Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - SIMON PROPERTY GROUP L P /DE/ | a16-1856_28ka.htm |
Exhibit 12.1
Simon Property Group, L.P. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
Unaudited (in thousands)
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For the nine months ended |
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2015 |
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2014 |
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Earnings: |
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|
|
|
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Pre-tax income from continuing operations |
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1,692,897 |
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1,166,251 |
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Add: |
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|
|
|
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Distributions from unconsolidated entities |
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191,886 |
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147,847 |
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Amortization of capitalized interest |
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3,286 |
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2,862 |
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Fixed Charges |
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727,046 |
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906,933 |
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Less: |
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|
|
|
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Income from unconsolidated entities |
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(426,555 |
) |
(168,473 |
) | ||
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Minority interest in pre-tax (income) loss of subsidiaries that have not incurred fixed charges |
|
(294 |
) |
(261 |
) | ||
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Interest capitalization |
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(24,657 |
) |
(10,590 |
) | ||
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Earnings |
|
$ |
2,163,609 |
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$ |
2,044,569 |
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Fixed Charges: |
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|
|
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Portion of rents representative of the interest factor |
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9,588 |
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9,825 |
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Interest on indebtedness (including amortization of debt expense) |
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692,801 |
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758,945 |
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Interest capitalized |
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24,657 |
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10,590 |
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Loss on extinguishment of debt |
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— |
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127,573 |
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Fixed Charges |
|
$ |
727,046 |
|
$ |
906,933 |
|
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Ratio of Earnings to Fixed Charges |
|
2.98x |
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2.25x |
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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.
Ratios have been revised for all periods presented to reflect the spin-off of WP Glimcher Inc. (formerly known as Washington Prime Group Inc.).