Attached files
| file | filename |
|---|---|
| EX-32.4 - EXHIBIT 32.4 - CBL & ASSOCIATES PROPERTIES INC | exhibit-324x3312018.htm |
| EX-32.3 - EXHIBIT 32.3 - CBL & ASSOCIATES PROPERTIES INC | exhibit323-3312018.htm |
| EX-32.2 - EXHIBIT 32.2 - CBL & ASSOCIATES PROPERTIES INC | exhibit322-3312018.htm |
| EX-32.1 - EXHIBIT 32.1 - CBL & ASSOCIATES PROPERTIES INC | exhibit-321x3312018.htm |
| EX-31.4 - EXHIBIT 31.4 - CBL & ASSOCIATES PROPERTIES INC | exhibit-314x3312018.htm |
| EX-31.3 - EXHIBIT 31.3 - CBL & ASSOCIATES PROPERTIES INC | exhibit-313x3312018.htm |
| EX-31.2 - EXHIBIT 31.2 - CBL & ASSOCIATES PROPERTIES INC | exhibit-312x3312018.htm |
| EX-31.1 - EXHIBIT 31.1 - CBL & ASSOCIATES PROPERTIES INC | exhibit-311x3312018.htm |
| EX-12.4 - EXHIBIT 12.4 - CBL & ASSOCIATES PROPERTIES INC | exhibit-124x3312018.htm |
| EX-12.3 - EXHIBIT 12.3 - CBL & ASSOCIATES PROPERTIES INC | exhibit-123x3312018.htm |
| EX-12.2 - EXHIBIT 12.2 - CBL & ASSOCIATES PROPERTIES INC | exhibit-122x3312018.htm |
| 10-Q - 10-Q - CBL & ASSOCIATES PROPERTIES INC | cbl-3312018x10q.htm |
Exhibit 12.1
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||
2018 | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income (loss) before discontinued operations, equity in earnings and noncontrolling interests | $ | (5,045 | ) | $ | 32,345 | $ | 134,110 | $ | 75,935 | $ | 103,756 | $ | 242,675 | $ | 105,006 | ||||||||||||
Fixed charges less capitalized interest and preferred dividends | 53,767 | 56,201 | 218,680 | 216,318 | 229,458 | 239,844 | 231,934 | ||||||||||||||||||||
Distributed income of equity investees | 4,011 | 3,995 | 22,373 | 16,603 | 21,095 | 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 | (48 | ) | (39 | ) | (448 | ) | (127 | ) | (152 | ) | (273 | ) | (3,069 | ) | |||||||||||||
Total earnings | $ | 52,685 | $ | 92,502 | $ | 374,715 | $ | 308,729 | $ | 353,960 | $ | 504,049 | $ | 349,822 | |||||||||||||
Combined fixed charges and preferred dividends (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 53,767 | $ | 56,201 | $ | 218,680 | $ | 216,318 | $ | 229,458 | $ | 239,844 | $ | 231,934 | |||||||||||||
Capitalized interest | 633 | 839 | 2,222 | 2,302 | 4,153 | 7,246 | 5,837 | ||||||||||||||||||||
Preferred dividends (3) | 11,223 | 11,223 | 44,892 | 44,892 | 44,892 | 44,892 | 59,529 | ||||||||||||||||||||
Total combined fixed charges and preferred dividends | $ | 65,623 | $ | 68,263 | $ | 265,794 | $ | 263,512 | $ | 278,503 | $ | 291,982 | $ | 297,300 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends | — | (4) | 1.36 | 1.41 | 1.17 | 1.27 | 1.73 | 1.18 | |||||||||||||||||||
(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, 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 three months ended March 31, 2018 by $12,938. |