EX-12.2 6 exhibit12212-31x2013.htm EXHIBIT 12.2 Exhibit 12.2 12-31-2013


Exhibit 12.2

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


 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
    Income before discontinued operations, equity in earnings and noncontrolling interests
$
105,006

 
$
179,140

 
$
148,817

 
$
123,276

 
$
101,391

    Fixed charges less capitalized interest and preferred dividends
231,934

 
242,357

 
262,978

 
280,018

 
281,041

    Distributed income of equity investees
15,995

 
17,074

 
9,586

 
4,959

 
12,665

    Equity in losses of equity investees for which charges arise from guarantees
(44
)
 
—

 
—

 
(1,646
)
 
—

    Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges
(3,069
)
 
(3,729
)
 
(4,158
)
 
(4,203
)
 
(4,901
)
    Total earnings
$
349,822

 
$
434,842

 
$
417,223

 
$
402,404

 
$
390,196

 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred dividends (1):
 
 
 
 
 
 
 
 
 
    Interest expense (2)
$
231,934

 
$
242,357

 
$
262,978

 
$
280,018

 
$
281,041

    Capitalized interest
5,837

 
2,671

 
4,955

 
3,577

 
6,807

    Preferred dividends (3)
59,529

 
68,197

 
63,020

 
53,289

 
42,555

    Total combined fixed charges and preferred dividends
$
297,300

 
$
313,225

 
$
330,953

 
$
336,884

 
$
330,403

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends
1.18

 
1.39

 
1.26

 
1.19

 
1.18

(1)
The interest portion of rental expense is not calculated because the rental expense of the Operating Partnership is not significant.
(2)
Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts.
(3)
Includes preferred distributions to the Operating Partnership's partner in CW Joint Venture, LLC.


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