RPT Realty (KIM+N) 10-K 2012 FY Annual report

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
		Year Ended December 31,
		2012			2011			2010			2009			2008
		(In thousands, except ratio computation)
Pretaxincome from continuing operations before adjustment for noncontrolling interest		$	8,621		$	(27,412	)	$	(23,505	)	$	9,679		$	27,746
Add back:
	Fixed charges		28,618			30,124			34,348			30,906			35,733
	Distributed income of equity investees		3,793			4,413			2,904			3,836			6,389
Deduct:
	Equity in earnings of equity investees		(3,248	)		(1,669	)		221			(1,328	)		(2,506	)
	Capitalized interest		(996	)		(325	)		(1,158	)		(2,116	)		(1,577	)
Earnings as Defined		$	36,788		$	5,131		$	12,810		$	40,977		$	65,785
Fixed Charges
	Interest expense including amortization of deferred financing fees	$	27,344		$	29,497		$	32,870		$	28,469		$	33,837
	Capitalized interest		996			325			1,158			2,116			1,577
	Interest portion of rent expense		278			302			320			321			319
Fixed Charges		$	28,618		$	30,124		$	34,348		$	30,906		$	35,733
	Preferred share dividends		7,250			5,244			-			-			-
Combined Fixed Charges and Preferred Dividends		$	35,868		$	35,368		$	34,348		$	30,906		$	35,733
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends			1.03		(a)			(b)				1.33			1.84

(a)	Due to the pretax loss from continuing operations for year ended December 31, 2011,  the ratio coverage were less than 1:1. We would have needed to generate additional earnings of $30.2 million to achieve a coverage of 1:1 for 2011.
(b)	Due to the pretax loss from continuing operations for year ended December 31, 2010,  the ratio coverage were less than 1:1. We would have needed to generate additional earnings of $21.5 million to achieve a coverage of 1:1 for 2010.