SIMON PROPERTY GROUP L P /DE/ - FORM 10-K - EX-12.1 - February 26, 2016

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Exhibit 12.1

Simon Property Group, L.P. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
Unaudited, (in thousands)

 
   For the year ended December 31,  
 
   2015   2014   2013
Restated 		  2012
Restated 		  2011
Restated 		 

Earnings:

                                

Pre-tax income from continuing operations

     2,159,545     1,650,250     1,406,331   $ 1,578,957   $ 1,097,478  

Add:

                                

Distributions of income from unconsolidated entities

     271,998     201,614     177,354     148,927     112,611  

Amortization of capitalized interest

     4,527     3,925     3,900     999     2,830  

Fixed Charges

     1,090,371     1,150,251     1,110,893     1,102,184     946,500  

Less:

                                

Income from unconsolidated entities

     (535,322 )   (226,774 )   (206,380 )   (121,634 )   (255,201 )

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

     (399 )   (347 )   (1,063 )   (1,286 )   (1,249 )

Interest capitalization

     (32,664 )   (16,500 )   (15,585 )   (20,703 )   (5,700 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings

  $ 2,958,056   $ 2,762,419   $ 2,475,450   $ 2,687,444   $ 1,897,269  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed Charges:

                                

Portion of rents representative of the interest factor

     13,057     13,577     13,227     13,300     12,600  

Interest on indebtedness (including amortization of debt expense)

     923,697     992,601     1,082,081     1,068,181     928,200  

Interest capitalized

     32,664     16,500     15,585     20,703     5,700  

Loss on extinguishment of debt

     120,953     127,573     —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed Charges

  $ 1,090,371   $ 1,150,251   $ 1,110,893   $ 1,102,184   $ 946,500  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of Earnings to Fixed Charges

    2.71x     2.40x     2.23x     2.44x     2.00x  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

            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 years presented to reflect the spin-off of WP Glimcher Inc. (formerly known as Washington Prime Group Inc.).



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