EX-12.1 2 exhibit-121.htm EXHIBIT 12.1 exhibit-12.1


Exhibit 12.1

CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands, except ratios)

 
Nine Months Ended
September 30,
 
Year Ended December 31,
 
2011
 
2010
 
2010
 
2009
 
2008
 
2007
 
2006
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before discontinued operations, equity
      in earnings and noncontrolling interests
$
41,056

 
$
80,177

 
$
117,464

 
$
(12,283
)
 
$
70,560

 
$
146,379

 
$
179,589

Fixed charges less capitalized interest
       and preferred dividends
209,771

 
218,999

 
289,686

 
290,964

 
308,788

 
283,464

 
256,824

Distributed income of equity investees
6,171

 
3,554

 
4,959

 
12,665

 
15,661

 
9,450

 
12,285

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

 
(1,130
)
 
(1,646
)
 
—

 
—

 
—

 
—

Noncontrolling interest in earnings of subsidiaries that
      have not incurred fixed charges
(2,954
)
 
(2,971
)
 
(4,203
)
 
(4,901
)
 
(3,886
)
 
(5,278
)
 
(4,205
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total earnings
$
254,044

 
$
298,629

 
$
406,260

 
$
286,445

 
$
391,123

 
$
434,015

 
$
444,493

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges (1):

 

 

 

 

 

 

Interest expense (2)
$
209,771

 
$
218,999

 
$
289,686

 
$
290,964

 
$
308,788

 
$
283,464

 
$
256,824

Capitalized interest
3,739

 
2,304

 
3,577

 
6,807

 
19,218

 
19,410

 
15,992

Preferred dividends (3)
47,218

 
38,081

 
53,289

 
42,555

 
42,082

 
34,038

 
30,568

 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Total combined fixed charges
$
260,728

 
$
259,384

 
$
346,552

 
$
340,326

 
$
370,088

 
$
336,912

 
$
303,384

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges(4)
—

 
1.15

 
1.17

 
—

 
1.06

 
1.29

 
1.47

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (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.
 
 
 
 
 
 
 
 
   (4) Total earnings for the nine months ended September 30, 2011 and the year ended December 31, 2009 were inadequate to cover combined fixed charges by $6,684 and
          $53,881, respectively.