SIMON PROPERTY GROUP L P /DE/ - FORM 8-K - EX-12.1 - January 13, 2014

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Exhibit 12.1

 

Simon Property Group, L.P. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

 

(in thousands)

 

 

 

For the nine months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

For the year ended December 31,

 

 

 

2013

 

2012

 

2012

 

2011

 

2010

 

2009

 

2008

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations

 

$

1,132,230

 

$

1,359,008

 

$

1,735,512

 

$

1,257,495

 

$

757,845

 

$

386,818

 

$

608,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from unconsolidated entities

 

143,202

 

114,508

 

151,398

 

112,977

 

109,050

 

105,318

 

118,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of capitalized interest

 

3,815

 

3,436

 

4,535

 

3,961

 

3,085

 

3,897

 

4,494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

875,098

 

863,357

 

1,162,628

 

1,003,093

 

1,395,163

 

1,015,437

 

1,004,100

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from unconsolidated entities

 

(158,663

)

(96,613

)

(122,662

)

(255,058

)

(88,057

)

(32,617

)

(32,246

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority interest in pre-tax (income) loss of subsidiaries that have not incurred fixed charges

 

(811

)

(1,271

)

(1,286

)

(1,249

)

(1,066

)

3,993

 

(1,636

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalization

 

(13,905

)

(17,633

)

(21,145

)

(5,815

)

(3,715

)

(14,502

)

(27,847

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

$

1,980,966

 

$

2,224,792

 

$

2,908,980

 

$

2,115,404

 

$

2,172,305

 

$

1,468,344

 

$

1,674,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portion of rents representative of the interest factor

 

11,711

 

10,192

 

14,458

 

13,752

 

13,669

 

8,870

 

8,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on indebtedness
(including amortization of debt expense)

 

849,482

 

835,532

 

1,127,025

 

983,526

 

1,027,091

 

992,065

 

947,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

13,905

 

17,633

 

21,145

 

5,815

 

3,715

 

14,502

 

27,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

—

 

—

 

—

 

—

 

350,688

 

—

 

20,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

$

875,098

 

$

863,357

 

$

1,162,628

 

$

1,003,093

 

$

1,395,163

 

$

1,015,437

 

$

1,004,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.26x

 

2.58x

 

2.50x

 

2.11x

 

1.56x

 

1.45x

 

1.67x

 

 

For purposes of calculating the ratio of earnings to fixed charges, the term “earnings” is the amount resulting from adding (a) pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest and (d) distributed income of equity investees, reduced by (a) interest capitalized and (b) the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. “Fixed charges” consist of (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness and (c) an estimate of the interest within rental expense.

 

There are generally no restrictions on our ability to receive distributions from our joint ventures where no preference in favor of the other owners of the joint venture exists.

 

Ratio calculations for years prior to the year ended December 31, 2012 have been revised to conform to the most recent presentation.

 

SIMON PROPERTY GROUP L P /DE/ Reports