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, | ||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 5,468 | $ | 135,760 | $ | 103,756 | $ | 242,675 | $ | 105,006 | $ | 179,140 | $ | 148,817 | |||||||||||||
Fixed charges less capitalized interest | 162,788 | 174,362 | 229,458 | 239,844 | 231,934 | 242,357 | 262,978 | ||||||||||||||||||||
Distributed income of equity investees | 12,337 | 15,697 | 21,095 | 21,866 | 15,995 | 17,074 | 9,586 | ||||||||||||||||||||
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 | (108 | ) | (196 | ) | (152 | ) | (273 | ) | (3,069 | ) | (3,729 | ) | (4,158 | ) | |||||||||||||
Total earnings | $ | 180,485 | $ | 325,623 | $ | 353,960 | $ | 504,049 | $ | 349,822 | $ | 434,842 | $ | 417,223 | |||||||||||||
Fixed charges (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 162,788 | $ | 174,362 | $ | 229,458 | $ | 239,844 | $ | 231,934 | $ | 242,357 | $ | 262,978 | |||||||||||||
Capitalized interest | 1,553 | 3,085 | 4,153 | 7,246 | 5,837 | 2,671 | 4,955 | ||||||||||||||||||||
Total fixed charges | $ | 164,341 | $ | 177,447 | $ | 233,611 | $ | 247,090 | $ | 237,771 | $ | 245,028 | $ | 267,933 | |||||||||||||
Ratio of earnings to fixed charges | 1.10 | 1.84 | 1.52 | 2.04 | 1.47 | 1.77 | 1.56 | ||||||||||||||||||||
(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. |