Exhibit 12.4
CBL & Associates Limited Partnership
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2018 | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before discontinued operations, equity in earnings and noncontrolling interests | $ | (41,624 | ) | $ | 93,727 | $ | 134,110 | $ | 75,935 | $ | 103,756 | $ | 242,675 | $ | 105,006 | |||||||||||||
Fixed charges less capitalized interest | 107,970 | 111,266 | 218,680 | 216,318 | 229,458 | 239,844 | 231,934 | |||||||||||||||||||||
Distributed income of equity investees | 9,663 | 9,641 | 22,376 | 16,633 | 21,092 | 21,866 | 15,995 | |||||||||||||||||||||
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 | (65 | ) | (80 | ) | (448 | ) | (127 | ) | (152 | ) | (273 | ) | (3,069 | ) | ||||||||||||||
Total earnings | $ | 75,944 | $ | 214,554 | $ | 374,718 | $ | 308,759 | $ | 353,957 | $ | 504,049 | $ | 349,822 | ||||||||||||||
Fixed charges (1): | ||||||||||||||||||||||||||||
Interest expense (2) | $ | 107,970 | $ | 111,266 | $ | 218,680 | $ | 216,318 | $ | 229,458 | $ | 239,844 | $ | 231,934 | ||||||||||||||
Capitalized interest | 1,538 | 1,224 | 2,222 | 2,302 | 4,153 | 7,246 | 5,837 | |||||||||||||||||||||
Total fixed charges | $ | 109,508 | $ | 112,490 | $ | 220,902 | $ | 218,620 | $ | 233,611 | $ | 247,090 | $ | 237,771 | ||||||||||||||
Ratio of earnings to fixed charges | — | (3 | ) | 1.91 | 1.70 | 1.41 | 1.52 | 2.04 | 1.47 | |||||||||||||||||||
(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. |
(3) | Earnings were inadequate to cover fixed charges for the six months ended June 30, 2018 by $33,564. |