Attached files
| file | filename |
|---|---|
| EX-1.1 - EX-1.1 - PENNSYLVANIA REAL ESTATE INVESTMENT TRUST | d436194dex11.htm |
| EX-99.1 - EX-99.1 - PENNSYLVANIA REAL ESTATE INVESTMENT TRUST | d436194dex991.htm |
| EX-10.1 - EX-10.1 - PENNSYLVANIA REAL ESTATE INVESTMENT TRUST | d436194dex101.htm |
| EX-5.1 - EX-5.1 - PENNSYLVANIA REAL ESTATE INVESTMENT TRUST | d436194dex51.htm |
| 8-K - 8-K - PENNSYLVANIA REAL ESTATE INVESTMENT TRUST | d436194d8k.htm |
Exhibit 12.1
Pennsylvania Real Estate Investment Trust
Statement of Combined Fixed Charges and Preference Dividends to Earnings
| 6 Months Ended | Year Ended | |||||||||||||||||||||||||||||||
| 6 Months Ended |
June 30, | Year Ended |
December 31, | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
| June 30, 2017 |
2017 Pro Forma(1) |
December 30, 2016 |
2016 Pro Forma(1) |
December 30, 2015 |
December 30, 2014 |
December 30, 2013 |
December 30, 2012 |
|||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||||||
| Income (loss) before allocation to minority interests and income from investments in unconsolidated joint ventures |
$ | (61,653 | ) | $ | (65,756 | ) | $ | (31,190 | ) | $ | (35,293 | ) | $ | (139,107 | ) | $ | (24,831 | ) | $ | (30,227 | ) | $ | (52,657 | ) | ||||||||
| Plus fixed charges: |
||||||||||||||||||||||||||||||||
| Interest expense (including amortization of finance charges) |
29,756 | 29,756 | 70,724 | 70,724 | 81,096 | 82,165 | 98,731 | 122,118 | ||||||||||||||||||||||||
| Capitalized interest |
2,969 | 2,969 | 1,326 | 1,326 | 604 | 1,883 | 874 | 1,549 | ||||||||||||||||||||||||
| Interest within rental expense |
295 | 295 | 610 | 610 | 715 | 392 | 456 | 1,154 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total Fixed Charges |
33,020 | 33,020 | 72,660 | 72,660 | 82,415 | 84,440 | 100,061 | 124,821 | ||||||||||||||||||||||||
| Preferred dividends |
13,272 | 12,653 | 15,848 | 14,611 | 15,848 | 15,848 | 15,848 | 7,984 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total Fixed Charges and Preferred Dividends |
46,292 | 45,673 | 88,508 | 87,271 | 98,263 | 100,288 | 115,909 | 132,805 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Plus amortization of capitalized interest |
663 | 663 | 1,346 | 1,346 | 1,626 | 2,087 | 2,291 | 2,169 | ||||||||||||||||||||||||
| Plus distributed income of investments in unconsolidated joint ventures |
6,965 | 6,965 | 22,094 | 22,094 | 5,868 | 12,127 | 9,023 | 13,002 | ||||||||||||||||||||||||
| Less capitalized interest |
(2,969 | ) | (2,969 | ) | (1,326 | ) | (1,326 | ) | (604 | ) | (1,883 | ) | (874 | ) | (1,549 | ) | ||||||||||||||||
| Less preferred dividends |
(13,272 | ) | (12,653 | ) | (15,848 | ) | (14,611 | ) | (15,848 | ) | (15,848 | ) | (15,848 | ) | (7,984 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total Earnings |
(23,974 | ) | (28,077 | ) | 63,584 | 59,481 | (49,802 | ) | 71,940 | 80,274 | 85,786 | |||||||||||||||||||||
| Interest expense (Incl. Amortization of Deferred Finanancing Costs) |
29,756 | 29,756 | 70,724 | 70,724 | 81,096 | 82,165 | 98,731 | 122,118 | ||||||||||||||||||||||||
| Capitalized interest |
2,969 | 2,969 | 1,326 | 1,326 | 604 | 1,883 | 874 | 1,549 | ||||||||||||||||||||||||
| Interest within rental expense |
295 | 295 | 610 | 610 | 715 | 392 | 456 | 1,154 | ||||||||||||||||||||||||
| Preferred dividends |
13,272 | 12,653 | 15,848 | 14,611 | 15,848 | 15,848 | 15,848 | 7,984 | ||||||||||||||||||||||||
| Fixed Charges |
46,292 | 45,673 | 88,508 | 87,271 | 98,263 | 100,288 | 115,909 | 132,805 | ||||||||||||||||||||||||
| Combined Fixed Charges and Preference Dividends |
46,292 | 45,673 | 88,508 | 87,271 | 98,263 | 100,288 | 115,909 | 132,805 | ||||||||||||||||||||||||
| Total Earnings |
(23,974 | ) | (28,077 | ) | 63,584 | 59,481 | (49,802 | ) | 71,940 | 80,274 | 85,786 | |||||||||||||||||||||
| Ratio of Earnings to Fixed Charges |
(0.73 | ) | (0.85 | ) | 0.88 | 0.82 | (0.60 | ) | 0.85 | 0.80 | 0.69 | |||||||||||||||||||||
| Ratio of Combined Earnings to Fixed Charges and Preference Dividends |
(0.52 | ) | (0.61 | ) | 0.72 | 0.68 | (0.51 | ) | 0.72 | 0.69 | 0.65 | |||||||||||||||||||||
| (1) | The pro forma ratios of earnings to fixed charges and ratios of combined earnings to fixed charges and preference dividends for the pro forma six months ended June 30, 2017 and the pro forma year ended December 31, 2016 reflect: |
a. Decreased preferred dividends of $0.6 million and $1.2 million, respectively, from the issuance of the Series D Preferred Shares and the redemption of the Series A preferred shares, and
b. A $4.1 million decrease in loss before allocation to minority interests and income from unconsolidated joint ventures in each of the pro forma six months ended June 30, 2017 and the pro forma year ended December 31, 2016 periods, reflecting the retirement of issuance costs related to the Series A Preferred Shares.