CBL & ASSOCIATES PROPERTIES INC — Director's Dealing 2012

Jan 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CBL & ASSOCIATES PROPERTIES INC (CBL)
CIK: 0000910612
Period of Report: 2012-01-17

Reporting Person: LEBOVITZ STEPHEN D (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-17	Common Stock	J	173.5219	$15.835	Acquired	35833.7165	Indirect
2012-01-17	Common Stock	J	173.5219	$15.835	Acquired	36007.2384	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	553303.91	Direct
Common Stock	1150	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Units	$	2043-11-03	Common Stock (539312)	539312	Direct

Footnotes

F1: The shares were acquired via the Company's Dividend Reinvestment Plan.

F2: 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 539,312 shares of the Issuer's Common Stock (on a one-for-one basis) or cash, at the Issuer's election.

F3: The Common Units are exercisable on a 1 to 1 ratio with no exercise price.

F4: Immediately exercisable.