EX-12.1 2 iretexhibit121-04302012.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES iretexhibit121-04302012.htm
Exhibit 12.1
 
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DISTRIBUTIONS
(Unaudited)
 
The following table sets forth our ratios of earnings to fixed charges and earnings to combined fixed charges and preferred share dividends for the periods indicated.  The ratio of earnings to fixed charges was computed by dividing earnings by our fixed charges. The ratio of earnings to combined fixed charges and preferred share dividends was computed by dividing earnings by our combined fixed charges and preferred share dividends.  For purposes of calculating these ratios, earnings consist of income from continuing operations before noncontrolling interests plus fixed charges.  Fixed charges consist of interest charges on all indebtedness, whether expensed or capitalized, the interest component of rental expense and the amortization of debt discounts and issue costs, whether expensed or capitalized.  Preferred share dividends consist of dividends on our Series A preferred shares.
 
     
(in thousands, except ratios)
  
     
Fiscal Year Ended April 30,
  
     
2012
    
2011
    
2010
    
2009
    
2008
  
Earnings
                              
Income from continuing operations
   $ 9,914     $ 4,519     $ 6,094     $ 10,008     $ 14,109  
Add:
                                        
 
Combined fixed charges and preferred distributions (see below)
     68,172       64,954       71,497       72,027       66,317  
Less:
                                          
 
(Income) loss noncontrolling interests – consolidated real estate entities
     (135 )     180       (22 )     40       136  
 
Interest capitalized
     (571 )     (57 )     (19 )     (912 )     (506 )
 
Preferred distributions
     (2,372 )     (2,372 )     (2,372 )     (2,372 )     (2,372 )
Total earnings
   $ 75,008     $ 67,224     $ 75,178     $ 78,791     $ 77,684  
                                           
Fixed charges
                                        
 
Interest expensed
   $ 65,229     $ 62,525     $ 69,106     $ 68,743     $ 63,439  
 
Interest capitalized
     571       57       19       912       506  
Total fixed charges
   $ 65,800     $ 62,582     $ 69,125     $ 69,655     $ 63,945  
 
Preferred distributions
     2,372       2,372       2,372       2,372       2,372  
Total combined fixed charges and preferred distributions
   $ 68,172     $ 64,954     $ 71,497     $ 72,027     $ 66,317  
                                           
Ratio of earnings to fixed charges
     1.14       1.07       1.09       1.13       1.21  
Ratio of earnings to combined fixed charges and preferred distributions
     1.10       1.03       1.05       1.09       1.17