Exhibit 12.2
Washington Prime Group, L.P.
Ratio of Earnings to Fixed Charges
(in thousands)
|
| For the Six |
| Year Ended December 31, |
| ||||||||||||||
|
| June 30, 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||||
Earnings before fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net (loss) income from continuing operations |
| $ | 179,124 |
| $ | 77,416 |
| $ | (104,122 | ) | $ | 205,455 |
| $ | 187,334 |
| $ | 156,390 |
|
Income tax expense |
| 2,548 |
| 2,232 |
| 849 |
| 1,215 |
| 196 |
| 165 |
| ||||||
Loss (income) from unconsolidated entities |
| 616 |
| 1,745 |
| 1,247 |
| (973 | ) | (1,416 | ) | (1,028 | ) | ||||||
Remeasurement gains from unconsolidated entities |
| — |
| — |
| — |
| (99,375 | ) | — |
| — |
| ||||||
Distributions from unconsolidated entities |
| 161 |
| 272 |
| 223 |
| 1,004 |
| 2,110 |
| 2,558 |
| ||||||
Fixed charges |
| 64,492 |
| 139,027 |
| 141,965 |
| 82,816 |
| 56,219 |
| 59,429 |
| ||||||
Capitalized interest |
| (644 | ) | (2,640 | ) | (1,781 | ) | (283 | ) | (1,019 | ) | (442 | ) | ||||||
Earnings before fixed charges |
| $ | 246,297 |
| $ | 218,052 |
| $ | 38,381 |
| $ | 189,859 |
| $ | 243,424 |
| $ | 217,072 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense (1) |
| $ | 63,769 |
| $ | 136,225 |
| $ | 139,923 |
| $ | 82,428 |
| $ | 55,058 |
| $ | 58,844 |
|
Capitalized interest |
| 644 |
| 2,640 |
| 1,781 |
| 283 |
| 1,019 |
| 442 |
| ||||||
Portion of rents representative of the interest factor |
| 79 |
| 162 |
| 261 |
| 105 |
| 142 |
| 143 |
| ||||||
Total fixed charges |
| $ | 64,492 |
| $ | 139,027 |
| $ | 141,965 |
| $ | 82,816 |
| $ | 56,219 |
| $ | 59,429 |
|
Ratio of earnings to fixed charges |
| 3.82 |
| 1.57 |
| 0.27 |
| 2.29 |
| 4.33 |
| 3.65 |
| ||||||
Excess (deficiency) |
| $ | 181,805 |
| $ | 79,025 |
| $ | (103,584 | ) | $ | 107,043 |
| $ | 187,205 |
| $ | 157,643 |
|
(1) Does not include the impact of the approximate $1 billion of debt incurred related to the spin-off from Simon Property Group for all periods prior to May 28, 2014.
(2) The shortfall of earnings to fixed charges and preferred share dividends for the year ended December 31, 2015 was $103,584. This shortfall resulted from the $31,653 of merger and transaction costs and $147,979 of impairment loss that we incurred during the year ended December 31, 2015.