EX-12.1 4 d931332dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

DDR Corp.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in Thousands)

 

                                   Three Months Ended  
     Year Ended December 31, 2014     March 31,  
     2010     2011     2012     2013     2014     2014     2015  

Pretax (loss) income from continuing operations

    $ (122,886 )    $ (1,469 )    $ 35,166      $ 24,571      $ 26,022      $ (20,706 )    $ (238,014 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

Interest expense including amortization of deferred costs and capitalized interest

 $ 248,586    $ 249,907    $ 236,716    $ 242,614    $ 255,744    $ 65,001    $ 64,628   

Appropriate portion of rentals representative of the interest factor

   1,610      1,407      1,405      1,338      1,278      343      292   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

 $ 250,196    $ 251,314    $ 238,121    $ 243,952    $ 257,022    $ 65,344    $ 64,920   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Capitalized interest during the period

   (12,232 )    (12,693 )    (13,327 )    (8,789 )    (8,678 )    (1,790 )    (1,608 ) 

Amortization of capitalized interest during the period

   7,855      8,278      8,722      9,015      9,304      2,269      2,339   

Equity Company Adjustments

   (5,600 )    (13,734 )    (35,250 )    (6,819 )    (10,989 )    (5,490 )    (61 ) 

Equity Company Adjustments Distributed Income

   7,334      9,424      13,165      15,116      10,749      1,716      2,003   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings before income taxes and fixed charges

 $ 124,667    $ 241,120    $ 246,597    $ 277,046    $ 283,430    $ 41,343    $ (170,421 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

   (a)      (b)      1.0      1.1      1.1      (c)      (d)   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Due to the pretax loss from continuing operations for the year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $125.5 million to achieve a coverage of 1:1. The pretax loss from continuing operations for the year ended December 31, 2010 includes consolidated impairment charges of $84.9 million and losses on equity derivative instruments of $40.2 million, which together aggregate $125.1 million.

 

(b) Due to the pretax loss from continuing operations for the year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $10.2 million to achieve a coverage of 1:1. The pretax loss from continuing operations for the year ended December 31, 2011 includes consolidated impairment charges of $63.2 million and impairment charges of joint venture investments of $2.9 million, which together aggregate $66.1 million.

 

(c) Due to the pretax loss from continuing operations for the three months ended March 31, 2014, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $24.0 million to achieve a coverage of 1:1. The pretax loss from continuing operations for the three months ended March 31, 2014 includes consolidated impairment charges of $2.3 million and impairment charges of joint venture investments of $9.1 million, which together aggregate $11.4 million, that are discussed in our Quarterly Report on Form 10-Q for the three months ended March 31, 2015.

 

(d) Due to the pretax loss from continuing operations for the three months ended March 31, 2015, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $235.3 million to achieve a coverage of 1:1. The pretax loss from continuing operations for the three months ended March 31, 2015 includes consolidated impairment charges of $279.0 million, that are discussed in our Quarterly Report on Form 10-Q for the three months ended March 31, 2015.