EX-12.1 2 brx10k12312017ex121.htm EX 12.1 Exhibit


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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
 
 
 
 
 
 
 
 
2013
 
2014
 
2015
 
2016
 
2017
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in income of unconsolidated joint ventures
 
$
(81,825
)
 
$
110,581

 
$
197,077

 
$
277,665

 
$
295,432

 
Interest expense, net of amortization of premium/discount
 
339,044

 
254,380

 
236,709

 
218,963

 
219,689

 
Amortization of deferred financing fees
 
10,831

 
8,691

 
8,302

 
7,708

 
6,971

 
Distributed income of equity investees
 
409

 
454

 
512

 
422

 
381

 
Portion of rent expense representative of interest
 
443

 
416

 
364

 
312

 
288

Total Earnings
 
$
268,902

 
$
374,522

 
$
442,964

 
$
505,070

 
$
522,761

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of amortization of premium/discount
 
339,044

 
254,380

 
236,709

 
218,963

 
219,689

 
Capitalized interest
 
4,968

 
4,047

 
2,749

 
2,870

 
2,945

 
Amortization of deferred financing fees
 
10,831

 
8,691

 
8,302

 
7,708

 
6,971

 
Portion of rent expense representative of interest
 
443

 
416

 
364

 
312

 
288

Total fixed charges(1)
 
355,286

 
267,534

 
248,124

 
229,853

 
229,893

 
Preferred stock dividends
 
162

 
150

 
150

 
150

 
39

Total combined fixed charges and preferred stock dividends(2)
 
$
355,448

 
$
267,684

 
$
248,274

 
$
230,003

 
$
229,932

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
—

 
1.4

 
1.8

 
2.2

 
2.3

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

 
1.4

 
1.8

 
2.2

 
2.3

(1)  
For the year ended December 31, 2013 fixed charges exceeded earnings by $86,384.
(2)  
For the year ended December 31, 2013 combined fixed charges and preferred stock dividends exceeded earnings by $86,546.










BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
 
 
 
 
 
 
 
 
2013
 
2014
 
2015
 
2016
 
2017
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in income of unconsolidated joint ventures
 
$
(81,819
)
 
$
110,581

 
$
197,077

 
$
277,665

 
$
295,432

 
Interest expense, net of amortization of premium/discount
 
339,044

 
254,380

 
236,709

 
218,963

 
219,689

 
Amortization of deferred financing fees
 
10,831

 
8,691

 
8,302

 
7,708

 
6,971

 
Distributed income of equity investees
 
409

 
454

 
512

 
422

 
381

 
Portion of rent expense representative of interest
 
443

 
416

 
364

 
312

 
288

Total Earnings
 
$
268,908

 
$
374,522

 
$
442,964

 
$
505,070

 
$
522,761

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of amortization of premium/discount
 
339,044

 
254,380

 
236,709

 
218,963

 
219,689

 
Capitalized interest
 
4,968

 
4,047

 
2,749

 
2,870

 
2,945

 
Amortization of deferred financing fees
 
10,831

 
8,691

 
8,302

 
7,708

 
6,971

 
Portion of rent expense representative of interest
 
443

 
416

 
364

 
312

 
288

Total fixed charges(1)
 
$
355,286

 
$
267,534

 
$
248,124

 
$
229,853

 
$
229,893

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
—

 
1.4

 
1.8

 
2.2

 
2.3

(1)  
For the year ended December 31, 2013 fixed charges exceeded earnings by $86,378.