EX-12.3 4 exhibit123-12x31x2014.htm EXHIBIT 12.3 Exhibit 12.3 - 12-31-2014



Exhibit 12.3

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


 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
    Income before discontinued operations, equity in earnings and noncontrolling interests
$
242,675

 
$
105,006

 
$
179,140

 
$
148,817

 
$
123,234

    Fixed charges less capitalized interest
239,844

 
231,934

 
242,357

 
262,978

 
280,018

    Distributed income of equity investees
21,866

 
15,995

 
17,074

 
9,586

 
4,959

    Equity in losses of equity investees for which charges arise from guarantees
(63
)
 
(44
)
 
—

 
—

 
(1,646
)
    Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges
(273
)
 
(3,069
)
 
(3,729
)
 
(4,158
)
 
(4,203
)
    Total earnings
$
504,049

 
$
349,822

 
$
434,842

 
$
417,223

 
$
402,362

 
 
 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
 
 
    Interest expense (2)
$
239,844

 
$
231,934

 
$
242,357

 
$
262,978

 
$
280,018

    Capitalized interest
7,246

 
5,837

 
2,671

 
4,955

 
3,577

    Total fixed charges
$
247,090

 
$
237,771

 
$
245,028

 
$
267,933

 
$
283,595

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.04

 
1.47

 
1.77

 
1.56

 
1.42


(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.