Attached files

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10-K - FORM 10-K - CNL LIFESTYLE PROPERTIES INCd832390d10k.htm
EX-31.1 - CERTIFICATION - CNL LIFESTYLE PROPERTIES INCd832390dex311.htm
EX-21.1 - SUBSIDIARIES OF THE REGISTRANT - CNL LIFESTYLE PROPERTIES INCd832390dex211.htm
EX-32.1 - CERTIFICATION - CNL LIFESTYLE PROPERTIES INCd832390dex321.htm
EX-31.2 - CERTIFICATION - CNL LIFESTYLE PROPERTIES INCd832390dex312.htm
EX-10.12 - PURCHASE AND SALE AGREEMENT - CNL LIFESTYLE PROPERTIES INCd832390dex1012.htm
EXCEL - IDEA: XBRL DOCUMENT - CNL LIFESTYLE PROPERTIES INCFinancial_Report.xls

EXHIBIT 12.1

CNL Lifestyle Properties, Inc.

Computation of Ratios of Earnings to Fixed Charges

(in thousands, except ratios)

 

     Year Ended December 31,  
     2014     2013     2012     2011     2010  

Earnings:

          

Loss from continuing operations

   $ (60,438   $ (11,422   $ (37,059   $ (40,851   $ (81,566

Equity in earnings (loss) on unconsolidated entities

     7,753        11,701        5,521        1,022        10,978   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  (68,191   (23,123   (42,580   (41,873   (92,544

Add:

Amortization of capitalized interest

  122      120      113      106      94   

Distributed income from unconsolidated entities

  13,497      32,046      40,188      25,891      12,691   

Fixed charges (from below)

  83,148      74,898      72,494      64,526      54,401   

Less:

Capitalized interest

  —        (182   (278   (179   (638
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Earnings

$ 28,576    $ 83,759    $ 69,937    $ 48,471    $ (25,996
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

Interest expense (1)

$ 79,324    $ 70,877    $ 68,595    $ 60,571    $ 50,616   

Estimated interest factor from rental expense (2)

  3,824      3,839      3,621      3,776      3,147   

Capitalized interest

  —        182      278      179      638   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

$ 83,148    $ 74,898    $ 72,494    $ 64,526    $ 54,401   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios of earnings to fixed charges (3)

  —        1.12     —        —        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Deficiency of earnings to fixed charges

$ 54,572    $ —      $ 2,557    $ 16,055    $ 80,397   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

FOOTNOTES:

 

(1) Includes amortized premiums, discounts and amortized capitalized financing costs for both continuing operations and discontinued operations.
(2) Represents the portion of rental expense that is a reasonable approximation of the interest factor.
(3) For the years ended December 31, 2014, 2012, 2011 and 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $54.6 million, $2.6 million, $16.1 million and $80.4 million, respectively, to achieve coverage of 1:1 for the years ended December 31, 2014, 2012, 2011 and 2010.