EX-12.1 10 exhibit-121.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

CONSOLIDATED RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERENCE DIVIDEND REQUIREMENTS

Urban Edge Properties' consolidated and combined ratios of earnings to combined fixed charges and preference dividends for each of the fiscal years ended December 31, 2011, 2012, 2013, 2014 and 2015 and the six months ended June 30, 2016 are as follows:
 
 
Year Ended December 31,
 
Six Months Ended June 30,
(Amounts in thousands)
 
2015
 
2014
 
2013
 
2012
 
2011
 
2016
 
2015
Fixed Charges Coverage Ratio:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries ....................
 
$
42,642

 
$
67,515

 
$
111,435

 
$
71,214

 
$
88,900

 
$
55,889

 
$
6,141

Add: fixed charges .............................
 
60,816

 
58,395

 
59,168

 
57,115

 
58,226

 
29,554

 
30,960

Subtract: capitalized interest ...............
 
(1,856
)
 
—

 
—

 
—

 
—

 
(1,631
)
 
(857
)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges ...........
 
(16
)
 
(22
)
 
(21
)
 
(13
)
 
3

 
(2
)
 
(11
)
Total Earnings ...................................
 
101,586

 
125,888

 
170,582

 
128,316

 
147,129

 
83,810

 
36,233

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense ....................
 
$
55,584

 
$
54,960

 
$
55,789

 
$
53,772

 
$
55,138

 
$
26,249

 
$
28,410

Capitalized interest ..............................
 
1,856

 
—

 
—

 
—

 
—

 
1,631

 
857

Estimate of the interest within rental expense ................................................
 
3,376

 
3,435

 
3,379

 
3,343

 
3,088

 
1,674

 
1,693

Total Fixed Charges ..........................
 
60,816

 
58,395

 
59,168

 
57,115

 
58,226

 
29,554

 
30,960

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.67
 
2.16
 
2.88
 
2.25
 
2.53
 
2.84
 
1.17

For purposes of calculating these ratios, (a) earnings represent income from continuing operations before income taxes, plus fixed charges, and (b) fixed charges represent interest expense on all indebtedness, including amortization of deferred debt issuance costs, and the portion of operating lease rental expense that management considers representative of the interest factor, which is one-third of operating lease rentals.

1