EX-12.1 7 a2221007zex-12_1.htm EX-12.1

Exhibit 12.1

THE MACERICH COMPANY

RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in thousands)

 

 

 

Six Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

For the Years Ended December 31,

 

 

 

2014

 

2013

 

2012

 

2011

 

2010

 

2009

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations (1)

 

$

22,342

 

$

24,035

 

$

(2,441

)

$

(32,017

)

$

(57,503

)

$

(59,283

)

Adjustments Added:

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from unconsolidated joint ventures

 

33,559

 

159,029

 

150,922

 

122,029

 

137,976

 

181,444

 

Fixed charges (see below)

 

99,513

 

211,602

 

177,989

 

182,023

 

206,010

 

251,003

 

Adjustments Subtracted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Capitalized

 

(5,583

)

(10,829

)

(10,703

)

(11,905

)

(25,664

)

(21,294

)

Total Earnings

 

$

149,831

 

$

383,837

 

$

315,767

 

$

260,130

 

$

260,819

 

$

351,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (2)

 

$

93,930

 

$

200,773

 

$

167,286

 

$

170,118

 

$

180,346

 

$

229,709

 

Capitalized interest

 

5,583

 

10,829

 

10,703

 

11,905

 

25,664

 

21,294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

99,513

 

$

211,602

 

$

177,989

 

$

182,023

 

$

206,010

 

$

251,003

 

Ratio of Earnings to Fixed Charges

 

1.51x

 

1.81x

 

1.77x

 

1.43x

 

1.27x

 

1.40x

 

 

(1)  Excludes equity in income of unconsolidated joint ventures, co-venture expense, (loss) gain on remeasurement, sale or write-down of assets, net, and loss (gain) on extinguishment of debt.

(2)  Includes amortization of deferred loan costs, amortization of premiums and discounts related to indebtedness and an estimate of interest within rental expense.