EX-12.2 3 exhibit-122x3312014.htm EXHIBIT 12.2 exhibit-12.2 - 3.31.2014


Exhibit 12.2

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

 
Three Months
Ended March 31,
 
Year Ended December 31,
 
2014
 
2013
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before discontinued operations, equity
      in earnings and noncontrolling interests
$
61,005

 
$
35,053

 
$
105,006

 
$
179,140

 
$
148,817

 
$
123,276

 
$
101,391

Fixed charges less capitalized interest
       and preferred dividends
60,572

 
59,872

 
231,934

 
242,357

 
262,978

 
280,018

 
281,041

Distributed income of equity investees
3,035

 
4,465

 
15,995

 
17,074

 
9,586

 
4,959

 
12,665

Equity in losses of equity investees for which
      charges arise from guarantees
(173
)
 
(12
)
 
(44
)
 
—

 
—

 
(1,646
)
 
—

Noncontrolling interest in earnings of subsidiaries that
      have not incurred fixed charges
(796
)
 
(883
)
 
(3,069
)
 
(3,729
)
 
(4,158
)
 
(4,203
)
 
(4,901
)
Total earnings
$
123,643

 
$
98,495

 
$
349,822

 
$
434,842

 
$
417,223

 
$
402,404

 
$
390,196

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred dividends (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (2)
$
60,506

 
$
59,872

 
$
231,934

 
$
242,357

 
$
262,978

 
$
280,018

 
$
281,041

Capitalized interest
1,387

 
722

 
5,837

 
2,671

 
4,955

 
3,577

 
6,807

Preferred dividends (3)
11,223

 
16,308

 
59,529

 
68,197

 
63,020

 
53,289

 
42,555

    Total combined fixed charges and preferred dividends
$
73,116

 
$
76,902

 
$
297,300

 
$
313,225

 
$
330,953

 
$
336,884

 
$
330,403

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends
1.69

 
1.28

 
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, through September 2013 when the outstanding perpetual preferred joint venture units were redeemed.