Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SITE Centers Corp. | d848805d8k.htm |
| EX-12.1 - EX-12.1 - SITE Centers Corp. | d848805dex121.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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| 2009 | 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | ||||||||||||||||||||||
| Pretax (loss) income from continuing operations |
$ | (213,964 | ) | $ | (117,175 | ) | $ | 2,485 | $ | 28,572 | $ | 5,067 | $ | 13,506 | $ | 57,420 | ||||||||||||
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| Fixed charges: |
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| Interest expense including amortization of deferred costs and capitalized interest |
$ | 266,843 | $ | 248,586 | $ | 249,907 | $ | 236,716 | $ | 242,614 | $ | 176,367 | $ | 191,919 | ||||||||||||||
| Appropriate portion of rentals representative of the interest factor |
1,589 | 1,610 | 1,407 | 1,405 | 1,338 | 990 | 971 | |||||||||||||||||||||
| Write-off of preferred share original issuance costs |
— | — | 6,402 | 5,804 | 5,246 | 5,246 | 1,943 | |||||||||||||||||||||
| Preferred Dividends |
42,269 | 42,269 | 31,587 | 28,645 | 27,721 | 21,113 | 18,460 | |||||||||||||||||||||
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| Total fixed charges, write-off of preferred share original issuance costs and preferred dividends |
$ | 310,701 | $ | 292,465 | $ | 289,303 | $ | 272,570 | $ | 276,919 | $ | 203,716 | $ | 213,293 | ||||||||||||||
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| Capitalized interest during the period |
(21,814 | ) | (12,232 | ) | (12,693 | ) | (13,327 | ) | (8,789 | ) | (6,768 | ) | (6,638 | ) | ||||||||||||||
| Write-off of preferred share original issuance costs |
— | — | (6,402 | ) | (5,804 | ) | (5,246 | ) | (5,246 | ) | (1,943 | ) | ||||||||||||||||
| Preferred Dividends |
(42,269 | ) | (42,269 | ) | (31,587 | ) | (28,645 | ) | (27,721 | ) | (21,113 | ) | (18,460 | ) | ||||||||||||||
| Amortization of capitalized interest during the period |
7,447 | 7,855 | 8,278 | 8,722 | 9,015 | 6,711 | 6,927 | |||||||||||||||||||||
| Equity Company Adjustments |
9,733 | (5,600 | ) | (13,734 | ) | (35,250 | ) | (6,819 | ) | (5,543 | ) | (10,241 | ) | |||||||||||||||
| Equity Company Adjustments Distributed Income |
10,889 | 7,334 | 9,424 | 13,165 | 15,116 | 10,533 | 6,358 | |||||||||||||||||||||
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| Earnings before income taxes and fixed charges |
$ | 60,723 | $ | 130,378 | $ | 245,074 | $ | 240,003 | $ | 257,542 | $ | 195,796 | $ | 246,716 | ||||||||||||||
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| Ratio of earnings to combined fixed charges and preferred dividends |
(a) | (b) | (c) | (d) | (e) | (f) | 1.2 | |||||||||||||||||||||
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| (a) | 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 $250.0 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 $4.9 million, impairment charges of joint venture investments of $184.6 million and losses on equity derivative instruments of $199.8 million, which together aggregate $389.3 million. |
| (b) | 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 $162.1 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. |
| (c) | For the year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $44.2 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 $63.2 million and impairment charges of joint venture investments of $2.9 million, which together aggregate $66.1 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2013, as amended. |
| (d) | For the year ended December 31, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $32.6 million to achieve a coverage of 1:1. |
| The pretax income from continuing operations for the year ended December 31, 2012 includes consolidated impairment charges of $58.8 million and impairment charges of joint venture investments of $26.7 million, which together aggregate $85.5 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2013, as amended. |
| (e) | For the year ended December 31, 2013, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $19.4 million to achieve a coverage of 1:1. |
| The pretax income from continuing operations for the year ended December 31, 2013 includes consolidated impairment charges of $45.0 million and impairment charges of joint venture investments of $1.0 million, which together aggregate $46.0 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2013, as amended. |
| (f) | For the nine months ended September 30, 2013, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $7.9 million to achieve a coverage of 1:1. |
| The pretax income from continuing operations for the nine months ended September 30, 2013 includes consolidated impairment charges of $22.9 million, that are discussed in our Quarterly Report on Form 10-Q for the nine months ended September 30, 2014. |