EX-12.1
Published on
Exhibit 12.1
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONSOLIDATED OF EARNINGS TO FIXED CHARGES AND CONSOLIDATED RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
| Year Ended December 31, | Nine Months Ended September 30, |
|||||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||
| Earnings: |
||||||||||||||||||||||||
| Income (loss) before equity in income of unconsolidated joint ventures |
$ | (150,409 | ) | $ | (81,825 | ) | $ | 110,581 | $ | 197,077 | $ | 277,665 | $ | 225,536 | ||||||||||
| Interest expense, net of amortization of premiums/discount |
377,070 | 339,044 | 254,380 | 236,709 | 218,963 | 165,301 | ||||||||||||||||||
| Amortization of deferred financing fees |
10,272 | 10,831 | 8,691 | 8,302 | 7,708 | 5,283 | ||||||||||||||||||
| Distributed income of equity investees |
451 | 409 | 454 | 512 | 422 | 381 | ||||||||||||||||||
| Portion of rent expense representative of interest |
445 | 443 | 416 | 364 | 312 | 215 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total earnings |
$ | 237,829 | $ | 268,902 | $ | 374,522 | $ | 442,964 | $ | 505,070 | $ | 396,716 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed Charges: |
||||||||||||||||||||||||
| Interest expense, net of amortization of premium/discount |
$ | 377,070 | $ | 339,044 | $ | 254,380 | $ | 236,709 | $ | 218,963 | $ | 165,301 | ||||||||||||
| Capitalized interest |
1,661 | 4,968 | 4,047 | 2,749 | 2,870 | 2,268 | ||||||||||||||||||
| Amortization of deferred financing fees |
10,272 | 10,831 | 8,691 | 8,302 | 7,708 | 5,283 | ||||||||||||||||||
| Portion of rent expense representative of interest |
445 | 443 | 416 | 364 | 312 | 215 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total fixed charges(1) |
$ | 389,448 | $ | 355,286 | $ | 267,534 | $ | 248,124 | $ | 229,853 | $ | 173,067 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Preferred stock dividends |
296 | 162 | 150 | 150 | 150 | 39 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total combined fixed charges and preferred stock dividends(2) |
$ | 389,744 | $ | 355,448 | $ | 267,684 | $ | 248,274 | $ | 230,003 | $ | 173,106 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of Earnings to Fixed Charges |
— | — | 1.4 | 1.8 | 2.2 | 2.3 | ||||||||||||||||||
| Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |
— | — | 1.4 | 1.8 | 2.2 | 2.3 | ||||||||||||||||||
| (1) | For the years ended December 31, 2012 and 2013 fixed charges exceeded earnings by $151,619 and $86,384, respectively. |
| (2) | For the years ended December 31, 2012 and 2013 combined fixed charges and preferred stock dividends exceeded earnings by $151,915 and $86,546, respectively. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Year Ended December 31, | Nine Months Ended September 30, |
|||||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||
| Earnings: |
||||||||||||||||||||||||
| Income (loss) before equity in income of unconsolidated joint ventures |
$ | (149,885 | ) | $ | (81,819 | ) | $ | 110,581 | $ | 197,077 | $ | 277,665 | $ | 225,536 | ||||||||||
| Interest expense, net of amortization of premiums/discount |
377,070 | 339,044 | 254,380 | 236,709 | 218,963 | 165,301 | ||||||||||||||||||
| Amortization of deferred financing fees |
10,272 | 10,831 | 8,691 | 8,302 | 7,708 | 5,283 | ||||||||||||||||||
| Distributed income of equity investees |
451 | 409 | 454 | 512 | 422 | 381 | ||||||||||||||||||
| Portion of rent expense representative of interest |
445 | 443 | 416 | 364 | 312 | 215 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total earnings |
$ | 238,353 | $ | 268,908 | $ | 374,522 | $ | 442,964 | $ | 505,070 | $ | 396,716 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed Charges: |
||||||||||||||||||||||||
| Interest expense, net of amortization of premium/discount |
$ | 377,070 | $ | 339,044 | $ | 254,380 | $ | 236,709 | $ | 218,963 | $ | 165,301 | ||||||||||||
| Capitalized interest |
1,661 | 4,968 | 4,047 | 2,749 | 2,870 | 2,268 | ||||||||||||||||||
| Amortization of deferred financing fees |
10,272 | 10,831 | 8,691 | 8,302 | 7,708 | 5,283 | ||||||||||||||||||
| Portion of rent expense representative of interest |
445 | 443 | 416 | 364 | 312 | 215 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total fixed charges(1) |
$ | 389,448 | $ | 355,286 | $ | 267,534 | $ | 248,124 | $ | 229,853 | $ | 173,106 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of Earnings to Fixed Charges |
— | — | 1.4 | 1.8 | 2.2 | 2.3 | ||||||||||||||||||
| (1) | For the years ended December 31, 2012 and 2013 fixed charges exceeded earnings by $151,095 and $86,378, respectively. |