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,
	2013			2012			2012			2011			2010			2009			2008
Earnings:
Income before discontinued operations, equity       in earnings and noncontrolling interests	$	99,570		$	99,441		$	179,137		$	148,817		$	123,405		$	99,916		$	74,684
Fixed charges less capitalized interest        and preferred dividends	173,479			181,652			242,359			262,978			280,018			281,041			301,522
Distributed income of equity investees	11,225			11,724			17,074			9,586			4,959			12,665			15,661
Equity in losses of equity investees for which       charges arise from guarantees	(26		)	—			—			—			(1,646		)	—			—
Noncontrolling interest in earnings of subsidiaries that       have not incurred fixed charges	(3,167		)	(2,214		)	(3,729		)	(4,158		)	(4,203		)	(4,901		)	(3,886		)
Total earnings	$	281,081		$	290,603		$	434,841		$	417,223		$	402,533		$	388,721		$	387,981
Combined fixed charges and preferred dividends (1):
Interest expense (2)	$	173,479		$	181,652		$	242,359		$	262,978		$	280,018		$	281,041		$	301,522
Capitalized interest	3,893			1,928			2,671			4,955			3,577			6,807			19,218
Preferred dividends (3)	48,306			47,268			68,197			63,020			53,289			42,555			42,082
Total combined fixed charges and preferred dividends	$	225,678		$	230,848		$	313,227		$	330,953		$	336,884		$	330,403		$	362,822
Ratio of earnings to combined fixed charges and preferred dividends	1.25			1.26			1.39			1.26			1.19			1.18			1.07
(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.