MACK-CALI REALTY CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SECURITY DIVIDENDS
(DOLLAR AMOUNTS IN THOUSANDS)
Mack-Cali Realty Corporation’s ratios of earnings to fixed charges and of earnings to combined fixed charges and preferred security dividends for each of the five years ended December 31, 2017 were as follows:
|
|
|
For the Year Ended December 31, |
| |||||||||||||
|
|
|
2017 |
|
2016 |
|
2015 |
|
2014 |
|
2013 |
| |||||
|
EARNINGS: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
ADD: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income (loss) from continuing operations before noncontrolling interest and equity in earnings from unconsolidated joint ventures |
|
$ |
39,799 |
|
$ |
111,506 |
|
$ |
(138,880 |
) |
$ |
33,814 |
|
$ |
(87,359 |
) |
|
Fixed charges (see calculation below) |
|
114,495 |
|
114,705 |
|
119,403 |
|
128,483 |
|
136,721 |
| |||||
|
Amortization of capitalized interest |
|
3,608 |
|
3,165 |
|
2,774 |
|
2,440 |
|
2,154 |
| |||||
|
Distributed income of unconsolidated joint ventures |
|
8,186 |
|
6,120 |
|
5,644 |
|
11,213 |
|
8,485 |
| |||||
|
SUBTRACT: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Capitalized interest |
|
(20,240 |
) |
(19,316 |
) |
(16,217 |
) |
(15,470 |
) |
(12,885 |
) | |||||
|
TOTAL EARNINGS |
|
$ |
145,848 |
|
$ |
216,180 |
|
$ |
(27,276 |
) |
$ |
160,480 |
|
$ |
47,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
FIXED CHARGES: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expense (includes amortization of deferred financing costs) |
|
$ |
93,388 |
|
$ |
103,051 |
|
$ |
94,889 |
|
$ |
103,051 |
|
$ |
112,878 |
|
|
Capitalized interest |
|
20,240 |
|
19,316 |
|
16,217 |
|
15,470 |
|
12,885 |
| |||||
|
Interest portion (33 percent) of ground rents on land leases |
|
867 |
|
500 |
|
135 |
|
135 |
|
135 |
| |||||
|
TOTAL FIXED CHARGES |
|
$ |
114,495 |
|
$ |
114,705 |
|
$ |
119,403 |
|
$ |
128,483 |
|
$ |
136,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Preferred unit distributions |
|
8,840 |
|
— |
|
— |
|
— |
|
— |
| |||||
|
TOTAL COMBINED FIXED CHARGES AND PREFERRED SECURITY DIVIDENDS |
|
$ |
123,335 |
|
$ |
114,705 |
|
$ |
119,403 |
|
$ |
128,483 |
|
$ |
136,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
RATIO OF EARNINGS TO FIXED CHARGES |
|
1.3 |
|
1.9 |
|
|
(a) |
1.2 |
|
|
(a) | |||||
|
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SECURITY DIVIDENDS |
|
1.2 |
|
1.9 |
|
|
(b) |
1.2 |
|
|
(b) | |||||
|
(a) Deficiency of earnings to cover fixed charges |
|
|
|
|
|
|
|
$ |
(146,679 |
) |
|
|
|
$ |
(89,605 |
) |
|
(b) Deficiency of earnings to cover combined fixed charges and preferred security dividends |
|
|
|
|
|
|
|
$ |
(146,679 |
) |
|
|
|
$ |
(89,605 |
) |