Retail Properties of America 10K 2013 Annual report | RPAI Filing

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	Year Ended December 31,
	2013				2012			2011				2010				2009
Earnings
Loss from continuing operations	$	(42,855	)		$	(14,368	)	$	(71,492	)		$	(85,683	)		$	(90,010	)
Equity in loss (income) of unconsolidated joint ventures, net	1,246				6,307			6,437				(2,025		)		11,299
Gain on sales of investment properties, net	5,806				7,843			5,906				—				—
Adjustments added:
Fixed charges (see below)	150,685				178,306			214,920				234,890				203,073
Distributions on investments in unconsolidated joint ventures	7,105				6,168			2,218				5,721				4,176
Adjustments subtracted:
Interest capitalized	—				—			(197		)		(286		)		(1,194		)
Total earnings	$	121,987			$	184,256		$	157,792			$	152,617			$	127,344

Fixed charges:
Interest expense	$	146,805			$	171,295		$	203,914			$	223,767			$	197,654
Co-venture obligation expense (1)	—				3,300			7,167				7,167				597
Interest capitalized	—				—			197				286				1,194
Estimate of interest within rental expense	3,880				3,711			3,642				3,670				3,628
Total fixed charges	$	150,685			$	178,306		$	214,920			$	234,890			$	203,073

Preferred stock dividends	9,450				263			—				—				—
Total fixed charges and preferred stock dividends	$	160,135			$	178,569		$	214,920			$	234,890			$	203,073

Ratio of earnings to fixed charges	—			(2)	1.03			—			(2)	—			(2)	—			(2)

Ratio of earnings to combined fixed charges and preferred stock dividends	—			(3)	1.03			—			(3)	—			(3)	—			(3)


(1)	Represents the preferred return and incentive and other compensation with respect to the IW JV 2009, LLC, or IW JV. The Company redeemed the full amount of the noncontrolling interest on April 26, 2012.


(2)	The ratio was less than 1:1 for the years ended December 31, 2013, 2011, 2010 and 2009 as earnings were inadequate to cover fixed charges by deficiencies of approximately $28.7 million, $57.1 million, $82.3 million and $75.7 million, respectively.


(3)	The ratio was less than 1:1 for the years ended December 31, 2013, 2011, 2010 and 2009 as earnings were inadequate to cover fixed charges by deficiencies of approximately $38.1 million, $57.1 million, $82.3 million and $75.7 million, respectively.

Retail Properties of America (RPAI) 10-K2013 FY Annual report

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