Exhibit 5


August 22, 2003




CBL & Associates Properties, Inc.
2030 Hamilton Place Blvd., Suite 500
CBL Center
Chattanooga, Tennessee


Re:  CBL & Associates Properties, Inc.
     ---------------------------------

Ladies and Gentlemen:

We have acted as counsel to CBL & Associates Properties, Inc., a Delaware
corporation (the "Company"), in connection with the preparation of (i) the
Company's Registration Statement on Form S-3 (Registration No. 333-104882) (the
"Registration Statement") under the Securities Act of 1933, as amended (the
"Securities Act"), as filed with the Securities and Exchange Commission (the
"Commission") on May 1, 2003, Amendment No. 1 thereto filed with the Commission
on May 23, 2003, Amendment No. 2 thereto filed with the Commission on June 10,
2003 and (ii) the Prospectus Supplement dated August 6, 2003, (the "Prospectus
Supplement") together with the accompanying Prospectus dated June 10, 2003,
relating to the public offering of up to an aggregate of 4,830,000 depositary
shares (the "Offered Shares") each representing 1/10th of a share of the
Company's 7.75% Series C Cumulative Redeemable Preferred Stock, $.01 par value
per share (liquidation preference of $25.00 per Depositary Share). Any reference
to the Prospectus or the Registration Statement shall be deemed to refer to and
include any documents filed by the Company after the date of the Registration
Statement under the Securities Exchange Act of 1934, as amended.

In connection with rendering the opinions expressed herein, we have examined
copies of the Amended and Restated Certificate of Incorporation, as amended and
Amended and Restated Bylaws of the Company, the Certificate of Limited
Partnership of the Operating Partnership, as amended, and the Second Amended and
Restated Partnership Agreement of the Operating Partnership dated June 30, 1998,
as amended, the Certificate of Incorporation and Bylaws of CBL Holdings I, Inc.,
a Delaware corporation, the Certificate of Incorporation and Bylaws of CBL
Holdings II, Inc., a Delaware corporation, the Amended and Restated Certificate
of Incorporation of CBL & Associates Management, Inc., a Delaware corporation,
the Registration Statement, the Prospectus and other corporate and partnership





CBL & Associates Properties, Inc.
Page 2


records and documents that we have deemed necessary for the purpose of this
opinion. We have also examined such other documents, papers, statutes and
authorities as we have deemed necessary to form a basis for the opinions
hereinafter expressed.

In our examination, we have assumed the genuineness of all signatures, the
authenticity of all documents submitted to us as originals and the conformity to
original documents of all copies submitted to us. As to various questions of
fact material to our opinion, we have relied on statements and certificates of
officers of the Company and public officials.

Based upon and subject to the foregoing, we are of the opinion that the Offered
Shares have been duly authorized for issuance by the Company, and that upon
issuance and delivery in accordance with the Prospectus Supplement, the Offered
Shares will be validly issued, fully paid and non-assessable.

We hereby consent to the filing of this opinion as an exhibit to the Prospectus
Supplement. We also consent to the reference to Willkie Farr & Gallagher under
the caption "Legal Matters" in the Prospectus Supplement. In giving such
consent, we do not consider that we are "experts" within the meaning of the term
used in the Act, as amended, or the rules and regulations of the Commission
promulgated thereunder, with respect to any part of the Prospectus Supplement,
including this opinion as an exhibit or otherwise.

We express no opinion as to the laws of any jurisdiction outside the United
States or as to the laws other than those of the State of New York or the
corporate or partnership laws of the State of Delaware.

This letter and the opinions expressed herein are being furnished solely for
your information and may not be relied upon by any other person without our
prior written consent.

Very truly yours,

/s/ Willkie Farr & Gallagher