Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - TAUBMAN CENTERS INC | k48898e10vk.htm |
| EX-21 - EX-21 - TAUBMAN CENTERS INC | k48898exv21.htm |
| EX-23 - EX-23 - TAUBMAN CENTERS INC | k48898exv23.htm |
| EX-32.A - EX-32.A - TAUBMAN CENTERS INC | k48898exv32wa.htm |
| EX-99.B - EX-99.B - TAUBMAN CENTERS INC | k48898exv99wb.htm |
| EX-10.V - EX-10.V - TAUBMAN CENTERS INC | k48898exv10wv.htm |
| EX-31.B - EX-31.B - TAUBMAN CENTERS INC | k48898exv31wb.htm |
| EX-32.B - EX-32.B - TAUBMAN CENTERS INC | k48898exv32wb.htm |
| EX-10.S - EX-10.S - TAUBMAN CENTERS INC | k48898exv10ws.htm |
| EX-99.A - EX-99.A - TAUBMAN CENTERS INC | k48898exv99wa.htm |
| EX-10.AY - EX-10.AY - TAUBMAN CENTERS INC | k48898exv10way.htm |
| EX-10.AW - EX-10.AW - TAUBMAN CENTERS INC | k48898exv10waw.htm |
| EX-10.AX - EX-10.AX - TAUBMAN CENTERS INC | k48898exv10wax.htm |
| EX-31.A - EX-31.A - TAUBMAN CENTERS INC | k48898exv31wa.htm |
Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
(in thousands, except ratios)
| Year Ended December 31 | ||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Earnings before income from equity investees (1) |
$ | (88,992 | ) | $ | (42,291 | ) | $ | 75,738 | $ | 61,596 | $ | 14,982 | ||||||||
Add back: |
||||||||||||||||||||
Fixed charges |
154,952 | 163,667 | 154,332 | 146,103 | 137,837 | |||||||||||||||
Amortization of previously capitalized interest |
4,558 | 4,575 | 4,391 | 4,329 | 3,843 | |||||||||||||||
Distributed income of Unconsolidated Joint
Ventures (2) |
11,488 | 35,356 | 40,498 | 33,544 | 95,249 | |||||||||||||||
Deduct: |
||||||||||||||||||||
Capitalized interest |
(1,257 | ) | (7,972 | ) | (14,613 | ) | (9,803 | ) | (9,940 | ) | ||||||||||
Preferred distributions |
(2,460 | ) | (2,460 | ) | (2,460 | ) | (2,460 | ) | (2,460 | ) | ||||||||||
Earnings available for fixed charges and
preferred dividends |
$ | 78,289 | $ | 150,875 | $ | 257,886 | $ | 233,309 | $ | 239,511 | ||||||||||
Fixed Charges |
||||||||||||||||||||
Interest expense (3) |
$ | 145,670 | $ | 147,397 | $ | 131,700 | $ | 128,643 | $ | 121,612 | ||||||||||
Capitalized interest |
1,257 | 7,972 | 14,613 | 9,803 | 9,940 | |||||||||||||||
Interest portion of rent expense |
5,565 | 5,838 | 5,559 | 5,197 | 3,825 | |||||||||||||||
Preferred distributions |
2,460 | 2,460 | 2,460 | 2,460 | 2,460 | |||||||||||||||
Total Fixed Charges |
$ | 154,952 | $ | 163,667 | $ | 154,332 | $ | 146,103 | $ | 137,837 | ||||||||||
Preferred dividends (4) |
14,634 | 14,634 | 14,634 | 23,723 | 27,622 | |||||||||||||||
Total fixed charges and preferred dividends |
$ | 169,586 | $ | 178,301 | $ | 168,966 | $ | 169,826 | $ | 165,459 | ||||||||||
Ratio of earnings to fixed charges and
preferred dividends |
0.5 | (5) | 0.8 | (5) | 1.5 | 1.4 | 1.4 | |||||||||||||
| (1) | Earnings before income from equity investees for the year ended December 31, 2009 includes $166.7 million in impairment charges related to The Pier Shops and Regency Square and a $2.5 million restructuing charge, which primarily represents the costs of terminations of personnel. Earnings before income from equity investees for the year ended December 31, 2008 includes a $117.9 million impairment charge related to our Oyster Bay project. | |
| (2) | Distributed income of Unconsolidated Joint Ventures for the year ended December 31, 2009 includes $30.4 million in litigation charges related to Westfarms. Distributed income of Unconsolidated Joint Ventures for the year ended December 31, 2008 includes an $8.3 million impairment charge related to our investment in University Town Center. In December 2005, a 50% owned unconsolidated joint venture sold its interest in Woodland. The Company’s $52.8 million equity in the gain on the sale is separately presented on the face of the income statement. | |
| (3) | Interest expense for the year ended December 31, 2006 includes charges of $3.1 million in connection with the write-off of financing costs. Interest expense for the year ended December 31, 2005 includes a $12.7 million charge incurred in connection with a prepayment premium and the write-off of financing costs. | |
| (4) | Preferred dividends for the years ended December 31, 2006 and 2005 include $4.7 million and $3.1 million, respectively, of charges recognized in connection with the redemption of Preferred Stock. | |
| (5) | Earnings available for fixed charges and preferred dividends were less than total fixed charges and preferred dividends by $91.3 million and $27.4 million for 2009 and 2008, respectively. See Notes 1 and 2. |