EX-12 13 hex121.txt EXHIBIT 12.1 - STMNT RE: COMPUTATION OF RATIOS Exhibit 12.1 PRIME RETAIL, INC. EXHIBIT 12.1: STATEMENTS RE: COMPUTATION OF RATIOS (Amounts in thousands, except for ratio information) In accordance with the requirements of FAS No. 144, we have classified the operating results, including gains and losses related to disposition, for certain properties either disposed of or classified as assets held for sale during 2002 as discontinued operations for all periods presented. The computation of ratios presented below are based on results from continuing operations.
------------------------------------------------------------------------------------------------------------------------------------ Year Ended December 31 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ Loss from continuing operations before minority interests $ (101,010) $ (99,945) (Gain) loss on sale of real estate (5,802) 1,063 Interest incurred 58,574 75,451 Provision for asset impairment 84,093 63,026 Amortization of deferred financing costs 5,272 6,341 ---------- --------- Earnings 20,060 51,573 ---------- --------- Interest incurred 58,574 75,451 Amortization of deferred financing costs 5,272 6,341 Preferred stock distributions and dividends 22,672 22,672 ---------- --------- Combined Fixed Charges and Preferred Stock Distributions and Dividends 86,518 104,464 ---------- --------- Excess of Combined Fixed Charges and Preferred Stock Distributions and Dividends over Earnings $ (45,391) $ (58,528) ========== ========= ====================================================================================================================================