Exhibit 12.3
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Nine Months Ended September 30, | Year Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 99,570 | $ | 99,441 | $ | 179,137 | $ | 148,817 | $ | 123,405 | $ | 99,916 | $ | 74,684 | |||||||||||||
Fixed charges less capitalized interest | 173,479 | 181,652 | 242,359 | 262,978 | 280,018 | 281,041 | 301,522 | ||||||||||||||||||||
Distributed income of equity investees | 11,225 | 11,724 | 17,074 | 9,586 | 4,959 | 12,665 | 15,661 | ||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | (26 | ) | — | — | — | (1,646 | ) | — | — | ||||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (3,167 | ) | (2,214 | ) | (3,729 | ) | (4,158 | ) | (4,203 | ) | (4,901 | ) | (3,886 | ) | |||||||||||||
Total earnings | $ | 281,081 | $ | 290,603 | $ | 434,841 | $ | 417,223 | $ | 402,533 | $ | 388,721 | $ | 387,981 | |||||||||||||
Fixed charges (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 173,479 | $ | 181,652 | $ | 242,359 | $ | 262,978 | $ | 280,018 | $ | 281,041 | $ | 301,522 | |||||||||||||
Capitalized interest | 3,893 | 1,928 | 2,671 | 4,955 | 3,577 | 6,807 | 19,218 | ||||||||||||||||||||
Total fixed charges | $ | 177,372 | $ | 183,580 | $ | 245,030 | $ | 267,933 | $ | 283,595 | $ | 287,848 | $ | 320,740 | |||||||||||||
Ratio of earnings to fixed charges | 1.58 | 1.58 | 1.77 | 1.56 | 1.42 | 1.35 | 1.21 | ||||||||||||||||||||
(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. | |||||||||||||||||||||||||||