EX-12.3 4 exhibit123-12x31x2017.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,
| 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |  |  |  |
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 134,110 |  |  | $ | 75,935 |  |  | $ | 103,756 |  |  | $ | 242,675 |  |  | $ | 105,006 |
Fixed charges less capitalized interest | 218,680 |  |  | 216,318 |  |  | 229,458 |  |  | 239,844 |  |  | 231,934 |
Distributed income of equity investees | 22,373 |  |  | 16,603 |  |  | 21,095 |  |  | 21,866 |  |  | 15,995 |
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 | (448 | ) |  | (127 | ) |  | (152 | ) |  | (273 | ) |  | (3,069 | )
Total earnings | $ | 374,715 |  |  | $ | 308,729 |  |  | $ | 353,960 |  |  | $ | 504,049 |  |  | $ | 349,822 |
Fixed charges (1): |  |  |  |  |  |  |  |  |
Interest expense (2) | $ | 218,680 |  |  | $ | 216,318 |  |  | $ | 229,458 |  |  | $ | 239,844 |  |  | $ | 231,934 |
Capitalized interest | 2,222 |  |  | 2,302 |  |  | 4,153 |  |  | 7,246 |  |  | 5,837 |
Total fixed charges | $ | 220,902 |  |  | $ | 218,620 |  |  | $ | 233,611 |  |  | $ | 247,090 |  |  | $ | 237,771 |
Ratio of earnings to fixed charges | 1.70 |  |  | 1.41 |  |  | 1.52 |  |  | 2.04 |  |  | 1.47 |

(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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