Exhibit 12.1
THE MACERICH COMPANY
RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in thousands)
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| Six Months |
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| Ended |
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| June 30, |
| For the Years Ended December 31, |
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| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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Earnings: |
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Pre-tax income (loss) from continuing operations (1) |
| $ | 22,342 |
| $ | 24,035 |
| $ | (2,441 | ) | $ | (32,017 | ) | $ | (57,503 | ) | $ | (59,283 | ) |
Adjustments Added: |
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Distributions from unconsolidated joint ventures |
| 33,559 |
| 159,029 |
| 150,922 |
| 122,029 |
| 137,976 |
| 181,444 |
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Fixed charges (see below) |
| 99,513 |
| 211,602 |
| 177,989 |
| 182,023 |
| 206,010 |
| 251,003 |
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Adjustments Subtracted: |
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Interest Capitalized |
| (5,583 | ) | (10,829 | ) | (10,703 | ) | (11,905 | ) | (25,664 | ) | (21,294 | ) | ||||||
Total Earnings |
| $ | 149,831 |
| $ | 383,837 |
| $ | 315,767 |
| $ | 260,130 |
| $ | 260,819 |
| $ | 351,870 |
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Fixed Charges: |
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Interest expense (2) |
| $ | 93,930 |
| $ | 200,773 |
| $ | 167,286 |
| $ | 170,118 |
| $ | 180,346 |
| $ | 229,709 |
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Capitalized interest |
| 5,583 |
| 10,829 |
| 10,703 |
| 11,905 |
| 25,664 |
| 21,294 |
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Total Fixed Charges |
| $ | 99,513 |
| $ | 211,602 |
| $ | 177,989 |
| $ | 182,023 |
| $ | 206,010 |
| $ | 251,003 |
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Ratio of Earnings to Fixed Charges |
| 1.51x |
| 1.81x |
| 1.77x |
| 1.43x |
| 1.27x |
| 1.40x |
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(1) Excludes equity in income of unconsolidated joint ventures, co-venture expense, (loss) gain on remeasurement, sale or write-down of assets, net, and loss (gain) on 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.
