EX-12 7 exhibit121.htm EXHIBIT 12.1

Exhibit 12.1

 

 

CBL & Associates Properties, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

(in thousands, except ratios)

 

 

 

 

Nine Months Ended September 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

 

$

108,994

 

$

114,475

 

$

179,640

 

$

267,160

 

$

196,074

 

$

239,980

 

$

140,666

 

Fixed charges less capitalized interest and preferred dividends

 

 

209,135

 

 

192,703

 

 

257,067

 

 

210,914

 

 

177,219

 

 

154,116

 

 

143,125

 

Distributed income of equity investees

 

 

6,924

 

 

6,517

 

 

12,372

 

 

7,492

 

 

8,801

 

 

4,150

 

 

5,599

 

Equity in losses of equity investees for which charges arise from guarantees

 

 

(502

)

 

(403

)

 

(461

)

 

(1,020

)

 

—

 

 

(39

)

 

(12

)

Minority interest in earnings of subsidiaries that have not incurred fixed charges

 

 

(4,412

)

 

(2,778

)

 

(4,205

)

 

(3,700

)

 

(3,554

)

 

(2,254

)

 

(1,782

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

320,139

 

$

310,514

 

$

444,413

 

$

480,846

 

$

378,540

 

$

395,953

 

$

287,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (2)

 

$

209,135

 

$

192,703

 

$

257,067

 

$

210,914

 

$

177,219

 

$

154,116

 

$

143,125

 

Capitalized interest

 

 

13,817

 

 

11,926

 

 

15,992

 

 

10,184

 

 

4,719

 

 

6,231

 

 

5,734

 

Preferred dividends

 

 

24,320

 

 

22,926

 

 

30,568

 

 

30,568

 

 

18,309

 

 

19,633

 

 

10,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total combined fixed charges

 

$

247,272

 

$

227,555

 

$

303,627

 

$

251,666

 

$

200,247

 

$

179,980

 

$

159,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges

 

 

1.29

 

 

1.36

 

 

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.

 

 

 

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