EX-12.1 2 rpai-20131231xex121.htm EX-12.1 RPAI-2013.12.31-EX 12.1

Exhibit 12.1

Retail Properties of America, Inc.
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends


 
Year Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
Earnings
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations
$
(42,855
)
 
$
(14,368
)
 
$
(71,492
)
 
$
(85,683
)
 
$
(90,010
)
 
Equity in loss (income) of unconsolidated joint ventures, net
1,246

 
6,307

 
6,437

 
(2,025
)
 
11,299

 
Gain on sales of investment properties, net
5,806

 
7,843

 
5,906

 
—

 
—

 
Adjustments added:
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
150,685

 
178,306

 
214,920

 
234,890

 
203,073

 
Distributions on investments in unconsolidated joint ventures
7,105

 
6,168

 
2,218

 
5,721

 
4,176

 
Adjustments subtracted:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
—

 
—

 
(197
)
 
(286
)
 
(1,194
)
 
Total earnings
$
121,987

 
$
184,256

 
$
157,792

 
$
152,617

 
$
127,344

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
$
146,805

 
$
171,295

 
$
203,914

 
$
223,767

 
$
197,654

 
Co-venture obligation expense (1)
—

 
3,300

 
7,167

 
7,167

 
597

 
Interest capitalized
—

 
—

 
197

 
286

 
1,194

 
Estimate of interest within rental expense
3,880

 
3,711

 
3,642

 
3,670

 
3,628

 
Total fixed charges
$
150,685

 
$
178,306

 
$
214,920

 
$
234,890

 
$
203,073

 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
9,450

 
263

 
—

 
—

 
—

 
Total fixed charges and preferred stock dividends
$
160,135

 
$
178,569

 
$
214,920

 
$
234,890

 
$
203,073

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
—

(2)
1.03
 
—

(2)
—

(2)
—

(2)
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
—

(3)
1.03
 
—

(3)
—

(3)
—

(3)


(1)
Represents the preferred return and incentive and other compensation with respect to the IW JV 2009, LLC, or IW JV. The Company redeemed the full amount of the noncontrolling interest on April 26, 2012.
(2)
The ratio was less than 1:1 for the years ended December 31, 2013, 2011, 2010 and 2009 as earnings were inadequate to cover fixed charges by deficiencies of approximately $28.7 million, $57.1 million, $82.3 million and $75.7 million, respectively.
(3)
The ratio was less than 1:1 for the years ended December 31, 2013, 2011, 2010 and 2009 as earnings were inadequate to cover fixed charges by deficiencies of approximately $38.1 million, $57.1 million, $82.3 million and $75.7 million, respectively.