Exhibit 12.1
Washington Prime Group, L.P.
Ratio of Earnings to Fixed Charges
(in thousands)
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| Months |
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| Ended |
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| March 31, |
| Year Ended December 31, |
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| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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Earnings before fixed charges: |
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Net (loss) income from continuing operations |
| $ | (9,588 | ) | $ | 205,455 |
| $ | 187,334 |
| $ | 156,390 |
| $ | 159,860 |
| $ | 153,748 |
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Income tax expense |
| 445 |
| 1,215 |
| 196 |
| 165 |
| 157 |
| 119 |
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(Income) loss from unconsolidated entities | (216 | ) | (973 | ) | (1,416 | ) | (1,028 | ) | 143 |
| 525 |
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Remeasurement gains from unconsolidated entities |
| — |
| (99,375 | ) | — |
| — |
| — |
| — |
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Distributions from unconsolidated entities | 99 |
| 1,004 |
| 2,110 |
| 2,558 |
| 129 |
| 694 |
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Fixed charges |
| 37,837 |
| 82,840 |
| 56,219 |
| 59,429 |
| 55,938 |
| 63,767 |
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Capitalized interest |
| (633 | ) | (281 | ) | (1,019 | ) | (442 | ) | (472 | ) | (25 | ) | ||||||
Earnings before fixed charges |
| $ | 27,944 |
| $ | 185,885 |
| $ | 243,424 |
| $ | 217,072 |
| $ | 215,755 |
| $ | 218,828 |
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Fixed charges: |
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Interest expense(1) |
| $ | 37,122 |
| $ | 82,452 |
| $ | 55,058 |
| $ | 58,844 |
| $ | 55,326 |
| $ | 63,601 |
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Capitalized interest |
| 633 |
| 281 |
| 1,019 |
| 442 |
| 472 |
| 25 |
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Portion of rents representative of the interest factor |
| 82 |
| 107 |
| 142 |
| 143 |
| 140 |
| 141 |
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Total fixed charges |
| $ | 37,837 |
| $ | 82,840 |
| $ | 56,219 |
| $ | 59,429 |
| $ | 55,938 |
| $ | 63,767 |
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Ratio of earnings to fixed charges |
| 0.74 | (2) | 2.29 |
| 4.33 |
| 3.65 |
| 3.86 |
| 3.43 |
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(1) Does not include the impact of the approximate $1 billion of debt incurred related to the spin-off from Simon Property Group for all periods prior to May 28, 2014.
(2) The shortfall of earnings to fixed charges for the three months ended March 31, 2015 was $9,893. This shortfall resulted from the $20,810 of merger and transaction costs that we incurred during the three months ended March 31, 2015.