EX-12 2 ex12.htm EXHIBIT 12 RATIOS Ex 12




Exhibit 12

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


 
Year Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
 
 
 
 
 
 
 
 
    Income before discontinued operations, equity in earnings and noncontrolling interests
$
185,578

 
$
154,515

 
$
128,059

 
$
104,106

 
$
74,684

    Fixed charges less capitalized interest and preferred dividends
244,432

 
267,442

 
285,169

 
286,242

 
301,522

    Distributed income of equity investees
17,074

 
9,586

 
4,959

 
12,665

 
15,661

    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
(3,729
)
 
(4,158
)
 
(4,203
)
 
(4,901
)
 
(3,886
)
    Total earnings
$
443,355

 
$
427,385

 
$
412,338

 
$
398,112

 
$
387,981

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges(1):
 
 
 
 
 
 
 
 
 
    Interest expense (2)
$
244,432

 
$
267,442

 
$
285,169

 
$
286,242

 
$
301,522

    Capitalized interest
2,671

 
4,955

 
3,577

 
6,807

 
19,218

    Preferred dividends (3)
68,197

 
63,020

 
53,289

 
42,555

 
42,082

    Total combined fixed charges
$
315,300

 
$
335,417

 
$
342,035

 
$
335,604

 
$
362,822

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends
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.


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