EX-12 4 q413exhibit12.htm EXHIBIT Q413 Exhibit 12


 
 
 
 
 
 
 
 
 
 
Exhibit 12
 
 
 
 
 
 
 
 
 
 
 
 
 
TAUBMAN CENTERS, INC.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
 
 
(in thousands, except ratios)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings operations before income from
       equity investees and taxes (1)
$
140,312

 
$
114,287

 
$
95,945

 
$
77,928

 
$
94,632

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add back:
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
152,438

 
152,517

 
127,128

 
139,410

 
139,854

 
 
Amortization of previously capitalized interest
4,438

 
4,427

 
4,401

 
4,411

 
4,443

 
 
Distributed income of Unconsolidated Joint Ventures (2)
49,389

 
48,494

 
46,064

 
45,412

 
11,488

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deduct:
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
(16,385
)
 
(3,594
)
 
(422
)
 
(319
)
 
(1,257
)
 
 
Preferred distributions (3)
 
 
 
 
372

 
(2,460
)
 
(2,460
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges and preferred
        dividends
$
330,192

 
$
316,131

 
$
273,488

 
$
264,382

 
$
246,700

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
130,023

 
$
142,616

 
$
122,277

 
$
132,362

 
$
131,558

 
 
Capitalized interest
16,385

 
3,594

 
422

 
319

 
1,257

 
 
Interest portion of rent expense
6,030

 
6,307

 
4,801

 
4,269

 
4,579

 
 
Preferred distributions (3)
 
 
 
 
(372
)
 
2,460

 
2,460

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
$
152,438

 
$
152,517

 
$
127,128

 
$
139,410

 
$
139,854

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred dividends (4)
20,933

 
21,051

 
14,634

 
14,634

 
14,634

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges and preferred dividends
$
173,371

 
$
173,568

 
$
141,762

 
$
154,044

 
$
154,488

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred dividends (1)
1.9

 
1.8

 
1.9

 
1.7

 
1.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
In 2011, the Company disposed of The Pier Shops at Caesars and Regency Square. These centers are reported separately as discontinued operations in the Consolidated Financial Statements in 2011. See "Note 2- Acquisitions, Dispositions, and Developments" to the Consolidated Financial Statements for further discussion of our discontinued operations. The calculation of the ratio of earnings to fixed charges was restated to exclude discontinued operations in 2011.
 
 
 
 
 
 
 
 
 
 
 
 
 
(2
)
Distributed income of Unconsolidated Joint Ventures for the year ended December 31, 2009 includes $30.4 million in litigation charges related to Westfarms.
 
 
 
 
(3
)
In October 2011, the Company redeemed the Operating Partnership's 8.2% Series F Preferred Equity for $27 million, which represented a $2.2 million discount from the book value.
 
 
 
 
(4
)
In September 2012, the Company redeemed its 8% Series G Preferred Stock and its 7.625% Series H Preferred Stock. As a result of these redemptions, the Company recognized a charge of $6.4 million, which represents the difference between the carrying values and the redemption prices of the Series G & H Preferred Stock. This charge is included in preferred dividends for the year ended December 31, 2012.