EX-12.1 3 nrf12312013exhibit121.htm EXHIBIT 12.1 NRF 12.31.2013 Exhibit 12.1


Exhibit 12.1
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)


 
Years Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
(79,554
)
 
$
(275,040
)
 
$
(259,855
)
 
$
(391,948
)
 
$
(154,259
)
Add (subtract):
 
 
 
 
 
 
 
 
 
Equity in (earnings) losses of unconsolidated ventures
(85,477
)
 
(88
)
 
2,738

 
(2,550
)
 
1,524

Distributions from private equity funds
218,199

 
—

 
—

 
—

 
—

Distributions from unconsolidated ventures
16,526

 
2,920

 
1,695

 
28,894

 
24,325

Interest expense
178,659

 
140,093

 
140,268

 
124,238

 
114,127

Total earnings
$
248,353

 
$
(132,115
)
 
$
(115,154
)
 
$
(241,366
)
 
$
(14,283
)
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
178,659

 
140,093

 
140,268

 
124,238

 
114,127

Total Fixed Charges
178,659

 
140,093

 
140,268

 
124,238

 
114,127

Preferred stock dividends
55,516

 
27,025

 
20,925

 
20,925

 
20,925

Total Combined Fixed Charges and Preferred Stock Dividends
$
234,175

 
$
167,118

 
$
161,193

 
$
145,163

 
$
135,052

Ratio of earnings to fixed charges(1)
1.39

 
(0.94
)
 
(0.82
)
 
(1.94
)
 
(0.13
)
Ratio of earnings to combined fixed charges and preferred stock dividends(2)
1.06

 
(0.79
)
 
(0.71
)
 
(1.66
)
 
(0.11
)
Deficiency related to ratio of earnings to fixed charges
NA

 
$
(272,208
)
 
$
(255,422
)
 
$
(365,604
)
 
$
(128,410
)
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends
NA

 
$
(299,233
)
 
$
(276,347
)
 
$
(386,529
)
 
$
(149,335
)
________________________________
(1)
Excluding unrealized (gain) loss from fair value adjustments and unrealized loss from fair value adjustments related to unconsolidated ventures recognized in the years ended December 31, 2013, 2012, 2011, 2010 and 2009, the ratios of earnings to fixed charges were 1.35, 2.41, 1.93, 1.61, and 1.64, respectively.
(2)
Excluding unrealized (gain) loss from fair value adjustments and unrealized loss from fair value adjustments related to unconsolidated ventures recognized in the years ended December 31, 2013, 2012, 2011, 2010 and 2009, the ratios of earnings to combined fixed charges and preferred stock dividends were 1.03, 2.02, 1.68, 1.38, and 1.38, respectively.