EX-12 4 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)

 

 

 

 

Three Months Ended

March 31,

 

Year Ended December 31,

 

 

 

2008

 

2007

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before discontinued operations, equity in

     earnings and minority interest in earnings

 

$

21,115

 

$

39,493

 

$

144,560

 

$

179,637

 

$

267,160

 

$

196,074

 

$

239,979

 

Fixed charges less capitalized interest and

     preferred dividends

 

 

80,224

 

 

66,127

 

 

287,884

 

 

257,067

 

 

210,914

 

 

177,219

 

 

154,116

 

Distributed income of equity investees

 

 

4,163

 

 

891

 

 

9,450

 

 

12,372

 

 

7,492

 

 

8,801

 

 

4,150

 

Equity in losses of equity investees for which

     charges arise from guarantees

 

 

 

 

(109

)

 

 

 

(461

)

 

(1,020

)

 

 

 

(39

)

Minority interest in earnings of subsidiaries that

     have not incurred fixed charges

 

 

(1,099

)

 

(1,044

)

 

(5,278

)

 

(4,205

)

 

(3,700

)

 

(3,554

)

 

(2,254

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

104,403

 

$

105,358

 

$

436,616

 

$

444,410

 

$

480,846

 

$

378,540

 

$

395,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred dividends (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (2)

 

$

80,224

 

$

66,127

 

$

287,884

 

$

257,067

 

$

210,914

 

$

177,219

 

$

154,116

 

Capitalized interest

 

 

4,224

 

 

3,613

 

 

19,410

 

 

15,992

 

 

10,184

 

 

4,719

 

 

6,231

 

Preferred dividends(3)

 

 

10,418

 

 

7,642

 

 

34,038

 

 

30,568

 

 

30,568

 

 

18,309

 

 

19,633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total combined fixed charges and preferred dividends

 

$

94,866

 

$

77,382

 

$

341,332

 

$

303,627

 

$

251,666

 

$

200,247

 

$

179,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges

 

 

1.10

 

 

1.36

 

 

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.