Attached files
| file | filename |
|---|---|
| 8-K - 8-K - SITE Centers Corp. | d439730d8k.htm |
| EX-12.2 - EX-12.2 - SITE Centers Corp. | d439730dex122.htm |
Exhibit 12.1
DDR Corp.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in Thousands)
| Year Ended December 31, | Nine Months Ended September 30, |
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| 2007(a) | 2008(a) | 2009 | 2010 | 2011 | 2011 | 2012 | ||||||||||||||||||||||
| Pretax income (loss) from continuing operations |
$ | 216,386 | $ | (50,053 | ) | $ | (216,300 | ) | $ | (112,122 | ) | $ | 592 | $ | 14,867 | $ | (12,371 | ) | ||||||||||
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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 | $ | 188,340 | $ | 177,107 | ||||||||||||||
| Appropriate portion of rentals representative of the interest factor |
$ | 1,329 | $ | 1,175 | $ | 1,589 | $ | 1,610 | $ | 1,407 | $ | 1,049 | $ | 1,049 | ||||||||||||||
| Preferred Dividends on consolidated subsidiaries |
$ | 9,690 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
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| Total fixed charges |
$ | 318,652 | $ | 301,854 | $ | 268,432 | $ | 250,196 | $ | 251,314 | $ | 189,389 | $ | 178,156 | ||||||||||||||
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| Capitalized interest during the period |
$ | (28,003 | ) | $ | (41,062 | ) | $ | (21,814 | ) | $ | (12,232 | ) | $ | (12,693 | ) | $ | (9,430 | ) | $ | (9,942 | ) | |||||||
| Preferred Dividends on consolidated subsidiaries |
$ | (9,690 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
| Amortization of capitalized interest during the period |
$ | 5,351 | $ | 6,720 | $ | 7,447 | $ | 7,855 | $ | 8,278 | $ | 6,127 | $ | 6,458 | ||||||||||||||
| Equity Company Adjustments |
$ | (43,229 | ) | $ | (17,719 | ) | $ | 9,733 | $ | (5,600 | ) | $ | (13,734 | ) | $ | (15,951 | ) | $ | (16,966 | ) | ||||||||
| Equity Company Adjustments Distributed Income |
$ | 43,229 | $ | 17,719 | $ | 10,889 | $ | 7,334 | $ | 9,424 | $ | 4,430 | $ | 9,391 | ||||||||||||||
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| Earnings before income taxes and fixed charges |
$ | 502,696 | $ | 217,459 | $ | 58,387 | $ | 135,431 | $ | 243,181 | $ | 189,432 | $ | 154,726 | ||||||||||||||
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| Ratio of earnings to fixed charges |
1.58 | (b | ) | (c | ) | (d | ) | (e | ) | 1.00 | (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 $84.4 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 $16.0 million and impairment charges of joint venture investments of $107.0 million, which together aggregate $123.0 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 $210.0 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 $12.2 million, impairment charges of joint venture investments of $184.6 million and losses on equity derivative instruments of $199.8 million, which together aggregate $396.6 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 $114.8 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) | For the year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $8.1 million to achieve a coverage of 1:1 for the year ended December 31, 2011. |
The pretax income from continuing operations for the year ended December 31, 2011 includes consolidated impairment charges of $67.9 million and impairment charges of joint venture investments of $2.9 million, which together aggregate $70.8 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 nine months ended September 30, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $23.4 million to achieve a coverage of 1:1 for the nine months ended September 30, 2012. |
The pretax loss from continuing operations for the nine months ended September 30, 2012 includes consolidated impairment charges of $90.1 million and impairment charges of joint venture investments of $26.7 million, which together aggregate $116.8 million, that are discussed in our Quarterly Report on Form 10-Q for the nine months ended September 30, 2012.