EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED OP UNIT DISTRIBUTIONS
(in millions, except ratio amounts)
| Year-to-date ended | ||||||||
| September 8, 2006 | September 9, 2005 | |||||||
Income (loss) from continuing operations before income taxes | $ | 185 | $ | 96 | ||||
Add (deduct): | ||||||||
Fixed charges | 350 | 378 | ||||||
Capitalized interest | (2 | ) | (3 | ) | ||||
Amortization of capitalized interest | 4 | 4 | ||||||
Minority interest in consolidated affiliates | 7 | 6 | ||||||
Equity in (earnings) losses related to certain 50% or less owned affiliates | 8 | 1 | ||||||
Distributions from equity investments | 3 | 2 | ||||||
Distributions on preferred OP units | (12 | ) | (21 | ) | ||||
Issuance costs of redeemed preferred units | (6 | ) | (4 | ) | ||||
Adjusted earnings | $ | 537 | $ | 459 | ||||
Fixed charges: | ||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 298 | $ | 318 | ||||
Capitalized interest | 2 | 3 | ||||||
Distributions on preferred OP units | 12 | 21 | ||||||
Portion of rents representative of the interest factor | 32 | 32 | ||||||
Issuance costs of redeemed preferred units | 6 | 4 | ||||||
Total fixed charges and preferred unit distributions | $ | 350 | $ | 378 | ||||
Ratio of earning to fixed charges and preferred OP unit distributions | 1.5 | 1.2 | ||||||
