EX-12 2 ex12.htm EXHIBIT 12 RATIOS
Exhibit 12
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)

| Year Ended December 31,
| 2012 |  | 2011 |  | 2010 |  | 2009 |  | 2008
Earnings: |  |  |  |  |  |  |  |  |
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 185,578 |  |  | $ | 154,515 |  |  | $ | 128,059 |  |  | $ | 104,106 |  |  | $ | 74,684 |
Fixed charges less capitalized interest and preferred dividends | 244,432 |  |  | 267,442 |  |  | 285,169 |  |  | 286,242 |  |  | 301,522 |
Distributed income of equity investees | 17,074 |  |  | 9,586 |  |  | 4,959 |  |  | 12,665 |  |  | 15,661 |
Equity in losses of equity investees for which charges arise from guarantees | — |  |  | — |  |  | (1,646 | ) |  | — |  |  | — |
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (3,729 | ) |  | (4,158 | ) |  | (4,203 | ) |  | (4,901 | ) |  | (3,886 | )
Total earnings | $ | 443,355 |  |  | $ | 427,385 |  |  | $ | 412,338 |  |  | $ | 398,112 |  |  | $ | 387,981 |
Combined fixed charges(1): |  |  |  |  |  |  |  |  |
Interest expense (2) | $ | 244,432 |  |  | $ | 267,442 |  |  | $ | 285,169 |  |  | $ | 286,242 |  |  | $ | 301,522 |
Capitalized interest | 2,671 |  |  | 4,955 |  |  | 3,577 |  |  | 6,807 |  |  | 19,218 |
Preferred dividends (3) | 68,197 |  |  | 63,020 |  |  | 53,289 |  |  | 42,555 |  |  | 42,082 |
Total combined fixed charges | $ | 315,300 |  |  | $ | 335,417 |  |  | $ | 342,035 |  |  | $ | 335,604 |  |  | $ | 362,822 |
Ratio of earnings to combined fixed charges and preferred dividends | 1.41 |  |  | 1.27 |  |  | 1.21 |  |  | 1.19 |  |  | 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.

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