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,
	2008			2007			2007			2006			2005			2004			2003

Earnings:

Income before discontinued operations, equity in earnings and minority interest in earnings	$	70,635		$	108,723		$	144,489		$	179,615		$	267,160		$	196,074		$	239,979
Fixed charges less capitalized interest and preferred dividends		233,736			207,730			287,884			257,067			210,914			177,219			154,116
Distributed income of equity investees		10,904			6,924			9,450			12,372			7,492			8,801			4,150
Equity in losses of equity investees for which charges arise from guarantees		—			—			—			—			(1,020	)		—			(39	)
Minority interest in earnings of subsidiaries that have not incurred fixed charges		(3,202	)		(4,412	)		(5,278	)		(4,205	)		(3,700	)		(3,554	)		(2,254	)

Total earnings	$	312,073		$	318,965		$	436,545		$	444,849		$	480,846		$	378,540		$	395,952


Combined fixed charges ⁽¹⁾:
Interest expense ⁽²⁾	$	233,736		$	207,730		$	287,884		$	257,067		$	210,914		$	177,219		$	154,116
Capitalized interest		15,393			13,817			19,410			15,992			10,184			4,719			6,231
Preferred dividends⁽³⁾		30,536			24,320			34,038			30,568			30,568			18,309			19,633

Total combined fixed charges and preferred dividends	$	279,665		$	245,867		$	341,332		$	303,627		$	251,666		$	200,247		$	179,980

Ratio of earnings to combined fixed charges		1.12			1.30			1.28			1.47			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.