EXHIBIT 12.1
Kite Realty Group Trust
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
Years ended December 31 | ||||||||||||||||||||
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 and preferred dividends | $ | 29,121 | $ | 27,562 | $ | 11,862 | $ | 21,092 | $ | 15,869 | ||||||||||
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 | 33 | 31 | 34 | 28 | |||||||||||||||
Total fixed charges | $ | 50,338 | $ | 33,108 | $ | 30,867 | $ | 30,146 | $ | 33,666 | ||||||||||
Preferred dividends | 8,456 | 8,456 | 7,920 | 5,775 | 377 | |||||||||||||||
Total fixed charges and preferred dividends | $ | 58,794 | $ | 41,564 | $ | 38,787 | $ | 35,921 | $ | 34,043 | ||||||||||
Ratio of earnings to fixed charges and preferred dividends | (1 | ) | (2 | ) | (3 | ) | (4 | ) | (5 | ) |
(1) | The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2014 was $29.7 million. The calculation of earnings includes $121.0 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, 2013 was $14.0 million. The calculation of earnings includes $54.5 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, 2012 was $26.9 million. The calculation of earnings includes $38.8 million of non-cash depreciation expense and a $8.0 million non-cash remeasurement loss on consolidation of Parkside Town Commons, net. |
(4) | The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2011 was $14.8 million. The calculation of earnings includes $33.1 million of non-cash depreciation expense. |
(5) | The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2010 was $18.2 million. The calculation of earnings includes $36.1 million of non-cash depreciation expense. |