EX-12.1 2 brx10k12312014ex121.htm EX 12.1 brx10k12312014ex121


Exhibit 12.1
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND CONSOLIDATED RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Predecessor
 
 
Successor
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
Period from January 1, 2011 through June 27,
 
 
Period from June 28, 2011 through December 31,
 
Year Ended
December 31,
 
 
 
 
 
 
 
 
 
 
 
2010
 
2011
 
 
2011
 
2012
 
2013
 
2014
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in income of unconsolidated joint ventures
 
$
(271,377
)
 
$
(40,193
)
 
 
$
159,065

 
$
(150,409
)
 
$
(81,825
)
 
$
110,581

 
Interest expense, net of amortization of premium/discount
 
358,725

 
187,205

 
 
200,625

 
377,070

 
339,044

 
254,380

 
Amortization of deferred financing fees
 
19,345

 
5,166

 
 
4,812

 
10,272

 
10,831

 
8,691

 
Distributed income of equity investees
 
548

 
390

 
 
152

 
451

 
409

 
454

 
Portion of rent expense representative of interest
 
465

 
206

 
 
226

 
445

 
443

 
416

Total Earnings
 
$
107,706

 
$
152,774

 
 
$
364,880

 
$
237,829

 
$
268,902

 
$
374,522

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of amortization of premium/discount
 
358,725

 
187,205

 
 
200,625

 
377,070

 
339,044

 
254,380

 
Capitalized interest
 
660

 
254

 
 
293

 
1,661

 
4,968

 
4,047

 
Amortization of deferred financing fees
 
19,345

 
5,166

 
 
4,812

 
10,272

 
10,831

 
8,691

 
Portion of rent expense representative of interest
 
465

 
206

 
 
226

 
445

 
443

 
416

Total fixed charges (1)
 
379,195

 
192,831

 
 
205,956

 
389,448

 
355,286

 
267,534

 
Preferred stock dividends
 
—

 
—

 
 
137

 
296

 
162

 
150

Total combined fixed charges and preferred stock dividends (2)
 
$
379,195

 
$
192,831

 
 
$
206,093

 
$
389,744

 
$
355,448

 
$
267,684

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
—

 
—

 
 
1.8

 
—

 
—

 
1.4

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
—

 
—

 
 
1.8

 
—

 
—

 
1.4

(1)  
For the year ended December 31, 2010, the period from January 1, 2011 through June 27, 2011 and the years ended December 31, 2012 and 2013 fixed charges exceeded earnings by $271,489, $40,057, $151,619 and $86,384, respectively.
(2)  
For the year ended December 31, 2010, the period from January 1, 2011 through June 27, 2011 and the years ended December 31, 2012 and 2013 combined fixed charges and preferred stock dividends exceeded earnings by $271,489, $40,057, $151,915 and $86,546, respectively.










BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Predecessor
 
 
Successor
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
Period from January 1, 2011 through June 27,
 
 
Period from June 28, 2011 through December 31,
 
Year Ended
December 31,
 
 
 
 
 
 
 
 
 
 
 
2010
 
2011
 
 
2011
 
2012
 
2013
 
2014
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in income of unconsolidated joint ventures
 
$
(271,377
)
 
$
(40,193
)
 
 
$
(128,372
)
 
$
(149,885
)
 
$
(81,819
)
 
$
110,581

 
Interest expense, net of amortization of premium/discount
 
358,725

 
187,205

 
 
200,625

 
377,070

 
339,044

 
254,380

 
Amortization of deferred financing fees
 
19,345

 
5,166

 
 
4,812

 
10,272

 
10,831

 
8,691

 
Distributed income of equity investees
 
548

 
390

 
 
152

 
451

 
409

 
454

 
Portion of rent expense representative of interest
 
465

 
206

 
 
226

 
445

 
443

 
416

Total Earnings
 
$
107,706

 
$
152,774

 
 
$
77,443

 
$
238,353

 
$
268,908

 
$
374,522

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of amortization of premium/discount
 
358,725

 
187,205

 
 
200,625

 
377,070

 
339,044

 
254,380

 
Capitalized interest
 
660

 
254

 
 
293

 
1,661

 
4,968

 
4,047

 
Amortization of deferred financing fees
 
19,345

 
5,166

 
 
4,812

 
10,272

 
10,831

 
8,691

 
Portion of rent expense representative of interest
 
465

 
206

 
 
226

 
445

 
443

 
416

Total fixed charges (1)
 
$
379,195

 
$
192,831

 
 
$
205,956

 
$
389,448

 
$
355,286

 
$
267,534

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
—

 
—

 
 
—

 
—

 
—

 
1.4

(1)  
For the year ended December 31, 2010, the period from January 1, 2011 through June 27, 2011, the period from June 28, 2011 through December 31, 2011 and the years ended December 31, 2012 and 2013 fixed charges exceeded earnings by $271,489, $40,057, $128,513, $151,095 and $86,378, respectively.