Exhibit 12.1
EXCEL TRUST, INC. AND EXCEL TRUST, L.P.
(referred to collectively as “The Company” and “The Predecessor”)
Statement of Computation of Ratios
The Company | The Predecessor | |||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | April 28, 2010 to December 31, 2010 | January 1, 2010 to April 27, 2010 | ||||||||||||||||
Calculation of Earnings: | ||||||||||||||||||||
Add: | ||||||||||||||||||||
Loss (income) from continuing operations | $ | 7,573 | $ | 1,710 | $ | (4,521 | ) | $ | (4,669 | ) | $ | 156 | ||||||||
Fixed charges (see below) | 19,086 | 15,893 | 12,669 | 3,366 | 589 | |||||||||||||||
Subtract: | ||||||||||||||||||||
Interest capitalized | (142 | ) | (243 | ) | (411 | ) | — | (106 | ) | |||||||||||
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Total earnings (deficit) before fixed charges | 26,517 | 17,360 | 7,737 | (1,303 | ) | 639 | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | 18,944 | 15,650 | 12,258 | 3,366 | 483 | |||||||||||||||
Interest capitalized | 142 | 243 | 411 | — | 106 | |||||||||||||||
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Total fixed charges | 19,086 | 15,893 | 12,669 | 3,366 | 589 | |||||||||||||||
Ratio of earnings to fixed charges | 1.39 | 1.09 | — | — | 1.08 | |||||||||||||||
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Deficiency of earnings to fixed charges | $ | — | $ | — | $ | (4,932 | ) | $ | (4,669 | ) | $ | — | ||||||||
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Preferred stock dividends | $ | 10,976 | $ | 10,353 | $ | 3,228 | $ | — | $ | — | ||||||||||
Ratio of earnings (loss) to fixed charges and preferred stock dividends | — | — | — | — | 1.08 | |||||||||||||||
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Deficiency of earnings to fixed charges and preferred dividends | $ | (3,545 | ) | $ | (8,886 | ) | $ | (8,160 | ) | $ | (4,669 | ) | $ | — | ||||||
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