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.