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Previous: WESTFIELD AMERICA INC, 10-Q, EX-11.4, 2000-08-14 |
Next: WESTFIELD AMERICA INC, 10-Q, EX-27, 2000-08-14 |
<PAGE>
EXHIBIT 12
WESTFIELD AMERICA, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(AMOUNTS IN THOUSANDS, EXCEPT RATIOS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
---------------------------- ----------------------------
2000 1999 2000 1999
------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Income before income taxes $ 15,416 $ 12,091 $ 30,539 $ 21,092
Add: Minority interest in consolidated real estate affiliates 1,202 1,079 2,076 2,401
Equity in income of unconsolidated real estate affiliates (1,805) (1,591) (3,591) (3,385)
Distributions from unconsolidated real estate affiliates 5,965 890 5,609 3,033
Interest expense 46,284 50,041 91,716 99,185
Less: Gains on sales of investments - (1,971) - (1,971)
------------- -------------- ------------- -------------
Total earnings available to cover fixed charges $ 67,062 $ 60,539 $ 126,349 $ 120,355
============= ============== ============= =============
Total fixed charges-interest expensed and capitalized $ 47,114 $ 50,642 $ 93,255 $ 100,029
Total preferred stock dividends 10,510 8,625 21,020 17,250
------------- -------------- ------------- -------------
Total combined fixed charges and preferred stock dividends $ 57,624 $ 59,267 $ 114,275 $ 117,279
============= ============== ============= =============
Ratio of earnings to fixed charges 1.42x 1.20x 1.35x 1.20x
============= ============== ============= =============
Ratio of earnings to fixed charges and preferred stock dividends 1.16x 1.02x 1.11x 1.03x
============= ============== ============= =============
Supplemental Disclosure of Ratio of Funds from Operations
to Fixed Charges:
Funds From Operations ("FFO") $ 47,894 $ 42,037 $ 93,207 $ 83,207
Interest expense 46,284 50,041 91,716 99,185
------------- -------------- ------------- -------------
Adjusted FFO available to cover fixed charges $ 94,178 $ 92,078 $ 184,923 $ 182,392
============= ============== ============= =============
Total fixed charges - interest expensed and capitalized $ 47,114 $ 50,642 $ 93,255 $ 100,029
Total preferred stock dividends 10,510 8,625 21,020 17,250
------------- -------------- ------------- -------------
Total combined fixed charges and preferred stock dividends $ 57,624 $ 59,267 $ 114,275 $ 117,279
============= ============== ============= =============
Ratio of FFO to fixed charges 2.00x 1.82x 1.98x 1.82x
============= ============== ============= =============
Ratio of FFO to fixed charges and preferred stock dividends 1.63x 1.55x 1.62x 1.56x
============= ============== ============= =============
</TABLE>
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