Kite Realty Group Trust (KRG) 10-K 2017 FY Annual report

EXHIBIT 12.2

Kite Realty Group, L.P. and subsidiaries

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

($ in thousands, except ratios)		Years ended December 31
		2017			2016			2015		2014			2013
Earnings:
Net (loss) income from continuing operations		$	(1,272	)	$	(1,137	)	$	25,249	$	(16,452	)	$	(726	)
Add:
	Income tax (benefit) expense	(100		)	814			186		24			262
	Fixed charges, net of capitalized interest	65,788			65,669			56,488		45,549			28,026
Earnings before fixed charges and preferred dividends		$	64,416		$	65,346		$	81,923	$	29,121		$	27,562
Fixed charges:
	Interest expense	$	65,702		$	65,577		$	56,432	$	45,513		$	27,994
	Capitalized interest	3,081			4,061			4,633		4,789			5,081
	Interest within rental expense	86			92			56		36			33
Total fixed charges		68,869			69,730			61,121		50,338			33,108
	Preferred dividends	—			—			7,877		8,456			8,456
Total fixed charges and preferred dividends		$	68,869		$	69,730		$	68,998	$	58,794		$	41,564
Ratio of earnings to fixed charges and preferred dividends		(1)			(2)			1.19		(3)			(4)

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1	The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2017 was $4.5 million. The calculation of earnings includes $172.1 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, 2016 was $4.4 million. The calculation of earnings includes $174.6 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, 2014 was $29.7 million. The calculation of earnings includes $121.0 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, 2013 was $14.0 million. The calculation of earnings includes $54.5 million of non-cash depreciation expense.