Exhibit 12.1
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||
Predecessor | Successor | |||||||||||||||||||||||||||||||||
Period from January 1, 2011 through June 27, | Period from June 28, 2011 through December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||
2011 | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||||
Income (loss) before equity in income of unconsolidated joint ventures | $ | (40,193 | ) | $ | 159,065 | $ | (150,409 | ) | $ | (81,825 | ) | $ | 110,581 | $ | 197,077 | |||||||||||||||||||
Interest expense, net of amortization of premium/discount | 187,205 | 200,625 | 377,070 | 339,044 | 254,380 | 236,709 | ||||||||||||||||||||||||||||
Amortization of deferred financing fees | 5,166 | 4,812 | 10,272 | 10,831 | 8,691 | 8,302 | ||||||||||||||||||||||||||||
Distributed income of equity investees | 390 | 152 | 451 | 409 | 454 | 512 | ||||||||||||||||||||||||||||
Portion of rent expense representative of interest | 206 | 226 | 445 | 443 | 416 | 364 | ||||||||||||||||||||||||||||
Total Earnings | $ | 152,774 | $ | 364,880 | $ | 237,829 | $ | 268,902 | $ | 374,522 | $ | 442,964 | ||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||||||||
Interest expense, net of amortization of premium/discount | 187,205 | 200,625 | 377,070 | 339,044 | 254,380 | 236,709 | ||||||||||||||||||||||||||||
Capitalized interest | 254 | 293 | 1,661 | 4,968 | 4,047 | 2,749 | ||||||||||||||||||||||||||||
Amortization of deferred financing fees | 5,166 | 4,812 | 10,272 | 10,831 | 8,691 | 8,302 | ||||||||||||||||||||||||||||
Portion of rent expense representative of interest | 206 | 226 | 445 | 443 | 416 | 364 | ||||||||||||||||||||||||||||
Total fixed charges (1) | 192,831 | 205,956 | 389,448 | 355,286 | 267,534 | 248,124 | ||||||||||||||||||||||||||||
Preferred stock dividends | — | 137 | 296 | 162 | 150 | 150 | ||||||||||||||||||||||||||||
Total combined fixed charges and preferred stock dividends (2) | $ | 192,831 | $ | 206,093 | $ | 389,744 | $ | 355,448 | $ | 267,684 | $ | 248,274 | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | — | 1.8 | — | — | 1.4 | 1.8 | ||||||||||||||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | — | 1.8 | — | — | 1.4 | 1.8 |
(1) | For the period from January 1, 2011 through June 27, 2011 and the years ended December 31, 2012 and 2013 fixed charges exceeded earnings by $40,057, $151,619 and $86,384, respectively. |
(2) | For the period from January 1, 2011 through June 27, 2011 and the years ended December 31, 2012 and 2013 combined fixed charges and preferred stock dividends exceeded earnings by $40,057, $151,915 and $86,546, respectively. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||
Predecessor | Successor | |||||||||||||||||||||||||||||||||
Period from January 1, 2011 through June 27, | Period from June 28, 2011 through December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||
2011 | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||||
Income (loss) before equity in income of unconsolidated joint ventures | $ | (40,193 | ) | $ | (128,372 | ) | $ | (149,885 | ) | $ | (81,819 | ) | $ | 110,581 | $ | 197,077 | ||||||||||||||||||
Interest expense, net of amortization of premium/discount | 187,205 | 200,625 | 377,070 | 339,044 | 254,380 | 236,709 | ||||||||||||||||||||||||||||
Amortization of deferred financing fees | 5,166 | 4,812 | 10,272 | 10,831 | 8,691 | 8,302 | ||||||||||||||||||||||||||||
Distributed income of equity investees | 390 | 152 | 451 | 409 | 454 | 512 | ||||||||||||||||||||||||||||
Portion of rent expense representative of interest | 206 | 226 | 445 | 443 | 416 | 364 | ||||||||||||||||||||||||||||
Total Earnings | $ | 152,774 | $ | 77,443 | $ | 238,353 | $ | 268,908 | $ | 374,522 | $ | 442,964 | ||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||||||||
Interest expense, net of amortization of premium/discount | 187,205 | 200,625 | 377,070 | 339,044 | 254,380 | 236,709 | ||||||||||||||||||||||||||||
Capitalized interest | 254 | 293 | 1,661 | 4,968 | 4,047 | 2,749 | ||||||||||||||||||||||||||||
Amortization of deferred financing fees | 5,166 | 4,812 | 10,272 | 10,831 | 8,691 | 8,302 | ||||||||||||||||||||||||||||
Portion of rent expense representative of interest | 206 | 226 | 445 | 443 | 416 | 364 | ||||||||||||||||||||||||||||
Total fixed charges (1) | $ | 192,831 | $ | 205,956 | $ | 389,448 | $ | 355,286 | $ | 267,534 | $ | 248,124 | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | — | — | — | — | 1.4 | 1.8 |
(1) | For the period from January 1, 2011 through June 27, 2011, the period from June 28, 2011 through December 31, 2011 and the years ended December 31, 2012 and 2013 fixed charges exceeded earnings by $40,057, $128,513, $151,095 and $86,378, respectively. |