EX-12.1 2 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

 

     Year-to-date ended  
     September 10,
2010		     September 11,
2009		  

Loss from continuing operations before income taxes

    $ (145 )    $ (160 ) 

Add (deduct):

     

Fixed charges

      311        313   

Capitalized interest

      (2 )      (6 ) 

Amortization of capitalized interest

      5        4   

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

      5        36   

Distributions from equity investments

      2        1   

Distributions on preferred units

      (4 )      (6 ) 

Issuance costs of redeemed preferred OP units

      (4 )      —     
                

Adjusted earnings

    $ 168      $ 182   
                

Fixed charges:

     

Interest on indebtedness and amortization of deferred financing costs

    $ 268      $ 264   

Capitalized interest

      2        6   

Distributions on preferred units

      4        6   

Issuance costs of redeemed preferred OP units

      4        —     

Portion of rents representative of the interest factor

      33        37   
                

Total fixed charges and preferred unit distributions

    $ 311      $ 313   
                

Deficiency of earnings to fixed charges and preferred unit distributions

    $ (143 )    $ (131 ) 

 

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