EXHIBIT 22

CBL & ASSOCIATES PROPERTIES, INC.

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

(in thousands, except ratios)

	Year Ended December 31, 2002			Year Ended December 31, 2001			Year Ended December 31, 2000			Year Ended December 31, 1999			Year Ended December 31, 1998
Earnings:
Income before discontinued operations, equity in earnings and minority interest in earnings	$	142,969		$	102,917		$	90,198		$	71,995		$	53,461
Fixed charges less capitalized interest and preferred dividends		143,164			156,707			95,989			83,201			67,697
Distributed income of equity investees		5,599			5,964			3,285			2,718			2,009
Minority interest in earnings of subsidiaries that have not incurred fixed charges		(1,782	)		(136	)		(52	)		(135	)		(128	)
Total Earnings:	$	289,950		$	265,452		$	189,420		$	157,779		$	123,039
Combined fixed charges(1)
Interest expense(2)	$	143,164		$	156,707		$	95,989		$	83,201		$	67,697
Preferred dividends		10,919			6,468			6,468			6,468			3,234
Capitalized interest		5,109			5,860			6,288			6,829			5,175
Total combined fixed charges	$	159,192		$	169,035		$	108,745		$	96,498		$	76,106
Ratio of earnings to combined fixed charges		1.82			1.57			1.74			1.64			1.62

(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.