CBL & ASSOCIATES PROPERTIES INC - FORM 10-Q - EX-12.2 - EXHIBIT 12.2 - November 8, 2017

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EX-32.4 - EXHIBIT 32.4 - CBL & ASSOCIATES PROPERTIES INCexhibit-324x9302017.htm
EX-32.3 - EXHIBIT 32.3 - CBL & ASSOCIATES PROPERTIES INCexhibit323-9302017.htm
EX-32.2 - EXHIBIT 32.2 - CBL & ASSOCIATES PROPERTIES INCexhibit322-9302017.htm
EX-32.1 - EXHIBIT 32.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-321x9302017.htm
EX-31.4 - EXHIBIT 31.4 - CBL & ASSOCIATES PROPERTIES INCexhibit-314x9302017.htm
EX-31.3 - EXHIBIT 31.3 - CBL & ASSOCIATES PROPERTIES INCexhibit-313x9302017.htm
EX-31.2 - EXHIBIT 31.2 - CBL & ASSOCIATES PROPERTIES INCexhibit-312x9302017.htm
EX-31.1 - EXHIBIT 31.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-311x9302017.htm
EX-12.4 - EXHIBIT 12.4 - CBL & ASSOCIATES PROPERTIES INCexhibit-124x9302017.htm
EX-12.3 - EXHIBIT 12.3 - CBL & ASSOCIATES PROPERTIES INCexhibit-123x9302017.htm
EX-12.1 - EXHIBIT 12.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-121x9302017.htm
EX-10.17 - EXHIBIT 10.17 - CBL & ASSOCIATES PROPERTIES INCexhibit1017-9302017.htm
10-Q - 10-Q - CBL & ASSOCIATES PROPERTIES INCcbl-9302017x10q.htm


Exhibit 12.2

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

 
Nine Months Ended
September 30,
 
Year Ended December 31,
 
2017
 
2016
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before discontinued operations, equity
       in earnings and noncontrolling interests
$
97,256

 
$
5,468

 
$
75,935

 
$
103,756

 
$
242,675

 
$
105,006

 
$
179,140

Fixed charges less capitalized interest
       and preferred dividends
165,239

 
162,788

 
216,318

 
229,458

 
239,844

 
231,934

 
242,357

Distributed income of equity investees
16,362

 
12,366

 
16,633

 
21,092

 
21,866

 
15,995

 
17,074

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
(376
)
 
(108
)
 
(127
)
 
(152
)
 
(273
)
 
(3,069
)
 
(3,729
)
Total earnings
$
278,481

 
$
180,514

 
$
308,759

 
$
353,957

 
$
504,049

 
$
349,822

 
$
434,842

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred dividends (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (2)
$
165,239

 
$
162,788

 
$
216,318

 
$
229,458

 
$
239,844

 
$
231,934

 
$
242,357

Capitalized interest
1,676

 
1,553

 
2,302

 
4,153

 
7,246

 
5,837

 
2,671

Preferred dividends (3)
33,669

 
33,669

 
44,892

 
44,892

 
44,892

 
59,529

 
68,197

   Total combined fixed charges and preferred
       dividends
$
200,584

 
$
198,010

 
$
263,512

 
$
278,503

 
$
291,982

 
$
297,300

 
$
313,225

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends
1.39

 
—

(4) 
1.17

 
1.27

 
1.73

 
1.18

 
1.39

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(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)
Includes preferred distributions to the Operating Partnership's partner in CW Joint Venture, LLC, through September 2013 when the outstanding perpetual preferred joint venture units were redeemed.
(4)
Earnings were inadequate to cover combined fixed charges and preferred dividends for the nine months ended September 30, 2016 by $17,496.




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