Exhibit 12.1
Rouse Properties, Inc.
Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends*
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| Historical |
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| Successor |
| Predecessor |
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| Year Ended December 31, |
| November 10 - |
| January 1 - |
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| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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| (Dollars in thousands) |
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Earnings: |
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Pre-tax loss from continuing operations |
| $ | (51,148 | ) | $ | (44,738 | ) | $ | (62,323 | ) | $ | (21,516 | ) | $ | (1,960 | ) | $ | (32,870 | ) |
Add: |
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Fixed Charges |
| 85,457 |
| 86,759 |
| 96,889 |
| 70,984 |
| 10,394 |
| 88,654 |
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Amortization of capitalized interest |
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| — |
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| — |
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Less: |
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Interest capitalized |
| 2,548 |
| 998 |
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| — |
| — |
| — |
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Preference security dividend requirements of consolidated subsidiaries |
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Total earnings |
| $ | 31,761 |
| $ | 41,023 |
| $ | 34,566 |
| $ | 49,468 |
| $ | 8,434 |
| $ | 55,784 |
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Fixed Charges: |
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Interest expense (including amortization of finance charges and market rate adjustments) |
| $ | 82,909 |
| $ | 85,761 |
| $ | 96,889 |
| $ | 70,984 |
| $ | 10,394 |
| $ | 88,654 |
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Interest capitalized |
| 2,548 |
| 998 |
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| — |
| — |
| — |
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Interest within rental expense |
| — |
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Preference security dividend requirements of consolidated subsidiaries |
| — |
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| — |
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Total fixed charges |
| $ | 85,457 |
| $ | 86,759 |
| $ | 96,889 |
| $ | 70,984 |
| $ | 10,394 |
| $ | 88,654 |
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Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |
| 0.37 |
| 0.47 |
| 0.36 |
| 0.70 |
| 0.81 |
| 0.63 |
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Coverage deficiency for total fixed charges to arrive at a one-to-one ratio |
| $ | 53,696 |
| $ | 45,736 |
| $ | 62,323 |
| $ | 21,516 |
| $ | 1,960 |
| $ | 32,870 |
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* As of the date hereof, there are no shares of preferred stock issued and outstanding and, therefore, there are no amounts for preferred stock dividends included in these calculations.