EXHIBIT 12.2
CONSOLIDATED RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERENCE DISTRIBUTION REQUIREMENTS
Urban Edge Properties LP's consolidated and combined ratios of earnings to combined fixed charges and preference distributions for each of the fiscal years ended December 31, 2011, 2012, 2013, 2014 and 2015 and the six months ended June 30, 2016 are as follows:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | Six Months Ended June 30, |
| (Amounts in thousands) | | 2015 | | 2014 | | 2013 | | 2012 | | 2011 | | 2016 | | 2015 |
| Fixed Charges Coverage Ratio: | | | | | | | | | | | | | | |
| Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries .................. | | $ | 42,642 |
| | $ | 67,515 |
| | $ | 111,435 |
| | $ | 71,214 |
| | $ | 88,900 |
| | $ | 55,889 |
| | $ | 6,141 |
|
| Add: fixed charges ............................ | | 60,816 |
| | 58,395 |
| | 59,168 |
| | 57,115 |
| | 58,226 |
| | 29,554 |
| | 30,960 |
|
| Subtract: capitalized interest ............... | | (1,856 | ) | | — |
| | — |
| | — |
| | — |
| | (1,631 | ) | | (857 | ) |
| Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges ........... | | (16 | ) | | (22 | ) | | (21 | ) | | (13 | ) | | 3 |
| | (2 | ) | | (11 | ) |
| Total Earnings ................................... | | 101,586 |
| | 125,888 |
| | 170,582 |
| | 128,316 |
| | 147,129 |
| | 83,810 |
| | 36,233 |
|
| | | | | | | | | | | | | | | |
| Fixed Charges: | | | | | | | | | | | | | | |
| Interest and debt expense .................... | | $ | 55,584 |
| | $ | 54,960 |
| | $ | 55,789 |
| | $ | 53,772 |
| | $ | 55,138 |
| | $ | 26,249 |
| | $ | 28,410 |
|
| Capitalized interest .............................. | | 1,856 |
| | — |
| | — |
| | — |
| | — |
| | 1,631 |
| | 857 |
|
| Estimate of the interest within rental expense ................................................ | | 3,376 |
| | 3,435 |
| | 3,379 |
| | 3,343 |
| | 3,088 |
| | 1,674 |
| | 1,693 |
|
| Total Fixed Charges .......................... | | 60,816 |
| | 58,395 |
| | 59,168 |
| | 57,115 |
| | 58,226 |
| | 29,554 |
| | 30,960 |
|
| | | | | | | | | | | | | | | |
| Ratio of earnings to fixed charges | | 1.67 | | 2.16 | | 2.88 | | 2.25 | | 2.53 | | 2.84 | | 1.17 |
For purposes of calculating these ratios, (a) earnings represent income from continuing operations before income taxes, plus fixed charges, and (b) fixed charges represent interest expense on all indebtedness, including amortization of deferred debt issuance costs, and the portion of operating lease rental expense that management considers representative of the interest factor, which is one-third of operating lease rentals.
