Centerspace (CSR) 10-Q 2009 Q3 Quarterly report

Exhibit 12

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED SHARE DISTRIBUTIONS

(In Thousands, Except Ratios; Unaudited)

		Six Months Ended			Fiscal Year Ended April 30,
		October 31, 2009			2009			2008			2007			2006			2005
Earnings
Income from continuing operations		$	2,769		$	10,713		$	15,063		$	14,217		$	11,142		$	9,874
Add:
	Combined fixed charges and preferred distributions (see below)		35,787			72,027			66,317			60,866			53,070			49,564
Less:
	(Income) loss noncontrolling interests – consolidated real estate entities		(47	)		40			136			26			(484	)		(379	)
	Interest capitalized		0			(912	)		(506	)		(69	)		(21	)		(138	)
	Preferred distributions		(1,186	)		(2,372	)		(2,372	)		(2,372	)		(2,372	)		(2,372	)
Total earnings		$	37,323		$	79,496		$	78,638		$	72,668		$	61,335		$	56,549
Fixed charges
	Interest expensed	$	34,601		$	68,743		$	63,439		$	58,425		$	50,677		$	47,054
	Interest capitalized		0			912			506			69			21			138
Total Fixed charges		$	34,601		$	69,655		$	63,945		$	58,494		$	50,698		$	47,192
	Preferred distributions		1,186			2,372			2,372			2,372			2,372			2,372
Total Combined fixed charges and preferred distributions		$	35,787		$	72,027		$	66,317		$	60,866		$	53,070		$	49,564
Ratio of earnings to fixed charges			1.08			1.14			1.23			1.24			1.21			1.20
Ratio of earnings to combined fixed charges and preferred distributions			1.04			1.10			1.19			1.19			1.16			1.14