Attached files
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8-K - 8-K - SITE Centers Corp. | d439730d8k.htm |
EX-12.1 - EX-12.1 - SITE Centers Corp. | d439730dex121.htm |
Exhibit 12.2
DDR Corp.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(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 | ||||||||||||||
Write-off of preferred share original issuance costs |
$ | 5,405 | $ | | $ | | $ | | $ | 6,402 | $ | 6,402 | $ | 5,804 | ||||||||||||||
Preferred Dividends |
$ | 45,529 | $ | 42,269 | $ | 42,269 | $ | 42,269 | $ | 31,587 | $ | 24,620 | $ | 21,616 | ||||||||||||||
Preferred Dividends on consolidated subsidiaries |
$ | 9,690 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
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Total fixed charges |
$ | 369,586 | $ | 344,123 | $ | 310,701 | $ | 292,465 | $ | 289,303 | $ | 220,411 | $ | 205,576 | ||||||||||||||
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Capitalized interest during the period |
$ | (28,003 | ) | $ | (41,062 | ) | $ | (21,814 | ) | $ | (12,232 | ) | $ | (12,693 | ) | $ | (9,430 | ) | $ | (9,942 | ) | |||||||
Write-off of preferred share original issuance costs |
$ | (5,405 | ) | $ | | $ | | $ | | $ | (6,402 | ) | $ | (6,402 | ) | $ | (5,804 | ) | ||||||||||
Preferred Dividends |
$ | (45,529 | ) | $ | (42,269 | ) | $ | (42,269 | ) | $ | (42,269 | ) | $ | (31,587 | ) | $ | (24,620 | ) | $ | (21,616 | ) | |||||||
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 combined fixed charges and preferred dividends |
1.36 | (b | ) | (c | ) | (d | ) | (e | ) | (f | ) | (g | ) | |||||||||||||||
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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 $126.7 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 $252.3 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 $157.0 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 $46.1 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) | For the nine months ended September 30, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $31.0 million to achieve a coverage of 1:1 for the nine months ended September 30, 2011. |
The pretax income from continuing operations for the nine months ended September 30, 2011 includes consolidated impairment charges of $50.9 million and impairment charges of joint venture investments of $1.6 million, which together aggregate $52.5 million, that are discussed in our Quarterly Report on Form 10-Q for the nine months ended September 30, 2012.
(g) | 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 $50.9 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.