Brixmor Operating Partnership 10-K2017 FY Annual report

Filed: 12 Feb 18, 12:00am

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New words: Acknowledgment, admission, ancillary, appraisal, appraised, Arbor, ASC, Atlantic, auditor, Augusta, begun, Boston, bound, bps, bracket, Brian, Centre, Centro, Chase, clarify, Clark, Coconut, Codification, Covington, Creek, disqualified, disregarded, emerging, Excel, Fargo, Fashion, Festival, Finnegan, forfeiture, fundamental, Gallery, Garden, Greentree, Guaranty, Hamilton, heightened, HK, Horgan, IL, inclusive, insufficient, IntermediateCo, interpretive, JPMorgan, Laurel, lessor, Mall, Manchester, Mellon, Mezz, Middletown, Mile, Miracle, Mountain, NP, Obligor, opposed, opt, overhead, PCAOB, pipeline, Plaza, prepay, profoundly, pronouncement, proper, PSF, ready, Realty, reform, reject, remeasured, reset, residence, Ridgeview, Roosevelt, Salmon, SC, Seminole, served, Siegel, Smith, SPE, Station, Stone, strength, Surrey, unavailable, unforeseen, unintended, Ventura, West

Removed: addressed, adjustment, Advisory, affiliate, affiliated, agree, agreed, allocation, amending, Anthony, assert, assumption, bargaining, belief, book, broad, captioned, care, Centerbridge, character, clothing, collective, combination, conflict, consult, consulting, consumer, convertible, costly, cover, create, created, dealer, deductibility, Deering, defer, delay, depreciating, desirable, detrimental, dilute, discharge, diversified, earn, effected, enable, essential, exclude, exclusion, feasibility, fee, fiduciary, food, foreign, forma, franchise, funding, good, household, Houston, improving, increasing, inflationary, insolvent, interested, internet, lack, ladder, largely, linked, margin, MGCL, minimize, neglect, parking, paving, pension, population, preserve, realization, recording, refined, repeal, replace, requalify, resale, satisfaction, schedule, sector, shop, small, takeover, traditional, urged

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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,
		2013			2014		2015		2016		2017
Earnings:
	Income (loss) before equity in income of unconsolidated joint ventures	$	(81,825	)	$	110,581	$	197,077	$	277,665	$	295,432
	Interest expense, net of amortization of premium/discount	339,044			254,380		236,709		218,963		219,689
	Amortization of deferred financing fees	10,831			8,691		8,302		7,708		6,971
	Distributed income of equity investees	409			454		512		422		381
	Portion of rent expense representative of interest	443			416		364		312		288
Total Earnings		$	268,902		$	374,522	$	442,964	$	505,070	$	522,761

Fixed Charges:
	Interest expense, net of amortization of premium/discount	339,044			254,380		236,709		218,963		219,689
	Capitalized interest	4,968			4,047		2,749		2,870		2,945
	Amortization of deferred financing fees	10,831			8,691		8,302		7,708		6,971
	Portion of rent expense representative of interest	443			416		364		312		288
Total fixed charges⁽¹⁾		355,286			267,534		248,124		229,853		229,893
	Preferred stock dividends	162			150		150		150		39
Total combined fixed charges and preferred stock dividends⁽²⁾		$	355,448		$	267,684	$	248,274	$	230,003	$	229,932

Ratio of Earnings to Fixed Charges		—			1.4		1.8		2.2		2.3
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		—			1.4		1.8		2.2		2.3


⁽¹⁾	For the year ended December 31, 2013 fixed charges exceeded earnings by $86,384.


⁽²⁾	For the year ended December 31, 2013 combined fixed charges and preferred stock dividends exceeded earnings by $86,546.



BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

		Year Ended December 31,
		2013			2014		2015		2016		2017
Earnings:
	Income (loss) before equity in income of unconsolidated joint ventures	$	(81,819	)	$	110,581	$	197,077	$	277,665	$	295,432
	Interest expense, net of amortization of premium/discount	339,044			254,380		236,709		218,963		219,689
	Amortization of deferred financing fees	10,831			8,691		8,302		7,708		6,971
	Distributed income of equity investees	409			454		512		422		381
	Portion of rent expense representative of interest	443			416		364		312		288
Total Earnings		$	268,908		$	374,522	$	442,964	$	505,070	$	522,761

Fixed Charges:
	Interest expense, net of amortization of premium/discount	339,044			254,380		236,709		218,963		219,689
	Capitalized interest	4,968			4,047		2,749		2,870		2,945
	Amortization of deferred financing fees	10,831			8,691		8,302		7,708		6,971
	Portion of rent expense representative of interest	443			416		364		312		288
Total fixed charges⁽¹⁾		$	355,286		$	267,534	$	248,124	$	229,853	$	229,893

Ratio of Earnings to Fixed Charges		—			1.4		1.8		2.2		2.3


⁽¹⁾	For the year ended December 31, 2013 fixed charges exceeded earnings by $86,378.

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