Centerspace (CSR) 10-Q 2012 Q2 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, 2011			2011			2010			2009			2008			2007
Earnings
Income from continuing operations		$	2,448		$	4,391		$	5,155		$	10,388		$	14,459		$	14,335
Add:
	Combined fixed charges and preferred distributions (see below)		33,458			67,882			71,497			72,027			66,317			61,280
Less:
	(Income) loss noncontrolling interests – consolidated real estate entities		14			180			(22	)		40			136			26
	Interest capitalized		(29	)		(57	)		(19	)		(912	)		(506	)		(69	)
	Preferred distributions		(1,186	)		(2,372	)		(2,372	)		(2,372	)		(2,372	)		(2,372	)
Total earnings		$	34,705		$	70,024		$	74,239		$	79,171		$	78,034		$	73,200
Fixed charges
	Interest expensed	$	32,243		$	65,453		$	69,106		$	68,743		$	63,439		$	58,839
	Interest capitalized		29			57			19			912			506			69
Total Fixed charges		$	32,272		$	65,510		$	69,125		$	69,655		$	63,945		$	58,908
	Preferred distributions		1,186			2,372			2,372			2,372			2,372			2,372
Total Combined fixed charges and preferred distributions		$	33,458		$	67,882		$	71,497		$	72,027		$	66,317		$	61,280
Ratio of earnings to fixed charges			1.08			1.07			1.07			1.14			1.22			1.24
Ratio of earnings to combined fixed charges and preferred distributions			1.04			1.03			1.04			1.10			1.18			1.19