CBL & Associates Properties (CBL) 10-Q 2012 Q3 Quarterly report

Exhibit 12

CBL & Associates Properties, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges

(in thousands, except ratios)

	Nine Months Ended September 30,						Year Ended December 31,
	2012			2011			2011			2010			2009			2008			2007
Earnings:
Income (loss) before discontinued operations, equity       in earnings and noncontrolling interests	$	89,607		$	45,512		$	155,751		$	153,681		$	102,636		$	77,031		$	146,379
Fixed charges less capitalized interest        and preferred dividends	183,746			208,216			269,651			287,414			288,521			303,838			283,434
Distributed income of equity investees	11,724			6,171			9,586			4,959			12,665			15,661			9,450
Equity in losses of equity investees for which       charges arise from guarantees	—			—			—			(1,646		)	—			—			—
Noncontrolling interest in earnings of subsidiaries that       have not incurred fixed charges	(2,214		)	(2,954		)	(4,158		)	(4,203		)	(4,901		)	(3,886		)	(5,278		)
Total earnings	$	282,863		$	256,945		$	430,830		$	440,205		$	398,921		$	392,644		$	433,985
Combined fixed charges (1):
Interest expense (2)	$	183,746		$	208,216		$	269,651		$	287,414		$	288,521		$	303,838		$	283,464
Capitalized interest	1,928			3,739			4,955			3,577			6,807			18,938			15,414
Preferred dividends (3)	47,268			47,218			63,020			53,289			42,555			42,082			34,038
Total combined fixed charges	$	232,942		$	259,173		$	337,626		$	344,280		$	337,883		$	364,858		$	332,916
Ratio of earnings to combined fixed charges (4)	1.21			—			1.28			1.28			1.18			1.08			1.30
(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.
(4) Total earnings for the nine months ended September 30, 2011 were inadequate to cover combined fixed charges by $2,228.