EX-12 8 exhibit12.htm EXHIBIT 12

 

Exhibit 12.1

CBL & Associates Properties, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges

(in thousands, except ratios)

 

                                                                                          

 

 

 

 

Year Ended December 31,

 

2007

2006

2005

2004

2003

 

 

 

 

 

 

Earnings:

 

 

 

 

 

Income before discontinued operations, equity in

earnings and minority interest in earnings

$ 44,943

$ 79,637

$ 67,160

$ 96,074

$ 39,979

Fixed charges less capitalized interest and

preferred dividends

287,884

257,067

210,914

177,219

154,116

Distributed income of equity investees

9,450

12,372

7,492

8,801

4,150

Equity in losses of equity investees for which

charges arise from guarantees

-

(461)

(1,020)

-

(39)

Minority interest in earnings of subsidiaries that

have not incurred fixed charges

(5,278)

(4,205)

(3,700)

(3,554)

(2,254)

 

 

 

 

 

 

Total earnings

$436,999

$ 44,410

$480,846

$378,540

$ 395,952

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges (1):

 

 

 

 

 

Interest expense (2)

$287,884

$257,067

$210,914

$177,219

$ 154,116

Capitalized interest

19,410

15,992

10,184

4,719

6,231

Preferred dividends(3)

34,038

30,568

30,568

18,309

19,633

 

 

 

 

 

 

Total combined fixed charges

$341,332

$303,627

$251,666

$200,247

$ 179,980

 

 

 

 

 

 

Ratio of earnings to combined fixed charges

1.28

1.46

1.91

1.89

2.20

 

 

 

 

 

 

 

 

 

 

(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 (see Note 3 to the consolidated financial statements).