EX-12.1 4 rpt_ex121x2014630-q2.htm EXHIBIT 12.1 RPT_Ex12.1_2014.6.30-Q2


Exhibit 12.1

 
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
 
2014
 
2013
 
2014
 
2013
 
 
 
 
(In thousands, except ratio computation)
 
Pretax gain from continuing operations before adjustment for noncontrolling interest
 
$1,119
 
$4,079
 
$3,897
 
$8,949
 
 
 
 
 
 
 
 
 
 
 
 
Add back:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
8,557

 
7,830

 
16,993

 
14,640

 
 
Distributed income of equity investees
 
570

 
762

 
1,353

 
3,485

 
 
Equity in loss of equity investees
 

 

 
791

 
5,414

 
 
 
 
 
 
 
 
 
 
 
 
Deduct:
 
 
 
 
 
 
 
 
 
 
Equity in earnings of equity investees
 
(816
)
 
(260
)
 

 

 
 
Capitalized interest
 
(503
)
 
(132
)
 
(884
)
 
(457
)
 
Earnings as Defined
 
$8,927
 
$12,279
 
$22,150
 
$32,031
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense including amortization of deferred financing fees
 
$8,002
 
$7,642
 
$16,004
 
$14,056
 
 
Capitalized interest
 
503

 
132

 
884

 
457

 
 
Interest portion of rent expense
 
52

 
56

 
105

 
127

 
Fixed Charges
 
8,557

 
7,830

 
16,993

 
14,640

 
 
Preferred share dividends
 
1,813

 
1,813

 
3,625

 
3,625

 
Combined Fixed Charges and Preferred Dividends
 
$10,370
 
$9,643
 
$20,618
 
$18,265
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
(a)
 
1.27

 
1.07

 
1.75

 
 
 
 
 
 
 
 
 
 
 
 
(a)
For the three months ended June 30, 2014, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $1.4 million to achieve a coverage of 1:1 for the period.