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Previous: WESTFIELD AMERICA INC, 10-Q, EX-11.4, 2000-11-14 |
Next: WESTFIELD AMERICA INC, 10-Q, EX-27, 2000-11-14 |
<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 NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
---------------------------- ----------------------------
2000 1999 2000 1999
------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Income before income taxes $13,305 $13,556 $ 43,844 $ 34,648
Add: Minority interest in consolidated real estate affiliates 2,440 1,014 4,516 3,416
Equity in income of unconsolidated real estate affiliates (4,232) (1,958) (7,823) (5,344)
Distributions from unconsolidated real estate affiliates 5,431 963 11,040 3,996
Interest expense 46,794 42,424 138,510 141,609
Less: Gains on sales of investments - - - (1,971)
------------- -------------- ------------- -------------
Total earnings available to cover fixed charges $63,738 $55,999 $190,087 $176,354
============= ============== ============= =============
Total fixed charges-interest expensed and capitalized $48,140 $43,268 $141,395 $143,297
Total preferred stock dividends 10,510 9,559 31,530 26,809
------------- -------------- ------------- -------------
Total combined fixed charges and preferred stock dividends $58,650 $52,827 $172,925 $170,106
============= ============== ============= =============
Ratio of earnings to fixed charges 1.32x 1.29x 1.34x 1.23x
============= ============== ============= =============
Ratio of earnings to fixed charges and preferred stock dividends 1.09x 1.06x 1.10x 1.04x
============= ============== ============= =============
Supplemental Disclosure of Ratio of Funds from Operations
to Fixed Charges:
Funds From Operations ("FFO") $49,238 $44,087 $142,445 $127,294
Interest expense 46,794 42,424 138,510 141,609
------------- -------------- ------------- -------------
Adjusted FFO available to cover fixed charges $96,032 $86,511 $280,955 $268,903
============= ============== ============= =============
Total fixed charges - interest expensed and capitalized $48,140 $43,268 $141,395 $143,297
Total preferred stock dividends 10,510 9,559 31,530 26,809
============= ============== ============= =============
Total combined fixed charges and preferred stock dividends $58,650 $52,827 $172,925 $170,106
============= ============== ============= =============
Ratio of FFO to fixed charges 1.99x 2.00x 1.99x 1.88x
============= ============== ============= =============
Ratio of FFO to fixed charges and preferred stock dividends 1.64x 1.64x 1.62x 1.58x
============= ============== ============= =============
</TABLE>
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