CBL & ASSOCIATES PROPERTIES INC - FORM 10-Q - EX-12.4 - EXHIBIT 12.4 - August 11, 2014

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EXCEL - IDEA: XBRL DOCUMENT - CBL & ASSOCIATES PROPERTIES INCFinancial_Report.xls
EX-32.3 - EXHIBIT 32.3 - CBL & ASSOCIATES PROPERTIES INCexhibit323-6302014.htm
EX-12.1 - EXHIBIT 12.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-121x6302014.htm
EX-12.2 - EXHIBIT 12.2 - CBL & ASSOCIATES PROPERTIES INCexhibit-122x6302014.htm
EX-31.2 - EXHIBIT 31.2 - CBL & ASSOCIATES PROPERTIES INCexhibit-312x6302014.htm
EX-31.1 - EXHIBIT 31.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-311x6302014.htm
EX-32.1 - EXHIBIT 32.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-321x6302014.htm
EX-31.4 - EXHIBIT 31.4 - CBL & ASSOCIATES PROPERTIES INCexhibit-314x6302014.htm
EX-32.2 - EXHIBIT 32.2 - CBL & ASSOCIATES PROPERTIES INCexhibit322-6x30x2014.htm
EX-12.3 - EXHIBIT 12.3 - CBL & ASSOCIATES PROPERTIES INCexhibit-123x6302014.htm
EX-32.4 - EXHIBIT 32.4 - CBL & ASSOCIATES PROPERTIES INCexhibit-324x6302014.htm
10-Q - 10-Q - CBL & ASSOCIATES PROPERTIES INCcbl-6302014x10q.htm
EX-31.3 - EXHIBIT 31.3 - CBL & ASSOCIATES PROPERTIES INCexhibit-313x6302014.htm


Exhibit 12.4

CBL & Associates Limited Partnership
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)

 
Six Months Ended
June 30, 2014
 
Year Ended December 31,
 
2014
 
2013
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before discontinued operations, equity
      in earnings and noncontrolling interests
$
102,450

 
$
49,336

 
$
105,006

 
$
179,140

 
$
148,817

 
$
123,276

 
$
101,391

Fixed charges less capitalized interest
120,145

 
117,126

 
231,934

 
242,357

 
262,978

 
280,018

 
281,041

Distributed income of equity investees
8,965

 
7,911

 
15,995

 
17,074

 
9,586

 
4,959

 
12,665

Equity in losses of equity investees for which
      charges arise from guarantees
(412
)
 
(27
)
 
(44
)
 
—

 
—

 
(1,646
)
 
—

Noncontrolling interest in earnings of subsidiaries that
      have not incurred fixed charges
(1,844
)
 
(2,140
)
 
(3,069
)
 
(3,729
)
 
(4,158
)
 
(4,203
)
 
(4,901
)
Total earnings
$
229,304

 
$
172,206

 
$
349,822

 
$
434,842

 
$
417,223

 
$
402,404

 
$
390,196

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (2)
$
120,145

 
$
117,126

 
$
231,934

 
$
242,357

 
$
262,978

 
$
280,018

 
$
281,041

Capitalized interest
2,836

 
1,956

 
5,837

 
2,671

 
4,955

 
3,577

 
6,807

    Total fixed charges
$
122,981

 
$
119,082

 
$
237,771

 
$
245,028

 
$
267,933

 
$
283,595

 
$
287,848

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.86

 
1.45

 
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.
 
 
 
 
 



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