EX-12.1 4 c85729exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 GENERAL GROWTH PROPERTIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED YEARS ENDED DECEMBER 31, MARCH 31, ------------------------------------------------------------------ 2004 2003 2002 2001 2000 1999 ------------ ---------- ---------- ---------- ---------- ---------- Revenues Minimum rents $ 222,656 $ 781,675 $ 584,260 $ 466,678 $ 437,021 $ 384,590 Tenant recoveries 102,604 333,712 255,526 218,700 212,492 179,558 Overage Rents 8,768 34,928 28,044 22,746 28,263 26,757 Other 8,856 36,275 33,367 24,477 9,600 11,745 Management and other fees 18,701 84,138 75,479 66,764 6,471 5,083 ----------- ---------- ---------- ---------- ---------- ---------- Total revenues 361,585 1,270,728 976,676 799,365 693,847 607,733 ----------- ---------- ---------- ---------- ---------- ---------- Expenses Real estate taxes 28,313 89,038 61,096 51,057 49,084 45,213 Management fees to affiliate -- -- -- -- 4,439 6,612 Property operating, property management and other costs 101,622 381,644 294,069 233,340 162,368 142,067 Provision for doubtful accounts 2,797 7,009 3,859 3,322 2,013 4,361 General and administrative 2,190 8,533 8,720 6,006 6,351 5,857 Depreciation and amortization 73,167 231,172 179,542 144,863 119,337 107,951 Network discontinuance costs -- -- -- 66,000 -- -- ----------- ---------- ---------- ---------- ---------- ---------- Total expenses 208,089 717,396 547,286 504,588 343,592 312,061 ----------- ---------- ---------- ---------- ---------- ---------- Net operating income 153,496 553,332 429,390 294,777 350,255 295,672 Interest income 420 2,308 3,689 4,655 12,452 16,482 Interest expense (87,087) (278,543) (219,029) (225,057) (225,092) (202,321) Equity in net income of unconsolidated affiliates: 17,930 94,480 80,825 60,195 50,063 17,890 Income allocated to minority interest (25,636) (112,111) (86,670) (40,288) (51,676) (32,444) ----------- ---------- ---------- ---------- ---------- ---------- Income from continuing operations $ 59,123 $ 259,466 $ 208,205 $ 94,282 $ 136,002 $ 95,279 =========== ========== ========== ========== ========== ========== Ratio of Earnings to Fixed Charges Earnings: Income from continuing operations before minority interest and income from equity investees $ 66,829 $ 277,097 $ 214,050 $ 74,375 $ 137,615 $ 109,833 Adjustments: Fixed Charges 99,523 325,219 249,731 257,145 248,998 219,566 Amortization of capitalized interest 844 2,627 2,485 2,147 1,422 986 Distributed income of equity investees 43,214 182,538 130,453 160,646 61,412 119,559 Interest capitalized (1,947) (5,679) (5,195) (16,272) (17,709) (17,166) Preference security dividend requirements on consolidated subsidiaries (Distributions on preferred units of membership interest) (10,277) (40,257) (25,014) (15,663) (6,091) -- ----------- ---------- ---------- ---------- ---------- ---------- Total Earnings $ 198,186 $ 741,545 $ 566,510 $ 462,378 $ 425,647 $ 432,778 =========== ========== ========== ========== ========== ========== Fixed Charges: $ 99,523 $ 325,219 $ 249,731 $ 257,145 $ 248,998 $ 219,566 Preferred Stock Dividends (PIERS) $ -- $ 13,030 $ 24,467 $ 24,467 $ 24,467 $ 24,467 Ratio of Earnings to Fixed Charges: 1.991 2.280 2.268 1.798 1.709 1,971 Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends: 1.991 2.192 2.066 1.642 1.556 1.773 Fixed Charges: Interest expensed $ 87,087 $ 278,543 $ 219,029 $ 225,057 $ 225,092 $ 202,321 Interest capitalized 1,947 5,679 5,195 16,272 17,709 17,166 Interest expense within rental expense 212 740 493 153 106 79 Preference security dividend requirements on consolidated subsidiaries (Distributions on preferred units of membership interest) 10,277 40,257 25,014 15,663 6,091 -- ----------- ---------- ---------- ---------- ---------- ---------- Total Fixed Charges $ 99,523 $ 325,219 $ 249,731 $ 257,145 $ 248,998 $ 219,566 =========== ========== ========== ========== ========== ==========