Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SITE Centers Corp. | d11048d8k.htm |
| EX-12.2 - EX-12.2 - SITE Centers Corp. | d11048dex122.htm |
Exhibit 12.1
DDR Corp.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in Thousands)
| Year Ended December 31, | Six Months Ended June 30, |
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| 2010 | 2011 | 2012 | 2013 | 2014 | 2014 | 2015 | ||||||||||||||||||||||
| Pretax (loss) income from continuing operations |
$ | (122,886 | ) | $ | (1,469 | ) | $ | 35,166 | $ | 24,571 | $ | 26,022 | $ | 49,487 | $ | (218,394 | ) | |||||||||||
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| Fixed charges: |
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| Interest expense including amortization of deferred costs and capitalized interest |
$ | 248,586 | $ | 249,907 | $ | 236,716 | $ | 242,614 | $ | 255,744 | $ | 129,824 | $ | 127,506 | ||||||||||||||
| Appropriate portion of rentals representative of the interest factor |
1,610 | 1,407 | 1,405 | 1,338 | 1,278 | 667 | 583 | |||||||||||||||||||||
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| Total fixed charges |
$ | 250,196 | $ | 251,314 | $ | 238,121 | $ | 243,952 | $ | 257,022 | $ | 130,491 | $ | 128,089 | ||||||||||||||
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| Capitalized interest during the period |
(12,232 | ) | (12,693 | ) | (13,327 | ) | (8,789 | ) | (8,678 | ) | (3,987 | ) | (3,199 | ) | ||||||||||||||
| Amortization of capitalized interest during the period |
7,855 | 8,278 | 8,722 | 9,015 | 9,304 | 4,574 | 4,705 | |||||||||||||||||||||
| Equity Company Adjustments |
(5,600 | ) | (13,734 | ) | (35,250 | ) | (6,819 | ) | (10,989 | ) | (6,621 | ) | (1,703 | ) | ||||||||||||||
| Equity Company Adjustments Distributed Income |
7,334 | 9,424 | 13,165 | 15,116 | 10,749 | 3,314 | 4,021 | |||||||||||||||||||||
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| Earnings before income taxes and fixed charges |
$ | 124,667 | $ | 241,120 | $ | 246,597 | $ | 277,046 | $ | 283,430 | $ | 177,258 | $ | (86,481 | ) | |||||||||||||
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| Ratio of earnings to fixed charges |
(a) | (b) | 1.0 | 1.1 | 1.1 | 1.4 | (c) | |||||||||||||||||||||
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| (a) | 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 $125.5 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.
| (b) | Due to the pretax loss from continuing operations for the year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $10.2 million to achieve a coverage of 1:1. |
The pretax loss 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.
| (c) | Due to the pretax loss from continuing operations for the six months ended June 30, 2015, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $214.6 million to achieve a coverage of 1:1. |
The pretax loss from continuing operations for the six months ended June 30, 2015, includes consolidated impairment charges of $279.0 million, that are discussed in our Quarterly Report on Form 10-Q for the six months ended June 30, 2015.