EX-12.1 3 rpai-20171231xex121.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

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


 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
Earnings
 
 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations
$
(86,484
)
 
$
37,110

 
$
3,832

 
$
597

 
$
(42,855
)
 
Equity in loss of unconsolidated joint ventures, net
—

 
—

 
—

 
2,088

 
1,246

 
Gain on sales of investment properties, net
337,975

 
129,707

 
121,792

 
42,196

 
5,806

 
Adjustments added:
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
149,890

 
113,539

 
142,987

 
137,944

 
150,685

 
Distributions on investments in unconsolidated joint ventures
—

 
—

 
—

 
1,360

 
7,105

 
Adjustments subtracted:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
(485
)
 
(69
)
 
—

 
—

 
—

 
Total earnings
$
400,896

 
$
280,287

 
$
268,611

 
$
184,185

 
$
121,987

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
$
146,092

 
$
109,730

 
$
138,938

 
$
133,835

 
$
146,805

 
Interest capitalized
485

 
69

 
—

 
—

 
—

 
Estimate of interest within rental expense
3,313

 
3,740

 
4,049

 
4,109

 
3,880

 
Total fixed charges
$
149,890

 
$
113,539

 
$
142,987

 
$
137,944

 
$
150,685

 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
13,867

 
9,450

 
9,450

 
9,450

 
9,450

 
Total fixed charges and preferred stock dividends
$
163,757

 
$
122,989

 
$
152,437

 
$
147,394

 
$
160,135

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.67

 
2.47

 
1.88

 
1.34

 
—

(1)
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
2.45

 
2.28

 
1.76

 
1.25

 
—

(2)


(1)
The ratio was less than 1:1 for the year ended December 31, 2013 as earnings were inadequate to cover fixed charges by a deficiency of approximately $28.7 million.
(2)
The ratio was less than 1:1 for the year ended December 31, 2013 as earnings were inadequate to cover fixed charges by a deficiency of approximately $38.1 million.