Kite Realty Group Trust (KRG) 10-K 2012 FY Annual report

EXHIBIT 12.1

Kite Realty Group Trust

Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

	Years ended December 31
	2012			2011			2010			2009			2008
Earnings:
Net income (loss) from continuing operations	$	(12,126,085	)	$	3,556,493		$	(9,407,478	)	$	3,595,529		$	10,521,859
Add:
Income taxes expense (benefit)		(105,984	)		(1,294	)		265,986			(22,293	)		1,927,830
Fixed charges, net of capitalized interest		25,691,237			23,634,020			26,837,276			25,653,912			28,128,780
Distributions and income from majority-owned unconsolidated entity		—			—			—			381,514			825,747
Less:
Income (loss) from unconsolidated entities		91,452			4,653,783			(51,964	)		226,041			2,075,000
Earnings before fixed charges and preferred dividends	$	13,367,716			22,535,436			17,747,748			29,382,621			39,329,216
Fixed charges:
Interest expense	$	25,660,381		$	23,599,227		$	26,809,424		$	25,633,856		$	28,112,090
Capitalized interest		7,444,472			8,486,590			8,807,062			8,892,218			10,061,770
Interest within rental expense		30,856			34,793			27,852			20,056			16,690
Fixed charges of unconsolidated entities		—			—			—			179,177			261,044
Total fixed charges		33,135,709		$	32,120,610		$	35,644,338		$	34,725,307		$	38,451,594
Preferred dividends		7,920,002			5,775,000			376,979			—			—
Total fixed charges and preferred dividends	$	41,055,711		$	37,895,610		$	36,021,317		$	34,725,307		$	38,451,594
Ratio of earnings to fixed charges and preferred dividends		(1	)		(2	)		(3	)		(4	)		1.02

(1)   The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2012 was $27.7 million.  The calculation of earnings includes $40.4 million of non-cash depreciation expense and a $8.0 million non-cash remeasurement loss on consolidation of Parkside Town Commons, net.

(2)   The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2011 was $15.4 million.  The calculation of earnings includes $34.7 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, 2010 was $18.3 million.  The calculation of earnings includes $37.5 million of non-cash depreciation expense.

(4)   The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2009 was $3.6 million.  The calculation of earnings includes $30.1 million of non-cash depreciation expense.