Exhibit 12.1
EXCEL TRUST, L.P. AND
EXCEL TRUST, L.P. PREDECESSOR
Statement of Computation of Ratios
The Operating Partnership | The Predecessor | |||||||||||||||||||||||||||
Three Months Ended March 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 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | ||||||||||||||||||||||
Calculation of Earnings: | ||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 324 | $ | 1,845 | $ | (4,500 | ) | $ | (4,955 | ) | $ | 156 | $ | 318 | $ | (326 | ) | |||||||||||
Fixed charges (see below) | 4,798 | 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 | 5,122 | 18,401 | 8,681 | (1,263 | ) | 639 | 1,677 | 1,267 | ||||||||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | 4,798 | 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 | 4,798 | 16,799 | 13,592 | 3,692 | 589 | 1,641 | 1,947 | |||||||||||||||||||||
Ratio of earnings (loss) to fixed charges | 1.07 | 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 unit distributions | $ | 2,744 | $ | 10,353 | $ | 3,228 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Ratio of earnings (loss) to fixed charges and preferred unit distributions | 0.68 | 0.68 | 0.52 | (0.34 | ) | 1.08 | 1.02 | 0.65 | ||||||||||||||||||||
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Deficiency of earnings to fixed charges and preferred distributions | $ | (2,420 | ) | $ | (8,751 | ) | $ | (8,139 | ) | $ | (4,955 | ) | $ | — | $ | — | $ | (680 | ) | |||||||||
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