EX-12.1 3 ex12_1.htm RATIO ex12_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
  
   
2011
    
2010
    
2009
    
2008
    
2007
  
Earnings:
                              
Net income (loss) from continuing operations
   $ 5,382,649     $ (9,186,140 )   $ 4,939,365     $ 10,183,056     $ 13,876,074  
Add:
                                        
Income taxes expense (benefit)
     (1,294 )     265,986       (22,293 )     1,927,830       761,628  
Fixed charges, net of capitalized interest
     25,326,305       28,560,292       27,350,287       29,649,915       26,257,879  
Distributions and income from majority-owned unconsolidated entity
     —       —       381,514       825,747       621,793  
Less:
                                        
Income (loss) from unconsolidated entities
     4,653,783       51,964       (226,041 )     (842,425 )     (290,710 )
Earnings before fixed charges and preferred dividends
   $ 26,053,8776       19,692,102       32,422,832       41,744,123       41,226,664  
                                         
Fixed charges:
                                        
Interest expense
   $ 25,291,512     $ 28,532,440     $ 27,151,054     $ 29,372,181     $ 25,965,141  
Capitalized interest
     8,486,590       8,807,062       8,892,218       10,061,770       12,824,398  
Interest within rental expense
     34,793       27,852       20,056       16,690       16,673  
Fixed charges of unconsolidated entities
     —       —       179,177       261,044       276,065  
Total fixed charges
     33,812,895     $ 37,367,354     $ 36,242,505     $ 39,711,685     $ 39,082,277  
Preferred dividends
     5,775,000       376,979       —       —       —  
Total fixed charges and preferred dividends
   $ 39,587,895     $ 37,744,333     $ 36,242,505     $ 39,711,685     $ 39,082,277  
                                         
Ratio of earnings to fixed charges and preferred dividends
     (1 )     (2 )     (3 )     1.05       1.05  
 
(1)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2011 was $13.5 million.  The calculation of earnings includes $37.1 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, 2010 was $18.1 million.  The calculation of earnings includes $40.7 million of non-cash depreciation expense.
 
(3)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2009 was $3.8 million.  The calculation of earnings includes $32.1 million of non-cash depreciation expense.