| Nine months ended September 30, | |||||||
| 2018 | 2017 | ||||||
| Earnings: | |||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) | $ | 18,711 | $ | 39,628 | |||
| Add: | |||||||
| Distributed income of unconsolidated joint ventures | 6,081 | 8,128 | |||||
| Amortization of capitalized interest | 578 | 533 | |||||
| Interest expense | 48,348 | 49,496 | |||||
| Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
| Total earnings | 75,497 | 99,578 | |||||
| Fixed charges: | |||||||
| Interest expense | 48,348 | 49,496 | |||||
| Capitalized interest and capitalized amortization of debt issue costs | 87 | 2,089 | |||||
| Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
| Total fixed charges | $ | 50,214 | $ | 53,378 | |||
| Ratio of earnings to fixed charges | 1.5 | 1.9 | |||||
| Earnings: | |||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) | $ | 18,711 | $ | 39,628 | |||
| Add: | |||||||
| Distributed income of unconsolidated joint ventures | 6,081 | 8,128 | |||||
| Amortization of capitalized interest | 578 | 533 | |||||
| Interest expense | 48,348 | 49,496 | |||||
| Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
| Total Earnings | 75,497 | 99,578 | |||||
| Fixed charges and preferred share dividends: | |||||||
| Interest expense | 48,348 | 49,496 | |||||
| Capitalized interest and capitalized amortization of debt issue costs | 87 | 2,089 | |||||
| Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
| Preferred share dividends | — | — | |||||
| Total combined fixed charges and preferred share dividends | $ | 50,214 | $ | 53,378 | |||
| Ratio of earnings to combined fixed charges and preferred share dividends | 1.5 | 1.9 | |||||
| (1) | Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended September 30, 2018 includes a $49.7 million impairment charge related to our Jeffersonville, OH outlet center. Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended September 30, 2017, includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut and a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020. |
