EX-12.1 2 exhibit121-12x31x2015.htm EXHIBIT 12.1 Exhibit




Exhibit 12.1

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


 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
    Income before discontinued operations, equity in earnings and noncontrolling interests
$
103,756

 
$
242,675

 
$
105,006

 
$
179,140

 
$
148,817

    Fixed charges less capitalized interest and preferred dividends
229,458

 
239,844

 
231,934

 
242,357

 
262,978

    Distributed income of equity investees
21,095

 
21,866

 
15,995

 
17,074

 
9,586

    Equity in losses of equity investees for which charges arise from guarantees
(197
)
 
(63
)
 
(44
)
 
—

 
—

    Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges
(152
)
 
(273
)
 
(3,069
)
 
(3,729
)
 
(4,158
)
    Total earnings
$
353,960

 
$
504,049

 
$
349,822

 
$
434,842

 
$
417,223

 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred dividends (1):
 
 
 
 
 
 
 
 
 
    Interest expense (2)
$
229,458

 
$
239,844

 
$
231,934

 
$
242,357

 
$
262,978

    Capitalized interest
4,153

 
7,246

 
5,837

 
2,671

 
4,955

    Preferred dividends (3)
44,892

 
44,892

 
59,529

 
68,197

 
63,020

    Total combined fixed charges and preferred dividends
$
278,503

 
$
291,982

 
$
297,300

 
$
313,225

 
$
330,953

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends
1.27

 
1.73


1.18


1.39


1.26


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