EX-12 3 ex12.htm ex12.htm - Generated by SEC Publisher for SEC Filing

 

 

 

EXHIBIT 12

 

COMPUTATION OF RATIOS

(UNAUDITED)

 

 

Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference distributions for each of the fiscal years ended December 31, 2010, 2009, 2008, 2007 and 2006 are as follows:

 

 

 

Year Ended December 31,

 

(Amounts in thousands)

 

2010

 

2009

 

2008

 

2007

 

2006

 

Net income from continuing operations

 

$

656,825

 

$

36,235

 

$

182,703

 

$

470,539

 

$

594,443

 

Fixed charges

 

 

573,425

 

 

647,071

 

 

692,367

 

 

645,097

 

 

412,166

 

Income distributions from partially owned entities

 

 

55,397

 

 

30,473

 

 

44,690

 

 

24,044

 

 

35,911

 

Capitalized interest

 

 

(864

)

 

(17,256

)

 

(63,063

)

 

(53,648

)

 

(26,195

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings - Numerator

 

$

1,284,783

 

$

696,523

 

$

856,697

 

$

1,086,032

 

$

1,016,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

$

560,270

 

$

617,994

 

$

619,531

 

$

583,281

 

$

379,753

 

Capitalized interest

 

 

864

 

 

17,256

 

 

63,063

 

 

53,648

 

 

26,195

 

1/3 of rental expense – interest factor

 

 

12,291

 

 

11,821

 

 

9,773

 

 

8,168

 

 

6,218

 

Fixed charges - Denominator

 

 

573,425

 

 

647,071

 

 

692,367

 

 

645,097

 

 

412,166

 

Preferred unit distributions

 

 

73,726

 

 

76,734

 

 

76,834

 

 

77,009

 

 

80,518

 

Combined fixed charges and preference distributions - Denominator

 

$

647,151

 

$

723,805

 

$

796,201

 

$

722,106

 

$

492,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

2.24

(1)

 

1.08

(1)

 

1.24

(1)

 

1.68

 

 

2.47

 

Ratio of earnings to combined fixed charges and preference distributions

 

 

1.99

(2)

 

0.96

(2)

 

1.11

(2)

 

1.50

 

 

2.06

 

 

Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest.  Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest, and (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals. Combined fixed charges and preference dividends equals fixed charges plus preferred unit distributions.

 

_______________________

(1)     Excluding the net gain on early extinguishment of debt of the Springfield Mall in 2010 and non-cash impairment charges recognized in the years ended December 31, 2010, 2009 and 2008, the ratios of earnings to fixed charges were 2.18, 1.49 and 1.44, respectively.

(2)     Excluding the net gain on early extinguishment of debt of the Springfield Mall in 2010 and non-cash impairment charges recognized in the years ended December 31, 2010, 2009 and 2008, the ratios of earnings to combined fixed charges and preference distributions were 1.93, 1.34 and 1.30, respectively.