EX-12.2 9 rpai-20121231xex122.htm EX-12.2 RPAI-2012.12.31-EX 12.2

Exhibit 12.2

Retail Properties of America, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends


 
Year Ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
Earnings
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations
$
(14,235
)
 
$
(74,109
)
 
$
(96,288
)
 
$
(97,185
)
 
$
(644,019
)
 
Equity in loss (income) of unconsolidated joint ventures, net
6,307

 
6,437

 
(2,025
)
 
11,299

 
4,939

 
Gain on sales of investment properties, net
7,843

 
5,906

 
—

 
—

 
—

 
Adjustments added:
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
186,248

 
227,429

 
250,592

 
216,795

 
199,748

 
Distributions on investments in unconsolidated joint ventures
6,168

 
2,218

 
5,721

 
4,176

 
5,168

 
Adjustments subtracted:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
—

 
(197
)
 
(286
)
 
(1,194
)
 
(7,485
)
 
Total earnings (loss)
$
192,331

 
$
167,684

 
$
157,714

 
$
133,891

 
$
(441,649
)
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
$
179,237

 
$
216,423

 
$
239,469

 
$
211,376

 
$
188,400

 
Co-venture obligation expense (1)
3,300

 
7,167

 
7,167

 
597

 
—

 
Interest capitalized
—

 
197

 
286

 
1,194

 
7,485

 
Estimate of interest within rental expense
3,711

 
3,642

 
3,670

 
3,628

 
3,863

 
Total fixed charges
$
186,248

 
$
227,429

 
$
250,592

 
$
216,795

 
$
199,748

 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
263

 
—

 
—

 
—

 
—

 
Total fixed charges and preferred stock dividends
$
186,511

 
$
227,429

 
$
250,592

 
$
216,795

 
$
199,748

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
1.03
 
—

(2)
—

(2)
—

(2)
—

(2)


(1)
Represents the preferred return and incentive and other compensation with respect to the IW JV 2009, LLC, or IW JV. The Company redeemed the full amount of the noncontrolling interest on April 26, 2012.
(2)
The ratio was less than 1:1 for the years ended December 31, 2011, 2010, 2009 and 2008 as earnings were inadequate to cover fixed charges by deficiencies of approximately $59.7 million, $92.9 million, $82.9 million and $641.4 million, respectively.