EXHIBIT 12.1
Kite Realty Group
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
Three Months ended March 31, 2011 | Years ended December 31 | |||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||
Earnings: | ||||||||||||||||||
Net (loss) income from continuing operations | $ | (777,311) | $ | (9,186,140) | $ | 4,939,365 | $ | 10,183,056 | $ | 13,876,074 | $ | 11,601,854 | ||||||
Add: | ||||||||||||||||||
Income taxes expense (benefit) | (16,073) | 265,986 | (22,293) | 1,927,830 | 761,628 | 965,532 | ||||||||||||
Fixed charges, net of capitalized interest | 5,910,187 | 28,560,292 | 27,350,287 | 29,649,915 | 26,257,879 | 21,528,608 | ||||||||||||
Distributions and income from majority-owned unconsolidated entity | — | — | 381,514 | 825,747 | 621,793 | 504,713 | ||||||||||||
Less: | ||||||||||||||||||
Loss (income) from unconsolidated entities | 87,625 | 51,964 | (226,041) | (842,425) | (290,710) | (286,452) | ||||||||||||
Earnings before fixed charges and preferred dividends | $ | 5,204,428 | $ | 19,692,102 | 32,422,832 | 41,744,123 | 41,226,664 | 34,314,255 | ||||||||||
Fixed charges: | ||||||||||||||||||
Interest expense | $ | 5,901,625 | $ | 28,532,440 | $ | 27,151,054 | $ | 29,372,181 | $ | 25,965,141 | $ | 21,221,758 | ||||||
Capitalized interest | 2,142,262 | 8,807,062 | 8,892,218 | 10,061,770 | 12,824,398 | 10,680,000 | ||||||||||||
Interest within rental expense | 8,562 | 27,852 | 20,056 | 16,690 | 16,673 | 16,673 | ||||||||||||
Fixed charges of unconsolidated entities | — | — | 179,177 | 261,044 | 276,065 | 290,177 | ||||||||||||
Total fixed charges | 8,052,449 | 37,367,354 | $ | 36,242,505 | $ | 39,711,685 | $ | 39,082,277 | $ | 32,208,608 | ||||||||
Preferred dividends | 1,443,750 | 376,979 | — | — | — | — | ||||||||||||
Total fixed charges and preferred dividends | $ | 9,496,199 | $ | 37,744,333 | $ | 36,242,505 | $ | 39,711,685 | $ | 39,082,277 | $ | 32,208,608 | ||||||
Ratio of earnings to fixed charges and preferred dividends | (1) | (2) | (3) | 1.05 | 1.05 | 1.07 |
(1) | The ratio is less than 1.0; the amount of coverage deficiency for the three months ended March 31, 2011 was $4.3 million. The calculation of earnings includes $9.2 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. |