CBL & Associates Properties (CBL) 10-Q 2009 Q2 Quarterly report

Exhibit 12.1

CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)

	Six Months Ended June 30,						Year Ended December 31,
	2009			2008			2008			2007			2006			2005			2004
Earnings:
Income before discontinued operations, equity in earnings and noncontrolling interests	$	39,095		$	50,279		$	68,098		$	144,819		$	179,637		$	267,160		$	196,074
Fixed charges less capitalized interest and preferred dividends		144,727			156,679			313,209			287,884			257,067			210,914			177,219
Distributed income of equity investees		6,020			6,943			15,661			9,450			12,285			7,492			8,801
Equity in losses of equity investees for which charges arise from guarantees		—			—			—			—			—			(1,020	)		—
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges		(2,244	)		(2,675	)		(3,886	)		(5,278	)		(4,205	)		(3,700	)		(3,554	)
Total earnings	$	187,598		$	211,226		$	393,082		$	436,875		$	444,784		$	480,846		$	378,540
Combined fixed charges (1):
Interest expense (2)	$	144,727		$	156,679		$	313,209		$	287,884		$	257,067		$	210,914		$	177,219
Capitalized interest		4,926			9,501			20,508			19,410			15,992			10,184			4,719
Preferred dividends(3)		21,074			20,118			36,913			34,038			30,568			30,568			18,309
Total combined fixed charges and preferred dividends	$	170,727		$	186,298		$	370,630		$	341,332		$	303,627		$	251,666		$	200,247
Ratio of earnings to combined fixed charges		1.10			1.13			1.06			1.28			1.46			1.91			1.89

(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.