EX-12.3 9 ex123ratiossept162013.htm EXHIBIT 12.3 Ex 12.3


Exhibit 12.3

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

 
Six Months Ended
June 30,
 
Year Ended December 31,
 
2013
 
2012
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:

 

 

 

 

 

 

Income before discontinued operations, equity
      in earnings and noncontrolling interests
$
53,114

 
$
67,335

 
$
185,578

 
$
154,515

 
$
127,431

 
$
105,581

 
$
75,159

Fixed charges less capitalized interest
117,126

 
121,429

 
244,432

 
267,442

 
285,169

 
286,242

 
301,522

Distributed income of equity investees
7,911

 
7,314

 
17,074

 
9,586

 
4,959

 
12,665

 
15,661

Equity in losses of equity investees for which
      charges arise from guarantees
(27
)
 
—

 
—

 
—

 
(1,646
)
 
—

 
—

Noncontrolling interest in earnings of subsidiaries that
      have not incurred fixed charges
(2,140
)
 
(1,310
)
 
(3,729
)
 
(4,158
)
 
(4,203
)
 
(4,901
)
 
(3,886
)
Total earnings
$
175,984

 
$
194,768

 
$
443,355

 
$
427,385

 
$
411,710

 
$
399,587

 
$
388,456

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (1):

 

 

 

 

 

 

Interest expense (2)
$
117,126

 
$
121,429

 
$
244,432

 
$
267,442

 
$
285,169

 
$
286,242

 
$
301,522

Capitalized interest
1,956

 
1,259

 
2,671

 
4,955

 
3,577

 
6,807

 
19,218

    Total fixed charges
$
119,082

 
$
122,688

 
$
247,103

 
$
272,397

 
$
288,746

 
$
293,049

 
$
320,740

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.48

 
1.59

 
1.79

 
1.57

 
1.43

 
1.36

 
1.21

 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (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.