Exhibit 12.1
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
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Six Months Ended June 30, |
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Year Ended December 31, |
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2007 |
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2006 |
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2006 |
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2005 |
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2004 |
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2003 |
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2002 |
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Earnings: |
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Income before discontinued operations, equity in earnings and minority interest in earnings |
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$ |
74,230 |
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$ |
79,789 |
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$ |
179,640 |
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$ |
267,160 |
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$ |
196,074 |
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$ |
239,980 |
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$ |
140,666 |
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Fixed charges less capitalized interest and preferred dividends |
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135,866 |
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128,380 |
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257,067 |
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210,914 |
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177,219 |
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154,116 |
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143,125 |
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Distributed income of equity investees |
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3,019 |
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4,409 |
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12,372 |
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7,492 |
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8,801 |
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4,150 |
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5,599 |
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Equity in losses of equity investees for which charges arise from guarantees |
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(311 |
) |
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(79 |
) |
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(461 |
) |
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(1,020 |
) |
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— |
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(39 |
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(12 |
) |
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Minority interest in earnings of subsidiaries that have not incurred fixed charges |
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(2,178 |
) |
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(1,949 |
) |
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(4,205 |
) |
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(3,700 |
) |
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(3,554 |
) |
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(2,254 |
) |
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(1,782 |
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Total earnings |
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$ |
210,626 |
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$ |
210,550 |
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$ |
444,413 |
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$ |
480,846 |
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$ |
378,540 |
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$ |
395,953 |
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$ |
287,596 |
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Combined fixed charges (1): |
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Interest expense (2) |
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$ |
135,866 |
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$ |
128,380 |
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$ |
257,067 |
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$ |
210,914 |
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$ |
177,219 |
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$ |
154,116 |
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$ |
143,125 |
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Capitalized interest |
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9,611 |
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6,108 |
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15,992 |
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10,184 |
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4,719 |
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6,231 |
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5,734 |
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Preferred dividends |
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18,865 |
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15,284 |
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30,568 |
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30,568 |
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18,309 |
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19,633 |
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10,919 |
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Total combined fixed charges |
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$ |
164,342 |
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$ |
149,772 |
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$ |
303,627 |
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$ |
251,666 |
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$ |
200,247 |
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$ |
179,980 |
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$ |
159,778 |
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Ratio of earnings to combined fixed charges |
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1.28 |
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1.41 |
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1.46 |
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1.91 |
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1.89 |
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2.20 |
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1.80 |
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(1) The interest portion of rental expense is not calculated because the rental expense of the company is not significant. |
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(2) Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. |
1