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) | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | |||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Income (loss) before equity in income of unconsolidated joint ventures | $ | (150,409 | ) | $ | (81,825 | ) | $ | 110,581 | $ | 197,077 | $ | 277,665 | |||||||||||||||||
Interest expense, net of amortization of premium/discount | 377,070 | 339,044 | 254,380 | 236,709 | 218,963 | ||||||||||||||||||||||||
Amortization of deferred financing fees | 10,272 | 10,831 | 8,691 | 8,302 | 7,708 | ||||||||||||||||||||||||
Distributed income of equity investees | 451 | 409 | 454 | 512 | 422 | ||||||||||||||||||||||||
Portion of rent expense representative of interest | 445 | 443 | 416 | 364 | 312 | ||||||||||||||||||||||||
Total Earnings | $ | 237,829 | $ | 268,902 | $ | 374,522 | $ | 442,964 | $ | 505,070 | |||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||||
Interest expense, net of amortization of premium/discount | 377,070 | 339,044 | 254,380 | 236,709 | 218,963 | ||||||||||||||||||||||||
Capitalized interest | 1,661 | 4,968 | 4,047 | 2,749 | 2,870 | ||||||||||||||||||||||||
Amortization of deferred financing fees | 10,272 | 10,831 | 8,691 | 8,302 | 7,708 | ||||||||||||||||||||||||
Portion of rent expense representative of interest | 445 | 443 | 416 | 364 | 312 | ||||||||||||||||||||||||
Total fixed charges (1) | 389,448 | 355,286 | 267,534 | 248,124 | 229,853 | ||||||||||||||||||||||||
Preferred stock dividends | 296 | 162 | 150 | 150 | 150 | ||||||||||||||||||||||||
Total combined fixed charges and preferred stock dividends (2) | $ | 389,744 | $ | 355,448 | $ | 267,684 | $ | 248,274 | $ | 230,003 | |||||||||||||||||||
Ratio of Earnings to Fixed Charges | — | — | 1.4 | 1.8 | 2.2 | ||||||||||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | — | — | 1.4 | 1.8 | 2.2 |
(1) | For the years ended December 31, 2012 and 2013 fixed charges exceeded earnings by $151,619 and $86,384, respectively. |
(2) | For the years ended December 31, 2012 and 2013 combined fixed charges and preferred stock dividends exceeded earnings by $151,915 and $86,546, respectively. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | |||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Income (loss) before equity in income of unconsolidated joint ventures | $ | (149,885 | ) | $ | (81,819 | ) | $ | 110,581 | $ | 197,077 | $ | 277,665 | |||||||||||||||||
Interest expense, net of amortization of premium/discount | 377,070 | 339,044 | 254,380 | 236,709 | 218,963 | ||||||||||||||||||||||||
Amortization of deferred financing fees | 10,272 | 10,831 | 8,691 | 8,302 | 7,708 | ||||||||||||||||||||||||
Distributed income of equity investees | 451 | 409 | 454 | 512 | 422 | ||||||||||||||||||||||||
Portion of rent expense representative of interest | 445 | 443 | 416 | 364 | 312 | ||||||||||||||||||||||||
Total Earnings | $ | 238,353 | $ | 268,908 | $ | 374,522 | $ | 442,964 | $ | 505,070 | |||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||||
Interest expense, net of amortization of premium/discount | 377,070 | 339,044 | 254,380 | 236,709 | 218,963 | ||||||||||||||||||||||||
Capitalized interest | 1,661 | 4,968 | 4,047 | 2,749 | 2,870 | ||||||||||||||||||||||||
Amortization of deferred financing fees | 10,272 | 10,831 | 8,691 | 8,302 | 7,708 | ||||||||||||||||||||||||
Portion of rent expense representative of interest | 445 | 443 | 416 | 364 | 312 | ||||||||||||||||||||||||
Total fixed charges (1) | $ | 389,448 | $ | 355,286 | $ | 267,534 | $ | 248,124 | $ | 229,853 | |||||||||||||||||||
Ratio of Earnings to Fixed Charges | — | — | 1.4 | 1.8 | 2.2 |
(1) | For the years ended December 31, 2012 and 2013 fixed charges exceeded earnings by $151,095 and $86,378, respectively. |