Attached files
| file | filename |
|---|---|
| 8-K - 8-K - SITE Centers Corp. | d367270d8k.htm |
| EX-12.1 - EX-12.1 - SITE Centers Corp. | d367270dex121.htm |
Exhibit 12.2
DDR Corp.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Amounts in Thousands)
| Three Months Ended | ||||||||||||||||||||||||||||
| Year Ended December 31, | March 31, | |||||||||||||||||||||||||||
| 2007(a) | 2008 (a) | 2009 | 2010 | 2011 | 2011 | 2012 | ||||||||||||||||||||||
| Pretax income (loss) from continuing operations |
$ | 215,618 | $ | (55,600 | ) | $ | (222,597 | ) | $ | (114,780 | ) | $ | (34,459 | ) | $ | 36,790 | $ | (11,122 | ) | |||||||||
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| Fixed charges: |
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| Interest expense including amortization of deferred costs and capitalized interest |
$ | 307,633 | $ | 300,679 | $ | 266,843 | $ | 248,586 | $ | 249,907 | $ | 63,358 | $ | 60,000 | ||||||||||||||
| Appropriate portion of rentals representative of the interest factor |
$ | 1,329 | $ | 1,175 | $ | 1,589 | $ | 1,610 | $ | 1,407 | $ | 343 | $ | 341 | ||||||||||||||
| Write-off of preferred share original issuance costs |
$ | 5,405 | $ | — | $ | — | $ | — | $ | 6,402 | $ | — | $ | — | ||||||||||||||
| Preferred Dividends |
$ | 45,529 | $ | 42,269 | $ | 42,269 | $ | 42,269 | $ | 31,587 | $ | 10,567 | $ | 6,967 | ||||||||||||||
| Preferred Dividends on consolidated subsidiaries |
$ | 9,690 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
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| Total fixed charges |
$ | 369,586 | $ | 344,123 | $ | 310,701 | $ | 292,465 | $ | 289,303 | $ | 74,268 | $ | 67,308 | ||||||||||||||
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| Capitalized interest during the period |
$ | (28,003 | ) | $ | (41,062 | ) | $ | (21,814 | ) | $ | (12,232 | ) | $ | (12,693 | ) | $ | (3,024 | ) | $ | (3,114 | ) | |||||||
| Write-off of preferred share original issuance costs |
$ | (5,405 | ) | $ | — | $ | — | $ | — | $ | (6,402 | ) | $ | — | $ | — | ||||||||||||
| Preferred Dividends |
$ | (45,529 | ) | $ | (42,269 | ) | $ | (42,269 | ) | $ | (42,269 | ) | $ | (31,587 | ) | $ | (10,567 | ) | $ | (6,967 | ) | |||||||
| Preferred Dividends on consolidated subsidiaries |
$ | (9,690 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
| Amortization of capitalized interest during the period |
$ | 5,351 | $ | 6,720 | $ | 7,447 | $ | 7,855 | $ | 8,278 | $ | 1,989 | $ | 2,095 | ||||||||||||||
| Equity Company Adjustments |
$ | (43,229 | ) | $ | (17,719 | ) | $ | 9,733 | $ | (5,600 | ) | $ | (13,734 | ) | $ | (1,974 | ) | $ | (8,248 | ) | ||||||||
| Equity Company Adjustments Distributed Income |
$ | 43,229 | $ | 17,719 | $ | 10,889 | $ | 7,334 | $ | 9,424 | $ | 803 | $ | 1,658 | ||||||||||||||
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| Earnings before income taxes and fixed charges |
$ | 501,928 | $ | 211,912 | $ | 52,090 | $ | 132,773 | $ | 208,130 | $ | 98,285 | $ | 41,610 | ||||||||||||||
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| Ratio of earnings to combined fixed charges and preferred dividends |
1.36 | (b | ) | (c | ) | (d | ) | (e | ) | 1.32 | (f | ) | ||||||||||||||||
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| (a) | These periods have been adjusted to reflect the retrospective application of ASC 470-02, previously referred to as FSP APB 14-1, for interest expense related to our convertible debt. |
| (b) | Due to the pretax loss from continuing operations for the year ended December 31, 2008, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $132.2 million to achieve a coverage of 1:1 for the year ended December 31, 2008. |
The pretax loss from continuing operations for the year ended December 31, 2008, includes consolidated impairment charges of $17.7 million and impairment charges of joint venture investments of $107.0 million, which together aggregate $124.7 million.
| (c) | Due to the pretax loss from continuing operations for the year ended December 31, 2009, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $258.6 million to achieve a coverage of 1:1 for the year ended December 31, 2009. |
The pretax loss from continuing operations for the year ended December 31, 2009 includes consolidated impairment charges of $12.7 million, impairment charges of joint venture investments of $184.6 million and losses on equity derivative instruments of $199.8 million, which together aggregate $397.1 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2011, as amended.
| (d) | Due to the pretax loss from continuing operations for the year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $159.7 million to achieve a coverage of 1:1 for the year ended December 31, 2010. |
The pretax loss from continuing operations for the year ended December 31, 2010 includes consolidated impairment charges of $84.9 million and losses on equity derivative instruments of $40.2 million, which together aggregate $125.1 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2011, as amended.
| (e) | Due to the pretax loss from continuing operations for the year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $81.2 million to achieve a coverage of 1:1 for the year ended December 31, 2011. |
The pretax loss from continuing operations for the year ended December 31, 2011 includes consolidated impairment charges of $101.8 million and impairment charges of joint venture investments of $2.9 million, which together aggregate $104.7 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2011, as amended.
| (f) | Due to the pretax loss from continuing operations for the three months ended March 31, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $25.7 million to achieve a coverage of 1:1 for the three months ended March 31, 2012. |
The pretax loss from continuing operations for the three months ended March 31, 2012 includes consolidated impairment charges of $13.5 million and impairment charges of joint venture investments of $0.6 million, which together aggregate $14.1 million, that are discussed in our Quarterly Report on Form 10-Q for the three months ended March 31, 2012.