CBL & Associates Properties (CBL) 10-Q 2014 Q3 Quarterly report

Exhibit 12.4

CBL & Associates Limited Partnership

Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Nine Months Ended September 30,						Year Ended December 31,
	2014			2013			2013			2012			2011			2010			2009
Earnings:
Income before discontinued operations, equity       in earnings and noncontrolling interests	$	158,801		$	99,570		$	105,006		$	179,140		$	148,817		$	123,276		$	101,391
Fixed charges less capitalized interest	180,115			173,479			231,934			242,357			262,978			280,018			281,041
Distributed income of equity investees	14,559			11,225			15,995			17,074			9,586			4,959			12,665
Equity in losses of equity investees for which       charges arise from guarantees	(231		)	(26		)	(44		)	—			—			(1,646		)	—
Noncontrolling interest in earnings of subsidiaries that       have not incurred fixed charges	(302		)	(3,167		)	(3,069		)	(3,729		)	(4,158		)	(4,203		)	(4,901		)
Total earnings	$	352,942		$	281,081		$	349,822		$	434,842		$	417,223		$	402,404		$	390,196
Fixed charges (1):
Interest expense (2)	$	180,115		$	173,479		$	231,934		$	242,357		$	262,978		$	280,018		$	281,041
Capitalized interest	4,566			3,893			5,837			2,671			4,955			3,577			6,807
Total fixed charges	$	184,681		$	177,372		$	237,771		$	245,028		$	267,933		$	283,595		$	287,848
Ratio of earnings to fixed charges	1.91			1.58			1.47			1.77			1.56			1.42			1.36
(1) The interest portion of rental expense is not calculated because the rental expense of the Operating Partnership is not significant.
(2) Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts.