Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - CBL & ASSOCIATES PROPERTIES INC | form10q.htm |
| EX-32.1 - EXHIBIT 32.1 - CBL & ASSOCIATES PROPERTIES INC | exhibit321.htm |
| EX-32.2 - EXHIBIT 32.2 - CBL & ASSOCIATES PROPERTIES INC | exhibit322.htm |
| EX-31.1 - EXHIBIT 31.1 - CBL & ASSOCIATES PROPERTIES INC | exhibit311.htm |
| EX-31.2 - EXHIBIT 31.2 - CBL & ASSOCIATES PROPERTIES INC | exhibit312.htm |
| EX-10.5.9 - EXHIBIT 10.5.9 - CBL & ASSOCIATES PROPERTIES INC | exhibit1059.htm |
| EX-10.15.3 - EXHIBIT 10.15.3 - CBL & ASSOCIATES PROPERTIES INC | exhibit10153.htm |
CBL
& Associates Properties, Inc.
Computation
of Ratio of Earnings to Combined Fixed Charges
(in
thousands, except ratios)
|
Six Months Ended
June 30,
|
Year Ended December 31,
|
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|
2010
|
2009
|
2009
|
2008
|
2007
|
2006
|
2005
|
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|
Earnings:
|
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|
Income (loss) before
discontinued operations, equity
in earnings
and noncontrolling interests
|
$ | 26,911 | $ | 39,095 | $ | (13,881 | ) | $ | 68,098 | $ | 144,819 | $ | 179,637 | $ | 267,160 | |||||||||||||
|
Fixed charges less
capitalized interest and
preferred
dividends
|
146,801 | 144,727 | 294,051 | 313,209 | 287,884 | 257,067 | 210,914 | |||||||||||||||||||||
|
Distributed income of equity
investees
|
2,730 | 6,020 | 12,665 | 15,661 | 9,450 | 12,285 | 7,492 | |||||||||||||||||||||
|
Equity in losses of equity
investees for which
charges
arise from guarantees
|
- | - | - | - | - | - | (1,020 | ) | ||||||||||||||||||||
|
Noncontrolling interest in
earnings of subsidiaries that
have not
incurred fixed charges
|
(1,928 | ) | (2,244 | ) | (4,901 | ) | (3,886 | ) | (5,278 | ) | (4,205 | ) | (3,700 | ) | ||||||||||||||
|
Total
earnings
|
$ | 174,514 | $ | 187,598 | $ | 287,934 | $ | 393,082 | $ | 436,875 | $ | 444,784 | $ | 480,846 | ||||||||||||||
|
Combined fixed charges (1):
|
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|
Interest expense
(2)
|
$ | 146,801 | $ | 144,727 | $ | 294,051 | $ | 313,209 | $ | 287,884 | $ | 257,067 | $ | 210,914 | ||||||||||||||
|
Capitalized
interest
|
1,413 | 4,427 | 7,327 | 19,555 | 19,410 | 15,992 | 10,184 | |||||||||||||||||||||
|
Preferred dividends (3)
|
24,603 | 21,252 | 42,555 | 42,082 | 34,038 | 30,568 | 30,568 | |||||||||||||||||||||
|
Total combined fixed
charges
|
$ | 172,817 | $ | 170,406 | $ | 343,933 | $ | 374,846 | $ | 341,332 | $ | 303,627 | $ | 251,666 | ||||||||||||||
|
Ratio of earnings to combined fixed charges(4)
|
1.01 | 1.10 | - | 1.05 | 1.28 | 1.46 | 1.91 | |||||||||||||||||||||
|
(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. |
|
(3)
|
Includes preferred distributions to the Company's partner in CW Joint Venture, LLC. |
|
(4)
|
Total earnings for the year ended December 31, 2009 were inadequate to cover combined fixed charges by $55,999. |