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10-Q - 10-Q - SEPTEMBER 30, 2015 - CBL & ASSOCIATES PROPERTIES INCcbl-9302015x10q.htm
EX-10.13.5 - EXHIBIT 10.13.5 - CBL & ASSOCIATES PROPERTIES INCexhibit10135.htm
EX-10.23 - EXHIBIT 10.23 - CBL & ASSOCIATES PROPERTIES INCexhibit1023.htm
EX-10.22 - EXHIBIT 10.22 - CBL & ASSOCIATES PROPERTIES INCexhibit1022.htm
EX-32.2 - EXHIBIT 32.2 - CBL & ASSOCIATES PROPERTIES INCexhibit322-9302015.htm
EX-32.3 - EXHIBIT 32.3 - CBL & ASSOCIATES PROPERTIES INCexhibit323-9302015.htm
EX-10.18.2 - EXHIBIT 10.18.2 - CBL & ASSOCIATES PROPERTIES INCexhibit10182.htm
EX-12.2 - EXHIBIT 12.2 - CBL & ASSOCIATES PROPERTIES INCexhibit-122x9302015.htm
EX-31.3 - EXHIBIT 31.3 - CBL & ASSOCIATES PROPERTIES INCexhibit-313x9302015.htm
EX-32.1 - EXHIBIT 32.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-321x9302015.htm
EX-31.2 - EXHIBIT 31.2 - CBL & ASSOCIATES PROPERTIES INCexhibit-312x9302015.htm
EX-12.3 - EXHIBIT 12.3 - CBL & ASSOCIATES PROPERTIES INCexhibit-123x9302015.htm
EX-31.1 - EXHIBIT 31.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-311x9302015.htm
EX-12.1 - EXHIBIT 12.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-121x9302015.htm
EX-32.4 - EXHIBIT 32.4 - CBL & ASSOCIATES PROPERTIES INCexhibit-324x9302015.htm
EX-31.4 - EXHIBIT 31.4 - CBL & ASSOCIATES PROPERTIES INCexhibit-314x9302015.htm
EX-10.24 - EXHIBIT 10.24 - CBL & ASSOCIATES PROPERTIES INCexhibit1024.htm


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,
 
2015
 
2014
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before discontinued operations, equity
      in earnings and noncontrolling interests
$
135,760

 
$
158,801

 
$
242,675

 
$
105,006

 
$
179,140

 
$
148,817

 
$
123,276

Fixed charges less capitalized interest
174,362

 
180,115

 
239,844

 
231,934

 
242,357

 
262,978

 
280,018

Distributed income of equity investees
15,697

 
14,559

 
21,866

 
15,995

 
17,074

 
9,586

 
4,959

Equity in losses of equity investees for which
      charges arise from guarantees

 
(231
)
 
(63
)
 
(44
)
 

 

 
(1,646
)
Noncontrolling interest in earnings of subsidiaries that
      have not incurred fixed charges
(196
)
 
(302
)
 
(273
)
 
(3,069
)
 
(3,729
)
 
(4,158
)
 
(4,203
)
Total earnings
$
325,623

 
$
352,942

 
$
504,049

 
$
349,822

 
$
434,842

 
$
417,223

 
$
402,404

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (2)
$
174,362

 
$
180,115

 
$
239,844

 
$
231,934

 
$
242,357

 
$
262,978

 
$
280,018

Capitalized interest
3,085

 
4,566

 
7,246

 
5,837

 
2,671

 
4,955

 
3,577

    Total fixed charges
$
177,447

 
$
184,681

 
$
247,090

 
$
237,771

 
$
245,028

 
$
267,933

 
$
283,595

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.84

 
1.91

 
2.04

 
1.47

 
1.77

 
1.56

 
1.42

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(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.