EX-12.1 3 nrf12312014exhibit121.htm EXHIBIT 12.1 NRF 12.31.2014 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,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
(312,958
)
 
$
(79,149
)
 
$
(257,718
)
 
$
(234,173
)
 
$
(376,944
)
Add (subtract):
 
 
 
 
 
 
 
 
 
Equity in (earnings) losses of unconsolidated ventures
(148,290
)
 
(85,477
)
 
(88
)
 
2,738

 
(2,550
)
Distributions from private equity funds
364,634

 
218,199

 
—

 
—

 
—

Distributions from unconsolidated ventures
15,387

 
16,526

 
2,920

 
1,695

 
28,894

Interest expense
244,051

 
178,659

 
140,093

 
140,268

 
124,238

Total earnings
$
162,824

 
$
248,758

 
$
(114,793
)
 
$
(89,472
)
 
$
(226,362
)
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
244,051

 
178,659

 
140,093

 
140,268

 
124,238

Total Fixed Charges
244,051

 
178,659

 
140,093

 
140,268

 
124,238

Preferred stock dividends
73,300

 
55,516

 
27,025

 
20,925

 
20,925

Total Combined Fixed Charges and Preferred Stock Dividends
$
317,351

 
$
234,175

 
$
167,118

 
$
161,193

 
$
145,163

Ratio of earnings to fixed charges(1)
0.67

 
1.39

 
(0.82
)
 
(0.64
)
 
(1.82
)
Ratio of earnings to combined fixed charges and preferred stock dividends(2)
0.51

 
1.06

 
(0.69
)
 
(0.56
)
 
(1.56
)
Deficiency related to ratio of earnings to fixed charges
NA

 
NA

 
$
(254,886
)
 
$
(229,740
)
 
$
(350,600
)
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends
NA

 
NA

 
$
(281,911
)
 
$
(250,665
)
 
$
(371,525
)
________________________________
(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, 2014, 2013, 2012, 2011 and 2010, the ratios of earnings to fixed charges were 1.56, 1.35, 2.53, 2.11, and 1.73, 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, 2014, 2013, 2012, 2011 and 2010, the ratios of earnings to combined fixed charges and preferred stock dividends were 1.19, 1.03, 2.12, 1.84, and 1.48, respectively.