RPT Realty (KIM+N) 10-Q 2011 Q3 Quarterly report

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
For the three and nine months ended Sepetmber 30, 2011 and 2010
(in thousands, except ratio computation)
	Three months ended						Nine months ended
	September 30,						Sepetmber 30,
	2011			2010			2011			2010
Pretax income (loss) from continuing operations before adjustment      for noncontrolling interest (a)	$	5,869		$	(29,336	)	$	5,408		$	(31,091	)
Add back:
Fixed charges and preferred dividends		9,170			8,537			27,356			26,514
Distributed income of equity investees		951			463			3,143			1,859
Deduct:
Equity in (earnings) loss of equity investees		(3,703	)		1,362			(5,336	)		662
Capitalized interest		(156	)		(195	)		(359	)		(1,059	)
Preferred share dividends		(1,813	)		-			(3,432	)		-
Earnings as Defined	$	10,318		$	(19,169	)	$	26,780		$	(3,115	)
Fixed Charges
Interest expense including amortization of deferred financing fees	$	7,129		$	8,253		$	23,331		$	25,217
Capitalized interest		156			195			359			1,059
Interest portion of rent expense		72			89			234			238
Fixed Charges	$	7,357		$	8,537		$	23,924		$	26,514
Preferred share dividends		1,813			-			3,432			-
Combined Fixed Charges and Preferred Dividends	$	9,170		$	8,537		$	27,356		$	26,514
Ratio of Earnings to Fixed Charges		1.40		(b)				1.12		(c)
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		1.13		(b)			(a)			(c)

(a)	Due to the pretax income from continuing operations for the nine months ended September 30, 2011, the ratio coverage was less than 1:1.  We would have needed to generate additional earnings of approximately $0.6 million to achieve a coverage of 1:1 for the nine months ended September 30, 2011.
(b)	Due to the pretax loss from continuing operations for the three months ended September 30, 2010, the ratio coverage was less than 1:1.  We would have needed to generate additional earnings of approximately $27.7 million to achieve a coverage of 1:1 for the three months ended September 30, 2010. The pretax loss from continuing operations before adjustment for noncontrolling interest for the three months ended September 30, 2010 includes a provision for impairment of $28.8 million.
(c)	Due to the pretax loss from continuing operations for the nine months ended September 30, 2010, the ratio coverage was less than 1:1.  We would have needed to generate additional earnings of approximately $29.6 million to achieve a coverage of 1:1 for the nine months ended September 30, 2010. The pretax loss from continuing operations before adjustment for noncontrolling interest for the nine months ended September 30, 2010 includes a provision for impairment of $28.8 million and impairment charges of equity investments in unconsolidated joint ventures of $2.7 million.