Exhibit 12.3
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 |
|
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Fixed charges (1): |
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| |
| |
| |
| |
| |
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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 |
|
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(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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