EX-12.1 2 exhibit121-12x31x2015.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)

| Year Ended December 31,
| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Earnings: |  |  |  |  |  |  |  |  |
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 103,756 |  |  | $ | 242,675 |  |  | $ | 105,006 |  |  | $ | 179,140 |  |  | $ | 148,817 |
Fixed charges less capitalized interest and preferred dividends | 229,458 |  |  | 239,844 |  |  | 231,934 |  |  | 242,357 |  |  | 262,978 |
Distributed income of equity investees | 21,095 |  |  | 21,866 |  |  | 15,995 |  |  | 17,074 |  |  | 9,586 |
Equity in losses of equity investees for which charges arise from guarantees | (197 | ) |  | (63 | ) |  | (44 | ) |  | — |  |  | — |
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (152 | ) |  | (273 | ) |  | (3,069 | ) |  | (3,729 | ) |  | (4,158 | )
Total earnings | $ | 353,960 |  |  | $ | 504,049 |  |  | $ | 349,822 |  |  | $ | 434,842 |  |  | $ | 417,223 |
Combined fixed charges and preferred dividends (1): |  |  |  |  |  |  |  |  |
Interest expense (2) | $ | 229,458 |  |  | $ | 239,844 |  |  | $ | 231,934 |  |  | $ | 242,357 |  |  | $ | 262,978 |
Capitalized interest | 4,153 |  |  | 7,246 |  |  | 5,837 |  |  | 2,671 |  |  | 4,955 |
Preferred dividends (3) | 44,892 |  |  | 44,892 |  |  | 59,529 |  |  | 68,197 |  |  | 63,020 |
Total combined fixed charges and preferred dividends | $ | 278,503 |  |  | $ | 291,982 |  |  | $ | 297,300 |  |  | $ | 313,225 |  |  | $ | 330,953 |
Ratio of earnings to combined fixed charges and preferred dividends | 1.27 |  |  | 1.73 |  |  | 1.18 |  |  | 1.39 |  |  | 1.26 |

(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.