EX-12.1 3 exhibit-121x3312015.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)

| Three Months Ended March 31, |  | Year Ended December 31,
| 2015 |  | 2014 |  | 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 48,466 |  |  | $ | 61,005 |  |  | $ | 242,675 |  |  | $ | 105,006 |  |  | $ | 179,140 |  |  | $ | 148,817 |  |  | $ | 123,234 |
Fixed charges less capitalized interest and preferred dividends | 59,157 |  |  | 60,572 |  |  | 239,844 |  |  | 231,934 |  |  | 242,357 |  |  | 262,978 |  |  | 280,018 |
Distributed income of equity investees | 4,538 |  |  | 3,035 |  |  | 21,866 |  |  | 15,995 |  |  | 17,074 |  |  | 9,586 |  |  | 4,959 |
Equity in losses of equity investees for which charges arise from guarantees | — |  |  | (173 | ) |  | (63 | ) |  | (44 | ) |  | — |  |  | — |  |  | (1,646 | )
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (65 | ) |  | (796 | ) |  | (273 | ) |  | (3,069 | ) |  | (3,729 | ) |  | (4,158 | ) |  | (4,203 | )
Total earnings | $ | 112,096 |  |  | $ | 123,643 |  |  | $ | 504,049 |  |  | $ | 349,822 |  |  | $ | 434,842 |  |  | $ | 417,223 |  |  | $ | 402,362 |
Combined fixed charges and preferred dividends (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (2) | $ | 59,157 |  |  | $ | 60,506 |  |  | $ | 239,844 |  |  | $ | 231,934 |  |  | $ | 242,357 |  |  | $ | 262,978 |  |  | $ | 280,018 |
Capitalized interest | 1,198 |  |  | 1,387 |  |  | 7,246 |  |  | 5,837 |  |  | 2,671 |  |  | 4,955 |  |  | 3,577 |
Preferred dividends (3) | 11,223 |  |  | 11,223 |  |  | 44,892 |  |  | 59,529 |  |  | 68,197 |  |  | 63,020 |  |  | 53,289 |
Total combined fixed charges and preferred dividends | $ | 71,578 |  |  | $ | 73,116 |  |  | $ | 291,982 |  |  | $ | 297,300 |  |  | $ | 313,225 |  |  | $ | 330,953 |  |  | $ | 336,884 |
Ratio of earnings to combined fixed charges and preferred dividends | 1.57 |  |  | 1.69 |  |  | 1.73 |  |  | 1.18 |  |  | 1.39 |  |  | 1.26 |  |  | 1.19 |

(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.