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,
	2007			2006			2006			2005			2004			2003			2002
Earnings:

Income before discontinued operations, equity in earnings and minority interest in earnings	$	74,230		$	79,789		$	179,640		$	267,160		$	196,074		$	239,980		$	140,666
Fixed charges less capitalized interest and preferred dividends		135,866			128,380			257,067			210,914			177,219			154,116			143,125
Distributed income of equity investees		3,019			4,409			12,372			7,492			8,801			4,150			5,599
Equity in losses of equity investees for which charges arise from guarantees		(311	)		(79	)		(461	)		(1,020	)		—			(39	)		(12	)
Minority interest in earnings of subsidiaries that have not incurred fixed charges		(2,178	)		(1,949	)		(4,205	)		(3,700	)		(3,554	)		(2,254	)		(1,782	)

Total earnings	$	210,626		$	210,550		$	444,413		$	480,846		$	378,540		$	395,953		$	287,596

Combined fixed charges ⁽¹⁾:
Interest expense⁽²⁾	$	135,866		$	128,380		$	257,067		$	210,914		$	177,219		$	154,116		$	143,125
Capitalized interest		9,611			6,108			15,992			10,184			4,719			6,231			5,734
Preferred dividends		18,865			15,284			30,568			30,568			18,309			19,633			10,919

Total combined fixed charges	$	164,342		$	149,772		$	303,627		$	251,666		$	200,247		$	179,980		$	159,778

Ratio of earnings to combined fixed charges		1.28			1.41			1.46			1.91			1.89			2.20			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.