EX-12 2 exhibit-12x6302013.htm EXHIBIT 12 exhibit-12 - 6.30.2013


Exhibit 12

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

 
Six Months Ended
June 30,
 
Year Ended December 31,
 
2013
 
2012
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before discontinued operations, equity
      in earnings and noncontrolling interests
$
53,114

 
$
67,335

 
$
185,578

 
$
154,515

 
$
128,059

 
$
104,106

 
$
74,684

Fixed charges less capitalized interest
       and preferred dividends
117,126

 
121,429

 
244,432

 
267,442

 
285,169

 
286,242

 
301,522

Distributed income of equity investees
7,911

 
7,314

 
17,074

 
9,586

 
4,959

 
12,665

 
15,661

Equity in losses of equity investees for which
      charges arise from guarantees
(27
)
 
—

 
—

 
—

 
(1,646
)
 
—

 
—

Noncontrolling interest in earnings of subsidiaries that
      have not incurred fixed charges
(2,140
)
 
(1,310
)
 
(3,729
)
 
(4,158
)
 
(4,203
)
 
(4,901
)
 
(3,886
)
Total earnings
$
175,984

 
$
194,768

 
$
443,355

 
$
427,385

 
$
412,338

 
$
398,112

 
$
387,981

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges (1):

 

 

 

 

 

 

Interest expense (2)
$
117,126

 
$
121,429

 
$
244,432

 
$
267,442

 
$
285,169

 
$
286,242

 
$
301,522

Capitalized interest
1,956

 
1,259

 
2,671

 
4,955

 
3,577

 
6,807

 
19,218

Preferred dividends (3)
32,674

 
31,474

 
68,197

 
63,020

 
53,289

 
42,555

 
42,082

    Total combined fixed charges
$
151,756

 
$
154,162

 
$
315,300

 
$
335,417

 
$
342,035

 
$
335,604

 
$
362,822

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
1.16

 
1.26

 
1.41

 
1.27

 
1.21

 
1.19

 
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.