EX-12.1 7 exhibit-121x9302015.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,
| 2015 |  | 2014 |  | 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 135,760 |  |  | $ | 158,801 |  |  | $ | 242,675 |  |  | $ | 105,006 |  |  | $ | 179,140 |  |  | $ | 148,817 |  |  | $ | 123,234 |
Fixed charges less capitalized interest and preferred dividends | 174,362 |  |  | 180,115 |  |  | 239,844 |  |  | 231,934 |  |  | 242,357 |  |  | 262,978 |  |  | 280,018 |
Distributed income of equity investees | 15,697 |  |  | 14,563 |  |  | 21,866 |  |  | 15,995 |  |  | 17,074 |  |  | 9,586 |  |  | 4,959 |
Equity in losses of equity investees for which charges arise from guarantees | — |  |  | (231 | ) |  | (63 | ) |  | (44 | ) |  | — |  |  | — |  |  | (1,646 | )
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (196 | ) |  | (302 | ) |  | (273 | ) |  | (3,069 | ) |  | (3,729 | ) |  | (4,158 | ) |  | (4,203 | )
Total earnings | $ | 325,623 |  |  | $ | 352,946 |  |  | $ | 504,049 |  |  | $ | 349,822 |  |  | $ | 434,842 |  |  | $ | 417,223 |  |  | $ | 402,362 |
Combined fixed charges and preferred dividends (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (2) | $ | 174,362 |  |  | $ | 180,115 |  |  | $ | 239,844 |  |  | $ | 231,934 |  |  | $ | 242,357 |  |  | $ | 262,978 |  |  | $ | 280,018 |
Capitalized interest | 3,085 |  |  | 4,566 |  |  | 7,246 |  |  | 5,837 |  |  | 2,671 |  |  | 4,955 |  |  | 3,577 |
Preferred dividends (3) | 33,669 |  |  | 33,669 |  |  | 44,892 |  |  | 59,529 |  |  | 68,197 |  |  | 63,020 |  |  | 53,289 |
Total combined fixed charges and preferred dividends | $ | 211,116 |  |  | $ | 218,350 |  |  | $ | 291,982 |  |  | $ | 297,300 |  |  | $ | 313,225 |  |  | $ | 330,953 |  |  | $ | 336,884 |
Ratio of earnings to combined fixed charges and preferred dividends | 1.54 |  |  | 1.62 |  |  | 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.