EX-12.1 2 exhibit-121x9302013.htm EXHIBIT 12.1
Exhibit 12.1
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)

| Nine Months Ended September 30, |  | Year Ended December 31,
| 2013 |  | 2012 |  | 2012 |  | 2011 |  | 2010 |  | 2009 |  | 2008
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 99,570 |  |  | $ | 99,441 |  |  | $ | 179,137 |  |  | $ | 148,817 |  |  | $ | 123,405 |  |  | $ | 99,916 |  |  | $ | 74,684 |
Fixed charges less capitalized interest and preferred dividends | 173,479 |  |  | 181,652 |  |  | 242,359 |  |  | 262,978 |  |  | 280,018 |  |  | 281,041 |  |  | 301,522 |
Distributed income of equity investees | 11,225 |  |  | 11,724 |  |  | 17,074 |  |  | 9,586 |  |  | 4,959 |  |  | 12,665 |  |  | 15,661 |
Equity in losses of equity investees for which charges arise from guarantees | (26 | ) |  | — |  |  | — |  |  | — |  |  | (1,646 | ) |  | — |  |  | — |
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (3,167 | ) |  | (2,214 | ) |  | (3,729 | ) |  | (4,158 | ) |  | (4,203 | ) |  | (4,901 | ) |  | (3,886 | )
Total earnings | $ | 281,081 |  |  | $ | 290,603 |  |  | $ | 434,841 |  |  | $ | 417,223 |  |  | $ | 402,533 |  |  | $ | 388,721 |  |  | $ | 387,981 |
Combined fixed charges and preferred dividends (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (2) | $ | 173,479 |  |  | $ | 181,652 |  |  | $ | 242,359 |  |  | $ | 262,978 |  |  | $ | 280,018 |  |  | $ | 281,041 |  |  | $ | 301,522 |
Capitalized interest | 3,893 |  |  | 1,928 |  |  | 2,671 |  |  | 4,955 |  |  | 3,577 |  |  | 6,807 |  |  | 19,218 |
Preferred dividends (3) | 48,306 |  |  | 47,268 |  |  | 68,197 |  |  | 63,020 |  |  | 53,289 |  |  | 42,555 |  |  | 42,082 |
Total combined fixed charges and preferred dividends | $ | 225,678 |  |  | $ | 230,848 |  |  | $ | 313,227 |  |  | $ | 330,953 |  |  | $ | 336,884 |  |  | $ | 330,403 |  |  | $ | 362,822 |
Ratio of earnings to combined fixed charges and preferred dividends | 1.25 |  |  | 1.26 |  |  | 1.39 |  |  | 1.26 |  |  | 1.19 |  |  | 1.18 |  |  | 1.07 |
(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. |  |  |  |  |  |  |  |