EX-12.1 3 dex121.htm COMPUTATION OF RATIO Computation of Ratio

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

 

     Year-to-date ended  
     June 18,
2010		     June 19,
2009		  

Loss from continuing operations before income taxes

    $ (78 )    $ (69 ) 

Add (deduct):

     

Fixed charges

      210        202   

Capitalized interest

      (1 )      (5 ) 

Amortization of capitalized interest

      3        3   

Equity in (earnings)/losses related to certain 50% or less owned affiliates

      5        34   

Distributions from equity investments

      2        1   

Distributions on preferred units

      (4 )      (4 ) 

Issuance costs of redeemed preferred OP units

      (4 )      —     
                

Adjusted earnings

    $ 133      $ 162   
                

Fixed charges:

     

Interest on indebtedness and amortization of deferred financing costs

    $ 179      $ 169   

Capitalized interest

      1        5   

Distributions on preferred units

      4        4   

Issuance costs of redeemed preferred OP units

      4        —     

Portion of rents representative of the interest factor

      22        24   
                

Total fixed charges and preferred unit distributions

    $ 210      $ 202   
                

Deficiency of earnings to fixed charges and preferred unit distributions

    $ (77 )    $ (40 ) 

 

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