RPT Realty (KIM+N) 10-K 2011 FY Annual report

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
	Year Ended December 31,
	2011			2010			2009			2008			2007
		(In thousands, except ratio computation)
Pretax (loss) income from continuing operations before adjustment for       noncontrolling interest	$	(37,308	)	$	(21,765	)	$	11,775		$	30,031		$	42,519
Add back:
Fixed charges and preferred dividends		35,878			34,875			31,450			38,414			48,936
Distributed income of equity investees		4,413			2,904			3,836			6,389			5,934
Deduct:
Equity in (earnings) loss of equity investees		(1,669	)		221			(1,328	)		(2,506	)		(2,496	)
Capitalized interest		(325	)		(1,158	)		(2,116	)		(1,577	)		(2,881	)
Preferred share dividends		(5,244	)		-			-			-			(3,146	)
Earnings as Defined	$	(4,255	)	$	15,077		$	43,617		$	70,751		$	88,866
Fixed Charges
Interest expense including amortization of deferred financing fees	$	30,007		$	33,397		$	29,013		$	36,518		$	42,609
Capitalized interest		325			1,158			2,116			1,577			2,881
Interest portion of rent expense		302			320			321			319			300
Fixed Charges		30,634			34,875			31,450			38,414			45,790
Preferred share dividends		5,244			-			-			-			3,146
Combined Fixed Charges and Preferred Dividends	$	35,878		$	34,875		$	31,450		$	38,414		$	48,936
Ratio of Earnings to Fixed Charges	(a)			(b)				1.39			1.84			1.90
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends	(a)			(b)				1.39			1.84			1.82

(a) Due to the pretax loss from continuing operations for year ended December 31, 2011,  the ratio coverages were less than 1:1. We would have needed to generate additional earnings of $40.2 million to achieve a coverage of 1:1 for 2011.   The pretax loss from continuing operations before adjustment for noncontrolling interest for the year ended December 31, 2011 includes an asset impairment provision of $27.8 million and an impairment provision on equity investments in unconsolidated joint ventures of $9.6 million.

(b) Due to the pretax loss from continuing operations for year ended December 31, 2010,  the ratio coverages were less than 1:1. We would have needed to generate additional earnings of $19.8 million to achieve a coverage of 1:1 for 2010.   The pretax loss from continuing operations before adjustment for noncontrolling interest for the year ended December 31, 2010 includes an asset impairment provision of $28.8 million and an impairment provision on equity investments in unconsolidated joint ventures of $2.7 million.