EX-12.3 7 exhibit12312-31x2013.htm EXHIBIT 12.3 Exhibit 12.3 12-31-2013



Exhibit 12.3

CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Fixed Charges
(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

 
$
123,234

 
$
99,916

    Fixed charges less capitalized interest
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

 
$
402,362

 
$
388,721

 
 
 
 
 
 
 
 
 
 
Fixed charges (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

    Total fixed charges
$
237,771

 
$
245,028

 
$
267,933

 
$
283,595

 
$
287,848

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.47

 
1.77

 
1.56

 
1.42

 
1.35


(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.


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