EXHIBIT 12.1
THE MACERICH COMPANY
RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS (Dollar amounts in thousands)
|
| Six Months |
| For the Years Ended December 31, |
| ||||||||||||||
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Pre-tax loss from continuing operations (1) |
| $ | (34,150 | ) | $ | (57,814 | ) | $ | (84,882 | ) | $ | (53,898 | ) | $ | (12,910 | ) | $ | (16,904 | ) |
Adjustments Added: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Distributions from unconsolidated joint ventures |
| 66,487 |
| 137,976 |
| 181,444 |
| 165,869 |
| 278,421 |
| 191,375 |
| ||||||
Fixed charges (see below) |
| 109,109 |
| 240,647 |
| 290,945 |
| 331,353 |
| 296,830 |
| 278,344 |
| ||||||
Adjustments Subtracted: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest Capitalized |
| (6,619 | ) | (25,664 | ) | (21,294 | ) | (33,281 | ) | (34,619 | ) | (16,974 | ) | ||||||
Total Earnings |
| $ | 134,827 |
| $ | 295,145 |
| $ | 366,213 |
| $ | 410,043 |
| $ | 527,722 |
| $ | 435,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense (2) |
| $ | 102,490 |
| $ | 214,983 |
| $ | 269,651 |
| $ | 298,072 |
| $ | 262,211 |
| $ | 261,370 |
|
Capitalized interest |
| 6,619 |
| 25,664 |
| 21,294 |
| 33,281 |
| 34,619 |
| 16,974 |
| ||||||
Preferred dividend requirements of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Total Fixed Charges |
| $ | 109,109 |
| $ | 240,647 |
| $ | 290,945 |
| $ | 331,353 |
| $ | 296,830 |
| $ | 278,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Preferred share distributions |
| $ | — |
| $ | — |
| $ | — |
| $ | 4,124 |
| $ | 10,058 |
| $ | 10,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Combined Fixed Charges and Preferred Share Distributions |
| $ | 109,109 |
| $ | 240,647 |
| $ | 290,945 |
| $ | 335,477 |
| $ | 306,888 |
| $ | 288,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of Earnings to Fixed Charges |
| 1.24 |
| 1.23 |
| 1.26 |
| 1.24 |
| 1.78 |
| 1.57 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions |
| 1.24 |
| 1.23 |
| 1.26 |
| 1.22 |
| 1.72 |
| 1.51 |
| ||||||
(1) Excludes equity in income of unconsolidated joint venture entities, co-venture expense, (loss) gain on sale or write-down of assets, net, and (loss) gain on early extinguishment of debt.
(2) Includes amortization of deferred loan costs, amortization of premiums and discounts related to indebtedness and an estimate of interest within rental expense.
