Exhibit 12.1
EXCEL TRUST, INC. AND
EXCEL TRUST, INC. PREDECESSOR
Statement of Computation of Ratios
The Company | The Predecessor | |||||||||||||||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | April 28, 2010 to December 31, 2010 | January 1, 2010 to April 27, 2010 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | |||||||||||||||||||
Calculation of Earnings: | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||
Loss (income) from continuing operations | $ | 1,845 | $ | (4,500 | ) | $ | (4,955 | ) | $ | 156 | $ | 318 | $ | (326 | ) | |||||||||
Fixed charges (see below) | 16,799 | 13,592 | 3,692 | 589 | 1,641 | 1,947 | ||||||||||||||||||
Amortization of capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest capitalized | (243 | ) | (411 | ) | — | (106 | ) | (282 | ) | (354 | ) | |||||||||||||
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Total earnings (deficit) before fixed charges | 18,401 | 8,681 | (1,263 | ) | 639 | 1,677 | 1,267 | |||||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | 16,556 | 13,181 | 3,692 | 483 | 1,359 | 1,593 | ||||||||||||||||||
Interest capitalized | 243 | 411 | — | 106 | 282 | 354 | ||||||||||||||||||
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Total fixed charges | 16,799 | 13,592 | 3,692 | 589 | 1,641 | 1,947 | ||||||||||||||||||
Ratio of earnings to fixed charges | 1.10 | 0.64 | (0.34 | ) | 1.08 | 1.02 | 0.65 | |||||||||||||||||
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Deficiency of earnings to fixed charges | $ | — | $ | (4,911 | ) | $ | (4,955 | ) | $ | — | $ | — | $ | (680 | ) | |||||||||
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Preferred stock dividends | $ | 10,353 | $ | 3,228 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Ratio of earnings (loss) to fixed charges and preferred stock dividends | 0.68 | 0.52 | (0.34 | ) | 1.08 | 1.02 | 0.65 | |||||||||||||||||
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Deficiency of earnings to fixed charges and preferred dividends | $ | (8,751 | ) | $ | (8,139 | ) | $ | (4,955 | ) | $ | — | $ | — | $ | (680 | ) | ||||||||
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