EX-12.1 5 exhibit12_1.htm RATIOS exhibit12_1.htm

 
EXHIBIT 12.1
 
 
Kite Realty Group Trust
 
 
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
 
 
 
Years ended December 31
   
2013
  
2012
  
2011
  
2010
  
2009
Earnings:
                    
Net (loss) income from continuing operations
$
(726,597)
$
(11,454,669)
$
3,752,729
$
(9,256,140)
$
3,809,414
Add:
                    
 
Income taxes expense (benefit)
  
262,404
  
(105,984)
  
(1,294)
  
265,986
  
(22,293)
 
Fixed charges, net of capitalized interest
  
28,026,382
  
23,422,793
  
21,659,785
  
24,858,996
  
23,844,114
 
Distributions and income from majority-owned unconsolidated entity
  
—  
  
—  
  
—  
  
—  
  
381,514
Less:
                    
 
Income (loss) from unconsolidated entities
  
—  
  
—  
  
4,320,155
  
—  
  
—  
Earnings before fixed charges and preferred dividends
$
27,562,189
  
11,862,140
  
21,091,065
  
15,868,842
  
28,012,749
                         
Fixed charges:
                    
 
Interest expense
$
27,993,577
$
23,391,937
$
21,624,992
$
24,831,144
$
23,644,881
 
Capitalized interest
  
5,081,418
  
7,444,472
  
8,486,590
  
8,807,062
  
8,892,218
 
Interest within rental expense
  
32,805
  
30,856
  
34,793
  
27,852
  
20,056
 
Fixed charges of unconsolidated entities
  
—  
  
—  
  
—  
  
—  
  
179,177
Total fixed charges
  
33,107,800
$
30,867,265
$
30,146,375
$
33,666,058
$
32,736,332
 
Preferred dividends
  
8,456,251
  
7,920,002
  
5,775,000
  
376,979
  
—  
Total fixed charges and preferred dividends
$
41,564,051
$
38,787,267
$
35,921,375
$
34,043,037
$
32,736,332
                         
Ratio of earnings to fixed charges and preferred dividends
  
(1)
  
(2)
  
(3)
  
(4)
  
(5)
 
(1)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2013 was $14.0 million.  The calculation of earnings includes $54.5 million of non-cash depreciation expense.
 
(2)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2012 was $26.9 million.  The calculation of earnings includes $38.8 million of non-cash depreciation expense and a $8.0 million non-cash remeasurement loss on consolidation of Parkside Town Commons, net.
 
(3)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2011 was $14.8 million.  The calculation of earnings includes $33.1 million of non-cash depreciation expense.
 
(4)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2010 was $18.2 million.  The calculation of earnings includes $36.1 million of non-cash depreciation expense.
 
(5)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2009 was $4.7 million.  The calculation of earnings includes $28.6 million of non-cash depreciation expense.