Exhibit 12.1
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
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| Nine Months Ended September 30, |
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| Year Ended December 31, |
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| 2008 |
| 2007 |
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| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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Earnings: |
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Income before discontinued operations, equity in earnings and minority interest in earnings |
| $ | 70,635 |
| $ | 108,723 |
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| $ | 144,489 |
| $ | 179,615 |
| $ | 267,160 |
| $ | 196,074 |
| $ | 239,979 |
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Fixed charges less capitalized interest and preferred dividends |
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| 233,736 |
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| 207,730 |
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| 287,884 |
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| 257,067 |
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| 210,914 |
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| 177,219 |
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| 154,116 |
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Distributed income of equity investees |
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| 10,904 |
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| 6,924 |
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| 9,450 |
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| 12,372 |
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| 7,492 |
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| 8,801 |
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| 4,150 |
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Equity in losses of equity investees for which charges arise from guarantees |
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| — |
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| — |
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| — |
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| — |
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| (1,020 | ) |
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| (39 | ) |
Minority interest in earnings of subsidiaries that have not incurred fixed charges |
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| (3,202 | ) |
| (4,412 | ) |
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| (5,278 | ) |
| (4,205 | ) |
| (3,700 | ) |
| (3,554 | ) |
| (2,254 | ) |
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Total earnings |
| $ | 312,073 |
| $ | 318,965 |
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| $ | 436,545 |
| $ | 444,849 |
| $ | 480,846 |
| $ | 378,540 |
| $ | 395,952 |
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Combined fixed charges (1): |
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Interest expense (2) |
| $ | 233,736 |
| $ | 207,730 |
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| $ | 287,884 |
| $ | 257,067 |
| $ | 210,914 |
| $ | 177,219 |
| $ | 154,116 |
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Capitalized interest |
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| 15,393 |
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| 13,817 |
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| 19,410 |
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| 15,992 |
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| 10,184 |
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| 4,719 |
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| 6,231 |
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Preferred dividends(3) |
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| 30,536 |
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| 24,320 |
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| 34,038 |
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| 30,568 |
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| 30,568 |
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| 18,309 |
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| 19,633 |
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Total combined fixed charges and preferred dividends |
| $ | 279,665 |
| $ | 245,867 |
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| $ | 341,332 |
| $ | 303,627 |
| $ | 251,666 |
| $ | 200,247 |
| $ | 179,980 |
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Ratio of earnings to combined fixed charges |
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| 1.12 |
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| 1.30 |
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| 1.28 |
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| 1.47 |
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| 1.91 |
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| 1.89 |
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| 2.20 |
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(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. | ||
(3) Includes preferred distributions to the Company’s partner in CW Joint Venture, LLC. |
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