Exhibit 12.1
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
|
| Three Months Ended March 31, |
| Year Ended December 31, |
| |||||||||||||||||
|
| 2007 |
| 2006 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before discontinued operations, equity in earnings, minority interest in earnings and income tax provision |
| $ | 39,863 |
| $ | 42,805 |
| $ | 181,410 |
| $ | 270,107 |
| $ | 198,883 |
| $ | 242,490 |
| $ | 140,666 |
|
Fixed charges less capitalized interest and preferred dividends |
|
| 66,127 |
|
| 63,929 |
|
| 257,067 |
|
| 210,914 |
|
| 177,219 |
|
| 154,116 |
|
| 143,125 |
|
Distributed income of equity investees |
|
| 891 |
|
| 2,269 |
|
| 12,372 |
|
| 7,492 |
|
| 8,801 |
|
| 4,150 |
|
| 5,599 |
|
Equity in losses of equity investees for which charges arise from guarantees |
|
| (109 | ) |
| — |
|
| (461 | ) |
| (1,020 | ) |
| — |
|
| (39 | ) |
| (12 | ) |
Minority interest in earnings of subsidiaries that have not incurred fixed charges |
|
| (1,044 | ) |
| (991 | ) |
| (4,205 | ) |
| (3,700 | ) |
| (3,554 | ) |
| (2,254 | ) |
| (1,782 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total earnings |
| $ | 105,728 |
| $ | 108,012 |
| $ | 446,183 |
| $ | 483,793 |
| $ | 381,349 |
| $ | 398,463 |
| $ | 287,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined fixed charges and preferred dividends (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (2) |
| $ | 66,127 |
| $ | 63,929 |
| $ | 257,067 |
| $ | 210,914 |
| $ | 177,219 |
| $ | 154,116 |
| $ | 143,125 |
|
Capitalized interest |
|
| 3,613 |
|
| 2,119 |
|
| 11,504 |
|
| 8,715 |
|
| 4,517 |
|
| 5,974 |
|
| 5,593 |
|
Preferred dividends |
|
| 7,642 |
|
| 7,642 |
|
| 30,568 |
|
| 30,568 |
|
| 18,309 |
|
| 19,633 |
|
| 10,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total combined fixed charges and preferred dividends |
| $ | 77,382 |
| $ | 73,690 |
| $ | 299,139 |
| $ | 250,197 |
| $ | 200,045 |
| $ | 179,723 |
| $ | 159,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to combined fixed charges and preferred dividends |
|
| 1.37 |
|
| 1.47 |
|
| 1.49 |
|
| 1.93 |
|
| 1.91 |
|
| 2.22 |
|
| 1.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) The interest portion of rental expense is not calculated because the rental expense of the company is not significant. |
| (2) Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. |
1