Excel Trust 10-K 2014 FY Annual report

Exhibit 12.1

EXCEL TRUST, INC. AND EXCEL TRUST, L.P.

Statement of Computation of Ratios

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			April 28, 2010 to December 31, 2010
Calculation of Earnings:
Add:
Income (loss) from continuing operations	$	9,092		$	7,573		$	1,710		$	(4,521	)	$	(4,669	)
Fixed charges (see below)		25,550			19,086			15,893			12,669			3,366
Subtract:
Interest capitalized		(1,383	)		(142	)		(243	)		(411	)		—
Total earnings (deficit) before fixed charges		33,259			26,517			17,360			7,737			(1,303	)
Fixed charges:
Interest expense		24,167			18,944			15,650			12,258			3,366
Interest capitalized		1,383			142			243			411			—
Total fixed charges		25,550			19,086			15,893			12,669			3,366
Ratio of earnings to fixed charges		1.30			1.39			1.09			—			—
Deficiency of earnings to fixed charges	$	—		$	—		$	—		$	(4,932	)	$	(4,669	)
Preferred stock dividends	$	10,380		$	10,976		$	10,353		$	3,228		$	—
Ratio of earnings (loss) to fixed charges and preferred stock dividends		—			—			—			—			—
Deficiency of earnings to fixed charges and preferred dividends	$	(2,671	)	$	(3,545	)	$	(8,886	)	$	(8,160	)	$	(4,669	)