RPT Realty (KIM+N) 10-K 2013 FY Annual report

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
		Year Ended December 31,
		2013			2012			2011			2010			2009
		(In thousands, except ratio computation)
Pretax gain (loss) from continuing operations before adjustment for noncontrolling interest		$	8,371		$	7,171		$	(29,418	)	$	(24,063	)	$	8,228
Add back:
	Fixed charges	31,918			28,618			29,867			33,928			30,624
	Distributed income of equity investees	3,232			3,793			4,413			2,904			3,836
Deduct:
	Equity in (earnings) loss of equity investees	4,759			(3,248		)	(1,669		)	221			(1,328		)
	Capitalized interest	(1,161		)	(996		)	(325		)	(1,158		)	(2,116		)
Earnings as Defined		$	47,119		$	35,338		$	2,868		$	11,832		$	39,244
Fixed Charges
	Interest expense including amortization of deferred financing fees	$	30,522		$	27,344		$	29,240		$	32,450		$	28,187
	Capitalized interest	1,161			996			325			1,158			2,116
	Interest portion of rent expense	235			278			302			320			321
Fixed Charges		$	31,918		$	28,618		$	29,867		$	33,928		$	30,624
	Preferred share dividends	7,250			7,250			5,244			—			—
Combined Fixed Charges and Preferred Dividends		$	39,168		$	35,868		$	35,111		$	33,928		$	30,624
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		1.20			(a)			(b)			(c)			$	1.28

(a) Due to the reduced income from continuing operations, as restated for discontinued operations, for year ended December 31, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $0.5 million to achieve a coverage of 1:1 for 2012.

(b) Due to the pretax loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $32.2 million to achieve a coverage of 1:1 for 2011.

(c) Due to the pretax loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $22.1 million to achieve a coverage of 1:1 for 2010.