EXHIBIT 12.1
Kite Realty Group Trust
Consolidated Ratio of Earnings to Fixed Charges and Consolidated Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(dollars in thousands)
|
| Years ended December 31 |
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|
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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Earnings: |
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|
|
|
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|
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|
|
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Net (loss) income from continuing operations |
| $ | (16,452 | ) | $ | (726 | ) | $ | (11,455 | ) | $ | 3,753 |
| $ | (9,256 | ) |
Add: |
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|
|
|
|
|
|
|
|
|
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Income taxes expense (benefit) |
| 24 |
| 262 |
| (106 | ) | (1 | ) | 266 |
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Fixed charges, net of capitalized interest |
| 45,549 |
| 28,026 |
| 23,423 |
| 21,660 |
| 24,859 |
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Less: |
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|
|
|
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|
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Income (loss) from unconsolidated entities |
| — |
| — |
| — |
| 4,320 |
| — |
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Earnings before fixed charges and preferred dividends |
| $ | 29,121 |
| $ | 27,562 |
| $ | 11,862 |
| $ | 21,092 |
| $ | 15,869 |
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Fixed charges: |
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Interest expense |
| $ | 45,513 |
| $ | 27,994 |
| $ | 23,392 |
| $ | 21,625 |
| $ | 24,831 |
|
Capitalized interest |
| 4,789 |
| 5,081 |
| 7,444 |
| 8,487 |
| 8,807 |
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Interest within rental expense |
| 36 |
| 32 |
| 31 |
| 35 |
| 28 |
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Total fixed charges (1) |
| $ | 50,338 |
| $ | 33,107 |
| $ | 30,867 |
| $ | 30,147 |
| $ | 33,666 |
|
Preferred dividends |
| 8,456 |
| 8,456 |
| 7,920 |
| 5,775 |
| 377 |
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Total fixed charges and preferred dividends (2) |
| $ | 58,794 |
| $ | 41,563 |
| $ | 38,787 |
| $ | 35,922 |
| $ | 34,043 |
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Ratio of earnings to fixed charges |
| — |
| — |
| — |
| — |
| — |
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Ratio of earnings to combined fixed charges and preferred dividends |
| — |
| — |
| — |
| — |
| — |
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(1) For the years ended December 31, 2010, 2011, 2012, 2013, and 2014 fixed charges exceed earnings by $17,797, $9,055, $19,005, $5,545, and $21,217, respectively.
(2) For the years ended December 31, 2010, 2011, 2012, 2013, and 2014 combined fixed charges and preferred stock dividends exceed earnings by $18,174, $14,830, $26,925, $14,001, and $29,673, respectively.
Kite Realty Group, L.P.
Consolidated Ratio of Earnings to Fixed Charges
(dollars in thousands)
|
| Years ended December 31 |
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|
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| |||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net (loss) income from continuing operations |
| $ | (16,452 | ) | $ | (726 | ) | $ | (11,455 | ) | $ | 3,753 |
| $ | (9,256 | ) |
Add: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income taxes expense (benefit) |
| 24 |
| 262 |
| (106 | ) | (1 | ) | 266 |
| |||||
Fixed charges, net of capitalized interest |
| 45,549 |
| 28,026 |
| 23,423 |
| 21,660 |
| 24,859 |
| |||||
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from unconsolidated entities |
| — |
| — |
| — |
| 4,320 |
| — |
| |||||
Earnings before fixed charges |
| $ | 29,121 |
| $ | 27,562 |
| $ | 11,862 |
| $ | 21,092 |
| $ | 15,869 |
|
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|
|
|
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|
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Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense |
| $ | 45,513 |
| $ | 27,994 |
| $ | 23,392 |
| $ | 21,625 |
| $ | 24,831 |
|
Capitalized interest |
| 4,789 |
| 5,081 |
| 7,444 |
| 8,487 |
| 8,807 |
| |||||
Interest within rental expense |
| 36 |
| 32 |
| 31 |
| 35 |
| 28 |
| |||||
Total fixed charges (1) |
| $ | 50,338 |
| $ | 33,107 |
| $ | 30,867 |
| $ | 30,147 |
| $ | 33,666 |
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Ratio of earnings to fixed charges |
| — |
| — |
| — |
| — |
| — |
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(1) For the years ended December 31, 2010, 2011, 2012, 2013, and 2014 fixed charges exceed earnings by $17,797, $9,055, $19,005, $5,545, and $21,217, respectively.
