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 | ) | — | |||||||||||
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Total earnings (deficit) before fixed charges | 33,259 | 26,517 | 17,360 | 7,737 | (1,303 | ) | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | 24,167 | 18,944 | 15,650 | 12,258 | 3,366 | |||||||||||||||
Interest capitalized | 1,383 | 142 | 243 | 411 | — | |||||||||||||||
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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 | — | — | |||||||||||||||
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Deficiency of earnings to fixed charges | $ | — | $ | — | $ | — | $ | (4,932 | ) | $ | (4,669 | ) | ||||||||
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Preferred stock dividends | $ | 10,380 | $ | 10,976 | $ | 10,353 | $ | 3,228 | $ | — | ||||||||||
Ratio of earnings (loss) to fixed charges and preferred stock dividends | — | — | — | — | — | |||||||||||||||
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Deficiency of earnings to fixed charges and preferred dividends | $ | (2,671 | ) | $ | (3,545 | ) | $ | (8,886 | ) | $ | (8,160 | ) | $ | (4,669 | ) | |||||
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