EX-12.3 7 exhibit12312-31x2013.htm EXHIBIT 12.3
Exhibit 12.3
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)

| Year Ended December 31,
| 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Earnings: |  |  |  |  |  |  |  |  |
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 105,006 |  |  | $ | 179,140 |  |  | $ | 148,817 |  |  | $ | 123,234 |  |  | $ | 99,916 |
Fixed charges less capitalized interest | 231,934 |  |  | 242,357 |  |  | 262,978 |  |  | 280,018 |  |  | 281,041 |
Distributed income of equity investees | 15,995 |  |  | 17,074 |  |  | 9,586 |  |  | 4,959 |  |  | 12,665 |
Equity in losses of equity investees for which charges arise from guarantees | (44 | ) |  | — |  |  | — |  |  | (1,646 | ) |  | — |
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (3,069 | ) |  | (3,729 | ) |  | (4,158 | ) |  | (4,203 | ) |  | (4,901 | )
Total earnings | $ | 349,822 |  |  | $ | 434,842 |  |  | $ | 417,223 |  |  | $ | 402,362 |  |  | $ | 388,721 |
Fixed charges (1): |  |  |  |  |  |  |  |  |
Interest expense (2) | $ | 231,934 |  |  | $ | 242,357 |  |  | $ | 262,978 |  |  | $ | 280,018 |  |  | $ | 281,041 |
Capitalized interest | 5,837 |  |  | 2,671 |  |  | 4,955 |  |  | 3,577 |  |  | 6,807 |
Total fixed charges | $ | 237,771 |  |  | $ | 245,028 |  |  | $ | 267,933 |  |  | $ | 283,595 |  |  | $ | 287,848 |
Ratio of earnings to fixed charges | 1.47 |  |  | 1.77 |  |  | 1.56 |  |  | 1.42 |  |  | 1.35 |

(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.

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