EXHIBIT 12.1
Kite Realty Group Trust
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
Years ended December 31 | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Net income (loss) from continuing operations | $ | 5,382,649 | $ | (9,186,140 | ) | $ | 4,939,365 | $ | 10,183,056 | $ | 13,876,074 | |||||||||
Add: | ||||||||||||||||||||
Income taxes expense (benefit) | (1,294 | ) | 265,986 | (22,293 | ) | 1,927,830 | 761,628 | |||||||||||||
Fixed charges, net of capitalized interest | 25,326,305 | 28,560,292 | 27,350,287 | 29,649,915 | 26,257,879 | |||||||||||||||
Distributions and income from majority-owned unconsolidated entity | — | — | 381,514 | 825,747 | 621,793 | |||||||||||||||
Less: | ||||||||||||||||||||
Income (loss) from unconsolidated entities | 4,653,783 | 51,964 | (226,041 | ) | (842,425 | ) | (290,710 | ) | ||||||||||||
Earnings before fixed charges and preferred dividends | $ | 26,053,8776 | 19,692,102 | 32,422,832 | 41,744,123 | 41,226,664 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 25,291,512 | $ | 28,532,440 | $ | 27,151,054 | $ | 29,372,181 | $ | 25,965,141 | ||||||||||
Capitalized interest | 8,486,590 | 8,807,062 | 8,892,218 | 10,061,770 | 12,824,398 | |||||||||||||||
Interest within rental expense | 34,793 | 27,852 | 20,056 | 16,690 | 16,673 | |||||||||||||||
Fixed charges of unconsolidated entities | — | — | 179,177 | 261,044 | 276,065 | |||||||||||||||
Total fixed charges | 33,812,895 | $ | 37,367,354 | $ | 36,242,505 | $ | 39,711,685 | $ | 39,082,277 | |||||||||||
Preferred dividends | 5,775,000 | 376,979 | — | — | — | |||||||||||||||
Total fixed charges and preferred dividends | $ | 39,587,895 | $ | 37,744,333 | $ | 36,242,505 | $ | 39,711,685 | $ | 39,082,277 | ||||||||||
Ratio of earnings to fixed charges and preferred dividends | (1 | ) | (2 | ) | (3 | ) | 1.05 | 1.05 |
(1) | The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2011 was $13.5 million. The calculation of earnings includes $37.1 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. |