Centerspace (CSR) 10-Q 2014 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)

		Nine Months Ended		Fiscal Year Ended April 30,
		January 31, 2014			2013		2012		2011		2010		2009
Earnings
Income from continuing operations		$	11,132	$	20,677	$	8,644	$	4,679	$	5,710	$	8,913
Add:
	Combined fixed charges and preferred distributions (see below)		55,721		73,657		68,172		64,954		71,497		72,027
Less:
	(Income) loss noncontrolling interests – consolidated real estate entities		(808)		(809)		(135)		180		(22)		40
	Interest capitalized		(2,139)		(742)		(571)		(57)		(19)		(912)
	Preferred distributions		(8,636)		(9,229)		(2,372)		(2,372)		(2,372)		(2,372)
Total earnings		$	55,270	$	83,554	$	73,738	$	67,384	$	74,794	$	77,696
Fixed charges
	Interest expensed	$	44,946	$	63,686		65,229		62,525		69,106		68,743
	Interest capitalized		2,139		742		571		57		19		912
Total fixed charges		$	47,085	$	64,428	$	65,800	$	62,582	$	69,125	$	69,655
	Preferred distributions		8,636		9,229		2,372		2,372		2,372		2,372
Total combined fixed charges and preferred distributions		$	55,721	$	73,657	$	68,172	$	64,954	$	71,497	$	72,027
Ratio of earnings to fixed charges			1.17x		1.30x		1.12x		1.08x		1.08x		1.12x
Ratio of earnings to combined fixed charges and preferred distributions		$	(451)		1.13x		1.08x		1.04x		1.05x		1.08x