EX-12.1 3 exhibit-121x9302014.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,
| 2014 |  | 2013 |  | 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 158,801 |  |  | $ | 99,570 |  |  | $ | 105,006 |  |  | $ | 179,140 |  |  | $ | 148,817 |  |  | $ | 123,234 |  |  | $ | 99,916 |
Fixed charges less capitalized interest and preferred dividends | 180,115 |  |  | 173,479 |  |  | 231,934 |  |  | 242,357 |  |  | 262,978 |  |  | 280,018 |  |  | 281,041 |
Distributed income of equity investees | 14,563 |  |  | 11,225 |  |  | 15,995 |  |  | 17,074 |  |  | 9,586 |  |  | 4,959 |  |  | 12,665 |
Equity in losses of equity investees for which charges arise from guarantees | (231 | ) |  | (26 | ) |  | (44 | ) |  | — |  |  | — |  |  | (1,646 | ) |  | — |
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (302 | ) |  | (3,167 | ) |  | (3,069 | ) |  | (3,729 | ) |  | (4,158 | ) |  | (4,203 | ) |  | (4,901 | )
Total earnings | $ | 352,946 |  |  | $ | 281,081 |  |  | $ | 349,822 |  |  | $ | 434,842 |  |  | $ | 417,223 |  |  | $ | 402,362 |  |  | $ | 388,721 |
Combined fixed charges and preferred dividends (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (2) | $ | 180,115 |  |  | $ | 173,479 |  |  | $ | 231,934 |  |  | $ | 242,357 |  |  | $ | 262,978 |  |  | $ | 280,018 |  |  | $ | 281,041 |
Capitalized interest | 4,566 |  |  | 3,893 |  |  | 5,837 |  |  | 2,671 |  |  | 4,955 |  |  | 3,577 |  |  | 6,807 |
Preferred dividends (3) | 33,669 |  |  | 48,306 |  |  | 59,529 |  |  | 68,197 |  |  | 63,020 |  |  | 53,289 |  |  | 42,555 |
Total combined fixed charges and preferred dividends | $ | 218,350 |  |  | $ | 225,678 |  |  | $ | 297,300 |  |  | $ | 313,225 |  |  | $ | 330,953 |  |  | $ | 336,884 |  |  | $ | 330,403 |
Ratio of earnings to combined fixed charges and preferred dividends | 1.62 |  |  | 1.25 |  |  | 1.18 |  |  | 1.39 |  |  | 1.26 |  |  | 1.19 |  |  | 1.18 |
(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.