EX-12 5 exhibit-121x12312011.htm RATIO OF EARNINGS AND FIXED CHARGES exhibit-12-12.31.2011




Exhibit 12

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


 
Year Ended December 31,
 
2011
 
2010
 
2009
 
2008
 
2007
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Income (loss) before discontinued operations, equity
       in earnings and noncontrolling interests
$
149,347

 
$
128,966

 
$
(8,736
)
 
$
70,793

 
$
146,378

    Fixed charges less capitalized interest
       and preferred dividends
271,704

 
289,686

 
290,964

 
308,787

 
283,464

    Distributed income of equity investees
9,586

 
4,959

 
12,665

 
15,661

 
9,450

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

 
(1,646
)
 
—

 
—

 
—

    Noncontrolling interest in earnings of subsidiaries that
       have not incurred fixed charges
(4,158
)
 
(4,203
)
 
(4,901
)
 
(3,886
)
 
(5,278
)
    Total earnings
$
426,479

 
$
417,762

 
$
289,992

 
$
391,355

 
$
434,014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges (1):
 
 
 
 
 
 
 
 
 
    Interest expense (2)
$
271,704

 
$
289,686

 
$
290,964

 
$
308,787

 
$
283,464

    Capitalized interest
4,955

 
3,577

 
6,807

 
19,218

 
19,410

    Preferred dividends (3)
63,020

 
53,289

 
42,555

 
42,082

 
34,038

    Total combined fixed charges
$
339,679

 
$
346,552

 
$
340,326

 
$
370,087

 
$
336,912

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges(4)
1.26

 
1.21

 
—

 
1.06

 
1.29


(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 year ended December 31, 2009 were inadequate to cover combined fixed charges by $50,334.