EX-12.1 4 spg-20171231ex121f7deed.htm EX-12.1 spg_Ex12_1

Exhibit 12.1

SIMON PROPERTY GROUP, INC.

Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

Unaudited, (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31,

 

 

    

2017

    

2016

    

2015

    

2014

    

2013

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations

 

$

2,268,246

 

$

2,164,384

 

$

2,159,545

 

$

1,650,250

 

$

1,406,331

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions of income from unconsolidated entities

 

 

374,101

 

 

331,627

 

 

271,998

 

 

201,614

 

 

177,354

 

Amortization of capitalized interest

 

 

6,033

 

 

5,267

 

 

4,527

 

 

3,925

 

 

3,900

 

Fixed Charges

 

 

976,442

 

 

1,039,811

 

 

1,092,286

 

 

1,152,166

 

 

1,112,808

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from unconsolidated entities

 

 

(403,020)

 

 

(425,481)

 

 

(535,322)

 

 

(226,774)

 

 

(206,380)

 

Minority interest in pre-tax (income) loss of subsidiaries that have not incurred fixed charges

 

 

(419)

 

 

(434)

 

 

(399)

 

 

(347)

 

 

(1,063)

 

Interest capitalization

 

 

(24,754)

 

 

(31,250)

 

 

(32,664)

 

 

(16,500)

 

 

(15,585)

 

Preferred distributions of consolidated subsidiaries

 

 

(1,915)

 

 

(1,915)

 

 

(1,915)

 

 

(1,915)

 

 

(1,915)

 

Earnings

 

$

3,194,714

 

$

3,082,009

 

$

2,958,056

 

$

2,762,419

 

$

2,475,450

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portion of rents representative of the interest factor

 

 

11,762

 

 

12,315

 

 

13,057

 

 

13,577

 

 

13,227

 

Interest on indebtedness (including amortization of debt expense)

 

 

809,393

 

 

857,554

 

 

923,697

 

 

992,601

 

 

1,082,081

 

Interest capitalized

 

 

24,754

 

 

31,250

 

 

32,664

 

 

16,500

 

 

15,585

 

Loss on extinguishment of debt

 

 

128,618

 

 

136,777

 

 

120,953

 

 

127,573

 

 

—

 

Preferred distributions of consolidated subsidiaries

 

 

1,915

 

 

1,915

 

 

1,915

 

 

1,915

 

 

1,915

 

Fixed Charges

 

$

976,442

 

$

1,039,811

 

$

1,092,286

 

$

1,152,166

 

$

1,112,808

 

Preferred Stock Dividends

 

 

3,337

 

 

3,337

 

 

3,337

 

 

3,337

 

 

3,337

 

Fixed Charges and Preferred Stock Dividends

 

$

979,779

 

$

1,043,148

 

$

1,095,623

 

$

1,155,503

 

$

1,116,145

 

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 

 

3.26x

 

 

2.95x

 

 

2.70x

 

 

2.39x

 

 

2.22x

 

For purposes of calculating the ratio of earnings to fixed charges and preferred stock dividends, the term “earnings” is the amount resulting from adding (a) pre‑tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest and (d) distributed income of equity investees, reduced by (a) interest capitalized and (b) the noncontrolling interest in pre‑tax income of subsidiaries that have not incurred fixed charges. “Fixed charges” consist of (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness and (c) an estimate of the interest within rental expense.

There are generally no restrictions on our ability to receive distributions from our joint ventures where no preference in favor of the other owners of the joint venture exists.

Ratios have been revised for all years presented to reflect the spin‑off of Washington Prime Group Inc.