Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SITE Centers Corp. | d504358d8k.htm |
| EX-12.2 - EX-12.2 - SITE Centers Corp. | d504358dex122.htm |
Exhibit 12.1
DDR Corp.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in Thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2008(a) | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||
| Pretax (loss) income from continuing operations |
$ | (51,052) | $ | (217,009) | $ | (112,993) | $ | 218 | $ | (7,753) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense including amortization of deferred costs and capitalized interest |
$ | 300,679 | $ | 266,843 | $ | 248,586 | $ | 249,907 | $ | 236,716 | ||||||||||
| Appropriate portion of rentals representative of the interest factor |
$ | 1,175 | $ | 1,589 | $ | 1,610 | $ | 1,407 | $ | 1,405 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total fixed charges |
$ | 301,854 | $ | 268,432 | $ | 250,196 | $ | 251,314 | $ | 238,121 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Capitalized interest during the period |
$ | (41,062) | $ | (21,814) | $ | (12,232) | $ | (12,693) | $ | (13,327) | ||||||||||
| Amortization of capitalized interest during the period |
$ | 6,720 | $ | 7,447 | $ | 7,855 | $ | 8,278 | $ | 8,722 | ||||||||||
| Equity Company Adjustments |
$ | (17,719) | $ | 9,733 | $ | (5,600) | $ | (13,734) | $ | (35,250) | ||||||||||
| Equity Company Adjustments Distributed Income |
$ | 17,719 | $ | 10,889 | $ | 7,334 | $ | 9,424 | $ | 13,165 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Earnings before income taxes and fixed charges |
$ | 216,460 | $ | 57,678 | $ | 134,560 | $ | 242,807 | $ | 203,678 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratio of earnings to fixed charges |
(b) | (c) | (d) | (e) | (f) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) | This period has 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 $85.4 million to achieve a coverage of 1:1. |
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 $210.8 million to achieve a coverage of 1:1. |
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.
| (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 $115.6 million to achieve a coverage of 1:1. |
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, 2012, 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 $8.5 million to achieve a coverage of 1:1. |
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, 2012, as amended.
| (f) | Due to the pretax loss from continuing operations for the year ended December 31, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $34.4 million to achieve a coverage of 1:1. |
The pretax loss from continuing operations for the year ended December 31, 2012 includes consolidated impairment charges of $105.4 million and impairment charges of joint venture investments of $26.7 million, which together aggregate $132.1 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2012, as amended.