S. Lebovitz Irrevocable Trust U/A dated 4/5/2003, Michael I. Lebovitz, Trustee
(7)  Stephen D. Lebovitz Irrevocable Trust U/A dated 2/27/1998, Charles B. Lebovitz, Trustee

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
LEBOVITZ STEPHEN D
2030 HAMILTON PLACE BLVD., SUITE 500
CHATTANOOGA, TN 374216000
X
CEO

Signatures
/s/ Jeffery V. Curry, attorney-in-fact for Stephen D. Lebovitz 2/18/2020
**Signature of Reporting Person Date
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