EX-12.4 5 exhibit124-12x31x2017.htm EXHIBIT 12.4 Exhibit


Exhibit 12.4

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


 
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
    Income before discontinued operations, equity in earnings and noncontrolling interests
$
134,110

 
$
75,935

 
$
103,756

 
$
242,675

 
$
105,006

    Fixed charges less capitalized interest
218,680

 
216,318

 
229,458

 
239,844

 
231,934

    Distributed income of equity investees
22,376

 
16,633

 
21,092

 
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
(448
)
 
(127
)
 
(152
)
 
(273
)
 
(3,069
)
    Total earnings
$
374,718

 
$
308,759

 
$
353,957

 
$
504,049

 
$
349,822

 
 
 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
 
 
    Interest expense (2)
$
218,680

 
$
216,318

 
$
229,458

 
$
239,844

 
$
231,934

    Capitalized interest
2,222

 
2,302

 
4,153

 
7,246

 
5,837

    Total fixed charges
$
220,902

 
$
218,620

 
$
233,611

 
$
247,090

 
$
237,771

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.70

 
1.41

 
1.52

 
2.04

 
1.47

(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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