Exhibit 12
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
|
| | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2012 | | 2011 | | 2010 | | 2009 | | 2008 |
| Earnings: | | | | | | | | | |
| Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 185,578 |
| | $ | 154,515 |
| | $ | 128,059 |
| | $ | 104,106 |
| | $ | 74,684 |
|
| Fixed charges less capitalized interest and preferred dividends | 244,432 |
| | 267,442 |
| | 285,169 |
| | 286,242 |
| | 301,522 |
|
| Distributed income of equity investees | 17,074 |
| | 9,586 |
| | 4,959 |
| | 12,665 |
| | 15,661 |
|
| Equity in losses of equity investees for which charges arise from guarantees | — |
| | — |
| | (1,646 | ) | | — |
| | — |
|
| Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (3,729 | ) | | (4,158 | ) | | (4,203 | ) | | (4,901 | ) | | (3,886 | ) |
| Total earnings | $ | 443,355 |
| | $ | 427,385 |
| | $ | 412,338 |
| | $ | 398,112 |
| | $ | 387,981 |
|
| | | | | | | | | | |
| | | | | | | | | | |
Combined fixed charges(1): | | | | | | | | | |
Interest expense (2) | $ | 244,432 |
| | $ | 267,442 |
| | $ | 285,169 |
| | $ | 286,242 |
| | $ | 301,522 |
|
| Capitalized interest | 2,671 |
| | 4,955 |
| | 3,577 |
| | 6,807 |
| | 19,218 |
|
Preferred dividends (3) | 68,197 |
| | 63,020 |
| | 53,289 |
| | 42,555 |
| | 42,082 |
|
| Total combined fixed charges | $ | 315,300 |
| | $ | 335,417 |
| | $ | 342,035 |
| | $ | 335,604 |
| | $ | 362,822 |
|
| | | | | | | | | | |
| Ratio of earnings to combined fixed charges and preferred dividends | 1.41 |
| | 1.27 |
|
| 1.21 |
|
| 1.19 |
|
| 1.07 |
|
|
| | | | | | | |
| (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. |
