EX-12.1 3 exhibit12_1.htm RATIO 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
  
   
2012
    
2011
    
2010
    
2009
    
2008
  
Earnings:
                              
Net income (loss) from continuing operations
   $ (12,126,085 )   $ 3,556,493     $ (9,407,478 )   $ 3,595,529     $ 10,521,859  
Add:
                                        
Income taxes expense (benefit)
     (105,984 )     (1,294 )     265,986       (22,293 )     1,927,830  
Fixed charges, net of capitalized interest
     25,691,237       23,634,020       26,837,276       25,653,912       28,128,780  
Distributions and income from majority-owned unconsolidated entity
     —       —       —       381,514       825,747  
Less:
                                        
Income (loss) from unconsolidated entities
     91,452       4,653,783       (51,964 )     226,041       2,075,000  
Earnings before fixed charges and preferred dividends
   $ 13,367,716       22,535,436       17,747,748       29,382,621       39,329,216  
                                         
Fixed charges:
                                        
Interest expense
   $ 25,660,381     $ 23,599,227     $ 26,809,424     $ 25,633,856     $ 28,112,090  
Capitalized interest
     7,444,472       8,486,590       8,807,062       8,892,218       10,061,770  
Interest within rental expense
     30,856       34,793       27,852       20,056       16,690  
Fixed charges of unconsolidated entities
     —       —       —       179,177       261,044  
Total fixed charges
     33,135,709     $ 32,120,610     $ 35,644,338     $ 34,725,307     $ 38,451,594  
Preferred dividends
     7,920,002       5,775,000       376,979       —       —  
Total fixed charges and preferred dividends
   $ 41,055,711     $ 37,895,610     $ 36,021,317     $ 34,725,307     $ 38,451,594  
                                         
Ratio of earnings to fixed charges and preferred dividends
     (1 )     (2 )     (3 )     (4 )     1.02  
 
(1)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2012 was $27.7 million.  The calculation of earnings includes $40.4 million of non-cash depreciation expense and a $8.0 million non-cash remeasurement loss on consolidation of Parkside Town Commons, net.
 
 
(2)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2011 was $15.4 million.  The calculation of earnings includes $34.7 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, 2010 was $18.3 million.  The calculation of earnings includes $37.5 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, 2009 was $3.6 million.  The calculation of earnings includes $30.1 million of non-cash depreciation expense.